Business
GigaCloud Technology Inc Announces Fourth Quarter 2023 and Year Ended December 31, 2023 Financial Results
Fourth Consecutive Quarter of Record Profitability, Revenues up 94.8% from Fourth Quarter 2022 EL MONTE, Calif., March 15, 2024 (GLOBE NEWSWIRE) -- GigaCloud
About this update from Gigacloud Technology Inc
[{"type":"text","content":"Fourth Consecutive Quarter of Record Profitability, Revenues up 94.8% from Fourth Quarter 2022\nEL MONTE, Calif., March 15, 2024 (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, 2023. Fourth Quarter 2023 Financial Highlights Total revenues were $244.7 million in the fourth quarter of 2023, an increase of 94.8% from $125.6 million in the fourth quarter of 2022.Gross profit was $69.8 million in the fourth quarter of 2023, an increase of 161.4% from $26.7 million in the fourth quarter of 2022. Gross margin increased to 28.5% in the fourth quarter of 2023 from 21.2% in the fourth quarter of 2022.Net income was $35.6 million in the fourth quarter of 2023, an increase of 184.8% from $12.5 million in the fourth quarter of 2022. Net income margin increased to 14.5% in the fourth quarter of 2023 from 9.9% in the fourth quarter of 2022.Cash was $183.3 million and restricted cash was $0.9 million as of December 31, 2023, compared to $143.5 million and $1.5 million as of December 31, 2022, respectively.Adjusted EBITDA1 was $43.8 million in the fourth quarter of 2023, an increase of 188.2% from $15.2 million in the fourth quarter of 2022. Full year 2023 Financial Highlights Total revenues were $703.8 million for the full year of 2023, an increase of 43.6% from $490.1 million for the full year of 2022.Gross profit was $188.6 million for the full year of 2023, an increase of 127.0% from $83.1 million for the full year of 2022. Gross margin increase from 17.0% in 2022 to 26.8% in 2023.Net income was $94.1 million for the full year of 2023, an increase of 292.1% from $24.0 million for the full year of 2022. Net income margin increased to 13.4% for the full year of 2023 from 4.9% for the full year of 2022.Adjusted EBITDA1 was $118.3 million for the full year of 2023, an increase of 183.0% from $41.8 million for the full year of 2022. Operational Highlights GigaCloud Marketplace GMV2 was $794.4 million in the 12 months ended December 31, 2023, an increase of 53.3% from $518.2 million in the 12 months ended December 31, 2022.Active 3P sellers3 were 815 in the 12 months ended December 31, 2023, an increase of 45.5% from 560...