GigaCloud Technology Inc. has achieved a major financial milestone, surpassing $1 billion in annual revenue for the first time, driven by expansion in its global B2B marketplace.

For its fiscal Q4 2024, GigaCloud reported revenue of $295.8 million, marking a 20.9% increase from the previous year. However, net income for the quarter declined by 12.9% to $31 million, and gross profit fell 6.9% to $65 million. The company’s cash and investment reserves surged by 64.5% to $303.1 million.

On an annual basis, total GigaCloud revenue reached $1.16 billion, reflecting a 65% increase from 2023. Net income rose by 33.7% to $125.8 million, while gross profit climbed 51.2% to $285.2 million. The company remains debt-free, maintaining a strong cash position.

How GigaCloud set a new revenue record in Q4

GigaCloud’s marketplace expansion has been a key driver of its growth, with transaction volume rising 69% to $1.34 billion in 2024. Third-party seller activity increased by 62.8%, now representing 51.7% of all marketplace transactions. The number of active buyers nearly doubled, growing 85.7% to 9,306. International growth has been particularly strong, with European transaction volume surging by 155%.

CEO Larry Wu attributed the company’s performance to its marketplace model and expansion efforts.

“In 2024, our marketplace grew significantly, and we surpassed $1 billion in total revenue for the year despite industry and economic challenges,” Wu says.

Wu noted that the company’s financial position supports further investment.

“With over $300 million in cash and short-term investments and no debt, we are in a position to continue expanding our platform and operations,” he says. “We recognize that there is still room for growth, and we are focusing on executing our strategy effectively.”

Wu addressed the economic climate and GigaCloud’s approach.

“While the macroeconomic environment remains uncertain, we are maintaining stability and adjusting as needed,” he said.

GigaCloud has also been adjusting with its subsidiaries.

“We are working on the turnaround of Noble House,” Wu says. “Meanwhile, OneSign is being rebranded as Wonder to reflect its shift from a kiosk app to a broader sales enablement platform for brick-and-mortar retailers. The Wonder App will provide a mobile-first solution for retail sales associates.”

The company’s board of directors has officially appointed Erica Wei as chief financial officer after serving as interim CFO since August 2024.

Looking ahead, GigaCloud projects revenue for the first quarter of 2025 to range between $250 million and $265 million.

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