Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 164

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 164
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 (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 |

<div align='center'>90</div>

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.

Research and Development, Pat