GigaCloud Technology Q3 revenue beats on higher transaction volumes
GCT•GigaCloud Technology's third-quarter revenue rose 27% year over year to $423.6 million, beating the $389.39 million analyst consensus, while adjusted EBITDA of $61.8 million also exceeded expectations. The company expects fourth-quarter revenue of $425 million to $450 million and repurchased $17.7 million in shares during Q3.
1. Q3 results
GigaCloud Technology reported third-quarter revenue of $423.6 million, up 27% year over year and above the $389.39 million analyst consensus. Adjusted EBITDA was $61.8 million, beating the $50.05 million consensus; net income was $50.6 million and gross margin was 24.9%.
2. Growth and outlook
The company attributed revenue growth to higher marketplace transaction volumes and more active sellers and buyers. CEO Larry Wu also cited new products, geographic expansion, partnerships and mergers and acquisitions. GigaCloud expects fourth-quarter revenue of $425 million to $450 million, based on current market and operational conditions, which are subject to change.
3. Share repurchases
GigaCloud repurchased $17.7 million in shares during the quarter. It may consider a one-time special dividend if its buyback authorization remains unused by August 2029.
