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Yahoo
12-05-2025
- Business
- Yahoo
GigaCloud Technology Inc Announces First Quarter Ended March 31, 2025 Financial Results
Continued B2B Marketplace Expansion and Proven Strength of the SFR Model EL MONTE, Calif., May 12, 2025 (GLOBE NEWSWIRE) -- GigaCloud Technology Inc (Nasdaq: GCT) ('GigaCloud' or the 'Company'), a pioneer of global end-to-end B2B technology solutions for large parcel merchandise, today announced financial results for the first quarter ended March 31, 2025, including sustained revenue and GMV growth over the comparable prior year period. First Quarter 2025 Financial Highlights Total revenues of $271.9 million, increased 8.3% year-over-year. Gross profit of $63.7 million, decreased 4.2% margin was 23.4%, compared to 26.5% in the first quarter of 2024. Net income of $27.1 million, in line with $27.2 million reported in the prior-year income margin was 10.0%, compared to 10.8% in the first quarter of EPS increased 3.0% year-over-year to $0.68. Adjusted EBITDA1 of $33.2 million, decreased 3.8% EPS – diluted2 of $0.83, decreased 1.2% year-over-year. Cash and cash equivalents, Restricted Cash, and Investments totaled $287.5 million as of March 31, 2025, a 5.1% decrease from December 31, 2024. Operational Highlights GigaCloud Marketplace GMV3 increased 56.1% year-over-year to $1,416.7 million for the 12 months ended March 31, 2025. 3P seller GigaCloud Marketplace GMV4 increased 49.9% year-over-year to $734.3 million for the 12 months ended March 31, 2025. 3P seller GigaCloud Marketplace GMV represented 51.8% of total GigaCloud Marketplace GMV for the 12 months ended March 31, 2025. Active 3P sellers5 increased 33.4% year-over-year to 1,154 for the 12 months ended March 31, 2025. Active buyers6 increased 81.4% year-over-year to 9,966 for the 12 months ended March 31, 2025. Spend per active buyer7 was $142,156 for the 12 months ended March 31, 2025. 'Despite persistent industry headwinds, we continue to grow and see the strength of the GigaCloud Marketplace come through—buyers and sellers continue to lean in during times of volatility and challenge. That is a testament to the efficiency and value created by our Supplier Fulfilled Retailing (SFR) model,' said Larry Wu, Founder, Chairman, and Chief Executive Officer. 'We are building GigaCloud to thrive for the long-term by empowering our partners to do business smarter in an increasingly complex global market. While we are actively managing near-term macro uncertainty, the positive long-term fundamentals reinforce our confidence in delivering lasting value.' 'In September 2024, our Board of Directors approved a share repurchase program of $46 million, and subsequently increased the total authorized amount to $62 million in March 2025. As of today, we have repurchased approximately 3.7 million shares for $61.8 million—close to 150% of the gross proceeds raised in our IPO—at a weighted average price well above our IPO offering price. We remain positioned to deploy additional capital through future repurchase authorizations, balancing capital returns and growth investments to drive future shareholder value creation,' said Erica Wei, Chief Financial Officer. Business Outlook The Company expects its total revenues to be between $275 million and $305 million in the second quarter of 2025. This forecast reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof. Share Repurchase Program In September 2024, the Company's Board of Directors (the 'Board') approved a $46 million share repurchase program, which was increased by $16 million to $62 million on March 28, 2025. Following quarter-end, on May 8, 2025, the Board approved an additional $16 million, bringing the total authorization to $78 million. The program runs through August 28, 2025. As of May 12, 2025, the Company has repurchased approximately 3.7 million of its Class A ordinary shares for $61.8 million. Under the share repurchase program, the Company may purchase its ordinary shares through various means, including open market transactions, privately negotiated transactions, block trades, any combination thereof or other legally permissible means. The Company may effect repurchase transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The number of shares repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with the Company's working capital requirements, general business conditions and other factors. Conference Call The Company will host a conference call to discuss its financial results at 6:30 pm U.S. Eastern Time on May 12, 2025. Participants who wish to join the call should pre-register here at Upon registration, participants will receive the dial-in number and a unique PIN, which can be used to join the conference call. If participants register and forget their PIN or lose their registration confirmation email, they may re-register to receive a new PIN. All participants are encouraged to dial in 15 minutes prior to the start time. A live and archived webcast of the conference call will be accessible on the Company's investor relations website at: About GigaCloud Technology Inc GigaCloud Technology Inc is a pioneer of global end-to-end B2B technology solutions for large parcel merchandise. The Company's B2B ecommerce platform, which it refers to as the 'GigaCloud Marketplace,' integrates everything from discovery, payments and logistics tools into one easy-to-use platform. The Company's global marketplace seamlessly connects manufacturers, primarily in Asia, with resellers, primarily in the U.S., Asia and Europe, to execute cross-border transactions with confidence, speed and efficiency. The Company offers a truly comprehensive solution that transports products from the manufacturer's warehouse to the end customer's doorstep, all at one fixed price. The Company first launched its marketplace in January 2019 by focusing on the global furniture market and has since expanded into additional categories such as home appliances and fitness equipment. For more information, please visit the Company's website: Non-GAAP Financial Measures The Company uses certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EPS – diluted, to understand and evaluate its core operating performance. Adjusted EBITDA is net income excluding interest, income taxes and depreciation, further adjusted to exclude share-based compensation expense. Adjusted EPS – diluted is a financial measure defined as our Adjusted EBITDA divided by our diluted weighted-average shares outstanding, respectively. Management uses Adjusted EBITDA and Adjusted EPS – diluted as measures of operating performance, for planning purposes, to allocate resources to enhance the financial performance of our business, to evaluate the effectiveness of our business strategies and in communications with our Board of Directors and investors concerning our financial performance. Non-GAAP financial measures, which may differ from similarly titled measures used by other companies, are presented to enhance investors' overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. For more information on the non-GAAP financial measures, please see the tables captioned 'Unaudited Reconciliation of Adjusted EBITDA' and 'Unaudited Reconciliation of Adjusted EPS – diluted' set forth at the end of this press release. Forward-Looking Statements This press release contains 'forward-looking statements'. Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as 'may,' 'will,' 'could,' 'expect,' 'anticipate,' 'aim,' 'estimate,' 'intend,' 'plan,' 'believe,' 'is/are likely to,' 'propose,' 'potential,' 'continue' or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. For investor and media inquiries, please contact: GigaCloud Technology Inc Investor Relations Email: ir@ PondelWilkinson, Inc. Laurie Berman (Investors) – lberman@ George Medici (Media) – gmedici@ GigaCloud Technology Inc UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands except for share data and per share data) March 31, 2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents $ 251,711 $ 259,759 Restricted cash 697 685 Investments 35,101 42,674 Accounts receivable, net 67,000 57,313 Inventories 204,854 172,489 Prepayments and other current assets 19,842 14,672 Total current assets 579,205 547,592 Non-current assets Operating lease right-of-use assets 438,692 451,930 Property and equipment, net 32,688 29,498 Intangible assets, net 5,893 6,198 Goodwill 12,586 12,586 Deferred tax assets 11,366 10,026 Other non-current assets 10,607 12,645 Total non-current assets 511,832 522,883 Total assets $ 1,091,037 $ 1,070,475 GigaCloud Technology Inc UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (continued) (In thousands) March 31, 2025 December 31, 2024 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 87,814 $ 78,163 Contract liabilities 5,665 4,486 Current operating lease liabilities 90,823 88,521 Income tax payable 20,001 13,615 Accrued expenses and other current liabilities 87,510 79,594 Total current liabilities 291,813 264,379 Non-current liabilities Operating lease liabilities, non-current 380,842 395,235 Deferred tax liabilities 759 941 Finance lease obligations, non-current 241 382 Non-current income tax payable 4,485 4,321 Total non-current liabilities 386,327 400,879 Total liabilities $ 678,140 $ 665,258 Commitments and contingencies $ — $ — Shareholders' equity Treasury shares, at cost (2,008,984 and 609,390 shares held as of March 31, 2025 and December 31, 2024, respectively) $ (34,550 ) $ (11,816 ) Class A ordinary shares $0.05 par value, 50,673,268 shares authorized, 32,881,519 and 32,878,735 shares issued as of March 31, 2025 and December 31, 2024, respectively, 30,872,535 and 32,269,345 shares outstanding as of March 31, 2025 and December 31, 2024, respectively) 1,643 1,643 Class B ordinary shares ($0.05 par value, 9,326,732 shares authorized as of March 31, 2025 and December 31, 2024, 8,076,732 shares issued and outstanding as of March 31, 2025 and December 31, 2024) 403 403 Additional paid-in capital 121,490 120,262 Accumulated other comprehensive loss (2,096 ) (4,136 ) Retained earnings 326,007 298,861 Total shareholders' equity 412,897 405,217 Total liabilities and shareholders' equity $ 1,091,037 $ 1,070,475 GigaCloud Technology Inc UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands except for share data and per share data) Three Months Ended March 31, 2025 2024 Revenues Service revenues $ 94,068 $ 76,623 Product revenues 177,838 174,454 Total revenues 271,906 251,077 Cost of revenues Services 79,156 62,700 Products 129,024 121,829 Total cost of revenues 208,180 184,529 Gross profit 63,726 66,548 Operating expenses Selling and marketing expenses 18,558 14,580 General and administrative expenses 14,340 15,389 Research and development expenses 2,493 1,756 Losses on disposal of property and equipment 12 6 Total operating expenses 35,403 31,731 Operating income 28,323 34,817 Interest expense (23 ) (81 ) Interest income 2,621 1,609 Foreign currency exchange gains (losses), net 792 (2,709 ) Government grants 213 6 Others, net 579 (322 ) Income before income taxes 32,505 33,320 Income tax expense (5,359 ) (6,125 ) Net income $ 27,146 $ 27,195 Net income attributable to ordinary shareholders 27,146 27,195 Foreign currency translation adjustment, net of income taxes of nil 411 (112 ) Net unrealized loss on available-for-sale investments (6 ) — Intra-entity foreign currency transactions gain 1,636 — Release of foreign currency translation reserve related to liquidation of subsidiaries (1 ) — Total other comprehensive income (loss) 2,040 (112 ) Comprehensive Income $ 29,186 $ 27,083 Net income per ordinary share —Basic $ 0.68 $ 0.67 —Diluted $ 0.68 $ 0.66 Weighted average number of ordinary shares outstanding used in computing net income per ordinary share —Basic 40,020,265 40,788,658 —Diluted 40,138,522 40,950,170 GigaCloud Technology Inc UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Three Months Ended March 31, 2025 2024 Cash flows from operating activities: Net income $ 27,146 $ 27,195 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 2,049 2,081 Share-based compensation 1,227 275 Operating lease 1,125 8,806 Changes in accounts receivables, net (9,011 ) (632 ) Changes in inventories (30,845 ) (56,047 ) Changes in prepayments and other assets (3,217 ) (2,364 ) Changes in accounts payable, accrued expenses and other current liabilities 14,551 27,886 Changes in contract liabilities 1,096 2,045 Changes in income tax payable 6,418 6,552 Changes in deferred income taxes (1,511 ) (2,034 ) Other operating activities 405 1,546 Net cash provided by operating activities 9,433 15,309 Cash flows from investing activities: Purchases of property and equipment (2,395 ) (3,993 ) Disposals of property and equipment 34 1,525 Purchases of investments (25,000 ) (10,000 ) Sales and maturities of investments 31,986 — Net cash provided by (used in) investing activities 4,625 (12,468 ) Cash flows from financing activities: Repayment of finance lease obligations (34 ) (595 ) Repurchases of ordinary shares (22,734 ) — Net cash used in financing activities (22,768 ) (595 ) Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash 674 (306 ) Net increase (decrease) in cash, cash equivalents and restricted cash (8,036 ) 1,940 Cash, cash equivalents and restricted cash at the beginning of the period 260,444 184,168 Cash, cash equivalents and restricted cash at the end of the period $ 252,408 $ 186,108 Supplemental disclosure of cash flow information Cash paid for interest expense 23 81 Cash paid for income taxes 552 1,596 GigaCloud Technology Inc UNAUDITED RECONCILIATION OF ADJUSTED EBITDA (In thousands, except for per share data) Three Months EndedMarch 31, 2025 2024 (In thousands) Net Income $ 27,146 $ 27,195 Add: Income tax expense 5,359 6,125 Add: Interest expense 23 81 Less: Interest income (2,621 ) (1,609 ) Add: Depreciation and amortization 2,049 2,081 Add: Share-based compensation expenses 1,227 275 Add: Non-recurring items(1) — 349 Adjusted EBITDA $ 33,183 $ 34,497 ________________________(1) During the three months ended March 31, 2024, one of our fulfillment centers in Japan experienced a fire. As a result of the fire, we recognized losses of $1.8 million. Based on the provisions of our insurance policy, we have determined that partial recovery of the incurred losses is probable as of March 31, 2024 and therefore recorded an insurance recovery of $1.5 million. We do not believe such losses to be recurring or frequent in nature. UNAUDITED RECONCILIATION OF ADJUSTED EPS – DILUTED Three Months EndedMarch 31, 2025 2024 Net income per ordinary share – diluted $ 0.68 $ 0.66 Adjustments, per ordinary share: Add: Income tax expense 0.13 0.15 Add: Interest expense — — Less: Interest income (0.07 ) (0.04 ) Add: Depreciation and amortization 0.05 0.05 Add: Share-based compensation expenses 0.04 0.01 Add: Non-recurring items(1) — 0.01 Adjusted EPS – diluted $ 0.83 $ 0.84 Weighted average number of ordinary shares outstanding - diluted 40,138,522 40,950,170 ________________________(1) During the three months ended March 31, 2024, one of our fulfillment centers in Japan experienced a fire. As a result of the fire, we recognized losses of $1.8 million. Based on the provisions of our insurance policy, we have determined that partial recovery of the incurred losses is probable as of March 31, 2024 and therefore recorded an insurance recovery of $1.5 million. We do not believe such losses to be recurring or frequent in nature. ________________________1 Adjusted EBITDA is a non-GAAP financial measure. For more information on the non-GAAP financial measure, please see the section of 'Non-GAAP Financial Measure' and the table captioned 'Unaudited Reconciliation of Adjusted EBITDA' set forth at the end of this press release. 2 Adjusted EPS – diluted is a non-GAAP financial measure. For more information on the non-GAAP financial measure, please see the section of 'Non-GAAP Financial Measure' and the table captioned 'Unaudited Reconciliation of Adjusted EPS – diluted' set forth at the end of this press release. 3 GigaCloud Marketplace GMV means the total gross merchandise value of transactions ordered through our GigaCloud Marketplace including GigaCloud 3P and GigaCloud 1P, before any deductions of value added tax, goods and services tax, shipping charges paid by buyers to sellers and any refunds. 4 3P seller GigaCloud Marketplace GMV means the total gross merchandise value of transactions sold through our GigaCloud Marketplace by 3P sellers, before any deductions of value added tax, goods and services tax, shipping charges paid by buyers to sellers and any refunds. 5 Active 3P sellers means sellers who have sold a product in GigaCloud Marketplace within the last 12-month period, irrespective of cancellations or returns. 6 Active buyers means buyers who have purchased a product in the GigaCloud Marketplace within the last 12-month period, irrespective of cancellations or returns. 7 Spend per active buyer is calculated by dividing the total GigaCloud Marketplace GMV within the last 12-month period by the number of active buyers as of such date.
Yahoo
12-05-2025
- Business
- Yahoo
UC Asset Filed for Public Offering of 8% Dividend Preferred Units
ATLANTA, May 12, 2025 /PRNewswire/ -- UC Asset LP (OTCQB: UCASU) announced today that the company filed Form 1A last Thursday for a secondary public offering (SPO) through Reg A Tier II registration, with the intention of issuing up to $10 million preferred shares which will carry an 8% per annum preferred dividend. The filing is subject to SEC review, and the company will not offer any securities until the SEC qualifies its filing. Investing in Cannabis Property The majority of the capital raised will be used to expand its portfolio of cannabis property. "We believe the legal cannabis industry has reached its rock bottom after four years of market consolidation, and we may see the second wave of growth for the cannabis industry starting soon," projected Larry Wu, founder of UC Asset. According to Wu, the first wave of the cannabis industry started in 2012 and peaked in 2021, during which time stock prices of certain cannabis property companies soared 1400% in four years. But some cannabis property stocks have lost over 95% of their value since 2021, leading to huge losses for investors. Since then, many cannabis property owners have attempted to liquidate their portfolios, resulting in a continuous decrease in the value of cannabis properties. "However, there has never been an industry that reached its maturity after only one wave of growth," claimed Wu. "It is not unusual for certain industries to experience 3 to 5 waves of fast growth before market saturation. The cannabis industry is far from realizing its full potential, in our opinion. As Warren Buffett once said, we ought to be greedy now, when others are fearful." Hedging Strategy Despite the company's confidence that a second wave of fast growth is happening soon, based on its analysis of industrial and macro-economic data, as well as policy trends, Wu cautioned that they could be wrong, and their strategy might lead to losses for investors. "To hedge against potential loss, we will only invest in cannabis properties that can potentially be converted into non-cannabis properties and may still retain their value," said Wu. For example, recently the company has entered into LOIs to acquire certain cannabis properties, of which the unit price, according to Wu, will be lower than average warehouses in the same area. "If the cannabis industry does not enter into another stage of fast growth, we may convert these properties into warehouses and may still make a profit," asserted Wu. The preferred shares offered by the company, therefore, will be imbued with a hedging strategy: It will distribute an 8% per annum preferred dividend if the company's cannabis property portfolio does well. At this moment, an 8% dividend will be significantly higher than the average total return of REITs, which is about 4.9% for 2024. If the cannabis industry experiences faster-than-expected growth, preferred unit shareholders will be able to convert their preferred shares into common shares at net book value, which will potentially give investors a big upside. On the other hand, if the cannabis industry stumbles, and the company's cannabis property portfolio does not perform, it may trigger a redemption term and allow the preferred unit shareholders to redeem their shares at face value. For More Information The full text of the draft of the offering statement, including the full text of the certificate of preferred units to be offered, can be found on the company's EDGAR landing page on the website. About UC Asset LP UC Asset LP is a limited partnership formed for the purpose of investing in real estate with innovative strategies. For more information about UC Asset, please visit: Disclaimer: This News Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any these statements. You are cautioned not to place undue reliance on any those forward-looking statements. Except as otherwise required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements after the date of this news release. None of such forward-looking statements should be regarded as a representation by us or any other person that the objectives and plans set forth in this News Release will be achieved or be executed. For More Information Contact: IR@ +1 470-475-1035 View original content: SOURCE UC Asset LP Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-03-2025
- Business
- Yahoo
Apexis, Inc. dba Wondersign, a GigaCloud Company, Launches Wonder App and Is Set to Rebrand as Wonder
Redefining Sales Enablement for Suppliers and Retail Sales Associates in the Brick-and-Mortar Market Ashley Furniture Leads as First Adopter EL MONTE, Calif., March 10, 2025 (GLOBE NEWSWIRE) -- GigaCloud Technology Inc. (Nasdaq: GCT) ('GigaCloud' or the 'Company'), a pioneer of global end-to-end B2B ecommerce technology solutions for large parcel merchandise, today announced that its subsidiary, Apexis, Inc., has launched the Wonder App—a mobile-first, lightweight sales acceleration platform designed for brick-and-mortar commerce. The app connects suppliers and retail sales associates (RSAs) by offering education, training, performance tracking and rewards, providing suppliers with instant insights into RSA activity and greater sales influence. 'Brick-and-mortar retail is evolving rapidly, and suppliers must stay connected to their frontline teams to remain competitive,' said Larry Wu, Founder, Chairman, and Chief Executive Officer of GigaCloud. 'The Wonder App addresses these pain points by providing suppliers with real-time visibility and tools to train and motivate their salesforce. It's another example of how GigaCloud offers an evolving toolbox of solutions designed to help our partners grow, adapt, and succeed in today's competitive retail market.' As part of its transformation, Apexis, Inc., doing business as Wondersign, is to be rebranded as Wonder ('Wonder'). The launch of the Wonder App represents a natural evolution, moving beyond its beginnings as a kiosk app provider to a network that empowers every stage of the retail transaction. Ashley Furniture Industries is the first supplier to adopt the Wonder App across its retailer network. 'At Ashley, we continually seek innovative solutions that enhance how we support our partners,' said John Mask, Executive Vice President Sales & Marketing at Ashley Furniture Industries. 'The Wonder App, combined with GigaCloud's broader technology ecosystem, enables us to deliver training and performance insights more effectively, helping retail sales associates stay informed and engaged. This ultimately supports a more consistent and high-quality experience across our network.' Functionality of the Wonder App The Wonder App equips suppliers with real-time insights and tools to maximize RSA performance on the sales floor. Its educational component delivers continuous updates on product knowledge, sales techniques, and unique selling propositions, ensuring RSAs are well-prepared to represent supplier brands. The app's expanding library of training videos simplifies onboarding and supports continuous skill development. Real-time performance tracking enables independent supplier representatives to monitor associate activity and prioritize support where it's needed most. To boost engagement, the built-in reward system incentivizes RSAs with a points-based structure, offering gifts and sales incentives. Gamification elements—including interactive challenges, badges, and trophies—encourage healthy competition and foster a culture of continuous learning and improvement. 'Suppliers often lack direct visibility into RSA performance, the very people who influence customer decisions and drive in-store sales every day,' said Kaspar Fopp, Chief Executive Officer of Wondersign. 'The Wonder App transforms how suppliers connect with their frontline salesforce by delivering actionable tools and targeted training. With short video modules, quick quizzes, and tangible rewards, the app keeps associates engaged while boosting their performance. It's part of a larger effort to bridge the gap between suppliers and the retail floor, creating stronger connections, better-informed teams, and ultimately, greater business outcomes in an increasingly competitive brick-and-mortar landscape.' The GigaCloud Advantage The launch of the Wonder App reinforces GigaCloud's commitment to innovation and providing technology-driven solutions for the evolving commerce landscape, including the vital brick-and-mortar market. By integrating Wonder's capabilities, GigaCloud equips suppliers with tools that enhance in-store engagement and unlock new growth opportunities. The app is part of the broader GIGA IQ™ package, a suite of technology-driven solutions that power both the GigaCloud B2B Marketplace platform and the back-end B2C enabling system, helping businesses optimize performance across digital and physical retail channels. Backed by GigaCloud's technological infrastructure and strategic expertise, the Wonder App reinforces GigaCloud's leadership in digital transformation, helping businesses strengthen supplier-retailer relationships and streamline operations in an increasingly competitive environment. The Wonder App is a next-gen web app installable on iPads, tablets, and both iOS and Android phones. It is expected to be available for download on the Google Play Store and Apple App Store by mid-March. About GigaCloud Technology Inc. GigaCloud Technology Inc. is a pioneer of global end-to-end B2B ecommerce technology solutions for large parcel merchandise. The Company's B2B ecommerce platform, the 'GigaCloud Marketplace,' integrates everything from discovery, payments and logistics tools into one easy-to-use platform. The Company's global marketplace seamlessly connects manufacturers, primarily in Asia, with resellers, primarily in the U.S., Asia and Europe, to execute cross-border transactions with confidence, speed and efficiency. GigaCloud offers a comprehensive solution that transports products from the manufacturer's warehouse to the end customer's doorstep, all at one fixed price. The Company first launched its marketplace in January 2019 by focusing on the global furniture market and has since expanded into additional categories, including home appliances and fitness equipment. For more information, please visit the Company's website: About Apexis, Inc. Apexis, Inc. dba Wondersign has been a wholly owned subsidiary of GigaCloud Technology Inc. since November 2023. Wondersign is a leading sales enablement platform designed to help physical retailers drive sales and enhance the customer experience. From product discovery to checkout, Wondersign provides physical retailers with tools to optimize showroom experience and improve in-store conversions. For investor and media inquiries, please contact: GigaCloud Technology Inc. Investor Relations ir@ PondelWilkinson, Inc. Laurie Berman (Investors) – lberman@ George Medici (Media) – gmedici@
