Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 147

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 147
---
 2,716,089 |     |     |   2.8 | % |     |   |  3,265,701 |     |     |   4.2 | % |     |        |   (549,612 | ) |     |        | (16.8 | )% |
| Other                      |     |                               |    368,128 |     |     |   0.4 | % |     |   |          — |     |     |     — | % |     |        |    368,128 |   |     |        | 100.0 | %  |
| Total revenues             |     | $                             | 97,534,701 |     |     | 100.0 | % |     | $ | 77,444,155 |     |     | 100.0 | % |     | $      | 20,090,546 |   |     |        |  25.9 | %  |

Our revenues are mainly
derived from sale of console games, game publishing, and media advertising service. The total revenue increased by approximately $20.1 million,
or 25.9%, to approximately $97.5 million for the year ended March 31, 2024 from approximately $77.4 million for the same
period in 2023. The increase was mainly attributable to the following:

<div align='center'>83</div>

Sale of Console Game

Our revenue from sale of
console games increased by $22.9 million, or 33.7%, to approximately $91.0 million for the year ended March 31, 2024 from
approximately $68.1 million for the year ended March 31, 2023. The increase was primarily attributable to increase in revenue
from sales of console game codes of approximately $24.0 million, representing an 84.0% increase in revenue from sales of console
game codes. The increase of revenue from sales of console game codes was that we experienced higher demand for game downloads from online
stores, allowing us to sell 3,787,922 copies of game codes for the year ended March 31, 2024, compared with 1,647,361 copies for
the same period in 2023.

Game Publishing

Revenue from game publishing
was generated from a newly adopted business model from the second half of the fiscal year ended March 31, 2023. We collaborate