GigaCloud Posts Record Third-Quarter Profit and Raises Buyback
Net income reached $50.6 million and diluted EPS $1.41 as the company guided fourth-quarter revenue to $425 million–$450 million.
GigaCloud Technology Inc (GCT), a provider of B2B technology solutions for large parcel merchandise, reported record third-quarter revenue, net income and diluted earnings per share for the three months ended September 30, 2026.
Total revenues were $423.6 million, up 27.4% from a year earlier. Net income was $50.6 million, with a net income margin of 11.9% versus 11.2% in the third quarter of 2025. Diluted EPS rose 42.4% to $1.41. Adjusted EBITDA increased 42.4% to $61.8 million, and adjusted diluted EPS rose 49.1% to $1.73.
Gross profit was $105.3 million, and gross margin was 24.9%. Service revenues were $136.0 million and product revenues $287.5 million. Operating income was $59.0 million. Selling and marketing expenses were $34.7 million.
The marketplace remained the operating backdrop. GigaCloud Marketplace GMV increased 24.0% year-over-year to $1,846.2 million for the 12 months ended September 30, 2026. Third-party seller GMV rose 30.6% to $1,032.2 million and accounted for 55.9% of total Marketplace GMV. Active 3P sellers increased 22.3% to 1,507, and active buyers increased 21.2% to 13,837. Spend per active buyer was $133,425.
Cash and cash equivalents, restricted cash and investments totaled $418.0 million as of September 30, 2026. Inventories were $219.0 million and accounts receivable, net, $86.3 million.
On August 5, 2026, the board approved a new $120.0 million share repurchase program effective August 6, terminating the prior $111.0 million authorization. During the third quarter the company repurchased 491,831 Class A ordinary shares for about $17.7 million, leaving $115 million under the new authorization. Subsequent to the quarter it bought 87,860 shares for about $5.0 million under a Rule 10b5-1 plan. Chief Financial Officer Erica Wei said the company will continue buybacks opportunistically and will consider a one-time special dividend if any authorization balances remain unused at the end of the three-year program in August 2029.
Founder and Chief Executive Officer Larry Wu said growth reflects a long-term strategy built around new product development, geographic expansion into markets such as Europe, broader sales channels through partnerships and strategic M&A, and new models that better serve customers.
The company expects total revenues of $425 million to $450 million in the fourth quarter of 2026, a range it said reflects current and preliminary views on market and operational conditions.
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