GigaCloud Technology capped its fiscal Q3 with revenue growth while laying the groundwork for a bigger push into traditional wholesale.

GigaCloud’s global marketplace — linking manufacturers, distributors, and resellers of large and bulky goods — remains its growth engine. Over the 12 months ending Sept. 30, marketplace gross merchandise value (GMV) climbed 20.7% to $1.49 billion, up from $1.23 billion a year earlier.

“The quarter reaffirmed the resilience of our diversified business,” said founder and CEO Lei Wu. “The return to growth at Noble House shows how disciplined optimization drives results, and our planned acquisition of New Classic advances our vision of a truly channel-agnostic B2B marketplace that connects suppliers and retailers with greater reach and efficiency.”

GigaCloud revenue and GMV in Q3

In its fiscal Q3, GigaCloud reported revenue of $332.6 million. That’s up 9.7% from $303.3 million a year earlier. Net income was $37.2 million, down 8.6% from $40.7 million in the third quarter of 2024, as higher logistics and tariff costs weighed on margins.

For the first nine months of 2025, GigaCloud generated $927.2 million in revenue, up 7.2% from $865.3 million during the same period in 2024. Net income increased 4.3% to $98.9 million, compared with $94.8 million last year.

Third-party seller GMV rose 24.4% to $790.4 million in GigaCloud’s Q3. That compares with $635.1 million last year, now representing just over half of total marketplace volume.

The number of active sellers increased 17.2% to 1,232 from 1,051, while active buyers surged 33.8% to 11,419, up from 8,534. Average spends per active buyer reached about $130,000, up from $115,000 in the prior year.

President Iman Schrock said the numbers highlight the marketplace’s scalability and appeal.

“Our marketplace continues to gain momentum as more businesses look for efficiency and stability in a challenging environment,” he said.

Europe remained the company’s fastest-growing region, with quarterly revenue up 70% year over year to $100 million, compared with $59 million a year earlier. That strength helped offset a 5% decline in U.S. product revenue, which fell from $202.0 million to $192.0 million amid a cooling housing market and rising tariffs.

GigaCloud acquisition strategy

GigaCloud continues to rely on acquisitions as a core part of its expansion strategy. Its 2023 purchase of Noble House Home Furnishings, once losing $40 million annually, has now become profitable. Since taking ownership, the company has added 2,300 new SKUs, retired 1,100 underperformers, and restored growth while maintaining profitability.

Building on that playbook, GigaCloud announced on Oct. 24 that it will acquire New Classic Home Furnishings for $18 million in cash, with the deal expected to close Jan. 1, 2026. Based in California, New Classic supplies over 1,000 brick-and-mortar furniture retailers and offers more than 2,000 active products.

Wu called the deal a “perfect strategic fit” that will help diversify GigaCloud’s revenue mix beyond ecommerce.

“We’ve proven the viability of our digital marketplace,” he said. “The next step is bridging the digital and physical worlds.”

Schrock added that combining GigaCloud’s logistics network with New Classic’s retail reach “dramatically widens our distribution footprint” and should begin contributing to growth within four to six quarters of closing.

For the fourth quarter, GigaCloud expects revenue between $328 million and $344 million, compared with $251 million in the same period last year, signaling continued momentum heading into 2026.

While macroeconomic uncertainty persists, Wu said the company is focused on execution, not prediction.

“The broader environment is beyond our control,” he said. “But how we adapt is not. Resilience and diversification remain our foundation.”

Percentage changes may not align exactly with dollar figures due to rounding. Check back for more earnings reports. Here’s last quarter’s update on the GigaCloud B2B marketplace’s revenue and GMV.

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