GigaCloud Technology, Inc. Class A ( (GCT) ) has released its Q3 earnings. Here is a breakdown of the information GigaCloud Technology, Inc. Class A presented to its investors.
GigaCloud Technology Inc, a leader in global B2B technology solutions for large parcel merchandise, operates the GigaCloud Marketplace which integrates discovery, payments, and logistics tools. The company has reported record-high net income for the third quarter and the first nine months ending September 30, 2024.
In its latest earnings report, GigaCloud Technology Inc announced a 70.2% increase in total revenues for the third quarter of 2024, reaching $303.3 million compared to the same period last year. The company’s net income rose by 68.2% to $40.7 million, marking a significant financial achievement.
Key financial highlights include an adjusted EBITDA increase of 63.8% to $48.8 million and a significant rise in gross merchandise value (GMV) of the GigaCloud Marketplace by 80.2% to $1,233.6 million. The company also reported an increase in cash and investments to $260.5 million, and a substantial growth in active buyers and sellers on its platform.
Looking ahead, GigaCloud Technology Inc remains optimistic about its growth prospects despite industry challenges. The company’s management is focused on leveraging its Supplier Fulfilled Retail model to digitize global supply chains, aiming for sustained, profitable long-term growth.
