$GCT

GigaCloud Technology Inc

CIK:0001857816|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Revenues	$ 411,643	$ 322,606	$ 771,131	$ 594,512
Cost of revenues
Cost of revenues	306,087	245,662	579,729	453,842
Gross profit	105,556	76,944	191,402	140,670
Operating expenses
Selling and marketing expenses	36,182	24,778	67,424	43,336
General and administrative expenses	19,164	13,031	28,926	27,371
Research and development expenses	2,691	3,184	5,049	5,677
Losses on disposal of property and equipment	8	108	13	120
Total operating expenses	58,045	41,101	101,412	76,504
Operating income	47,511	35,843	89,990	64,166
Interest expense	(106)	(32)	(226)	(55)
Interest income	3,058	2,814	6,042	5,435
Foreign currency exchange gains (losses), net	(847)	647	(1,127)	1,439
Others, net	293	1,682	1,147	2,474
Income before income taxes	49,909	40,954	95,826	73,459
Income tax expense	(7,574)	(6,402)	(15,367)	(11,761)
Net income	42,335	34,552	80,459	61,698
Foreign currency translation adjustment, net of nil income taxes	317	879	265	1,290
Net unrealized gain (loss) on available-for-sale investments	5	(1)	(3)	(7)
Intra-entity foreign currency transactions gain (loss)	(240)	3,386	(1,849)	5,022
Release of foreign currency translation reserve related to liquidation of subsidiaries	(18)	0	(51)	(1)
Total other comprehensive income (loss)	64	4,264	(1,638)	6,304
Comprehensive Income	$ 42,399	$ 38,816	$ 78,821	$ 68,002
Net income per ordinary share
Basic (in USD per share)	$ 1.16	$ 0.91	$ 2.20	$ 1.58
Diluted (in USD per share)	$ 1.16	$ 0.91	$ 2.19	$ 1.58
Weighted average number of ordinary shares outstanding used in computing net income per ordinary share
Basic (in shares)	36,531,397	38,073,239	36,607,246	39,041,373
Diluted (in shares)	36,546,441	38,106,956	36,658,585	39,117,361
Service revenues
Revenues
Revenues	$ 120,826	$ 96,924	$ 237,366	$ 190,992
Cost of revenues
Cost of revenues	106,715	85,856	213,345	165,012
Product revenues
Revenues
Revenues	290,817	225,682	533,765	403,520
Cost of revenues
Cost of revenues	$ 199,372	$ 159,806	$ 366,384	$ 288,830

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 80,459	$ 61,698
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,431	4,189
Share-based compensation	11,590	4,253
Operating lease	11,703	3,026
Changes in accounts receivables	(19,247)	(9,679)
Changes in inventories	(22,743)	(8,934)
Changes in prepayments and other assets	(22,058)	30
Changes in accounts payable, accrued expenses and other current liabilities	(10,277)	(53)
Changes in contract liabilities	(843)	1,296
Changes in income tax payable	(9,517)	(6,906)
Changes in deferred income taxes	(1,154)	(1,195)
Other operating activities	4,360	317
Net cash provided by operating activities	26,704	48,042
Cash flows from investing activities:
Purchases of property and equipment	(7,784)	(3,972)
Disposals of property and equipment	104	109
Acquisitions, net of cash acquired	(14,284)	0
Purchases of investments	(42,825)	(67,301)
Sales and maturities of investments	35,793	46,986
Net cash used in investing activities	(28,996)	(24,178)
Cash flows from financing activities:
Repayment of finance lease obligations	(300)	(178)
Repurchases of ordinary shares	(42,298)	(46,029)
Net cash used in financing activities	(42,598)	(46,207)
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash	(414)	2,709
Net decrease in cash, cash equivalents and restricted cash	(45,304)	(19,634)
Cash, cash equivalents and restricted cash at the beginning of the period	380,540	260,444
Cash, cash equivalents and restricted cash at the end of the period	335,236	240,810
Supplemental disclosure of cash flow information
Cash paid for interest expense	226	55
Cash paid for income taxes	25,894	19,839
Non-cash investing and financing activities:
Purchase of property and equipment under finance leases	695	695
Contingent consideration payable	$ 3,325	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 334,497	$ 379,780
Restricted cash	739	760
Investments	43,334	36,316
Accounts receivable, net	91,707	65,973
Inventories	218,004	188,298
Prepayments and other current assets	41,957	19,535
Total current assets	730,238	690,662
Non-current assets
Operating lease right-of-use assets	456,704	431,455
Property and equipment, net	37,852	32,281
Intangible assets, net	4,624	4,978
Goodwill	12,900	12,586
Deferred tax assets	15,546	12,981
Other non-current assets	15,849	17,516
Total non-current assets	543,475	511,797
Total assets	1,273,713	1,202,459
Current liabilities
Accounts payable	86,128	105,407
Contract liabilities	5,437	6,459
Current operating lease liabilities	121,374	100,326
Income tax payable	7,666	17,509
Accrued expenses and other current liabilities	125,333	112,547
Contingent consideration	3,368	0
Total current liabilities	349,306	342,248
Non-current liabilities
Operating lease liabilities, non-current	384,108	368,321
Deferred tax liabilities	734	797
Finance lease obligations, non-current	774	690
Non-current income tax payable	4,768	4,604
Total non-current liabilities	390,384	374,412
Total liabilities	739,690	716,660
Commitments and contingencies	0	0
Shareholders’ equity
Treasury shares, at cost (nil and 237,269 shares held as of June 30, 2026 and December 31, 2025, respectively)	0	(7,126)
Additional paid-in capital	91,454	88,674
Accumulated other comprehensive income (loss)	(111)	1,527
Retained earnings	440,870	400,866
Total shareholders’ equity	534,023	485,799
Total liabilities and shareholders’ equity	1,273,713	1,202,459
Class A ordinary shares
Shareholders’ equity
Common stock issued	1,467	1,495
Class B ordinary shares
Shareholders’ equity
Common stock issued	$ 343	$ 363