GCT earnings call summary

Prepared Highlights

• Q4 2025 revenue of $363M (+23% YoY); full-year 2025 revenue of $1.3B (+11% YoY) (CFO).
• Q4 2025 diluted EPS of $1.04 (+37% YoY); full-year 2025 diluted EPS of $3.59 (+18% YoY) (CFO).
• Service revenue (Q4 2025) of $129M (+21% YoY), driven by higher last-mile activity, packaging service revenue, and commissions, partially offset by lower ocean service revenue (CFO).
• Service margin (Q4 2025) of 6%, down 3 percentage points sequentially due to peak-season ground fulfillment surcharges and lower ocean spot rates (CFO).
• Product revenue (Q4 2025) of $234M (+24% YoY), with U.S. product revenue of $121M (+3% YoY) and Europe product revenue of $98M (+64% YoY) (CFO).
• Europe annual revenue grew 68% from 2024 to 2025 (prepared, Iman).
• Total gross margin (Q4 2025) of 22.9% (CFO).
• Net income margin (Q4 2025) of 10.6%; net income of $38.5M (+24% YoY) (CFO).
• Operating cash flow (Q4 2025) of $64M; total liquidity (cash, restricted cash, short-term investments) of $417M; debt-free (CFO).
• Marketplace GMV (trailing 12 months ended Dec 31, 2025) of nearly $1.6B (+18%); 3P seller base of 1,299 (+17% YoY); 3P GMV of $851M (+23%) (Iman).
• Buyback execution (since August 2025 $111M program): $33M repurchased at weighted avg price of $31.60/share (30% of plan) (CFO).
• Noble House acquisition: turned to profitability in H1 2025; returned to growth in Q3 2025; stabilized as of Q4 2025 (ahead of original Q2 2026 target); Q4 Noble House portfolio revenue grew >40% YoY (Iman, CFO).
• New Classic acquisition (closed Jan 1, 2026): funded with $18M cash; integration target of six quarters; will be integrated directly into GigaCloud (Iman).

Official guidance (Q1 2026): revenue expected between $330M and $355M (CFO).

Mgmt quotes:

• "2025 marked a defining chapter for us: record revenue, record EPS." (CEO)
• "Europe delivered 68% revenue growth on an annual basis, a key contributor to our double-digit global growth for the full year." (Iman)
• "The Noble House portfolio turned to profitability during the earlier half of 2025 and returned to growth in the third quarter of this year." (Iman)
• "We acquired Noble House out of bankruptcy, a business that was losing close to $40 million a year." (Iman)
• "We delivered strong fourth quarter and full year results, breaking several records." (CFO)

Prepared Metrics