GigaCloud Q3 Revenue Rises 27% as Third-Party GMV Grows

GigaCloud Technology Inc. (Nasdaq: GCT) reported strong year-over-year growth in its third-quarter 2026 financial results, as revenue, profit and marketplace activity increased alongside further expansion of its third-party seller business.

Revenue rose 27% from a year earlier to $424 million. Gross profit increased 37% to $105 million, outpacing revenue growth, while net income climbed 36% to $51 million. Diluted earnings per share reached $1.41, up 42% from $0.99 in the third quarter of 2025.

The results extended GigaCloud’s sequential revenue growth from $360 million in the first quarter and $412 million in the second quarter of 2026. Gross profit was broadly stable compared with $106 million in the preceding quarter, according to the presentation.

Third-party marketplace activity expands

Gross merchandise value on the GigaCloud Marketplace totaled $1.8 billion for the 12 months ended September 30, 2026, representing 24% year-over-year growth. GMV measures the value of transactions ordered through the marketplace before deductions for taxes, buyer-paid shipping charges and refunds.

Third-party seller GMV reached $1 billion over the same period, an increase of 31%. Third-party transactions accounted for 56% of total marketplace GMV, reflecting the company’s strategy of using its first-party inventory business to support marketplace development while expanding participation by outside sellers.

The third-party mix varied by region. Third-party sellers generated 73% of U.S. marketplace GMV in the third quarter, compared with 20% in Europe. The European share has increased over the periods shown in the presentation but remains substantially below the U.S. level.

GigaCloud had 1,507 active third-party sellers during the trailing 12-month period, up 22% year over year. Its marketplace offered more than 90,000 stock-keeping units across indoor and outdoor furniture, appliances, fitness equipment, automotive products, toys, bath products and other categories.

Buyer base and spending increase

The number of active buyers rose 21% year over year to 13,837. Average spending per active buyer was approximately $133,000 for the 12 months ended September 30.

The presentation also showed higher spending among more recent customer groups. Buyers who joined the marketplace in 2025 increased their quarterly spending to $102 million in the third quarter of 2026 from $54 million a year earlier. GigaCloud attributed growth in its active buyer base to customer referrals and word-of-mouth, while pointing to broader service offerings and logistics capabilities as factors supporting buyer engagement.

The company’s Supplier Fulfilled Retailing model connects manufacturers and suppliers with online and brick-and-mortar resellers. GigaCloud generates revenue from sales of its own inventory, services that facilitate third-party transactions and logistics operations supporting both sides of the marketplace.

Its fulfillment infrastructure included 40 facilities across five countries and more than 12 million square feet of space as of December 31, 2025. The network handled more than 35,000 containers annually and was designed to reach more than 90% of customers in the lower 48 U.S. states within three days on average.

Liquidity supports operating priorities

For the nine months ended September 30, 2026, GigaCloud reported $83 million of operating cash flow and $418 million in cash, cash equivalents, restricted cash and investments. The company also said it had repurchased $60 million of Class A shares under its 2025 and 2026 authorizations as of the end of the quarter.

The presentation did not provide formal revenue or earnings guidance. Management’s stated operating priorities center on expanding marketplace participation, enhancing logistics capabilities and using its technology and fulfillment network to improve the efficiency of large-parcel wholesale transactions.

GigaCloud cautioned that its forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from its expectations. It also noted that its non-GAAP measures may not be directly comparable with similarly named metrics used by other companies.