Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 152

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 152
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 |     | $ | 58,005,203 |     |     |  91.2 | % |     | $      | 22,334,954 |   |     |        |  38.5 | %  |
| Game publishing        |     |                               |  2,350,855 |     |     |   2.8 | % |     |   |  4,056,790 |     |     |   6.4 | % |     |        | (1,705,935 | ) |     |        | (42.1 | )% |
| Advertising services   |     |                               |  1,389,562 |     |     |   1.6 | % |     |   |  1,536,615 |     |     |   2.4 | % |     |        |   (147,053 | ) |     |        |  (9.6 | )% |
| Others                 |     |                               |    135,669 |     |     |   0.2 | % |     |   |          — |     |     |     — | % |     |        |    135,669 |   |     |        | 100.0 | %  |
| Total Cost of revenues |     | $                             | 84,216,243 |     |     | 100.0 | % |     | $ | 63,598,608 |     |     | 100.0 | % |     | $      | 20,617,635 |   |     |        |  32.4 | %  |

<div align='center'>84</div>

Cost of revenue increased
by approximately $20.6 million, or 32.4%, to approximately $84.2 million for the year ended March 31, 2024 from approximately
$63.6 million for the same period in 2023. The increase in cost of revenues was attributable to the following:

Cost of revenue from console
games increased by approximately $22.3 million, or 38.5%, to approximately $80.3 million for the year ended March 31, 2024 from approximately
$58.1 million for the same period in 2023. The increase was primarily driven by increase of revenue from console games as more units
(both compact discs and console game codes) were sold during year