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GigaCloud Technology Inc Announces Fourth Quarter and Year Ended December 31, 2025 Financial Results
—Delivering Record Revenue and EPS—
EL MONTE, Calif., February 26, 2026 — 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 EBITDA1 increased 39.2% year-over-year to $43.0 million.
Adjusted EPS – diluted2 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 EBITDA1 increased 3.8% year-over-year to $162.9 million.
Adjusted EPS – diluted2 increased 11.8% year-over-year to $4.26.
Operational Highlights
•GigaCloud Marketplace GMV3 increased 17.5% year-over-year to $1,576.8 million for the 12 months ended December 31, 2025.
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.
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•3P seller GigaCloud Marketplace GMV4 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 sellers5 increased 16.9% year-over-year to 1,299 for the 12 months ended December 31, 2025.
•Active buyers6 increased 29.9% year-over-year to 12,089 for the 12 months ended December 31, 2025.
•Spend per active buyer7 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.
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.
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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 Relations
Email: ir@gigacloudtech.com
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PondelWilkinson, Inc.
Laurie Berman (Investors) – lberman@pondel.com
George Medici (Media) – gmedici@pondel.com

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GigaCloud Technology Inc
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands except for share data and per share data)
December 31,
20252024
ASSETS
Current assets
Cash and cash equivalents$379,780 $259,759 
Restricted cash760 685 
Accounts receivable, net65,973 57,313 
Investments36,316 42,674 
Inventories188,298 172,489 
Prepayments and other current assets19,535 14,672 
Total current assets690,662 547,592 
Non-current assets
Operating lease right-of-use assets431,455451,930
Property and equipment, net32,28129,498
Intangible assets, net4,9786,198
Goodwill12,58612,586
Deferred tax assets12,98110,026
Other non-current assets17,51612,645
Total non-current assets511,797 522,883 
Total assets$1,202,459 $1,070,475 
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GigaCloud Technology Inc
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (continued)
(In thousands except for share data and per share data)
December 31,
20252024
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 liabilities342,248 264,379 
Non-current liabilities
Operating lease liabilities, non-current
368,321 395,235 
Deferred tax liabilities797 941 
Finance lease obligations, non-current690 382 
Non-current income tax payable4,604 4,321 
Total non-current liabilities374,412 400,879 
Total liabilities$716,660 $665,258 
Commitments and contingencies
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)
1,4951,643
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)
363403
Additional paid-in capital88,674 120,262 
Accumulated other comprehensive income (loss)1,527 (4,136)
Retained earnings400,866 298,861 
Total shareholders’ equity485,799 405,217 
Total liabilities and shareholders’ equity$1,202,459 $1,070,475 


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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,
2025202420252024
Revenues
Service revenues$128,823 $106,584 $428,185 $389,334 
Product revenues233,924 189,198 861,712 771,708 
Total revenues362,747 295,782 1,289,897 1,161,042 
Cost of revenues
Services121,053 86,163 384,538 318,111 
Product sales158,747 144,629 604,693 557,695 
Total cost of revenues279,800 230,792 989,231 875,806 
Gross profit82,947 64,990 300,666 285,236 
Operating expenses
Selling and marketing expenses29,390 18,041 98,203 70,686 
General and administrative expenses10,677 16,979 46,559 73,944 
Research and development expenses2,621 2,356 10,832 9,791 
Losses (gains) on disposal of property and equipment(31)(20)96 193 
Total operating expenses42,657 37,356 155,690 154,614 
Operating income40,290 27,634 144,976 130,622 
Interest expense(74)(29)(200)(256)
Interest income3,174 2,849 11,729 9,405 
Foreign currency exchange gains (losses), net(707)(754)175 (1,233)
Others, net1,016 686 4,510 2,076 
Income before income taxes43,699 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
—Basic37,041,53640,869,10638,158,67841,079,672
—Diluted37,120,62640,944,31138,232,89941,201,026
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GigaCloud Technology Inc
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended
December 31,
20252024
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 amortization8,332 8,524 
Share-based compensation4,951 16,825 
Operating lease5,337 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 liabilities52,906 38,188 
Changes in contract liabilities1,777 (992)
Changes in income tax payable3,709 (1,023)
Changes in deferred income taxes(3,007)(11,462)
Other operating activities1,794 1,702 
Net cash provided by operating activities190,660 158,078 
Cash flows from investing activities: 
Purchases of property and equipment(7,873)(15,536)
Disposals of property and equipment191 2,103 
Advances paid for the acquisition(1,000)— 
Purchases of investments(94,694)(73,831)
Sale and maturities of investments98,287 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 cash2,305 (1,414)
Net increase in cash, cash equivalents and restricted cash120,096 76,276 
Cash, cash equivalents and restricted cash at the beginning of the year260,444 184,168 
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 taxes23,461 26,301 
Non-cash investing and financing activities:
Purchase of property and equipment under finance leases$1,080 $767 
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GigaCloud Technology Inc
UNAUDITED RECONCILIATION OF ADJUSTED EBITDA
(In thousands, except for per share data)
Three Months Ended
December 31,		Year Ended
December 31,
2025202420252024
(In thousands)
Net income$38,499 $30,959 $137,372 $125,808 
Add: Income tax expense5,200 (573)23,818 14,806 
Add: Interest expense74 29 200 256 
Less: Interest income(3,174)(2,849)(11,729)(9,405)
Add: Depreciation and amortization2,028 2,271 8,332 8,524 
Add: Share-based compensation expense349 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,
2025202420252024
Net income per ordinary share – diluted$1.04 $0.76 $3.59 $3.05 
Adjustments, per ordinary share:
Add: Income tax expense0.14 (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 amortization0.05 0.05 0.22 0.21 
Add: Share-based compensation expenses0.01 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 - diluted37,120,626 40,944,311 38,232,899 41,201,026 
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(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.
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