GigaCloud Technology Inc. reported significant financial growth in its latest quarterly filing for the period ending March 31, 2026. The company achieved total revenues of $359.5 million, a 32.2% increase from $271.9 million in the same period last year. This growth was driven by a substantial rise in both service and product revenues, with service revenues from GigaCloud 3P increasing by 23.8% to $116.5 million and product revenues from GigaCloud 1P rising by 10.6% to $90 million. The off-platform product revenues saw a notable increase of 58.6%, reaching $152.9 million, attributed to expanded sales channels and the integration of New Classic, a recent acquisition.
The company's net income also reflected this upward trend, rising to $38.1 million from $27.1 million year-over-year, resulting in a net income per share of $1.04, compared to $0.68 in the prior year. GigaCloud's gross profit increased by 34.7% to $85.8 million, with a gross margin of 23.9%, slightly up from 23.4% in the previous year. However, the company reported net cash used in operating activities of $21.7 million, a shift from the $9.4 million generated in the same quarter last year, primarily due to increased inventory purchases and changes in working capital.
In terms of operational metrics, GigaCloud reported a 17.5% increase in GigaCloud Marketplace GMV, totaling $1.664 billion for the 12 months ending March 31, 2026. The number of active 3P sellers rose by 19.3% to 1,377, while active buyers increased by 25.2% to 12,473. The company also noted a decrease in spend per active buyer, which fell to $133,457 from $142,156, indicating that new buyers typically take longer to increase their spending.
Strategically, GigaCloud completed the acquisition of New Classic Home Furnishings in January 2026 for $18.7 million, enhancing its presence in the home furnishings market. The acquisition is expected to contribute positively to the company's growth trajectory. GigaCloud continues to focus on expanding its geographic reach and enhancing its service offerings, leveraging its logistics and fulfillment capabilities to attract more sellers and buyers.
Looking ahead, GigaCloud remains optimistic about its growth prospects, although it acknowledges potential challenges from macroeconomic factors such as inflation and fluctuating consumer demand. The company plans to continue investing in its infrastructure and technology to support anticipated growth, while also managing its cash flow and operational efficiency to navigate the evolving market landscape.
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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