Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 90

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 4A
Chunk 90
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ITEM 4A. UNRESOLVED STAFF COMMENTS

None.

ITEM 5. OPERATING AND FINANCIAL REVIEW AND
PROSPECTS

Unless the context otherwise requires, for
purposes of this section, the terms “ Company,” “we,” “us,” “our,” refer to GCL Global
Holdings Ltd. collectively with its subsidiaries, while the term “ GCL Global” refers to GCL Global Limited. Collectively
with its subsidiaries prior to closing of the business combination (the “ Business Combination”) with RF Acquisition Corp.
(“ RFAC”) on February 13, 2025. The following discussion and analysis of our financial condition and results of operations
should be read in conjunction with our consolidated financial statements that appear in this annual report. In addition to historical
consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and
beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause
or contribute to these differences include those discussed below and elsewhere in this annual report, particularly in “ Risk Factors.”
All amounts in included in the fiscal years ended March 31, 2025, 2024, and 2023(“ Annual Financial Statements”) are derived
from our audited consolidated financial statements included elsewhere in this annual report. These Annual Financial Statements have been
prepared in accordance with U. S. Generally Accepted Accounting Principles, or U. S. GAAP.

5A. Operating Results

Overview

GCL is a holding company
incorporated as an exempted company under the laws of the Cayman Islands. As a holding company with no material operations on its own,
we conduct all our operations through our subsidiaries in Singapore, Hong Kong, Malaysia, China, the United Kingdom, Japan, Brazil, and
Dubai.

We are a marketer, distributor,
publisher and developer of video games and entertainment content sold in Asia, Europe, the U. S. and Latin America. We sell and distribute
to retailers and consumers in Asia physical and digital copies of video games through physical retailers, such as Sony PlayStation stores
in Japan, as well as online channels in Singapore, Hong Kong, Malaysia, Japan, South Korea, Taiwan, Thailand, Indonesia, the Philippines
and other Asian countries. Over 86.8%,93.3%, and 87.9% of our total consolidated revenue for the years ended March 31, 2025 and 202