Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 3

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 3
Chunk 3
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 control over other aspects of the distribution of our products
and services that we develop for their platform. If our channel partners establish terms that restrict our offerings through their channels,
or significantly affect the financial terms on which these products are offered to our customers, we may be unable to distribute our product
offerings through them or be forced to do so on materially worse financial or business terms in negotiating such various aspects of distribution.
Increased competition for digital “shelf space” has put channel partners in more favorable bargaining positions in relation
to such terms of distribution.

We rely on third-party retailers to distribute
our games and collect revenues generated on their websites or other e-commerce websites and third-party platforms.

Over 86.8%, 93.3% and 87.9%
of our total consolidated revenue for the fiscal years ended March 31, 2025, 2024 and 2023, respectively, was generated from game distributions.
If we are unable to maintain a good relationship with such platform providers, if their terms and conditions or pricing change to our
detriment, if we violate, or if a platform provider believes that we have violated, the terms and conditions of its platform, or if any
of these platforms loses market share or falls out of favor, or is unavailable for a prolonged period of time, our business will suffer.

We are subject to the standard
and non-negotiated policies and terms of service/publisher agreements of third-party platforms, which govern the promotion, distribution,
content, and operation generally of games on the platform. Each platform provider has broad discretion to unilaterally change and interpret
its terms of service and other policies with respect to us and other developers, and those changes may be unfavorable to us. A platform
provider may also change its fee structure, add fees associated with access to and use of its platform, alter how we are able to advertise
on the platform, change how the personal information of its users is made available to application developers on the platform, limit the
use of personal information for advertising purposes, or restrict how gamers can share information with their friends on the platform
or across platforms. Our business could be harmed if:

  the platform providers discontinue or limit our access to their platforms;  

  governments or private parties, such as internet providers,                                          

  the platforms increase the fees they charge us or    
  change the ways in which their fees are determined;  
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  the platforms decline in popularity;