Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 106

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 4A
Chunk 106
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 the year ended March 31, 2024, this revenue amounted to approximately
$0.4 million. Going forward into 2025 and beyond, we anticipate that this source of revenue will continue to remain insignificant
to our overall operations.

Cost of Revenues

Our cost of revenues from our revenue categories
are summarized as follows:

                              For the Years Ended March 31,                                                                                   
                              2024                                                                                                            
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Console game                $                                  80,340,157       95.4      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  

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 ended March 31, 2024. Additionally, the increase was attributable to
higher purchasing costs, which were influenced by price increases from our vendors.

Cost of revenue from game
publishing decreased by approximately $1.7 million, or 42.1%, to approximately $2.4 million