GigaCloud Technology Inc. reported its financial results for the third quarter of 2025, revealing a total revenue of $332.6 million, a 9.7% increase from $303.3 million in the same period last year. The company's product revenues rose to $224.3 million, up 16.2% year-over-year, while service revenues decreased slightly to $108.4 million, down 1.7%. For the nine months ending September 30, 2025, total revenues reached $927.2 million, reflecting a 7.2% increase compared to $865.3 million in the prior year. Net income for the quarter was $37.2 million, down from $40.7 million in Q3 2024, while net income for the nine-month period was $98.9 million, compared to $94.8 million in the previous year.
The company experienced notable changes in its operational metrics, with active buyers increasing by 33.8% to 11,419, and active third-party (3P) sellers rising by 17.2% to 1,232. The gross merchandise value (GMV) from the GigaCloud Marketplace also saw a significant increase, reaching $1.49 billion for the 12 months ending September 30, 2025, a 20.7% growth from the previous year. However, the spend per active buyer decreased by 9.8% to $130,349, attributed to macroeconomic challenges affecting consumer spending.
In terms of strategic developments, GigaCloud announced plans to acquire New Classic Home Furnishings, Inc. for $18 million, which is expected to enhance its domestic distribution capabilities and expand its B2B marketplace. The company also repurchased 428,735 Class A ordinary shares during the quarter at an average price of $26.42, with a remaining authorization of $99.7 million for future repurchases. GigaCloud's employee headcount has increased as part of its growth strategy, particularly in sales and marketing roles to support its expanding marketplace.
The filing indicated that GigaCloud's cash and cash equivalents stood at $334.9 million as of September 30, 2025, up from $259.8 million at the end of 2024. The company reported net cash provided by operating activities of $126.3 million for the nine months ended September 30, 2025, compared to $89.7 million in the same period last year. Looking ahead, GigaCloud remains optimistic about its growth trajectory, focusing on expanding its marketplace and enhancing its service offerings while navigating the challenges posed by the current economic environment.
About GigaCloud Technology Inc
GigaCloud Technology Inc. operates a global B2B ecommerce platform specializing in large parcel merchandise, connecting manufacturers primarily in Asia with resellers in the U.S., Europe, and Asia. Its integrated marketplace offers product discovery, payments, logistics, and fulfillment services, supported by extensive warehousing and shipping networks. The company generates revenue through platform commissions, product sales, and off-platform ecommerce, leveraging AI and proprietary data to optimize supply chain efficiency and expand international trade.
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