GigaCloud Technology Inc. (GCT) achieves a historic milestone with record-breaking profitability, triggering a sensational 26.50% surge in share prices.
In a stunning development, GigaCloud Technology Inc., a pioneer of global end-to-end B2B e-commerce solutions for large parcel merchandise, experienced a remarkable 26.50% surge in its shares following the highly-anticipated release of its first quarter 2023 financial results. This surge comes as the company achieved unprecedented levels of profitability, marking a historic milestone.
The financial report showcased GigaCloud Technology’s exceptional performance during the first quarter of 2023. Notably, the company reported a substantial increase in total revenues, reaching an impressive $127.8 million. This figure represents a significant 13.7% growth compared to the same period in 2022 when revenues stood at $112.4 million.
Furthermore, GigaCloud demonstrated unprecedented growth in gross profit, amounting to $29.6 million in the first quarter of 2023. This impressive figure marks a staggering 75.3% increase from the $16.9 million reported in the first quarter of the previous year. The company also experienced a notable rise in gross margin, reaching 23.1% in the first quarter of 2023, compared to 15.0% during the same period in 2022.
The financial success story continued with the company’s net income, which soared to an astonishing $15.9 million during the first quarter of 2023. This remarkable figure reflects an eye-popping growth of 236.4% compared to the $4.7 million reported in the first quarter of 2022.
In addition, the company exhibited strong financial liquidity. As of March 31, 2023, the company’s cash reserves amounted to an impressive $162.7 million, accompanied by $1.5 million in restricted cash. This represents an increase from the previous fiscal year-end, with cash standing at $143.5 million and restricted cash remaining unchanged at $1.5 million as of December 31, 2022.
GigaCloud Technology’s success extended to its adjusted EBITDA, a key indicator of operational performance. During the first quarter of 2023, the company achieved an extraordinary adjusted EBITDA of $19.8 million. This impressive result represents an incredible growth of 186.5% compared to the $6.9 million reported during the first quarter of 2022.
