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GigaCloud Technology Inc Announces First Quarter 2023 Financial Results, Reaching Highest Profitability in the Company’s History
HONG KONG, May 24, 2023 (GLOBE NEWSWIRE) -- GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the “Company”), a pioneer of global end-to-end B2B
About this update from Gigacloud Technology Inc
[{"type":"text","content":"HONG KONG, May 24, 2023 (GLOBE NEWSWIRE) -- GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the “Company”), a pioneer of global end-to-end B2B ecommerce solutions for large parcel merchandise, today announced its unaudited financial results for the quarter ended March 31, 2023. First Quarter 2023 Financial Highlights Total revenues were $127.8 million in the first quarter of 2023, an increase of 13.7% from $112.4 million in the first quarter of 2022.Gross profit was $29.6 million in the first quarter of 2023, an increase of 75.3% from $16.9 million in the first quarter of 2022. Gross margin increased to 23.1% in the first quarter of 2023, compared to 15.0% in the first quarter of 2022.Net income was $15.9 million in the first quarter of 2023, an increase of 236.4% from $4.7 million in the first quarter of 2022.Cash was $162.7 million and restricted cash was $1.5 million as of March 31, 2023, compared to $143.5 million and $1.5 million as of December 31, 2022, respectively.Adjusted EBITDA1 was $19.8 million in the first quarter of 2023, an increase of 186.5% from $6.9 million in the first quarter of 2022. Operational Highlights GigaCloud Marketplace GMV2 was $553.5 million in the 12 months ended March 31, 2023, an increase of 26.3% from $438.1 million in the 12 months ended March 31, 2022.Active 3P sellers3 were 602 in the 12 months ended March 31, 2023, an increase of 46.8% from 410 in the 12 months ended March 31, 2022.Active buyers4 were 4,255 in the 12 months ended March 31, 2023, an increase of 12.5% from 3,782 in the 12 months ended March 31, 2022.Spend per active buyer5 was $130,083 in the 12 months ended March 31, 2023, an increase of 12.3% from $115,845 in the 12 months ended March 31, 2022.3P seller GigaCloud Marketplace GMV6 was $285.2 million in the 12 months ended March 31, 2023, an increase of 62.2% from $175.8 million in the 12 months ended March 31, 2022. 3P seller GigaCloud Marketplace GMV represented 51.5% of total GigaCloud Marketplace GMV in the 12 months ended March 31, 2023. Mr. Larry Lei Wu, Founder, Chairman of the Board of Director and Chief Executive Officer of GigaCloud, commented, “We are extremely proud of our results in the first quarter of 2023. We experienced a gradual normalization of the global supply chain disruption and an improvement in the overall market performance, while there are st...