Company: GCL
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-070094
Chunk: 71

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 424B3
Chunk 71
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”) to address some of the foregoing technological challenges. Key Vault is currently in beta testing. When fully developed, management expects Key Vault to provide a centralized alternative to streamline the sale of activation keys in Asia by allowing game studios to upload activation keys into Key Vault for purchase, and tracking discount sales to allow for live price adjustments; and thereby improves sales data reporting to the game studios. We believe this will be a strong catalyst for us to sign more distribution agreements with game studios, and add new sales channel partners to our distribution network.

Sales and Marketing

We sell our game titles both physically and digitally in Asia through our direct relationships with resellers through their physical and digital storefronts. Our top customers include regional resellers in Singapore, Hong Kong, Malaysia, Japan, South Korea, Taiwan, Thailand, Indonesia, the Philippines and other Asian countries. We have sales operations in Singapore, Hong Kong, Malaysia, but also have marketing staff in Europe, the Middle East and other parts of the world outside of Asia.

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For the fiscal year ended
March 31, 2025, 2024 and 2023, over 86.8%, 93.3% and 87.9% of our total consolidated revenue was generated from game distributions, respectively.
We are dependent on a limited number of customers that account for a significant portion of sales. For the fiscal year ended March 31,
2025, our three biggest customers accounted for approximately 15%, 15% and 14% of our total revenue, respectively. For the fiscal year
ended March 31, 2024, sales to our four biggest customers accounted for over half of our total consolidated revenue, with each of
them accounting for approximately 17%, 12%, 11% and 11% of our total revenue, respectively. For the fiscal year ended March 31, 2023,
sales to our five biggest customers accounted for almost half of our total consolidated revenue, with the top three customers accounting
for approximately 13%, 11%, and 10% of our total revenue, respectively. While we believe digital distribution will continue to rise and
presents an important growth opportunity for our industry and company, we expect that packaged goods and traditional retailers will continue
to be a significant channel for the sale of our console products for the foreseeable future.

Our marketing and promotional efforts are intended to
maximize consumer interest in our game titles, promote brand name recognition in the industry, assist retailers and properly position