GigaCloud Technology Inc Announces Fourth Quarter and Year Ended December 31, 2025 Financial Results

About this update from Gigacloud Technology Inc

—Delivering Record Revenue and EPS— EL MONTE, Calif. , Feb. 26, 2026 (GLOBE NEWSWIRE) -- GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the “Company”), a pioneer of global end-to-end B2B ecommerce technology solutions for large parcel merchandise, today announced financial results for the fourth quarter and fiscal year ended December 31, 2025 , highlighted by record revenues and EPS. Fourth Quarter 2025 Financial Highlights Total revenues of $362.7 million , increased 22.7% year-over-year. Gross profit of $82.9 million , increased 27.5% year-over-year. Gross margin was 22.9%, compared to 22.0% in the fourth quarter of 2024. Net income of $38.5 million , increased 24.2% year-over-year. Net income margin was 10.6%, compared to 10.5% in the fourth quarter of 2024. Diluted EPS increased 36.8% year-over-year to $1.04 . Adjusted EBITDA 1 increased 39.2% year-over-year to $43.0 million . Adjusted EPS – diluted 2 increased 54.7% year-over-year to $1.16 . Cash, Cash Equivalents, Restricted Cash, and Investments totaled $416.9 million as of December 31, 2025 , a 37.5% increase year-over-year. Full Year 2025 Financial Highlights Total revenues of $1,289.9 million , increased 11.1% year-over-year. Gross profit of $300.7 million , increased 5.4% year-over-year. Gross margin was 23.3%, compared to 24.6% in 2024. Net income of $137.4 million , increased 9.2% year-over-year. Net income margin was 10.6%, compared to 10.8% in 2024. Diluted EPS increased 17.7% year-over-year to $3.59 . Adjusted EBITDA 1 increased 3.8% year-over-year to $162.9 million . Adjusted EPS – diluted 2 increased 11.8% year-over-year to $4.26 . Operational Highlights GigaCloud Marketplace GMV 3 increased 17.5% year-over-year to $1,576.8 million for the 12 months ended December 31, 2025 . 3P seller GigaCloud Marketplace GMV 4 increased 22.7% year-over-year to $851.2 million for the 12 months ended December 31, 2025 . 3P seller GigaCloud Marketplace GMV represented 54.0% of total GigaCloud Marketplace GMV for the 12 months ended December 31, 2025 . Active 3P sellers 5 increased 16.9% year-over-year to 1,299 for the 12 months ended December 31, 2025 . Active buyers 6 increased 29.9% year-over-year to 12,089 for the 12 months ended December 31, 2025 . Spend per active buyer 7 was $130,431 for the 12 months ended December 31, 2025 . “We closed out an exceptional year with record revenues and EPS, a validation of the strength and intentionality behind our growth strategy. Our model is built for global adaptability — designed to perform even in challenging environments. By expanding our footprint, scaling our marketplace, and executing targeted acquisitions that deepen our channel-agnostic ecosystem, we have built a business for resilience and accelerating potential,” said Larry Wu , Founder and Chief Executive Officer. “While global macro conditions are ever evolving, we have designed a flexible, highly responsive model that enables us to adapt quickly and continue outperforming. We are grateful for the trust and support of our shareholders, and we are determined to reward that trust.” “Our strong execution delivered positive operating cash flow of $64 million in the fourth quarter, driving year‑end liquidity of $417 million in cash and cash equivalents, restricted cash and short-term investments, and a balance sheet with zero debt,” said Erica Wei , Chief Financial Officer. “This financial strength allows us to continue investing in opportunities that support our long-term growth, while returning capital to shareholders through buybacks. To date, we have executed approximately $33 million in share buybacks under our latest $111 million three-year buyback plan announced in August 2025 . With these resources, we remain well positioned to execute on our diversification strategy and support durable, long-term value creation.” Business Outlook The Company expects its total revenues to be between $330 million and $355 million in the first quarter of 2026. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof. Share Repurchase Program On August 13, 2025 , the Company’s Board of Directors approved a $111.0 million share repurchase program. The program became effective on August 17, 2025 and will remain in effect for a period of three years. The previously authorized share repurchase program was terminated effective August 16, 2025 . During the fourth quarter of 2025, we repurchased 328,366 of our Class A ordinary shares at a total consideration of approximately $10 million . Subsequent to the fourth quarter of 2025, the Company has repurchased an aggregate of 297,944 Class A ordinary shares in the open market at a total consideration of approximately $12 million pursuant to a repurchase plan under Rule 10b5-1 of the Exchange Act. Under the share repurchase program, the Company may purchase its ordinary shares through various means, including open market transactions, privately negotiated transactions, block trades, any combination thereof or other legally permissible means. The Company may effect repurchase transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The number of shares repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with the Company’s working capital requirements, general business conditions and other factors. Conference Call The Company will host a conference call to discuss its financial results at 8:00 am U.S. Eastern Time on February 26, 2026 . Participants who wish to join the call should pre-register here at https://dpregister.com/DiamondPassRegistration/register?confirmationNumber=10206512&linkSecurityString=10346055900 . Upon registration, participants will receive the dial-in number and a unique PIN, which can be used to join the conference call. If participants register and forget their PIN or lose their registration confirmation email, they may re-register to receive a new PIN. All participants are encouraged to dial in 15 minutes prior to the start time. A live and archived webcast of the conference call will be accessible on the Company’s investor relations website at: https://investors.gigacloudtech.com/ . About GigaCloud Technology Inc GigaCloud Technology Inc is a pioneer of global end-to-end B2B technology solutions for large parcel merchandise. The Company’s B2B ecommerce platform, the “GigaCloud Marketplace,” integrates everything from discovery, payments and logistics tools into one easy-to-use platform. The Company’s global marketplace seamlessly connects manufacturers, primarily in Asia , with resellers, primarily in the U.S. , Asia and Europe , to execute cross-border transactions with confidence, speed and efficiency. GigaCloud offers a comprehensive solution that transports products from the manufacturer’s warehouse to the end customer’s doorstep, all at one fixed price. The Company first launched its marketplace in January 2019 by focusing on the global furniture market and has since expanded into additional categories, including home appliances and fitness equipment. For more information, please visit the Company’s website: https://investors.gigacloudtech.com/ Non-GAAP Financial Measures The Company uses certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EPS – diluted, to understand and evaluate its core operating performance. Adjusted EBITDA is net income excluding interest, income taxes and depreciation, further adjusted to exclude share-based compensation expense and non-recurring items. Adjusted EPS – diluted is a financial measure defined as our Adjusted EBITDA divided by our diluted weighted-average shares outstanding, respectively. Management uses Adjusted EBITDA and Adjusted EPS – diluted as measures of operating performance, for planning purposes, to allocate resources to enhance the financial performance of our business, to evaluate the effectiveness of our business strategies and in communications with our Board of Directors and investors concerning our financial performance. Non-GAAP financial measures, which may differ from similarly titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. For more information on the non-GAAP financial measures, please see the tables captioned “Unaudited Reconciliation of Adjusted EBITDA” and “Unaudited Reconciliation of Adjusted EPS – diluted” set forth at the end of this press release. Forward-Looking Statements This press release contains “forward-looking statements”. Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC . For investor and media inquiries, please contact: GigaCloud Technology Inc Investor RelationsEmail: [email protected] PondelWilkinson, Inc. Laurie Berman (Investors) – [email protected] George Medici (Media) – [email protected] GigaCloud Technology Inc UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands except for share data and per share data) December 31 , 2025 2024 ASSETS Current assets Cash and cash equivalents $ 379,780 $ 259,759 Restricted cash 760 685 Accounts receivable, net 65,973 57,313 Investments 36,316 42,674 Inventories 188,298 172,489 Prepayments and other current assets 19,535 14,672 Total current assets 690,662 547,592 Non-current assets Operating lease right-of-use assets 431,455 451,930 Property and equipment, net 32,281 29,498 Intangible assets, net 4,978 6,198 Goodwill 12,586 12,586 Deferred tax assets 12,981 10,026 Other non-current assets 17,516 12,645 Total non-current assets 511,797 522,883 Total assets $ 1,202,459 $ 1,070,475 2025 2024 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accounts payable $ 105,407 $ 78,163 Contract liabilities 6,459 4,486 Current operating lease liabilities 100,326 88,521 Income tax payable 17,509 13,615 Accrued expenses and other current liabilities 112,547 79,594 Total current liabilities 342,248 264,379 Non-current liabilities Operating lease liabilities, non-current 368,321 395,235 Deferred tax liabilities 797 941 Finance lease obligations, non-current 690 382 Non-current income tax payable 4,604 4,321 Total non-current liabilities 374,412 400,879 Total liabilities $ 716,660 $ 665,258 Commitments and contingencies 2025 2024 Shareholders’ equity Treasury shares, at cost (237,269 and 609,390 shares held as of December 31, 2025 and 2024, respectively) (7,126 ) (11,816 ) Class A ordinary shares ( $0.05 par value, 50,673,268 shares authorized, 30,011,543 and 32,878,735 shares issued as of December 31, 2025 and 2024, respectively, 29,637,687 and 32,269,345 shares outstanding as of December 31, 2025 and 2024, respectively) 1,495 1,643 Class B ordinary shares ( $0.05 par value, 9,326,732 shares authorized, 7,276,732 and 8,076,732 shares issued and outstanding as of December 31, 2025 and 2024, respectively) 363 403 Additional paid-in capital 88,674 120,262 Accumulated other comprehensive income (loss) 1,527 (4,136 ) Retained earnings 400,866 298,861 Total shareholders’ equity 485,799 405,217 Total liabilities and shareholders’ equity $ 1,202,459 $ 1,070,475 GigaCloud Technology Inc UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands except for share data and per share data) Three Months Ended December 31 , Year Ended December 31 , 2025 2024 2025 2024 Revenues Service revenues $ 128,823 $ 106,584 $ 428,185 $ 389,334 Product revenues 233,924 189,198 861,712 771,708 Total revenues 362,747 295,782 1,289,897 1,161,042 Cost of revenues Services 121,053 86,163 384,538 318,111 Product sales 158,747 144,629 604,693 557,695 Total cost of revenues 279,800 230,792 989,231 875,806 Gross profit 82,947 64,990 300,666 285,236 Operating expenses Selling and marketing expenses 29,390 18,041 98,203 70,686 General and administrative expenses 10,677 16,979 46,559 73,944 Research and development expenses 2,621 2,356 10,832 9,791 Losses (gains) on disposal of property and equipment (31 ) (20 ) 96 193 Total operating expenses 42,657 37,356 155,690 154,614 Operating income 40,290 27,634 144,976 130,622 Interest expense (74 ) (29 ) (200 ) (256 ) Interest income 3,174 2,849 11,729 9,405 Foreign currency exchange gains (losses), net (707 ) (754 ) 175 (1,233 ) Others, net 1,016 686 4,510 2,076 Income before income taxes 43,699 30,386 161,190 140,614 Income tax benefit (expense) (5,200 ) 573 (23,818 ) (14,806 ) Net income $ 38,499 $ 30,959 $ 137,372 $ 125,808 Foreign currency translation adjustment, net of nil income taxes 133 (715 ) 1,524 (1,266 ) Net unrealized gain (loss) on available-for-sale investments (7 ) (12 ) (4 ) 7 Intra-entity foreign currency transactions gain (loss) (458 ) (2,565 ) 4,144 (2,565 ) Release of foreign currency translation reserve related to liquidation of subsidiaries — (838 ) (1 ) (838 ) Total other comprehensive income (loss) (332 ) (4,130 ) 5,663 (4,662 ) Comprehensive Income $ 38,167 $ 26,829 $ 143,035 $ 121,146 Net income per ordinary share —Basic $ 1.04 $ 0.76 $ 3.60 $ 3.06 —Diluted $ 1.04 $ 0.76 $ 3.59 $ 3.05 Weighted average number of ordinary shares outstanding used in computing net income per ordinary share —Basic 37,041,536 40,869,106 38,158,678 41,079,672 —Diluted 37,120,626 40,944,311 38,232,899 41,201,026 GigaCloud Technology Inc UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands) Year Ended December 31 , 2025 2024 Cash flows from operating activities: Net income $ 137,372 $ 125,808 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 8,332 8,524 Share-based compensation 4,951 16,825 Operating lease 5,337 29,282 Changes in accounts receivables (5,765 ) (234 ) Changes in inventories (11,517 ) (46,875 ) Changes in prepayments and other assets (5,229 ) (1,665 ) Changes in accounts payable, accrued expenses and other current liabilities 52,906 38,188 Changes in contract liabilities 1,777 (992 ) Changes in income tax payable 3,709 (1,023 ) Changes in deferred income taxes (3,007 ) (11,462 ) Other operating activities 1,794 1,702 Net cash provided by operating activities 190,660 158,078 Cash flows from investing activities: Purchases of property and equipment (7,873 ) (15,536 ) Disposals of property and equipment 191 2,103 Advances paid for the acquisition (1,000 ) — Purchases of investments (94,694 ) (73,831 ) Sale and maturities of investments 98,287 31,845 Net cash used in investing activities (5,089 ) (55,419 ) Cash flows from financing activities: Repayment of finance lease obligations (377 ) (1,726 ) Repurchases of ordinary shares (67,403 ) (23,243 ) Net cash used in financing activities (67,780 ) (24,969 ) Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash 2,305 (1,414 ) Net increase in cash, cash equivalents and restricted cash 120,096 76,276 Cash, cash equivalents and restricted cash at the beginning of the year 260,444 184,168 Cash, cash equivalents and restricted cash at the end of the year $ 380,540 $ 260,444 Supplemental disclosure of cash flow information Cash paid for interest expense $ 200 $ 256 Cash paid for income taxes 23,461 26,301 Non-cash investing and financing activities: Purchase of property and equipment under finance leases $ 1,080 $ 767 GigaCloud Technology Inc UNAUDITED RECONCILIATION OF ADJUSTED EBITDA(In thousands, except for per share data) Three Months Ended December 31 , Year Ended December 31 , 2025 2024 2025 2024 (In thousands) Net income $ 38,499 $ 30,959 $ 137,372 $ 125,808 Add: Income tax expense 5,200 (573 ) 23,818 14,806 Add: Interest expense 74 29 200 256 Less: Interest income (3,174 ) (2,849 ) (11,729 ) (9,405 ) Add: Depreciation and amortization 2,028 2,271 8,332 8,524 Add: Share-based compensation expense 349 1,245 4,951 16,825 Add: Non-recurring items(1) — (180 ) — 128 Adjusted EBITDA $ 42,976 $ 30,902 $ 162,944 $ 156,942 _____________________(1) One of our fulfillment centers in Japan experienced a fire in March 2024 . The fire destroyed our inventories located within the fulfillment center. We recognized losses of $2.0 million as a result of the fire in 2024. Based on the provisions of our insurance policies, the gross losses were reduced by the insurance proceeds received $1.9 million from our insurance carrier for the claim. We do not believe such losses to be recurring or frequent in nature. UNAUDITED RECONCILIATION OF ADJUSTED EPS – DILUTED Three Months Ended December 31 , Year Ended December 31 , 2025 2024 2025 2024 Net income per ordinary share – diluted $ 1.04 $ 0.76 $ 3.59 $ 3.05 Adjustments, per ordinary share: Add: Income tax expense 0.14 (0.01 ) 0.62 0.36 Add: Interest expense — — 0.01 0.01 Less: Interest income (0.08 ) (0.07 ) (0.31 ) (0.23 ) Add: Depreciation and amortization 0.05 0.05 0.22 0.21 Add: Share-based compensation expenses 0.01 0.02 0.13 0.41 Add: Non-recurring items(1) — — — — Adjusted EPS – diluted $ 1.16 $ 0.75 $ 4.26 $ 3.81 Weighted average number of ordinary shares outstanding - diluted 37,120,626 40,944,311 38,232,899 41,201,026 _____________________(1) One of our fulfillment centers in Japan experienced a fire in March 2024 . The fire destroyed our inventories located within the fulfillment center. We recognized losses of $2.0 million as a result of the fire in 2024. Based on the provisions of our insurance policies, the gross losses were reduced by the insurance proceeds received $1.9 million from our insurance carrier for the claim. We do not believe such losses to be recurring or frequent in nature. 1 Adjusted EBITDA is a non-GAAP financial measure. For more information on the non-GAAP financial measure, please see the section of “Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliation of Adjusted EBITDA” set forth at the end of this press release. 2 Adjusted EPS – diluted is a non-GAAP financial measure. For more information on the non-GAAP financial measure, please see the section of “Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliation of Adjusted EPS – diluted” set forth at the end of this press release. 3 GigaCloud Marketplace GMV means the total gross merchandise value of transactions ordered through our GigaCloud Marketplace including GigaCloud 3P and GigaCloud 1P, before any deductions of value added tax, goods and services tax, shipping charges paid by buyers to sellers and any refunds. 4 3P seller GigaCloud Marketplace GMV means the total gross merchandise value of transactions sold through our GigaCloud Marketplace by 3P sellers, before any deductions of value added tax, goods and services tax, shipping charges paid by buyers to sellers and any refunds. 5 Active 3P sellers means sellers who have sold a product in GigaCloud Marketplace within the last 12-month period, irrespective of cancellations or returns. 6 Active buyers means buyers who have purchased a product in the GigaCloud Marketplace within the last 12-month period, irrespective of cancellations or returns. 7 Spend per active buyer is calculated by dividing the total GigaCloud Marketplace GMV within the last 12-month period by the number of active buyers as of such date. Source: GigaCloud Technology

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