Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 91

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 4A
Chunk 91
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4
and 2023, respectively, was derived from sale of either games on consoles such as Sony PlayStation, Microsoft Xbox, Nintendo Switch and
PCs to retailers, or game codes via electronic delivery to retailers or end-users through email or download. We also have our own production
studio and an advertising agency, providing media and content advertising services for small and medium-sized enterprises (the “ SMEs”)
and government agencies. In September 2022, we formed a subsidiary dedicated to our game publishing business investing in upcoming game
titles as either a publisher or a co-publisher for the global market.

We derive revenues from
(i) distribution and sale of console games; (ii) game publishing; (iii) media advertising services; and (iv) others. The total revenue
increased by $44.5 million, or 45.7% to approximately $142.1 million for the year ended March 31, 2025 from approximately $97.5 million
for the same period in 2024. This increase in revenue was primarily attributable to the approximately $32.2 million increased sales from
console games and increase of approximately $12.6 million in game publishing revenue. The total revenue increased by $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.
This increase in revenue was primarily attributable to the approximately $22.9 million increased sales from console games and offset
by decrease of approximately $2.7 million in game publishing revenue.

Key Factors that Affect Operating Results

Our business, financial
condition and results of operations have been, and are expected to continue to be, affected by a number of factors, which primarily include
the following:

Distribution arrangements with game publishers
and studios to sell “hit” game titles

We derive our revenue primarily
from sales to retailers and consumers of console games and game codes and distributing gaming content that are compatible with major gaming
consoles and PCs to resellers. We sold 50, 51 and 44 new game titles in addition to back catalog games during the fiscal year ended March
31, 2025, 2024 and 2023, respectively. We have forged multi-year distribution deals with international video game publishers and studios
to sell selected game titles within certain territories in Asia. We have sold more than 14.1 million of physical and digital copies