GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the
“Company”), a pioneer of global end-to-end B2B ecommerce solutions
for large parcel merchandise, today announced its unaudited
financial results for the quarter ended March 31, 2023.
First Quarter 2023 Financial
Highlights
- Total
revenues were $127.8 million in the first quarter of 2023,
an increase of 13.7% from $112.4 million in the first quarter of
2022.
- Gross
profit was $29.6 million in the first quarter of 2023, an
increase of 75.3% from $16.9 million in the first quarter of 2022.
Gross margin increased to 23.1% in the first quarter of 2023,
compared to 15.0% in the first quarter of 2022.
- Net
income was $15.9 million in the first quarter of 2023, an
increase of 236.4% from $4.7 million in the first quarter of
2022.
-
Cash was $162.7 million and restricted
cash was $1.5 million as of March 31, 2023, compared to
$143.5 million and $1.5 million as of December 31, 2022,
respectively.
-
Adjusted EBITDA1 was $19.8
million in the first quarter of 2023, an increase of 186.5% from
$6.9 million in the first quarter of 2022.
Operational Highlights
-
GigaCloud Marketplace GMV2 was
$553.5 million in the 12 months ended March 31, 2023, an increase
of 26.3% from $438.1 million in the 12 months ended March 31,
2022.
- Active
3P sellers3 were 602 in the 12 months
ended March 31, 2023, an increase of 46.8% from 410 in the 12
months ended March 31, 2022.
- Active
buyers4 were 4,255 in the 12 months ended
March 31, 2023, an increase of 12.5% from 3,782 in the 12 months
ended March 31, 2022.
- Spend
per active buyer5 was $130,083 in the 12
months ended March 31, 2023, an increase of 12.3% from $115,845 in
the 12 months ended March 31, 2022.
- 3P
seller GigaCloud Marketplace GMV6 was
$285.2 million in the 12 months ended March 31, 2023, an increase
of 62.2% from $175.8 million in the 12 months ended March 31, 2022.
3P seller GigaCloud Marketplace GMV represented 51.5% of total
GigaCloud Marketplace GMV in the 12 months ended March 31,
2023.
Mr. Larry Lei Wu, Founder, Chairman of the Board
of Director and Chief Executive Officer of GigaCloud, commented,
“We are extremely proud of our results in the first quarter of
2023. We experienced a gradual normalization of the global supply
chain disruption and an improvement in the overall market
performance, while there are still uncertainties over the backdrop
of weaker consumer demand. Despite these challenges, our
exceptional results in the first quarter demonstrated our ability
in providing efficient supply chain solutions to our customers, and
we will continue to capture these market opportunities and deliver
values to our users and shareholders.”
Mr. David Lau, Chief Financial Officer of
GigaCloud, added, “During the first quarter of 2023, we delivered
record breaking financial and operation results through our
relentless focus on execution and as we benefited from the
industry-wide normalization of ocean shipping freight cost. The
continued increase in our GigaCloud Marketplace GMV as well as our
expanded user base are strong testament to the value we offer to
streamline cross border transactions of large parcel merchandise.
As we look ahead, I am very excited for the opportunities as we
continue to drive profitable growth.”
First Quarter 2023 Financial
Results
Revenues
Total revenues were $127.8 million in the first
quarter of 2023, increased by 13.7% from $112.4 million in the
first quarter of 2022. The increase was primarily due to an
increase in market demand for large parcel merchandise, leading to
increases in our GigaCloud Marketplace GMV and number of sellers
and buyers.
- Service revenue
from GigaCloud 3P was $35.1 million in the first quarter of 2023,
increased by 12.4% from $31.2 million in the first quarter of 2022.
The increase was primarily due to an increase in revenue from last
mile delivery services by 77.6% from $10.5 million in the first
quarter of 2022 to $18.6 million in the first quarter of 2023, and
an increase in revenue from warehouse services by 94.1% from $2.9
million in the first quarter of 2022 to $5.7 million in the first
quarter of 2023. The increases were partially offset by a decrease
in revenue from ocean transportation services by 78.2% from $12.9
million in the first quarter of 2022 to $2.8 million in the first
quarter of 2023 primarily due to the decrease in ocean freight
costs which drove down our prices.
- Product revenue
from GigaCloud 1P was $61.4 million in the first quarter of 2023,
increased by 13.2% from $54.3 million in the first quarter of 2022.
The increase was primarily due to an increase in spend per active
buyer.
- Product revenue
from off-platform ecommerce was $31.3 million in the first quarter
of 2023, increased by 16.0% from $27.0 million in the first quarter
of 2022. The increase was primarily due to an increase in sales on
certain third-party off-platform ecommerce.
Cost of Revenues
Cost of revenues was $98.2 million in the first
quarter of 2023, increased by 2.8% from $95.6 million in the first
quarter of 2022.
- Cost of
services decreased by 1.5% from $29.2 million in the first quarter
of 2022 to $28.8 million in the first quarter of 2023, primarily
due to a decrease in delivery cost from $24.0 million in the first
quarter of 2022 to $20.7 million in the first quarter of 2023 as
ocean freight costs decreased, partially offset by an increase in
staff cost from $1.1 million in the first quarter of 2022 to $3.1
million in the first quarter of 2023.
- Cost of product
sales increased by 4.6% from $66.4 million in the first quarter of
2022 to $69.5 million in the first quarter of 2023, primarily due
to an increase in product costs from $49.5 million in the first
quarter of 2022 to $52.9 million in the first quarter of 2023.
Gross Profit and Gross
Margin
Gross profit was $29.6 million in the first
quarter of 2023, increased by 75.3% from $16.9 million in the first
quarter of 2022. Gross margin increased to 23.1% in the first
quarter of 2023, compared to 15.0% in the first quarter of
2022.
Operating Expenses
Total operating expenses were $11.7 million in
the first quarter of 2023, increased by 24.8% from $9.4 million in
the first quarter of 2022.
- Selling and
marketing expenses were $6.9 million in the first quarter of 2023,
increased by 24.0% from $5.6 million in the first quarter of 2022.
The increase was primarily due to an increase in staff cost related
to selling and marketing personnel from $2.7 million in the first
quarter of 2022 to $3.6 million in the first quarter of 2023, and
an increase in platform service fee we paid to certain third-party
ecommerce websites from $2.4 million in the first quarter of 2022
to $2.7 million in the first quarter of 2023.
- General and
administrative expenses were $4.2 million in the first quarter of
2023, increased by 8.4% from $3.8 million in the first quarter of
2022. The increase was primarily due to an increase in rental
expenses from $0.2 million in the first quarter of 2022 to $0.6
million in the first quarter of 2023, and an increase in staff cost
related to general and administrative personnel from $1.6 million
in the first quarter of 2022 to $1.8 million in the first quarter
of 2023.
- Research and
development expenses were $0.7 million in the first quarter of
2023, while the Company did not have research and development
expenses in the first quarter of 2022. The increase was primarily
due to system wide technological upgrades on GigaCloud Marketplace
to support the Company’s growth.
Operating Income
Operating income was $17.9 million in the first
quarter of 2023, increased by 138.7% from $7.5 million in the first
quarter of 2022.
Income Tax Expenses
Income tax expenses were $3.8 million in the
first quarter of 2023, increased by 133.7% from $1.6 million in the
first quarter of 2022.
Net Income
Net income was $15.9 million in the first
quarter of 2023, an increase of 236.4% from $4.7 million in the
first quarter of 2022.
Basic and Diluted Earnings per
Share
Basic and diluted earnings per share were $0.39
in the first quarter of 2023, compared to $0.13 in the first
quarter of 2022.
Adjusted EBITDA
Adjusted EBITDA7 was $19.8 million in the first
quarter of 2023, increased by 186.5% from $6.9 million in the first
quarter of 2022.
____________________________
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 Measure” and the
table captioned “Unaudited Reconciliation of Adjusted EBITDA” set
forth at the end of this press release.
2 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.
3 Active 3P sellers means sellers who have sold
a product in GigaCloud Marketplace within the last 12-month period,
irrespective of cancellations or returns.
4 Active buyers means buyers who have purchased
a product in the GigaCloud Marketplace within the last 12-month
period, irrespective of cancellations or returns.
5 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.
6 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.
7 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 Measure” and the
table captioned “Unaudited Reconciliation of Adjusted EBITDA” set
forth at the end of this press release.
Balance Sheet
As of March 31, 2023, the Company had cash of
$162.7 million and restricted cash of $1.5 million, compared to
$143.5 million and $1.5 million as of December 31, 2022,
respectively.
Cash Flow
Net cash provided by operating activities was
$20.3 million in the first quarter of 2023, compared to net cash
used in operating activities of $14.5 million in in the first
quarter of 2022, primarily attributable to net income of $15.9
million in the first quarter of 2023, adjusted primarily by lease
expense to reduce right-of-use assets and further adjusted by
changes in operating lease liabilities, accrued expenses and other
current liabilities, income tax payables, accounts receivable,
inventories and prepayments and other current assets and accounts
payable.
Net cash used in investing activities was $0.1
million in the first quarter of 2023 compared to $0.1 million in
the first quarter of 2022, primarily consisted of cash paid for
purchase of property and equipment.
Net cash used in financing activities was $1.0
million in the first quarter of 2023, primarily attributable to
repayment of finance lease obligations and repayment of bank loans.
Net cash provided by financing activities was $0.3 million in the
first quarter of 2022, primarily attributable to proceeds from
prepaid consideration of restricted shares in the first quarter of
2022, partially offset by repayment of finance lease obligations
and repayment of bank loans.
Business Outlook
The Company expects its total revenues to be
between $140 million and $145 million in the second quarter of
2023. 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.
Conference Call
The Company will host an earnings conference
call to discuss its financial results at 8:30 am U.S. Eastern Time
(8:30 pm Beijing/Hong Kong Time) on May 24, 2023.
For participants who wish to join the call,
please access the link provided below to complete the online
registration process.
Registration Link:
https://register.vevent.com/register/BIdb6c0e490dc34795bedfa54b4ce8bc2f
Upon registration, participants will receive the
dial-in number and 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 simply
re-register and 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 ecommerce solutions for large parcel merchandise.
The Company’s B2B ecommerce platform, which it refers to as 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. The Company offers a truly 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
such as 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 Adjusted EBITDA, which is net
income excluding interest, income taxes and depreciation and
amortization, further adjusted to exclude share-based compensation
expense, a non-GAAP financial measure, to understand and evaluate
its core operating 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 table captioned “Unaudited Reconciliation
of Adjusted EBITDA” 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 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 RelationsEmail:
investor.relations@gigacloudtech.com
Ascent Investor Relations
LLC
Tina XiaoTel: +1-917-609-0333Email:
tina.xiao@ascent-ir.com
|
GigaCloud Technology Inc UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS (In
thousands) |
|
|
|
|
|
| |
December 31, |
|
March 31, |
| |
2022 |
|
2023 |
| |
US$ |
|
US$ |
| ASSETS |
|
|
|
| Current
assets |
|
|
|
| Cash |
143,531 |
|
162,663 |
| Restricted cash |
1,545 |
|
1,547 |
| Accounts receivable, net |
27,142 |
|
29,810 |
| Inventories |
78,338 |
|
80,440 |
| Prepayments and other current
assets |
7,566 |
|
9,976 |
| Total current
assets |
258,122 |
|
284,436 |
| Non-current
assets |
|
|
|
| Operating lease right-of-use
assets |
144,168 |
|
136,681 |
| Property and equipment,
net |
13,053 |
|
12,818 |
| Deferred tax assets |
75 |
|
75 |
| Other non-current assets |
3,182 |
|
3,188 |
| Total non-current
assets |
160,478 |
|
152,762 |
| Total
assets |
418,600 |
|
437,198 |
|
GigaCloud Technology Inc UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(continued)(In thousands) |
|
|
|
|
|
|
|
December 31, |
|
March 31, |
| |
2022 |
|
2023 |
| |
US$ |
|
US$ |
| LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
| Current
liabilities |
|
|
|
| Current portion of long-term
borrowings |
207 |
|
131 |
| Accounts payable (including
accounts payable of VIEs without recourse to the Company of
US$4,185 and US$4,319 as of December 31, 2022 and March 31, 2023,
respectively) |
31,573 |
|
33,349 |
| Contract liabilities
(including contract liabilities of VIEs without recourse to the
Company of US$385 and US$218 as of December 31, 2022 and March 31,
2023, respectively) |
2,001 |
|
2,126 |
| Current operating lease
liabilities (including current operating lease liabilities of VIEs
without recourse to the Company of US$1,864 and US$1,258 as of
December 31, 2022 and March 31, 2023, respectively) |
27,653 |
|
27,681 |
| Income tax payable (including
income tax payable of VIEs without recourse to the Company of
US$280 and US$271 as of December 31, 2022 and March 31, 2023,
respectively) |
4,142 |
|
7,828 |
| Accrued expenses and other
current liabilities (including accrued expenses and other current
liabilities of VIEs without recourse to the Company of US$442 and
US$926 as of December 31, 2022 and March 31, 2023,
respectively) |
37,062 |
|
41,750 |
| Total current
liabilities |
102,638 |
|
112,865 |
| Non-current
liabilities |
|
|
|
| Operating lease liabilities,
non-current (including operating lease liabilities, non-current of
VIEs without recourse to the Company of US$3,322 and US$1,488 as of
December 31, 2022 and March 31, 2023, respectively) |
116,564 |
|
109,499 |
| Deferred tax liabilities |
472 |
|
327 |
| Finance lease obligations,
non-current |
867 |
|
389 |
| Non-current income tax
payable |
2,894 |
|
2,954 |
| Total non-current
liabilities |
120,797 |
|
113,169 |
| Total
liabilities |
223,435 |
|
226,034 |
| Commitments and
contingencies |
— |
|
— |
|
GigaCloud Technology IncUNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(continued)(In thousands except for share data and
per share data) |
| |
|
|
|
|
December 31, |
|
March 31, |
| |
2022 |
|
2023 |
| |
US$ |
US$ |
| Shareholders’
equity |
|
|
|
Treasury shares, at cost (4,624,039 and 58,572 shares held as of
December 31, 2022 and March 31, 2023, respectively) |
(231 |
) |
|
(2 |
) |
| Subscription receivable from
ordinary shares |
(81 |
) |
|
(312 |
) |
| Class A ordinary shares
(US$0.05 par value, 50,673,268 shares authorized, 31,357,814 and
31,416,426 shares issued and outstanding as of December 31, 2022
and March 31, 2023, respectively) |
1,568 |
|
|
1,571 |
|
| Class B ordinary shares
(US$0.05 par value, 9,326,732 shares authorized, issued and
outstanding as of both December 31, 2022 and March 31, 2023) |
466 |
|
|
466 |
|
| Additional paid-in
capital |
109,049 |
|
|
109,300 |
|
| Accumulated other
comprehensive income |
804 |
|
|
610 |
|
| Retained earnings |
83,590 |
|
|
99,531 |
|
| Total shareholders’
equity |
195,165 |
|
|
211,164 |
|
| Total liabilities and
shareholders’ equity |
418,600 |
|
|
437,198 |
|
|
GigaCloud Technology Inc UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands except for share data and per share
data) |
| |
|
|
|
|
Three Months Ended March 31, |
|
|
2022 |
|
2023 |
| |
US$ |
US$ |
| Revenues |
|
|
| Service revenues |
31,218 |
|
|
35,096 |
|
| Product revenues |
81,224 |
|
|
92,701 |
|
| Total
revenues |
112,442 |
|
|
127,797 |
|
| Cost of
revenues |
|
|
| Services |
(29,201 |
) |
|
(28,767 |
) |
| Product sales |
(66,371 |
) |
|
(69,456 |
) |
| Total cost of
revenues |
(95,572 |
) |
|
(98,223 |
) |
|
Gross profit |
16,870 |
|
|
29,574 |
|
| Operating
expenses |
|
|
| Selling and marketing
expenses |
(5,562 |
) |
|
(6,896 |
) |
| General and administrative
expenses |
(3,827 |
) |
|
(4,150 |
) |
| Research and development
expenses |
— |
|
|
(672 |
) |
| Total operating
expenses |
(9,389 |
) |
|
(11,718 |
) |
|
Operating income |
7,481 |
|
|
17,856 |
|
| Interest expense |
(164 |
) |
|
(113 |
) |
| Interest income |
92 |
|
|
590 |
|
| Foreign currency exchange
gains (losses), net |
(1,230 |
) |
|
1,385 |
|
| Others, net |
167 |
|
|
(21 |
) |
| Income before income
taxes |
6,346 |
|
|
19,697 |
|
| Income tax expense |
(1,607 |
) |
|
(3,756 |
) |
|
Net income |
4,739 |
|
|
15,941 |
|
| Accretion of Redeemable
Convertible Preferred Shares |
(370 |
) |
|
— |
|
| Net income
attributable to ordinary shareholders |
4,369 |
|
|
15,941 |
|
| Other comprehensive
loss |
|
|
| Foreign currency translation
adjustment, net of nil income taxes |
(69 |
) |
|
(194 |
) |
| Total other comprehensive
loss |
(69 |
) |
|
(194 |
) |
| Comprehensive
Income |
4,670 |
|
|
15,747 |
|
| Net income per ordinary
share |
|
|
|
—Basic and diluted |
0.13 |
|
|
0.39 |
|
| Weighted average number
of ordinary shares outstanding used in computing net income per
ordinary share |
|
|
|
—Basic and diluted |
12,999,986 |
|
|
40,716,501 |
|
|
GigaCloud Technology Inc UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) |
| |
|
|
|
|
Three Months Ended March 31, |
|
|
2022 |
|
2023 |
|
|
US$ |
US$ |
| Operating
activities: |
|
|
|
Net Income |
4,739 |
|
|
15,941 |
|
| Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
Allowance for doubtful accounts |
47 |
|
|
55 |
|
|
Inventory write-down |
910 |
|
|
242 |
|
|
Deferred tax |
(249 |
) |
|
(145 |
) |
|
Share-based compensation |
199 |
|
|
247 |
|
|
Depreciation and amortization |
311 |
|
|
380 |
|
|
Lease expense to reduce right-of-use assets |
7,420 |
|
|
7,067 |
|
|
Unrealized foreign currency exchange gains |
— |
|
|
(419 |
) |
| Changes in operating assets
and liabilities: |
|
|
|
Accounts receivable |
(3,123 |
) |
|
(2,705 |
) |
|
Inventories |
(30,213 |
) |
|
(2,344 |
) |
|
Prepayments and other current assets |
809 |
|
|
(2,266 |
) |
|
Accounts payable |
8,077 |
|
|
1,738 |
|
|
Contract liabilities |
(18 |
) |
|
125 |
|
|
Income tax payable |
653 |
|
|
3,697 |
|
|
Accrued expenses and other current liabilities |
2,741 |
|
|
5,350 |
|
|
Operating lease liabilities |
(6,815 |
) |
|
(6,617 |
) |
| Net cash provided by
(used in) operating activities |
(14,512 |
) |
|
20,346 |
|
| Investing
activities: |
|
|
|
Cash paid for purchase of property and equipment |
(80 |
) |
|
(137 |
) |
| Net cash used in
investing activities |
(80 |
) |
|
(137 |
) |
|
|
|
|
|
GigaCloud Technology IncUNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(continued)(In thousands) |
| |
|
|
| |
Three Months Ended March 31, |
| |
2022 |
|
2023 |
| |
US$ |
US$ |
| Financing
activities: |
|
|
|
Repayment of finance lease obligations |
(1,232 |
) |
|
(840 |
) |
|
Repayment of bank loans |
(85 |
) |
|
(76 |
) |
|
Proceeds from prepaid consideration of restricted shares |
1,578 |
|
|
— |
|
| Net cash provided by
(used in) financing activities |
261 |
|
|
(916 |
) |
| Effect of foreign currency
exchange rate changes on cash and restricted cash |
(5 |
) |
|
(159 |
) |
| Net
(decrease)/increase in cash and restricted cash |
(14,336 |
) |
|
19,134 |
|
| Cash and restricted cash at
the beginning of the period |
63,862 |
|
|
145,076 |
|
| Cash and restricted
cash at the end of the period |
49,526 |
|
|
164,210 |
|
| Supplemental
information |
|
|
| Interest expense paid |
164 |
|
|
113 |
|
| Income taxes paid |
1,203 |
|
|
204 |
|
| Non-cash investing and
financing activities: |
|
|
| Purchase of property and
equipment under finance leases |
2,719 |
|
|
— |
|
|
GigaCloud Technology IncUNAUDITED
RECONCILIATION OF ADJUSTED EBITDA(In
thousands) |
| |
|
| |
Three Months EndedMarch 31, |
| |
2022 |
|
2023 |
| |
US$ |
US$ |
|
Net Income |
4,739 |
|
|
15,941 |
|
| Add: Income tax expense |
1,607 |
|
|
3,756 |
|
| Add: Interest expense |
164 |
|
|
113 |
|
| Less: Interest income |
(92 |
) |
|
(590 |
) |
| Add: Depreciation and
amortization |
311 |
|
|
380 |
|
| Add: Share-based compensation
expenses |
199 |
|
|
247 |
|
| Adjusted
EBITDA |
6,928 |
|
|
19,847 |
|
GigaCloud Technology (NASDAQ:GCT)
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GigaCloud Technology (NASDAQ:GCT)
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From May 2023 to May 2024
