Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 108

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 108
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 as part of GCL Group’s effort to transition from physical console game compact discs to activation keys and digital content. 2game’s revenue is primarily generated from sale of activation keys.

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For the six months ended September 30, 2024 and September 30, 2023, revenue generated from game distributions was approximately $49.1 million and $32.2 million, representing approximately 96.4% and 89.1% of GCL Group’s total consolidated revenue of the respective periods. For the fiscal year ended March 31, 2024 and 2023, revenue generated from game distributions was approximately $91.0 million and $68.1 million, respectively, representing approximately 93.3% and 87.9% of GCL Group’s total consolidated revenue during the respective periods.

Game Publishing

4Divinity is a GCL Group
Subsidiary dedicated to the games publishing business. Its mission is to partner with international game publishers and content development
studios to introduce new video game and entertainment properties to Asia’s fast-growing market of gamers, and to introduce original
Asian-developed content to the global market. In December 2024, 4Divinity UK was formed as a wholly-owned subsidiary of 4Divinity to support
GCL Group’s game publishing and development business in Europe. As of today, GCL Group has either published or co-published nine
game titles including, Black Myth Wukong (physical publishing), JDM: Japanese Drift Master – Rise of the Scorpion (Prologue), Kong: Survivor Instinct, First Dwarf, Atomic Heart, Daymare: 1994 Sandcastle, Figment 2: Creed Valley, Windstorm Collection, and Life in Willowdale. Atomic Heart is a video game co-published with Focus Entertainment, an international game studio backed by Chinese
multinational conglomerate, Tencent, and an independent European video game developer and publisher.

We give Valve’s Steam, Microsoft Xbox and Sony’s PlayStation Network a non-exclusive license to reproduce, publicly display and perform, transmit, sell, license and otherwise distribute the PC games in object code form, and generate our games publishing revenue on these gaming platforms. We recognize our games publishing revenue at the point in time when control of the console game code is transferred to the Gaming Platform, which specifically occurs when the console game code has been activated. We recognized revenue from game publishing on a gross basis, and remit to the