Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 140

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 140
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 console game codes. The
reason for the increase in revenue from sales of console game codes was that we experienced higher demand for game downloads from online
stores, allowing us to sell 4,656,893 copies of game codes for the year ended March 31, 2025, compared to 3,787,922 copies for the same
period in 2024. The increase was offset by decrease in revenue from sales of physical console game of approximately $2.3 million, representing
a 6.1% decrease in revenue from sales of physical console game primarily due to shifting consumer preferences toward digital downloads
over physical discs.

<div align='center'>80</div>

Game Publishing

Revenue from game publishing
was generated from collaboration with third party game developers and obtaining exclusive publishing right in distributing the console
game codes though third parties’ storefronts, such as Sony’s PlayStation Network and Valve’s Steam. For the year ended
March 31, 2025, we published four new game titles in addition to two game titles published during the year ended March 31, 2024 in above-mentioned
store fronts, and generated approximately $16.0 million of revenue from game publishing.

The 367.1% increase in revenue
from game publishing was primarily due to the increase in revenue generated from the new game title, Black Myth: Wukong,
which was initially published during the fiscal year ended March 31, 2025. Black Myth: Wukong generated approximately
$11.2 million in game publishing revenue during the year ended March 31, 2025, reflecting strong market demand following its initial
launch.

Media advertising Service

Revenue from media advertising
services consisted of video marketing campaign service and social media advertising service. Our revenue from advertising services decreased
approximately $0.5 million, or 17.6%, to approximately $2.2 million for the year ended March 31, 2025 from approximately $2.7 million
for the same period of 2024. The decrease was driven partially by a decrease in revenue from social media advertising service for approximately
$0.2 million due to reduced earnings from our YouTube channel, which is highly dependent on video views. It was also caused by a decreased
revenue from video marketing campaign services of approximately $0.3 million due to fewer service contracts entered when compared to
the same period in 2024.

Other revenue

Other revenue comprised
of sales of fashion jewelry through our online e-commerce platform