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目次

UNITED STATES
証券取引委員会
ワシントンD.C.20549
_____________________
フォーム 10-Q
_____________________
x証券取引法第13条または15(d)条に基づく四半期報告書
報告期間が終了した2023年6月30日をもって2024年9月30日
OR
o証券取引法第13条または15(d)条に基づく移行報告書
過渡期間の開始日から終了日までの期間
コミッションファイル番号：001-08504001-41454
_____________________
ギガクラウドテクノロジー株式会社
（会社名）
_____________________
ケイマン諸島
00-0000000
その他（国税庁雇用者識別番号）
4388 Shirley Avenue, エルモンテ, カリフォルニア, 91731, アメリカ
（本店所在地の住所、郵便番号を含む）

1-626-912-8886
（登録者の電話番号、市外局番を含む）
法第12条（b）に基づく登録証券
証券の種類
取引
シンボル
取引所名
登録のある取引所
普通株式Aクラス、株式1株あたりの額面 $0.05GCTナスダック証券取引所LLC
登録申告書が全セクターの要件に準拠しているか（1）および連邦証券取引所法第13条または第15（d）条に基づき前の12ヶ月間（または登録申告書を提出する必要があった期間について短くなる場合がある）に提出する必要があるすべての報告書を提出しているかをチェックマークで示してください。 また、（2）過去90日間にわたりそうした申告の要件を満たした経験がある はい   xいいえo
レジストラントが、過去12か月間（またはレジストラントがこのようなファイルを提出する必要があった期間で短い期間）に、規則S-Tのルール405に従って提出する必要があるすべてのインタラクティブデータファイルを電子的に提出したかどうか、チェックマークで示してください（この章の§232.405に従い）。はい   xNoo
大企業加速フィラー、加速フィラー、非加速フィラー、より小さな報告会社、または新興成長企業であることを示すチェックマークを付けてください。取引所法第1202条の「大企業加速フィラー」「加速フィラー」「より小さな報告会社」「新興成長企業」の定義を参照してください。
大型加速ファイラーo加速ファイラー
x
 
非加速ファイラーo
レポート義務のある中小企業
o
新興成長企業x
新興成長企業の場合は、証券取引法第13条（a）に基づく新しいまたは改訂された財務会計基準の遵守に対する延長移行期間を使用しないことを選択したかどうかにチェックマークをつけてください。 o
登録者が取引所法令120億2条で定義される空壳会社であるかどうかをチェックマークで示してください。はいoNox
過去5年間に破産手続きに関与した発行者にのみ適用されます:
証券取引法第1934年第12、13、または15（d）節によって提出する必要があるすべての文書と報告書を、裁判所の確認を受けた計画の下で証券を配布した後に提出しているかをチェックマークで示してください。はいoいいえo
法人発行体にのみ適用：
発行者の普通株式のクラスごとの発行済み株式数を示してください。最新の実施可能な日付時点でのものです。
2024年10月31日時点の発行済普通株式の未払株式数は、 40,971,655を構成し、32,894,923 発行済み発行済みの株式「Aクラス普通株式」の株式単位当たりの額面が0.05ドルで、私たちの株式奨励プランの下で付与された賞与の行使または帰趨により将来の割り当てのために発行および保留された46,023株の「Aクラス普通株式」および発行なされた618,781株の「Aクラス普通株式」を除くつ発行されており、取り消されていない。および 8,076,732 発行済み発行済みの株式額面が0.05ドルである「Bクラス普通株式」が発行および未払です。


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ギガクラウドテクノロジー株式会社
FORm 10-Q — 四半期報告書
2024年9月30日までの四半期期間に終了しました
目次
項目3。
項目4.
i
目次

はじめに
この四半期報告書に適用される規則
この四半期報告書全体を通じて、次のように定義される用語をいくつか使用しています。
•“3PセラーのGigaCloudマーケットプレイスの総取扱高（gmv）：3Pセラーによって販売された取引の総取扱高（gmv）は、付加価値税、消費税、購入者が販売者に支払う送料、返金を差し引いたものです。
•“アクティブな?$#@$セラー」: キャンセルや返品に関係なく、過去12か月以内にGigaCloudマーケットプレイスで製品を販売した出品者。
•“Active buyers過去12か月間にGigaCloudマーケットプレイスで製品を購入した購入者は、キャンセルや返品に関係なく、
•“ケイマン諸島持株会社」：GigaCloud Technology Inc、ケイマン諸島の持株会社およびその前身企業。
•“中国」と」PRC」: 中華人民共和国;」中国本土」：中華人民共和国（この四半期報告書のみの目的で、台湾、香港特別行政区、マカオ特別行政区を除く）。この四半期報告書では、中国の法律、規則、規制、法令、通知、通達、司法解釈などは、現在施行されている、コメント用に公開されている（具体的に記載されている場合）、または公布されているが発効していないものを指します（特に明記されていれば）、この四半期報告書の日付時点で中国本土で公開されています。
•“クラスA普通株「Broadwind」とも称します当社のClass A普通株式GigaCloudテクノロジー株式会社の普通株式、株式1株当たりの額面価格は$0.05です;
•“クラスB普通株式「Broadwind」とも称します弊社のクラスB普通株式シェア時価$0.05のGigaCloudテクノロジー株式
•“フルフィルメントセンター― 戦略的に配置され、設計され、装備された当社の倉庫は、在庫を管理し、顧客の注文やその他のニーズを満たすために使用されています。
•“ギガクラウドマーケットプレイス GMV」：GigaCloud ?$#@$とGigaCloud 1Pを含む当社のGigaCloudマーケットプレイスを通じて注文された取引の総商品価額（付加価値税、物品サービス税、購入者が販売者に支払った配送料、および払い戻しを控除したもの）。
•“GMV取引の総取扱高
•“HK$香港の法定通貨は香港ドルです；
•“香港中国人民共和国香港特別行政区;
•“香港子会社」：ギガクラウド・テクノロジー（香港）リミテッドは、主にB20億ギガクラウド・マーケットプレイスを運営している香港のギガクラウド・テクノロジー社の完全子会社です。
•“オフプラットフォームのeコマース自社在庫の第三者eコマースプラットフォームへの販売および販売
•“中国の子会社」：中国本土にあるGigaCloud Technology Incの運営子会社。主に調達とグループ企業へのグループ間サービスの提供を目的としています。
•“RMBVIE協定に関連するリスクファクター人民元中国の法定通貨；
•“シェア,” “私たちの株式” “普通株式」または」私たちの普通株式」：私たちのクラスA普通株式とクラスB普通株式、額面価格は1株あたり0.05ドル。
•“SKU在庫のSKU（Stock Keeping Unit）
•“アクティブなバイヤーごとの支出過去12か月間の合計GigaCloud Marketplace GMVをその日のアクティブバイヤー数で除算して算出された、アクティブバイヤーごとの支出
•“usd,” “$VIE協定に関連するリスクファクター米ドル米国の合法通貨、または米国の法定通貨;
•“ビュー」：GigaCloud Technology社と口座管理契約を締結した当社の以前の変動持分法人。そして
1
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•“私たちは,” “私たち,” “当社,” “※,” “私たちの,” “私たちのグループ「Broadwind」とも称しますギガクラウドグループ「GigaCloudテクノロジー株式会社」という言葉は、私たちのケイマン諸島の持株会社およびその前身の実体、およびその関連会社を含めたグループを指します。
この四半期報告書に含まれる数値のいくつかについて、四捨五入の調整を行いました。その結果、一部のテーブルで合計として表示される数値は、それより前に示された数値の算術的な集計とは異なる場合があります。
2
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前向きな声明に関する特別な注意事項
この四半期報告書には、当社の現在の見通しや将来のイベントに関する前向きな声明が含まれています。これらの前向きな声明は、既知および未知のリスク、不確実性、およびその他の要素に関連しており、これらの声明によって明示または黙示されるものとは異なる可能性がある、実際の結果、パフォーマンス、または業績が生じるリスクがあります。
いくつかの先行きに関する見通し文は、「可能性がある」、「将来は」、「できるかもしれません」、「期待する」、「予測する」、「狙う」、「見積もる」、「意図する」、「計画する」、「信じる」、「おそらく」、「提案する」、「潜在的な」、「継続する」などの言葉やフレーズによって識別することができます。これらの先行きに関する見通し文は、主に当社の現在の期待値と将来のイベントや金融トレンドに関する予測に基づいており、当社の財務状況、業績、ビジネス戦略、財務ニーズに影響を与えると考えられるものです。今回の四半期報告書に含まれる先行きに関する見通し文は、その他の事柄に関連しています。
•私たちの目標;
•既存および新規ビジネスの開発に関する当社のビジネスおよび運営戦略と計画、そのような戦略と計画を実行する能力、予想される時間;
•当社の買収による期待される恩恵を実現する能力;
•私たちのビジネスモデルの展望に関する私たちの期待;
•将来のビジネス開発、財務状況および業績。
•収益、費用、支出の予想変化;
•わが社の配当ポリシー；
•私たちのマーケティング施策の効果や製品とサービスへの需要、市場での受け入れに関する期待
•顧客やビジネスパートナーとの関係に対する私たちの期待;
•私たちの業種のグローバルなトレンド、予想される成長率、市場規模；
•私たちの市場ポジションを維持し、強化する能力；
•新しい技術を開発したり、既存の技術をアップグレードし続ける能力;
•私たちの業務に影響を与える法律、規制、政府の政策、インセンティブ、税制に関する変更や進展、特に私たちが関わっている市場でのもの;
•私たちのビジネス業種および産業に関連する関連政府の政策や規制;
•業種内の競争環境、競争の構図、および潜在的な競合他者の行動；業種全体の展望；
•役員やその他従業員を引き付け、育成、定着させる能力;
•将来の公募による調達資金の用途に関する提案;
•グローバル金融および資本市場の発展；
•インフレ、金利、為替レートの変動;
•新型コロナウイルスパンデミック、その他のパンデミックや流行病が、私たちのビジネス運営およびアメリカおよびその他の場所の経済に与える影響。
•米国および当社がビジネスを行っているその他の市場における一般的なビジネス、政治、社会、および経済状況；および
•上記に関連するあるいは関連する仮定。
3
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この先行きの見通しに関する声明には、さまざまなリスクと不確実性が含まれています。これらの先行きの見通しに示された私たちの期待は合理的と考えていますが、実際の結果は私たちの期待と大きく異なる可能性があります。実際の結果が私たちの期待と大きく異なる要因や重要なリスクは、通常、2023年12月31日の米国証券取引委員会（SEC）に提出された2023年のフォーム10-Kでの「リスク要因の概要」、「項目1A リスク要因」、「項目1 ビジネス」、「項目7 財務状態と業績に関する経営者の討論と分析」に一般的に記載されています。さらに、私たちは変化する環境で事業を展開しています。新たなリスク要因や不確実性が時折浮かび上がり、我々の経営陣がすべてのリスク要因や不確実性を予測したり、またすべての要素が我々のビジネスに与える影響を評価したりすることはできません。実際の結果がいかなる先行きの見通しに含まれる内容と大きく異なる要素、または要素の組み合わせがどの程度影響を与える可能性があるかを評価することはできません。この四半期報告書や参照している文書を熟読していただき、私たちの実際の将来の結果が私たちの期待と大きく異なり、かつそれより悪い可能性があることを理解してください。私たちは、これらの警告文によってすべての先行きの見通しを修飾します。
この四半期報告書には、さまざまな政府機関や民間の出版物から得た情報が含まれている可能性があります。これらの出版物には未来を見据えた声明が含まれており、リスク、不確実性、および仮定の対象となります。データと情報を信頼できると考えていても、これらの出版物に含まれるデータと情報の正確さや完全性は独立して検証していません。これらの出版物の統計データには、さまざまな仮定に基づいた予測も含まれます。市場データによって予測される率で私たちの業界が成長するとは限らず、また全く成長しない可能性もあります。予測された率で市場が成長しない場合、当社のビジネスや当社のクラスA普通株式の市場価格に重大かつ不利な影響を及ぼす可能性があります。さらに、私たちのビジネスと財務の見通しに関する予測や見積もりには重大なリスクと不確実性が関わっています。さらに、市場データの仮定のうち1つまたは複数が後に間違っていることが判明した場合、これらの仮定に基づく予測と実際の結果とが異なる可能性があります。2023年のForm 10-kに掲載された「Item 1A. リスク要因—当社のクラスA普通株式に関連するリスク」の中で、当年報告書には私たちが独立して検証していない、第三者情報源から得た業種データや情報が含まれる場合があることに留意してください。したがって、これらの声明に過度な依存を置かないようにしてください。
将来の出来事の予測として前向きな声明に頼るべきではありません。この四半期報告書の前向きな声明は、この四半期報告書の日付を基に作成されています。法律に従って、前向きな声明を公に更新または修正する義務はありません。新しい情報や将来の出来事など、声明がなされた日付以降に更新または修正されることはありますが、予期せぬ出来事の発生を反映させることはありません。この四半期報告書とこの四半期報告書で言及している文書、およびこの四半期報告書の展示資料について、理解を持って完全に読むとよいです。実際の将来の結果やパフォーマンスが私たちの期待と大きく異なる可能性があることを理解してください。

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目次

第1部　財務情報
アイテム1。 財務諸表。
ギガクラウドテクノロジー株式会社
コンデンスド 連結貸借対照表
(千単位で 株式データおよび1株当たりのデータを除く)
(未監査)
2023年12月31日です2024年9月30日
資産
流動資産
現金および現金同等物$183,283 $217,581 
制限付き現金885 746 
投資— 42,170 
売掛金、純額58,876 62,549 
インベントリ132,247 183,322 
前払い金およびその他の流動資産17,516 21,354 
流動資産合計392,807 527,722 
非流動資産
オペレーティングリースの使用権資産398,922 476,027 
資産および設備、純額24,614 29,010 
無形資産、純額8,367 6,739 
グッドウィル12,586 12,586 
繰延税金資産1,440 8,325 
その他の非流動資産8,173 12,934 
非流動資産の合計454,102 545,621 
総資産$846,909 $1,073,343 
添付の注記は、これらの未監査の簡約連結財務諸表の統合一体の部分です。
5
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ギガクラウドテクノロジー株式会社
コンデンスド 連結貸借対照表
(千単位で シェアデータと一株当たりのデータを除く)
(未監査)
2023年12月31日2024年9月30日
負債および株主資本
流動負債
Accounts payable (including accounts payable of VIEs without recourse to the Company of $11,563 そして なし as of December 31, 2023 and September 30, 2024, respectively)
$69,757 $66,745 
契約 pass、ヴァリューインターネットエンタテインメントスポーツ など、会社に追求権がないVIEの契約債務を含む契約債務（2023年12月31日と2024年9月30日現在）736 そして なし 現在の運用リース債務（2023年12月31日と2024年9月30日現在）
5,537 5,331 
契約 pass、ヴァリューインターネットエンタテインメントスポーツ など、会社に追求権がないVIEの現在の運用リース債務を含む運用リース債務（2023年12月31日と2024年9月30日現在）1,305 そして なし 現在の運用リース債務（2023年12月31日と2024年9月30日現在）
57,949 84,865 
当社に追索権がないVIEの所得税債務を含む所得税債務（$3,644 そして なし 2023年12月31日および2024年9月30日時点で
15,212 20,805 
当社に追索権がないVIEの発生費用およびその他の流動負債を含む発生費用およびその他の流動負債（$2,774 そして なし 2023年12月31日及び2024年9月30日時点で
57,319 69,586 
流動負債合計205,774 247,332 
非流動負債
Operating lease liabilities, non-current (including operating lease liabilities, non-current of VIEs without recourse to the Company of $553 そして なし as of December 31, 2023 and September 30, 2024, respectively)
343,511 418,915 
繰延税金負債3,795 2,714 
Finance lease obligations, non-current111 470 
未払法人税（非流動 passible）3,302 3,525 
非流動負債の合計350,719 425,624 
負債合計$556,493 $672,956 
コミットメント及び事態に関する注記$— $— 
添付の注記は、これらの未監査の簡約連結財務諸表の統合一体の部分です。
6
目次

ギガクラウドテクノロジー株式会社
コンデンス 連結貸借対照表
（千単位、ただし、シェアデータおよび1株あたりのデータを除く）
(未監査)
2023年12月31日2024年9月30日
株主資本
自己株式（取得原価法）（294,029 そして 261,224 2023年12月31日と2024年9月30日の保有株式数、それぞれ)
$(1,594)$(1,594)
クラスA普通株式（$0.05市場価値、50,673,268株$300,000,000株式を認可し、31,738,632 そして 33,559,727 2023年12月31日と2024年9月30日にそれぞれ発行された株式数は、 31,455,148 そして 33,298,503 2023年12月31日と2024年9月30日にそれぞれ未払いの株式数は
1,584 1,677 
B種普通株式（$0.05市場価値、9,326,732株$300,000,000株式を認可し、9,326,732 そして 8,076,732 2023年12月31日および2024年9月30日時点で発行済みの株式数および未決済の株式数について）
466 403 
追加の資本金111,736 127,360 
その他包括利益/損失差額額526 (6)
留保利益177,698 272,547 
総株主資本 290,416 400,387 
負債および株主資本の合計$846,909 $1,073,343 
添付の注記は、この未検査の簡易合併財務諸表の一部です。
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ギガクラウドテクノロジー株式会社
要約 包括利益に関する連結決算書
（単位：千、シェアデータや一株当たりのデータを除く）
(未監査)
終了した三ヶ月間
9月30日,		終了した9か月間
9月30日,
2023202420232024
収益
サービス収益$51,474 $100,373 $129,848 $253,166 
製品収益126,693 202,943 329,246 612,094 
収益合計178,167 303,316 459,094 865,260 
売上総利益  
サービス40,375 78,292 103,924 206,763 
製品販売88,934 147,773 236,374 438,251 
売上総利益の総額129,309 226,065 340,298 645,014 
粗利益48,858 77,251 118,796 220,246 
66.8  
販売・マーケティング費用10,951 18,605 27,382 52,645 
一般管理費用5,831 15,296 16,878 56,965 
研究開発費用377 2,582 1,581 7,435 
固定資産の売却損失— 45 — 213 
営業費用合計17,159 36,528 45,841 117,258 
営業利益31,699 40,723 72,955 102,988 
利子費用(215)(87)(1,132)(227)
利息収入937 2,703 2,011 6,556 
外貨為替差損益合計(2,723)3,337 (2,153)(479)
政府補助金78 21 473 29 
当期純利益その他15 1,177 (7)1,361 
税引前当期純利益29,791 47,874 72,147 110,228 
法人税等課税当期純利益(5,589)(7,189)(13,614)(15,379)
当期純利益$24,202 $40,685 $58,533 $94,849 
当期純利益24,202 40,685 58,533 94,849 
通貨に関する翻訳調整、税引き後 なし 所得税
(9)(173)(510)(551)
有価証券評価益
— 17 — 19 
その他包括的な損失の合計(9)(156)(510)(532)
包括利益合計$24,193 $40,529 $58,023 $94,317 
一株当たり純利益
ー基本$0.59 $0.98 $1.43 $2.30 
ー希薄化後$0.59 $0.98 $1.43 $2.30 
当期純利益1株当たりの加重平均発行株数
ー基本40,769,21941,364,88640,794,24141,150,372
ー希薄化後40,878,75941,395,00140,881,06541,258,416
            
添付の注記は、これらの未監査の簡約連結財務諸表の統合一体の部分です。
8
目次

ギガクラウドテクノロジー株式会社
コンデンスド 株主資本の変動計算書
（千単位でのデータを除く」)
(未監査)
クラスA
普通株式		B種普通株式
普通株式		自社株普通株からのサブスクリプションの未収入 資本剰余金 累積その他の包括利益保有
そのため、現在の売上高37倍、利益76倍のNvidia株価は、実際には安く買えるかもしれません。		総計
株主資本（赤字）
・ 株式
数
普通
株		数
普通
株		番号
の
普通
株
2023年1月1日の残高 31,357,814$1,568 9,326,732$466 4,624,039$(231)$(81)$109,049 $804 $83,590 $195,165 
当期純利益— — — — — — — — — 58,533 58,533 
株式報酬費用284,40414 — — (4,611,421)230 81 2,279 — — 2,604 
自社株買い(215,201)— — — 215,201 (1,594)— — — — (1,594)
通貨に関する翻訳調整、税引き後 なし 所得税
— — — — — — — — (510)— (510)
2023年9月30日の残高31,427,017$1,582 9,326,732$466 227,819$(1,595)$— $111,328 $294 $142,123 $254,198 
クラスA
普通株式		B種普通株式
普通株式		自社株資本剰余金 その他包括利益/損失差額額保有
そのため、現在の売上高37倍、利益76倍のNvidia株価は、実際には安く買えるかもしれません。		総計
株主資本（赤字）
・ 株式
数
普通
株		数
普通
株
番号
の
普通
株
2024年1月1日時点の残高 31,455,148$1,584 9,326,732$466 294,029$(1,594)$111,736 $526 $177,698 $290,416 
当期純利益— — — — — — — — 94,849 94,849 
株式報酬のために保有されている株式—— — — 500,000 — — — — — 
株式報酬費用579,98329 — — (532,805)— 15,625 — — 15,654 
新規売の行使13,372 1 — — — — (1)— — — 
クラスbからクラスAに再指定された普通株式1,250,000 63 (1,250,000)(63)— — — — — — 
通貨に関する翻訳調整、税引き後 なし 所得税
— — — — — — — (551)— (551)
利用可能な売り出し投資に対する実現しない利益— — — — — — — 19 — 19 
2024年9月30日の残高33,298,503$1,677 8,076,732$403 261,224$(1,594)$127,360 $(6)$272,547 $400,387 
9
目次

ギガクラウドテクノロジー株式会社
コンデンスド 株主資本の変動計算書
（千単位でのデータを除く）)
(未監査)

クラスA
普通株式		B種普通株式
普通株式		自己株式追加の資本金累積その他の包括利益留保利益総計
株主資本
普通株式の数普通株式の数普通株式の数
2023年7月1日の残高31,635,720 $1,582 9,326,732 $466 14,958 $(1)$110,734 $303 $117,921 $231,005 
当期純利益— — — — — — — — 24,202 24,202
株式報酬費用6,498 — — — (2,340)— 594 — — 594
自社株買い戻し(215,201)— ——215,201 (1,594)— — — (1,594)
通貨に関する翻訳調整、税引き後 なし 所得税
— — — — — — — (9)— (9)
2023年9月30日の残高31,427,017 $1,582 9,326,732 $466 227,819 $(1,595)$111,328 $294 $142,123 $254,198 
クラスA
普通株式
B種普通株式
普通株式
自己株式追加の資本金その他包括利益/損失差額額留保利益総計
株主資本
普通株式の数普通株式の数普通株式の数
2024年7月1日時点の残高33,286,162$1,676 8,076,732$403 272,728$(1,594)$125,922 $150 $231,862 $358,419 
当期純利益— — — — — — — — 40,68540,685
株式報酬費用12,341 1 — — (11,504)— 1,438— — 1,439
通貨に関する翻訳調整、税引き後 なし 所得税
— — — — — — — (173)— (173)
利用可能な売り出し投資に対する実現しない利益— — — — — — — 17— 17 
2024年9月30日の残高33,298,503$1,677 8,076,732$403 261,224$(1,594)$127,360 $(6)$272,547 $400,387 
添付の注記は、この未検査の簡易合併財務諸表の一部です。
10
目次

コンデンスド キャッシュ・フロー集計表
営業活動によるキャッシュフロー：
(未監査)
 終了した9か月間
9月30日,
 20232024
営業活動によるキャッシュフロー:
当期純利益$58,533 $94,849 
当期純利益に調整するための項目:   
不良債権引当金229 373 
在庫の減損888 703 
その他資産の損失— 327 
繰延税金(141)(7,957)
株式報酬費用2,074 15,580 
減価償却費および償却費1,150 6,253 
有形固定資産の売却に伴う損益（利益）(2)213 
オペレーティングリース1,332 25,196 
未実現の外国為替損益248 (2,024)
その他— 1,058 
営業資産および負債の変動:   
売掛金 (4,549)(3,836)
在庫 (4,924)(52,645)
前払費用及びその他の資産(6,934)(5,229)
支払調整8,347 (3,125)
契約負債1,771 (104)
法人税支払企業5,651 5,921 
発生利息およびその他流動負債19,049 14,107 
営業活動によるキャッシュフロー$82,722 $89,660 
投資活動によるキャッシュフロー：  
有形資産および設備の購入に支払った現金(823)(14,038)
有形資産および設備の売却から受け取った現金2 1,700 
投資の購入— (53,547)
投資の売却と満期— 11,843 
企業買収のために支払った前払金(8,500)— 
投資活動によるキャッシュフローの純流出$(9,321)$(54,042)
    
添付の注記は、これらの未監査の簡約連結財務諸表の統合一体の部分です。
11
目次

ギガクラウドテクノロジー株式会社
コンデンスド キャッシュ・フロー集計表
(千)
(未監査)
9か月が終わりました
9月30日、
20232024
財務活動によるキャッシュフロー:
ファイナンスリース債務の返済$(1,650)$(1,589)
銀行ローンの返済(190)— 
自社株買いの支払い(1,594)— 
財務活動に使用された純現金$(3,434)$(1,589)
外貨為替レートの変動が現金、現金同等物、制限付現金に与える影響(151)130 
現金、現金同等物、制限付現金の純増加額69,816 34,159 
期首における現金、現金同等物および制限付現金145,076 184,168 
期末の現金、現金同等物および制限付現金$214,892 $218,327 
キャッシュフロー情報の補足開示  
支払利息として支払われた現金$1,132 $227 
所得税として支払われた現金$8,104 $18,889 
添付の注記は、これらの未監査の簡約連結財務諸表の統合一体の部分です。
12
投資家関係
簡約版への注記 財務諸表の連結
(未監査)
1. 見積もりの使用
ビジネス
ガイガクラウドテクノロジー株式会社（以下「当社」といいます）は、ケイマン諸島に拠点を置く有限責任会社で、「グループ」「当社」「当社」と総称して、主に大型小包商品の販売と、グループのオンラインプラットフォーム（「ガイガクラウドマーケットプレイス」と呼ばれる）と、主にアメリカ、日本、ヨーロッパに位置する物流センターを利用する小規模のクロスボーダービジネスオーナー向けのeコマースソリューションを提供しています。
組織
2023年12月31日の財務諸表は、2023年の10-Kフォームに含まれ、会社、その子会社、および連結VIEの財務諸表が含まれていました。
2024年1月、当社はとのアカウント管理契約を終了しました 四 統合されたVies.T.M トラベル・アンド・トレーディング・リミテッド、コムハーバー・リミテッド、ブリホーム・リミテッド、英国（「英国」）にあるブリホーム・リミテッド、およびドイツに拠点を置くデコバス・ヘンデルGmbH。解約と同時に、会社は買収しました 100の持分の% 四 資本拠出によるわずかな対価をもつ名目株主の事業体。2024年9月30日現在、グループは いいえ 統合ビュー。添付の2024年9月30日現在の未監査の要約連結財務諸表には、当社とその子会社の財務諸表が含まれていました。
プレゼンテーションの基礎
当セクターの添付された未確認の要約連結財務諸表は、Form 10-Qの指示に従って作成され、完全な財務諸表に必要なすべての情報と脚注が含まれていません。管理部門の意見では、公正な開示のために必要とされるすべての調整事項（通常の収支勘定を含む）が含まれています。中間期間の業績は、通期の業績を必ずしも示しているわけではありません。その結果、これらの未確認の要約連結財務諸表は、2023年のForm 10-Kに記載された連結財務諸表および対応する注記と併せて読まれるべきです。
2023年の10-kフォームで開示された重要な会計方針には大きな変更はありませんでした。
現金、現金同等物および拘束された現金
現金及び現金同等物は、手元資金と、当初満期が3か月以内の高度に流動性のある投資で構成されています。引き出しや利用が制限されている現金は、未監査の要約された連結貸借対照表に別途報告されています。グループの制限された現金は、保証状の発行用に指定された銀行口座に保管されている保証金を表します。
未監査の要約された連結貸借対照表の現金、現金同等物および制限付き現金の調整額は、未監査の要約された連結キャッシュフロー計算書の金額と次のとおりです:
2023年12月31日2024年9月30日
営業活動によるキャッシュフロー：
現金及び現金同等物$183,283 $217,581 
制限付き現金885 746 
未監査の要約された財務諸表における現金、現金同等物及び限定された現金の合計$184,168 $218,327 



13
投資家関係
簡約版への注記 財務諸表の連結
(未監査)
集中力とリスク
顧客およびサプライヤーの集中度
2023年と2024年の9月30日までの3か月と9か月で、個々の顧客がグループの総収入の10.0％以上を単独で表していません。
一人の顧客が2023年12月31日および2024年9月30日時点でグループの売掛金残高の％をそれぞれ上回っていました。 10.0% を上回る個々の顧客が、それぞれ2023年12月31日および2024年9月30日時点でグループの総売掛金残高の中で代表的でした。
2023年12月31日2024年9月30日
全口座の比率
未収残高 		全口座の比率
未収残高
顧客A30.2 %15.2 %
2024年9月30日終了の3か月および9か月について、1つのサービスプロバイダーが個別に表現されました 17.2% および 18.2総購入額の％、その他のベンダーは総購入額の10％以上を占めませんでした。
信用リスクの集中化
グループが信用リスクの集中にさらされる可能性のある金融商品は、主に現金、現金同等物、制限された現金、投資、売掛金、第三者支払プラットフォームからの支払金額で構成されています。
グループの投資政策では、現金、現金同等物、制約付き現金、および投資を高品質なファイナンシャルインスティテューションズに配置し、ある1つの機関からの信用リスク量を制限することが求められています。グループは、反対当事者やファイナンシャルインスティテューションの信用力を定期的に評価しています。
口座（注3）は、グループのGigaCloud Marketplaceでの製品販売およびサービス提供から派生し、グループの名義において第三者支払いプラットフォームからの支払いにより個々の顧客から集められた金額にも露出しており、信用リスクにさらされています。取引相手の信用力の評価は、支払い期日に支払いを行ってきた過去の履歴や現在の支払い能力に基づいて主に行われ、取引相手に固有の情報や取引相手が運営している経済環境に関する情報も考慮されます。この分析に基づいて、グループは、各取引相手に個別に提供する信用条件を判断します。評価が回収リスクの可能性を示す場合、グループはサービスを提供せず、製品を取引相手に販売せず、または取引相手に時期通りに現金支払いを行うよう要求して支払いを確保します。
セグメント情報の報告
グループの最高経営責任者は最高経営責任者として特定されており、リソースの割り当てやグループの業績評価に関する意思決定を行う際に、連結された結果を確認します。内部報告および経営の種類レビューの目的で、グループの最高経営責任者および経営陣は、グループのビジネスを売上高別や地理別に分離していません。経営陣は、グループが 1人 種類セグメントを運営しています。
14
投資家関係
簡約版への注記 財務諸表の連結
(未監査)
新規買資産は固定資産、設備、運用リース権利資産から構成されます。 新規買資産の地理情報は2023年12月31日と2024年9月30日時点で以下の通りです：
2023年12月31日2024年9月30日
営業活動によるキャッシュフロー：
アメリカ合衆国$400,554 $476,306 
その他22,982 28,731 
新規買資産の合計$423,536 $505,037 
報告された収益は、企業のフルフィルメントセンターの場所に基づいて地理的な地域に割り当てられます。ただし、プラットフォーム手数料収入はジガクラウドのサーバーがある香港に割り当てられます。
15
投資家関係
簡約版への注記 財務諸表の連結
(未監査)
マーケットプレイスは位置しています。2023年および2024年9月30日を終了した3か月および9か月間の地理的な地域別の収益は次のとおりでした:
終了した三ヶ月間
9月30日,		終了した9か月間
9月30日,
2023202420232024
地域別収益:営業活動によるキャッシュフロー：
サービス収益$51,474 $100,373 $129,848 $253,166 
プラットフォーム手数料2,796 4,245 7,689 12,322 
香港2,796 4,245 7,689 12,322 
海上輸送サービス5,442 26,242 12,149 51,547 
アメリカ5,420 25,984 12,075 51,161 
その他(1)
22 258 74 386 
倉庫サービス5,828 12,603 16,789 31,519 
アメリカ5,637 12,322 16,168 30,738 
その他(1)
191 281 621 781 
最終配達サービス27,763 37,244 69,287 109,549 
アメリカ26,641 31,583 66,677 98,161 
ドイツ951 5,220 1,907 10,315 
その他(1)
171 441 703 1,073 
梱包サービス4,529 7,480 11,317 21,445 
アメリカ4,205 6,463 10,581 19,137 
ドイツ247 910 474 2,035 
その他(1)
77 107 262 273 
トラック輸送サービス2,814 4,706 6,794 11,873 
アメリカ2,785 4,566 6,728 11,718 
その他(1)
29 140 66 155 
その他2,302 7,853 5,823 14,911 
アメリカ2,083 7,699 5,331 14,100 
その他(1)
219 154 492 811 
製品収益126,693 202,943 329,246 612,094 
アメリカ90,413 138,258 240,501 447,646 
日本10,926 12,277 32,500 32,797 
ドイツ21,649 46,764 44,912 116,129 
その他(1)
3,705 5,644 11,333 15,522 
収益合計$178,167 $303,316 $459,094 $865,260 
_____________________
(1) その他の個別の地域の収益は、2023年および2024年9月30日に終了した3か月および9か月間の会社の合計収入の10％を超えませんでした.
最近の会計原則
2023年11月、FASbはASU 2023-07号を発行し、セグメント報告（280号：報告セグメント開示の改善）を更新し、報告セグメントの開示要件を更新しました。修正案は2023年12月15日以降の財政年度及び2024年12月15日以降の財政年度内の中間期に適用され、前倒し適用が許可されています。修正案は財務諸表に示されたすべての以前の期間に対して満額適用されるべきです。ASU 2023-07号は、2024年1月1日に始まる年次期間と中間期間に適用されます。
16
投資家関係
簡約版への注記 財務諸表の連結
(未監査)
2025年1月1日から開始し、前倒しが許可されています。現在、更新された基準が当社の連結財務諸表の開示に与える可能性の影響を評価しています。
2023年12月、FASbはASU 2023-09、所得税（Topic 740）：所得税開示の改善を発行し、既存の所得税開示ガイダンスを修正し、主に支払われる所得税と実効税率の調整に関するより詳細な開示を要求しています。公開されているビジネス実体にとって、このASUの修正は2024年12月15日以降の年次期間に適用されます。公開されていないビジネス実体などの場合、修正は2025年12月15日以降の年次期間に適用されます。早期採用が許可され、将来的または過去の基準に適用できます。グループは現在、この基準の採用が連結財務諸表および関連開示に与える影響を評価しています。
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2. この会社の金融資産および負債の公正価値の見積もりは、公正価値会計基準に基づく枠組みに基づいています。この枠組みは、評価に使用される入力に基づいており、能動的市場での引用価格を最優先し、観察可能な入力が利用可能な場合は観察可能な入力を使用することを要求します。公正価値会計基準階層での公正価値評価の開示は、評価における重要な入力が観察可能かどうかに基づいています。評価が開示される階層のレベルは、能動的市場での未調整引用価格に最優先が与えられ、この会社の重要な市場仮定を反映する観察可能な入力に最低限優先されます。公正価値評価が報告される公正価値階層は、測定全体に重要な入力の最も低いレベルに基づいています。階層は以下の3つです。
グループは、観測可能な入力を最大限活用し、可能な限り未観測な入力の使用を最小限に抑える評価手法を利用しています。グループは、資産や負債の価格設定に市場参加者が使用すると思われる仮定に基づいて公正な価値を決定します。グループの現金、制限付き現金、売掛金、仕入金及び未払金の帳簿価額は、短期債務の成熟により公正な価値に近づいています。公正な価値の測定において市場参加者の仮定を考慮する際には、観測可能な入力と未観測な入力を区別するための次の公正な価値の階層があります。これらは、以下のいずれかのレベルに分類されます。
•レベル1の入力：同一の資産または負債について、活発な市場での未調整の提示価格。
•レベル1に含まれていない他の価格以外の入力は、資産または負債について、資産または負債のほぼ全期間にわたって直接的または間接的に観察可能な入力です。
•レベル3入力：資産または負債の公正価値を測定するために使用される観測可能な入力が利用できない場合、測定日において資産または負債に対する市場活動がほとんどまたはまったく行われていない状況を考慮したもの。
投資と現金同等物は、定期的に公正価値で計測されます。2024年9月30日時点で、縮小連結貸借対照表の投資には定期預金および米国公債が含まれています。 3か月間売上高 調整後 EBITDA の財務諸表の作成時点では、2024年3月31日でした。現金同等物は、マネーマーケットインストゥルメントが含まれています。縮小連結貸借対照表における現金同等物。

国債は、未実現損益を「累積その他包括利益（損失）」に含む「売出し用」と分類されます。累積その他包括利益に記録された未実現利益は、 なしと $192023年9月30日および2024年の時点で、これらの国債の未実現利益は、 No 2023年9月30日までの3か月および9か月、および2024年9月30日までの3か月および9か月の間に実現した利益または損失は、22024年9月30日時点で、全セクターの売出し用証券は、すべて償還される見込みです 1年.
2024年9月30日現在
貸借対照表の位置(1)
原価法又は償却原価
公正価値（レベル2）
営業活動によるキャッシュフロー：
マネーマーケット証券
現金及び現金同等物
$50,943 $50,965 
アメリカ財務省証券(2)
投資
11,822 11,841 
預金　定期預金
投資
30,002 30,329 
$92,767 $93,135 
_____________________
(1) 資産は購入時の償還期間と資産が特定の使用のために制限されているかどうかによって、貸借対照表の位置が決まります。
(2) 現行の市況を反映したブローカーの見積もりを使用して決定された公正価値。
3. 債権、純額
売掛金の純額は以下の通りでした。
2023年12月31日2024年9月30日
営業活動によるキャッシュフロー：
売掛金 $59,376 $63,422 
​(500)(873)
売掛金の純額$58,876 $62,549 
    
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不良債権引当金の動きは以下のようになります。
9月30日までの3か月間 9月30日までの9ヶ月間
2023202420232024
営業活動によるキャッシュフロー：
見込みアクイジションアーンアウト支払いの追加$(240)$(807)$(237)$(500)
倒産費用に計上された追加費用(226)(66)(229)(373)
期末残高$(466)$(873)$(466)$(873)
4. 在庫
在庫は以下のように構成されています:
2023年12月31日2024年9月30日
営業活動によるキャッシュフロー：
販売可能な商品$92,059 $143,684 
輸送中の商品40,188 39,638 
在庫 $132,247 $183,322 
    
5. リース
グループは、さまざまな満期日のあるキャンセル不可のオペレーティングリースの下で、オフィススペースやフルフィルメントセンター、その他の施設をリースしています。グループは、キャンセル不可能なファイナンスリースの下でリースされている機器も保有しています。グループは、市場状況や更新オプションの条件などさまざまな要因を検討し、リースの更新または交換を決定します。グループがリースを延長するオプションを行使することが合理的に確実である場合、グループはリースの延長期間をオペレーティングリースの使用権資産およびオペレーティングリース債務に含めます。フルフィルメントセンターの一部の保管棚やフルフィルメントセンターで使用されている一部のフォークリフトは、固定リース期間を有するファイナンスリースの下でリースされています。初期契約期間が12か月以下のリースは貸借対照表に記載されていません。これらのリースに関しては、グループはリース期間を通じて直線的にリース費用を認識します。 過去1週間は株主にとって大変な期間であったため、基本的なファンダメンタル分析を行い、何を学ぶことができるかを調べてみましょう。売上高 調整後 EBITDA の5年 契約開始日からの固定リース期間を有するリース契約です。バランスシートに記録されるリース期間が12か月以下のリースについては、グループはリース期間全体で直線的にリース費用を認識します。
オペレーティングリースおよびファイナンスリースに関連する資産と負債の総額は以下の通りです:
2023年12月31日2024年9月30日
貸借対照表の見出し営業活動によるキャッシュフロー：
資産:
運用リース契約に基づく資産運用リース契約に基づく資産$398,922 $476,027 
ファイナンスリースの使用権資産有形固定資産、正味額8,616 2,837 
新規買総額$407,538 $478,864 
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2023年12月31日2024年9月30日
貸借対照表項目営業活動によるキャッシュフロー：
負債:
現在：
オペレーティングリース債務流動リース負債$(57,949)$(84,865)
ファイナンスリース債務発生利息およびその他流動負債(1,666)(213)
非流動負債:
オペレーティングリース債務運用中のリース pass:p662(343,511)(418,915)
ファイナンスリース債務Finance lease obligations, non-current(111)(470)
リース pass トータル$(403,237)$(504,463)
リース料金の部品は以下の通りでした:
3か月が終わりました
9月30日、		9か月が終わりました
9月30日、
2023202420232024
(千単位)
オペレーティングリース費用$8,027 $27,136 $23,902 $75,644 
ファイナンスリース費用
使用権資産の償却153 119 487 390 
リース負債利息118 33 449 138 
短期リース費用122 174 215 584 
合計$8,420 $27,462 $25,053 $76,756 
リース条件と割引率は以下の通りです：
2023年12月31日2024年9月30日
加重平均残存リース期間（年）：
営業リース6.455.71
ファイナンスリース料0.843.81
加重平均割引率：
営業リース3.23 %3.61 %
ファイナンスリース料18.18 %12.59 %
    
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2024年9月30日時点の未来の最低リース料金は、グループが合理的に行使すると判断したリース更新オプションの賃料支払いを含め、以下の通りでした：
 
営業リース
ファイナンスリース料
 営業活動によるキャッシュフロー：
リース passibility の成熟度
2024年の残りの期間
$23,366 $137 
2025年12月31日終了時点の年度
105,184 179 
2026年12月31日終了時点の年度
106,469 162 
2027年12月31日終了時点の年度
101,641 155 
2028年12月31日終了時点の年度
91,349 154 
それ以降137,340 55 
リース料の合計565,349 842 
減: 暗黙の利息(61,569)(159)
リース債務の現在価値$503,780 $683 
6. 普通株式
2022年7月1日、グループはエジスキャピタル社（以下「アンダーライター」という）と契約を締結し、初の株式公開（以下「IPO」という）完了後にアンダーライターに対して新規発行株予約権を発行することに同意しました。これはアンダーライターのサービスへの追加報酬であり、アンダーライターにClass A普通株式の公正価値の×％にあたる株を購入する権利を付与します。 1.0株1シェアの額面価値が$のIPOで売却されるAクラス普通株式の×％を購入する権利が認められます。0.05 シェアの行使価格は公開価格の％で、1株当たり$です。 150公開価格が$であり、その％の行使価格で株を購入できます。12.25 株あたりで評価されました。
2024年2月に、引受人がワラントを行使しました 29,400 現金レス・エクササイズによる、会社の発行済みAクラス株式を 一部あわせて発行しました 13,372 株式は2024年2月16日、2024年2月23日、2024年2月28日に発行されました。すべての引受人のワラントが2024年9月30日までにすべて行使されました
2024年3月、 1,250,000 クラスBの普通株式が同等数のクラスAの普通株式に換金されました。
7. シェアベースド・コンペンセーション
制限付き株式（RS）
2024年9月30日に終了した3か月および9か月の企業の制限株の要約が以下に示されていました。
株式数加重平均価格
平均の助成金
日付の公正な価値
2024年7月1日時点で優れています1,471 $0.0015 
Vested(1,471)0.0015
2024年9月30日現在の優れた業績— — 
2024年9月30日に採用される見込みです— $— 
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株式数
加重平均価格
平均の助成金
日付の公正な価値
2024年1月1日現在の未払い残高10,545$0.0015 
Vested(10,545)0.0015 
2024年9月30日現在の優れた業績— — 
2024年9月30日に授権される予定です— $— 
2024年9月30日時点で未発行の制限付き株式はありませんでした。
制限株式ユニット（RSU）
2024年4月1日と2024年4月10日に、会社は従業員に対して行使価格のないRSUを付与しました。 558,003 1つは、付与後すぐに成果を得る「速効vc2」その他は、「その他速報その他速報」となる 速効の2つのタイプのベスティングスケジュール 50%を即座に積み上げ、その他をクリフベスティングする「その他their other %」 50%」を満たすと、グループ内のサービスを提供した後、その他を肯定することになります。 1年 付与されたRSUのそれぞれについては、その2つのいずれかに従ってベストすることが定められています。
2024年6月26日、グループは従業員にRSUを無価値行使で付与しました。これらのRSUは、サービス条件が定められていない付与日に全セクターが成熟しました。 98 RSUを無価格で従業員に付与しました。これらのRSUは、サービス条件が定められていない付与日に全セクターが成熟しました。
2024年9月26日、グループは従業員と顧問にRSUsを付与しました。 76 and 8,917 練習価格なしで、これらのRSUsは全て付与日に全て付与されました。サービスの種類は規定されていませんでした。
2024年9月30日に終了した3か月と9か月の会社のRSU活動の概要は以下の通りです:
株式数加重平均付与日の公正価値
2024年7月1日時点で優れています966,257 $20.04 
承諾されました8,993 21.74 
2024年9月30日現在の優れた業績975,250 20.05 
2024年9月30日現在の行使可能824,990 $18.09 
株式数加重平均付与日時点の公正価値
2024年1月1日現在の未払い残高412,397$5.23 
 承認された567,09430.72
没収(4,241)5.01
2024年9月30日現在の優れた業績975,25020.05
2024年9月30日現在の行使可能824,990$18.09 
2024年9月30日現在、未認識の報酬費用は$2,316千に関連する未発行のRSUに関する 150,260 次の認識されるでしょう 財務諸表の作成時点では、2024年3月31日でした。.
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8. 所得税
会社の所得税負担は、2023年9月30日と2024年9月30日に終了した9か月間について、それぞれ$でありました。13,614千ドルと$15,379 それぞれ、有効所得税率を表しており、それぞれ%でした。 18.9% および 15.6年度累計に適用される有効所得税率を見積もる際には、一部の税務申告の違いは考慮されていません。
人民元の税率とGigaCloudテクノロジーの総所得税率の違いは、主に好ましい外国の税率差に関する所得税優遇とGigaCloudスズ州の先進テクノロジーサービス企業（「ATSE」）資格証の税率優遇権利に起因していました。 25.0会社に優遇税率を与える 15%.
9. 一株当たりの当期純利益
次の表は、普通株当りの基本および希薄化後当期純利益の算出を示し、提示された期間の分子と分母の調整を提供します:
終了した三ヶ月間
9月30日,		終了した9か月間
9月30日,
2023202420232024
営業活動によるキャッシュフロー：
分子:
当期純利益$24,202 $40,685 $58,533 $94,849 
分母：
発行済み普通株式の加重平均数
 - 基本40,769,219 41,364,886 40,794,241 41,150,372 
 - 希薄化後40,878,759 41,395,001 40,881,065 41,258,416 
普通株主に帰属する1株当たりの当期純利益
 - 基本$0.59 $0.98 $1.43 $2.30 
希薄化後 $0.59 $0.98 $1.43 $2.30 
12,618 当期純利益希薄化後1株あたりの希薄化ごとに、米ドルの行使価額を持つ未発行のRSが計算に含まれています。7.48 2023年9月30日に終了した3か月間の希薄化後1株当たり当期純利益には、普通株1株あたりの価格が米ドルで含まれますが、2023年9月30日に終了した9か月間には除外されます。財務庫株式メソッドによって、それらの行使価格は、2023年9月30日に終了した9か月間の会社の普通株の平均公正市場価値よりも高いため、ホルダーの視点から見るとオプションは実際には価値を持っていません。
2023年9月30日および2024年に終了した3か月および9か月の期間について、希薄化後の一般株式1株当たりの当期純利益の計算に含まれている潜在的な希薄証券は以下の通りに示されています:
終了した三ヶ月間
9月30日,		終了した9か月間
9月30日,
2023202420232024
RSU
104,888 29,609 86,824 104,153 
RSは、工業顧客向けの製品およびサービスソリューションのグローバルプロバイダーであるRS Group plc（LSE：RS1）の取引ブランドであり、プロセス制御および工場自動化アプリケーション向けの柔軟性、費用効果、使いやすさの高い電気自動化製品のFestoの幅広いポートフォリオを提供しています。
4,652 506 — 3,891 
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10. 売上高
グループの売上高は、主要製品およびサービスライン、売上認識のタイミングによって詳細に分類されています。詳細な情報は以下の通りです：
3か月が終わりました
9月30日、		9か月が終わりました
9月30日、
主要な製品/サービスライン2023202420232024
(千単位)
サービス収入
プラットフォーム手数料$2,796 $4,245 $7,689 $12,322 
海上輸送サービス5,442 26,242 12,149 51,547 
倉庫サービス5,828 12,603 16,789 31,519 
ラストマイル配送サービス27,763 37,244 69,287 109,549 
包装サービス4,529 7,480 11,317 21,445 
ドレイジサービス(1)
2,814 4,706 6,794 11,873 
その他(2)
2,302 7,853 5,823 14,911 
サービスの総収入51,474 100,373 129,848 253,166 
製品収益
Bへの製品販売14,706 47,998 42,250 173,400 
Cへの製品販売31,570 49,015 75,385 139,784 
オフプラットフォームのeコマース46,276 97,013 117,635 313,184 
ギガクラウド 1P80,417 105,796 211,611 298,397 
その他— 134 — 513 
製品の総収入126,693 202,943 329,246 612,094 
収入$178,167 $303,316 $459,094 $865,260 
   
 
3か月が終わりました
9月30日、		9か月が終わりました
9月30日、
収益認識のタイミング2023202420232024
(千単位)
時間の経過とともに顧客に移転された商品やサービスからの収益$41,846 $81,933 $105,018 $207,951 
ある時点で顧客に送金された商品やサービスからの収入136,321 221,383 354,076 657,309 
収入$178,167 $303,316 $459,094 $865,260 

_____________________
(1) 2024年9月30日までの3か月と9か月におけるサービス収入は、かつて「その他」として報告されていた引込サービス収入を別々に開示するように再分類されました。この再分類は、別個の開示が必要なレベルに成長した引込サービス収入に関するより適切な情報を提供することを意図しています。比較のための数字は、この表示に準拠するように再分類されました。

「その他」に分類された収益は、2023年および2024年の9か月間を終える2023年9月30日および2024年9月30日におけるグループの総収益の10％を超えることはありませんでした。
24
投資家関係
簡約版への注記 財務諸表の連結
(未監査)
契約 passの負債
契約債務残高の変化は以下の通りでした:
終了した三ヶ月間
9月30日,		終了した9か月間
9月30日,
2023202420232024
営業活動によるキャッシュフロー：
期首残高$2,093 $6,497 $2,001 $5,537 
契約債務の期首残高から認識された売上高(2,093)(6,497)(2,001)(5,537)
現金受領による増加額115,249 161,882 291,604 436,035 
期間中に現金を受け取った売上高(111,481)(156,605)(287,832)(430,721)
外国為替効果(33)54 (37)17 
期末残高$3,735 $5,331 $3,735 $5,331 
契約 pass は、後で制御が発生する GigaCloud マーケットプレイスで提供された商品販売およびサービスに関連して事前に受け取られた対価に関連しています。 契約 pass は、グループが顧客に約束された製品またはサービスを移転するための履行義務を果たすときに、売上高として認識されます。 この履行は、顧客に移転する製品またはサービスを期待される時間内に行われると予想されます。 1年.
このグループはASC 606-10-50-14(a)に基づいて実務的な便宜を選択し、元の見込み期間が1年以下の契約の一部である残存業績義務に関する情報を開示しません。
11. コミットメントや予想外の出来事
当社は、キャンセルできない運用リース契約の下でオフィスやフルフィルメントセンターをリースしています。３か月以上の初期契約期間を持つこれらのキャンセル不能リース契約に基づく将来の最低リース料金は、リース債務の満期としてノート5に開示されています。

2024年3月9日、当社の日本のフルフィルメントセンターの1つが火災に見舞われました。その火災により、フルフィルメントセンター内の在庫が壊滅しました。当グループは、その火災による損失額を100万ドルと認識しました。2.0保険契約の規定に基づき、私たちの保険会社から受け取る見込みの保険金額により、総損失額は軽減されました。2024年9月30日時点で、グループは発生した損失の一部回収が確実であると判断し、保険債権と保険回収金額を100万ドル計上しました。1.72024年10月時点で、グループはその請求に対する保険金額として100万ドルを受け取りました。1.9100万ドルの保険金を受領しました。

グループは、火災後のリースされたフルフィルメントセンターの再建に関連して、一定の費用が発生する可能性があります。特に、当社の保険は第三者が被った損害に対して適用されます。未監査の簡易財務諸表の発行日時点では、グループはこれらの費用の範囲を合理的に見積もることができません。その結果、リースされたフルフィルメントセンターの再建に関連する具体的な引当金は、当社の財務諸表に積み立てられていません。状況を注視し続け、今後の報告期間でより多くの情報が入手可能になると見積もりを適宜調整します。2024年9月30日現在、グループは、保険金の回収額を差し引いた再建活動に起因する負債が、グループの未監査の簡易連結業績または財務状況を実質的に影響することはないと予想していました。

2024年9月30日時点において、グループにはその他の実質的な債務や長期的な義務はありませんでした。
12. その後の出来事
2024年9月3日、グループの取締役会は、最大$ シェアの買い戻しプログラムを承認しました46.0百万のクラスA普通株式を次の12か月で買い戻すことを承認しました。2024年9月30日以降、グループはRule 10b5-1計画の下で一連の株式買い戻し取引を実行しています。2024年11月6日現在、グループ
25
投資家関係
簡約版への注記 財務諸表の連結
(未監査)
合計で買い戻しました 468,559 1株の普通株を平均価格$で買い戻し、合計約$24.35を費やしました11.4発生した買い戻しに関連する直接および追加コストは$18.7千ドルでした。
26

第2項目。財務状況と業績の経営者による分析及び開示
次の情報は、この四半期報告書に含まれる監査されていない簡易連結財務諸表および関連注記とともに、2023年フォーム10-Kを参照して読む必要があります。
歴史情報に加えて、この報告書には、私たちの実際の結果が将来を展望する声明に関連するリスクや不確実性が含まれており、将来を展望する声明や歴史的な結果やトレンドにおいて暗示されている計画や結果と異なる可能性があります。2023年フォーム10-kおよびこの四半期報告書の「リスク要因」および「将来を展望する声明」という節に記載されているリスクや不確実性をご確認いただくようお勧めします。
私たちは、読者に対して、当社が発表したいかなる将来の展望に対しても過度の依存を置かないでいただくように注意を喚起します。当該声明は、その発表された日付をもってのみ有効であります。当社は、法律またはSECの規則に明示的に定められている場合を除き、当該声明を公に更新または修正する義務を免除します。当該声明が基づいて可能性のある実際の結果が記載されたものと異なる結果となる可能性がある、またはその他の予想または出来事、状況、事実に変更が生じた場合を反映するための更新や修正は行いません。
概要
私たちは大型小包商品のためのグローバルエンドツーエンドのビリオンドルのeコマースソリューションの先駆者です。主に3つの収益源を通じて売上高を生み出しています:
•ギガクラウド ?$#@$：GigaCloudマーケットプレイスでの売り手と買い手の間の取引を促進することにより、プラットフォーム手数料、海上輸送サービス、倉庫サービス、ラストマイル配送サービス、梱包サービス、ドレイジサービスなどからの収益を含むサービス収益を生み出します。
•ギガクラウド1P：当社の在庫をギガクラウドマーケットプレイスで販売することにより、製品収益を生み出しています。
•オフプラットフォームの電子商取引弊社の在庫を第三者の電子商取引ウェブサイトを通じて販売し、製品収益を生み出します。
GigaCloudの3PとGigaCloudの1PからのGMVは、GigaCloudマーケットプレイスのGMVを形成し、オフプラットフォームのeコマースやGigaCloudマーケットプレイスのGMVからのGMVは、プラットフォーム全体の総GMVを形成します。これら3つの売上高ストリームは、GigaCloudマーケットプレイスの販売者や購入者に対する価値提案を向上させるために互いに補完します。
主要な財務および運営メトリクス
We monitor the following key financial and operating metrics to evaluate the growth of our GigaCloud Marketplace, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. The financial impact from the acquisitions of Noble House and Wondersign was reflected in our unaudited condensed consolidated financial results since the completion of the acquisitions in the fourth quarter of 2023. In the second quarter of 2024, we introduced Noble House-related SKUs to our GigaCloud Marketplace, which contributed to a one-time uplift in our operating metrics. The operating impact from these acquisitions has been reflected in the operating metrics in our GigaCloud Marketplace since April 1, 2024.
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The following tables set forth our key financial and operating metrics for the periods indicated:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202420232024
Key Financial Statement Metrics:
(In thousands, except for per share data)
Total revenues$178,167 $303,316 $459,094 $865,260 
Gross profit48,858 77,251 118,796 220,246 
Operating income31,699 40,723 72,955 102,988 
Net income24,202 40,685 58,533 94,849 
Net income per ordinary share
—Basic$0.59 $0.98 $1.43 $2.30 
—Diluted$0.59 $0.98 $1.43 $2.30 
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202420232024
Non-GAAP Financial Metrics(1):
(In thousands, except for per share data)
Adjusted EBITDA$29,776 $48,799 $74,492 $126,040 
Adjusted EPS – diluted
$0.74 $1.15 $1.82 $3.06 
_____________________
(1)     See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation——Non-GAAP Financial Measures” for information regarding our use of Adjusted EBITDA and Adjusted EPS – diluted and a reconciliation of net income to Adjusted EBITDA and net income per ordinary share – diluted to Adjusted EPS – diluted.
12 Months Ended
September 30,
Key Operating Metrics:
20232024
GigaCloud Marketplace GMV (in $ thousands)$684,745 $1,233,601 
Active 3P sellers741 1,051 
3P seller GigaCloud Marketplace GMV (in $ thousands)
$369,512 $635,465 
Active buyers4,602 8,535 
Spend per active buyer (in $)$148,793 $144,534 
GigaCloud Marketplace GMV
The growth in GigaCloud Marketplace GMV, including GMV from both GigaCloud 3P and GigaCloud 1P, reflects our ability to attract and retain sellers and buyers in the GigaCloud Marketplace. The revenues we generate in our marketplace are highly correlated to the amount of GMV transacted in the GigaCloud Marketplace.
GigaCloud Marketplace GMV increased from $684.7 million in the 12 months ended September 30, 2023 to $1,233.6 million in the 12 months ended September 30, 2024, representing a growth of 80.2% period-over-period, primarily due to the continued increase in the numbers of sellers and buyers transacting in our marketplace as our marketplace continues to gain scale and market position. In the second quarter of 2024, we introduced Noble House-related SKUs to our GigaCloud Marketplace, which have been reflected in our GigaCloud Marketplace GMV starting April 1, 2024.
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Active 3P Sellers
The number of active 3P sellers in the GigaCloud Marketplace increased from 741 in the 12 months ended September 30, 2023 to 1,051 in the 12 months ended September 30, 2024, representing an increase of 41.8% period-over-period. We view active 3P sellers as a key driver of the product catalog in our marketplace, which helps attract and retain buyers. The GigaCloud Marketplace offers SKUs across furniture, home appliances, fitness equipment and other large parcel categories from our active 3P sellers. The number of SKUs from active 3P sellers increased from 22,101 as of December 31, 2023 to 33,086 as of September 30, 2024. We expect to grow the number of active 3P sellers through geographic expansion, suppliers outreach, marketing initiatives, referrals and word-of-mouth. We also leverage our 1P inventory sales to establish new markets, reducing the risk in geographic expansion for new sellers, and increasing the appeal for new sellers to join our marketplace.
3P Seller GigaCloud Marketplace GMV
3P Seller GigaCloud Marketplace GMV represents the GMV our 3P Sellers transact in the GigaCloud Marketplace. 3P Seller GigaCloud Marketplace GMV was $369.5 million in the 12 months ended September 30, 2023 and $635.5 million in 12 months ended September 30, 2024, representing an increase of 72.0% period-over-period. 3P Seller GigaCloud Marketplace GMV represented 54.0% and 51.5% of total GigaCloud Marketplace GMV in the 12 months ended September 30, 2023 and September 30, 2024, respectively.
Active Buyers
The number of active buyers in the GigaCloud Marketplace increased from 4,602 in the 12 months ended September 30, 2023 to 8,535 in the 12 months ended September 30, 2024, representing an increase of 85.5% period-over-period. We view the number of active buyers as a key driver of GMV and revenue for our GigaCloud Marketplace. We plan to expand our active buyers by enhancing our marketplace product categories, and leveraging referrals from existing users.
Spend Per Active Buyer
The spend per active buyer in our GigaCloud Marketplace was $148,793 in the 12 months ended September 30, 2023, compared to $144,534 in the 12 months ended September 30, 2024, representing a slight decrease of 2.9% period-over-period. Spend per active buyer is a key driver of GMV and revenue for our GigaCloud Marketplace. We grow spend per active buyer by expanding our product categories, increasing buyers’ purchase frequency and raising the average price per purchase. The slight decrease in spend per active buyer for the 12 months ended September 30, 2024 was primarily due to a higher number of new buyers onboarded during the period, who generally require time to increase their spending in our GigaCloud Marketplace.
Key Factors Affecting Our Results of Operations
Key factors affecting our results of operations include the following:
Our Ability to Attract and Retain Sellers
Sellers in our marketplace are typically manufacturers operating in Asia who utilize our supply chain capabilities to establish overseas sales channels without having to invest in their own logistics or fulfillment centers overseas. We are focused on growing and retaining the number of sellers who choose to list their large parcel merchandise in our marketplace and utilize our fulfillment and logistics network for the shipping and handling of their products.
Our number of active 3P sellers was 1,051 in the 12 months ended September 30, 2024, compared to 741 in the 12 months ended September 30, 2023, representing an increase of 41.8% from 12 months ended September 30, 2023. We believe this increasing trend will continue because of the growing recognition of our marketplace, our seller-friendly comprehensive fulfillment and logistics network which enables hassle-free delivery of large parcel merchandise and our expansion into new markets.
Using our marketplace, sellers are able to quickly gain access to key global markets in which we operate, including the U.S., the U.K., Germany, Japan and Canada. We provide a flat rate program for shipping and handling, and sellers are able to utilize the storage space in our fulfillment centers. We also create sales analytics which provide valuable information as sellers determine which products to bring to market.
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We attract new sellers predominantly through organic channels such as geographic expansion, suppliers outreach, marketing initiatives, referrals and word-of-mouth. In 2023, we completed the acquisitions of Noble House and Wondersign, which supplemented our supply chain, fulfillment and logistics capabilities and we expect to attract more sellers and buyers into our GigaCloud Marketplace after these strategic acquisitions. We also plan to augment organic customer acquisition by adding additional sales and marketing employees to enhance seller and buyer growth.
Our Ability to Attract and Retain Buyers
Buyers in our marketplace are typically resellers operating in the U.S., Asia and Europe who procure large parcel merchandise to resell to end customers. Our marketplace is attractive to buyers because we minimize inventory risk from our buyers’ business operations. Our buyers can browse a product in our marketplace and list the product on their preferred ecommerce websites such as Rakuten, Amazon, Walmart, Wayfair, Home Depot and OTTO, or their own store prior to procuring and storing the product in a warehouse or shop. Once a sale to the end customer takes place, buyers can order the product in our marketplace and we will handle the fulfillment directly to the end customer.
In the 12 months ended September 30, 2024, we had 8,535 active buyers in our marketplace with an average $144,534 spend per active buyer, representing a 85.5% increase in active buyers and a 2.9% decrease in spend per active buyer compared to the 4,602 active buyers in our marketplace with an average $148,793 spend per active buyer in the 12 months ended September 30, 2023, primarily attributable to increased scale and recognition of our marketplace and an increase in the number of global sales channels for buyers to resell products to end customers.
Recent Acquisitions
In addition to organic growth, we have grown through acquisitions that have deepened and expanded our presence in current markets and facilitated entry into attractive new markets.
In 2023, we completed the acquisition of Noble House, a leading B2B distributor of indoor and outdoor home furnishing, for an aggregate consideration of approximately $77.6 million, and the acquisition of Wondersign, a cloud-based interactive digital signage and e-catalog management SaaS company, for an aggregate purchase price of approximately $10.0 million.
Following the acquisitions, our results of operations are affected by the newly acquired businesses or operations, the purchase accounting for the acquisition and expenditures made to integrate the newly acquired businesses or operations. As a result of our acquisitions and the consolidation of our operating subsidiaries’ financial results into our consolidated financial results, the periods presented in our historical financial statements may not be comparable to one another and our future results of operations and financial results may also differ.
Overall Economic Trends
The overall economic environment and related changes in customer behavior have a significant impact on our business. Customer spending on our products and services is primarily discretionary, and therefore positive economic conditions generally drive stronger business performance.
Recent global economic uncertainties, inflation, higher interest rates, surge in fuel and transportation costs, lower consumer confidence and demand for discretionary goods, and geopolitical events such as recent international trade disputes and the ongoing wars in Ukraine and in Israel and Gaza, including the related disruptions to international shipping in the Red Sea could impact the demand of products and shipping and freight rates. We expect an increase in our transportation costs in the fourth quarter of 2024 due to seasonal demand surge which may negatively affect our profitability. Other macroeconomic factors that can affect customer spending patterns include employment rates, availability of customer credit, tariffs, interest rates, tax rates and energy costs.
Our Ability to Broaden Service Offerings
Our results of operations are also affected by our ability to introduce new service offerings. We have a history of expanding our service offering to enhance our customer experience and to increase revenues. We started our business by primarily selling our own self-procured large parcel merchandise directly to end customers. We expanded our service offerings and launched our GigaCloud Marketplace in 2019, and the revenues generated by GigaCloud Marketplace grew quickly, representing 74.4% and 63.7% of our total revenues in the nine months ended September 30, 2023 and 2024, respectively. We continue to evaluate opportunities to launch additional services.
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Our Ability to Effectively Invest in our Infrastructure and Technology Platform
Our results of operations depend in part on our ability to invest in our infrastructure and technology platform to cost-effectively meet the demands of our anticipated growth. Our global fulfillment and logistics network is a key part of our infrastructure, which consists of fulfillment centers and other facilities that are strategically located, designed and equipped to efficiently manage inventory and to fulfill customers orders and other needs. As of September 30, 2024, we leased 37 fulfillment centers with an aggregate gross floor area of approximately 10.5 million square feet in five countries, and two other facilities with storage and showroom functions with an aggregate gross floor area of approximately 18,348 square feet in the U.S. Additionally, we maintain partnerships with several major shipping, trucking and freight service providers to supplement our transportation network and shipping requirements.
Our ability to improve our operational efficiency depends on our ability to invest in our infrastructure and technology platform, including our warehousing and fulfillment solutions and AI technology. We also invest in our research and development personnel for the design, development, and testing of our platform, and incur software development costs for the internal-use software and our group’s websites. We have successfully improved our infrastructure and technology solutions over the past years.
Seasonality
Our business is subject to seasonality. We expect the last quarter of the year to be the most active because of the November and December holiday sales period. Our GigaCloud Marketplace GMV is usually the largest in the fourth quarter of a year. It is uncertain whether this is an indicator of industry trends going forward.
Key Components of Results of Operations
Revenues
We generate service revenues from our GigaCloud 3P business, and product revenues from our GigaCloud 1P, off-platform ecommerce businesses and others. Service revenues from GigaCloud 3P, including revenues from platform commission, ocean transportation service, warehousing service, last-mile delivery service, packaging service, drayage service and others are generated by facilitating transactions between sellers and buyers in our GigaCloud Marketplace. Product revenues from GigaCloud 1P are generated through the product sales of our inventory through our GigaCloud Marketplace, and product revenues from off-platform ecommerce are generated from product sales of our inventory to and through third-party ecommerce websites.
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The following table sets forth the breakdown of our revenues, both in absolute amount and as a percentage of our total revenues, for the periods presented:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202420232024
$%$%$%$%
(In thousands, except for percentages)
(unaudited)
Revenues
Service revenues
Platform commission$2,796 1.6 $4,245 1.4 $7,689 1.7 $12,322 1.4 
Ocean transportation service5,442 3.1 26,242 8.7 12,149 2.6 51,547 6.0 
Warehousing service5,828 3.3 12,603 4.2 16,789 3.7 31,519 3.6 
Last-mile delivery service27,763 15.6 37,244 12.3 69,287 15.1 109,549 12.7 
Packaging service4,529 2.5 7,480 2.5 11,317 2.5 21,445 2.5 
Drayage service(1)
2,814 1.6 4,706 1.6 6,794 1.5 11,873 1.4 
Others(2)
2,302 1.3 7,853 2.6 5,823 1.3 14,911 1.7 
Subtotal51,474 28.9 100,373 33.1 129,848 28.3 253,166 29.3 
Product revenues
Off-platform ecommerce46,276 26.0 97,013 32.0 117,635 25.6 313,184 36.2 
GigaCloud 1P80,417 45.1 105,796 34.9 211,611 46.1 298,397 34.5 
Others— — 134 — — — 513 0.1 
Subtotal126,693 71.1 202,943 66.9 329,246 71.7 612,094 70.7 
Total$178,167 100.0 $303,316 100.0 $459,094 100.0 $865,260 100.0 
_____________________
(1) For the three and nine months ended September 30, 2024, service revenues have been reclassified to separately disclose drayage service revenue, which was previously reported under “Others”. This reclassification is intended to provide more relevant information regarding drayage service revenue, which has grown to a level warranting separate disclosure. Comparative figures were reclassified to conform to this presentation.

(2) No revenues classified as “Others” exceeded 10% of the Group’s total revenues for the three and nine months ended September 30, 2023 and 2024.
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Revenues reported are attributed to geographic areas based on locations of our fulfillment centers, except for platform commission revenues which are attributed to Hong Kong, where the server of the GigaCloud Marketplace is located. The following table sets forth the breakdown of our revenues by geographic regions for the periods presented:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202420232024
(In thousands)
Revenues by geographic regions:
(unaudited)
Service revenues$51,474 $100,373 $129,848 $253,166 
Platform commission2,796 4,245 7,689 12,322 
Hong Kong2,796 4,245 7,689 12,322 
Ocean transportation service5,442 26,242 12,149 51,547 
United States5,420 25,984 12,075 51,161 
Others(1)
22 258 74 386 
Warehousing service5,828 12,603 16,789 31,519 
United States5,637 12,322 16,168 30,738 
Others(1)
191 281 621 781 
Last-mile delivery service27,763 37,244 69,287 109,549 
United States26,641 31,583 66,677 98,161 
Germany951 5,220 1,907 10,315 
Others(1)
171 441 703 1,073 
Packaging service4,529 7,480 11,317 21,445 
United States4,205 6,463 10,581 19,137 
Germany247 910 474 2,035 
Others(1)
77 107 262 273 
Drayage service2,814 4,706 6,794 11,873 
United States2,785 4,566 6,728 11,718 
Others(1)
29 140 66 155 
Others2,302 7,853 5,823 14,911 
United States2,083 7,699 5,331 14,100 
Others(1)
219 154 492 811 
Product revenues126,693 202,943 329,246 612,094 
United States90,413 138,258 240,501 447,646 
Japan10,926 12,277 32,500 32,797 
Germany21,649 46,764 44,912 116,129 
Others(1)
3,705 5,644 11,333 15,522 
Total revenues$178,167 $303,316 $459,094 $865,260 
_____________________
(1)     No other individual region’s revenues exceeded 10% of our total revenues for the three and nine months ended September 30, 2023 and 2024.
Service Revenues—GigaCloud 3P
We derive service revenues primarily through the various 3P activities of sellers and buyers in the GigaCloud Marketplace, including revenues from platform commission, ocean transportation service, warehousing service, last-mile delivery service, packaging service, drayage service and others. When a seller and buyer enter into a transaction in GigaCloud Marketplace, we generate revenues from platform services by earning a percentage commission depending on the transaction value. The standard commission ranges between 1% and 5%. Additionally, we charge a fulfillment fee for other freight services such as delivery of products via ocean transportation. We charge the sellers storage fees based on the number of days and the size of the products that are stored in our fulfillment centers, and we charge buyers a flat fee for last-mile delivery services for delivery of products to end customers directly from our fulfillment centers, which varies by the weight of the products. We charge drayage service fees in connection with transportation of products from ports to warehouses at a flat fee. We also charge packaging fees in connection with merchandise that we pack and ship.
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From time to time in the three and nine months ended September 30, 2024, when we had excess fulfillment capacity, we utilized such excess fulfillment capacity and our extensive logistics network to offer third-party logistics services to customers to help fulfill their large parcel transportation needs. As we continue to grow our GigaCloud Marketplace, we expect to dedicate our logistics capacity to customers using our marketplace and to products sold on our own marketplace, and will opportunistically provide third-party logistics services when there is excess capacity within our network.
Product Revenues—GigaCloud 1P
We derive product revenues from the sales of products through selling our own inventory in our marketplace. Our 1P business creates more products for buyers, gives us insights into seller needs, provides us with proprietary data and increases the velocity of sales in our marketplace.
Product Revenues—Off-platform Ecommerce
We derive product revenues primarily from the sales of our own inventory through two sales models, which are (i) product sales made to third-party ecommerce websites, or Product Sales to B, such as Wayfair, Walmart, Home Depot, Amazon, Target and Overstock; and (ii) product sales to individual customers through third-party ecommerce websites, or Product Sales to C, such as Rakuten, Amazon and OTTO, where end customers can visit our online stores and purchase directly from us. Regarding Product Sales to B, as expenses charged by these websites are not in exchange for a distinct good or service, the payments to these websites are not recognized as expenses but as recorded net of revenues. With respect to Product Sales to C, expenses incurred for product sales made through these websites are recorded as selling and marketing expenses.
Cost of Revenues
Our cost of revenues primarily consists of cost of services and cost of product sales. The following table sets forth the breakdown of our cost of revenues, both in absolute amount and as a percentage of our total revenues, for the periods presented:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202420232024
$%$%$%$%
(In thousands, except for percentages)
(unaudited)
Cost of revenues
Services$40,375 22.7 $78,292 25.8 $103,924 22.6 $206,763 23.9 
Product sales88,934 49.9 147,773 48.7 236,374 51.5 438,251 50.6 
Total$129,309 72.6 $226,065 74.5 $340,298 74.1 $645,014 74.5 
Cost of Services
Cost of services primarily consists of delivery costs, an allocated portion of fulfillment center rental expenses, and costs associated with the operation of the GigaCloud Marketplace.
Cost of Product Sales
Cost of product sales primarily consists of the purchase price of merchandise, shipping and handling costs for self-owned merchandise, rental expenses for fulfillment centers excluding the portion allocated to cost of service revenue and abnormal capacity, packaging fees and personnel related costs. Shipping and handling costs primarily consist of those costs incurred during the process of delivery in North America and markets in other regions such as Japan and Europe, including the expenses attributable to shipment and handling activities, when we deliver a good to a customer.
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Gross Profit and Margin
The table below sets forth a breakdown of our gross profit and gross profit margin for each of the periods presented:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202420232024
(In thousands, except for percentages)
Gross Profit$48,858$77,251$118,796$220,246
Gross margin (%)27.4 %25.5 %25.9 %25.5 %
Operating Expenses
Our operating expenses consist of selling and marketing expenses, general and administrative expenses, research and development expenses and losses on disposal of property and equipment. The following table sets forth the breakdown of our operating expenses, both in absolute amount and as a percentage of our total revenues, for the periods presented:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202420232024
$%$%$%$%
(In thousands, except for percentages)
Operating expenses
Selling and marketing expenses$10,951 6.1 $18,605 6.1 $27,382 6.0 $52,645 6.1 
General and administrative expenses5,831 3.3 15,296 5.0 16,878 3.7 56,965 6.6 
Research and development expenses377 0.2 2,582 0.9 1,581 0.3 7,435 0.9 
Losses on disposal of property and equipment— — 45 — — — 213 — 
Total operating expenses$17,159 9.6 $36,528 12.0 $45,841 10.0 $117,258 13.6 
Selling and Marketing Expenses
Our selling and marketing expenses primarily consist of platform service fees charged by third-party ecommerce websites arising from Product sales to C on Off-platform ecommerce channels, advertising expenses, and payroll and related expenses for personnel engaged in selling and marketing activities, and rental and depreciation expenses relating to facilities and equipment used by those employees. Advertising expenses include advertisements through various forms of media and marketing and promotional activities.
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The following table sets forth the breakdown of our selling and marketing expenses, both in absolute amount and as a percentage of our total revenues, for the periods presented:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202420232024
$%$%$%$%
(In thousands, except for percentages)
Selling and marketing expenses
Staff cost$5,029 2.8 $8,284 2.7 $13,516 2.9 $23,412 2.7 
Platform service fees
4,811 2.7 7,710 2.5 11,176 2.4 22,135 2.6 
Advertising expenses
729 0.4 1,565 0.5 1,684 0.4 4,809 0.6 
Traveling141 0.1 320 0.1 367 0.1 643 0.1 
Others241 0.1 726 0.2 639 0.1 1,646 0.2 
Total selling and marketing expenses$10,951 6.1 $18,605 6.1 $27,382 6.0 $52,645 6.1 
General and Administrative Expenses
Our general and administrative expenses primarily consist of share-based compensation, payroll and related costs for employees involved in general corporate functions, rental and depreciation expenses associated with the use of facilities and equipment by these employees, rental expenses associated with excess capacity in fulfillment centers, professional fees, property insurance and other general corporate expenses.
The following table sets forth the breakdown of our general and administrative expenses, both in absolute amount and as a percentage of our total revenues, for the periods presented:
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2023202420232024
 $%$%$%$%
 
(In thousands, except for percentages)
General and administrative expenses
Staff cost$2,315 1.3 $4,286 1.4 $7,756 1.7 $24,580 2.8 
Professional fees
1,466 0.8 2,699 0.9 3,775 0.8 7,698 0.9 
Rental and depreciation
799 0.4 4,987 1.6 2,105 0.5 14,805 1.7 
Office supplies and utility481 0.3 482 0.2 1,169 0.3 2,784 0.3 
Property insurance
228 0.1 1,147 0.4 675 0.1 2,722 0.3 
Others542 0.3 1,695 0.6 1,398 0.3 4,376 0.5 
Total general and administrative expenses$5,831 3.3 $15,296 5.0 $16,878 3.7 $56,965 6.6 
Research and Development Expenses
Our research and development expenses primarily consist of IT- and platform-related personnel costs, including share-based compensation expense associated with our engineering, programming, data analytics, and product development personnel responsible for the design, development, and testing of our platform, rental and depreciation expenses associated with the use of facilities and equipment of research and development personnel, and information technology costs.
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Losses on Disposal of Property and Equipment
Our losses on disposal of property and equipment primarily consist of the losses on the disposal of old and obsolete property and equipment.
Interest Expense
Our interest expense primarily consists of financial lease interest expense for leased equipment used in our fulfillment centers and other facilities in the U.S.
Interest Income
Our interest income primarily consists of interest income from bank deposits, wealth management products and investments.
Foreign Currency Exchange Gains (Losses), Net
Our foreign exchange gains and losses represent the gains or losses due to appreciation or depreciation of the U.S. dollar against Japanese Yen, the Euro, Canadian dollar and the British Pound.
Government Grants
Our income from government grants primarily consists of industry related government subsidies.
Income Tax Expense
Our income tax expense primarily consists of current tax expense, deferred tax expense and uncertain tax positions.
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Results of Operations
The following table sets forth a summary of our unaudited condensed consolidated results of operations, both in absolute amount and as a percentage of our total revenues, for the periods presented. This information should be read together with our unaudited condensed consolidated financial statements and related notes included elsewhere in this quarterly report. The results of operations in any period are not necessarily indicative of our future trends.
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2023202420232024
$%$%$%$%
(In thousands, except for percentages)
(unaudited)
Revenues
Service revenues$51,474 28.9 $100,373 33.1 $129,848 28.3 $253,166 29.3 
Product revenues126,693 71.1 202,943 66.9 329,246 71.7 612,094 70.7 
Total revenues178,167 100.0 303,316 100.0 459,094 100.0 865,260 100.0 
Cost of revenues— — 
Services40,375 22.7 78,292 25.8 103,924 22.6 206,763 23.9 
Product sales88,934 49.9 147,773 48.7 236,374 51.5 438,251 50.6 
Total cost of revenues129,309 72.6 226,065 74.5 340,298 74.1 645,014 74.5 
Gross profit48,858 27.4 77,251 25.5 118,796 25.9 220,246 25.5 
Operating expenses
Selling and marketing expenses10,951 6.1 18,605 6.1 27,382 6.0 52,645 6.1 
General and administrative expenses5,831 3.3 15,296 5.0 16,878 3.7 56,965 6.6 
Research and development expenses377 0.2 2,582 0.9 1,581 0.3 7,435 0.9 
Losses on disposal of property and equipment— — 45 — — — 213 — 
Total operating expenses17,159 9.6 36,528 12.0 45,841 10.0 117,258 13.6 
Operating income31,699 17.8 40,723 13.4 72,955 15.9 102,988 11.9 
Interest expense(215)(0.1)(87)— (1,132)(0.2)(227)— 
Interest income937 0.5 2,703 0.9 2,011 0.4 6,556 0.8 
Foreign currency exchange gains (losses), net(2,723)(1.5)3,337 1.1 (2,153)(0.5)(479)(0.1)
Government grants78 — 21 — 473 0.1 29 — 
Others, net15 — 1,177 0.4 (7)— 1,361 0.2 
Income before income taxes29,791 16.7 47,874 15.8 72,147 15.7 110,228 12.7 
Income tax expense(5,589)(3.1)(7,189)(2.4)(13,614)(3.0)(15,379)(1.8)
Net income$24,202 13.6 $40,685 13.4 $58,533 12.7 $94,849 11.0 
Comparison of Three Months Ended September 30, 2024 and 2023
Revenues
Our revenues, which primarily consist of service revenues generated from GigaCloud 3P and product revenues generated from GigaCloud 1P and off-platform ecommerce sales, increased by 70.2% from $178.2 million in the three months ended September 30, 2023 to $303.3 million in the three months ended September 30, 2024. This increase was primarily due to the increased market recognition and scale of our GigaCloud Marketplace, leading to increases in our GigaCloud Marketplace GMV, sales volume and number of sellers and buyers.
•Service Revenues from GigaCloud 3P. Our service revenues increased by 95.0% from $51.5 million in the three months ended September 30, 2023 to $100.4 million in the three months ended September 30, 2024. The increase was attributable to:
◦an increase in revenues from last mile delivery services by 33.8% from $27.8 million in the three months ended September 30, 2023 to $37.2 million in the three months ended September 30, 2024 as our GigaCloud Marketplace GMV and delivery volume continued to increase;
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◦an increase in revenues from ocean transportation services by 385.2% from $5.4 million in the three months ended September 30, 2023 to $26.2 million in the three months ended September 30, 2024 as our GigaCloud Marketplace GMV and delivery volume continued to increase, as well as an increase in the pricing of ocean transportation services during the period;
◦an increase in revenues from warehousing services by 117.2% from $5.8 million in the three months ended September 30, 2023 to $12.6 million in the three months ended September 30, 2024 as we handled more products as our GigaCloud Marketplace GMV continued to increase;
◦an increase in revenues from packaging services by 66.7% from $4.5 million in the three months ended September 30, 2023 to $7.5 million in the three months ended September 30, 2024 as we handled more products as our GigaCloud Marketplace GMV continued to increase;
◦an increase in revenues from drayage services by 67.9% from $2.8 million in the three months ended September 30, 2023 to $4.7 million in the three months ended September 30, 2024 as we handled more products as our GigaCloud Marketplace GMV continued to increase;
◦an increase in revenues from platform commission by 50.0% from $2.8 million in the three months ended September 30, 2023 to $4.2 million in the three months ended September 30, 2024 as our GigaCloud Marketplace GMV increased; and
◦an increase in revenues from other services by 243.5% from $2.3 million in the three months ended September 30, 2023 to $7.9 million in the three months ended September 30, 2024, primarily due to an increase in other supplemental fulfillment services provided by our Marketplace compared to the previous period and inclusion of subscription revenues from Wondersign in the three months ended September 30, 2024.
•Product Revenues from GigaCloud 1P. Our product revenues from GigaCloud 1P increased by 31.6% from $80.4 million in the three months ended September 30, 2023 to $105.8 million in the three months ended September 30, 2024. The increase was primarily due to increases in GigaCloud Marketplace GMV and the number of buyers as our marketplace continued to grow in scale.
•Product Revenues from Off-platform Ecommerce. Our product revenues from off-platform ecommerce increased by 109.5% from $46.3 million in the three months ended September 30, 2023 to $97.0 million in the three months ended September 30, 2024. The increase was primarily due to increases in sales channels and increases in sales volume on certain third-party off-platform ecommerce channels.
Cost of Revenues
Our cost of revenues increased by 74.9% from $129.3 million in the three months ended September 30, 2023 to $226.1 million in the three months ended September 30, 2024.
•Our cost of services increased by 93.8% from $40.4 million in the three months ended September 30, 2023 to $78.3 million in the three months ended September 30, 2024, primarily due to:
◦an increase in delivery cost by 87.8% from $29.6 million in the three months ended September 30, 2023 to $55.6 million in the three months ended September 30, 2024 as ocean freight costs and products handled increased during the period;
◦an increase in rental cost by 161.8% from $5.5 million in the three months ended September 30, 2023 to $14.4 million in the three months ended September 30, 2024 as we increased the number of fulfillment centers to 37 globally in the three months ended September 30, 2024 to meet increased demand during the period;
◦an increase in staff cost by 122.2% from $2.7 million in the three months ended September 30, 2023 to $6.0 million in the three months ended September 30, 2024 as we increased the number of employees; and
◦an increase in other cost by 216.7% from $0.6 million in the three months ended September 30, 2023 to $1.9 million in the three months ended September 30, 2024.
•Our cost of product sales increased by 66.3% from $88.9 million in the three months ended September 30, 2023 to $147.8 million in the three months ended September 30, 2024, primarily due to:
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◦an increase in product cost by 66.0% from $67.9 million in the three months ended September 30, 2023 to $112.7 million in the three months ended September 30, 2024 as sales volume, as well as shipping costs to procure our inventories, including ocean freight costs, increased during the period;
◦an increase in delivery cost by 19.3% from $11.4 million in the three months ended September 30, 2023 to $13.6 million in the three months ended September 30, 2024 as sales volume increased;
◦an increase in rental cost by 177.6% from $4.9 million in the three months ended September 30, 2023 to $13.6 million in the three months ended September 30, 2024, as we increased the number of fulfillment centers to 37 globally in the three months ended September 30, 2024 to meet increased demand during the period; and
◦an increase in staff cost by 52.6% from $3.8 million in the three months ended September 30, 2023 to $5.8 million in the three months ended September 30, 2024 as we increased the number of employees.
Gross Profit and Gross Margin
As a result of the foregoing, our gross profit increased by 58.1% from $48.9 million in the three months ended September 30, 2023 to $77.3 million in the three months ended September 30, 2024. Our gross margin decreased from 27.4% in the three months ended September 30, 2023 to 25.5% in the three months ended September 30, 2024, primarily due to lower product gross margin resulting from product procured at increased fulfillment costs, partially offset by a higher service gross margin supported by our fixed rate ocean freight contracts that stabilized costs during the three months ended September 30, 2024.
Selling and Marketing Expenses
Our selling and marketing expenses increased by 69.1% from $11.0 million in the three months ended September 30, 2023 to $18.6 million in the three months ended September 30, 2024, which was primarily due to (i) an increase in staff cost related to selling and marketing personnel by 66.0% from $5.0 million in the three months ended September 30, 2023 to $8.3 million in the three months ended September 30, 2024 as we increased the number of sales and marketing personnel and the commission paid to them, (ii) an increase in platform service fee we incurred on certain third-party ecommerce websites by 60.4% from $4.8 million in the three months ended September 30, 2023 to $7.7 million in the three months ended September 30, 2024 as sales volume and sales channels both increased, and (iii) an increase in advertising expense by 128.6% from $0.7 million in the three months ended September 30, 2023 to $1.6 million in the three months ended September 30, 2024 as we increased our marketing efforts.
General and Administrative Expenses
Our general and administrative expenses increased by 163.8% from $5.8 million in the three months ended September 30, 2023 to $15.3 million in the three months ended September 30, 2024, which was primarily due to (i) an increase in rental expense by 525.0% from $0.8 million in the three months ended September 30, 2023 to $5.0 million in the three months ended September 30, 2024, primarily relating to expenses for certain newly acquired fulfillment centers that are currently under preparation for use that were included in rental expense in the three months ended September 30, 2024, (ii) an increase in staff cost related to general and administrative personnel by 87.0% from $2.3 million in the three months ended September 30, 2023 to $4.3 million in the three months ended September 30, 2024 as we increased the number of staff, (iii) an increase in professional service expense by 80.0% from $1.5 million in the three months ended September 30, 2023 to $2.7 million in the three months ended September 30, 2024 as we engaged additional professional services from our financial and legal advisors in the three months ended September 30, 2024 compared to the previous period, and (iv) an increase in other general and administrative expenses by 240.0% from $0.5 million in the three months ended September 30, 2023 to $1.7 million in the three months ended September 30, 2024.
Research and Development Expenses
Research and development expenses increased by 550.0% from $0.4 million in the three months ended September 30, 2023 to $2.6 million in the three months ended September 30, 2024. The increase was primarily due to our dedication in expanding our research and development efforts, including an increase in the number of research and development projects and the number of employees to perform research and development function in the three months ended September 30, 2024 compared to the previous period.
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Losses on Disposal of Property and Equipment
We had losses on disposal of property and equipment of $45 thousand in the three months ended September 30, 2024, compared to nil in the three months ended September 30, 2023.
Interest Expense
We had interest expenses of $215.0 thousand in the three months ended September 30, 2023 and $87.0 thousand in the three months ended September 30, 2024. The decrease was primarily attributable to a decrease in the balance of finance lease liabilities.
Interest Income
We had interest income of $0.9 million in the three months ended September 30, 2023 and $2.7 million in the three months ended September 30, 2024. The increase was primarily attributable to higher average bank deposits, wealth management products and investment and interest rates in the three months ended September 30, 2024 compared to the previous period.
Foreign Currency Exchange Gains / (Losses), Net
We had foreign currency exchange losses, net of $2.7 million in the three months ended September 30, 2023, compared to foreign currency exchange gains, net of $3.3 million in the three months ended September 30, 2024, primarily attributable to the appreciation of Japanese Yen and Euros over U.S. dollars in the three months ended September 30, 2024.
Government Grants
We had government grant of $78 thousand and $21 thousand in the three months ended September 30, 2023 and 2024, respectively.
Others, net
Others gains, net was $15 thousand in the three months ended September 30, 2023 and others gains, net was $1,177 thousand in the three months ended September 30, 2024.
Income Tax Expense
We had income tax expense of $5.6 million and $7.2 million in the three months ended September 30, 2023 and 2024, respectively.
Net Income
As a result of the foregoing, our net income was $24.2 million and $40.7 million in the three months ended September 30, 2023 and 2024, respectively.
Comparison of Nine Months Ended September 30, 2024 and 2023
Revenues
Our revenues, which primarily consist of service revenues generated from GigaCloud 3P and product revenues generated from GigaCloud 1P and off-platform ecommerce sales, increased by 88.5% from $459.1 million in the nine months ended September 30, 2023 to $865.3 million in the nine months ended September 30, 2024. This increase was primarily due to the increased market recognition and scale of our GigaCloud Marketplace, leading to increases in our GigaCloud Marketplace GMV, sales volume and number of sellers and buyers.
•Service Revenues from GigaCloud 3P. Our service revenues increased by 95.1% from $129.8 million in the nine months ended September 30, 2023 to $253.2 million in the nine months ended September 30, 2024. The increase was attributable to:
◦an increase in revenues from last mile delivery services by 58.0% from $69.3 million in the nine months ended September 30, 2023 to $109.5 million in the nine months ended September 30, 2024 as our GigaCloud Marketplace GMV and delivery volume continued to increase;
◦an increase in revenues from ocean transportation services by 325.6% from $12.1 million in the nine months ended September 30, 2023 to $51.5 million in the nine months ended September 30, 2024 as
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our GigaCloud Marketplace GMV and delivery volume continued to increase, as well as an increase in the pricing of ocean transportation services during the period;
◦an increase in revenues from warehousing services by 87.5% from $16.8 million in the nine months ended September 30, 2023 to $31.5 million in the nine months ended September 30, 2024 as we handled more products as our GigaCloud Marketplace GMV continued to increase;
◦an increase in revenues from packaging services by 89.4% from $11.3 million in the nine months ended September 30, 2023 to $21.4 million in the nine months ended September 30, 2024 as we handled more products as our GigaCloud Marketplace GMV continued to increase;
◦an increase in revenues from platform commission by 59.7% from $7.7 million in the nine months ended September 30, 2023 to $12.3 million in the nine months ended September 30, 2024 as our GigaCloud Marketplace GMV continued to increase;
◦an increase in revenues from drayage services by 75.0% from $6.8 million in the nine months ended September 30, 2023 to $11.9 million in in the nine months ended September 30, 2024 as our GigaCloud Marketplace GMV and delivery volume continued to increase; and
◦an increase in revenues from other services by 156.9% from $5.8 million in the nine months ended September 30, 2023 to $14.9 million in the nine months ended September 30, 2024, primarily due to an increase in other supplemental fulfillment services provided by our Marketplace compared to the previous period and inclusion of subscription revenues from Wondersign in the nine months ended September 30, 2024.
•Product Revenues from GigaCloud 1P. Our product revenues from GigaCloud 1P increased by 41.0% from $211.6 million in the nine months ended September 30, 2023 to $298.4 million in the nine months ended September 30, 2024. The increase was primarily due to increases in GigaCloud Marketplace GMV and the number of buyers as our marketplace continued to grow in scale.
•Product Revenues from Off-platform Ecommerce. Our product revenues from off-platform ecommerce increased by 166.3% from $117.6 million in the nine months ended September 30, 2023 to $313.2 million in the nine months ended September 30, 2024. The increase was primarily due to increases in sales channels and increases in sales volume on certain third-party off-platform ecommerce channels.
Cost of Revenues
Our cost of revenues increased by 89.5% from $340.3 million in the nine months ended September 30, 2023 to $645.0 million in the nine months ended September 30, 2024.
•Our cost of services increased by 99.0% from $103.9 million in the nine months ended September 30, 2023 to $206.8 million in the nine months ended September 30, 2024, primarily due to:
◦an increase in delivery cost by 93.6% from $76.1 million in the nine months ended September 30, 2023 to $147.3 million in the nine months ended September 30, 2024 as ocean freight costs and products handled increased during the period;
◦an increase in rental cost by 146.2% from $14.5 million in the nine months ended September 30, 2023 to $35.7 million in the nine months ended September 30, 2024 as we increased the number of fulfillment centers to 37 globally in the nine months ended September 30, 2024 to meet increased demand during the period;
◦an increase in staff cost by 72.7% from $9.9 million in the nine months ended September 30, 2023 to $17.1 million in the nine months ended September 30, 2024 as we increased the number of employees; and
◦an increase in other cost of services by 300.0% from $0.9 million in the nine months ended September 30, 2023 to $3.6 million in the nine months ended September 30, 2024.
•Our cost of product sales increased by 85.4% from $236.4 million in the nine months ended September 30, 2023 to $438.3 million in the nine months ended September 30, 2024, primarily due to:
◦an increase in product cost by 80.4% from $181.2 million in the nine months ended September 30, 2023 to $326.8 million in the nine months ended September 30, 2024 as sales volume, as well as shipping costs to procure our inventories, including ocean freight costs, increased during the period;
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◦an increase in delivery cost by 51.7% from $31.5 million in the nine months ended September 30, 2023 to $47.8 million in the nine months ended September 30, 2024 consistent with the increase in our sales volume;
◦an increase in rental cost by 190.0% from $14.0 million in the nine months ended September 30, 2023 to $40.6 million in the nine months ended September 30, 2024, as we increased the number of fulfillment centers to 37 globally in the nine months ended September 30, 2024 to meet increased demand during the period; and
◦an increase in staff cost by 107.5% from $8.0 million in the nine months ended September 30, 2023 to $16.6 million in the nine months ended September 30, 2024 as we increased the number of employees.
Gross Profit and Gross Margin
As a result of the foregoing, our gross profit increased by 85.4% from $118.8 million in the nine months ended September 30, 2023 to $220.2 million in the nine months ended September 30, 2024. Our gross margin was 25.9% in the nine months ended September 30, 2023, compared to 25.5% in the nine months ended September 30, 2024. This change was primarily due to a lower service gross margin from increased costs relating to our expanded fulfillment centers network.
Selling and Marketing Expenses
Our selling and marketing expenses increased by 92.0% from $27.4 million in the nine months ended September 30, 2023 to $52.6 million in the nine months ended September 30, 2024, which was primarily due to (i) an increase in platform service fee we incurred on certain third-party ecommerce websites by 97.3% from $11.2 million in the nine months ended September 30, 2023 to $22.1 million in the nine months ended September 30, 2024 as sales volume and sales channels both increased, (ii) an increase in staff cost related to selling and marketing personnel by 73.3% from $13.5 million in the nine months ended September 30, 2023 to $23.4 million in the nine months ended September 30, 2024 primarily due to higher share-based compensation expenses linked to higher share prices for awards granted and vested in 2024, and (iii) an increase in advertising expense by 182.4% from $1.7 million in the nine months ended September 30, 2023 to $4.8 million in the nine months ended September 30, 2024 as we increased our marketing efforts.
General and Administrative Expenses
Our general and administrative expenses increased by 237.3% from $16.9 million in the nine months ended September 30, 2023 to $57.0 million in the nine months ended September 30, 2024, which was primarily due to (i) an increase in staff cost related to general and administrative personnel by 215.4% from $7.8 million in the nine months ended September 30, 2023 to $24.6 million in the nine months ended September 30, 2024 primarily due to higher share-based compensation expenses linked to higher share prices for awards granted and vested in the nine months ended September 30, 2024 and an increased number of staff, (ii) an increase in rental expense by 604.8% from $2.1 million in the nine months ended September 30, 2023 to $14.8 million in the nine months ended September 30, 2024, primarily because the expenses for certain newly acquired fulfillment centers that are currently under preparation for use were included in rental expense in the nine months ended September 30, 2024, as compared to cost of revenues in the nine months ended September 30, 2023, as well as an increase in the number of corporate offices in the nine months ended September 30, 2024 compared to the previous period, (iii) an increase in professional service expense by 102.6% from $3.8 million in the nine months ended September 30, 2023 to $7.7 million in the nine months ended September 30, 2024 as we engaged additional professional services from our financial and legal advisors in the nine months ended September 30, 2024 compared to the previous period, and (iv) an increase in property insurance expense by 285.7% from $0.7 million in the nine months ended September 30, 2023 to $2.7 million in the nine months ended September 30, 2024.
Research and Development Expenses
Research and development expenses increased by 362.5% from $1.6 million in the nine months ended September 30, 2023 to $7.4 million in the nine months ended September 30, 2024. The increase was primarily due to our dedication in expanding our research and development efforts, including an increase in the number of research and development projects and the number of employees to perform research and development function, as well as share-based compensation expenses incurred for awards granted and vested to research and development personnel in nine months ended September 30, 2024 compared to the previous period.
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Losses on Disposal of Property and Equipment
We had losses on disposal of property and equipment of $213 thousand in the nine months ended September 30, 2024, compared to nil in the nine months ended September 30, 2023.
Interest Expense
We had interest expenses of $1.1 million in the nine months ended September 30, 2023 and $0.2 million in the nine months ended September 30, 2024. The decrease was primarily attributable to a decrease in the balance of finance lease liabilities.
Interest Income
We had interest income of $2.0 million in the nine months ended September 30, 2023 and $6.6 million in the nine months ended September 30, 2024. The increase was primarily attributable to higher average bank deposits, wealth management products and investment and interest rates in the nine months ended September 30, 2024 compared to the previous period.
Foreign Currency Exchange Losses, Net
We had foreign currency exchange losses, net of $2.2 million in the nine months ended September 30, 2023, compared to foreign currency exchange losses, net of $0.5 million in the nine months ended September 30, 2024. This was primarily attributable to foreign currency exchange losses from the depreciation of Japanese Yen over U.S. dollars during the first half of 2024, largely offset by the gains from the appreciation of Japanese Yen and Euros over U.S. dollars during the three months ended September 30, 2024.
Government Grants
We had government grant of $473 thousand and $29 thousand in the nine months ended September 30, 2023 and 2024, respectively.
Others, net
Others losses, net was $7 thousand in the nine months ended September 30, 2023 and others gains, net was $1.4 million in the nine months ended September 30, 2024, primarily attributable to foreign currency translation gains from the dissolution of a non-principal subsidiary, as well as net gains from other non-operating income and expenses.
Income Tax Expense
We had income tax expense of $13.6 million and $15.4 million in the nine months ended September 30, 2023 and 2024, respectively.
Net Income
As a result of the foregoing, our net income was $58.5 million and $94.8 million in the nine months ended September 30, 2023 and 2024, respectively.
Segment Information for the Three and Nine Months Ended September 30, 2023 and 2024
For the purpose of internal reporting and management's operation review, we do not segregate our business by revenue stream or geography. Our management has determined that our company has one operating segment. See Note 1, Summary of Significant Accounting Policies, in the notes to the unaudited condensed consolidated financial statements included elsewhere in this quarterly report.
Long-lived assets consist of property and equipment and operating lease right-of-use assets. The geographic information for long-lived assets as of December 31, 2023 and September 30, 2024 was as follows:

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December 31, 2023September 30, 2024
(In thousands)
(unaudited)
The United States$400,554 $476,306 
Others22,982 28,731 
Total long-lived assets$423,536 $505,037 
Revenues reported are attributed to geographic areas based on locations of our fulfillment centers, except for platform commission revenues which are attributed to Hong Kong, where the server of GigaCloud Marketplace is located. The following table sets forth the breakdown of our revenues by geographic regions for the periods presented:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202420232024
(In thousands)
Revenues by geographic regions:
(unaudited)
Service revenues$51,474 $100,373 $129,848 $253,166 
Platform commission2,796 4,245 7,689 12,322 
Hong Kong2,796 4,245 7,689 12,322 
Ocean transportation service5,442 26,242 12,149 51,547 
United States5,420 25,984 12,075 51,161 
Others(1)
22 258 74 386 
Warehousing service5,828 12,603 16,789 31,519 
United States5,637 12,322 16,168 30,738 
Others(1)
191 281 621 781 
Last-mile delivery service27,763 37,244 69,287 109,549 
United States26,641 31,583 66,677 98,161 
Germany951 5,220 1,907 10,315 
Others(1)
171 441 703 1,073 
Packaging service4,529 7,480 11,317 21,445 
United States4,205 6,463 10,581 19,137 
Germany247 910 474 2,035 
Others(1)
77 107 262 273 
Drayage service2,814 4,706 6,794 11,873 
United States2,785 4,566 6,728 11,718 
Others(1)
29 140 66 155 
Others2,302 7,853 5,823 14,911 
United States2,083 7,699 5,331 14,100 
Others(1)
219 154 492 811 
Product revenues126,693 202,943 329,246 612,094 
United States90,413 138,258 240,501 447,646 
Japan10,926 12,277 32,500 32,797 
Germany21,649 46,764 44,912 116,129 
Others(1)
3,705 5,644 11,333 15,522 
Total revenues$178,167 $303,316 $459,094 $865,260 
_____________________
(1)     No other individual region’s revenues exceeded 10% of our total revenues for the three and nine months ended September 30, 2023 and 2024.

Non-GAAP Financial Measure
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To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, we use certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EPS – diluted, to understand and evaluate our core operating performance. Adjusted EBITDA is net income excluding interest, income taxes and depreciation and amortization, further adjusted to exclude share-based compensation expenses and non-recurring items. Adjusted EPS – diluted is a financial measure defined as our Adjusted EBITDA divided by our diluted weighted-average shares outstanding. 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. The table below sets forth a reconciliation of Adjusted EBITDA for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2023202420232024
(In thousands)
Net income$24,202 $40,685 $58,533 $94,849 
Add: Income tax expense5,589 7,189 13,614 15,379 
Add: Interest expense215 87 1,132 227 
Less: Interest income(937)(2,703)(2,011)(6,556)
Add: Depreciation and amortization390 2,108 1,150 6,253 
Add: Share-based compensation expense317 1,433 2,074 15,580 
Add: Non-recurring items(1)
— — — 308 
Adjusted EBITDA$29,776 $48,799 $74,492 $126,040 
_____________________
(1)    One of our fulfillment centers in Japan experienced a fire in March 2024. We recognized losses as a result of the fire. Based on the provisions of our insurance policy, the gross losses have been reduced by the estimated insurance proceeds expected to be received from our insurance carrier. We have determined that partial recovery of the incurred losses is probable and therefore recorded net losses of $308 thousands in the nine months ended September 30, 2024. We do not believe such losses to be recurring or frequent in nature.
The table below sets forth a reconciliation of Adjusted EPS – diluted for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2023202420232024
Net income per ordinary share – diluted
$0.59 $0.98 $1.43 $2.30 
Adjustments, per ordinary share:
Add: Income tax expense0.14 0.17 0.33 0.37 
Add: Interest expense0.01 — 0.03 0.01 
Less: Interest income(0.02)(0.07)(0.05)(0.16)
Add: Depreciation and amortization0.01 0.05 0.03 0.15 
Add: Share-based compensation expenses0.01 0.02 0.05 0.38 
Add: Non-recurring items(1)
— — — 0.01 
Adjusted EPS – diluted$0.74 $1.15 $1.82 $3.06 
Weighted average number of ordinary shares outstanding - diluted40,878,75941,395,001 40,881,06541,258,416 
_____________________
(1)    One of our fulfillment centers in Japan experienced a fire in March 2024. We recognized losses as a result of the fire. Based on the provisions of our insurance policy, the gross losses have been reduced by the estimated insurance proceeds expected to be received from our insurance carrier. We
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have determined that partial recovery of the incurred losses is probable and therefore recorded net losses of $308 thousands in the nine months ended September 30, 2024. We do not believe such losses to be recurring or frequent in nature.

Liquidity and Capital Resources
Liquidity
To date, we have financed our operating and investing activities mainly through cash generated from our business. As of September 30, 2024, we had $217.6 million in cash and cash equivalents and $0.7 million in restricted cash.
In July 2022, we entered into a two-year credit facility agreement with Wells Fargo Bank, National Association, under which we are able to borrow up to $50 million during the term of the facility. The credit facility also requires us to comply with various customary covenants and other restrictions. In July 2024, we renewed the credit facility with a maturity date of June 30, 2026. As of the date of this quarterly report, we have not made any draw down from this credit facility.
We believe our cash on hand will be sufficient to meet our current and anticipated needs for general corporate purposes for at least the next 12 months. We may, however, need additional cash resources in the future if we experience changes in business conditions or other developments. We may also need additional cash resources in the future if we find and wish to pursue opportunities for investment, acquisition, capital expenditure or similar actions. If we determine that our cash requirements exceed the amount of cash we have on hand, we may seek to issue equity or equity-linked securities or obtain debt financing. The issuance and sale of additional equity would result in further dilution to our shareholders. The incurrence of indebtedness would result in increased fixed obligations and could result in operating covenants that would restrict our operations. We cannot assure you that financing will be available in amounts or on terms acceptable to us, if at all.
As a Cayman Islands exempted company and offshore holding company, we are permitted under PRC laws and regulations to provide funding to our PRC Subsidiaries only through loans or capital contributions, subject to relevant approval, filing and/or reporting with respect to government authorities and limits on the amount of capital contributions and loans. This may delay us from making loans or capital contributions to our PRC Subsidiaries, if any. See “Item 1A. Risk Factors—Risks Related to Doing Business in China—PRC regulation of loans to, and direct investments in, PRC entities by offshore holding companies and governmental control of currency conversion may restrict or prevent us to make loans or additional capital contributions to our PRC Subsidiaries, which could materially and adversely affect our liquidity and our ability to fund and expand our business.” including in the 2023 Form 10-K.
The following table sets forth a summary of our cash flows for the periods presented:
Nine Months Ended September 30,
20232024
(In thousands)
(unaudited)
Summary of Condensed Consolidated Statement of Cash Flow Data:
Net cash provided by operating activities$82,722 $89,660 
Net cash used in investing activities(9,321)(54,042)
Net cash used in financing activities(3,434)(1,589)
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash(151)130 
Net increase in cash, cash equivalents and restricted cash$69,816 $34,159 
Cash, cash equivalents and restricted cash at the beginning of the period$145,076 $184,168 
Cash, cash equivalents and restricted cash at the end of the period$214,892 $218,327 
Operating Activities
Net cash provided by operating activities in the nine months ended September 30, 2024 was $89.7 million. This was attributable to net income of $94.8 million, as adjusted by non-cash items and the effects of changes in working
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capital and other activities. Adjustments for non-cash items primarily consisted of (i) operating lease of $25.2 million, (ii) share-based compensation of $15.6 million for awards granted and vested during the period, (iii) deferred income tax benefit of $8.0 million, (iv) depreciation and amortization of $6.3 million and (v) unrealized foreign currency exchange gains of $2.0 million. Changes in working capital primarily consisted of (i) an increase of $52.6 million in inventory, (ii) an increase of $14.1 million in accrued expenses and other current liabilities for deposits received or customer payables on our GigaCloud Marketplace, (iii) an increase in income tax payable of $5.9 million, (iv) an increase of $5.2 million in prepayments and other assets, (v) an increase in accounts receivables of $3.8 million and (vi) a decrease of $3.1 million in accounts payable.
Net cash provided by operating activities in the nine months ended September 30, 2023 was $82.7 million. This was attributable to net income of $58.5 million, as adjusted by non-cash items and the effects of changes in working capital and other activities. Adjustments for non-cash items primarily consisted of (i) share-based compensation of $2.1 million, (ii) depreciation and amortization of $1.2 million and (iii) operating lease of $1.3 million. Changes in working capital primarily consisted of (i) an increase of $19.0 million in accrued expenses and other current liabilities, (ii) an increase of $8.3 million in accounts payable, (iii) an increase of $6.9 million in prepayments and other assets, (iv) an increase of $5.7 million in income tax payable, (v) an increase of $4.9 million in inventories and (vi) an increase of $4.5 million in accounts receivable.
Investing Activities
Net cash used in investing activities in the nine months ended September 30, 2024 was $54.0 million, consisting of purchases of investments of $53.5 million for U.S. treasury bonds and other wealth management products, and cash paid for purchase of property and equipment of $14.0 million, partially offset by sale and maturities of investments of $11.8 million and cash received from disposal of property and equipment of $1.7 million.
Net cash used in investing activities in the nine months ended September 30, 2023 was $9.3 million, primarily consisting of advances of $8.5 million paid for the Noble House acquisition and cash paid for purchase of property and equipment of $0.8 million.
Financing Activities
Net cash used in financing activities in the nine months ended September 30, 2024 was $1.6 million, consisting solely of repayment of finance lease obligations.
Net cash used in financing activities in the nine months ended September 30, 2023 was $3.4 million, primarily consisting of repayment of finance obligations of $1.7 million and payment for share repurchase of $1.6 million.
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 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 third quarter of 2024, we did not make any repurchase of our Class A ordinary shares. Since the establishment of the new share repurchase program, between October 1, 2024 and November 6, 2024, the Company has repurchased an aggregate of 468,559 Class A ordinary shares in the open market at a total consideration of approximately $11.4 million pursuant to a repurchase plan under Rule 10b5-1 of the Exchange Act which we entered into on September 27, 2024.
Capital Resources
Our capital expenditures consist primarily of purchase of property and equipment. Our capital expenditures were $0.8 million and $14.0 million in September 30, 2023 and 2024, respectively. We intend to fund our future capital
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expenditures with our existing cash balance, short-term investments and anticipated cash flows from operations. We will continue to make well-planned capital expenditures to meet the expected growth of our business.
Contractual Obligations
The following table sets forth our contractual obligations as of September 30, 2024:
Payment Due by Year
TotalWithin 2024
2025 – 2027
After 2028
 
(In thousands)
Lease commitment(1)
Operating leases$565,349 $23,366 $313,294 $228,689 
Finance leases842 137 496 209 
Total$566,191 $23,503 $313,790 $228,898 
_____________________
(1)Lease commitment consists of the commitments under the lease agreements for our fulfillment centers and storage shelves.
Except for those disclosed above, we did not have any significant capital or other commitments, long-term obligations, or guarantees as of September 30, 2024.
Off-Balance Sheet Commitments and Arrangements
We have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any unconsolidated third parties. In addition, we have not entered into any derivative contracts that are indexed to our shares and classified as shareholders’ equity or that are not reflected in our unaudited condensed consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. Moreover, we do not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or product development services with us.
Holding Company Structure
The Cayman Islands currently has no exchange control regulations or currency restrictions which may affect the import or export of capital, including the availability of cash and cash equivalents for use by our company, or the remittance of dividends, interest or other payments to non-resident holders of our securities.
Our company, GigaCloud Technology Inc, is a holding company incorporated in the Cayman Islands with no material operations of its own and is not a direct Chinese or Hong Kong operating company. We conduct our operations primarily through our principal subsidiaries. As a result, our ability to pay dividends depends upon dividends paid by our subsidiaries. If our subsidiaries incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us.
In addition, as determined in accordance with local regulations, our subsidiaries in certain of our markets may be restricted from paying us dividends offshore or from transferring a portion of their assets to us, whether in the form of dividends, loans or advances, unless certain requirements are met or regulatory approvals are obtained. In addition, our subsidiaries may be restricted in their ability to pay dividends or distributions or make other transfers to us as a result of the laws of their respective jurisdictions of organization and agreements of our subsidiaries. See “Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities—Dividends” of the 2023 Form 10-K. Even though we currently do not require any such dividends, loans or advances from our entities for working capital and other funding purposes, we may in the future require additional cash resources from them due to changes in business conditions, to fund future acquisitions and development, or merely to declare and pay dividends or distributions to our shareholders.
Trend Information
Other than as disclosed elsewhere in this quarterly report, we are not aware of any known trends, uncertainties, demands, commitments or events for the nine months ended September 30, 2024 that are reasonably likely to have a material adverse effect on our net revenues, income, profitability, liquidity or capital resources, or that are reasonably likely to cause a material change in the relationship between costs and revenues, or that would cause reported financial information to be not necessarily indicative of future operating results or financial conditions.
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Critical Accounting Estimates
We prepare our financial statements in conformity with U.S. GAAP. The preparation of these financial statements requires our management to make estimates and assumptions based on the most recently available information, our own historical experience and various other assumptions that we believe to be reasonable under the circumstances. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from our expectations as a result of changes in our estimates. For the fiscal quarter ended September 30, 2024, we had not identified critical accounting estimates that involve a significant level of estimation uncertainty and would have a material impact on our results. There have been no material changes to our critical accounting policies and estimates as compared to the critical accounting policies and estimates disclosed in the 2023 Form 10-K.
Recent Accounting Pronouncements
A list of recently issued accounting pronouncements that are relevant to us is included in Note 1 “Recent accounting pronouncements” to our unaudited condensed consolidated financial statements included elsewhere in this quarterly report.
Item 3.       Quantitative and Qualitative Disclosures About Market Risk.
There have been no material changes in our exposures to market risk since December 31, 2023. See “Part II—Item 7A—Quantitative and Qualitative Disclosures about Market Risk” included in the 2023 Form 10-K for a discussion on our exposures to market risk.
Item 4.       Controls and Procedures
Disclosure Controls and Procedures
Our management, with the participation of our principal executive and principal financial officer, has performed an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this quarterly report, as required by Rule 13a-15(b) under the Exchange Act.
Based upon that evaluation, our management has concluded that, as of September 30, 2024, our disclosure controls and procedures were not effective because we identified two material weaknesses in our internal control over financial reporting. The material weaknesses that have been identified relate to (i) our lack of sufficient financial reporting and accounting personnel with appropriate knowledge of U.S. GAAP and the SEC reporting requirements to formalize, design, implement and operate key controls over financial reporting process to address complex U.S. GAAP accounting issues and related disclosures in accordance with U.S. GAAP and financial reporting requirements set forth by the SEC, which could result in misstatements in relevant financial statement accounts and disclosures, and (ii) the design and implementation of our internal control over the independent review of journal entries due to the absence of formalized accounting policies and procedures, as well as inappropriate segregation of duties specific to the preparation and review of journal entries, which could result in misstatements not being timely prevented or detected, with potentially impact on all financial statement accounts and disclosures.
We are in the process of implementing a number of measures to address the material weaknesses identified, including: (1) hiring additional accounting and financial reporting personnel with U.S. GAAP and SEC reporting experience, (2) expanding the capabilities of existing accounting and financial reporting personnel through continuous training and education in the accounting and reporting requirements under U.S. GAAP and SEC rules and regulations, (3) establishing clear roles and responsibilities to develop and implement formal comprehensive financial period-end closing policies and procedures to ensure all transactions are properly recorded and disclosed, (4) establishing effective monitoring and oversight controls for non-recurring and complex transactions to ensure the accuracy and completeness of our consolidated financial statements and related disclosures and (5) designing and implementing formal accounting policies with periodic reviews, procedures and controls supporting our period-end financial reporting process, including controls over the preparation and review of account reconciliations and journal entries. The process of designing and implementing an effective financial reporting system is a continuous effort that requires us to anticipate and react to changes in our business and the economic and regulatory environments and to expend significant resources to maintain a financial reporting system that is adequate to satisfy our reporting obligation.
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Changes in Internal Control over Financial Reporting
We are taking actions to remediate the material weaknesses relating to our internal control over financial reporting, as described above. We are currently assessing the operating effectiveness of the remediated or new controls. Except as otherwise described herein, there were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the fiscal quarter ended September 30, 2024 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.
PART II—OTHER INFORMATION
Item 1.         Legal Proceedings.
From time to time, we may be involved in claims that arise during the ordinary course of business. Regardless of the outcome, litigation can be costly and time-consuming, as it can divert management’s attention from important business matters and initiatives, negatively impacting our overall operations. In addition, we may also find ourselves at greater risk to outside party claims as we increase our operations in jurisdictions where the laws with respect to the potential liability of online retailers are uncertain, unfavorable or unclear.
Southern District of New York Litigation Matter, In Re GigaCloud Technology Inc Securities Litigation, No. 1:23-cv-10645-JMF (S.D.N.Y.)
In October 2023, two GigaCloud shareholders separately brought putative securities class actions in the United States District Court for the Central District of California. On November 27, 2023, the United States District Court for the Central District of California granted the parties’ stipulations to transfer both cases to United States District Court for the Southern District of New York. On January 12, 2024, the Southern District of New York granted plaintiffs’ stipulation to consolidate the two lawsuits into one and appoint Sashi Rajan and Meir Spear as co-lead plaintiffs. On March 18, 2024, lead plaintiffs filed the first amended complaint against us and certain of our current and former directors and officers, alleging that defendants made false and misleading statements concerning our use of artificial intelligence and machine learning in violation of U.S. securities laws. On May 17, 2024, we filed a motion to dismiss lead plaintiffs’ claims. On May 20, 2024, the Court entered an order giving lead plaintiffs one opportunity to amend their complaint to address issues raised in the May 17, 2024 motion to dismiss. On June 28, 2024, lead plaintiffs filed the second amended complaint. The second amended complaint alleges both false and misleading statements concerning our use of artificial intelligence and machine learning and false and misleading statements about revenue of the GigaCloud Marketplace. We believe that the claims asserted in the second amended complaint are without merit and have moved to dismiss the case. Although the outcome of any complex litigation is inherently uncertain, based on information presently known to management, we do not believe that the matters are likely to have a material impact on our financial condition.
Item 1A. Risk Factors.
We are subject to risks and uncertainties that could, directly or indirectly, adversely affect our business, results of operations, financial condition, liquidity, cash flows, strategies, and/or prospects. We have reviewed the risk factors appeared in “Part I—Item 1A—Risk Factors” in the 2023 Form 10-K, and, except as presented below, there have been no material changes in our risk factors previously disclosed in the 2023 Form 10-K.
We depend on our relationships with third parties, including third-party trucking and freight service companies, and changes in our relationships with these parties could adversely impact our revenues and profits.
We rely on third parties to operate certain elements of our business. For example, we rely on third-party national, regional and local trucking and freight service companies to deliver our large parcel merchandise. As a result, we may be subject to shipping delays or disruptions caused by inclement weather, natural disasters, system interruptions and technology failures, political instability, military conflicts, labor activism, health epidemics or bioterrorism. For example, following the initial conflict between Israel and Hamas in the Middle East, the Houthi movement in Yemen launched a number of attacks on marine vessels traversing the Red Sea causing significant operational disruptions for certain third-party business partners. The conflict is ongoing, and should it escalate or expand, it could result in delays, increased shipping and freight costs, and potential disruptions to the arrival of our products. We have in the past entered, and may from time to time enter, into fixed-rate contracts with third-party transportation service providers to mitigate the impact against any further increase in ocean freight costs in the short term. If the prevailing market ocean freight rates decline to rates lower than our contracted rates, our costs and profitability may be negatively impacted. We are also subject to risks of breakage or other damage during delivery by any of these third parties. We also use and rely on other services from third parties, such as telecommunications services, customs, consolidation and shipping services, as well as warranty, installation, assembly and design services. We may be unable to maintain these relationships, and these services may also be subject to outages and
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interruptions that are not within our control. Third parties may in the future determine they no longer wish to do business with us or may decide to take other actions that could harm our business. We may also determine that we no longer want to do business with them. If parcels are not delivered in a timely fashion or are damaged during the delivery process by these third parties, or if we are not able to provide adequate customer support or other services or offerings, our customers could become dissatisfied and cease using our cross-border fulfillment services or stop trading products through our marketplace, which would adversely affect our operating results.
Item 2.      Unregistered Sales of Equity Securities and Use of Proceeds.
Recent Sales of Unregistered Securities
None.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers.
On June 14, 2023, we announced that our board of directors approved a share repurchase program under which we may purchase up to $25.0 million of our Class A ordinary shares, par value $0.05, over a 12-month period, 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 evaluated the trading prices of its ordinary shares, its financial position and other information and considered the share repurchase by us would be in the best interests of our company and our shareholders.
We may effect repurchase transactions in compliance with Rule 10b5-1 and Rule 10b-18 of 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 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 our third quarter of 2024 covered in this quarterly report, we did not repurchase any of our Class A ordinary shares.
Item 3.         Defaults Upon Senior Securities.
Not applicable.
Item 4.        Mine Safety Disclosures.
Not applicable.
Item 5.       Other Information.
(a) and (b) None.
(c) Rule 10b5-1 Trading Plan
During the three months ended September 30, 2024, none of the directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) of our company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” each as defined in Item 408(a) of Regulation S-K.
52

Item 6. Exhibits.
Exhibit
Number		Description of Document
3.1
31.1*
31.2*
32.1**
32.2**
101.INS*Inline XBRL Instance Document — the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH*Inline XBRL Taxonomy Extension Schema Document
101.CAL*Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*Cover Page Interactive Data File (embedded within the Exhibit 101 Inline XBRL document)

_____________________
* Filed herewith.
** Furnished herewith. This certification is deemed not “filed” by us for purposes of Section 18 of the Exchange Act , or otherwise subject to the liability of that section. This certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that we specifically incorporate it by reference.
53

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
GigaCloud Technology Inc
By:/s/ Larry Lei Wu
Name:Larry Lei Wu
Title:
Chief Executive Officer
(Principal Executive Officer and duly Authorized Officer)
Date: November 7, 2024
GigaCloud Technology Inc
By:
/s/ Xiaoyang Wei
Name:
Xiaoyang Wei
Title:
Interim Chief Financial Officer
(Principal Financial and Accounting Officer and duly Authorized Officer)
Date: November 7, 2024