Business
GigaCloud Technology Inc Announces Third Quarter 2023 Financial Results
Another Consecutive Quarter of Record Profitability Completion of Noble House and Wondersign Acquisitions Subsequent to Quarter End EL MONTE, Calif., Nov. 30,
About this update from Gigacloud Technology Inc
[{"type":"text","content":"Another Consecutive Quarter of Record Profitability Completion of Noble House and Wondersign Acquisitions Subsequent to Quarter End EL MONTE, Calif., Nov. 30, 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 September 30, 2023. Third Quarter 2023 Financial Highlights Total revenues were $178.2 million in the third quarter of 2023, an increase of 39.2% from $128.0 million in the third quarter of 2022.Gross profit was $48.9 million in the third quarter of 2023, an increase of 117.3% from $22.5 million in the third quarter of 2022. Gross margin increased to 27.4% in the third quarter of 2023 from 17.6% in the third quarter of 2022.Net income was $24.2 million in the third quarter of 2023, an increase of 3,357.1% from $0.7 million in the third quarter of 2022. Net income margin increased to 13.6% in the third quarter of 2023 from 0.5% in the third quarter of 2022.Cash was $214.0 million and restricted cash was $0.9 million as of September 30, 2023, compared to $143.5 million and $1.5 million as of December 31, 2022, respectively.Adjusted EBITDA1 was $29.8 million in the third quarter of 2023, an increase of 150.4% from $11.9 million in the third quarter of 2022. Operational Highlights GigaCloud Marketplace GMV2 was $684.8 million in the 12 months ended September 30, 2023, an increase of 40.8% from $486.3 million in the 12 months ended September 30, 2022.Active 3P sellers3 were 741 in the 12 months ended September 30, 2023, an increase of 43.3% from 517 in the 12 months ended September 30, 2022.Active buyers4 were 4,602 in the 12 months ended September 30, 2023, an increase of 9.6% from 4,198 in the 12 months ended September 30, 2022.Spend per active buyer5 was $148,793 in the 12 months ended September 30, 2023, an increase of 28.5% from $115,834 in the 12 months ended September 30, 2022.3P seller GigaCloud Marketplace GMV6 was $369.5 million in the 12 months ended September 30, 2023, an increase of 67.0% from $221.3 million in the 12 months ended September 30, 2022. 3P seller GigaCloud Marketplace GMV represented 54.0% of total GigaCloud Marketplace GMV in the 12 months ended September 30, 2023. “Our third quarter results continue to ...