GigaCloud Technology Inc. announced financial results for the first quarter ended March 31, 2025, reporting total revenues of $271.9 million, an 8% increase year-over-year. Service revenue grew 23% to $94.1 million, while product revenue increased 2% to $177.8 million, driven by robust growth in Europe of over 70%.
The company's GigaCloud Marketplace GMV grew over 56% to $1.4 billion for the trailing twelve months ended March 31, 2025. Active 3P sellers increased over 33% to 1,154, and active buyers grew over 81% to nearly 10,000. Overall gross margin improved sequentially by 1.4% to 23.4%.
GigaCloud provided an update on its Noble House integration, having phased out over 400 legacy SKUs and launched over 300 new ones in the first quarter. Approximately 600 new SKUs are in development for the next two quarters, aiming to improve inventory efficiency and assortment freshness.
The Board of Directors approved an additional $16 million for the share repurchase program on May 8, 2025, bringing the total authorization to $78 million. As of May 12, 2025, the company had repurchased approximately 3.7 million shares for $61.8 million.
For the second quarter of 2025, GigaCloud expects total revenues to be between $275 million and $305 million. The company also noted a $1.8 million loss from a March 2024 fire at a Japan fulfillment center, with an insurance recovery of $1.5 million.
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