Business
GigaCloud Technology Inc Announces Second Quarter and First Half 2023 Financial Results, Including Second Consecutive Quarter of Record Profitability
Net Income Increased by over 200% Period-Over-Period in First Half 2023 Revenue Increased by 18.8% Period-Over-Period in First Half 2023 WALNUT, Calif., Aug.
About this update from Gigacloud Technology Inc
[{"type":"text","content":"Net Income Increased by over 200% Period-Over-Period in First Half 2023 Revenue Increased by 18.8% Period-Over-Period in First Half 2023 WALNUT, Calif., Aug. 15, 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 six months ended June 30, 2023. Second Quarter 2023 Financial Highlights Total revenues were $153.1 million in the second quarter of 2023, an increase of 23.5% from $124.0 million in the second quarter of 2022.Gross profit was $40.4 million in the second quarter of 2023, an increase of 137.1% from $17.0 million in the second quarter of 2022. Gross margin increased to 26.4% in the second quarter of 2023 from 13.7% in the second quarter of 2022.Net income was $18.4 million in the second quarter of 2023, an increase of 201.5% from $6.1 million in the second quarter of 2022.Cash was $181.5 million and restricted cash was $0.9 million as of June 30, 2023, compared to $143.5 million and $1.5 million as of December 31, 2022, respectively.Adjusted EBITDA1 was $24.9 million in the second quarter of 2023, an increase of 219.3% from $7.8 million in the second quarter of 2022. First Half 2023 Financial Highlights Total revenues were $280.9 million in the six months ended June 30, 2023, an increase of 18.8% from $236.5 million in the six months ended June 30, 2022.Gross profit was $69.9 million in the six months ended June 30, 2023, increased by 106.4% from $33.9 million in the six months ended June 30, 2022. Gross margin was 24.9% in the six months ended June 30, 2023, compared to 14.3% in the six months ended June 30, 2022.Net income was $34.3 million in the six months ended June 30, 2023, an increase of 216.7% compared to $10.8 million in the six months ended June 30, 2022.Adjusted EBITDA1 was $44.7 million in the six months ended June 30, 2023, an increase of 203.9% compared to $14.7 million in the six months ended June 30, 2022. Operational Highlights GigaCloud Marketplace GMV2 was $607.5 million in the 12 months ended June 30, 2023, an increase of 32.4% from $458.8 million in the 12 months ended June 30, 2022.Active 3P sellers3 were 665 in the 12 months ended June 30, 2023, an increase of 47.1% from 452 in the 12 months ended June 3...