GigaCloud Technology Inc Announces Third Quarter and Nine Months Ended September 30, 2025 Financial Results

Rhea-AI Summary

GigaCloud Technology (Nasdaq: GCT) reported third quarter and nine months results for the period ended September 30, 2025, including Q3 revenue of $332.6M (+9.7% YoY) and diluted EPS of $0.99 (up 1.0% YoY). The company reported Q3 gross profit $77.0M and adjusted EBITDA $43.4M. Cash, restricted cash and investments totaled $366.6M at September 30, 2025 versus $303.1M at December 31, 2024. Operational metrics showed Marketplace GMV $1,488.5M (12 months) and active buyers of 11,419. GigaCloud announced a binding term sheet to acquire New Classic for $18M, set a $111M share repurchase program, and provided Q4 2025 revenue guidance of $328M–$344M.

Positive

• Q3 revenue $332.6M (+9.7% YoY)
• Cash and investments $366.6M at Sept 30, 2025
• 12‑month Marketplace GMV $1,488.5M (+20.7% YoY)
• Active buyers 11,419 (12 months, +33.8% YoY)
• Board approved $111M share repurchase program

Negative

• Q3 gross margin 23.2% vs 25.5% in Q3 2024 (−230 bps)
• Q3 adjusted EBITDA $43.4M (−11.1% YoY)
• Q3 net income margin 11.2% vs 13.4% in Q3 2024 (−220 bps)

Insights

Corporate Finance Analyst

Strong top‑line growth, rising EPS, cash build and buybacks offset margin compression; acquisition expands distribution reach.

Revenue rose to $332.6 million in Q3 and $927.2 million year‑to‑date, marking year‑over‑year growth of 9.7% and 7.2% respectively, while diluted EPS increased to $0.99 for the quarter and $2.56 year‑to‑date. The company reported record quarterly revenue and EPS alongside a cash and investment balance of $366.6 million, and generated $78 million in operating cash flow this quarter; these are clear liquidity and earnings signals in the reported period.

Profitability shows mixed signals: gross profit and adjusted EBITDA fell slightly year‑over‑year and gross margin compressed to 23.2% from 25.5%, while net income remained positive at $37.2 million. The board approved a $111.0 million repurchase program and ~4.9 million shares were repurchased for $87 million since IPO; these actions materially affect capital allocation and EPS mechanics. The announced binding term sheet to acquire New Classic for $18 million adds domestic distribution capacity and will close before it becomes a wholly owned subsidiary.

Watch near term execution against the fourth quarter revenue guidance of $328 million–$344 million, the integration of New Classic, and the pace of share repurchases under the three‑year program; these items will concretely affect cash deployment and EPS in the next quarters. Overall, the facts show revenue and EPS expansion with margin pressure but stronger cash and a debt‑free balance sheet; these make the announcement positively impactful for stakeholders focused on growth and capital returns.

—  Achieves Record Quarterly Revenue and EPS Despite Challenging Environment  —

EL MONTE, Calif., Nov. 06, 2025 (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 third quarter and nine months ended September 30, 2025.

Third Quarter 2025 Financial Highlights

• Total revenues of $332.6 million, increased 9.7% year-over-year.
• Gross profit of $77.0 million, decreased 0.4% year-over-year.
  Gross margin was 23.2%, compared to 25.5% in the third quarter of 2024.
• Net income of $37.2 million, decreased 8.6% year-over-year.
  Net income margin was 11.2%, compared to 13.4% in the third quarter of 2024.
  Diluted EPS increased 1.0% year-over-year to $0.99.
• Adjusted EBITDA¹ of $43.4 million, decreased 11.1% year-over-year.
  Adjusted EPS – diluted² increased 0.8% year-over-year to $1.16.
• Cash and cash equivalents, Restricted Cash, and Investments totaled $366.6 million as of September 30, 2025, compared with $303.1 million as of December 31, 2024.
  
  

Year-to-Date 2025 Financial Highlights

• Total revenues of $927.2 million, increased 7.2% year-over-year.
  
  
• Gross profit of $217.7 million, decreased 1.1% year-over-year.
  
  

Gross margin was 23.5%, compared to 25.5% for the same period of 2024.

• Net income of $98.9 million, increased 4.3% year-over-year.
  
  

Net income margin was 10.7%, compared to 11.0% for the same period of 2024.
Diluted EPS increased 11.3% year-over-year to $2.56.

• Adjusted EBITDA of $120.0 million, decreased 4.8% year-over-year.
  
  

Adjusted EPS – diluted of $3.11, increased 1.6% year-over-year.

Operational Highlights

• GigaCloud Marketplace GMV³ increased 20.7% year-over-year to $1,488.5 million for the 12 months ended September 30, 2025.
• 3P seller GigaCloud Marketplace GMV⁴ increased 24.4% year-over-year to $790.4 million for the 12 months ended September 30, 2025. 3P seller GigaCloud Marketplace GMV represented 53.1% of total GigaCloud Marketplace GMV for the 12 months ended September 30, 2025.
• Active 3P sellers⁵ increased 17.2% year-over-year to 1,232 for the 12 months ended September 30, 2025.
• Active buyers⁶ increased 33.8% year-over-year to 11,419 for the 12 months ended September 30, 2025.
• Spend per active buyer⁷ was $130,349 for the 12 months ended September 30, 2025.
  
  

“This quarter reaffirmed the resilience of our diversified business,” said Larry Wu, Founder and Chief Executive Officer. “The return to top-line growth in Noble House reflects the impact of focused optimization, and our planned acquisition of New Classic advances our vision of a truly channel-agnostic B2B marketplace that connects suppliers and retailers with greater reach and efficiency. Through disciplined execution and a robust, debt-free balance sheet that supports our growth initiatives, we continued to scale in a difficult environment and strengthen the foundation for long-term value creation. The macro environment is beyond our control, but how we execute and adapt is not. Resilience is what keeps us moving forward.”

“Our disciplined execution generated $78 million in operating cash flow this quarter, providing the fuel to execute our long-term capital allocation strategy with precision,” said Erica Wei, Chief Financial Officer. “This allows us to consistently return capital to shareholders through buybacks — a highly effective tool for enhancing earnings per share — while simultaneously investing in strategic acquisitions to secure our future growth pipeline.”

Planned Acquisition

On October 24, 2025, GigaCloud announced that it has entered into a binding term sheet to acquire 100% of New Classic Home Furnishings, Inc. (“New Classic”) for $18 million in cash. At closing, New Classic will become a wholly owned subsidiary of GigaCloud, further expanding the Company’s channel-agnostic B2B marketplace and enhancing its domestic distribution capabilities.

Business Outlook

The Company expects its total revenues to be between $328 million and $344 million in the fourth quarter of 2025. 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. As of November 6, 2025, the Company has repurchased approximately 4.9 million of its Class A ordinary shares for $87 million under its share repurchase programs since its IPO in 2022.

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 6:30 pm U.S. Eastern Time on November 6, 2025. Participants who wish to join the call should pre-register here at https://dpregister.com/sreg/10204254/10043517936. 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, which it refers to as 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. 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, 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, 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 Relations
Email: ir@gigacloudtech.com

PondelWilkinson, Inc.
Laurie Berman (Investors) – lberman@pondel.com
George Medici (Media) – gmedici@pondel.com
Todd Kehrli (Investors) – tkehrli@pondel.com

GigaCloud Technology Inc
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands except for share data and per share data)

				September 30, 2025			December 31, 2024
ASSETS
Current assets
Cash and cash equivalents				$	334,851		$	259,759
Restricted cash					703			685
Investments					31,011			42,674
Accounts receivable, net					59,818			57,313
Inventories					176,361			172,489
Prepayments and other current assets					19,245			14,672
Total current assets					621,989			547,592
Non-current assets
Operating lease right-of-use assets					425,536			451,930
Property and equipment, net					33,311			29,498
Intangible assets, net					5,283			6,198
Goodwill					12,586			12,586
Deferred tax assets					11,021			10,026
Other non-current assets					14,385			12,645
Total non-current assets					502,122			522,883
Total assets				$	1,124,111		$	1,070,475

GigaCloud Technology Inc
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (continued)
(In thousands except for share data and per share data)

			September 30, 2025			December 31, 2024
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable			$	79,460		$	78,163
Contract liabilities				5,233			4,486
Current operating lease liabilities				99,887			88,521
Income tax payable				11,589			13,615
Accrued expenses and other current liabilities				103,458			79,594
Total current liabilities				299,627			264,379
Non-current liabilities
Operating lease liabilities, non-current				361,122			395,235
Deferred tax liabilities				732			941
Finance lease obligations, non-current				662			382
Non-current income tax payable				4,653			4,321
Total non-current liabilities				367,169			400,879
Total liabilities			$	666,796		$	665,258
Commitments and contingencies			$	—		$	—

GigaCloud Technology Inc
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (continued)
(In thousands except for share data and per share data)

			September 30, 2025				December 31, 2024
Shareholders’ equity
Treasury shares, at cost (835,661 and 609,390 shares held as of September 30, 2025 and December 31, 2024, respectively)			$	(18,639	)		$	(11,816	)
Class A ordinary shares ($0.05 par value, 50,673,268 shares authorized, 30,136,429 and 32,878,735 shares issued as of September 30, 2025 and December 31, 2024, respectively, 29,163,245 and 32,269,345 shares outstanding as of September 30, 2025 and December 31, 2024, respectively)				1,501				1,643
Class B ordinary shares ($0.05 par value, 9,326,732 shares authorized, 8,076,732 and 8,076,732 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively)				403				403
Additional paid-in capital				94,674				120,262
Accumulated other comprehensive income (loss)				1,859				(4,136	)
Retained earnings				377,517				298,861
Total shareholders’ equity				457,315				405,217
Total liabilities and shareholders’ equity			$	1,124,111			$	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 September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Revenues
Service revenues	$	108,370			$	110,340			$	299,362			$	282,750
Product revenues		224,268				192,976				627,788				582,510
Total revenues		332,638				303,316				927,150				865,260
Cost of revenues
Services		98,473				86,422				263,485				231,948
Products		157,116				139,643				445,946				413,066
Total cost of revenues		255,589				226,065				709,431				645,014
Gross profit		77,049				77,251				217,719				220,246
Operating expenses
Selling and marketing expenses		25,477				18,605				68,813				52,645
General and administrative expenses		8,511				15,296				35,882				56,965
Research and development expenses		2,534				2,582				8,211				7,435
Losses on disposal of property and equipment		7				45				127				213
Total operating expenses		36,529				36,528				113,033				117,258
Operating income		40,520				40,723				104,686				102,988
Interest expense		(71	)			(87	)			(126	)			(227	)
Interest income		3,120				2,703				8,555				6,556
Foreign currency exchange gains (losses), net		(557	)			3,337				882				(479	)
Government grants		40				21				258				29
Others, net		980				1,177				3,236				1,361
Income before income taxes		44,032				47,874				117,491				110,228
Income tax expense		(6,857	)			(7,189	)			(18,618	)			(15,379	)
Net income	$	37,175			$	40,685			$	98,873			$	94,849
Foreign currency translation adjustment, net of nil income taxes		101				(173	)			1,391				(551	)
Net unrealized gain on available-for-sale investments		10				17				3				19
Intra-entity foreign currency transactions gain (loss)		(420	)			—				4,602				—
Release of foreign currency translation reserve related to liquidation of subsidiaries		—				—				(1	)			—
Total other comprehensive income (loss)		(309	)			(156	)			5,995				(532	)
Comprehensive Income	$	36,866			$	40,529			$	104,868			$	94,317
Net income per ordinary share
—Basic	$	0.99			$	0.98			$	2.57			$	2.30
—Diluted	$	0.99			$	0.98			$	2.56			$	2.30
Weighted average number of ordinary shares outstanding used in computing net income per ordinary share
—Basic		37,539,214				41,364,886				38,535,151				41,150,372
—Diluted		37,605,032				41,395,001				38,607,748				41,258,416

GigaCloud Technology Inc
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

	Nine Months Ended September 30,
		2025				2024
Cash flows from operating activities:
Net income	$	98,873			$	94,849
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		6,304				6,253
Share-based compensation		4,602				15,580
Operating lease		3,583				25,196
Changes in accounts receivables		(21	)			(3,836	)
Changes in inventories		759				(52,645	)
Changes in prepayments and other assets		(5,002	)			(5,229	)
Changes in accounts payable, accrued expenses and other current liabilities		18,223				10,982
Changes in contract liabilities		575				(104	)
Changes in income tax payable		(2,151	)			5,921
Changes in deferred income taxes		(1,137	)			(7,957	)
Other operating activities		1,684				650
Net cash provided by operating activities	$	126,292			$	89,660
Cash flows from investing activities:
Purchases of property and equipment		(5,162	)			(14,038	)
Disposals of property and equipment		131				1,700
Purchases of investments		(84,694	)			(53,547	)
Sales and maturities of investments		93,287				11,843
Net cash provided by (used in) investing activities	$	3,562			$	(54,042	)
Cash flows from financing activities:
Repayment of finance lease obligations	$	(284	)		$	(1,589	)
Repurchases of ordinary shares		(57,373	)			—
Net cash used in financing activities	$	(57,657	)		$	(1,589	)
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash		2,913				130
Net increase in cash, cash equivalents and restricted cash	$	75,110			$	34,159
Cash, cash equivalents and restricted cash at the beginning of the period		260,444				184,168
Cash, cash equivalents and restricted cash at the end of the period	$	335,554			$	218,327
Supplemental disclosure of cash flow information
Cash paid for interest expense	$	126			$	227
Cash paid for income taxes	$	22,061			$	18,889

GigaCloud Technology Inc
UNAUDITED RECONCILIATION OF ADJUSTED EBITDA
(In thousands, except for per share data)

	Three Months Ended September 30,								Nine Months Ended September30
		2025				2024				2025				2024
	(In thousands)								(In thousands)
Net Income	$	37,175			$	40,685			$	98,873			$	94,849
Add: Income tax expense		6,857				7,189				18,618				15,379
Add: Interest expense		71				87				126				227
Less: Interest income		(3,120	)			(2,703	)			(8,555	)			(6,556	)
Add: Depreciation and amortization		2,115				2,108				6,304				6,253
Add: Share-based compensation expenses		349				1,433				4,602				15,580
Add: Non-recurring items(1)		—				—				—				308
Adjusted EBITDA	$	43,447			$	48,799			$	119,968			$	126,040

_____________________
(1) One of our fulfillment centers in Japan experienced a fire in March 2024. We recognized losses as a result of the fire. Based on the provisions of our insurance policy, the gross losses have been reduced by the estimated insurance proceeds expected to be received from our insurance carrier. We have determined that partial recovery of the incurred losses is probable and therefore recorded net losses of $308 thousand in the nine months ended September 30, 2024. We do not believe such losses to be recurring or frequent in nature.

UNAUDITED RECONCILIATION OF ADJUSTED EPS – DILUTED

	Three Months Ended September 30,								Nine Months Ended September30
		2025				2024				2025				2024
Net income per ordinary share – diluted	$	0.99			$	0.98			$	2.56			$	2.30
Adjustments, per ordinary share:
Add: Income tax expense		0.18				0.17				0.48				0.37
Add: Interest expense		—				—				—				0.01
Less: Interest income		(0.08	)			(0.07	)			(0.22	)			(0.16	)
Add: Depreciation and amortization		0.06				0.05				0.16				0.15
Add: Share-based compensation expenses		0.01				0.02				0.12				0.38
Add: Non-recurring items(1)		—				—				—				0.01
Adjusted EPS – diluted	$	1.16			$	1.15			$	3.11			$	3.06
Weighted average number of ordinary shares outstanding - diluted		37,605,032				41,395,001				38,607,748				41,258,416

_____________________
(1) One of our fulfillment centers in Japan experienced a fire in March 2024. We recognized losses as a result of the fire. Based on the provisions of our insurance policy, the gross losses have been reduced by the estimated insurance proceeds expected to be received from our insurance carrier. We have determined that partial recovery of the incurred losses is probable and therefore recorded net losses of $308 thousand in the nine months ended September 30, 2024. 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 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.

FAQ

What were GCT Q3 2025 revenues and EPS reported on November 6, 2025?

GCT reported Q3 2025 revenue $332.6M and diluted EPS of $0.99.

How much cash and investments did GCT report as of September 30, 2025?

GCT reported $366.6M in cash, restricted cash, and investments as of September 30, 2025.

What guidance did GigaCloud (GCT) give for Q4 2025 revenue?

GCT expects Q4 2025 total revenues between $328M and $344M.

What is the size and nature of GigaCloud’s announced acquisition of New Classic?

GCT entered a binding term sheet to acquire New Classic for $18M in cash to be a wholly owned subsidiary.

How large is GigaCloud’s share repurchase authorization announced in 2025?

The Board approved a $111M share repurchase program effective August 17, 2025; GCT has repurchased about $87M since IPO.

How did GCT’s marketplace activity perform for the 12 months ended September 30, 2025?

GCT Marketplace GMV was $1,488.5M (+20.7% YoY); 3P seller GMV was $790.4M (+24.4% YoY).