Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 100

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 4A
Chunk 100
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  Console game                $                                  108,588,100       89.9      80,340,157       95.4      28,247,943       35.2  
  Game publishing                                                 11,110,156        9.2       2,350,855        2.8       8,759,301      372.6  
  Advertising services                                               956,391        0.8       1,389,562        1.6        (433,171      (31.2  
  Others                                                             174,578        0.1         135,669        0.2          38,909       28.7  
  Total Cost of revenues      $                                  120,829,225      100.0      84,216,243      100.0      36,612,982       43.5  

Cost of revenue increased
by approximately $36.6 million, or 43.5%, to approximately $120.8 million for the year ended March 31, 2025 from approximately $84.2
million for the same period in 2024. The increase in cost of revenues was attributed to the following:

Cost of revenue from console
games increased by approximately $28.2 million, or 35.2%, to approximately $108.6 million for the year ended March 31, 2025 from approximately
$80.3 million for the same period in 2024. The increase was in line with increase in revenue from console games.

Cost of revenue from game
publishing increased by approximately $8.8 million, or 372.6%, to approximately $11.1 million for the year ended March 31, 2025 from
approximately $2.4 million for the same period in 2024. The increased cost of game publishing was in line with the increase of revenue
from game publishing.

Cost of revenue from media
advertising services decreased approximately $0.4 million or 31.2%, to approximately $1.0 million for the year ended March 31, 2025 from
approximately $1.4 million for the same period in 2024. The decrease was attributable to decrease in the cost of revenue from social media
advertising service by $0.2 million as we incurred less video production costs related to creating