Highlights

  • Second quarter revenue rose 27.6% to $411.6 million, and GAAP net income grew to $42.3 million from $34.6 million.
  • Gross margin widened to 25.6% from 23.9%, while non-GAAP adjusted EBITDA increased to $60.4 million from $43.3 million.
  • GigaCloud Marketplace GMV reached $1,744.8 million for the 12 months ended June 30, 2026, up 21.3% year over year.
  • The board approved a $120.0 million repurchase program on August 5, 2026, and 491,831 shares were bought by August 6.

GigaCloud Technology (NASDAQ:GCT) shares were trading near their 52-week high at USD 60.55 on October 21, 2026, up 2.75%. The B2B large parcel commerce company completed the New Classic acquisition in January, reported second quarter 2026 results in a filing dated August 6, and approved a new share repurchase program the day before.

Based in El Monte, California, GigaCloud is a holding company incorporated in the Cayman Islands and describes itself as a pioneer of global end-to-end B2B technology solutions for large parcel merchandise. It earns revenue from three streams: GigaCloud 3P, which generates service revenue from platform commissions and logistics services; GigaCloud 1P, which sells its own inventory through the marketplace; and off-platform sales through third-party ecommerce sites and retailers. It operates as one segment and leased 38 fulfillment centers in five countries at June 30, 2026.

Revenue Up 28% as Off-Platform Sales Lead

Revenue for the three months ended June 30, 2026 was $411.6 million, versus $322.6 million a year earlier. The company credited marketplace scale, higher GMV, sales volume and more sellers and buyers. Service revenue rose 24.7% to $120.8 million, with last-mile delivery up 29.9% to $70.0 million. Product revenue grew to $290.8 million from $225.7 million. Off-platform sales climbed to $192.6 million from $131.2 million, while GigaCloud 1P revenue edged up to $98.1 million from $94.2 million.

Gross profit increased to $105.6 million, or 25.6% of revenue, from $76.9 million, or 23.9%. Operating income rose to $47.5 million from $35.8 million. Net income was $42.3 million, or $1.16 per diluted share, compared with $34.6 million, or $0.91. Non-GAAP adjusted EPS, diluted, was $1.65 versus $1.14.

For six months, revenue was $771.1 million, up from $594.5 million, with net income of $80.5 million. Operating cash flow fell to $26.7 million from $48.0 million, reflecting outflows for inventory, receivables and prepayments.

Marketplace Metrics, Tariffs and Capital Returns

For the 12 months ended June 30, 2026, active 3P sellers rose 26.1% to 1,465, active buyers rose 17.1% to 12,823, and spend per active buyer rose 3.6% to $136,069. Marketplace revenue was 55.2% of total revenue in the first six months, compared with 61.7% a year earlier, reflecting faster off-platform growth.

The New Classic deal closed in January 2026 for total consideration of $18.7 million, including a $3.6 million maximum earnout due by April 2027. On trade policy, the company said it filed refund claims for IEEPA tariffs after the Supreme Court invalidated them in February and has received a portion, though timing and total amounts remain uncertain. It also cited longer customs clearance times, with incremental costs not material to date.

Cash and cash equivalents were $334.5 million at June 30, along with $43.3 million of short-term investments. A $30 million Wells Fargo credit facility, renewed in June 2026 to June 2028, was undrawn. Share repurchases totaled $42.3 million in the first half. About $29.6 million remained under the prior $111.0 million program when the board approved the new $120.0 million, three-year program, effective August 6, 2026, which replaced it. By that date the company had bought 491,831 shares at an average of $36.00, about $17.7 million.

Outlook and Seasonality

The 10-Q gives no numerical revenue or earnings guidance. The company expects the fourth quarter to be the most active, with GMV usually largest then because of holiday sales, though it cautioned this may not indicate industry trends. It expects its cash to meet needs for at least 12 months, plans to expand active buyers and sellers, and may consider future acquisitions. It also noted that discretionary consumer demand, freight rates and trade policy could affect results.