GigaCloud Technology Inc. reported its financial results for the first quarter of 2025, revealing total revenues of $271.9 million, an increase of 8.3% from $251.1 million in the same period last year. The growth was driven by a 22.8% rise in service revenues, which reached $94.1 million, primarily due to increased demand for last-mile delivery and warehousing services. Product revenues remained stable at $81.4 million, while off-platform e-commerce sales grew by 3.3% to $96.4 million. Despite the revenue growth, the company's gross profit decreased by 4.2% to $63.7 million, resulting in a gross margin of 23.4%, down from 26.5% in the prior year.
In terms of profitability, GigaCloud's net income for the quarter was $27.1 million, slightly down from $27.2 million in the previous year. The company reported a diluted net income per share of $0.68, compared to $0.66 in the same quarter of 2024. Operating income also saw a decline, falling to $28.3 million from $34.8 million year-over-year. The decrease in profitability was attributed to rising costs, particularly in service delivery and operational expenses, which increased by 12.8% to $208.2 million.
Operationally, GigaCloud experienced significant growth in its marketplace metrics. The number of active third-party sellers rose by 33.4% to 1,154, while active buyers surged by 81.4% to 9,966. The total gross merchandise value (GMV) for the GigaCloud Marketplace reached $1.42 billion over the past 12 months, a 56.1% increase from the previous year. This growth reflects the company's expanding market presence and the effectiveness of its strategic initiatives aimed at enhancing seller and buyer engagement.
The company also undertook a share repurchase program, buying back 1.4 million Class A ordinary shares for approximately $22.7 million during the quarter. As of March 31, 2025, GigaCloud had $251.7 million in cash and cash equivalents, indicating a solid liquidity position. Looking ahead, GigaCloud plans to continue expanding its marketplace offerings and geographic reach, while also considering future acquisitions to bolster its growth strategy. The company remains optimistic about its ability to navigate market challenges and capitalize on emerging opportunities in the e-commerce sector.
About GigaCloud Technology Inc
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