Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 154

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 154
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:----|:--------------------|----------:|:--|:----|:-----|-----------:|:--|
| Net cash provided by (used in) operating activities |     | $                   | 1,316,296 |   |     | $    | (4,365,870 | ) |
| Net cash used in investing activities               |     | $                   |  (780,624 | ) |     | $    |   (615,528 | ) |
| Net cash provided by financing activities           |     | $                   |   135,236 |   |     | $    |  4,359,210 |   |

<div align='center'>92

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>

Unless the context otherwise requires, for purposes of this section, the terms “GCL”, “we,” “us,” or “our,” refer to GCL Global Limited and its subsidiaries prior to the consummation of the Business Combination. You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes included elsewhere in this prospectus. Some of the information contained in this discussion and analysis are set forth elsewhere in this prospectus, including information with respect to our plans and strategy for our business and related financing, and includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the section of Report titled “Risk Factors,” our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

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, Brazil, Dubai and China.

We are a leading marketer,
distributor, publisher and developer of video games and entertainment content sold in Asia. We sell and distribute to retailers and consumers
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, other Asian countries and Europe.
Over 96.4% and 89.1% of our total consolidated revenue for the six months ended September 30, 2024 and 202