0001857816-24-000124 | 10-Q | XBRL Viewer

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts payable (including accounts payable of VIEs without recourse to the Company of $11,563 and nil as of December 31, 2023 and March 31, 2024, respectively)	$ 86,766	$ 69,757
Contract liabilities (including contract liabilities of VIEs without recourse to the Company of $736 and nil as of December 31, 2023 and March 31, 2024, respectively)	7,554	5,537
Current operating lease liabilities (including current operating lease liabilities of VIEs without recourse to the Company of $1,305 and nil as of December 31, 2023 and March 31, 2024, respectively)	69,400	57,949
Income tax payable (including income tax payable of VIEs without recourse to the Company of $3,644 and nil as of December 31, 2023 and March 31, 2024, respectively)	21,387	15,212
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIEs without recourse to the Company of $2,774 and nil as of December 31, 2023 and March 31, 2024, respectively)	66,572	57,319
Operating lease liabilities, non-current (including operating lease liabilities, non-current of VIEs without recourse to the Company of $553 and nil as of December 31, 2023 and March 31, 2024, respectively)	$ 400,988	$ 343,511
Treasury stock held (in shares)	292,637	294,029
Variable interest entity, primary beneficiary
Accounts payable (including accounts payable of VIEs without recourse to the Company of $11,563 and nil as of December 31, 2023 and March 31, 2024, respectively)	$ 0	$ 11,563
Contract liabilities (including contract liabilities of VIEs without recourse to the Company of $736 and nil as of December 31, 2023 and March 31, 2024, respectively)	0	736
Current operating lease liabilities (including current operating lease liabilities of VIEs without recourse to the Company of $1,305 and nil as of December 31, 2023 and March 31, 2024, respectively)	0	1,305
Income tax payable (including income tax payable of VIEs without recourse to the Company of $3,644 and nil as of December 31, 2023 and March 31, 2024, respectively)	0	3,644
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIEs without recourse to the Company of $2,774 and nil as of December 31, 2023 and March 31, 2024, respectively)	0	2,774
Operating lease liabilities, non-current (including operating lease liabilities, non-current of VIEs without recourse to the Company of $553 and nil as of December 31, 2023 and March 31, 2024, respectively)	$ 0	$ 553
Class A ordinary shares
Common stock, par value (in USD per share)	$ 0.05	$ 0.05
Common stock, shares authorized (in shares)	50,673,268	50,673,268
Common stock, shares issued (in shares)	33,003,452	31,738,632
Common stock, shares outstanding (in shares)	32,720,692	31,455,148
Class B ordinary shares
Common stock, par value (in USD per share)	$ 0.05	$ 0.05
Common stock, shares authorized (in shares)	9,326,732	9,326,732
Common stock, shares issued (in shares)	9,326,732	9,326,732
Common stock, shares outstanding (in shares)	8,076,732	8,076,732

Share-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-based compensation

SHARE-BASED COMPENSATION

Restricted shares (the “RS”)

A summary of the Company’s restricted shares for the three months ended March 31, 2024 was presented below:


	Number of shares	Weighted average grant date fair value
Outstanding as of January 1, 2024	10,545	$	0.0015
Vested	(668)	0.0015
Outstanding as of March 31, 2024	9,877	0.0015
Expect to be vested at March 31, 2024	9,877	$	0.0015

As of March 31, 2024, unrecognized compensation expenses with trivial amount relating to the remaining 9,877 unvested restricted shares would cliff and cumulatively vested upon the satisfaction of the service condition.

Restricted share units (the “RSU”)

There were no RSU activities for the three months ended March 31, 2024. As of March 31, 2024, unrecognized compensation expenses of $67 thousand relating to the 159,773 unvested RSUs would be recognized in next twelve months.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS The Group evaluated subsequent events and transactions that occurred up to the date the unaudited condensed financial statements were issued. Based upon this review, the Group did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed financial statements.

Net Income per Ordinary Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of basic and diluted net income per ordinary share

The following table sets forth the basic and diluted net income per ordinary share computation and provides a reconciliation of the numerator and denominator for the periods presented:


	Three Months Ended March 31,
	2023		2024
	(In thousands)
Numerator:
Net income	$	15,941	$	27,195
Denominator:
Weighted average number of ordinary shares outstanding
- Basic	40,716,501		40,788,658
- Diluted	40,716,501		40,950,170
Net income per ordinary share attributable to ordinary shareholders
- Basic	$	0.39	$	0.67
- Diluted	$	0.39	$	0.66

Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method

For the three months ended March 31, 2024, the potential dilutive securities that have been included in the calculation of diluted net income per ordinary share are presented as follow:


	Three Months Ended March 31,
	2023	2024
RSU	—	153,902
RS	—	7,610

Summary of Significant Accounting Policies - Summary of Geographic information of Revenue by Segment (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 251,077	$ 127,797
No region \| Minimum \| Revenue benchmark \| Customer concentration risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	10.00%	10.00%
Platform commission
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	$ 3,598	$ 2,302
Platform commission \| Hong Kong
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	3,598	2,302
Ocean transportation service
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	9,801	2,771
Ocean transportation service \| The United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	9,741	2,763
Ocean transportation service \| Others
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	60	8
Warehousing service
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	9,327	5,657
Warehousing service \| The United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	9,090	5,420
Warehousing service \| Others
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	237	237
Last-mile delivery service
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	30,755	18,608
Last-mile delivery service \| The United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	28,488	18,009
Last-mile delivery service \| Others
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	2,267	599
Packaging service
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	6,279	2,868
Packaging service \| The United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	5,753	2,692
Packaging service \| Others
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	526	176
Others
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	7,655	2,890
Others \| The United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	7,568	2,801
Others \| Others
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	87	89
Product sales
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	183,662	92,701
Revenues	183,662	92,701
Product sales \| The United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	140,321	70,505
Product sales \| Japan
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	9,941	10,191
Product sales \| Germany
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	29,273	9,340
Product sales \| Others
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	4,127	2,665
Total service revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	67,415	35,096
Revenues	$ 67,415	$ 35,096

Summary of Significant Accounting Policies - Summary of Accounts Receivable Balance (Detail) - Revenue benchmark - Customer concentration risk	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Customer A
Concentration risk percentage	20.50%	30.20%
Customer B
Concentration risk percentage	13.00%

Leases - Schedule of Lease Cost (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating lease cost
Operating lease cost	$ 21,948	$ 8,249
Finance lease cost
Amortization of right-of-use assets	131	167
Interest on lease liabilities	61	95
Short-term lease costs	118	64
Total	$ 22,258	$ 8,575

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	COMMITMENTS AND CONTINGENCIES The Group leases offices and fulfillment centers under non-cancelable operating lease agreements. Future minimum lease payments under these noncancelable lease agreements with initial terms longer than three months are disclosed as maturity of lease liabilities in Note 4. On March 9, 2024, one of our fulfillment centers in Japan experienced a fire. The fire destroyed our inventories located within the fulfillment center. The Group recognized losses of $1.8 million as a result of the fire. Based on the provisions of our insurance policies, the gross losses have been reduced by the estimated insurance proceeds expected to be received from our insurance carrier. The Group has determined that partial recovery of the incurred losses is probable and therefore recorded an insurance receivable and insurance recovery of $1.5 million for the three-month period ended March 31, 2024. The Group is obligated to dispose of debris resulting from inventory damaged during the fire at the fulfillment center; we anticipate incurring costs associated with the disposal process. As of the date the unaudited condensed financial statements were issued, the Group is unable to reasonably estimate the extent of these costs. Consequently, we have not accrued a specific amount related to the disposal expenses associated with damaged inventory. We will continue to assess the situation and evaluate any developments that may impact the estimation of these costs in subsequent reporting periods. The Group may incur certain costs in connection with the reconstruction efforts of the leased fulfillment center following the fire. Notably, our insurance coverage extends to damages incurred by third parties. As of the date the unaudited condensed financial statements were issued, the Group is unable to reasonably estimate the extent of these costs. Consequently, no specific provision has been accrued in our financial statements related to the reconstruction efforts of the leased fulfillment center. We remain committed to monitoring the situation closely and will adjust our estimates accordingly as more information becomes available in subsequent reporting periods. As of March 31, 2024, the Group did not expect liabilities arising from reconstruction efforts, net of insurance recoveries, to materially adversely affect the Group’s unaudited condensed consolidated results of operations or its financial condition. The Group had no other material commitments or long-term obligations as of March 31, 2024.

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Revenues	$ 251,077	$ 127,797
Cost of revenues
Cost of revenues	184,529	98,223
Gross profit	66,548	29,574
Operating expenses
Selling and marketing expenses	14,580	6,896
General and administrative expenses	15,389	4,150
Research and development expenses	1,756	672
Losses on disposal of property and equipment	6	0
Total operating expenses	31,731	11,718
Operating income	34,817	17,856
Interest expense	(81)	(113)
Interest income	1,609	590
Foreign currency exchange gains (losses), net	(2,709)	1,385
Government grants	6	0
Others, net	(322)	(21)
Income before income taxes	33,320	19,697
Income tax expense	(6,125)	(3,756)
Net income	27,195	15,941
Net income attributable to ordinary shareholders	27,195	15,941
Foreign currency translation adjustment, net of nil income taxes	(112)	(194)
Total other comprehensive income (loss)	(112)	(194)
Comprehensive Income	$ 27,083	$ 15,747
Net income per ordinary share
Net income per ordinary share, basic (in USD per share)	$ 0.67	$ 0.39
Net income per ordinary share, diluted (in USD per share)	$ 0.66	$ 0.39
Weighted average number of ordinary shares outstanding used in computing net income per ordinary share
Weighted average number of ordinary shares outstanding used in computing net income per ordinary share, basic (in shares)	40,788,658	40,716,501
Weighted average number of ordinary shares outstanding used in computing net income per ordinary share, diluted (in shares)	40,950,170	40,716,501
Total service revenues
Revenues
Revenues	$ 67,415	$ 35,096
Cost of revenues
Cost of revenues	54,431	28,767
Product sales
Revenues
Revenues	183,662	92,701
Cost of revenues
Cost of revenues	$ 130,098	$ 69,456

Leases - Schedule of Lease Terms and Discount Rates (Detail)	Mar. 31, 2024	Dec. 31, 2023
Weighted average remaining lease term (years):
Operating leases	6 years 1 month 13 days	6 years 5 months 12 days
Finance leases	9 months 18 days	10 months 2 days
Weighted average discount rate:
Operating leases	3.48%	3.23%
Finance leases	17.52%	18.18%

Revenues - Additional Information (Detail)	3 Months Ended
Revenues - Additional Information (Detail)	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract with customer, timing of satisfaction of performance obligation and payment	one year

Income Tax	3 Months Ended
Income Tax	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Tax	INCOME TAX The Company’s provision for income taxes for the three months ended March 31, 2023 and 2024 was $3,756 thousand, and $6,125 thousand respectively, representing effective income tax rates of 19.1% and 18.4%, respectively. The difference between the PRC income tax rate of 25.0% and GigaCloud Technology’s overall income tax rate was primarily due to an income tax benefit on a favorable foreign rate differential and GigaCloud Suzhou’s certificate for Advanced Technology Service Enterprise (“ATSE”) qualification, which entitles the company to the preferential tax rate of 15%.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Inventories - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Products available for sale	$ 120,091	$ 92,059
Goods in transit	66,040	40,188
Inventories	$ 186,131	$ 132,247

Condensed Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Other comprehensive income (loss), tax	$ 0	$ 0

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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Net Income per Ordinary Share - Schedule of the Basic and Diluted Net Income per Ordinary Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income	$ 27,195	$ 15,941
Denominator:
Weighted average number of ordinary shares outstanding - basic (in shares)	40,788,658	40,716,501
Weighted average number of ordinary shares outstanding - diluted (in shares)	40,950,170	40,716,501
Net income per ordinary share attributable to ordinary shareholders - basic (in USD per share)	$ 0.67	$ 0.39
Net income per ordinary share attributable to ordinary shareholders - diluted (in USD per share)	$ 0.66	$ 0.39

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Business and organization

Business

GigaCloud Technology Inc (the “Company”), a limited liability company based in the Cayman Islands, with its subsidiaries (collectively referred to as the “Group”, “we” or “our”) are principally engaged in large parcel merchandise sales and the provision of ecommerce solutions for small cross-border business owners utilizing the Group’s online platform (“GigaCloud Marketplace”) and fulfillment centers primarily located in the United States, Japan and Europe.

Organization

The consolidated financial statements as of December 31, 2023 in the 2023 Form 10-K included the financial statements of the Company, its subsidiaries and consolidated VIEs.

In January 2024, the Company terminated the Account Control Agreements with four of its consolidated VIEs, B.T.M TRAVEL AND TRADING LTD, COMHARBOR LIMITED, BRIHOME LIMITED which are located in United Kingdom (the “U.K.”), and Decobus Handel GmbH which is located in Germany. Concurrently with the termination, the Company acquired 100% equity interest of the four entities from its nominal shareholder with nominal consideration through capital contribution. As of March 31, 2024, the Group had no consolidated VIEs. The accompanying unaudited condensed consolidated financial statements as of March 31, 2024 included the financial statements of the Company and its subsidiaries.

Basis of presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Group have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Results of operations for interim periods are not necessarily indicative of results for the entire year. As a result, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the 2023 Form 10-K.

There were no significant changes to our significant accounting policies as disclosed in the 2023 Form 10-K.

Restricted cash

Restricted Cash

Cash that is restricted for withdrawal or use is reported separately on the unaudited condensed consolidated balance sheets. The Group’s restricted cash represents security deposits held in designated bank accounts for issuance of letters of guarantee. As of December 31, 2023 and March 31, 2024, the restricted cash, held by the Group at the United States financial institutions and denominated in U.S. Dollars, amounted to $885 thousand and $894 thousand, respectively.

A reconciliation of cash and restricted cash in the unaudited condensed consolidated balance sheets to the amounts in the unaudited condensed consolidated statements of cash flows is as follows:


	December 31, 2023		March 31, 2024
	(In thousands)
Cash	$	183,283	$	185,214
Restricted cash	885		894
Total cash and restricted cash in the unaudited condensed consolidated statements of cash flows	$	184,168	$	186,108

Concentration and risk

Concentration and Risk

Concentration of customers and suppliers

No customers individually represented greater than 10.0% of total revenues of the Group for the three months ended March 31, 2023 and 2024.

One customer individually represented greater than 10.0% of total accounts receivable balance of the Group as of December 31, 2023 and two customers individually represented greater than 10.0% of total accounts receivable balance as of March 31, 2024.


	December 31, 2023		March 31, 2024
	proportion of total accounts receivable balance		proportion of total accounts receivable balance
Customer A	30.2	%	20.5	%
Customer B	*		13.0	%

*Less than 10.0% of total accounts receivable balance as of the period end.

During the three months ended March 31, 2024, one service provider individually represented 17.7% of total purchase, and no other vendor accounted for 10% or more of total purchases.

Concentration of credit risk

Financial instruments that potentially expose the Group to concentrations of credit risk consist principally of cash, restricted cash, investments, accounts receivable, and amounts due from third-party payment platforms.

The Group’s investment policy requires cash, restricted cash and investments to be placed with high quality financial institutions and to limit the amount of credit risk from any one institution. The Group regularly evaluates the credit standing of the counterparties or financial institutions.

Accounts receivable (Note 2), derived from product sales and provision of services on the Group’s GigaCloud Marketplace, as well as amounts due from third-party payment platforms derived from payment from individual customers collected by third-party payment platforms on behalf of the Group, are exposed to credit risk. The assessment of the counter parties’ creditworthiness is primarily based on past history of making payments when due and current ability to pay, taking into account information specific to the counter parties as well as pertaining to the economic environment in which the counter parties operate. Based on this analysis, the Group determines what credit terms, if any, to offer to each counter party individually. If the assessment indicates a likelihood of collection risk, the Group will not deliver the services or sell the products to or through the counter parties or require the counter parties to pay cash in time to secure payment.

Segment reporting

Segment Reporting

The Group’s chief operating decision maker has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. For the purpose of internal reporting and management’s operation review, the Group’s chief executive officer and management personnel do not segregate the Group’s business by revenue stream or geography. Management has determined that the Group has one operating segment.

Long-lived assets consist of property and equipment and operating lease right-of-use assets. The geographic information for long-lived assets as of December 31, 2023 and March 31, 2024 was as follows:


	December 31, 2023		March 31, 2024
	(In thousands)
The United States	$	400,554	$	457,527
Others	22,982		24,269
Total long-lived assets	$	423,536	$	481,796

Revenues reported are attributed to geographic areas based on locations of the Company’s fulfillment centers, except for platform commission revenues which are attributed to Hong Kong, where the server of the GigaCloud Marketplace is located. Revenues by geographic regions for the three months ended March 31, 2023 and 2024 were as follows:


	Three Months Ended March 31,
	2023		2024
Revenues by geographic regions:	(In thousands)
Service revenues	$	35,096	$	67,415
Platform commission	2,302		3,598
Hong Kong	2,302		3,598
Ocean transportation service	2,771		9,801
United States	2,763		9,741
Others(1)	8		60
Warehousing service	5,657		9,327
United States	5,420		9,090
Others(1)	237		237
Last-mile delivery service	18,608		30,755
United States	18,009		28,488
Others(1)	599		2,267
Packaging service	2,868		6,279
United States	2,692		5,753
Others(1)	176		526
Others	2,890		7,655
United States	2,801		7,568
Others(1)	89		87
Product revenues	92,701		183,662
United States	70,505		140,321
Japan	10,191		9,941
Germany	9,340		29,273
Others(1)	2,665		4,127
Total revenues	$	127,797	$	251,077

_____________________
(1) No other individual region’s revenues exceeded 10% of the Company’s total revenues for the three months ended March 31, 2023 and 2024

Fair value of financial instruments

Fair Value of Financial Instruments

The fair values of cash, restricted cash, investments, receivables, payables approximated their carrying values because of the short-term nature of these instruments. As of March 31, 2024, our investments consisted of time deposit instruments that would be classified as Level 2 in the fair value hierarchy if they were measured at fair value in the financial statements.

Recent accounting pronouncements

Recent Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to update reportable segment disclosure requirements. The amendment is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendment should be applied retrospectively to all prior periods presented in the financial statements. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our consolidated financial statement disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, amending existing income tax disclosure guidance, primarily requiring more detailed disclosure for income taxes paid and the effective tax rate reconciliation. For public business entities, the amendments in this ASU are effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption permitted and can be applied on either a prospective or retroactive basis. The Group is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures.

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) company Segment	Mar. 31, 2023	Dec. 31, 2023 USD ($)	Jan. 31, 2024 vIE company
Accounting Policies [Line Items]
Number of account control agreements terminated \| vIE				4
Number of wholly-owned subsidiaries acquired \| company				4
Number of consolidated VIEs \| company	0
Restricted cash \| $	$ 894		$ 885
Number of operating segments \| Segment	1
USD \| The United States
Accounting Policies [Line Items]
Restricted cash \| $	$ 894		$ 885
B.T.M Travel and Trading Ltd, Comharbor Limited, Brihome Limited and Decobus Handel GMBH
Accounting Policies [Line Items]
Business acquisition, percentage of voting interests acquired (in percent)				100.00%
Minimum \| Purchases \| Supplier concentration risk \| One supplier
Accounting Policies [Line Items]
Concentration risk percentage	17.70%
Minimum \| Purchases \| Supplier concentration risk \| No supplier
Accounting Policies [Line Items]
Concentration risk percentage	10.00%
No customer \| Minimum \| Revenue benchmark \| Customer concentration risk
Accounting Policies [Line Items]
Concentration risk percentage	10.00%	10.00%
One customer \| Minimum \| Accounts receivable \| Customer concentration risk
Accounting Policies [Line Items]
Concentration risk percentage			10.00%
Two customer \| Minimum \| Accounts receivable \| Customer concentration risk
Accounting Policies [Line Items]
Concentration risk percentage	10.00%

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 27,195	$ 15,941

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Business

Organization

The consolidated financial statements as of December 31, 2023 in the 2023 Form 10-K included the financial statements of the Company, its subsidiaries and consolidated VIEs.

Basis of Presentation

There were no significant changes to our significant accounting policies as disclosed in the 2023 Form 10-K.

Restricted Cash

A reconciliation of cash and restricted cash in the unaudited condensed consolidated balance sheets to the amounts in the unaudited condensed consolidated statements of cash flows is as follows:


	December 31, 2023		March 31, 2024
	(In thousands)
Cash	$	183,283	$	185,214
Restricted cash	885		894
Total cash and restricted cash in the unaudited condensed consolidated statements of cash flows	$	184,168	$	186,108

Concentration and Risk

Concentration of customers and suppliers

No customers individually represented greater than 10.0% of total revenues of the Group for the three months ended March 31, 2023 and 2024.


	December 31, 2023		March 31, 2024
	proportion of total accounts receivable balance		proportion of total accounts receivable balance
Customer A	30.2	%	20.5	%
Customer B	*		13.0	%

*Less than 10.0% of total accounts receivable balance as of the period end.

During the three months ended March 31, 2024, one service provider individually represented 17.7% of total purchase, and no other vendor accounted for 10% or more of total purchases.

Concentration of credit risk

Segment Reporting


	December 31, 2023		March 31, 2024
	(In thousands)
The United States	$	400,554	$	457,527
Others	22,982		24,269
Total long-lived assets	$	423,536	$	481,796


	Three Months Ended March 31,
	2023		2024
Revenues by geographic regions:	(In thousands)
Service revenues	$	35,096	$	67,415
Platform commission	2,302		3,598
Hong Kong	2,302		3,598
Ocean transportation service	2,771		9,801
United States	2,763		9,741
Others(1)	8		60
Warehousing service	5,657		9,327
United States	5,420		9,090
Others(1)	237		237
Last-mile delivery service	18,608		30,755
United States	18,009		28,488
Others(1)	599		2,267
Packaging service	2,868		6,279
United States	2,692		5,753
Others(1)	176		526
Others	2,890		7,655
United States	2,801		7,568
Others(1)	89		87
Product revenues	92,701		183,662
United States	70,505		140,321
Japan	10,191		9,941
Germany	9,340		29,273
Others(1)	2,665		4,127
Total revenues	$	127,797	$	251,077

_____________________
(1) No other individual region’s revenues exceeded 10% of the Company’s total revenues for the three months ended March 31, 2023 and 2024.

Fair Value of Financial Instruments

Recent Accounting Pronouncements

Net Income Per Ordinary Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net income per ordinary share

NET INCOME PER ORDINARY SHARE

The following table sets forth the basic and diluted net income per ordinary share computation and provides a reconciliation of the numerator and denominator for the periods presented:


	Three Months Ended March 31,
	2023		2024
	(In thousands)
Numerator:
Net income	$	15,941	$	27,195
Denominator:
Weighted average number of ordinary shares outstanding
- Basic	40,716,501		40,788,658
- Diluted	40,716,501		40,950,170
Net income per ordinary share attributable to ordinary shareholders
- Basic	$	0.39	$	0.67
- Diluted	$	0.39	$	0.66

For the three months ended March 31, 2023, 58,572 unvested restricted shares with the exercise price of US$7.48 per share are not included in the calculation of dilutive net income per ordinary share under the treasury stock method, as their exercise prices are higher than the fair market value of the Company’s ordinary shares as of March 31, 2023, representing out-of-the-money impact from the holder’s perspective.

For the three months ended March 31, 2024, the potential dilutive securities that have been included in the calculation of diluted net income per ordinary share are presented as follow:


	Three Months Ended March 31,
	2023	2024
RSU	—	153,902
RS	—	7,610

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Reconciliation of Cash And Restricted Cash

A reconciliation of cash and restricted cash in the unaudited condensed consolidated balance sheets to the amounts in the unaudited condensed consolidated statements of cash flows is as follows:


	December 31, 2023		March 31, 2024
	(In thousands)
Cash	$	183,283	$	185,214
Restricted cash	885		894
Total cash and restricted cash in the unaudited condensed consolidated statements of cash flows	$	184,168	$	186,108

Summary of Accounts Receivable Balance


	December 31, 2023		March 31, 2024
	proportion of total accounts receivable balance		proportion of total accounts receivable balance
Customer A	30.2	%	20.5	%
Customer B	*		13.0	%

*Less than 10.0% of total accounts receivable balance as of the period end.

Schedule of Long-Lived Assets by Geographic Areas

The geographic information for long-lived assets as of December 31, 2023 and March 31, 2024 was as follows:


	December 31, 2023		March 31, 2024
	(In thousands)
The United States	$	400,554	$	457,527
Others	22,982		24,269
Total long-lived assets	$	423,536	$	481,796

Schedule of Revenue from External Customers by Geographic Areas


	Three Months Ended March 31,
	2023		2024
Revenues by geographic regions:	(In thousands)
Service revenues	$	35,096	$	67,415
Platform commission	2,302		3,598
Hong Kong	2,302		3,598
Ocean transportation service	2,771		9,801
United States	2,763		9,741
Others(1)	8		60
Warehousing service	5,657		9,327
United States	5,420		9,090
Others(1)	237		237
Last-mile delivery service	18,608		30,755
United States	18,009		28,488
Others(1)	599		2,267
Packaging service	2,868		6,279
United States	2,692		5,753
Others(1)	176		526
Others	2,890		7,655
United States	2,801		7,568
Others(1)	89		87
Product revenues	92,701		183,662
United States	70,505		140,321
Japan	10,191		9,941
Germany	9,340		29,273
Others(1)	2,665		4,127
Total revenues	$	127,797	$	251,077

_____________________
(1) No other individual region’s revenues exceeded 10% of the Company’s total revenues for the three months ended March 31, 2023 and 2024.

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

LEASES

The Group leases its office space, fulfillment centers and other facilities under non-cancelable operating leases with various expiration dates. The Group also has equipment that is leased under non-cancelable finance leases. The Group considers various factors such as market conditions and the terms of any renewal options that may exist to determine whether it will renew or replace the lease. In the event the Group is reasonably certain to exercise the option to extend a lease, the Group will include the extended terms in the operating lease right-of-use asset and operating lease liability. Certain fulfillment center storage shelves are leased under finance leases, which have a fixed lease term of three years from the lease commencement dates. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Group recognizes lease expense for these leases on a straight-line basis over the lease term.

The gross amounts of assets and liabilities related to both operating and finance leases were as follows:


		December 31, 2023		March 31, 2024
	Balance Sheet Caption	(In thousands)
Assets:
Operating lease right-of-use assets	Operating lease right-of-use assets	$	398,922	$	459,033
Finance lease right-of-use assets	Property and equipment, net	8,616		5,963
Total right-of-use assets		$	407,538	$	464,996


		December 31, 2023		March 31, 2024
	Balance Sheet Caption	(In thousands)
Liabilities:
Current:
Operating lease liabilities	Current operating lease liabilities	$	(57,949)	$	(69,400)
Finance lease liabilities	Accrued expenses and other current liabilities	(1,666)		(1,097)
Non-current:
Operating lease liabilities	Operating lease liabilities, non-current	(343,511)		(400,988)
Finance lease liabilities	Finance lease obligations, non-current	(111)		(122)
Total lease liabilities		$	(403,237)	$	(471,607)

The components of lease cost were as follows:


	Three Months Ended March 31,
	2023		2024
	(In thousands)
Operating lease cost	$	8,249	$	21,948
Finance lease cost
Amortization of right-of-use assets	167		131
Interest on lease liabilities	95		61
Short-term lease costs	64		118
Total	$	8,575	$	22,258

Lease terms and discount rates are as follows:


	December 31, 2023		March 31, 2024
Weighted average remaining lease term (years):
Operating leases	6.45		6.12
Finance leases	0.84		0.80

Weighted average discount rate:
Operating leases	3.23	%	3.48	%
Finance leases	18.18	%	17.52	%

Future minimum lease payments as of March 31, 2024, including rental payments for lease renewal options the Group was reasonably certain to exercise, were as follows:


	Operating leases		Finance leases
	(In thousands)
Maturity of Lease Liabilities
Nine months ended December 31, 2024	$	60,571	$	1,133
2025	93,661		76
2026	91,490		54
2027	86,637		9
2028	76,938		9
Thereafter	120,393		—
Total lease payments	529,690		1,281
Less: imputed interest	(59,302)		(62)
Present value of lease liabilities	$	470,388	$	1,219

Share-Based Compensation - Schedule of the restricted shares (Detail) - RS	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at January 1 (in shares) \| shares	10,545
Number of restricted shares vested during the year (in shares) \| shares	(668)
Outstanding at December 31 (in shares) \| shares	9,877
Number of restricted shares expected to be vest at December 31, 2023 (in shares) \| shares	9,877
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, weighted average grant date fair value at January 1 (in USD per share) \| $ / shares	$ 0.0015
Weighted average grant date fair value for restricted shares vested during the period (in USD per share) \| $ / shares	0.0015
Outstanding, weighted average grant date fair value at December 31 (in USD per share) \| $ / shares	0.0015
Weighted average grant date fair value for restricted shares expected to be vest at December 31, 2023 (in USD per share) \| $ / shares	$ 0.0015

Leases - Additional information (Details)	Mar. 31, 2024
Leases [Abstract]
Finance lease, term of contract	3 years

Income Tax - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Current income tax expense (benefit)	$ 6,125	$ 3,756
Effective income tax rate, percentage	18.40%	19.10%

Revenues (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of revenues are disaggregated by major products and service lines and timing of revenue recognition

The Group’s revenues are disaggregated by major products/service lines and timing of revenue recognition. Detailed information is specified as follows:


	Three Months Ended March 31,
Major products/services lines	2023		2024
	(In thousands)
Service revenues
Platform commission	$	2,302	$	3,598
Ocean transportation service	2,771		9,801
Warehousing service	5,657		9,327
Last-mile delivery service	18,608		30,755
Packaging service	2,868		6,279
Others	2,890		7,655
Total service revenues	35,096		67,415

Product revenues
Product sales to B	12,801		51,434
Product sales to C	18,463		41,912
Off-platform ecommerce	31,264		93,346
GigaCloud 1P	61,437		90,159
Others	—		157
Total product revenues	92,701		183,662
Revenues	$	127,797	$	251,077


	Three Months Ended March 31,
Timing of revenue recognition	2023		2024
	(In thousands)
Revenue from goods or services transferred to customers over time	$	28,397	$	54,615
Revenue from goods or services transferred to customers at a point in time	99,400		196,462
Revenues	$	127,797	$	251,077

Schedule of changes in the contract liabilities

Changes in the contract liabilities balances for the three months ended March 31, 2023 and 2024 were as follows:


	Three Months Ended March 31,
	2023		2024
	(In thousands)
Balance as of beginning of the period	$	2,001	$	5,537
Revenue recognized from opening balance of contract liabilities	(2,001)		(5,537)
Increase due to cash received	84,158		129,585
Revenue recognized from cash received during the period	(82,035)		(122,003)
Foreign exchange effect	3		(28)
Balance as of end of the period	$	2,126	$	7,554

Accounts Receivables, Net (Tables)

3 Months Ended

Mar. 31, 2024

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Schedule of Accounts Receivable Net

Accounts receivable, net, consisted of the following:


	December 31, 2023		March 31, 2024
	(In thousands)
Accounts receivable	$	59,376	$	59,963
Less: allowance for doubtful accounts	(500)		(563)
Accounts receivable, net	$	58,876	$	59,400

Schedule of Movement of the Allowance for Doubtful Accounts

The movement of the allowance for doubtful accounts is as follows:


	Three Months Ended March 31,
	2023		2024
	(In thousands)
Balance as of the beginning of the period	$	(237)	$	(500)
Additions charged to bad debt expense	(55)		(63)
Balance as of the end of the period	$	(292)	$	(563)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Ordinary Shares	3 Months Ended
Ordinary Shares	Mar. 31, 2024
Equity [Abstract]
Ordinary Shares	ORDINARY SHARES On July 1, 2022, the Group entered into an agreement with Aegis Capital Corp. (the “Underwriter”), pursuant to which, the Group agreed to issue warrants to the Underwriter upon the completion of its IPO as additional compensation for the Underwriter’s services, which entitles the Underwriter to purchase up to 1.0% of Class A ordinary shares sold in the IPO in the par value of $0.05 per share, at the exercise price of 150% of the public offering price of $12.25 per share. In February 2024, the Underwriter exercised 29,400 of its warrants under cashless exercise for the Company to issue 13,372 Class A ordinary shares in aggregate. The shares were issued on February 16, 2024, February 23, 2024 and February 28, 2024. All warrants of the Underwriter have been exercised as of March 31, 2024. In March 2024, 1,250,000 Class B ordinary shares were converted into equivalent number of Class A ordinary shares.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Leases - Schedule of Future Minimum Lease Payments (Detail) $ in Thousands	Mar. 31, 2024 USD ($)
Operating leases
Nine months ended December 31, 2024	$ 60,571
2025	93,661
2026	91,490
2027	86,637
2028	76,938
Thereafter	120,393
Total lease payments	529,690
Less: imputed interest	(59,302)
Present value of lease liabilities	470,388
Finance leases
Nine months ended December 31, 2024	1,133
2025	76
2026	54
2027	9
2028	9
Thereafter	0
Total lease payments	1,281
Less: imputed interest	(62)
Present value of lease liabilities	$ 1,219

Summary of Significant Accounting Policies - Summary of Long-lived Assets by Segment (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total long-lived assets	$ 481,796	$ 423,536
The United States
Property, Plant and Equipment [Line Items]
Total long-lived assets	457,527	400,554
Others
Property, Plant and Equipment [Line Items]
Total long-lived assets	$ 24,269	$ 22,982

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 27,195	$ 15,941
Adjustments to reconcile net income to net cash provided by operating activities:
Allowance for doubtful accounts	63	55
Inventory write-down	304	242
Deferred tax	(2,034)	(145)
Share-based compensation	275	247
Depreciation and amortization	2,081	380
Loss from disposal of property and equipment	6	0
Operating lease	8,806	450
Interest income	75	0
Unrealized foreign currency exchange gains	(686)	(419)
Others	1,859	0
Changes in operating assets and liabilities:
Accounts receivable	(632)	(2,705)
Inventories	(56,047)	(2,344)
Prepayments and other assets	(2,289)	(2,266)
Accounts payable	16,881	1,738
Contract liabilities	2,045	125
Income tax payable	6,552	3,697
Accrued expenses and other current liabilities	11,005	5,350
Net cash provided by operating activities	15,309	20,346
Cash flows from investing activities:
Cash paid for purchase of property and equipment	(3,993)	(137)
Cash received from disposal of property and equipment	1,525	0
Purchases of investments	(10,000)	0
Net cash used in investing activities	(12,468)	(137)
Cash flows from financing activities:
Repayment of finance lease obligations	(595)	(840)
Repayment of bank loans	0	(76)
Net cash used in financing activities	(595)	(916)
Effect of foreign currency exchange rate changes on cash and restricted cash	(306)	(159)
Net increase in cash and restricted cash	1,940	19,134
Cash and restricted cash at the beginning of the period	184,168	145,076
Cash and restricted cash at the end of the period	186,108	164,210
Supplemental disclosure of cash flow information
Cash paid for interest expense	81	113
Cash paid for income taxes	$ 1,596	$ 204

Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories consisted of the following:


	December 31, 2023		March 31, 2024
	(In thousands)
Products available for sale	$	92,059	$	120,091
Goods in transit	40,188		66,040
Inventories	$	132,247	$	186,131

Condensed Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands	Total	Re-designated ordinary shares from Class B to Class A	Treasury Shares	Subscription receivable from ordinary shares	Additional paid-in capital	Accumulated other comprehensive income	Retained earnings	Class A ordinary shares Common stock	Class A ordinary shares Common stock Re-designated ordinary shares from Class B to Class A	Class B ordinary shares Common stock	Class B ordinary shares Common stock Re-designated ordinary shares from Class B to Class A
Beginning balance (in shares) at Dec. 31, 2022			4,624,039					31,357,814		9,326,732
Beginning balance at Dec. 31, 2022	$ 195,165		$ (231)	$ (81)	$ 109,049	$ 804	$ 83,590	$ 1,568		$ 466
Net income	15,941						15,941
Share-based compensation, shares issued in period (in shares)			(4,565,467)					58,612
Share-based compensation	252		$ 229	(231)	251			$ 3
Foreign currency translation adjustment, net of nil income taxes	(194)					(194)
Ending balance (in shares) at Mar. 31, 2023			58,572					31,416,426		9,326,732
Ending balance at Mar. 31, 2023	211,164		$ (2)	$ (312)	109,300	610	99,531	$ 1,571		$ 466
Beginning balance (in shares) at Dec. 31, 2023			294,029					31,455,148		9,326,732
Beginning balance at Dec. 31, 2023	290,416		$ (1,594)		111,736	526	177,698	$ 1,584		$ 466
Net income	27,195						27,195
Share-based compensation, shares issued in period (in shares)			(1,392)					2,172
Share-based compensation	280				280
Warrants exercised (in shares)								13,372
Exercise of warrants	0				(1)			$ 1
Foreign currency translation adjustment, net of nil income taxes	(112)					(112)
Conversion of series (in shares)									1,250,000		(1,250,000)
Re-designated ordinary shares from Class B to Class A		$ 0							$ 63		$ (63)
Ending balance (in shares) at Mar. 31, 2024			292,637					32,720,692		8,076,732
Ending balance at Mar. 31, 2024	$ 317,779		$ (1,594)		$ 112,015	$ 414	$ 204,893	$ 1,648		$ 403

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Assets and Liabilities Related to both Operating and Finance Leases

The gross amounts of assets and liabilities related to both operating and finance leases were as follows:


		December 31, 2023		March 31, 2024
	Balance Sheet Caption	(In thousands)
Assets:
Operating lease right-of-use assets	Operating lease right-of-use assets	$	398,922	$	459,033
Finance lease right-of-use assets	Property and equipment, net	8,616		5,963
Total right-of-use assets		$	407,538	$	464,996


		December 31, 2023		March 31, 2024
	Balance Sheet Caption	(In thousands)
Liabilities:
Current:
Operating lease liabilities	Current operating lease liabilities	$	(57,949)	$	(69,400)
Finance lease liabilities	Accrued expenses and other current liabilities	(1,666)		(1,097)
Non-current:
Operating lease liabilities	Operating lease liabilities, non-current	(343,511)		(400,988)
Finance lease liabilities	Finance lease obligations, non-current	(111)		(122)
Total lease liabilities		$	(403,237)	$	(471,607)

Schedule of Lease Cost

The components of lease cost were as follows:


	Three Months Ended March 31,
	2023		2024
	(In thousands)
Operating lease cost	$	8,249	$	21,948
Finance lease cost
Amortization of right-of-use assets	167		131
Interest on lease liabilities	95		61
Short-term lease costs	64		118
Total	$	8,575	$	22,258

Schedule of Lease Terms and Discount Rates

Lease terms and discount rates are as follows:


	December 31, 2023		March 31, 2024
Weighted average remaining lease term (years):
Operating leases	6.45		6.12
Finance leases	0.84		0.80

Weighted average discount rate:
Operating leases	3.23	%	3.48	%
Finance leases	18.18	%	17.52	%

Schedule of Future Minimum Lease Payments

Future minimum lease payments as of March 31, 2024, including rental payments for lease renewal options the Group was reasonably certain to exercise, were as follows:


	Operating leases		Finance leases
	(In thousands)
Maturity of Lease Liabilities
Nine months ended December 31, 2024	$	60,571	$	1,133
2025	93,661		76
2026	91,490		54
2027	86,637		9
2028	76,938		9
Thereafter	120,393		—
Total lease payments	529,690		1,281
Less: imputed interest	(59,302)		(62)
Present value of lease liabilities	$	470,388	$	1,219

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of the restricted shares

A summary of the Company’s restricted shares for the three months ended March 31, 2024 was presented below:


	Number of shares	Weighted average grant date fair value
Outstanding as of January 1, 2024	10,545	$	0.0015
Vested	(668)	0.0015
Outstanding as of March 31, 2024	9,877	0.0015
Expect to be vested at March 31, 2024	9,877	$	0.0015

Accounts Receivables, Net - Schedule of Movement of the Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Balance as of the beginning of the period	$ (500)	$ (237)
Additions charged to bad debt expense	(63)	(55)
Balance as of the end of the period	$ (563)	$ (292)

Leases - Schedule of Assets and Liabilities Related to both Operating and Finance Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Operating lease right-of-use assets	$ 459,033	$ 398,922
Finance lease right-of-use assets	5,963	8,616
Total right-of-use assets	$ 464,996	$ 407,538
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Current liabilities
Operating Lease, Liability, Current	$ (69,400)	$ (57,949)
Finance lease liabilities	$ (1,097)	$ (1,666)
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIEs without recourse to the Company of $2,774 and nil as of December 31, 2023 and March 31, 2024, respectively)	Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIEs without recourse to the Company of $2,774 and nil as of December 31, 2023 and March 31, 2024, respectively)
Non-current liabilities
Operating Lease, Liability, Noncurrent	$ (400,988)	$ (343,511)
Finance lease liabilities	(122)	(111)
Total lease liabilities	$ (471,607)	$ (403,237)

Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Other comprehensive income (loss), tax	$ 0	$ 0

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

+ Details

Summary of Significant Accounting Policies - Summary of Reconciliation of Cash and Restricted Cash (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash	$ 185,214	$ 183,283
Restricted cash	894	885
Total cash and restricted cash in the unaudited condensed consolidated statements of cash flows	$ 186,108	$ 184,168	$ 164,210	$ 145,076

Revenues

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenues

REVENUES

The Group’s revenues are disaggregated by major products/service lines and timing of revenue recognition. Detailed information is specified as follows:


	Three Months Ended March 31,
Major products/services lines	2023		2024
	(In thousands)
Service revenues
Platform commission	$	2,302	$	3,598
Ocean transportation service	2,771		9,801
Warehousing service	5,657		9,327
Last-mile delivery service	18,608		30,755
Packaging service	2,868		6,279
Others	2,890		7,655
Total service revenues	35,096		67,415

Product revenues
Product sales to B	12,801		51,434
Product sales to C	18,463		41,912
Off-platform ecommerce	31,264		93,346
GigaCloud 1P	61,437		90,159
Others	—		157
Total product revenues	92,701		183,662
Revenues	$	127,797	$	251,077


	Three Months Ended March 31,
Timing of revenue recognition	2023		2024
	(In thousands)
Revenue from goods or services transferred to customers over time	$	28,397	$	54,615
Revenue from goods or services transferred to customers at a point in time	99,400		196,462
Revenues	$	127,797	$	251,077

Contract Liabilities

Changes in the contract liabilities balances for the three months ended March 31, 2023 and 2024 were as follows:


	Three Months Ended March 31,
	2023		2024
	(In thousands)
Balance as of beginning of the period	$	2,001	$	5,537
Revenue recognized from opening balance of contract liabilities	(2,001)		(5,537)
Increase due to cash received	84,158		129,585
Revenue recognized from cash received during the period	(82,035)		(122,003)
Foreign exchange effect	3		(28)
Balance as of end of the period	$	2,126	$	7,554

Contract liabilities relate to considerations received in advance for merchandise sales and services provided on GigaCloud Marketplace for which control of the services occur at a later point in time. The contract liabilities will be recognized as revenue when the Group fulfills its performance obligations to transfer the promised products or services to customers, which is expected to occur within one year.

The Group has elected the practical expedient under ASC 606-10-50-14(a) and does not disclose information regarding remaining performance obligations which are part of contracts that have an original expected duration of one year or less.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Ordinary Shares - Additional Information (Detail) - $ / shares		1 Months Ended
	Feb. 29, 2024	Mar. 31, 2024	Dec. 31, 2023	Jul. 01, 2022
Aegis Capital Corp, underwriter
Number of securities called by warrants or rights (in shares)	29,400
Class A ordinary shares
Common stock, par value (in USD per share)		$ 0.05	$ 0.05
Conversion to Class A shares issued (in shares)		1,250,000
Class A ordinary shares \| Aegis Capital Corp, underwriter
Percentage of exercise price to public offering price				150.00%
Issuance of Class A ordinary shares upon the IPO (in shares)	13,372
Class A ordinary shares \| Aegis Capital Corp, underwriter \| IPO
Percentage of securities called by warrants or rights				1.00%
Common stock, par value (in USD per share)				$ 0.05
Public offering price (in USD per share)				$ 12.25
Class B ordinary shares
Common stock, par value (in USD per share)		$ 0.05	$ 0.05
Conversion of Class B ordinary shares (in shares)		1,250,000

Accounts Receivables, Net

3 Months Ended

Mar. 31, 2024

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Accounts Receivables, Net

ACCOUNTS RECEIVABLE, NET

Accounts receivable, net, consisted of the following:


	December 31, 2023		March 31, 2024
	(In thousands)
Accounts receivable	$	59,376	$	59,963
Less: allowance for doubtful accounts	(500)		(563)
Accounts receivable, net	$	58,876	$	59,400

The movement of the allowance for doubtful accounts is as follows:


	Three Months Ended March 31,
	2023		2024
	(In thousands)
Balance as of the beginning of the period	$	(237)	$	(500)
Additions charged to bad debt expense	(55)		(63)
Balance as of the end of the period	$	(292)	$	(563)

Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consisted of the following:


	December 31, 2023		March 31, 2024
	(In thousands)
Products available for sale	$	92,059	$	120,091
Goods in transit	40,188		66,040
Inventories	$	132,247	$	186,131

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 23, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-41454
Entity Registrant Name	GIGACLOUD TECHNOLOGY INC
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	4388 Shirley Avenue
Entity Address, City or Town	El Monte
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91731
Entity Address, Country	US
City Area Code	1-626
Local Phone Number	912-8886
Title of 12(b) Security	Class A ordinary shares, par value $0.05 per share
Trading Symbol	GCT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001857816
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		40,990,115
Class A ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		32,913,383
Class B ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,076,732

Net Income per Ordinary Share - Schedule of Dilutive Securities on Net Income Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
RSU
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive securities, effect on basic earnings per share (in shares)	153,902,000	0
RS
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive securities, effect on basic earnings per share (in shares)	7,610,000	0

Revenues - Schedule of revenues are disaggregated by major products and service lines and timing of revenue recognition (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 251,077	$ 127,797
Revenue from goods or services transferred to customers over time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	54,615	28,397
Revenue from goods or services transferred to customers at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	196,462	99,400
Off-platform ecommerce
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	93,346	31,264
GigaCloud 1P
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	90,159	61,437
Others
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	157	0
Product sales to B
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	51,434	12,801
Product sales to C
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	41,912	18,463
Platform commission
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	3,598	2,302
Ocean transportation service
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	9,801	2,771
Warehousing service
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	9,327	5,657
Last-mile delivery service
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	30,755	18,608
Packaging service
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	6,279	2,868
Others
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	7,655	2,890
Total service revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	67,415	35,096
Revenues	67,415	35,096
Total product revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	183,662	92,701
Revenues	$ 183,662	$ 92,701

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 09, 2024
Commitments and Contingencies Disclosure [Abstract]
Loss contingency, estimate of possible loss		$ 1.8
Insurance recoveries	$ 1.5

Net Income per Ordinary Share - Additional Information (Detail) - RS	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Conversion of Stock [Line Items]
Antidilutive securities excluded from the computation of earnings per share (in shares) \| shares	58,572
Exercise price of unvested restricted shares (in USD per share) \| $ / shares	$ 7.48

Share-Based Compensation - Additional information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
RS
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted shares to be exercised (in shares)	9,877	10,545
RSU
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non-vested award, excluding option, cost not yet recognized	$ 67
Restricted share units not exercisable (in shares)	159,773
Cost not yet recognized, period for recognition	12 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accounts Receivables, Net - Schedule of Accounts Receivable Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Accounts receivable	$ 59,963	$ 59,376
Less: allowance for doubtful accounts	(563)	(500)	$ (292)	$ (237)
Accounts receivable, net	$ 59,400	$ 58,876

Revenues - Schedule of Changes in the Contract Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Balance as of beginning of the period	$ 5,537	$ 2,001
Revenue recognized from opening balance of contract liabilities	5,537	2,001
Increase due to cash received	129,585	84,158
Revenue recognized from cash received during the period	(122,003)	(82,035)
Foreign exchange effect	(28)	3
Balance as of end of the period	$ 7,554	$ 2,126

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash	$ 185,214	$ 183,283
Restricted cash	894	885
Investments	10,075	0
Accounts receivable, net	59,400	58,876
Inventories	186,131	132,247
Prepayments and other current assets	18,940	17,516
Total current assets	460,654	392,807
Non-current assets
Operating lease right-of-use assets	459,033	398,922
Property and equipment, net	22,763	24,614
Intangible assets, net	7,820	8,367
Goodwill	12,586	12,586
Deferred tax assets	3,360	1,440
Other non-current assets	11,392	8,173
Total non-current assets	516,954	454,102
Total assets	977,608	846,909
Current liabilities
Accounts payable (including accounts payable of VIEs without recourse to the Company of $11,563 and nil as of December 31, 2023 and March 31, 2024, respectively)	86,766	69,757
Contract liabilities (including contract liabilities of VIEs without recourse to the Company of $736 and nil as of December 31, 2023 and March 31, 2024, respectively)	7,554	5,537
Current operating lease liabilities (including current operating lease liabilities of VIEs without recourse to the Company of $1,305 and nil as of December 31, 2023 and March 31, 2024, respectively)	69,400	57,949
Income tax payable (including income tax payable of VIEs without recourse to the Company of $3,644 and nil as of December 31, 2023 and March 31, 2024, respectively)	21,387	15,212
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIEs without recourse to the Company of $2,774 and nil as of December 31, 2023 and March 31, 2024, respectively)	66,572	57,319
Total current liabilities	251,679	205,774
Non-current liabilities
Operating lease liabilities, non-current (including operating lease liabilities, non-current of VIEs without recourse to the Company of $553 and nil as of December 31, 2023 and March 31, 2024, respectively)	400,988	343,511
Deferred tax liabilities	3,683	3,795
Finance lease obligations, non-current	122	111
Non-current income tax payable	3,357	3,302
Total non-current liabilities	408,150	350,719
Total liabilities	659,829	556,493
Commitments and contingencies	0	0
Shareholders’ equity
Treasury shares, at cost (294,029 and 292,637 shares held as of December 31, 2023 and March 31, 2024, respectively)	(1,594)	(1,594)
Additional paid-in capital	112,015	111,736
Accumulated other comprehensive income	414	526
Retained earnings	204,893	177,698
Total shareholders’ equity	317,779	290,416
Total liabilities and shareholders’ equity	977,608	846,909
Class A ordinary shares
Shareholders’ equity
Common stock issued	1,648	1,584
Class B ordinary shares
Shareholders’ equity
Common stock issued	$ 403	$ 466