GigaCloud Technology Inc Announces First Quarter Ended March 31, 2025 Financial Results

Core Viewpoint - GigaCloud Technology Inc continues to demonstrate resilience and growth in its B2B marketplace despite industry challenges, driven by the effectiveness of its Supplier Fulfilled Retailing (SFR) model [4][6]. Financial Highlights - Total revenues for Q1 2025 reached $271.9 million, an increase of 8.3% year-over-year [6]. - Gross profit was $63.7 million, down 4.2% year-over-year, resulting in a gross margin of 23.4%, compared to 26.5% in Q1 2024 [6]. - Net income was $27.1 million, consistent with the prior year's figure, yielding a net income margin of 10.0% [6]. - Diluted EPS increased by 3.0% year-over-year to $0.68 [6]. - Adjusted EBITDA for the quarter was $33.2 million, a decrease of 3.8% year-over-year [6]. Operational Highlights - GigaCloud Marketplace GMV grew by 56.1% year-over-year to $1,416.7 million for the 12 months ending March 31, 2025 [6]. - GMV from 3P sellers increased by 49.9% year-over-year to $734.3 million, representing 51.8% of total GMV [6]. - Active 3P sellers rose by 33.4% year-over-year to 1,154, while active buyers surged by 81.4% to 9,966 [6]. Share Repurchase Program - The Board approved a share repurchase program initially set at $46 million, later increased to $62 million in March 2025, and further raised to $78 million in May 2025 [7][8]. - Approximately 3.7 million shares have been repurchased for $61.8 million, representing nearly 150% of the gross proceeds from the IPO [4][7]. Business Outlook - The company anticipates total revenues between $275 million and $305 million for Q2 2025, reflecting current market conditions [5].