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- **Revenue milestone**: 10% YoY growth to $333M, EPS of $0.99, both records.
- **M&A success**: Turned Noble House from $40M loss to profitability; New Classic acquisition to expand brick-and-mortar reach.
- **European growth engine**: +70% YoY revenue in Europe, offsetting U.S. macro challenges.
- **Financial strength**: $367M liquidity, $78M cash flow, and $16M share buybacks executed.
- **Strategic focus**: Integrating New Classic to bridge digital/physical channels, with 4-6 quarters of initiatives.

**【CEO Opening Remarks】**
- Q3 2025 revenue grew 10% YoY to $333 million, with EPS of $0.99, both new records.
- Successful turnaround of Noble House (from $40M loss in 2023 to profitability) and expansion of product line/channels.
- Announced acquisition of New Classic Home Furnishing (Jan 1, 2026 close) to diversify into brick-and-mortar wholesale.
- Emphasized M&A as core growth strategy, with disciplined execution and balance sheet strength.

**【President's Operational Update】**
- Marketplace GMV +21% YoY to $1.5B; active sellers +17% to 1,232; buyers +34% to 11,419.
- Europe revenue +70% YoY to $100M, offsetting U.S. macro challenges.
- Noble House portfolio optimized: +2,300 SKUs, -1,100 underperformers, returning to growth.
- New Classic acquisition will bridge digital/physical channels, with 4-6 quarters of integration.

**【CFO Financial Commentary】**
- Service revenue -2% YoY due to U.S. shipping decline; product revenue +16% YoY driven by Europe.
- Gross margin 23.2% (down 70bps sequentially), product margin +70bps to 29.9%.
- Operating expenses -1.7% to 11% of revenue; net income $37M (+50bps to 11.2% of revenue).
- Cash flow $78M; liquidity $367M (debt-free). Share buybacks: $16M executed under $111M plan.

**【Q&A Highlights】**
- CEO: Focused on closing New Classic deal, but actively evaluating new M&A opportunities.
- CFO: Noble House portfolio profitable and growing; Q4 guidance ($328-344M) reflects Europe strength and core business resilience.
- Management cautious on U.S. housing market but confident in diversification strategy.

GigaCloud Technology Inc. (GCT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GCT

GCT fundamentals

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