• Alibaba for oversized goods.
• Amazon FBA for bulky B2B products.

• GigaCloud Marketplace: A global B2B e-commerce platform facilitating the sourcing and sale of large parcel merchandise between manufacturers, resellers, and end-customers.
• Logistics Services: Comprehensive end-to-end fulfillment solutions for large parcel goods, including international freight, warehousing, and last-mile delivery.

GigaCloud Technology (GCT) primarily operates a **Business-to-Business (B2B)** marketplace and logistics platform.

Its major customers are various businesses that purchase large parcel merchandise (such as furniture, home goods, and fitness equipment) for resale to end consumers. These customers typically fall into categories such as:

• Online Retailers and E-commerce Businesses: Companies that sell products directly to consumers through their own websites or third-party online marketplaces.
• Offline Retailers: Brick-and-mortar stores or chains that offer products to consumers through physical storefronts.
• Other Resellers: Businesses that source products from GigaCloud's marketplace to fulfill orders, often operating on dropshipping models or specialized retail segments.

GigaCloud Technology does not disclose the names of specific major customer companies in its public filings (such as its 10-K reports). The company has stated that it does not depend on any single customer for a significant portion of its revenues. Therefore, no individual customer accounts for a sufficiently large percentage of its revenue to trigger mandatory disclosure by name.

Larry Lei Wu, Founder, Chairman of the Board, and Chief Executive Officer

Larry Lei Wu founded GigaCloud Technology Inc. in 2006 and has served as its director, chairman, and Chief Executive Officer since its inception. Prior to founding GigaCloud, he served as the general manager of New Oriental Education & Technology Group Inc. (NYSE: EDU and SEHK: 9901), a vocational and online education company, from 2002 to 2006. He earned his MBA from Yale University in 2002 and a bachelor's degree in mechanical manufacturing from Beijing Union University in 1994. Under his leadership, GigaCloud acquired Noble House Home Furnishings for $85 million and Apexis, Inc. for $10 million, both in November 2023, with Apexis later rebranded as "Wonder." He was honored as an Entrepreneur Of The Year® 2024 Greater Los Angeles Award Winner. Mr. Wu has also sold company shares, with these transactions reported as indirectly owned by entities connected to him and executed through pre-arranged 10b5-1 trading plans.

Erica Wei, Chief Financial Officer

Erica Wei was appointed Chief Financial Officer in March 2025, having previously served as interim Chief Financial Officer since August 2024. She joined GigaCloud in August 2023 as the Vice President of Finance. Before her tenure at GigaCloud, Ms. Wei spent nearly a decade at PwC in Los Angeles, where she advanced to Senior Manager in the firm's auditing services and managed a diverse portfolio of high-profile clients, including several Fortune 500 companies. She holds a Bachelor of Science degree from the University of Southern California Leventhal School of Accounting.

Iman Schrock, President

Iman Schrock has served as President of GigaCloud Technology since August 2022. Prior to joining the company, he was the Vice President of Retail Sales at Abbyson Living from 2006 to 2022. Mr. Schrock holds a PhD in Organizational Psychology from the University of Phoenix, obtained in 2014, and completed Disruptive Strategy at Harvard Business School in 2023. He is also a member of the Forbes Technology Council and serves as an adjunct professor at the American Military University.

Xinyan Hao, Chief Operating Officer

Xinyan Hao holds the position of Chief Operating Officer at GigaCloud Technology.

Xin Wan, Chief Technology Officer

Xin Wan has been the Chief Technology Officer of GigaCloud Technology since 2014. Before joining GigaCloud, he served as the vice president of the education business unit of Aspire Company of China Mobile from 2010 to 2014. Additionally, he was the channel operation center manager and director in Oriental Standard (Beijing) Talent Service Co., Ltd. from 2007 to 2010. Mr. Wan earned his master's degree in software engineering in 2007 and a bachelor's degree in software engineering in 2004 from Tsinghua University, as well as a bachelor's degree in chemical engineering and English from Dalian University of Technology in 2002.

The key risks to GigaCloud Technology (GCT) include:

1. Allegations of Financial Reporting Manipulation and Lack of Transparency: Several reports suggest potential manipulation of financial statements, including the use of undisclosed related party shell companies to inflate key metrics like Gross Merchandise Value (GMV) and revenue. A forensic analysis using the Beneish M-Score model indicated a 28.6% chance of manipulation in financial statements, raising concerns about the credibility of reported performance.
2. Operational Risks, Supply Chain Vulnerabilities, and Rising Costs: GigaCloud Technology faces significant operational risks, including potential system failures in its AI-driven logistics during peak seasons, which could lead to delayed shipments and lost revenue. The company's business model heavily relies on manufacturers in Asia, exposing it to regional risks such as political instability, economic downturns, and supply chain disruptions. Furthermore, industry-wide headwinds like soaring ocean freight costs and increasing operational expenses threaten to squeeze profit margins and hinder long-term profitability.
3. Intense Competition and Regulatory/Tariff Changes: GigaCloud operates in highly competitive e-commerce and cloud services sectors, facing pressure from established players and emerging startups. This intense competition can lead to pricing pressures and reduced market share. Additionally, the company is exposed to risks from regulatory changes, including evolving data protection laws and compliance requirements, as well as changes in international trade regulations, tariffs, and policies (e.g., between China and the US), which could negatively impact its operations and profitability.

The accelerating global trend towards supply chain diversification, reshoring, and nearshoring manufacturing away from traditional hubs in Asia. GigaCloud Technology's core business model is heavily reliant on facilitating the cross-border trade of large parcel goods from Asian manufacturers to Western markets. A significant, sustained shift in global manufacturing locations could diminish the demand for their specialized cross-border logistics and marketplace services originating from Asia, potentially requiring substantial re-investment and re-orientation of their established network and expertise.

GigaCloud Technology (GCT) operates an end-to-end B2B e-commerce solution that primarily connects manufacturers in Asia with resellers in the United States, Asia, and Europe, specializing in large parcel merchandise such as furniture, home appliances, and fitness equipment. The company's main products and services revolve around its B2B marketplace and integrated logistics and fulfillment services.

The addressable markets for GigaCloud Technology's main products or services are:

• Global B2B E-commerce Market: This market was valued at approximately $11.54 trillion in 2024 and is projected to reach $60.62 trillion by 2034, growing at an annual rate (CAGR) of approximately 18%.
• Global E-commerce Logistics Market: The revenue for the e-commerce logistics market is estimated to be around $474.67 billion in 2024 and is expected to grow to approximately $3.24 trillion by 2034, with a CAGR of 21.2%.

1. Expansion of the GigaCloud Marketplace: The company plans to significantly increase participation in its marketplace by adding 3P (third-party) sellers through geographical expansion, enhanced outreach, and marketing initiatives. They also aim to increase active buyers by onboarding brick-and-mortar retailers, enhancing product categories, and leveraging referrals from existing users. The growth of active 3P sellers and buyers, along with increased Gross Merchandise Volume (GMV), are consistently highlighted as primary growth factors.
2. Geographical Expansion, particularly in Europe: GigaCloud Technology has identified Europe as a "powerful growth engine" and a major driver of revenue, with significant year-over-year increases. Diversification into international markets, particularly Europe, is a core tenet of their strategy to offset softness in other domestic markets and secure growth.
3. Strategic Acquisitions and Integration: GigaCloud views mergers and acquisitions (M&A) as a cornerstone of its long-term growth strategy. The company has demonstrated success in integrating acquired businesses, such as Noble House, which was turned around from a significant loss to a profitable asset, contributing to overall growth. GigaCloud is also set to close the acquisition of New Classic Home Furnishings by January 2026, which is expected to further diversify its business and expand market reach.
4. Optimization of the B2B E-commerce Platform and Integrated Logistics: GigaCloud is focused on enhancing its offerings through strategic product optimization and diversification efforts. The company's core "Supplier Fulfilled Retailing" (SFR) model and integrated logistics solutions strengthen its competitive position by streamlining the supply chain, reducing inventory risk, and supporting sustained revenue and customer growth. Improvements in technology, potentially including AI-driven analytics and increased automation, are also aimed at enhancing customer experience and efficiency.

Share Repurchases

• GigaCloud Technology authorized a new $111 million share repurchase program over the next three years, effective August 17, 2025.
• The company has repurchased approximately $71 million worth of shares through buybacks since its Initial Public Offering (IPO) in 2022.
• Previous share repurchase authorizations included $46 million in September 2024, increased to $62 million in March 2025, and further to $78 million in May 2025, with approximately 3.7 million shares repurchased for $61.8 million as of May 12, 2025.

Share Issuance

• GigaCloud Technology completed its Initial Public Offering (IPO) in August 2022, raising approximately $41 million in gross proceeds.
• The IPO involved the issuance of 3,381,000 Class A ordinary shares at a public offering price of $12.25 per share, including the full exercise of the over-allotment option.

Outbound Investments

• GigaCloud Technology has invested approximately $87 million towards acquisitions to strengthen its business as of August 7, 2025.
• The company entered into a binding term sheet to acquire New Classic Home Furnishing, Inc. for $18 million, with the acquisition expected to close in Q1 2026.

Capital Expenditures

• GigaCloud Technology's capital expenditures averaged $4.621 million from fiscal years ending December 2020 to 2024, peaking at $15.536 million in December 2024.
• For the latest twelve months ending June 30, 2025, capital expenditures were $9.312 million.
• The company's business requires significant capital investments in leasing and setting up warehouse facilities, technology, sorting, and other equipment to support existing operations and anticipated growth.