Business
GigaCloud Technology Inc Announces Fourth Quarter 2022 Financial Results
HONG KONG, March 17, 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, March 17, 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 and the fiscal year ended December 31, 2022. Fourth Quarter 2022 and Full Year 2022 Financial Highlights Total revenues were $125.6 million in the fourth quarter of 2022, an increase of 20.5% from $104.2 million in the fourth quarter of 2021. Total revenues were $490.1 million for the full year of 2022, an increase of 18.3% from $414.2 million for the full year of 2021.Cash was $143.5 million and restricted cash was $1.5 million as of December 31, 2022, sufficient to meet the Company’s current and anticipated needs for general corporate purposes for at least the next 12 months. Cash was $63.2 million and restricted cash was $0.7 million as of December 31, 2021.Net income was $12.5 million in the fourth quarter of 2022, an increase of 34.2% from $9.3 million in the fourth quarter of 2021. Net income was $24.0 million for the full year of 2022, a decrease of 18.1% from $29.3 million for the full year of 2021.Adjusted EBITDA1 was $15.2 million in the fourth quarter of 2022, an increase of 34.9% from $11.3 million in the fourth quarter of 2021. Adjusted EBITDA was $41.8 million for the full year of 2022, a decrease of 12.7% from $48.0 million for the full year of 2021. Operational Highlights GigaCloud Marketplace GMV2 was $518.2 million in the 12 months ended December 31, 2022, an increase of 25.1% from $414.2 million in the 12 months ended December 31, 2021.Active 3P sellers3 were 560 in the 12 months ended December 31, 2022, an increase of 46.6% from 382 in the 12 months ended December 31, 2021.Active buyers4 were 4,156 in the 12 months ended December 31, 2022, an increase of 16.5% from 3,566 in the 12 months ended December 31, 2021.Spend per active buyer5 was $124,692 in the 12 months ended December 31, 2022, an increase of 7.4% from $116,150 in the 12 months ended December 31, 2021.3P seller GigaCloud Marketplace GMV6 was $257.7 million in the 12 months ended December 31, 2022, an increase of 64.3% from $156.9 million in the 12 months ended December 31, 2021. 3P seller GigaCloud Marketplace GMV represented 49.7% of total GigaCloud Marketplace GMV in the 12 months ende...