Filing Flows › GigaCloud Technology (GCT) › Q1 2025
GigaCloud Technology (GCT) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 12, 2025
GigaCloud Technology (GCT) reported revenue of $272M for the first quarter 2025 (Q1 2025), +8% from a year earlier and -8% from the quarter before. Operating margin was 10.4%, net earnings $27.1M (10.0% of revenue).
GigaCloud Technology, Q1 2025: revenue $272M (+8% year over year), operating margin 10.4%, net earnings $27.1M, operating cash flow $9.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $272M | -8% | +8% |
| Gross profit | $63.7M | -2% | -4% |
| Operating profit | $28.3M | +2% | -19% |
| Net earnings | $27.1M | -12% | -0.2% |
| Operating cash flow | $9.4M | -86% | -38% |
| Free cash flow | $7.0M | -89% | -38% |
What changed
Revenue was $271.9M in Q1 2025, up 8% year over year and down 8% from the previous quarter. Products was the largest line at 65% of revenue. Last-mile delivery service added $9.3M year over year (up 23%), 45% of the total change. Drayage service declined 22%.
Gross margin was 23.4%, down 3.1 points from a year earlier. Operating profit was $28.3M, a 10.4% margin (down 3.5 points year over year). Operating profit fell $6.5M even though revenue rose $20.8M versus a year earlier, so costs grew faster than sales. Operating expenses grew 12% against revenue growth of 8%. The fastest-growing cost line was Research & development (+42%). Net earnings were $27.1M, roughly flat year over year. The effective tax rate was 16.5%.
Operating cash flow was $9.4M (down 38% year over year), 35% of net earnings. Non-cash charges added back $2.0M of depreciation and amortization and $1.2M of share-based compensation. Working capital and other items used $21.0M. Capital expenditures of $2.4M left free cash flow of $7.0M.
Questions
What was GigaCloud Technology's revenue in the first quarter 2025?
GigaCloud Technology (GCT) reported revenue of $272M for the first quarter 2025 (Q1 2025), +8% from a year earlier and -8% from the quarter before.
Was GigaCloud Technology profitable in the first quarter 2025?
Operating profit was $28.3M (10.4% of revenue) and net earnings $27.1M.