Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 56

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 4
Chunk 56
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 past relationships, purchase quantities, language version (e. g., Chinese, Korean, Thai), and
the format in which the game is delivered. Most multi-year deals also cover the so-called “day one edition,” “enhanced
edition,” “collector’s edition” and “game of the year edition” that may be produced by the video
game publisher for release in Packaged Media Units after the initial release of the video games. In some cases, Epicsoft Asia also provides
localization services, and end user customer and technical support for the game products distributed within its territories.

Epicsoft
Asia generates revenue from sales to retailers and consumers of console games and game codes, and distributing gaming content that are
compatible with major gaming consoles such as Sony PlayStation, Microsoft Xbox, Nintendo Switch and PCs to resellers and consumers.

Revenue
is derived from the sale of console games and activation keys either at a fixed price or at a transaction price that varies based on
a number of factors including but not limited to, the retailers’ monthly sales, and proportional factor from sales of each specific
game title.

Video
game sales and distribution was one of the handful of businesses positively affected by the COVID-19 pandemic, driven by the demand for
more entertainment such as video games, when staying home. Like most businesses, the pandemic has caused Epicsoft Asia to accelerate
the process of further digitization and rely more on e-commerce. Since July 2022, 2Game has served as GCL Group’s authorized
digital sales platform that operates as a business-to-business (“ B2B B2C

For
the fiscal year ended March 31, 2025, 2024 and 2023, revenue generated from game distributions was approximately $123.3 million, $91.0
million and $68.1 million, respectively, representing approximately 86.8%, 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 and April 2025, each of 4Divinity UK and 4Divinity JP was formed as a wholly-owned
subsidiary