Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 150

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 150
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,534,701 |     |     | 100.0 | % |     | $ | 77,444,155 |     |     | 100.0 | % |     | $      | 20,090,546 |   |     |        |  25.9 | %  |

Our revenues are mainly
derived from sale of console games, game publishing, and media advertising service. The total revenue increased by approximately $20.1 million,
or 25.9%, to approximately $97.5 million for the year ended March 31, 2024 from approximately $77.4 million for the same
period in 2023. The increase was mainly attributable to the following:

<div align='center'>83</div>

Sale of Console Game

Our revenue from sale of
console games increased by $22.9 million, or 33.7%, to approximately $91.0 million for the year ended March 31, 2024 from
approximately $68.1 million for the year ended March 31, 2023. The increase was primarily attributable to increase in revenue
from sales of console game codes of approximately $24.0 million, representing an 84.0% increase in revenue from sales of console
game codes. The increase of revenue from sales of console game codes was that we experienced higher demand for game downloads from online
stores, allowing us to sell 3,787,922 copies of game codes for the year ended March 31, 2024, compared with 1,647,361 copies for
the same period in 2023.

Game Publishing

Revenue from game publishing
was generated from a newly adopted business model from the second half of the fiscal year ended March 31, 2023. We collaborate with
third party game developers and obtain exclusive publishing right in distributing the console game codes though third parties’
storefronts, such as Sony’s PlayStation Network and Valve’s Steam. For the year ended March 31, 2024, we published two
new game titles in addition to two game titles published during the year ended March 31, 2023 in above mentioned store front, and
generated revenue from game publishing for approximately $3.4 million, when compared to two game titles published of approximately
$6.1 million of generated revenue for the year ended March 31, 2023.

The 43.8% decrease in revenue
from game publishing was primarily due to the decline in