Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 150

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 150
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 $20.6 million, or 32.4%, to approximately $84.2 million for the year ended March 31, 2024 from approximately
$63.6 million for the same period in 2023. The increase in cost of revenues was attributable to the following:

Cost of revenue from console
games increased by approximately $22.3 million, or 38.5%, to approximately $80.3 million for the year ended March 31, 2024 from approximately
$58.1 million for the same period in 2023. The increase was primarily driven by increase of revenue from console games as more units
(both compact discs and console game codes) were sold during year ended March 31, 2024. Additionally, the increase was attributable to
higher purchasing costs, which were influenced by price increases from our vendors.

Cost of revenue from game
publishing decreased by approximately $1.7 million, or 42.1%, to approximately $2.4 million for the year ended March 31, 2024 from approximately
$4.1 million for the same period in 2023. This decrease was primarily driven by a reduction in development fees, which corresponded to
the overall decline in game publishing revenue of approximately $2.7 million, or 43.8%. As the Company remits a development fee based
on a percentage of revenue generated from the gaming platform, the reduction in revenue directly resulted in lower development fees owed
to the developer.

Cost of revenue from media
advertising decreased approximately $0.1 million or 9.6%, to approximately $1.4 million for the year ended March 31, 2024
from approximately $1.5 million for the same period in 2023. The decrease was attributable to decrease in the cost of revenue from
social media advertising service by $0.2 million as we incurred less video production cost related to creating video content published
on our YouTube Channel. The decrease in the cost of revenue from media advertising was offset by increased cost of revenue from video
marketing campaign production by approximately $0.1 million as we incurred higher labor cost.

Gross Profit

Our gross profit from our
major revenue categories are summarized as follows:

| Console Game            |     | For the Years Ended March 31, 
 2024                          |            |   |     | 2023 |            |   |     | Change 
 (USD)  |          |    |     |