GigaCloud Technology Inc Announces Second Quarter and Six Months Ended June 30, 2026 Financial Results
Rhea-AI Summary
GigaCloud Technology (Nasdaq: GCT) reported record second quarter 2026 results, with total revenues of $411.6 million, up 27.6% year-over-year, and gross profit of $105.6 million, up 37.3%, driving a gross margin of 25.6% versus 23.9% a year ago.
Net income rose 22.3% to $42.3 million, with diluted EPS up 27.5% to $1.16. Adjusted EBITDA reached $60.4 million, up 39.5%, and adjusted diluted EPS was $1.65, up 44.7%. For the first half of 2026, revenue grew 29.7% to $771.1 million, and net income increased 30.5% to $80.5 million.
Marketplace metrics also expanded: total GigaCloud Marketplace GMV for the 12 months ended June 30, 2026 was $1.74 billion, up 21.3%, with 3P seller GMV up 27.0% and active 3P sellers and active buyers up 26.1% and 17.1%, respectively. The company authorized a new $120 million three-year share repurchase program after repurchasing about $47.7 million of shares in 2026 to date.
Positive
- Q2 2026 revenue $411.6M, up 27.6% year-over-year
- Q2 2026 gross profit $105.6M, gross margin 25.6% vs. 23.9% in 2025
- Q2 2026 net income $42.3M, EPS $1.16, both up over 22% YoY
- Adjusted EBITDA $60.4M in Q2 2026, up 39.5% year-over-year
- TTM marketplace GMV $1.74B, 3P GMV $962.3M, both >20% YoY growth
- New share repurchase authorization $120M over three years, replacing $111M 2025 program
Negative
- Cash, restricted cash, and investments $378.6M, down 9.2% vs. December 31, 2025
- Q2 2026 net income margin 10.3% vs. 10.7% in Q2 2025
- Total operating expenses $58.0M in Q2 2026 vs. $41.1M in Q2 2025
- Q3 2026 revenue guidance $375M–$400M, below Q2 2026 revenue of $411.6M
News Explained
GigaCloud’s new buyback is effective, but its $120 million ceiling is not a commitment to spend that amount.
Effective
A Rule 10b5-1 plan is a written trading plan adopted in advance that executes on a schedule or formula; here, the release identifies such a plan for post-quarter purchases but does not establish why individual trades occurred.
The company repurchased
At
The next balance sheet’s ordinary-share counts and financing cash-flow line will show the shares and cash associated with purchases under the new program.
Market reaction after 2Q26 earnings report: GCT +9.60%
Following this news, GCT has gained 9.60%, reflecting a notable positive market reaction. Our momentum scanner has triggered 4 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $50.68.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 07 | 1Q26 earnings | Positive | -4.8% | Revenue and EPS growth accompanied by lower cash and Q2 revenue guidance |
| Feb 26 | 4Q25 earnings | Positive | +33.0% | Record quarterly and annual results with stronger liquidity and share repurchases |
| Nov 06 | 3Q25 earnings | Positive | +30.1% | Revenue growth, acquisition announcement, repurchase authorization and Q4 guidance |
| Aug 07 | 2Q25 earnings | Positive | +30.5% | Record revenue, higher EPS, marketplace growth and expanded share repurchases |
| May 12 | 1Q25 earnings | Neutral | +11.4% | Revenue and marketplace growth offset by stable income and lower gross margin |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Four of five tag-matched earnings events aligned with positive price reactions, while the Q1 2026 report diverged.
Key Terms
adjusted EBITDA financial
adjusted EPS financial
GMV financial
Rule 10b5-1 regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Delivers another Quarter of Record Revenue and EPS
EL MONTE, Calif., Aug. 06, 2026 (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, 2026, reporting record second quarter revenue and earnings per share over the comparable prior year period.
Second Quarter 2026 Financial Highlights
- Total revenues of
$411.6 million , increased27.6% year-over-year. - Gross profit of
$105.6 million , increased37.3% year-over-year.
Gross margin was25.6% , compared to23.9% in the second quarter of 2025. - Net income of
$42.3 million , increased22.3% year-over-year.
Net income margin was10.3% , compared to10.7% in the second quarter of 2025.
Diluted EPS increased27.5% year-over-year to$1.16 . - Adjusted EBITDA1 of
$60.4 million , increased39.5% year-over-year.
Adjusted EPS – diluted2 of$1.65 , increased44.7% year-over-year. - Cash and cash equivalents, Restricted cash, and Investments totaled
$378.6 million as of June 30, 2026, a9.2% decrease from December 31, 2025.
Year-to-Date 2026 Financial Highlights
- Total revenues of
$771.1 million , increased29.7% year-over-year. - Gross profit of
$191.4 million , increased36.0% year-over-year.
Gross margin was24.8% , compared to23.7% in the first half of 2025.
- Net income of
$80.5 million , increased30.5% year-over-year.
Net income margin was10.4% , compared to10.4% in the first half of 2025.
Diluted EPS increased38.6% year-over-year to$2.19 .
- Adjusted EBITDA of
$106.0 million , increased38.6% year-over-year.
Adjusted EPS – diluted of$2.89 , increased47.4% year-over-year.
Operational Highlights
- GigaCloud Marketplace GMV3 increased
21.3% year-over-year to$1,744.8 million for the 12 months ended June 30, 2026. - 3P seller GigaCloud Marketplace GMV4 increased
27.0% year-over-year to$962.3 million for the 12 months ended June 30, 2026. 3P seller GigaCloud Marketplace GMV represented55.2% of total GigaCloud Marketplace GMV for the 12 months ended June 30, 2026. - Active 3P sellers5 increased
26.1% year-over-year to 1,465 for the 12 months ended June 30, 2026. - Active buyers6 increased
17.1% year-over-year to 12,823 for the 12 months ended June 30, 2026. - Spend per active buyer7 was
$136,069 for the 12 months ended June 30, 2026.
“This marks our sixteenth quarterly report. Over the years, the market has weathered numerous ups and downs, yet we have remained consistent – because true value creation has never been about chasing the latest trends, but about discipline and focus, day in and day out,” said Larry Wu, Founder and Chief Executive Officer. “This quarter, we once again proved with record revenue and earnings per share that steadiness is not mediocrity, but the strongest defense against uncertainty. Going forward, we will continue to tune out the noise, stay the course, execute with discipline, and deliver sustainable long-term value for our shareholders.”
“Our strong balance sheet and cash generation continue to provide the flexibility to execute our capital allocation strategy dynamically,” said Erica Wei, Chief Financial Officer. “We accelerated our share repurchases to approximately
Business Outlook
The Company expects its total revenues to be between
Share Repurchase Program
On August 13, 2025, the Company’s Board of Directors approved a
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 August 6, 2026. Participants can access the conference call at https://dpregister.com/DiamondPassRegistration/register?confirmationNumber=10210427&linkSecurityString=1046d15dde9 by entering their details to receive a call that will connect them to the conference. 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, which it refers to as the “GigaCloud Marketplace,” integrates everything from discovery and payments to 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. The Company offers a truly 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 such as 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 and amortization, further adjusted to exclude share-based compensation expense. Adjusted EPS – diluted is a financial measure defined as our Adjusted EBITDA divided by our diluted weighted-average shares outstanding. 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 Relations
Email: ir@gigacloudtech.com
PondelWilkinson, Inc.
Todd Kehrli (Investors) – tkehrli@pondel.com; Laurie Berman (Investors) – lberman@pondel.com
George Medici (Media) – gmedici@pondel.com
| GigaCloud Technology Inc UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands except for share data and per share data) | |||||
| June 30, 2026 | December 31, 2025 | ||||
| ASSETS | |||||
| Current assets | |||||
| Cash and cash equivalents | $ | 334,497 | $ | 379,780 | |
| Restricted cash | 739 | 760 | |||
| Investments | 43,334 | 36,316 | |||
| Accounts receivable, net | 91,707 | 65,973 | |||
| Inventories | 218,004 | 188,298 | |||
| Prepayments and other current assets | 41,957 | 19,535 | |||
| Total current assets | 730,238 | 690,662 | |||
| Non-current assets | |||||
| Operating lease right-of-use assets | 456,704 | 431,455 | |||
| Property and equipment, net | 37,852 | 32,281 | |||
| Intangible assets, net | 4,624 | 4,978 | |||
| Goodwill | 12,900 | 12,586 | |||
| Deferred tax assets | 15,546 | 12,981 | |||
| Other non-current assets | 15,849 | 17,516 | |||
| Total non-current assets | 543,475 | 511,797 | |||
| Total assets | $ | 1,273,713 | $ | 1,202,459 | |
| GigaCloud Technology Inc UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (continued) (In thousands except for share data and per share data) | |||||
| June 30, 2026 | December 31, 2025 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
| Current liabilities | |||||
| Accounts payable | $ | 86,128 | $ | 105,407 | |
| Contract liabilities | 5,437 | 6,459 | |||
| Current operating lease liabilities | 121,374 | 100,326 | |||
| Income tax payable | 7,666 | 17,509 | |||
| Accrued expenses and other current liabilities | 125,333 | 112,547 | |||
| Contingent consideration | 3,368 | — | |||
| Total current liabilities | 349,306 | 342,248 | |||
| Non-current liabilities | |||||
| Operating lease liabilities, non-current | 384,108 | 368,321 | |||
| Deferred tax liabilities | 734 | 797 | |||
| Finance lease obligations, non-current | 774 | 690 | |||
| Non-current income tax payable | 4,768 | 4,604 | |||
| Total non-current liabilities | 390,384 | 374,412 | |||
| Total liabilities | $ | 739,690 | $ | 716,660 | |
| Commitments and contingencies | $ | — | $ | — | |
| Shareholders’ equity | |||||||
| Treasury shares, at cost (nil and 237,269 shares held as of June 30, 2026 and December 31, 2025, respectively) | $ | — | $ | (7,126 | ) | ||
| Class A ordinary shares ( 29,331,394 and 29,637,687 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively) | 1,467 | 1,495 | |||||
| Class B ordinary shares ( 6,870,674 and 7,276,732 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively) | 343 | 363 | |||||
| Additional paid-in capital | 91,454 | 88,674 | |||||
| Accumulated other comprehensive income (loss) | (111 | ) | 1,527 | ||||
| Retained earnings | 440,870 | 400,866 | |||||
| Total shareholders’ equity | 534,023 | 485,799 | |||||
| Total liabilities and shareholders’ equity | $ | 1,273,713 | $ | 1,202,459 | |||
| GigaCloud Technology Inc UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands except for share data and per share data) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenues | |||||||||||||||
| Service revenues | $ | 120,826 | $ | 96,924 | $ | 237,366 | $ | 190,992 | |||||||
| Product revenues | 290,817 | 225,682 | 533,765 | 403,520 | |||||||||||
| Total revenues | 411,643 | 322,606 | 771,131 | 594,512 | |||||||||||
| Cost of revenues | |||||||||||||||
| Services | 106,715 | 85,856 | 213,345 | 165,012 | |||||||||||
| Products | 199,372 | 159,806 | 366,384 | 288,830 | |||||||||||
| Total cost of revenues | 306,087 | 245,662 | 579,729 | 453,842 | |||||||||||
| Gross profit | 105,556 | 76,944 | 191,402 | 140,670 | |||||||||||
| Operating expenses | |||||||||||||||
| Selling and marketing expenses | 36,182 | 24,778 | 67,424 | 43,336 | |||||||||||
| General and administrative expenses | 19,164 | 13,031 | 28,926 | 27,371 | |||||||||||
| Research and development expenses | 2,691 | 3,184 | 5,049 | 5,677 | |||||||||||
| Losses on disposal of property and equipment | 8 | 108 | 13 | 120 | |||||||||||
| Total operating expenses | 58,045 | 41,101 | 101,412 | 76,504 | |||||||||||
| Operating income | 47,511 | 35,843 | 89,990 | 64,166 | |||||||||||
| Interest expense | (106 | ) | (32 | ) | (226 | ) | (55 | ) | |||||||
| Interest income | 3,058 | 2,814 | 6,042 | 5,435 | |||||||||||
| Foreign currency exchange gains (losses), net | (847 | ) | 647 | (1,127 | ) | 1,439 | |||||||||
| Others, net | 293 | 1,682 | 1,147 | 2,474 | |||||||||||
| Income before income taxes | 49,909 | 40,954 | 95,826 | 73,459 | |||||||||||
| Income tax expense | (7,574 | ) | (6,402 | ) | (15,367 | ) | (11,761 | ) | |||||||
| Net income | $ | 42,335 | $ | 34,552 | $ | 80,459 | $ | 61,698 | |||||||
| Foreign currency translation adjustment, net of nil income taxes | 317 | 879 | 265 | 1,290 | |||||||||||
| Net unrealized gain (loss) on available-for-sale investments | 5 | (1 | ) | (3 | ) | (7 | ) | ||||||||
| Intra-entity foreign currency transactions gain (loss) | (240 | ) | 3,386 | (1,849 | ) | 5,022 | |||||||||
| Release of foreign currency translation reserve related to liquidation of subsidiaries | (18 | ) | — | (51 | ) | (1 | ) | ||||||||
| Total other comprehensive income (loss) | 64 | 4,264 | (1,638 | ) | 6,304 | ||||||||||
| Comprehensive Income | $ | 42,399 | $ | 38,816 | $ | 78,821 | $ | 68,002 | |||||||
| Net income per ordinary share | |||||||||||||||
| —Basic | $ | 1.16 | $ | 0.91 | $ | 2.20 | $ | 1.58 | |||||||
| —Diluted | $ | 1.16 | $ | 0.91 | $ | 2.19 | $ | 1.58 | |||||||
| Weighted average number of ordinary shares outstanding used in computing net income per ordinary share | |||||||||||||||
| —Basic | 36,531,397 | 38,073,239 | 36,607,246 | 39,041,373 | |||||||||||
| —Diluted | 36,546,441 | 38,106,956 | 36,658,585 | 39,117,361 | |||||||||||
| GigaCloud Technology Inc UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | |||||||
| Six Months Ended June 30, | |||||||
| 2026 | 2025 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 80,459 | $ | 61,698 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 4,431 | 4,189 | |||||
| Share-based compensation | 11,590 | 4,253 | |||||
| Operating lease | 11,703 | 3,026 | |||||
| Changes in accounts receivables | (19,247 | ) | (9,679 | ) | |||
| Changes in inventories | (22,743 | ) | (8,934 | ) | |||
| Changes in prepayments and other assets | (22,058 | ) | 30 | ||||
| Changes in accounts payable, accrued expenses and other current liabilities | (10,277 | ) | (53 | ) | |||
| Changes in contract liabilities | (843 | ) | 1,296 | ||||
| Changes in income tax payable | (9,517 | ) | (6,906 | ) | |||
| Changes in deferred income taxes | (1,154 | ) | (1,195 | ) | |||
| Other operating activities | 4,360 | 317 | |||||
| Net cash provided by operating activities | 26,704 | 48,042 | |||||
| Cash flows from investing activities: | |||||||
| Purchases of property and equipment | (7,784 | ) | (3,972 | ) | |||
| Disposals of property and equipment | 104 | 109 | |||||
| Acquisitions, net of cash acquired | (14,284 | ) | — | ||||
| Purchases of investments | (42,825 | ) | (67,301 | ) | |||
| Sales and maturities of investments | 35,793 | 46,986 | |||||
| Net cash used in investing activities | (28,996 | ) | (24,178 | ) | |||
| Cash flows from financing activities: | |||||||
| Repayment of finance lease obligations | (300 | ) | (178 | ) | |||
| Repurchases of ordinary shares | (42,298 | ) | (46,029 | ) | |||
| Net cash used in financing activities | (42,598 | ) | (46,207 | ) | |||
| Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash | (414 | ) | 2,709 | ||||
| Net decrease in cash, cash equivalents and restricted cash | (45,304 | ) | (19,634 | ) | |||
| Cash, cash equivalents and restricted cash at the beginning of the period | 380,540 | 260,444 | |||||
| Cash, cash equivalents and restricted cash at the end of the period | $ | 335,236 | $ | 240,810 | |||
| Supplemental disclosure of cash flow information | |||||||
| Cash paid for interest expense | $ | 226 | $ | 55 | |||
| Cash paid for income taxes | $ | 25,894 | $ | 19,839 | |||
| Non-cash investing and financing activities: | |||||||
| Purchase of property and equipment under finance leases | $ | 695 | $ | 695 | |||
| Contingent consideration and consideration payable | $ | 3,325 | $ | — | |||
| GigaCloud Technology Inc UNAUDITED RECONCILIATION OF ADJUSTED EBITDA (In thousands, except for per share data) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| (In thousands) | (In thousands) | ||||||||||||||
| Net Income | $ | 42,335 | $ | 34,552 | $ | 80,459 | $ | 61,698 | |||||||
| Add: Income tax expense | 7,574 | 6,402 | 15,367 | 11,761 | |||||||||||
| Add: Interest expense | 106 | 32 | 226 | 55 | |||||||||||
| Less: Interest income | (3,058 | ) | (2,814 | ) | (6,042 | ) | (5,435 | ) | |||||||
| Add: Depreciation and amortization | 2,205 | 2,140 | 4,431 | 4,189 | |||||||||||
| Add: Share-based compensation expenses | 11,245 | 3,026 | 11,590 | 4,253 | |||||||||||
| Adjusted EBITDA | $ | 60,407 | $ | 43,338 | $ | 106,031 | $ | 76,521 | |||||||
| UNAUDITED RECONCILIATION OF ADJUSTED EPS – DILUTED | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net income per ordinary share – diluted | $ | 1.16 | $ | 0.91 | $ | 2.19 | $ | 1.58 | |||||||
| Adjustments, per ordinary share: | |||||||||||||||
| Add: Income tax expense | 0.21 | 0.17 | 0.42 | 0.30 | |||||||||||
| Add: Interest expense | — | — | 0.01 | — | |||||||||||
| Less: Interest income | (0.08 | ) | (0.07 | ) | (0.16 | ) | (0.14 | ) | |||||||
| Add: Depreciation and amortization | 0.05 | 0.06 | 0.11 | 0.11 | |||||||||||
| Add: Share-based compensation expenses | 0.31 | 0.07 | 0.32 | 0.11 | |||||||||||
| Adjusted EPS – diluted | $ | 1.65 | $ | 1.14 | $ | 2.89 | $ | 1.96 | |||||||
| Weighted average number of ordinary shares outstanding - diluted | 36,546,441 | 38,106,956 | 36,658,585 | 39,117,361 | |||||||||||
| ________________________________ | |
| 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 Measure” 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 Measure” 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. |
