Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 94

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 94
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 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”) and business-to-consumers (“B2C”) digital video
game retailer. It sells and distributes activation keys to both resellers and consumers, as part of GCL Group’s effort to transition
from physical console game compact discs to activation keys and digital content. 2game’s revenue is primarily generated from sale
of activation keys.

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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