GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the
“Company”), a pioneer of global end-to-end B2B ecommerce solutions
for large parcel merchandise, today announced its unaudited
financial results for the quarter and six months ended June 30,
2023.
Second Quarter 2023 Financial
Highlights
- Total
revenues were $153.1 million in the second quarter of
2023, an increase of 23.5% from $124.0 million in the second
quarter of 2022.
- Gross
profit was $40.4 million in the second quarter of 2023, an
increase of 137.1% from $17.0 million in the second quarter of
2022. Gross margin increased to 26.4% in the second quarter of 2023
from 13.7% in the second quarter of 2022.
- Net
income was $18.4 million in the second quarter of 2023, an
increase of 201.5% from $6.1 million in the second quarter of
2022.
-
Cash was $181.5 million and restricted
cash was $0.9 million as of June 30, 2023, compared to
$143.5 million and $1.5 million as of December 31, 2022,
respectively.
-
Adjusted EBITDA1 was $24.9
million in the second quarter of 2023, an increase of 219.3% from
$7.8 million in the second quarter of 2022.
First Half 2023 Financial Highlights
-
Total revenues were $280.9 million in the six
months ended June 30, 2023, an increase of 18.8% from $236.5
million in the six months ended June 30, 2022.
-
Gross profit was $69.9 million in the six months
ended June 30, 2023, increased by 106.4% from $33.9 million in the
six months ended June 30, 2022. Gross margin was 24.9% in the six
months ended June 30, 2023, compared to 14.3% in the six months
ended June 30, 2022.
-
Net income was $34.3 million in the six months
ended June 30, 2023, an increase of 216.7% compared to $10.8
million in the six months ended June 30, 2022.
-
Adjusted EBITDA1 was $44.7
million in the six months ended June 30, 2023, an increase of
203.9% compared to $14.7 million in the six months ended June 30,
2022.
Operational Highlights
-
GigaCloud Marketplace GMV2 was
$607.5 million in the 12 months ended June 30, 2023, an increase of
32.4% from $458.8 million in the 12 months ended June 30,
2022.
- Active
3P sellers3 were 665 in the 12 months
ended June 30, 2023, an increase of 47.1% from 452 in the 12 months
ended June 30, 2022.
- Active
buyers4 were 4,351 in the 12 months ended
June 30, 2023, an increase of 7.1% from 4,061 in the 12 months
ended June 30, 2022.
- Spend
per active buyer5 was $139,629 in the 12
months ended June 30, 2023, an increase of 23.6% from $112,987 in
the 12 months ended June 30, 2022.
- 3P
seller GigaCloud Marketplace GMV6 was
$324.7 million in the 12 months ended June 30, 2023, an increase of
65.1% from $196.7 million in the 12 months ended June 30, 2022. 3P
seller GigaCloud Marketplace GMV represented 53.4% of total
GigaCloud Marketplace GMV in the 12 months ended June 30,
2023.
Larry Wu, Founder, Chairman of the Board of
Director, and Chief Executive Officer of GigaCloud, commented, “We
are thrilled with our results for the first half of 2023,
especially our tremendous period-over-period net income growth of
over 200% and another consecutive quarter of generating record
profitability. We are seeing our momentum continue to grow at both
the 1P and 3P level in our GigaCloud Marketplace as we execute on
our strategy and further our market leading position as a trusted
global B2B ecommerce brand. Despite a challenging market
environment for large parcel merchandise, our unique business model
and technological advances have propelled us to achieve another
quarter of exceptional operational and financial results. We have
built a reputation with our strong brand, value, and services
selection, and believe GigaCloud is well positioned to deliver
value to shareholders for the rest of 2023 and beyond.”
Second Quarter 2023 Financial
Results
Revenues
Total revenues were $153.1 million in the second
quarter of 2023, increased by 23.5% from $124.0 million in the
second quarter of 2022. The increase was primarily due to an
increase in market demand for large parcel merchandise, leading to
increases in our GigaCloud Marketplace GMV, sales volume and number
of sellers and buyers.
- Service
revenue from GigaCloud 3P was $43.3 million in the second quarter
of 2023, increased by 31.9% from $32.8 million in the second
quarter of 2022. The increase was primarily due to an increase in
revenue from last-mile delivery services by 69.2% from $13.5
million in the second quarter of 2022 to $22.9 million in the
second quarter of 2023 and an increase in revenue from warehouse
services by 62.1% from $3.3 million in the second quarter of 2022
to $5.3 million in the second quarter of 2023. These increases were
partially offset by a decrease in revenue from ocean transportation
services by 61.8% from $10.2 million in the second quarter of 2022
to $3.9 million in the second quarter of 2023, primarily due to the
decrease in ocean freight costs which drove down our prices.
- Product
revenue from GigaCloud 1P was $69.8 million in the second quarter
of 2023, increased by 14.9% from $60.7 million in the second
quarter of 2022. The increase was primarily due to increases in
spend per active buyer.
- Product
revenue from off-platform ecommerce was $40.1 million in the second
quarter of 2023, increased by 31.6% from $30.5 million in the
second quarter of 2022. The increase was primarily due to an
increased sales in certain third-party off-platform ecommerce.
Cost of Revenues
Cost of revenues was $112.8 million in the
second quarter of 2023, increased by 5.4% from $107.0 million in
the second quarter of 2022.
- Cost of
services increased by 22.7% from $28.3 million in the second
quarter of 2022 to $34.8 million in the second quarter of 2023,
primarily due to an increase in staff cost by 316.1% from $1.0
million in the second quarter of 2022 to $4.1 million in the second
quarter of 2023, and an increase in delivery cost by 8.5% from
$23.8 million in the second quarter of 2022 to $25.8 million in the
second quarter of 2023.
- Cost of product
sales slightly decreased by 0.9% from $78.7 million in the second
quarter of 2022 to $78.0 million in the second quarter of 2023,
primarily due to an increase in delivery costs by 39.0% from $7.6
million in the second quarter of 2022 to $10.6 million in the
second quarter of 2023, partially offset by a decrease in rental
cost by 25.9% from $6.0 million in the second quarter of 2022 to
$4.4 million in the second quarter of 2023 and a decrease in
product cost by 1.9% from $61.6 million in the second quarter of
2022 to $60.4 million in the second quarter of 2023.
Gross Profit and Gross
Margin
Gross profit was $40.4 million in the second
quarter of 2023, increased by 137.1% from $17.0 million in the
second quarter of 2022. Gross margin increased to 26.4% in the
second quarter of 2023 from 13.7% in the second quarter of
2022.
Operating Expenses
Total operating expenses were $17.0 million in
the second quarter of 2023, increased by 93.0% from $8.8 million in
the second quarter of 2022.
- Selling and
marketing expenses were $9.5 million in the second quarter of 2023,
increased by 74.9% from $5.5 million in the second quarter of 2022.
The increase was primarily due to an increase in staff cost related
to selling and marketing personnel by 81.9% from $2.6 million in
the second quarter of 2022 to $4.7 million in the second quarter of
2023, and an increase in platform service fee we incurred to
certain third-party ecommerce websites by 62.1% from $2.3 million
in the second quarter of 2022 to $3.7 million in the second quarter
of 2023.
- General and
administrative expenses were $6.9 million in the second quarter of
2023, increased by 106.7% from $3.3 million in the second quarter
of 2022. The increase was primarily due to an increase in
professional service fee by 184.0% from $0.6 million in the second
quarter of 2022 to $1.6 million in the second quarter of 2023, and
an incurrence of share-based compensation expense of $1.3 million
in the second quarter 2023 compared to nil in the second quarter of
2022.
- Research and
development expenses were $0.5 million in the second quarter of
2023, whereas the Company did not have research and development
expenses in the second quarter of 2022. The increase was primarily
due to system wide technological upgrades on GigaCloud Marketplace
to support the Company’s growth.
Operating Income
Operating income was $23.4 million in the second
quarter of 2023, increased by 184.2% from $8.2 million in the
second quarter of 2022.
Income Tax Expenses
Income tax expenses were $4.3 million in the
second quarter of 2023, increased by 245.4% from $1.2 million in
the second quarter of 2022.
Net Income
Net income was $18.4 million in the second
quarter of 2023, an increase of 201.5% from $6.1 million in the
second quarter of 2022.
Basic and Diluted Earnings per
Share
Basic and diluted earnings per share were $0.45
in the second quarter of 2023, compared to $0.15 in the second
quarter of 2022.
Adjusted EBITDA
Adjusted EBITDA7 was $24.9 million in the second
quarter of 2023, increased by 219.3% from $7.8 million in the
second quarter of 2022.
First Half 2023 Financial Results
Revenues
Total revenues were $280.9 million in the six
months ended June 30, 2023, increased by 18.8% from $236.5 million
in the six months ended June 30, 2022. The increase was primarily
due to an increase in market demand for large parcel merchandise,
leading to increases in our GigaCloud Marketplace GMV, sales volume
and number of sellers and buyers.
- Service
revenue from GigaCloud 3P was $78.4 million in the six months ended
June 30, 2023, increased by 22.4% from $64.0 million in the six
months ended June 30, 2022. The increase was primarily due to an
increase in revenue from last mile delivery services by 72.8% from
$24.0 million in the six months ended June 30, 2022 to $41.5
million in the six months ended June 30, 2023, an increase in
revenue from warehouse services by 77.2% from $6.2 million in the
six months ended June 30, 2022 to $11.0 million in the six months
ended June 30, 2023 and an increase in revenue from platform
services by 62.6% from $3.0 million in the six months ended June
30, 2022 to $4.9 million in the six months ended June 30, 2023. The
increases were partially offset by a decrease in revenue from ocean
transportation services by 71.0% from $23.1 million in the six
months ended June 30, 2022 to $6.7 million in the six months ended
June 30, 2023.
- Product
revenue from GigaCloud 1P was $131.2 million in the six months
ended June 30, 2023, increased by 14.1% from $115.0 million in the
six months ended June 30, 2022. The increase was primarily due to
an increase in spend per active buyer.
- Product
revenue from off-platform ecommerce was $71.4 million in the six
months ended June 30, 2023, increased by 24.3% from $57.4 million
in the six months ended June 30, 2022. The increase was primarily
due to an increased sales in certain third-party off-platform
ecommerce.
Cost of Revenues
Cost of revenues was $211.0 million in the six
months ended June 30, 2023, increased by 4.2% from $202.6 million
in the six months ended June 30, 2022.
-
Cost of services increased by 10.4% from $57.5 million in the six
months ended June 30, 2022 to $63.5 million in the six months ended
June 30, 2023, primarily due to an increase in staff cost by 239.4%
from $2.1 million in the six months ended June 30, 2022 to $7.2
million in the six months ended June 30, 2023.
-
Cost of product sales increased by 1.7% from $145.0 million in the
six months ended June 30, 2022 to $147.4 million in the six months
ended June 30, 2023, primarily due to an increase in delivery cost
by 26.8% from $15.8 million in the six months ended June 30, 2022
to $20.1 million in the six months ended June 30, 2023 and an
increase in product cost by 2.0% from $111.1 million in the six
months ended June 30, 2022 to $113.3 million in the six months
ended June 30, 2023.
Gross Profit and Gross Margin
Gross profit was $69.9 million in the six months
ended June 30, 2023, increased by 106.4% from $33.9 million in the
six months ended June 30, 2022. Gross margin was 24.9% in the six
months ended June 30, 2023, compared to 14.3% in the six months
ended June 30, 2022.
Operating Expenses
Total operating expenses were $28.7 million in
the six months ended June 30, 2023, compared to $18.2 million in
the six months ended June 30, 2022.
- Selling
and marketing expenses were $16.4 million in the six months ended
June 30, 2023, compared to $11.0 million in the six months ended
June 30, 2022. The increase was primarily due to an increase in
staff cost by 57.3% from $5.3 million in the six months ended June
30, 2022 to $8.3 million in the six months ended June 30, 2023 and
an increase in platform service fee by 35.2% from $4.7 million in
the six months ended June 30, 2022 to $6.4 million in the six
months ended June 30, 2023.
- General
and administrative expenses were $11.0 million in the six months
ended June 30, 2023, compared to $7.2 million in the six months
ended June 30, 2022. The increase was primarily due to an increase
in share-based compensation expense by 684.4% from $0.2 million in
the six months ended June 30, 2022 to $1.6 million in the six
months ended June 30, 2023, and an increase in professional service
fee by 73.9% from $1.3 million in the six months ended June 30,
2022 to $2.3 million in the six months ended June 30, 2023.
- Research and
development expenses were $1.2 million in the six months ended June
30, 2023, whereas the Company did not have research and development
expenses in the six months ended June 30, 2022. The increase was
primarily due to system wide technological upgrades on GigaCloud
Marketplace to support the Company’s growth.
Operating Income
Operating income was $41.3 million in the six
months ended June 30, 2023, increased by 162.5% from $15.7 million
in the six months ended June 30, 2022.
Income Tax Expenses
Income tax expenses were $8.0 million in the six
months ended June 30, 2023, compared to $2.8 million in the six
months ended June 30, 2022.
Net Income
Net income was $34.3 million in the six months
ended June 30, 2023, increased by 216.7% compared to $10.8 million
in the six months ended June 30, 2022.
Basic and Diluted Earnings per Share
Basic and diluted earnings per share was $0.84
in the six months ended June 30, 2023, increased by 200.0% compared
to $0.28 in the six months ended June 30, 2022.
Adjusted EBITDA
Adjusted EBITDA8 was $44.7 million in the six
months ended June 30, 2023, increased by 203.9% compared to $14.7
million in the six months ended June 30, 2022.
Balance Sheet
As of June 30, 2023, the Company had cash of
$181.5 million and restricted cash of $0.9 million, compared to
$143.5 million and $1.5 million as of December 31, 2022,
respectively.
Cash Flow
Net cash provided by operating activities was
$38.6 million in the six months ended June 30, 2023, compared to
net cash used in operating activities of $10.3 million in in the
six months ended June 30, 2022, primarily attributable to net
income of $34.3 million in the six months ended June 30, 2023,
adjusted primarily by accrued expenses and other current
liabilities, inventories, and accounts receivable.
Net cash used in investing activities was $0.2
million in the six months ended June 30, 2023 compared to $0.1
million in the six months ended June 30, 2022, consisting primarily
of cash paid for purchase of property and equipment.
Net cash used in financing activities was $1.1
million in the second quarter of 2023, compared to net cash used in
financing activities of $0.6 million in the second quarter of 2022,
consisting primarily of cash paid for finance lease obligations and
repayment of bank loans.
Business Outlook
The Company expects its total revenues to be
between $162 million and $167 million in the third quarter of 2023.
This forecast reflects the Company’s current and preliminary views
on the market and operational conditions, which are subject to
change and cannot be predicted with reasonable accuracy as of the
date hereof.
Conference Call
The Company will host an earnings conference
call to discuss its financial results at 8:30 am U.S. Eastern Time
(8:30 pm Beijing/Hong Kong Time) on August 15, 2023.
For participants who wish to join the call,
please access the link provided below to complete the online
registration process.
Registration Link:
https://register.vevent.com/register/BI51f5f679d7ea43c6add5e35ef4072544
Upon registration, participants will receive the
dial-in number and unique PIN, which can be used to join the
conference call. If participants register and forget their PIN or
lose their registration confirmation email, they may simply
re-register and receive a new PIN. All participants are encouraged
to dial in 15 minutes prior to the start time.
A live and archived webcast of the conference
call will be accessible on the Company’s investor relations website
at: https://investors.gigacloudtech.com/.
____________________________1 Adjusted EBITDA is
a non-GAAP financial measure. For more information on the non-GAAP
financial measure, please see the section of “Non-GAAP Financial
Measure” and the table captioned “Unaudited Reconciliation of
Adjusted EBITDA” set forth at the end of this press release.
2 GigaCloud Marketplace GMV means the total
gross merchandise value of transactions ordered through our
GigaCloud Marketplace including GigaCloud 3P and GigaCloud 1P,
before any deductions of value added tax, goods and services tax,
shipping charges paid by buyers to sellers and any refunds.
3 Active 3P sellers means sellers who have sold
a product in GigaCloud Marketplace within the last 12-month period,
irrespective of cancellations or returns.
4 Active buyers means buyers who have purchased
a product in the GigaCloud Marketplace within the last 12-month
period, irrespective of cancellations or returns.
5 Spend per active buyer is calculated by
dividing the total GigaCloud Marketplace GMV within the
last 12-month period by the number of active buyers as of
such date.
6 3P seller GigaCloud Marketplace GMV means the
total gross merchandise value of transactions sold through our
GigaCloud Marketplace by 3P sellers, before any deductions of value
added tax, goods and services tax, shipping charges paid by buyers
to sellers and any refunds.
7 Adjusted EBITDA is a non-GAAP financial measure. For more
information on the non-GAAP financial measure, please see the
section of “Non-GAAP Financial Measure” and the table captioned
“Unaudited Reconciliation of Adjusted EBITDA” set forth at the end
of this press release.
8 Adjusted EBITDA is a non-GAAP financial measure. For more
information on the non-GAAP financial measure, please see the
section of “Non-GAAP Financial Measure” and the table captioned
“Unaudited Reconciliation of Adjusted EBITDA” set forth at the end
of this press release.
About GigaCloud Technology
Inc
GigaCloud Technology Inc is a pioneer of global
end-to-end B2B ecommerce solutions for large parcel merchandise.
The Company’s B2B ecommerce platform, which it refers to as the
“GigaCloud Marketplace,” integrates everything from discovery,
payments and logistics tools into one easy-to-use platform. The
Company’s global marketplace seamlessly connects manufacturers,
primarily in Asia, with resellers, primarily in the U.S., Asia and
Europe, to execute cross-border transactions with confidence, speed
and efficiency. The Company offers a truly comprehensive solution
that transports products from the manufacturer’s warehouse to the
end customer’s doorstep, all at one fixed price. The Company first
launched its marketplace in January 2019 by focusing on the global
furniture market and has since expanded into additional categories
such as home appliances and fitness equipment. For more
information, please visit the Company’s website:
https://investors.gigacloudtech.com/.
Non-GAAP Financial Measures
The Company uses Adjusted EBITDA, which is net
income excluding interest, income taxes and depreciation, further
adjusted to exclude share-based compensation expense, a non-GAAP
financial measure, to understand and evaluate its core operating
performance. Non-GAAP financial measures, which may differ from
similarly titled measures used by other companies, are presented to
enhance investors’ overall understanding of our financial
performance and should not be considered a substitute for, or
superior to, the financial information prepared and presented in
accordance with U.S. GAAP.
For more information on the non-GAAP financial
measures, please see the table captioned “Unaudited Reconciliation
of Adjusted EBITDA” set forth at the end of this press release.
Forward-Looking Statements
This press release contains “forward-looking
statements”. Forward-looking statements reflect our current view
about future events. These forward-looking statements involve known
and unknown risks and uncertainties and are based on the Company’s
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs. Investors can
identify these forward-looking statements by words or phrases such
as “may,” “will,” “could,” “expect,” “anticipate,” “aim,”
“estimate,” “intend,” “plan,” “believe,” “is/are likely to,”
“propose,” “potential,” “continue” or similar expressions. The
Company undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company’s registration statement and other
filings with the SEC.
For investor and media inquiries, please
contact:
GigaCloud Technology Inc
Investor RelationsEmail:
investor.relations@gigacloudtech.com
ICR Inc.
Ryan GardellaEmail: Ryan.Gardella@icrinc.com
|
GigaCloud Technology Inc UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS (In
thousands) |
|
|
|
|
|
|
December 31, |
|
June 30, |
|
2022 |
|
2023 |
|
US$ |
|
US$ |
ASSETS |
|
|
|
Current assets |
|
|
|
Cash |
143,531 |
|
181,506 |
Restricted cash |
1,545 |
|
898 |
Accounts receivable, net |
27,142 |
|
30,454 |
Inventories |
78,338 |
|
84,786 |
Prepayments and other current assets |
7,566 |
|
9,931 |
|
|
|
|
Total current assets |
258,122 |
|
307,575 |
|
|
|
|
Non-current assets |
|
|
|
Operating lease right-of-use assets |
144,168 |
|
131,795 |
Property and equipment, net |
13,053 |
|
12,452 |
Deferred tax assets |
75 |
|
71 |
Other non-current assets |
3,182 |
|
3,157 |
|
|
|
|
Total non-current assets |
160,478 |
|
147,475 |
|
|
|
|
Total assets |
418,600 |
|
455,050 |
|
|
|
|
GigaCloud Technology Inc UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(continued)(In thousands) |
|
|
|
|
|
December 31, |
|
June 30, |
|
2022 |
|
2023 |
|
US$ |
|
US$ |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
Current liabilities |
|
|
|
Current portion of long-term borrowings |
207 |
|
52 |
Accounts payable (including accounts payable of VIEs without
recourse to the Company of US$4,185 and US$5,024 as of December 31,
2022 and June 30, 2023, respectively) |
31,573 |
|
34,808 |
Contract liabilities (including contract liabilities of VIEs
without recourse to the Company of US$385 and US$357 as of December
31, 2022 and June 30, 2023, respectively) |
2,001 |
|
2,093 |
Current operating lease liabilities (including current operating
lease liabilities of VIEs without recourse to the Company of
US$1,864 and US$1,295 as of December 31, 2022 and June 30, 2023,
respectively) |
27,653 |
|
29,003 |
Income tax payable (including income tax payable of VIEs without
recourse to the Company of US$280 and US$1,164 as of December 31,
2022 and June 30, 2023, respectively) |
4,142 |
|
4,752 |
Accrued expenses and other current liabilities (including accrued
expenses and other current liabilities of VIEs without recourse to
the Company of US$442 and US$1,204 as of December 31, 2022 and June
30, 2023, respectively) |
37,062 |
|
45,685 |
|
|
|
|
Total current liabilities |
102,638 |
|
116,393 |
|
|
|
|
Non-current liabilities |
|
|
|
Operating lease liabilities, non-current (including operating lease
liabilities, non-current of VIEs without recourse to the Company of
US$3,322 and US$1,204 as of December 31, 2022 and June 30, 2023,
respectively) |
116,564 |
|
103,721 |
Deferred tax liabilities |
472 |
|
425 |
Finance lease obligations, non-current |
867 |
|
492 |
Non-current income tax payable |
2,894 |
|
3,014 |
|
|
|
|
Total non-current liabilities |
120,797 |
|
107,652 |
|
|
|
|
Total liabilities |
223,435 |
|
224,045 |
|
|
|
|
Commitments and contingencies |
— |
|
— |
|
GigaCloud Technology Inc UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(continued)(In thousands) |
|
|
December 31, |
|
June 30, |
|
|
2022 |
|
|
2023 |
|
|
US$ |
US$ |
Shareholders’ equity |
|
|
Treasury shares, at cost (4,624,039 and 14,958 shares held as of
December 31, 2022 and June 30, 2023, respectively) |
(231 |
) |
|
(1 |
) |
Subscription receivable from ordinary shares |
(81 |
) |
|
— |
|
Class A ordinary shares (US$0.05 par value, 50,673,268 shares
authorized, 31,357,814 and 31,635,720 shares issued and outstanding
as of December 31, 2022 and June 30, 2023, respectively) |
1,568 |
|
|
1,582 |
|
Class B ordinary shares (US$0.05 par value, 9,326,732 shares
authorized, issued and outstanding as of both December 31, 2022 and
June 30, 2023) |
466 |
|
|
466 |
|
Additional paid-in capital |
109,049 |
|
|
110,734 |
|
Accumulated other comprehensive income |
804 |
|
|
303 |
|
Retained earnings |
83,590 |
|
|
117,921 |
|
Total shareholders’ equity |
195,165 |
|
|
231,005 |
|
Total liabilities and shareholders’ equity |
418,600 |
|
|
455,050 |
|
|
|
|
GigaCloud Technology Inc UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands except for share data and per share
data) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
US$ |
|
US$ |
US$ |
US$ |
Revenues |
|
|
|
|
Service revenues |
32,823 |
|
|
43,278 |
|
|
64,041 |
|
|
78,374 |
|
Product revenues |
91,204 |
|
|
109,852 |
|
|
172,428 |
|
|
202,553 |
|
|
|
|
|
|
Total revenues |
124,027 |
|
|
153,130 |
|
|
236,469 |
|
|
280,927 |
|
|
|
|
|
|
Cost of revenues |
|
|
|
|
Services |
(28,344 |
) |
|
(34,782 |
) |
|
(57,545 |
) |
|
(63,549 |
) |
Product sales |
(78,662 |
) |
|
(77,984 |
) |
|
(145,033 |
) |
|
(147,440 |
) |
|
|
|
|
|
Total cost of revenues |
(107,006 |
) |
|
(112,766 |
) |
|
(202,578 |
) |
|
(210,989 |
) |
|
|
|
|
|
Gross profit |
17,021 |
|
|
40,364 |
|
|
33,891 |
|
|
69,938 |
|
Operating expenses |
|
|
|
|
Selling and marketing expenses |
(5,452 |
) |
|
(9,535 |
) |
|
(11,014 |
) |
|
(16,431 |
) |
General and administrative expenses |
(3,336 |
) |
|
(6,897 |
) |
|
(7,163 |
) |
|
(11,047 |
) |
Research and development expenses |
— |
|
|
(532 |
) |
|
— |
|
|
(1,204 |
) |
|
|
|
|
|
Total operating expenses |
(8,788 |
) |
|
(16,964 |
) |
|
(18,177 |
) |
|
(28,682 |
) |
|
|
|
|
|
Operating income |
8,233 |
|
|
23,400 |
|
|
15,714 |
|
|
41,256 |
|
Interest expense |
(136 |
) |
|
(804 |
) |
|
(300 |
) |
|
(917 |
) |
Interest income |
32 |
|
|
484 |
|
|
124 |
|
|
1,074 |
|
Foreign currency exchange gains (losses), net |
(1,062 |
) |
|
(815 |
) |
|
(2,292 |
) |
|
570 |
|
Government grants |
— |
|
|
395 |
|
|
— |
|
|
395 |
|
Others, net |
269 |
|
|
(1 |
) |
|
436 |
|
|
(22 |
) |
|
|
|
|
|
Income before income taxes |
7,336 |
|
|
22,659 |
|
|
13,682 |
|
|
42,356 |
|
Income tax expense |
(1,236 |
) |
|
(4,269 |
) |
|
(2,843 |
) |
|
(8,025 |
) |
|
|
|
|
|
Net income |
6,100 |
|
|
18,390 |
|
|
10,839 |
|
|
34,331 |
|
|
|
|
|
|
Accretion of Redeemable Convertible Preferred Shares |
(374 |
) |
|
— |
|
|
(744 |
) |
|
— |
|
|
|
|
|
|
Net income attributable to ordinary
shareholders |
5,726 |
|
|
18,390 |
|
|
10,095 |
|
|
34,331 |
|
|
|
|
|
|
Other comprehensive loss |
|
|
|
|
Foreign currency translation adjustment, net of nil income
taxes |
(1,717 |
) |
|
(307 |
) |
|
(1,786 |
) |
|
(501 |
) |
|
|
|
|
|
Total other comprehensive loss |
(1,717 |
) |
|
(307 |
) |
|
(1,786 |
) |
|
(501 |
) |
|
|
|
|
|
Comprehensive Income |
4,383 |
|
|
18,083 |
|
|
9,053 |
|
|
33,830 |
|
|
|
|
|
|
Net income per ordinary share |
|
|
|
|
—Basic |
0.15 |
|
|
0.45 |
|
|
0.28 |
|
|
0.84 |
|
—Diluted |
0.15 |
|
|
0.45 |
|
|
0.28 |
|
|
0.84 |
|
Weighted average number of ordinary shares outstanding used
in computing net income per ordinary share |
|
|
|
|
—Basic |
15,875,571 |
|
|
40,896,423 |
|
|
14,445,722 |
|
|
40,806,959 |
|
—Diluted |
15,875,571 |
|
|
40,941,904 |
|
|
14,445,722 |
|
|
40,852,439 |
|
|
GigaCloud Technology Inc UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) |
|
|
Six Months Ended June 30, |
|
2022 |
|
|
2023 |
|
|
US$ |
US$ |
Operating activities: |
|
|
Net Income |
10,839 |
|
|
34,331 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
Allowance for doubtful accounts |
38 |
|
|
3 |
|
Inventory write-down |
2,976 |
|
|
1,305 |
|
Deferred tax |
(1,115 |
) |
|
(43 |
) |
Share-based compensation |
199 |
|
|
1,757 |
|
Depreciation and amortization |
659 |
|
|
760 |
|
Lease expense to reduce right-of-use assets |
17,080 |
|
|
15,365 |
|
Unrealized foreign currency exchange gains |
— |
|
|
(307 |
) |
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(5,440 |
) |
|
(3,300 |
) |
Inventories |
(24,920 |
) |
|
(7,753 |
) |
Prepayments and other current assets |
(4 |
) |
|
(2,226 |
) |
Accounts payable |
5,616 |
|
|
2,915 |
|
Contract liabilities |
(1,075 |
) |
|
92 |
|
Income tax payable |
(1,312 |
) |
|
344 |
|
Accrued expenses and other current liabilities |
291 |
|
|
9,883 |
|
Operating lease liabilities |
(14,141 |
) |
|
(14,485 |
) |
|
|
|
Net cash provided by (used in) operating
activities |
(10,309 |
) |
|
38,641 |
|
|
|
|
Investing activities: |
|
|
Cash paid for purchase of property and equipment |
(145 |
) |
|
(158 |
) |
|
|
|
Net cash used in investing activities |
(145 |
) |
|
(158 |
) |
|
|
|
GigaCloud Technology Inc UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(continued)(In thousands) |
|
|
Six Months Ended June 30, |
|
2022 |
|
|
2023 |
|
|
US$ |
US$ |
Financing activities: |
|
|
Repayment of finance lease obligations |
(2,009 |
) |
|
(909 |
) |
Repayment of bank loans |
(169 |
) |
|
(145 |
) |
Proceeds from prepaid consideration of restricted shares |
1,578 |
|
|
— |
|
|
|
|
Net cash used in financing activities |
(600 |
) |
|
(1,054 |
) |
|
|
|
Effect of foreign currency exchange rate changes on cash and
restricted cash |
(2,077 |
) |
|
(101 |
) |
|
|
|
Net increase (decrease) in cash and restricted
cash |
(13,131 |
) |
|
37,328 |
|
|
|
|
Cash and restricted cash at the beginning of the period |
63,862 |
|
|
145,076 |
|
|
|
|
Cash and restricted cash at the end of the
period |
50,731 |
|
|
182,404 |
|
|
|
|
Supplemental information |
|
|
Interest expense paid |
300 |
|
|
917 |
|
Income taxes paid |
5,261 |
|
|
7,724 |
|
Non-cash investing and financing activities: |
|
|
Purchase of property and equipment under finance leases |
2,719 |
|
|
— |
|
Settlement of subscription receivable from ordinary shares |
— |
|
|
312 |
|
|
GigaCloud Technology
Inc UNAUDITED RECONCILIATION
OF ADJUSTED EBITDA (In
thousands) |
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
US$ |
US$ |
US$ |
US$ |
Net Income |
6,100 |
|
|
18,390 |
|
|
10,839 |
|
|
34,331 |
|
Add: Income tax expense |
1,236 |
|
|
4,269 |
|
|
2,843 |
|
|
8,025 |
|
Add: Interest expense |
136 |
|
|
804 |
|
|
300 |
|
|
917 |
|
Less: Interest income |
(32 |
) |
|
(484 |
) |
|
(124 |
) |
|
(1,074 |
) |
Add: Depreciation and amortization |
348 |
|
|
380 |
|
|
659 |
|
|
760 |
|
Add: Share-based compensation expenses |
- |
|
|
1,510 |
|
|
199 |
|
|
1,757 |
|
|
|
|
|
|
Adjusted EBITDA |
7,788 |
|
|
24,869 |
|
|
14,716 |
|
|
44,716 |
|
GigaCloud Technology (NASDAQ:GCT)
Historical Stock Chart
From Apr 2024 to May 2024
GigaCloud Technology (NASDAQ:GCT)
Historical Stock Chart
From May 2023 to May 2024