EL MONTE, Calif. — Provider of B2B logistics solutions for large-parcel merchandise GigaCloud Technology reported robust top-line revenue growth in the first quarter of 2024, along with substantial gains in gross profit and net income for the same period.

Key highlights of the company’s Q1 earnings report released today include:

• GigaCloud saw total revenues nearly double over last year, clocking at $251.1 million, a 96.5% YoY increase and record high for the company.
• The company reported a gross profit of $66.5 million, representing a 124.7% increase from the first quarter of 2023. Moreover, the gross margin expanded to 26.5%, showing a 340 basis point improvement over the previous year.
• GigaCloud’s net income increased to $27.2 million, marking a 71.1% growth from the first quarter of 2023.
• Net income margin decreased to 10.8%, down by 160 basis points compared with the same period last year. This while diluted EPS also showed a nincrease of 69.2%, reaching 66 cents per share.
• The company’s adjusted EBITDA increased by 74.2% to $34.5 million compared with the first quarter of 2023. Adjusted EPS, diluted, also rose by 71.4% to 84 cents per share.
• GigaCloud ended the quarter with cash, restricted cash and investments totaling $196.2 million as of March 31, representing a 6.5% increase from the previous quarter.
• Marketplace GMV increased in the 12 months leading to March 31, with a 64% increase to $907.7 million compared with the previous year.

Larry Wu, founder, chairman and CEO, said, “We are pleased to report exceptional growth in revenue, accompanied by marked improvements in gross profit margin. Additionally, our GigaCloud Marketplace continued its impressive momentum across all key metrics, while simultaneously expanding its service offerings.”

“Strategic investments in our fulfillment infrastructure in support of our expected growth and foreign exchange fluctuations caused a temporary decline in our net income margin for the first quarter,” he added. “We are confident that these investments will better position GigaCloud to meet surging Marketplace buyer and seller demands while further enhancing efficiency.”

The company’s third-party (3P) seller Marketplace GMV rose by 71.8% to $489.9 million, representing 54% of the total GMV, up from 51.5% in the prior year. Moreover, the number of active 3P sellers was up 43.7% to 865 in the same period.

The company announced an addition to its B2B ecosystem in April called “Branding as a Service” (BaaS), which allows furniture manufacturers worldwide to brand, market and move product within a single channel, making use of the Christopher Knight Home brand.

“We are experiencing remarkable growth across all metrics,” GigaCloud President Iman Schrock told Furniture Today. “GigaCloud has established itself as an open system where all participants can thrive. Our industry-first BaaS Program empowers our marketplace sellers to offer products under the established Christopher Knight Home brand, boosting competitiveness, margins, and market presence. This open approach attracts not only established sellers but also a wave of new suppliers eager to join our platform.”

See also:

• GigaCloud earnings soar on heels of acquisitions
• GigaCloud Technology acquires Wondersign

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