GigaCloud Technology Inc. announced financial results for the fourth quarter and fiscal year ended December 31, 2024, highlighting a milestone achievement of surpassing $1 billion in total annual revenues for the first time in 2024. This underscores the strength of its B2B Marketplace amid a challenging macroeconomic environment.
The company reported robust growth in GigaCloud Marketplace GMV, with Europe experiencing a 155% year-over-year GMV growth. This global diversification is a key strength, validating the broad appeal of its solutions across diverse markets.
In a significant executive development, the Board approved the appointment of Erica Wei as Chief Financial Officer, effective March 3, 2025. Wei had served as Interim CFO since August 2024 and is recognized for strengthening the company’s financial strategy and enhancing reporting quality.
GigaCloud also updated its share repurchase program, having executed approximately $29 million in share repurchases under a Rule 10b5-1 plan as of March 3, 2025, from its $46 million authorization. The company maintains a strong financial position with over $300 million in cash and equivalents and remains debt-free.
For the first quarter of 2025, the company expects total revenues to be between $250 million and $265 million. The company also noted losses of $2.0 million from a March 2024 fire at a Japan fulfillment center, reduced by $1.9 million in insurance proceeds.
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