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Laurie Berman (Investors) – lberman@pondel.com George Medici (Media) – gmedici@pondel.com GigaCloud Technology IncUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands except for share data and per share data) December 31, 2024 2023ASSETS Current assets Cash and cash equivalents $259,759 $183,283 Restricted cash 685 885 Investments 42,674 — Accounts receivable, net 57,313 58,876 Inventories 172,489 132,247 Prepayments and other current assets 14,672 17,516 Total current assets 547,592 392,807 Non-current assets Operating lease right-of-use assets 451,930 398,922 Property and equipment, net 29,498 24,614 Intangible assets, net 6,198 8,367 Goodwill 12,586 12,586 Deferred tax assets 10,026 1,440 Other non-current assets 12,645 8,173 Total non-current assets 522,883 454,102 Total assets $1,070,475 $846,909 2024 2023LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accounts payable (including accounts payable of VIEs without recourse to the Company of $nil and $11,563 as of December 31, 2024 and 2023, respectively) $78,163 $69,757 Contract liabilities (including contract liabilities of VIEs without recourse to the Company of $nil and $736 as of December 31, 2024 and 2023, respectively) 4,486 5,537 Current operating lease liabilities (including current operating lease liabilities of VIEs without recourse to the Company of $nil and $1,305 as of December 31, 2024 and 2023, respectively) 88,521 57,949 Income tax payable (including income tax payable of VIEs without recourse to the Company of $nil and $3,644 as of December 31, 2024 and 2023, respectively) 13,615 15,212 Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIEs without recourse to the Company of $nil and $2,774 as of December 31, 2024 and 2023, respectively) 79,594 57,319 Total current liabilities 264,379 205,774 Non-current liabilities Operating lease liabilities, non-current (including operating lease liabilities, non-current of VIEs without recourse to the Company of $nil and $553 as of December 31, 2024 and 2023, respectively) 395,235 343,511 Deferred tax liabilities 941 3,795 Finance lease obligations, non-current 382 111 Non-current income tax payable 4,321 3,302 Total non-current liabilities 400,879 350,719 Total liabilities $665,258 $556,493 Commitments and contingencies 2024 2023Shareholders’ equity Treasury shares, at cost (609,390 and 294,029 shares held as of December 31, 2024 and 2023, respectively) $(11,816) $(1,594)Class A ordinary shares ($0.05 par value, 50,673,268 shares authorized, 32,878,735 and 31,738,632 shares issued as of December 31, 2024 and 2023, respectively, 32,269,345 and 31,455,148 shares outstanding as of December 31, 2024 and 2023, respectively) 1,643 1,584 Class B ordinary shares ($0.05 par value, 9,326,732 shares authorized, 8,076,732 and 9,326,732 shares issued and outstanding as of December 31, 2024 and 2023) 403 466 Additional paid-in capital 120,262 111,736 Accumulated other comprehensive income (loss) (4,136) 526 Retained earnings 298,861 177,698 Total shareholders’ equity 405,217 290,416 Total liabilities and shareholders’ equity $1,070,475 $846,909 GigaCloud Technology IncUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(In thousands except for share data and per share data) Three Months EndedDecember 31, Year EndedDecember 31, 2024 2023 2024 2023Revenues Service revenues$97,107 $69,336 $350,273 $199,184 Product revenues 198,675 175,401 810,769 504,647 Total revenues 295,782 244,737 1,161,042 703,831 Cost of revenues Services 78,188 57,291 284,951 161,215 Product sales 152,604 117,609 590,855 353,983 Total cost of revenues 230,792 174,900 875,806 515,198 Gross profit 64,990 69,837 285,236 188,633 Operating expenses Selling and marketing expenses 18,041 14,004 70,686 41,386 General and administrative expenses 16,979 13,130 73,944 30,008 Research and development expenses 2,356 2,344 9,791 3,925 Gains (losses) on disposal of property and equipment (20) 3,236 193 3,236 Total operating expenses 37,356 32,714 154,614 78,555 Operating income 27,634 37,123 130,622 110,078 Interest expense (29) (108) (256) (1,240)Interest income 2,849 1,293 9,405 3,304 Foreign currency exchange gains (losses), net (754) 4,239 (1,233) 2,086 Government grants 8 438 37 911 Others, net 678 (137) 2,039 (144)Income before income taxes 30,386 42,848 140,614 114,995 Income tax expense 573 (7,273) (14,806) (20,887)Net income$30,959 $35,575 $125,808 $94,108 Net income attributable to ordinary shareholders 30,959 35,575 125,808 94,108 Foreign currency translation adjustment, net of nil income taxes (715) 232 (1,266) (278)Net unrealized gains (losses) on available-for-sale investments (12) — 7 — Intra-entity foreign currency transactions gain (loss) (2,565) — (2,565) — Release of foreign currency translation reserve related to liquidation of subsidiaries (838) — (838) — Total other comprehensive income (loss) (4,130) 232 (4,662) (278)Comprehensive Income$26,829 $35,807 $121,146 $93,830 Net income per ordinary share —Basic$0.76 $0.87 $3.06 $2.31 —Diluted$0.76 $0.87 $3.05 $2.30 Weighted average number of ordinary shares outstanding used in computing net income per ordinary share —Basic 40,869,106 40,770,882 41,079,672 40,788,448 —Diluted 40,944,311 40,901,772 41,201,026 40,922,590 GigaCloud Technology IncUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands) Year EndedDecember 31, 2024 2023Cash flows from operating activities: Net income$125,808 $94,108 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 8,524 2,873 Share-based compensation 16,825 2,503 Operating lease 29,282 2,485 Changes in accounts receivables, net (234) (5,058)Changes in inventories (46,875) (16,514)Changes in prepayments and other assets (1,665) (9,249)Changes in accounts payable, accrued expenses and other current liabilities 38,188 46,258 Changes in contract liabilities (992) 1,473 Changes in income tax payable (1,023) 10,977 Changes in deferred income taxes (11,462) 398 Other operating activities 1,702 3,198 Net cash provided by operating activities 158,078 133,452 Cash flows from investing activities: Cash paid for purchase of property and equipment (15,536) (4,380)Cash received from disposal of property and equipment 2,103 462 Acquisitions, net of cash acquired — (86,629)Purchases of investments (73,831) — Sale and maturities of investments 31,845 — Net cash used in investing activities (55,419) (90,547)Cash flows from financing activities: Repayment of finance lease obligations (1,726) (2,212)Repayment of bank loans — (197)Repurchases of ordinary shares (23,243) (1,594)Net cash used in financing activities (24,969) (4,003)Effect of foreign currency exchange rate changes on cash and restricted cash (1,414) 190 Net increase in cash and restricted cash 76,276 39,092 Cash and restricted cash at the beginning of the year 184,168 145,076 Cash and restricted cash at the end of the year$260,444 $184,168 Supplemental disclosure of cash flow information Cash paid for interest expense 256 1,240 Cash paid for income taxes 26,301 9,512 Non-cash investing and financing activities: Purchase of property and equipment under finance leases 767 — Reversal of subscription receivable from ordinary shares — 312 Fair value of assets acquired by acquisition — 273,086 Cash paid for business combinations and asset purchases — 87,568 Liabilities assumed by acquisition — (185,518) GigaCloud Technology IncUNAUDITED RECONCILIATION OF ADJUSTED EBITDA(In thousands, except for per share data) Three Months EndedDecember 31, Year EndedDecember 31, 2024 2023 2024 2023 (In thousands)Net income$30,959 $35,575 $125,808 $94,108 Add: Income tax expense (573) 7,273 14,806 20,887 Add: Interest expense 29 108 256 1,240 Less: Interest income (2,849) (1,293) (9,405) (3,304)Add: Depreciation and amortization 2,271 1,723 8,524 2,873 Add: Share-based compensation expense 1,245 429 16,825 2,503 Add: Non-recurring items(1) (180) — 128 — Adjusted EBITDA$30,902 $43,815 $156,942 $118,307 _____________________(1) One of our fulfillment centers in Japan experienced a fire in March 2024.
We do not believe such losses to be recurring or frequent in nature. UNAUDITED RECONCILIATION OF ADJUSTED EPS – DILUTED Three Months EndedDecember 31, Year EndedDecember 31, 2024 2023 2024 2023Net income per ordinary share – diluted$0.76 $0.87 $3.05 $2.30 Adjustments, per ordinary share: Add: Income tax expense (0.01) 0.18 0.36 0.51 Add: Interest expense — — 0.01 0.03 Less: Interest income (0.07) (0.03) (0.23) (0.08)Add: Depreciation and amortization 0.05 0.04 0.21 0.07 Add: Share-based compensation expenses 0.02 0.01 0.41 0.06 Add: Non-recurring items(1) — — — — Adjusted EPS – diluted$0.75 $1.07 $3.81 $2.89 Weighted average number of ordinary shares outstanding - diluted 40,944,311 40,901,772 41,201,026 40,922,590 _____________________(1) One of our fulfillment centers in Japan experienced a fire in March 2024.
Record Total Revenues in 2024 Reach More Than $1 BillionEL MONTE, Calif., March 03, 2025 (GLOBE NEWSWIRE) -- GigaCloud Technology Inc (Nasdaq: GCT) ("GigaCloud” or the "Company”), a pioneer of global end-to-end B2B ecommerce technology solutions for large parcel merchandise, today announced financial results for the fourth quarter and fiscal year ended December 31, 2024, including a milestone achievement of surpassing $1 billion in total annual revenues for the first time in 2024, and continued robust growth in GigaCloud Marketplace GMV.
