GigaCloud Technology Inc

Previous wording

•Off-platform: generates product revenues through the sale of our inventory to and through third-party ecommerce websites and to brick-and-mortar retailers.

Current wording

•Off-platform: generates product revenues through the sale of our inventory to and through third-party ecommerce websites and brick-and-mortar retailers.

Previous wording

GigaCloud Marketplace GMV increased to $1,664.6 million in the 12 months ended March 31, 2026 from $1,416.7 million in the 12 months ended March 31, 2025, representing a growth of 17.5% 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 $1,744.8 million in the 12 months ended June 30, 2026 from $1,438.5 million in the 12 months ended June 30, 2025, representing a growth of 21.3% 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.

Previous wording

The number of active 3P sellers in the GigaCloud Marketplace increased to 1,377 in the 12 months ended March 31, 2026 from 1,154 in the 12 months ended March 31, 2025, representing an increase of 19.3% 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 was over 50,000 as of March 31, 2026. 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 1,465 in the 12 months ended June 30, 2026 from 1,162 in the 12 months ended June 30, 2025, representing an increase of 26.1% 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 50,000 as of June 30, 2026. 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 $908.6 million in the 12 months ended March 31, 2026 from $734.3 million in the 12 months ended March 31, 2025, representing an increase of 23.7% period-over-period as our marketplace continues to gain scale and market position. 3P Seller GigaCloud Marketplace GMV represented 54.6% and 51.8% of total GigaCloud Marketplace GMV in the 12 months ended March 31, 2026 and March 31, 2025, 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 $962.3 million in 12 months ended June 30, 2026 from $757.5 million in the 12 months ended June 30, 2025, representing an increase of 27.0% period-over-period as our marketplace continued to gain scale and market position. 3P Seller GigaCloud Marketplace GMV represented 55.2% and 52.7% of total GigaCloud Marketplace GMV in the 12 months ended June 30, 2026 and June 30, 2025, respectively.

Previous wording

The number of active buyers in the GigaCloud Marketplace increased to 12,473 in the 12 months ended March 31, 2026 from 9,966 in the 12 months ended March 31, 2025, representing an increase of 25.2% period-over-period as our marketplace continues to gain scale and market position. We view the number of active buyers as a key driver of our GigaCloud Marketplace GMV and revenue growth, and a key indicator of our ability to attract and engage buyers in our 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 12,823 in the 12 months ended June 30, 2026 from 10,951 in the 12 months ended June 30, 2025, representing an increase of 17.1% period-over-period as our marketplace continued to gain scale and market position. 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 decreased to $133,457 in the 12 months ended March 31, 2026 from $142,156 in the 12 months ended March 31, 2025, representing a decrease of 6.1% period-over-period. Spend per active buyer is a key driver of GMV and revenue for our GigaCloud Marketplace. We generally grow 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 in the 12 months ended March 31, 2026 was primarily due to new buyers onboarded during the period generally require longer period of time to increase their spending in our GigaCloud Marketplace.

Current wording

The spend per active buyer in our GigaCloud Marketplace was $136,069 in the 12 months ended June 30, 2026 and $131,359 in the 12 months ended June 30, 2025, representing an increase of 3.6% 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. Spend per active buyer for the 12 months ended June 30, 2026 increased compared to the previous period, primarily due to increased GMV and a greater spending by both new and existing buyers. As our GigaCloud Marketplace continued to gain scale and market position with newly onboarded buyers, we expect an upward trajectory in spend per active buyer, subject to any fluctuation from period to period depending on buyer mix, promotional activity, and broader market conditions.

Previous wording

Sellers in our marketplace are typically manufacturers operating in Asia who are able to use our supply chain capabilities to establish overseas sales channels without having to invest in their own logistics or fulfillment centers overseas. We are focused on growing and retaining the number of sellers who choose to list their large parcel merchandise in our marketplace and utilize our fulfillment and logistics network for the shipping and handling of their products.

Current wording

Sellers in our marketplace are typically manufacturers operating in Asia who utilize our supply chain capabilities to establish overseas sales channels without having to invest in their own logistics or fulfillment centers overseas. We are focused on growing and retaining the number of sellers who choose to list their large parcel merchandise in our marketplace and utilize our fulfillment and logistics network for the shipping and handling of their products.

Previous wording

Our number of active 3P sellers was 1,377 in the 12 months ended March 31, 2026, compared to 1,154 in the 12 months ended March 31, 2025, representing an increase of 19.3% compared to the previous period. We believe this increasing trend will continue because of the growing recognition of our marketplace, our seller-friendly comprehensive logistics network enabling hassle-free delivery of large parcel merchandise and our expansion into new markets.

Current wording

Our number of active 3P sellers was 1,465 in the 12 months ended June 30, 2026, compared to 1,162 in the 12 months ended June 30, 2025, representing an increase of 26.1% compared to the previous period. 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

Using our marketplace, sellers are able to quickly gain access to key global markets in which we operate, including the U.S., the U.K., Germany, Japan and Canada. We provide a flat rate program for shipping and handling, and sellers are able to utilize the space in our fulfillment centers. We also create sales analytics which provide valuable information as sellers determine which products to bring to market.

Current wording

Using our marketplace, sellers are able to quickly gain access to key global markets in which we operate, including the U.S., the U.K., Germany, Japan and Canada. We provide a flat rate program for shipping and handling, and sellers are able to utilize the storage space in our fulfillment centers. We also create sales analytics which provide valuable information as sellers determine which products to bring to market.

Previous wording

Buyers in our marketplace are typically resellers operating in the U.S., Europe and Japan who procure large parcel merchandise to resell to other retailers or to end customers. Our marketplace is attractive to buyers because we minimize inventory risk from our buyers’ business operations. As of March 31, 2026, the number of SKUs from GigaCloud 1P was over 38,000. Combined with the SKUs offered by active 3P sellers, buyers had access to more than 80,000 SKUs in total. Our buyers can browse products in our marketplace and list products on their preferred ecommerce websites such as Wayfair, Amazon, Home Depot, Walmart and Overstock, 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., Europe and Japan who procure large parcel merchandise to resell to other retailers or to end customers. Our marketplace is attractive to buyers because we minimize inventory risk from our buyers’ business operations. As of June 30, 2026, the number of SKUs from GigaCloud 1P was over 40,000. Combined with the SKUs offered by active 3P sellers, buyers had access to more than 90,000 SKUs in total. Our buyers can browse a product in our marketplace and list the product on their preferred ecommerce websites such as Wayfair, Amazon, Home Depot, Walmart, Target and Overstock, or their own store prior to procuring and storing the product in a warehouse or shop. Once a sale to a retailer or end customer takes place, buyers can order the product in our marketplace and we will handle the fulfillment directly to the retailer or end customer.

Previous wording

In the 12 months ended March 31, 2026, we had 12,473 active buyers in our marketplace with an average $133,457 spend per active buyer, representing a 25.2% increase in active buyers and a 6.1% decrease in spend per active buyer compared to the previous period, mirroring the macroeconomic challenges faced by retailers.

Current wording

In the 12 months ended June 30, 2026, we had 12,823 active buyers in our marketplace with an average $136,069 spend per active buyer, representing a 17.1% increase in active buyers and a 3.6% increase in spend per active buyer compared to the 10,951 active buyers in our marketplace with an average $131,359 spend per active buyer in the 12 months ended June 30, 2025, primarily attributable to a higher number of new buyers onboarded during the period and increased GMV.

Previous wording

Recent global economic uncertainties, inflation, fluctuating interest rates, lower consumer confidence and demand for discretionary goods, and geopolitical events such as recent international trade disputes and the ongoing conflicts in the Middle East, along with other global tensions, could further impact the demand of products and freight rates. Furthermore, the recent enactment of heightened tariffs by the U.S. government, along with the unpredictability of tariff regimes, shipping and freight rates, introduces further uncertainty and may impact both the pricing of goods and services and our profitability. Other macroeconomic factors that can affect customer spending patterns include employment rates, availability of customer and commercial credit, interest rates, tax rates and energy costs.

Current wording

Recent global economic uncertainties, inflation, fluctuating interest rates, lower consumer confidence and demand for discretionary goods, and geopolitical events such as recent international trade disputes and the ongoing conflicts in the Middle East, along with other global tensions, could further impact the demand of products and freight rates. Other macroeconomic factors that can affect customer spending patterns include employment rates, availability of customer and commercial credit, 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 offerings 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 57.5% and 64.5% of our total revenues in the three months ended March 31, 2026 and 2025, 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 55.2% and 61.7% of our total revenues in the six months ended June 30, 2026 and 2025, 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 March 31, 2026, we leased 36 fulfillment centers with an aggregate gross floor area of approximately 11.7 million square feet in five countries, and two other facilities with storage and showroom functions with an aggregate gross floor area of approximately 68,048 square feet in the U.S. Additionally, we maintain partnerships with several major shipping, trucking and freight service providers to supply 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 June 30, 2026, we leased 38 fulfillment centers with an aggregate gross floor area of approximately 12.4 million square feet in five countries, and two other facilities with storage and showroom functions with an aggregate gross floor area of approximately 107,716 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

Our ability to improve our operational efficiency depends on our ability to invest in our infrastructure and technology platform, including our warehousing and fulfillment solutions and AI technology. We also invest in our research and development personnel for the design, development, and testing of our platform, and incur software development costs for internal-use software and our group’s websites. We have successfully improved our infrastructure and technology solutions over the past years.

Current wording

Our ability to improve our operational efficiency depends on our ability to invest in our infrastructure and technology platform, including our warehousing and fulfillment solutions and AI technology. We also invest in our research and development personnel for the design, development, and testing of our platform, and incur software development costs for the internal-use software and our group’s websites. We have successfully improved our infrastructure and technology solutions over the past years.

Previous wording

Revenues reported are attributed to geographic areas based on locations of our fulfillment centers, except for platform commission revenues which are attributed to Hong Kong, where the server of GigaCloud Marketplace is located. Revenues by geography for the three months ended March 31, 2026 and 2025 and were as follows:

Current wording

Revenues reported are attributed to geographic areas based on locations of our fulfillment centers, except for platform commission revenues which are attributed to Hong Kong, where the server of the GigaCloud Marketplace is located. The following table sets forth the breakdown of our revenues by geographic regions for the periods presented:

Previous 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% of our total revenues for the three months ended March 31, 2026 and 2025.

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% of our total revenues for the three and six months ended June 30, 2026 and 2025.

Previous wording

From time to time in the three months ended March 31, 2026, 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 six months ended June 30, 2026, 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

We derive product revenues primarily from the sales of our own inventory through two sales models, which are (i) product sales made to third-party ecommerce websites and to brick-and-mortar retailers, or Product Sales to B, such as Wayfair, Amazon, Home Depot, Walmart and Overstock; and (ii) product sales to individual customers through third-party ecommerce websites, or Product Sales to C, such as Amazon, OTTO, Real and Target, where end customers can visit our online stores and purchase directly from us. Regarding Product Sales to B, as expenses charged by these websites are not in exchange for a distinct good or service, the payments to these websites are not recognized as expenses but netted against revenues. With respect to Product Sales to C, expenses incurred for product sales made through these websites are recorded as selling and marketing expenses.

Current wording

We derive product revenues primarily from the sales of our own inventory through two sales models, which are (i) product sales made to third-party ecommerce websites and to brick-and-mortar retailers, or Product Sales to B, such as Wayfair, Amazon, Home Depot, Walmart, Target and Overstock; and (ii) product sales to individual customers through third-party ecommerce websites, or Product Sales to C, such as Amazon, OTTO, Real and Target, where end customers can visit our online stores and purchase directly from us. Regarding Product Sales to B, as expenses charged by these websites are not in exchange for a distinct good or service, the payments to these websites are not recognized as expenses but netted against revenues. With respect to Product Sales to C, expenses incurred for product sales made through these websites are recorded as selling and marketing expenses.

Previous wording

Cost of products primarily consist of the purchase price of merchandise, shipping and handling costs for self-owned merchandise, rental expenses for fulfillment centers excluding the portion allocated to cost of service revenue and abnormal capacity, packaging fees and personnel related costs. Shipping and handling costs primarily consist of those costs incurred during the delivery process, including the expenses attributable to shipment and handling activities, when we deliver a good to a customer.

Current wording

Cost of products primarily consists of the purchase price of merchandise, shipping and handling costs for self-owned merchandise, rental expenses for fulfillment centers excluding the portion allocated to cost of service revenue and abnormal capacity, packaging fees and personnel related costs. Shipping and handling costs primarily consist of those costs incurred during the delivery process, including the expenses attributable to shipment and handling activities, when we deliver a good to a customer.

Previous wording

Our general and administrative expenses primarily consist of staff costs which included share-based compensation, payroll and related costs for employees involved in general corporate functions, professional fees, office supplies and utility, rental and depreciation expenses associated with the use of facilities and equipment by these employees, rental expenses during the initial start-up period in our fulfillment centers and other abnormal capacity costs, property insurance, provision for bad debts and other general corporate expenses.

Current wording

Our general and administrative expenses primarily consist of staff costs which included share-based compensation, payroll and related costs for employees involved in general corporate functions, professional fees, office supplies and utility, rental and depreciation expenses associated with the use of facilities and equipment by these employees, rental expenses during the initial start-up period in our fulfillment centers and other abnormal capacity costs, property insurance, provision for bad debt and other general corporate expenses.

Previous wording

Our revenues, which primarily consist of service revenues generated from GigaCloud 3P and product revenues generated from GigaCloud 1P and off-platform sales, increased by 32.2% to $359.5 million in the three months ended March 31, 2026 from $271.9 million in the three months ended March 31, 2025. 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 sales, increased by 27.6% to $411.6 million in the three months ended June 30, 2026 from $322.6 million in the three months ended June 30, 2025. 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 23.8% to $116.5 million in the three months ended March 31, 2026 from $94.1 million in the three months ended March 31, 2025. The increase was primarily attributable to:

Current wording

•Service Revenues from GigaCloud 3P. Our service revenues increased by 24.7% to $120.8 million in the three months ended June 30, 2026 from $96.9 million in the three months ended June 30, 2025. This was primarily attributable to:

Previous wording

◦an increase in revenues from last mile delivery services by 40.2% to $69.0 million in the three months ended March 31, 2026 from $49.2 million in the three months ended March 31, 2025 as our GigaCloud Marketplace GMV and delivery volume continued to increase;

Current wording

◦an increase in revenues from last mile delivery services by 29.9% to $70.0 million in the three months ended June 30, 2026 from $53.9 million in the three months ended June 30, 2025 as our GigaCloud Marketplace GMV, pricing and delivery volume continued to increase;

Previous wording

◦an increase in revenues from packaging services by 30.1% to $9.5 million in the three months ended March 31, 2026 from $7.3 million in the three months ended March 31, 2025 as we handled more products as our GigaCloud Marketplace GMV continued to increase;

Current wording

◦an increase in revenues from packaging services by 12.0% to $9.3 million in the three months ended June 30, 2026 from $8.3 million in the three months ended June 30, 2025 as we handled more products as our GigaCloud Marketplace GMV continued to increase; and

Previous wording

◦an increase in revenues from other services by 10.0% to $5.5 million in the three months ended March 31, 2026 from $5.0 million in the three months ended March 31, 2025, primarily due to an increase in other supplemental fulfillment services provided by our Marketplace compared to the previous period; partially offset by

Current wording

◦an increase in revenues from other services by 10.2% to $5.4 million in the three months ended June 30, 2026 from $4.9 million in the three months ended June 30, 2025, primarily due to an increase in other supplemental fulfillment services provided by our Marketplace compared to the previous period.

Previous wording

•Product Revenues from GigaCloud 1P. Our product revenues from GigaCloud 1P increased by 10.6% to $90.0 million in the three months ended March 31, 2026 from $81.4 million in the three months ended March 31, 2025. 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 4.1% to $98.1 million in the three months ended June 30, 2026 from $94.2 million in the three months ended June 30, 2025. The increase was primarily due to increased sales in Europe, Japan and Canada, and the number of buyers as our marketplace continued to grow in scale.

Previous wording

•Product Revenues from Off-platform. Our product revenues from off-platform increased by 58.6% to $152.9 million in the three months ended March 31, 2026 from $96.4 million in the three months ended March 31, 2025. The increase was primarily due to increases in sales channels and sales volume in certain third-party off-platform, as well as increased revenues generated from offline sales channels acquired from New Classic.

Current wording

◦an increase in product sales to B channels by 43.6% to $92.5 million in three months ended June 30, 2026 from $64.4 million in three months ended June 30, 2025, primarily due to increased revenues generated from offline sales channels acquired from New Classic, increased sales during the outdoor season and increased sales channels in Europe and the U.S.;

Previous wording

•Our cost of services increased by 34.6% to $106.6 million in the three months ended March 31, 2026 from $79.2 million in the three months ended March 31, 2025, primarily due to:

Current wording

•Our cost of services increased by 24.2% to $106.7 million in the three months ended June 30, 2026 from $85.9 million in the three months ended June 30, 2025, primarily due to:

Previous wording

◦an increase in delivery cost by 37.7% to $74.9 million in the three months ended March 31, 2026 from $54.4 million in the three months ended March 31, 2025, as last mile delivery costs and products handled increased during the period;

Current wording

◦an increase in delivery cost by 25.7% to $74.8 million in the three months ended June 30, 2026 from $59.5 million in the three months ended June 30, 2025 as last mile delivery costs and products handled increased during the period;

Previous wording

◦an increase in rental cost by 27.1% to $21.1 million in the three months ended March 31, 2026 from $16.6 million in the three months ended March 31, 2025 due to more warehousing space and equipment being used for service revenue generating activities;

Current wording

◦an increase in rental cost by 19.1% to $20.6 million in the three months ended June 30, 2026 from $17.3 million in the three months ended June 30, 2025 due to more warehousing space and equipment being used for service revenue generating activities; and

Previous wording

•Our cost of products increased by 29.5% to $167.0 million in the three months ended March 31, 2026 from $129.0 million in the three months ended March 31, 2025, primarily due to:

Current wording

•Our cost of products increased by 24.8% to $199.4 million in the three months ended June 30, 2026 from $159.8 million in the three months ended June 30, 2025, primarily due to:

Previous wording

◦an increase in product cost by 27.4% to $128.8 million in the three months ended March 31, 2026 from $101.1 million in the three months ended March 31, 2025 as sales volume and cost per unit increased during the period;

Current wording

◦an increase in product cost by 24.5% to $156.2 million in the three months ended June 30, 2026 from $125.5 million in the three months ended June 30, 2025 as sales volume increased during the period;

Previous wording

◦an increase in delivery cost by 55.6% to $12.6 million in the three months ended March 31, 2026 from $8.1 million in the three months ended March 31, 2025 as our sales volume and the pricing of delivery increased;

Current wording

◦an increase in delivery cost by 39.8% to $14.4 million in the three months ended June 30, 2026 from $10.3 million in the three months ended June 30, 2025 as our sales volume and the pricing of delivery increased during the period;

Previous wording

◦an increase in rental costs by 19.7% to $15.2 million in the three months ended March 31, 2026 from $12.7 million in the three months ended March 31, 2025 due to more warehousing space and equipment being used for product revenue generating activities.

Current wording

◦an increase in rental cost by 16.4% to $17.0 million in the three months ended June 30, 2026 from $14.6 million in the three months ended June 30, 2025 due to more warehousing space and equipment being used for product revenue generating activities.

Previous wording

Our general and administrative expenses decreased by 31.5% to $9.8 million in the three months ended March 31, 2026 from $14.3 million in the three months ended March 31, 2025, which was primarily due to (i) a decrease in rental expense by 52.8% to $1.4 million in the three months ended March 31, 2026 from $3.0 million in the three months ended March 31, 2025, primarily because the fulfillment centers acquired in previous periods became fully operational and the related expenses were moved from general and administrative expenses to cost of revenues as more warehousing space was utilized for revenue generating activity, (ii) a decrease in professional service expense by 49.3% to $1.5 million in the three months ended March 31, 2026 from $2.9 million in the three months ended March 31, 2025 as we engaged less professional services for our financial and legal advisors compared to the previous period, and (iii) a decrease in donation expense as it was an one-time donation to support the recovery efforts for the Greater Los Angeles wildfire in the three months ended March 31, 2025.

Current wording

Our general and administrative expenses increased by 47.7% to $19.2 million in the three months ended June 30, 2026 from $13.0 million in the three months ended June 30, 2025, which was primarily due to (i) an increase in staff cost related to general and administrative personnel by 57.5% to $11.5 million in the three months ended June 30, 2026 from $7.3 million in the three months ended June 30, 2025, primarily relating to share-based compensation awards granted during the three months ended June 30, 2026, partially offset by a decrease in the number of general and administrative personnel, and (ii) an increase in rental expense by 33.3% to $2.0 million in the three months ended June 30, 2026 from $1.5 million in the three months ended June 30, 2025, primarily because expenses relating to certain newly acquired fulfillment centers were included in rental expense before they become fully operational. The increase was partially offset by a decrease in professional service expense by 22.7% to $1.7 million in the three months ended June 30, 2026 from $2.2 million in the three months ended June 30, 2025, as we engaged less professional services for our financial and legal advisors compared to the previous period.

Previous wording

As a result of the foregoing, our net income was $38.1 million in the three months ended March 31, 2026 and $27.1 million in the three months ended March 31, 2025.

Current wording

As a result of the foregoing, our net income was $42.3 million and $34.6 million in the three months ended June 30, 2026 and 2025, respectively.

Previous wording

◦an increase in revenues from warehousing services by 14.2% to $16.1 million in the three months ended March 31, 2026 from $14.1 million in the three months ended March 31, 2025 as we handled more products as our GigaCloud Marketplace GMV continued to increase;

Current wording

◦an increase in revenues from packaging services by 21.3% to $18.8 million in the six months ended June 30, 2026 from $15.5 million in the six months ended June 30, 2025 as we handled more products as our GigaCloud Marketplace GMV continued to increase;

Previous wording

◦a decrease in revenues from ocean transportation services by 31.6% to $7.8 million in the three months ended March 31, 2026 from $11.4 million in the three months ended March 31, 2025 as the pricing and volume of ocean transportation services decreased during the period.

Current wording

◦a decrease in revenues from ocean transportation services by 6.1% to $18.5 million in the six months ended June 30, 2026 from $19.7 million in the six months ended June 30, 2025 due to a decrease in the pricing of ocean transportation services compared to the previous period.

Previous wording

Our selling and marketing expenses increased by 67.7% to $31.2 million in the three months ended March 31, 2026 from $18.6 million in the three months ended March 31, 2025, which was primarily due to (i) an increase in platform service fee we incurred on certain third-party ecommerce websites by 70.2% to $14.3 million in the three months ended March 31, 2026 from $8.4 million in the three months ended March 31, 2025 as sales volume and sales channels both increased, (ii) an increase in staff cost related to selling and marketing personnel by 68.9% to $12.5 million in the three months ended March 31, 2026 from $7.4 million in the three months ended March 31, 2025 as we increased the number of sales and marketing personnel, (iii) an increase in commission to $0.5 million in the three months ended March 31, 2026 as we incurred increased commission paid to sales and marketing representatives after the New Classic acquisition, and (iv) an increase in other selling and marketing expense by 85.7% to $1.3 million in the three months ended March 31, 2026 from $0.7 million in the three months ended March 31, 2025.

Current wording

Our selling and marketing expenses increased by 55.7% to $67.4 million in the six months ended June 30, 2026 from $43.3 million in the six months ended June 30, 2025, which was primarily due to (i) an increase in platform service fee we incurred on certain third-party ecommerce websites by 62.2% to $30.5 million in the six months ended June 30, 2026 from $18.8 million in the six months ended June 30, 2025 as sales volume and sales channels both increased, (ii) an increase in staff cost related to selling and marketing personnel by 44.6% to $27.9 million in the six months ended June 30, 2026 from $19.3 million in the six months ended June 30, 2025 primarily relating to the increased number of sales and marketing personnel, as well as share-based compensation awards granted during the six months ended June 30, 2026, (iii) an increase in other selling and marketing expenses by 115.4% to $2.8 million in the six months ended June 30, 2026 from $1.3 million in the six months ended June 30, 2025 primarily relating to brand license fees and other sales and marketing activities; and (iv) an increase in commission to $0.9 million in the six months ended June 30, 2026 from $0.1 million in the six months ended June 30, 2025 as we incurred increased commission paid to sales and marketing representatives after the New Classic acquisition.