The milestones keep coming at B2B marketplace company GigaCloud Technology Inc.

Revenue grew 103.1% year over year to $310.9 million for the second quarter ended June 30, building on a strong first quarter and resulting in first-half revenue doubling to $561.94 million.

Larry Wu, chairman and CEO, GigaCloud Technology

Chairman and CEO Larry Wu said on the Q2 earnings call that the company’s global wholesale GigaCloud Marketplace at GigaB2B.com for furniture, appliances, and other large parcel items has scored big gains in gross merchandise volume and revenue, despite challenges such as increased freight costs and a 7% year-over-year decline in retail furniture sales.

“This [second] quarter marks a significant milestone for our company as we achieved record revenue growth for the sixth consecutive quarter,” Wu, who is also the company’s founder, said on the call, according to a transcript from Seeking Alpha.

Driving that revenue growth was surging GMV over the past year.

“For the first time in our history, our GigaCloud Marketplace GMV reached and surpassed $1 billion in the 12 months ended June 30,” president Iman Schrock said on the earnings call. GMV is the total value of gross merchandise sales by all marketplace sellers.

GigaCloud expands its base of buyers and sellers

GigaCloud cited the following figures for buyers and sellers:

◾The number of active third-party, or 3P, GigaCloud Marketplace sellers increased 39.8% to 930 during the 12 months leading up to June 30.

◾The number of active buyers increased 66.8% over the same period to 7,257.

◾The average spend per active buyer rose 8.3% to $151,276. The company identifies as “active” buyers and sellers that have purchased or sold a product on Giga Marketplace within the past 12 months.

Giga Technology generates close to three-quarters of its revenue from fees earned from marketplace product sales, the remainder through the supply chain, logistics, fulfillment and payment services, including ocean and LTL shipping, it provides to 3P sellers.

GigaCloud’s new branding-as-a-service

On the earnings call, Wu said more services are in the works to help 3P sellers build their brand exposure.

“We are thrilled to announce that our industry-first Branding-as-a-Service, or BaaS, has entered its pilot phase and is already experiencing growing interest among both existing and new Marketplace sellers, who want to stand out and amplify their product awareness among buyers,” Wu said.

For the second quarter ended June 30, GigaCloud Technology reported:

◾Revenue increased 103.1% year over year to $310.9 million.

◾Gross profit rose 89% to $76.4 million and gross margin dipped to 24.6% from 26.4%.

◾Net income grew 46.7% to $27.0 million.

◾Adjusted EBITDA increased 71.5% to $42.7 million

For the first half ended June 30:

◾Revenue increased 100.0% to $561.9 million.

◾Gross profit rose 104.6% to $143.0 million.

◾Net income increased 58.0% to $54.2 million.

◾Adjusted EBITDA increased 72.7% to $77.2 million.

Paul Demery is a Digital Commerce 360 contributing editor covering B2B digital commerce technology and strategy. [email protected].

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