GigaCloud Technology Sees Second Quarter of Record Profitability

GigaCloud Technology Inc. (Nasdaq: GCT),  said revenue rose 23.5% to $153.1 million in the second quarter – a record for the second straight quarter.

The B2B ecommerce solutions company said gross profit was $40.4 million, an increase of 137.1% and adjusted EBITDA was $24.9 million, an increase of 219.3%.

The company said it expects its total revenues to be between $162 million and $167 million in the third quarter of 2023.

“We are thrilled with our results for the first half of 2023, especially our tremendous period-over-period net income growth of over 200% and another consecutive quarter of generating record profitability,” said CEO Larry Wu. “We are seeing our momentum continue to grow at both the 1P and 3P level in our GigaCloud Marketplace as we execute on our strategy and further our market leading position as a trusted global B2B ecommerce brand.”