GCT · GigaCloud Technology Inc.

GigaCloud Technology Inc delivered strong Q1 2026 results, with total revenues reaching $359.5 million, a 32.2% increase year-over-year, driven by $116.5 million in service revenues (up from $94.1 million) and $242.9 million in product revenues (up from $177.8 million). Gross profit expanded 34.7% to $85.8 million, with gross margin improving to 23.9% from 23.4%, reflecting enhanced operational efficiency amid substantial growth. Operating income rose to $42.5 million from $28.3 million, supported by controlled operating expenses at $43.4 million despite higher selling and marketing costs of $31.2 million. Net income grew 40.6% to $38.1 million, yielding a diluted EPS of $1.04, up 52.9% YoY, while non-GAAP Adjusted EBITDA increased 37.3% to $45.6 million. CEO Larry Wu highlighted long-term investments in Europe and the Noble House acquisition as key to resilience amid U.S. challenges, alongside share repurchases enhancing shareholder value. CFO Erica Wei emphasized operational discipline and balanced capital allocation, with cumulative buybacks of 5.6 million shares for $113.5 million, $68.3 million remaining under the August 2025 program. In Q1, the company repurchased 304,321 Class A shares for $12.3 million, with additional 200,628 shares post-quarter for $9.0 million. Marketplace metrics showed GMV up 17.5% to $1,664.6 million over 12 months, active buyers up 25.2% to 12,473, and active 3P sellers up 19.3% to 1,377. Balance sheet remains solid with $364.0 million in cash, restricted cash, and investments as of March 31, 2026. Q2 revenue guidance of $365-390 million signals continued momentum.