Gigacloud Technology Inc (NASDAQ: GCT) has announced its unaudited financial results for the fourth quarter of 2023 and the fiscal year ended December 31, 2023. The company reported impressive growth and profitability, with total revenues for the fourth quarter reaching $244.7 million, marking a substantial increase of 94.8% from the same period in 2022 when revenues were $125.6 million.
The gross profit for the fourth quarter of 2023 was $69.8 million, reflecting a remarkable increase of 161.4% from the fourth quarter of 2022, when it was $26.7 million. Additionally, the gross margin increased to 28.5% in the fourth quarter of 2023 from 21.2% in the same period in 2022.
The net income for the fourth quarter of 2023 was $35.6 million, representing a significant surge of 184.8% from the fourth quarter of 2022, during which the net income was $12.5 million. The net income margin also saw a notable increase, reaching 14.5% in the fourth quarter of 2023, up from 9.9% in the fourth quarter of 2022.
Furthermore, the company's cash position strengthened, with cash totaling $183.3 million and restricted cash amounting to $0.9 million as of December 31, 2023, compared to $143.5 million and $1.5 million, respectively, as of December 31, 2022.
Adjusted EBITDA for the fourth quarter of 2023 was $43.8 million, marking an impressive increase of 188.2% from the same period in 2022 when it was $15.2 million.
For the full year of 2023, Gigacloud reported total revenues of $703.8 million, signifying a substantial increase of 43.6% from the full year of 2022 when revenues were $490.1 million.
The gross profit for the full year of 2023 was $188.6 million, reflecting an impressive surge of 127.0% from the full year of 2022, during which the gross profit was $83.1 million. Additionally, the gross margin increased from 17.0% in 2022 to 26.8% in 2023.
The net income for the full year of 2023 was $94.1 million, representing a significant increase of 292.1% from the full year of 2022, when the net income was $24.0 million. The net income margin also saw a substantial increase, reaching 13.4% for the full year of 2023, up from 4.9% for the full year of 2022.
Adjusted EBITDA for the full year of 2023 was $118.3 million, marking an impressive increase of 183.0% from the full year of 2022 when it was $41.8 million.
In terms of operational highlights, Gigacloud reported that the Gigacloud marketplace Gross Merchandise Value (GMV) for the 12 months ended December 31, 2023, was $794.4 million, marking an increase of 53.3% from the same period in 2022, when it was $518.2 million. Additionally, the number of active 3rd party sellers increased to 815 in the 12 months ended December 31, 2023, reflecting a growth of 45.5% from 560 in the 12 months ended December 31, 2022. As a result of these announcements, the company's shares have moved 3.0% on the market, and are now trading at a price of $36.03. For the full picture, make sure to review GigaCloud Technology's 8-K report.
