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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

February 26, 2025
Date of Report (date of earliest event reported)
___________________________________
GigaCloud Technology Inc
(Exact name of registrant as specified in its charter)
___________________________________

Cayman Islands
(State or other jurisdiction of
incorporation or organization)
001-41454
(Commission File Number)
00-0000000
(I.R.S. Employer Identification Number)
4388 Shirley Ave
El Monte, CA 91731
(Address of principal executive offices and zip code)
(626) 912-8886
(Registrant's telephone number, including area code)
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Class A ordinary shares, par value $0.05 per shareGCTThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02. Results of Operations and Financial Condition.
On March 3, 2025, GigaCloud Technology Inc (the “Company” or “GigaCloud”) issued a press release announcing its financial results for the quarter and year ended December 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 26, 2025, the Board of Directors of the Company approved the appointment of Ms. Xiaoyang Wei, Erica, 33, as the Company’s Chief Financial Officer, effective immediately. This appointment is a promotion from Ms. Wei’s current role as the Interim Chief Financial Officer since August 2024. Prior to joining the Company as the Vice President of Finance in August 2023, Ms. Wei spent nearly a decade in PwC’s Los Angeles office serving in positions of increasing responsibility, including Senior Manager within the firm’s auditing services practice, from 2013 to 2023. Ms. Wei holds a Bachelor of Science in accounting from the University of Southern California.
In connection with her appointment, Ms. Wei will receive a monthly base salary of $25,647.1 and other compensation of $100,000 per annum paid either in cash or in the Company’ Class A ordinary shares, par value $0.05 per share. Ms. Wei is entitled to participate in the Company’s shares incentive plan and Ms. Wei may receive performance-based discretionary bonus from time to time solely at the Company’s discretion.
The Company and Ms. Wei have entered into the Company’s standard indemnification agreement for executive officers. There is no family relationship between Ms. Wei and any of the Company’s existing directors and officers. There are no arrangements or understandings between Ms. Wei and any other persons pursuant to which Ms. Wei was appointed the Company’s Chief Financial Officer. There has been no transaction, nor is there any currently proposed transaction, between Ms. Wei and the Company that would require disclosure under Item 404(a) of Regulation S-K.
Item 9.01 - Financial Statements and Exhibits
(d) The following exhibits are being filed herewith:

Exhibit No.Description
99.1
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 3rd day of March 2025.



GigaCloud Technology Inc
By:
/s/ Larry Lei Wu
Name:
Larry Lei Wu
Title:
Chairman of the Board of Directors and
Chief Executive Officer


Exhibit 99.1
GigaCloud Technology Inc Announces Fourth Quarter and Year Ended December 31, 2024 Financial Results
—Record Total Revenues in 2024 Reach More Than $1 Billion—
EL MONTE, Calif., March 3, 2025 — 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.
Fourth Quarter 2024 Financial Highlights
•Total revenues of $295.8 million, increased 20.9% year-over-year.
•Gross profit of $65.0 million, decreased 6.9% year-over-year.
Gross margin was 22.0%, compared to 28.5% in the fourth quarter of 2023.
•Net income of $31.0 million, decreased 12.9% year-over-year.     
Net income margin was 10.5%, compared to 14.5% in the fourth quarter of 2023.
Diluted EPS decreased 12.6% year-over-year to $0.76.
•Adjusted EBITDA1 decreased 29.5% year-over-year to $30.9 million.
Adjusted EPS – diluted2 decreased 29.9% year-over-year to $0.75.
•Cash, Cash Equivalents, Restricted Cash, and Investments totaled $303.1 million as of December 31, 2024, a 64.5% increase year-over-year.
Full Year 2024 Financial Highlights
•Total revenues of $1,161.0 million, increased 65.0% year-over-year.
•Gross profit of $285.2 million, increased 51.2% year-over-year.
Gross margin was 24.6%, compared to 26.8% in 2023.
•Net income of $125.8 million, increased 33.7% year-over-year.
Net income margin was 10.8%, compared to 13.4% in 2023.
Diluted EPS increased 32.6% year-over-year to $3.05.    
•Adjusted EBITDA1 increased 32.6% year-over-year to $156.9 million.
Adjusted EPS – diluted2 increased 31.8% year-over-year to $3.81.
Operational Highlights
•GigaCloud Marketplace GMV3 increased 68.9% year-over-year to $1,341.4 million for the 12 months ended December 31, 2024.
1     Adjusted EBITDA is a non-GAAP financial measure. For more information on the non-GAAP financial measure, please see the section of “Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliation of Adjusted EBITDA” set forth at the end of this press release.
2     Adjusted EPS – diluted is a non-GAAP financial measure. For more information on the non-GAAP financial measure, please see the section of “Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliation of Adjusted EPS – diluted” set forth at the end of this press release.
3    GigaCloud Marketplace GMV means the total gross merchandise value of transactions ordered through our GigaCloud Marketplace including GigaCloud 3P and GigaCloud 1P, before any deductions of value added tax, goods and services tax, shipping charges paid by buyers to sellers and any refunds.
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•3P seller GigaCloud Marketplace GMV4 increased 62.8% year-over-year to $693.9 million for the 12 months ended December 31, 2024. 3P seller GigaCloud Marketplace GMV represented 51.7% of total GigaCloud Marketplace GMV for the 12 months ended December 31, 2024.
•Active 3P sellers5 increased 36.3% year-over-year to 1,111 for the 12 months ended December 31, 2024.
•Active buyers6 increased 85.7% year-over-year to 9,306 for the 12 months ended December 31, 2024.
•Spend per active buyer7 was $144,142 for the 12 months ended December 31, 2024.
“2024 was a landmark year for GigaCloud as we surpassed $1 billion in total revenues for the first time, a milestone that underscores the strength and resilience of our B2B Marketplace amid a challenging macroeconomic environment,” said Larry Wu, Founder, Chairman, and Chief Executive Officer. “This achievement reflects the growing recognition for our Supplier Fulfilled Retail (SFR) model and our continued success in expanding our platform, driving robust GMV performance. Our global diversification has been a key strength, with standout progress in Europe, which has experienced 155% GMV growth year over year, further validating the broad appeal for our solutions across diverse markets. Our expanding global footprint, deepening partnerships, and relentless focus on innovation continue to fuel our momentum and position us well for the long term. We remain confident in our ability to adapt and maintain our positive trajectory.
In addition, our Board has approved the appointment of Erica Wei as Chief Financial Officer after serving as Interim CFO since August 2024. She has played a key role in strengthening the Company’s financial strategy, leading compliance efforts, and enhancing financial reporting quality, which will be reflected in the upcoming 10-K. Her leadership will be essential as we continue to scale our business and drive long-term growth.”
“Our results reflect robust top-line performance and the strategic investments we are making to scale operations and position GigaCloud for long-term success,” said Erica Wei, Chief Financial Officer. “Despite a challenging macro environment, our ability to adapt and execute has kept us on a path of sustained, stable growth. At the same time, we are committed to enhancing shareholder value. Since our $46 million share repurchase authorization in September, we have executed approximately $29 million in share repurchases under a Rule 10b5-1 plan as of today. Our strong financial position of over $300 million in cash and cash equivalents, restricted cash, and short-term investments, while remaining debt-free, gives us the financial flexibility to continue investing in our platform, expanding globally, and driving sustained value for our shareholders.”
Business Outlook
The Company expects its total revenues to be between $250 million and $265 million in the first quarter of 2025. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.
Share Repurchase Program
In June 2023, we announced that our board of directors approved a share repurchase program to repurchase up to US$25.0 million of our Class A ordinary shares over the next 12 months, which expired in June 2024. On September 3, 2024, we announced that our board of directors approved a new share repurchase program under which we may purchase up to $46.0 million of our Class A ordinary shares, par value $0.05, over a 12-month period. Under the share repurchase program, we may purchase our ordinary shares through various means, including open market transactions, privately negotiated transactions, block trades, any combination thereof or other legally permissible means. We may effect repurchase transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The number of shares repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with our working capital requirements, general business conditions and other factors. Our board of directors will review the share repurchase
4     3P seller GigaCloud Marketplace GMV means the total gross merchandise value of transactions sold through our GigaCloud Marketplace by 3P sellers, before any deductions of value added tax, goods and services tax, shipping charges paid by buyers to sellers and any refunds.
5    Active 3P sellers means sellers who have sold a product in GigaCloud Marketplace within the last 12-month period, irrespective of cancellations or returns.
6    Active buyers means buyers who have purchased a product in the GigaCloud Marketplace within the last 12-month period, irrespective of cancellations or returns.
7    Spend per active buyer is calculated by dividing the total GigaCloud Marketplace GMV within the last 12-month period by the number of active buyers as of such date.
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program periodically, and may modify, suspend or terminate the share repurchase program at any time. We plan to fund repurchases from our existing cash balance.
During the fourth quarter of 2024, we have repurchased 1,033,292 of our Class A ordinary shares at a total consideration of approximately $23 million. Subsequent to the fourth quarter of 2024, the Company has repurchased an aggregate of 283,889 Class A ordinary shares in the open market at a total consideration of approximately $6 million pursuant to a repurchase plan under Rule 10b5-1 of the Exchange Act.
Conference Call
The Company will host a conference call to discuss its financial results at 5:30 pm U.S. Eastern Time on March 3, 2025 (6:30 am Hong Kong Time on March 4, 2025). Participants who wish to join the call should pre-register here at https://s1.c-conf.com/diamondpass/10042872-f6q7mb.html. Upon registration, participants will receive the dial-in number and a unique PIN, which can be used to join the conference call. If participants register and forget their PIN or lose their registration confirmation email, they may re-register to receive a new PIN. All participants are encouraged to dial in 15 minutes prior to the start time.
A live and archived webcast of the conference call will be accessible on the Company’s investor relations website at: https://investors.gigacloudtech.com/.
About GigaCloud Technology Inc
GigaCloud Technology Inc is a pioneer of global end-to-end B2B technology solutions for large parcel merchandise. The Company’s B2B ecommerce platform, the “GigaCloud Marketplace,” integrates everything from discovery, payments and logistics tools into one easy-to-use platform. The Company’s global marketplace seamlessly connects manufacturers, primarily in Asia, with resellers, primarily in the U.S., Asia and Europe, to execute cross-border transactions with confidence, speed and efficiency. GigaCloud offers a comprehensive solution that transports products from the manufacturer’s warehouse to the end customer’s doorstep, all at one fixed price. The Company first launched its marketplace in January 2019 by focusing on the global furniture market and has since expanded into additional categories, including home appliances and fitness equipment. For more information, please visit the Company’s website: https://investors.gigacloudtech.com/
Non-GAAP Financial Measures
The Company uses certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EPS – diluted, to understand and evaluate its core operating performance. Adjusted EBITDA is net income excluding interest, income taxes and depreciation, further adjusted to exclude share-based compensation expense and non-recurring items. Adjusted EPS – diluted is a financial measure defined as our Adjusted EBITDA divided by our diluted weighted-average shares outstanding, respectively. Management uses Adjusted EBITDA and Adjusted EPS – diluted as measures of operating performance, for planning purposes, to allocate resources to enhance the financial performance of our business, to evaluate the effectiveness of our business strategies and in communications with our Board of Directors and investors concerning our financial performance. Non-GAAP financial measures, which may differ from similarly titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP.
For more information on the non-GAAP financial measures, please see the tables captioned “Unaudited Reconciliation of Adjusted EBITDA” and “Unaudited Reconciliation of Adjusted EPS – diluted” set forth at the end of this press release.
Forward-Looking Statements
This press release contains “forward-looking statements”. Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated
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results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.
For investor and media inquiries, please contact:
GigaCloud Technology Inc
Investor Relations
Email: ir@gigacloudtech.com
PondelWilkinson, Inc.
Laurie Berman (Investors) – lberman@pondel.com
George Medici (Media) – gmedici@pondel.com

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GigaCloud Technology Inc
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands except for share data and per share data)
December 31,
20242023
ASSETS
Current assets
Cash and cash equivalents$259,759 $183,283 
Restricted cash685 885 
Investments42,674 — 
Accounts receivable, net57,313 58,876 
Inventories172,489 132,247 
Prepayments and other current assets14,672 17,516 
Total current assets547,592 392,807 
Non-current assets
Operating lease right-of-use assets451,930398,922 
Property and equipment, net29,49824,614 
Intangible assets, net6,1988,367 
Goodwill12,58612,586 
Deferred tax assets10,0261,440 
Other non-current assets12,6458,173 
Total non-current assets522,883 454,102 
Total assets$1,070,475 $846,909 
5
GigaCloud Technology Inc
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (continued)
(In thousands except for share data and per share data)
December 31,
20242023
LIABILITIES 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 liabilities264,379 205,774 
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 liabilities941 3,795 
Finance lease obligations, non-current382 111 
Non-current income tax payable4,321 3,302 
Total non-current liabilities400,879 350,719 
Total liabilities$665,258 $556,493 
Commitments and contingencies
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GigaCloud Technology Inc
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (continued)
(In thousands except for share data and per share data)
December 31,
20242023
Shareholders’ 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)
1,6431,584 
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)
403466 
Additional paid-in capital120,262 111,736 
Accumulated other comprehensive income (loss)(4,136)526 
Retained earnings298,861 177,698 
Total shareholders’ equity405,217 290,416 
Total liabilities and shareholders’ equity$1,070,475 $846,909 


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GigaCloud Technology Inc
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands except for share data and per share data)
Three Months Ended
December 31,
Year Ended
December 31,
2024202320242023
Revenues
Service revenues$97,107 $69,336 $350,273 $199,184 
Product revenues198,675 175,401 810,769 504,647 
Total revenues295,782 244,737 1,161,042 703,831 
Cost of revenues
Services78,188 57,291 284,951 161,215 
Product sales152,604 117,609 590,855 353,983 
Total cost of revenues230,792 174,900 875,806 515,198 
Gross profit64,990 69,837 285,236 188,633 
Operating expenses
Selling and marketing expenses18,041 14,004 70,686 41,386 
General and administrative expenses16,979 13,130 73,944 30,008 
Research and development expenses2,356 2,344 9,791 3,925 
Gains (losses) on disposal of property and equipment
(20)3,236 193 3,236 
Total operating expenses37,356 32,714 154,614 78,555 
Operating income27,634 37,123 130,622 110,078 
Interest expense(29)(108)(256)(1,240)
Interest income2,849 1,293 9,405 3,304 
Foreign currency exchange gains (losses), net(754)4,239 (1,233)2,086 
Government grants8 438 37 911 
Others, net678 (137)2,039 (144)
Income before income taxes30,386 42,848 140,614 114,995 
Income tax expense573 (7,273)(14,806)(20,887)
Net income$30,959 $35,575 $125,808 $94,108 
Net income attributable to ordinary shareholders30,959 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
—Basic40,869,10640,770,88241,079,67240,788,448
—Diluted40,944,31140,901,77241,201,02640,922,590
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GigaCloud Technology Inc
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended
December 31,
20242023
Cash flows from operating activities:
Net income$125,808 $94,108 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization8,524 2,873 
Share-based compensation16,825 2,503 
Operating lease29,282 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 liabilities38,188 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 activities1,702 3,198 
Net cash provided by operating activities158,078 133,452 
Cash flows from investing activities: 
Cash paid for purchase of property and equipment(15,536)(4,380)
Cash received from disposal of property and equipment2,103 462 
Acquisitions, net of cash acquired— (86,629)
Purchases of investments(73,831)— 
Sale and maturities of investments31,845 — 
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 cash76,276 39,092 
Cash and restricted cash at the beginning of the year184,168 145,076 
Cash and restricted cash at the end of the year$260,444 $184,168 
Supplemental disclosure of cash flow information 
Cash paid for interest expense256 1,240 
Cash paid for income taxes26,301 9,512 
Non-cash investing and financing activities:
Purchase of property and equipment under finance leases767 — 
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)
9
GigaCloud Technology Inc
UNAUDITED RECONCILIATION OF ADJUSTED EBITDA
(In thousands, except for per share data)
Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
(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 expense29 108 256 1,240 
Less: Interest income(2,849)(1,293)(9,405)(3,304)
Add: Depreciation and amortization2,271 1,723 8,524 2,873 
Add: Share-based compensation expense1,245 429 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. The fire destroyed our inventories located within the fulfillment center. We recognized losses of $2.0 million as a result of the fire in 2024. Based on the provisions of our insurance policies, the gross losses were reduced by the insurance proceeds received $1.9 million from our insurance carrier for the claim. We do not believe such losses to be recurring or frequent in nature.
UNAUDITED RECONCILIATION OF ADJUSTED EPS – DILUTED
Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
Net 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 amortization0.05 0.04 0.21 0.07 
Add: Share-based compensation expenses0.02 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 - diluted40,944,311 40,901,772 41,201,026 40,922,590 
_____________________
(1)    One of our fulfillment centers in Japan experienced a fire in March 2024. The fire destroyed our inventories located within the fulfillment center. We recognized losses of $2.0 million as a result of the fire in 2024. Based on the provisions of our insurance policies, the gross losses were reduced by the insurance proceeds received $1.9 million from our insurance carrier for the claim. We do not believe such losses to be recurring or frequent in nature.
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v3.25.0.1
Cover
Feb. 26, 2025
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Feb. 26, 2025
Entity Registrant Name GigaCloud Technology Inc
Entity Incorporation, State or Country Code E9
Entity File Number 001-41454
Entity Tax Identification Number 00-0000000
Entity Address, Address Line One 4388 Shirley Ave
Entity Address, City or Town El Monte
Entity Address, State or Province CA
Entity Address, Postal Zip Code 91731
City Area Code 626
Local Phone Number 912-8886
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A ordinary shares, par value $0.05 per share
Trading Symbol GCT
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001857816
NASDAQ - ALL MARKETS  
Document Information [Line Items]  
Security Exchange Name NASDAQ
GigaCloud Technology (NASDAQ:GCT)
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