GigaCloud Technology Inc

Previous wording

GigaCloud Marketplace GMV increased to $1,438.5 million in the 12 months ended June 30, 2025 from $1,097.8 million in the 12 months ended June 30, 2024, representing a growth of 31.0% period-over-period, primarily due to the continued increase in the numbers of sellers and buyers transacting in our marketplace as our marketplace continued to gain scale and market position.

Current wording

GigaCloud Marketplace GMV increased to $1,488.5 million in the 12 months ended September 30, 2025 from $1,233.6 million in the 12 months ended September 30, 2024, representing a growth of 20.7% period-over-period, primarily due to the continued increase in the numbers of sellers and buyers transacting in our marketplace as our marketplace continues to gain scale and market position.

Previous wording

The number of active 3P sellers in the GigaCloud Marketplace increased to 1,162 in the 12 months ended June 30, 2025 from 930 in the 12 months ended June 30, 2024, representing an increase of 24.9% period-over-period. We view active 3P sellers as a key driver of the product catalog in our marketplace, which helps attract and retain buyers. The GigaCloud Marketplace offers SKUs across furniture, home appliances, fitness equipment and other large parcel categories from our active 3P sellers. The number of SKUs from active 3P sellers was over 30,000 as of June 30, 2025. We expect to grow the number of active 3P sellers through geographic expansion, suppliers outreach, marketing initiatives, referrals and word-of-mouth. We also leverage our 1P inventory sales to establish new markets, reducing the risk in geographic expansion for new sellers, and increasing the appeal for new sellers to join our marketplace.

Current wording

The number of active 3P sellers in the GigaCloud Marketplace increased to 1,232 in the 12 months ended September 30, 2025 from 1,051 in the 12 months ended September 30, 2024, representing an increase of 17.2% period-over-period. We view active 3P sellers as a key driver of the product catalog in our marketplace, which helps attract and retain buyers. The GigaCloud Marketplace offers SKUs across furniture, home appliances, fitness equipment and other large parcel categories from our active 3P sellers. The number of SKUs from active 3P sellers was over 30,000 as of September 30, 2025. We expect to grow the number of active 3P sellers through geographic expansion, suppliers outreach, marketing initiatives, referrals and word-of-mouth. We also leverage our 1P inventory sales to establish new markets, reducing the risk in geographic expansion for new sellers, and increasing the appeal for new sellers to join our marketplace.

Previous wording

3P Seller GigaCloud Marketplace GMV represents the GMV our 3P Sellers transact in the GigaCloud Marketplace. 3P Seller GigaCloud Marketplace GMV increased to $757.5 million in 12 months ended June 30, 2025 from $571.9 million in the 12 months ended June 30, 2024, representing an increase of 32.5% period-over-period. 3P Seller GigaCloud Marketplace GMV represented 52.7% and 52.1% of total GigaCloud Marketplace GMV in the 12 months ended June 30, 2025 and June 30, 2024, respectively.

Current wording

3P Seller GigaCloud Marketplace GMV represents the GMV our 3P Sellers transact in the GigaCloud Marketplace. 3P Seller GigaCloud Marketplace GMV increased to $790.4 million in the 12 months ended September 30, 2025 from $635.5 million in 12 months ended September 30, 2024, representing an increase of 24.4% period-over-period. 3P Seller GigaCloud Marketplace GMV represented 53.1% and 51.5% of total GigaCloud Marketplace GMV in the 12 months ended September 30, 2025 and September 30, 2024, respectively.

Previous wording

The number of active buyers in the GigaCloud Marketplace increased to 10,951 in the 12 months ended June 30, 2025 from 7,257 in the 12 months ended June 30, 2024, representing an increase of 50.9% period-over-period. We view the number of active buyers as a key driver of GMV and revenue for our GigaCloud Marketplace. We plan to expand our active buyers by enhancing our marketplace product offerings and leveraging referrals from existing users.

Current wording

The number of active buyers in the GigaCloud Marketplace increased to 11,419 in the 12 months ended September 30, 2025 from 8,535 in the 12 months ended September 30, 2024, representing an increase of 33.8% period-over-period. We view the number of active buyers as a key driver of GMV and revenue for our GigaCloud Marketplace. We plan to expand our active buyers by enhancing our marketplace product offerings and leveraging referrals from existing users.

Previous wording

The spend per active buyer in our GigaCloud Marketplace was $131,359 in the 12 months ended June 30, 2025 and $151,276 in the 12 months ended June 30, 2024, representing a decrease of 13.2% period-over-period. Spend per active buyer is a key driver of GMV and revenue for our GigaCloud Marketplace. We generally grow our spend per active buyer by expanding our product offerings, increasing buyer's purchase frequency and raising the average price per purchase. The decrease in spend per active buyer for the 12 months ended June 30, 2025 was primarily due to a higher number of new buyers onboarded during the period, who generally require time to increase their spending in our GigaCloud Marketplace.

Current wording

The spend per active buyer in our GigaCloud Marketplace was $130,349 and $144,534 in the 12 months ended September 30, 2025 and September 30, 2024, respectively, representing a decrease of 9.8% period-over-period. Spend per active buyer is a key driver of GMV and revenue for our GigaCloud Marketplace. We generally grow our spend per active buyer by expanding our product offerings, increasing buyers’ purchase frequency and raising the average price per purchase. The decrease in spend per active buyer for the 12 months ended September 30, 2025 reflected the macroeconomic challenges faced by retailers.

Previous wording

Our number of active 3P sellers was 1,162 in the 12 months ended June 30, 2025, compared to 930 in the 12 months ended June 30, 2024, representing an increase of 24.9% from 12 months ended June 30, 2024. We believe this increasing trend will continue because of the growing recognition of our marketplace, our seller-friendly comprehensive fulfillment and logistics network which enables hassle-free delivery of large parcel merchandise and our expansion into new markets.

Current wording

Our number of active 3P sellers was 1,232 in the 12 months ended September 30, 2025, compared to 1,051 in the 12 months ended September 30, 2024, representing an increase of 17.2% from 12 months ended September 30, 2024. We believe this increasing trend will continue because of the growing recognition of our marketplace, our seller-friendly comprehensive fulfillment and logistics network which enables hassle-free delivery of large parcel merchandise and our expansion into new markets.

Previous wording

We attract new sellers predominantly through organic channels such as geographic expansion, suppliers outreach, marketing initiatives, referrals and word-of-mouth. In the past, we have completed acquisitions that supplemented our supply chain, fulfillment and logistics capabilities, which attracted more sellers and buyers onto our GigaCloud

Current wording

We attract new sellers predominantly through organic channels such as geographic expansion, suppliers outreach, marketing initiatives, referrals and word-of-mouth. In the past, we have completed acquisitions that supplemented our supply chain, fulfillment and logistics capabilities, which attracted more sellers and buyers onto our GigaCloud Marketplace. We may consider future acquisitions to increase the number of sellers and buyers. We also plan to augment organic customer acquisition by adding additional sales and marketing employees to enhance seller and buyer growth.

Previous wording

Buyers in our marketplace are typically resellers operating in the U.S., Asia and Europe who procure large parcel merchandise to resell to end customers. Our marketplace is attractive to buyers because we minimize inventory risk from our buyers’ business operations. As of June 30, 2025, the number of SKUs from GigaCloud 1P was over 20,000. Combined with the SKUs offered by active 3P sellers, buyers had access to more than 50,000 SKUs in total. Our buyers can browse a product in our marketplace and list the product on their preferred ecommerce websites such as Rakuten, Amazon, Walmart, Wayfair, Home Depot and OTTO, or their own store prior to procuring and storing the product in a warehouse or shop. Once a sale to the end customer takes place, buyers can order the product in our marketplace and we will handle the fulfillment directly to the end customer.

Current wording

Buyers in our marketplace are typically resellers operating in the U.S., Asia and Europe who procure large parcel merchandise to resell to end customers. Our marketplace is attractive to buyers because we minimize inventory risk from our buyers’ business operations. As of September 30, 2025, the number of SKUs from GigaCloud 1P was over 20,000. Combined with the SKUs offered by active 3P sellers, buyers had access to more than 50,000 SKUs in total. Our buyers can browse products in our marketplace and list the product on their preferred ecommerce websites such as Rakuten, Amazon, Walmart, Wayfair, Home Depot and OTTO, or their own store prior to procuring and storing the product in a warehouse or shop. Once a sale to the end customer takes place, buyers can order the product in our marketplace and we will handle the fulfillment directly to the end customer.

Previous wording

In the 12 months ended June 30, 2025, we had 10,951 active buyers in our marketplace with an average $131,359 spend per active buyer, representing a 50.9% increase in active buyers and a 13.2% decrease in spend per active buyer compared to the 7,257 active buyers in our marketplace with an average $151,276 spend per active buyer in the 12 months ended June 30, 2024, primarily attributable to a higher number of new buyers onboarded during the period, who generally require time to increase their spending in our GigaCloud Marketplace.

Current wording

In the 12 months ended September 30, 2025, we had 11,419 active buyers in our marketplace with an average $130,349 spend per active buyer, representing a 33.8% increase in active buyers and a 9.8% decrease in spend per active buyer compared to the 8,535 active buyers in our marketplace with an average $144,534 spend per active buyer in the 12 months ended September 30, 2024, mirroring the macroeconomic challenges faced by retailers.

Previous wording

In the past, we have completed strategic acquisitions to broaden our product offerings, supplement our supply chain, fulfillment and logistics capabilities. We may consider future acquisitions of assets, companies, technologies or businesses that are complementary to our business and the costs of identifying and consummating acquisitions may be significant. Acquisitions could result in the use of substantial amounts of cash, the occurrence of significant goodwill impairment charges, amortization expenses for other intangible assets and exposure to potential unknown liabilities of the acquired business.

Current wording

In the past, we have completed strategic acquisitions to broaden our product offerings and supplement our supply chain, fulfillment and logistics capabilities. We may consider future acquisitions of assets, companies, technologies or businesses that are complementary to our business and the costs of identifying and consummating acquisitions may be significant. Acquisitions could result in the use of substantial amounts of cash, the occurrence of significant goodwill impairment charges, amortization expenses for other intangible assets and exposure to potential unknown liabilities of the acquired business.

Previous wording

Following any new acquisitions, our results of operations may be affected by the newly acquired businesses or operations, the purchase accounting for the acquisition, any liabilities incurred in connection with the acquisitions and expenditures made to integrate the newly acquired businesses or operations. As a result of our acquisitions and the consolidation of our operating subsidiaries’ financial results into our consolidated financial results, the periods presented in our historical financial statements may not be comparable to one another and our future results of operations and financial results may also differ.

Current wording

Following any new acquisitions, our results of operations may be affected by the newly acquired businesses or operations, any liabilities incurred in connection with the acquisitions, and expenditures made to integrate the newly acquired businesses or operations. As a result of our acquisitions and the consolidation of our operating subsidiaries’ financial results into our consolidated financial results, the periods presented in our historical financial statements may not be comparable to one another and our future results of operations and financial results may also differ.

Previous wording

Recent global economic uncertainties, inflation, higher interest rates, lower consumer confidence and demand for discretionary goods, and geopolitical events such as recent international trade disputes and the ongoing wars in Ukraine and in Israel and Gaza, including the related disruptions to international shipping in the Red Sea could impact the demand of products and shipping and freight rates. Furthermore, the recent enactment of heightened tariffs by the U.S. government, along with the unpredictability of tariff, shipping and freight rates, poses a significant uncertainty to our business operations as many of our sellers, buyers and our own suppliers are impacted. Other macroeconomic factors that can affect customer spending patterns include employment rates, availability of customer credit, interest rates, tax rates and energy costs.

Current wording

Recent global economic uncertainties, inflation, higher interest rates, surge in fuel and transportation costs, lower consumer confidence and demand for discretionary goods, and geopolitical events such as recent international trade disputes and the ongoing wars in Ukraine and in Israel and Gaza could impact the demand of products and shipping and freight rates. Furthermore, the recent enactment of heightened tariffs by the U.S. government, along with the unpredictability of tariff, shipping and freight rates, poses a significant uncertainty to our business operations as many of our sellers, buyers and our own suppliers are impacted. Other macroeconomic factors that can affect customer spending patterns include employment rates, availability of customer credit, tariffs, interest rates, tax rates and energy costs.

Previous wording

Our results of operations are also affected by our ability to introduce new service offerings. We have a history of expanding our service offering to enhance our customer experience and to increase revenues. We started our business by primarily selling our own self-procured large parcel merchandise directly to end customers. We expanded our service offerings and launched our GigaCloud Marketplace in 2019, and the revenues generated by GigaCloud Marketplace grew quickly, representing 61.7% and 61.5% of our total revenues in the six months ended June 30, 2025 and 2024, respectively. We continue to evaluate opportunities to launch additional services.

Current wording

Our results of operations are also affected by our ability to introduce new service offerings. We have a history of expanding our service offering to enhance our customer experience and to increase revenues. We started our business by primarily selling our own self-procured large parcel merchandise directly to end customers. We expanded our service offerings and launched our GigaCloud Marketplace in 2019, and the revenues generated by GigaCloud Marketplace grew quickly, representing 61.8% and 63.7% of our total revenues in the nine months ended September 30, 2025 and 2024, respectively. We continue to evaluate opportunities to launch additional services.

Previous wording

Our results of operations depend in part on our ability to invest in our infrastructure and technology platform to cost-effectively meet the demands of our anticipated growth. Our global fulfillment and logistics network is a key part of our infrastructure, which consists of fulfillment centers and other facilities that are strategically located, designed and equipped to efficiently manage inventory and to fulfill customers orders and other needs. As of June 30, 2025, we leased 36 fulfillment centers with an aggregate gross floor area of approximately 10.7 million square feet in five countries, and two other facilities with storage and showroom functions with an aggregate gross floor area of approximately 18,348 square feet in the U.S. Additionally, we maintain partnerships with several major shipping, trucking and freight service providers to supplement our transportation network and shipping requirements.

Current wording

Our results of operations depend in part on our ability to invest in our infrastructure and technology platform to cost-effectively meet the demands of our anticipated growth. Our global fulfillment and logistics network is a key part of our infrastructure, which consists of fulfillment centers and other facilities that are strategically located, designed and equipped to efficiently manage inventory and to fulfill customers orders and other needs. As of September 30, 2025, we leased 35 fulfillment centers with an aggregate gross floor area of approximately 10.9 million square feet in five countries, and two other facilities with storage and showroom functions with an aggregate gross floor area of approximately 18,348 square feet in the U.S. Additionally, we maintain partnerships with several major shipping, trucking and freight service providers to supplement our transportation network and shipping requirements.

Previous wording

(1) No other individual region’s revenues exceeded 10% of our total revenues for the three and six months ended June 30, 2025 and 2024.

Current wording

(1) Other regions mainly include the U.K., Japan, Canada and Hong Kong, with variations across different product/service lines. No other individual region’s revenues exceeded 10.0% of our total revenues for the three and nine months ended September 30, 2025 and 2024.

Previous wording

We derive service revenues primarily through the various 3P activities of sellers and buyers in the GigaCloud Marketplace, including revenues from platform commission, ocean transportation service, drayage service, warehousing service, last-mile delivery service, packaging service and others. When a seller and buyer enter into a transaction in the GigaCloud Marketplace, we generate revenues from platform services by earning a percentage commission depending on the transaction value. The standard commission ranges between 1% and 5%. Additionally, we charge a fulfillment fee for other freight services such as delivery of products via ocean transportation. We charge drayage service fees in connection with transportation of products from ports to warehouses at a flat fee. We charge the sellers storage fees based on the number of days and the size of the products that are stored in our fulfillment centers, and we charge buyers a flat fee for last-mile delivery services for delivery of products to end customers directly from our fulfillment centers, which varies by the weight of the products. We also charge packaging fees in connection with merchandise that we pack and ship.

Current wording

We derive service revenues primarily through the various 3P activities of sellers and buyers in the GigaCloud Marketplace, including revenues from platform commission, ocean transportation service, drayage service, warehousing service, last-mile delivery service, packaging service and others. When a seller and buyer enter into a transaction in the GigaCloud Marketplace, we generate revenues from platform services by earning a percentage commission depending on the transaction value. The standard commission ranges between 1% and 5%. Additionally, we charge a fulfillment fee for other freight services such as delivery of products via ocean transportation. We charge drayage service fees in connection with transportation of products from ports to warehouses at a flat fee. We charge the sellers storage fees based on the number of days and the size of the products that are stored in our fulfillment centers, and we charge buyers for last-mile delivery services for delivery of products to end customers directly from our fulfillment centers, which varies by the weight of the products. We also charge packaging fees in connection with merchandise that we pack and ship.

Previous wording

From time to time in the three and six months ended June 30, 2025, when we had excess fulfillment capacity, we utilized such excess fulfillment capacity and our extensive logistics network to offer third-party logistics services to customers to help fulfill their large parcel transportation needs. As we continue to grow our GigaCloud Marketplace, we expect to dedicate our logistics capacity to customers using our marketplace and to products sold on our own marketplace, and will opportunistically provide third-party logistics services when there is excess capacity within our network.

Current wording

From time to time in the three and nine months ended September 30, 2025, when we had excess fulfillment capacity, we utilized such excess fulfillment capacity and our extensive logistics network to offer third-party logistics services to customers to help fulfill their large parcel transportation needs. As we continue to grow our GigaCloud Marketplace, we expect to dedicate our logistics capacity to customers using our marketplace and to products sold on our own marketplace, and will opportunistically provide third-party logistics services when there is excess capacity within our network.

Previous wording

Cost of services primarily consist of domestic delivery costs, an allocated portion of fulfillment center rental expenses, and costs associated with the operation of the GigaCloud Marketplace.

Current wording

Cost of services primarily consist of delivery costs, an allocated portion of fulfillment center rental expenses, and costs associated with the operation of the GigaCloud Marketplace.

Previous wording

The table below sets forth a breakdown of our gross profit and gross profit margin for each of the periods presented:

Current wording

The table below sets forth our gross profit and gross profit margin for each of the periods presented:

Previous wording

Our interest expense primarily consists of our financial lease interest expense for leased equipment used in our fulfillment centers and other facilities.

Current wording

Our interest expense primarily consists of financial lease interest expense for leased equipment used in our fulfillment centers and other facilities.

Previous wording

Our interest income primarily consists of interest income from bank deposits, wealth management products and investment.

Current wording

Our interest income primarily consists of interest income from bank deposits, wealth management products and investments.

Previous wording

Our revenues, which primarily consist of service revenues generated from GigaCloud 3P and product revenues generated from GigaCloud 1P and off-platform ecommerce sales, increased by 3.8% to $322.6 million in the three months ended June 30, 2025 from $310.9 million in the three months ended June 30, 2024. This increase was primarily due to the increased market recognition and scale of our GigaCloud Marketplace, leading to increases in our GigaCloud Marketplace GMV, sales volume and number of sellers and buyers.

Current wording

Our revenues, which primarily consist of service revenues generated from GigaCloud 3P and product revenues generated from GigaCloud 1P and off-platform ecommerce sales, increased by 9.7% to $332.6 million in the three months ended September 30, 2025 from $303.3 million in the three months ended September 30, 2024. This increase was primarily due to the increased market recognition and scale of our GigaCloud Marketplace, leading to increases in our GigaCloud Marketplace GMV, sales volume and number of sellers and buyers.

Previous wording

•Service Revenues from GigaCloud 3P. Our service revenues increased by 1.1% to $96.9 million in the three months ended June 30, 2025 from $95.8 million in the three months ended June 30, 2024. This was primarily attributable to:

Current wording

•Service Revenues from GigaCloud 3P. Our service revenues decreased by 1.7% to $108.4 million in the three months ended September 30, 2025 from $110.3 million in the three months ended September 30, 2024. The decrease was attributable to:

Previous wording

◦a decrease in revenues from ocean transportation services by 46.5% to $8.3 million in the three months ended June 30, 2025 from $15.5 million in the three months ended June 30, 2024 due to a decrease in the pricing of ocean transportation services during the period and a decrease in the ocean transportation delivery volume;

Current wording

◦a decrease in revenues from ocean transportation services by 63.4% to $9.6 million in the three months ended September 30, 2025 from $26.2 million in the three months ended September 30, 2024 due to a decrease in the pricing of ocean transportation services during the period and a decrease in the ocean transportation delivery volume;

Previous wording

◦a decrease in revenues from drayage services by 16.7% to $6.0 million in the six months ended June 30, 2025 from $7.2 million in the six months ended June 30, 2024 due to a decrease in the pricing of drayage services during the period.

Current wording

◦a decrease in revenues from drayage services by 27.7% to $3.4 million in the three months ended September 30, 2025 from $4.7 million in the three months ended September 30, 2024 similar to the trend in our revenues from ocean transportation services as ocean transportation delivery volume decreased;

Previous wording

◦an increase in revenues from other services by 63.3% to $4.9 million in the three months ended June 30, 2025 from $3.0 million in the three months ended June 30, 2024, primarily due to an increase in other supplemental fulfillment services provided by our Marketplace compared to the previous period; and

Current wording

◦a decrease in revenues from other services by 21.5% to $6.2 million in the three months ended September 30, 2025 from $7.9 million in the three months ended September 30, 2024, primarily due to a decrease in revenues from other ancillary logistics and platform services; partially offset by

Previous wording

◦an increase in revenues from last mile delivery services by 3.7% to $53.9 million in the three months ended June 30, 2025 from $52.0 million in the three months ended June 30, 2024 as our GigaCloud Marketplace GMV and delivery volume continued to increase;

Current wording

◦an increase in revenues from last mile delivery services by 29.0% to $60.9 million in the three months ended September 30, 2025 from $47.2 million in the three months ended September 30, 2024 as our GigaCloud Marketplace GMV and delivery volume continued to increase;

Previous wording

◦an increase in revenues from warehousing services by 40.6% to $13.5 million in the three months ended June 30, 2025 from $9.6 million in the three months ended June 30, 2024 as we handled more products as our GigaCloud Marketplace GMV continued to increase;

Current wording

◦an increase in revenues from warehousing services by 17.5% to $14.8 million in the three months ended September 30, 2025 from $12.6 million in the three months ended September 30, 2024 as we handled more products as our GigaCloud Marketplace GMV continued to increase; and

Previous wording

◦an increase in revenues from packaging services by 10.7% to $15.5 million in the six months ended June 30, 2025 from $14.0 million in the six months ended June 30, 2024 as we handled more products as our GigaCloud Marketplace GMV continued to increase;

Current wording

◦an increase in revenues from packaging services by 16.0% to $8.7 million in the three months ended September 30, 2025 from $7.5 million in the three months ended September 30, 2024 as we handled more products as our GigaCloud Marketplace GMV continued to increase.

Previous wording

•Product Revenues from GigaCloud 1P. Our product revenues from GigaCloud 1P increased by 2.4% to $94.2 million in the three months ended June 30, 2025 from $92.0 million in the three months ended June 30, 2024. The increase was primarily due to increases in GigaCloud Marketplace GMV and the number of buyers as our marketplace continued to grow in scale.

Current wording

•Product Revenues from GigaCloud 1P. Our product revenues from GigaCloud 1P increased by 2.6% to $98.3 million in the three months ended September 30, 2025 from $95.8 million in the three months ended September 30, 2024. The increase was primarily due to increases in GigaCloud Marketplace GMV and the number of buyers as our marketplace continued to grow in scale.

Previous wording

•Product Revenues from Off-platform Ecommerce. Our product revenues from off-platform ecommerce increased by 6.8% to $131.2 million in the three months ended June 30, 2025 from $122.8 million in the three months ended June 30, 2024. The increase was primarily due to increases in sales channels and sales volume in certain third-party off-platform ecommerce.

Current wording

•Product Revenues from Off-platform Ecommerce. Our product revenues from off-platform ecommerce increased by 29.7% to $125.8 million in the three months ended September 30, 2025 from $97.0 million in the three months ended September 30, 2024. The increase was primarily due to increases in sales channels and increases in sales volume on certain third-party off-platform ecommerce channels.

Previous wording

•Our cost of services increased by 3.7% to $85.9 million in the three months ended June 30, 2025 from $82.8 million in the three months ended June 30, 2024, primarily due to:

Current wording

•Our cost of services increased by 14.0% to $98.5 million in the three months ended September 30, 2025 from $86.4 million in the three months ended September 30, 2024, primarily due to:

Previous wording

•Our cost of products increased by 5.4% to $159.8 million in the three months ended June 30, 2025 from $151.6 million in the three months ended June 30, 2024, primarily due to:

Current wording

•Our cost of products increased by 12.5% to $157.1 million in the three months ended September 30, 2025 from $139.6 million in the three months ended September 30, 2024, primarily due to:

Previous wording

◦an increase in product cost by 4.8% to $125.5 million in the three months ended June 30, 2025 from $119.8 million in the three months ended June 30, 2024 as sales volume increased during the period; and

Current wording

◦an increase in product cost by 9.1% to $123.0 million in the three months ended September 30, 2025 from $112.7 million in the three months ended September 30, 2024 as sales volume and procurement cost increased during the period; and

Previous wording

◦an increase in delivery cost by 15.7% to $10.3 million in the three months ended June 30, 2025 from $8.9 million in the three months ended June 30, 2024 as our sales volume increased during the period.

Current wording

◦an increase in delivery cost by 116.4% to $11.9 million in the three months ended September 30, 2025 from $5.5 million in the three months ended September 30, 2024 as our sales volume increased.

Previous wording

Our selling and marketing expenses increased by 27.2% to $24.8 million in the three months ended June 30, 2025 from $19.5 million in the three months ended June 30, 2024, which was primarily due to (i) an increase in platform service fee we incurred on certain third-party ecommerce websites by 33.3% to $10.4 million in the three months ended June 30, 2025 from $7.8 million in the three months ended June 30, 2024 as sales volume and sales channels both increased, and (ii) an increase in staff cost related to selling and marketing personnel by 25.3% to $11.9 million in the three months ended June 30, 2025 from $9.5 million in the three months ended June 30, 2024, primarily relating to an increase in the number of sales and marketing personnel and an overall increase in employee incentives, which included cash bonus provided and share-based compensation awards granted during the three months ended June 30, 2025.

Current wording

Our selling and marketing expenses increased by 37.1% to $25.5 million in the three months ended September 30, 2025 from $18.6 million in the three months ended September 30, 2024, which was primarily due to (i) an increase in staff cost related to selling and marketing personnel by 22.9% to $10.2 million in the three months ended September 30, 2025 from $8.3 million in the three months ended September 30, 2024 as we increased the number of sales and marketing personnel and the commission paid to them, and (ii) an increase in platform service fee we incurred on certain third-party ecommerce websites by 59.7% to $12.3 million in the three months ended September 30, 2025 from $7.7 million in the three months ended September 30, 2024 as sales volume and sales channels both increased, particularly for sales to end customers on third-party ecommerce websites.

Previous wording

Our general and administrative expenses decreased by 50.6% to $13.0 million in the three months ended June 30, 2025 from $26.3 million in the three months ended June 30, 2024, which was primarily due to (i) a decrease in staff cost related to general and administrative personnel by 48.2% to $7.3 million in the three months ended June 30, 2025 from $14.1 million in the three months ended June 30, 2024, primarily relating to a decrease in the number of general and administrative personnel, partially offset by an overall increase in employee incentives, which included cash bonus provided and share-based compensation awards granted during the three months ended June 30, 2025, and (ii) a decrease in rental expense by 75.8% to $1.5 million in the three months ended June 30, 2025 from $6.2 million in the three months ended June 30, 2024, primarily because the newly acquired fulfillment centers have become fully operational in the three months ended June 30, 2025 and the related expenses were moved from rental expenses to operational costs.

Current wording

Our general and administrative expenses decreased by 44.4% to $8.5 million in the three months ended September 30, 2025 from $15.3 million in the three months ended September 30, 2024, which was primarily due to (i) a decrease in rental expense by 69.9% to $1.5 million in the three months ended September 30, 2025 from $5.0 million in the three months ended September 30, 2024, primarily because the fulfillment centers newly acquired in previous periods have become fully operational during the three months ended September 30, 2025 and the related expenses were moved from rental expenses to operational costs, (ii) a decrease in staff cost related to general and administrative personnel by 30.2% to $3.0 million in the three months ended September 30, 2025 from $4.3 million in the three months ended September 30, 2024 primarily due to a decrease in share-based compensation expenses incurred for general and administrative personnel, (iii) a decrease in professional service expense by 29.6% to $1.9 million in the three months ended September 30, 2025 from $2.7 million in the three months ended September 30, 2024 as we required less professional services during the period, and (iv) a decrease in other general and administrative expenses by 39.7% to $1.0 million in the three months ended September 30, 2025 from $1.6 million in the three months ended September 30, 2024.

Previous wording

We had losses on disposal of property and equipment of $108 thousand in the three months ended June 30, 2025, compared to $162 thousand in the three months ended June 30, 2024.

Current wording

We had losses on disposal of property and equipment of $7 thousand in the three months ended September 30, 2025 compared to $45 thousand in the three months ended September 30, 2024.

Previous wording

We had interest expenses of $32 thousand in the three months ended June 30, 2025 and $59 thousand in the three months ended June 30, 2024.

Current wording

We had interest expenses of $71 thousand in the three months ended September 30, 2025 and $87 thousand in the three months ended September 30, 2024.

Previous wording

We had interest income of $2.8 million in the three months ended June 30, 2025 and $2.2 million in the three months ended June 30, 2024. The increase was primarily attributable to higher average bank deposits, wealth management products and investment in the three months ended June 30, 2025 compared to the previous period.

Current wording

We had interest income of $3.1 million in the three months ended September 30, 2025 and $2.7 million in the three months ended September 30, 2024. The increase was primarily attributable to higher average bank deposits, wealth management products and investment in the three months ended September 30, 2025 compared to the previous period.