Business
GigaCloud Technology Inc Announces Second Quarter and Six Months Ended June 30, 2024 Financial Results
-- Total Revenues More Than Doubled, Reaching a Record High Significant Growth in Adjusted EBITDA Reflects Enhanced Operational Efficiency and Profitability
About this update from Gigacloud Technology Inc
[{"type":"text","content":"-- Total Revenues More Than Doubled, Reaching a Record High Significant Growth in Adjusted EBITDA Reflects Enhanced Operational Efficiency and Profitability -- EL MONTE, Calif., Aug. 06, 2024 (GLOBE NEWSWIRE) -- GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the “Company”), a pioneer of global end-to-end B2B technology solutions for large parcel merchandise, today announced financial results for the second quarter and six months ended June 30, 2024, including continued robust growth in revenues, gross profit, and net income over the comparable period last year. Second Quarter 2024 Financial Highlights Total revenues of $310.9 million grew 103.1% from $153.1 million in the second quarter of 2023.Gross profit of $76.4 million increased 89.1% from $40.4 million in the second quarter of 2023. Gross margin was 24.6% compared to 26.4% in the second quarter of 2023, primarily relating to the ongoing optimization of newly added warehouses and higher delivery costs in the 2024 period compared with last year.Net income of $27.0 million, grew 46.7% from $18.4 million in the second quarter of 2023.Net income margin was 8.7%, compared with 12.0% in the second quarter of 2023, primarily driven by the concentrated granting and vesting of share-based awards during the second quarter of 2024. Share-based compensation expense was $13.9 million compared to $1.5 million in the second quarter of 2023.Diluted EPS increased 44.4% to $0.65 from $0.45 in the second quarter of 2023.Adjusted EBITDA1 increased 71.5% to $42.7 million from $24.9 million in the second quarter of 2023. Adjusted EPS – diluted2 increased 68.9% to $1.03, from $0.61 in the second quarter of 2023.Cash, Cash Equivalents, Restricted Cash, and Investments totaled $208.7 million as of June 30, 2024, increasing 13.3% from $184.2 million as of December 31, 2023. Year to Date 2024 Financial Highlights Total revenues of $561.9 million, grew 100.0% from $280.9 million in the same period of 2023.Gross profit of $143.0 million, increased 104.6% from $69.9 million in the same period of 2023.Gross margin was 25.4%, compared to 24.9% for the same period of 2023.Net income of $54.2 million, grew 58.0% from $34.3 million in the same period of 2023. Net income margin was 9.6%, compared with 12.2% in the same period of 2023, primarily driven by the concentrated granting and vesting of share-...