# EDGAR Filing Document

**Accession Number:** 0001857816
**File Stem:** 0001857816-25-000120
**Filing Date:** 2025-11
**Character Count:** 31855
**Document Hash:** 8b808e69ae1b7fe972d0cacec3882505
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001857816-25-000120.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001857816-25-000120

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251106

**ITEM INFORMATION**: Results of Operations and Financial Condition

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GigaCloud Technology Inc
- **CENTRAL INDEX KEY:** 0001857816
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-CATALOG & MAIL-ORDER HOUSES [5961]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41454
- **FILM NUMBER:** 251458142

**BUSINESS ADDRESS:**
- **STREET 1:** 4388 SHIRLEY AVENUE
- **CITY:** EL MONTE
- **STATE:** CA
- **ZIP:** 91731
- **BUSINESS PHONE:** 1-626-912-8886

**MAIL ADDRESS:**
- **STREET 1:** 4388 SHIRLEY AVENUE
- **CITY:** EL MONTE
- **STATE:** CA
- **ZIP:** 91731

?xml version='1.0' encoding='ASCII'? gct-20251106

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**___________________________________**

**FORM 8-K**

**___________________________________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**November 6, 2025**

**Date of Report (date of earliest event reported)**

**___________________________________**

**GigaCloud Technology Inc**

**(Exact name of registrant as specified in its charter)**

**___________________________________**

---

| | | |
|:---|:---|:---|
| **Cayman Islands**<br>**(State or other jurisdiction of** <br>**incorporation or organization)** | **001-41454**<br>**(Commission File Number)** | **00-0000000**<br>**(I.R.S. Employer Identification Number)** |
| **4388 Shirley Ave**<br>**El Monte, CA 91731** | **4388 Shirley Ave**<br>**El Monte, CA 91731** | **4388 Shirley Ave**<br>**El Monte, CA 91731** |
| **(Address of principal executive offices and zip code)** | **(Address of principal executive offices and zip code)** | **(Address of principal executive offices and zip code)** |
| **(626) 912-8886** | **(626) 912-8886** | **(626) 912-8886** |
| **(Registrant's telephone number, including area code)** | **(Registrant's telephone number, including area code)** | **(Registrant's telephone number, including area code)** |

---

**___________________________________**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | | |
|:---|:---|:---|
| **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** |
| **<u>Title of each class</u>** | **<u>Trading Symbol</u>** | **<u>Name of each exchange on which registered</u>** |
| **Class A ordinary shares, par value $0.05 per share** | **GCT** | **The Nasdaq Stock Market LLC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02. Results of Operations and Financial Condition.**

On November 6, 2025, GigaCloud Technology Inc (the "Company" or "GigaCloud") issued a press release announcing its financial results for the quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

**Item 9.01 - Financial Statements and Exhibits**

(d) The following exhibits are being filed herewith:

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Description</u> |
| 99.1 | <u>[Press Release issued by GigaCloud](a2025-11x06x8xkex991earnin.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 6th day of November 2025.

---

| | |
|:---|:---|
| GigaCloud Technology Inc | GigaCloud Technology Inc |
| By: | /s/ Larry Lei Wu |
| Name: | Larry Lei Wu |
| Title: | Chairman of the Board of Directors and<br>Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**GigaCloud Technology Inc Announces Third Quarter and Nine Months Ended September 30, 2025 Financial Results** 

*— Achieves Record Quarterly Revenue and EPS Despite Challenging Environment —*

EL MONTE, Calif., November 6, 2025 — GigaCloud Technology Inc (Nasdaq: GCT) ("GigaCloud" or the "Company"), a pioneer of global end-to-end B2B technology solutions for large parcel merchandise, today announced financial results for the third quarter and nine months ended September 30, 2025.

**Third Quarter 2025 Financial Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Total revenues** of $332.6 million, increased 9.7% year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Gross profit** of $77.0 million, decreased 0.4% year-over-year.<br>**Gross margin** was 23.2%, compared to 25.5% in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net income** of $37.2 million, decreased 8.6% year-over-year.<br>**Net income margin** was 11.2%, compared to 13.4% in the third quarter of 2024.<br>**Diluted EPS** increased 1.0% year-over-year to $0.99.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adjusted EBITDA**<sup>1</sup> of $43.4 million, decreased 11.1% year-over-year.<br>**Adjusted EPS – diluted**<sup>2</sup> increased 0.8% year-over-year to $1.16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Cash and cash equivalents, Restricted Cash,** and **Investments** totaled $366.6 million as of September 30, 2025, compared with $303.1 million as of December 31, 2024.

**Year-to-Date 2025 Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Total revenues** of $927.2 million, increased 7.2% year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Gross profit** of $217.7 million, decreased 1.1% year-over-year.

**Gross margin** was 23.5%, compared to 25.5% for the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net income** of $98.9 million, increased 4.3% year-over-year.

**Net income margin** was 10.7%, compared to 11.0% for the same period of 2024.

**Diluted EPS** increased 11.3% year-over-year to $2.56.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adjusted EBITDA** of $120.0 million, decreased 4.8% year-over-year.

**Adjusted EPS – diluted** of $3.11, increased 1.6% year-over-year.

**Operational Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **GigaCloud Marketplace GMV**<sup>3</sup> increased 20.7% year-over-year to $1,488.5 million for the 12 months ended September 30, 2025.

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA is a non-GAAP financial measure. For more information on the non-GAAP financial measure, please see the section of "Non-GAAP Financial Measure" and the table captioned "Unaudited Reconciliation of Adjusted EBITDA" set forth at the end of this press release.

<sup>2</sup> &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EPS – diluted is a non-GAAP financial measure. For more information on the non-GAAP financial measure, please see the section of "Non-GAAP Financial Measure" and the table captioned "Unaudited Reconciliation of Adjusted EPS – diluted" set forth at the end of this press release.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;GigaCloud Marketplace GMV means the total gross merchandise value of transactions ordered through our GigaCloud Marketplace including GigaCloud 3P and GigaCloud 1P, before any deductions of value added tax, goods and services tax, shipping charges paid by buyers to sellers and any refunds.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **3P seller GigaCloud Marketplace GMV**<sup>4</sup> increased 24.4% year-over-year to $790.4 million for the 12 months ended September 30, 2025. **3P seller GigaCloud Marketplace GMV** represented 53.1% of total GigaCloud Marketplace GMV for the 12 months ended September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Active 3P sellers**<sup>5</sup> increased 17.2% year-over-year to 1,232 for the 12 months ended September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Active buyers**<sup>6</sup> increased 33.8% year-over-year to 11,419 for the 12 months ended September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Spend per active buyer**<sup>7</sup> was $130,349 for the 12 months ended September 30, 2025.

"This quarter reaffirmed the resilience of our diversified business," said Larry Wu, Founder and Chief Executive Officer. "The return to top-line growth in Noble House reflects the impact of focused optimization, and our planned acquisition of New Classic advances our vision of a truly channel-agnostic B2B marketplace that connects suppliers and retailers with greater reach and efficiency. Through disciplined execution and a robust, debt-free balance sheet that supports our growth initiatives, we continued to scale in a difficult environment and strengthen the foundation for long-term value creation. The macro environment is beyond our control, but how we execute and adapt is not. Resilience is what keeps us moving forward."

"Our disciplined execution generated $78 million in operating cash flow this quarter, providing the fuel to execute our long-term capital allocation strategy with precision," said Erica Wei, Chief Financial Officer. "This allows us to consistently return capital to shareholders through buybacks — a highly effective tool for enhancing earnings per share — while simultaneously investing in strategic acquisitions to secure our future growth pipeline."

**Planned Acquisition**

On October 24, 2025, GigaCloud announced that it has entered into a binding term sheet to acquire 100% of New Classic Home Furnishings, Inc. ("New Classic") for $18 million in cash. At closing, New Classic will become a wholly owned subsidiary of GigaCloud, further expanding the Company's channel-agnostic B2B marketplace and enhancing its domestic distribution capabilities.

**Business Outlook** 

The Company expects its total revenues to be between $328 million and $344 million in the fourth quarter of 2025. This forecast reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

**Share Repurchase Program**

On August 13, 2025, the Company's Board of Directors approved a $111.0 million share repurchase program. The program became effective on August 17, 2025 and will remain in effect for a period of three years. The previously authorized share repurchase program was terminated effective August 16, 2025. As of November 6, 2025, the Company has repurchased approximately 4.9 million of its Class A ordinary shares for $87 million under its share repurchase programs since its IPO in 2022.

Under the share repurchase program, the Company may purchase its ordinary shares through various means, including open market transactions, privately negotiated transactions, block trades, any combination thereof or other legally permissible means. The Company may effect repurchase transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The number of shares repurchased and the timing of repurchases will

<sup>4</sup> &nbsp;&nbsp;&nbsp;&nbsp;3P seller GigaCloud Marketplace GMV means the total gross merchandise value of transactions sold through our GigaCloud Marketplace by 3P sellers, before any deductions of value added tax, goods and services tax, shipping charges paid by buyers to sellers and any refunds.

<sup>5</sup>&nbsp;&nbsp;&nbsp;&nbsp;Active 3P sellers means sellers who have sold a product in GigaCloud Marketplace within the last 12-month period, irrespective of cancellations or returns.

<sup>6</sup>&nbsp;&nbsp;&nbsp;&nbsp;Active buyers means buyers who have purchased a product in the GigaCloud Marketplace within the last 12-month period, irrespective of cancellations or returns.

<sup>7</sup>&nbsp;&nbsp;&nbsp;&nbsp;Spend per active buyer is calculated by dividing the total GigaCloud Marketplace GMV within the last 12-month period by the number of active buyers as of such date.

------

depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with the Company's working capital requirements, general business conditions and other factors.

**Conference Call** 

The Company will host a conference call to discuss its financial results at 6:30 pm U.S. Eastern Time on November 6, 2025. Participants who wish to join the call should pre-register here at https://dpregister.com/sreg/10204254/10043517936. Upon registration, participants will receive the dial-in number and a unique PIN, which can be used to join the conference call. If participants register and forget their PIN or lose their registration confirmation email, they may re-register to receive a new PIN. All participants are encouraged to dial in 15 minutes prior to the start time. A live and archived webcast of the conference call will be accessible on the Company's investor relations website at: https://investors.gigacloudtech.com/.

**About GigaCloud Technology Inc** 

GigaCloud Technology Inc is a pioneer of global end-to-end B2B technology solutions for large parcel merchandise. The Company's B2B ecommerce platform, which it refers to as the "GigaCloud Marketplace," integrates everything from discovery, payments and logistics tools into one easy-to-use platform. The Company's global marketplace seamlessly connects manufacturers, primarily in Asia, with resellers, primarily in the U.S., Asia and Europe, to execute cross-border transactions with confidence, speed and efficiency. The Company offers a truly comprehensive solution that transports products from the manufacturer's warehouse to the end customer's doorstep, all at one fixed price. The Company first launched its marketplace in January 2019 by focusing on the global furniture market and has since expanded into additional categories such as home appliances and fitness equipment. For more information, please visit the Company's website: https://investors.gigacloudtech.com/.

**Non-GAAP Financial Measures** 

The Company uses certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EPS – diluted, to understand and evaluate its core operating performance. Adjusted EBITDA is net income excluding interest, income taxes and depreciation, further adjusted to exclude share-based compensation expense. Adjusted EPS – diluted is a financial measure defined as our Adjusted EBITDA divided by our diluted weighted-average shares outstanding, respectively. Management uses Adjusted EBITDA and Adjusted EPS – diluted as measures of operating performance, for planning purposes, to allocate resources to enhance the financial performance of our business, to evaluate the effectiveness of our business strategies and in communications with our Board of Directors and investors concerning our financial performance. Non-GAAP financial measures, which may differ from similarly titled measures used by other companies, are presented to enhance investors' overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP.

For more information on the non-GAAP financial measures, please see the tables captioned "Unaudited Reconciliation of Adjusted EBITDA" and "Unaudited Reconciliation of Adjusted EPS – diluted" set forth at the end of this press release.

**Forward-Looking Statements** 

This press release contains "forward-looking statements". Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "could," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "propose," "potential," "continue" or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC.

**For investor and media inquiries, please contact:** 

------

**GigaCloud Technology Inc** 

Investor Relations

Email: <u>ir@gigacloudtech.com</u>

**PondelWilkinson, Inc.**

Laurie Berman (Investors) – lberman@pondel.com

George Medici (Media) – gmedici@pondel.com

------

**GigaCloud Technology Inc<br>UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS<br>(In thousands except for share data and per share data)** 

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| **Current assets** | | |
| Cash and cash equivalents | $334851 | $259759 |
| Restricted cash | 703 | 685 |
| Investments | 31011 | 42674 |
| Accounts receivable, net | 59818 | 57313 |
| Inventories | 176361 | 172489 |
| Prepayments and other current assets | 19245 | 14672 |
| **Total current assets** | **621989** | **547592** |
| **Non-current assets** |  |  |
| Operating lease right-of-use assets | 425536 | 451930 |
| Property and equipment, net | 33311 | 29498 |
| Intangible assets, net | 5283 | 6198 |
| Goodwill | 12586 | 12586 |
| Deferred tax assets | 11021 | 10026 |
| Other non-current assets | 14385 | 12645 |
| **Total non-current assets** | **502122** | **522883** |
| **Total assets** | $**1124111** | $**1070475** |

---

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**GigaCloud Technology Inc** 

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (continued)**

**(In thousands except for share data and per share data)**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** | | |
| **Current liabilities** | | |
| Accounts payable | $79460 | $78163 |
| Contract liabilities | 5233 | 4486 |
| Current operating lease liabilities | 99887 | 88521 |
| Income tax payable | 11589 | 13615 |
| Accrued expenses and other current liabilities | 103458 | 79594 |
| **Total current liabilities** | **299627** | **264379** |
| **Non-current liabilities** |  |  |
| Operating lease liabilities, non-current | 361122 | 395235 |
| Deferred tax liabilities | 732 | 941 |
| Finance lease obligations, non-current | 662 | 382 |
| Non-current income tax payable | 4653 | 4321 |
| **Total non-current liabilities** | **367169** | **400879** |
| **Total liabilities** | $**666796** | $**665258** |
| **Commitments and contingencies** | $— | $— |

---

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**GigaCloud Technology Inc<br>UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (continued)<br>(In thousands except for share data and per share data)** 

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **Shareholders' equity** | | |
| Treasury shares, at cost (835,661 and 609,390 shares held as of September 30, 2025 and December 31, 2024, respectively) | $(18639) | $(11816) |
| Class A ordinary shares ($0.05 par value, 50,673,268 shares authorized, 30,136,429 and 32,878,735 shares issued as of September 30, 2025 and December 31, 2024, respectively, 29,163,245 and 32,269,345 shares outstanding as of September 30, 2025 and December 31, 2024, respectively) | 1501 | 1643 |
| Class B ordinary shares ($0.05 par value, 9,326,732 shares authorized, 8,076,732 and 8,076,732 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively) | 403 | 403 |
| Additional paid-in capital | 94674 | 120262 |
| Accumulated other comprehensive income (loss) | 1859 | (4136) |
| Retained earnings | 377517 | 298861 |
| **Total shareholders' equity** | **457315** | **405217** |
| **Total liabilities and shareholders' equity** | $**1124111** | $**1070475** |

---

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**GigaCloud Technology Inc <br>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME<br>(In thousands except for share data and per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| Service revenues | $108370 | $110340 | $299362 | $282750 |
| Product revenues | 224268 | 192976 | 627788 | 582510 |
| **Total revenues** | **332638** | **303316** | **927150** | **865260** |
| **Cost of revenues** |  |  |  |  |
| Services | 98473 | 86422 | 263485 | 231948 |
| Products | 157116 | 139643 | 445946 | 413066 |
| **Total cost of revenues** | **255589** | **226065** | **709431** | **645014** |
| **Gross profit** | **77049** | **77251** | **217719** | **220246** |
| **Operating expenses** |  |  |  |  |
| Selling and marketing expenses | 25477 | 18605 | 68813 | 52645 |
| General and administrative expenses | 8511 | 15296 | 35882 | 56965 |
| Research and development expenses | 2534 | 2582 | 8211 | 7435 |
| Losses on disposal of property and equipment | 7 | 45 | 127 | 213 |
| **Total operating expenses** | **36529** | **36528** | **113033** | **117258** |
| **Operating income** | **40520** | **40723** | **104686** | **102988** |
| Interest expense | (71) | (87) | (126) | (227) |
| Interest income | 3120 | 2703 | 8555 | 6556 |
| Foreign currency exchange gains (losses), net | (557) | 3337 | 882 | (479) |
| Government grants | 40 | 21 | 258 | 29 |
| Others, net | 980 | 1177 | 3236 | 1361 |
| **Income before income taxes** | **44032** | **47874** | **117491** | **110228** |
| Income tax expense | (6857) | (7189) | (18618) | (15379) |
| **Net income** | $**37175** | $**40685** | $**98873** | $**94849** |
| Foreign currency translation adjustment, net of nil income taxes | 101 | (173) | 1391 | (551) |
| Net unrealized gain on available-for-sale investments | 10 | 17 | 3 | 19 |
| Intra-entity foreign currency transactions gain (loss) | (420) |  | 4602 | **—** |
| Release of foreign currency translation reserve related to liquidation of subsidiaries |  |  | (1) | **—** |
| **Total other comprehensive income (loss)** | **(309)** | **(156)** | **5995** | **(532)** |
| **Comprehensive Income** | $**36866** | $**40529** | $**104868** | $**94317** |
| **Net income per ordinary share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Basic | $0.99 | $0.98 | $2.57 | $2.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Diluted | $0.99 | $0.98 | $2.56 | $2.30 |
| **Weighted average number of ordinary shares outstanding used in computing net income per ordinary share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Basic | 37539214 | 41364886 | 38535151 | 41150372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Diluted | 37605032 | 41395001 | 38607748 | 41258416 |

---

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**GigaCloud Technology Inc <br>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS <br>(In thousands)** 

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| | | |
|:---|:---|:---|
| | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| **Net income** | $98873 | $94849 |
| *Adjustments to reconcile net income to net cash provided by operating activities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 6304 | 6253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 4602 | 15580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease | 3583 | 25196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in accounts receivables | (21) | (3836) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in inventories | 759 | (52645) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in prepayments and other assets | (5002) | (5229) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in accounts payable, accrued expenses and other current liabilities | 18223 | 10982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in contract liabilities | 575 | (104) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in income tax payable | (2151) | 5921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in deferred income taxes | (1137) | (7957) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating activities | 1684 | 650 |
| **Net cash provided by operating activities** | $**126292** | $**89660** |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (5162) | (14038) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disposals of property and equipment | 131 | 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (84694) | (53547) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and maturities of investments | 93287 | 11843 |
| **Net cash provided by (used in) investing activities** | $**3562** | $**(54042)** |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of finance lease obligations | $(284) | $(1589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of ordinary shares | (57373) |  |
| **Net cash used in financing activities** | $**(57657)** | $**(1589)** |
| Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash | 2913 | 130 |
| **Net increase in cash, cash equivalents and restricted cash** | $**75110** | $**34159** |
| Cash, cash equivalents and restricted cash at the beginning of the period | 260444 | 184168 |
| **Cash, cash equivalents and restricted cash at the end of the period** | $**335554** | $**218327** |
| **Supplemental disclosure of cash flow information** |  |  |
| Cash paid for interest expense | $126 | $227 |
| Cash paid for income taxes | $22061 | $18889 |

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**GigaCloud Technology Inc<br>UNAUDITED RECONCILIATION OF ADJUSTED EBITDA<br>(In thousands, except for per share data)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended September 30** | **Nine Months Ended September 30** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **Net Income** | $**37175** | $**40685** | $**98873** | $**94849** |
| Add: Income tax expense | 6857 | 7189 | 18618 | 15379 |
| Add: Interest expense | 71 | 87 | 126 | 227 |
| Less: Interest income | (3120) | (2703) | (8555) | (6556) |
| Add: Depreciation and amortization | 2115 | 2108 | 6304 | 6253 |
| Add: Share-based compensation expenses | 349 | 1433 | 4602 | 15580 |
| Add: Non-recurring items<sup>(1)</sup> |  |  |  | 308 |
| **Adjusted EBITDA** | $**43447** | $**48799** | $**119968** | $**126040** |

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_____________________<br>(1)&nbsp;&nbsp;&nbsp;&nbsp;One of our fulfillment centers in Japan experienced a fire in March 2024. We recognized losses as a result of the fire. Based on the provisions of our insurance policy, the gross losses have been reduced by the estimated insurance proceeds expected to be received from our insurance carrier. We have determined that partial recovery of the incurred losses is probable and therefore recorded net losses of $308 thousand in the nine months ended September 30, 2024. We do not believe such losses to be recurring or frequent in nature.

**UNAUDITED RECONCILIATION OF ADJUSTED EPS – DILUTED**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended September 30** | **Nine Months Ended September 30** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net income per ordinary share – diluted** | $**0.99** | $**0.98** | $**2.56** | $**2.30** |
| Adjustments, per ordinary share: |  |  |  |  |
| Add: Income tax expense | 0.18 | 0.17 | 0.48 | 0.37 |
| Add: Interest expense |  |  |  | 0.01 |
| Less: Interest income | (0.08) | (0.07) | (0.22) | (0.16) |
| Add: Depreciation and amortization | 0.06 | 0.05 | 0.16 | 0.15 |
| Add: Share-based compensation expenses | 0.01 | 0.02 | 0.12 | 0.38 |
| Add: Non-recurring items<sup>(1)</sup> |  |  |  | 0.01 |
| **Adjusted EPS – diluted** | $**1.16** | $**1.15** | $**3.11** | $**3.06** |
| Weighted average number of ordinary shares outstanding - diluted | 37605032 | 41395001 | 38607748 | 41258416 |

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_____________________<br>(1)&nbsp;&nbsp;&nbsp;&nbsp;One of our fulfillment centers in Japan experienced a fire in March 2024. We recognized losses as a result of the fire. Based on the provisions of our insurance policy, the gross losses have been reduced by the estimated insurance proceeds expected to be received from our insurance carrier. We have determined that partial recovery of the incurred losses is probable and therefore recorded net losses of $308 thousand in the nine months ended September 30, 2024. We do not believe such losses to be recurring or frequent in nature.