Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 143

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 143
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 2.8 | % |     |        |   (477,725 | ) |     |        | (17.6 | )% |
| Others                     |     |                               |     541,156 |     |     |   0.4 | % |     |   |    368,128 |     |     |   0.4 | % |     |        |    173,028 |   |     |        |  47.0 | %  |
| Total revenues             |     | $                             | 142,072,586 |     |     | 100.0 | % |     | $ | 97,534,701 |     |     | 100.0 | % |     | $      | 44,537,885 |   |     |        |  45.7 | %  |

Our revenues are mainly
derived from sale of console games, game publishing, and media advertising service. The total revenue increased by approximately $44.5
million, or 45.7%, to approximately $142.1 million for the year ended March 31, 2025 from approximately $97.5 million for the same period
in 2024. The increase was mainly attributed to the following:

Sale of Console Game

Our revenue from sale of
console games increased by approximately $32.2 million, or 35.4%, to approximately $123.3 million for the year ended March 31, 2025 from
approximately $91.0 million for the year ended March 31, 2024. The increase was primarily attributable to increase in revenue from sales
of console game codes of approximately $34.6 million, representing an 65.8% increase in revenue from sales of console game codes. The
reason for the increase in revenue from sales of console game codes was that we experienced higher demand for game downloads from online
stores, allowing us to sell 4,656,893 copies of game codes for the year ended March 31, 2025, compared to 3,787,922 copies for the same
period in 2024. The increase was offset by decrease in revenue from sales of physical console game of approximately $2.3 million, representing
a 6.1% decrease in revenue from sales of physical console game primarily due to shifting consumer preferences toward digital downloads
over physical discs.

<div align='center'>80</div>

Game Publishing

Revenue from game