Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 117

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 4A
Chunk 117
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 be considered as an alternative to net income (loss) as an indicator of
our operating performance. Additionally, EBITDA is not intended to be measures of free cash flow available for management or discretionary
use as such measures do not consider certain cash requirements such as capital expenditures, tax payments and debt service requirements.
In light of the foregoing limitations, you should not consider EBITDA as substitutes for, or superior to, net income (loss) prepared in
accordance with U. S. GAAP. We encourage our shareholders and investors and others to review its financial information in its entirety
and not rely on any single financial measure.

EBITDA is 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. Investors are encouraged to review the reconciliation of the historical non-GAAP
financial measures to their most directly comparable GAAP financial measures. As EBITDA has material limitations as analytical metrics
and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other
companies.

                                              For the years ended March 31,                                                                     
                                              2025                                               2024                      2023                 
                                              US$                                                US$                       US$                  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Net income / (loss)                                                             5,049,421                (1,960,956                2,140,670  
  Interest expense, net                                                           2,255,934                   507,803                  191,154  
  Provision for income taxes                                                      1,128,672                    53,291                  620,142  
  Depreciation and amortization expenses                                          2,369,036                 2,371,718                1,507,671  
  EBITDA                                                                         10,803,063                   971,856                4,459,637  

Off-Balance Sheet Arrangements

We have no off-balance sheet
arrangements including arrangements that would affect our liquidity, capital resources, market risk support and credit risk support or
other benefits.

5C. Research and Development, Patents and
Licenses, etc.

See “ Item 4. Information
on the Company - B. Business Overview - Intellectual Property.”

5D. Trend Information