0001857816-24-000182 | 10-Q | XBRL Viewer

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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 June 30, 2024, the Group had no consolidated VIEs. The accompanying unaudited condensed consolidated financial statements as of June 30, 2024 included the financial statements of the Company and its subsidiaries.

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.

Cash, Cash Equivalents and Restricted Cash

Investments with original maturities of 90 days or less qualify as cash equivalents. 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.

A reconciliation of cash, cash equivalents 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		June 30, 2024
	(In thousands)
Cash and cash equivalents	$	183,283	$	185,623
Restricted cash	885		905
Total cash, cash equivalents and restricted cash in the unaudited condensed consolidated statements of cash flows	$	184,168	$	186,528

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 and six months ended June 30, 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 June 30, 2024.


	December 31, 2023		June 30, 2024
	proportion of total accounts receivable balance		proportion of total accounts receivable balance
Customer A	30.2	%	16.6	%
Customer B	*		14.4	%

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

During the three and six months ended June 30, 2024, one service provider individually represented 20.6% and 19.2% 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, cash equivalents, restricted cash, investments, accounts receivable, and amounts due from third-party payment platforms.

The Group’s investment policy requires cash, cash equivalents, 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 3), 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

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 June 30, 2024 was as follows:


	December 31, 2023		June 30, 2024
	(In thousands)
The United States	$	400,554	$	490,358
Others	22,982		27,798
Total long-lived assets	$	423,536	$	518,156

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 and six months ended June 30, 2023 and 2024 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2024		2023		2024
Revenues by geographic regions:	(In thousands)
Service revenues	$	43,278	$	85,378	$	78,374	$	152,793
Platform commission	2,591		4,479		4,893		8,077
Hong Kong	2,591		4,479		4,893		8,077
Ocean transportation service	3,936		15,504		6,707		25,305
United States	3,892		15,436		6,655		25,177
Others(1)	44		68		52		128
Warehousing service	5,304		9,589		10,961		18,916
United States	5,111		9,326		10,531		18,416
Others(1)	193		263		430		500
Last-mile delivery service	22,916		41,550		41,524		72,305
United States	22,027		38,090		40,036		66,578
Others(1)	889		3,460		1,488		5,727
Packaging service	3,920		7,686		6,788		13,965
United States	3,684		6,921		6,376		12,674
Others(1)	236		765		412		1,291
Others	4,611		6,570		7,501		14,225
United States	4,390		5,985		7,191		13,553
Others(1)	221		585		310		672
Product revenues	109,852		225,489		202,553		409,151
United States	79,583		169,067		150,088		309,388
Japan	11,383		10,579		21,574		20,520
Germany	13,923		40,092		23,263		69,365
Others(1)	4,963		5,751		7,628		9,878
Total revenues	$	153,130	$	310,867	$	280,927	$	561,944

_____________________
(1) No other individual region’s revenues exceeded 10% of the Company’s total revenues for the three and six months ended June 30, 2023 and 2024.

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.

Revenues

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
Major products/services lines	2023		2024		2023		2024
	(In thousands)
Service revenues
Platform commission	$	2,591	$	4,479	$	4,893	$	8,077
Ocean transportation service	3,936		15,504		6,707		25,305
Warehousing service	5,304		9,589		10,961		18,916
Last-mile delivery service	22,916		41,550		41,524		72,305
Packaging service	3,920		7,686		6,788		13,965
Others	4,611		6,570		7,501		14,225
Total service revenues	43,278		85,378		78,374		152,793

Product revenues
Product sales to B	14,743		73,968		27,544		125,402
Product sales to C	25,352		48,857		43,815		90,769
Off-platform ecommerce	40,095		122,825		71,359		216,171
GigaCloud 1P	69,757		102,442		131,194		192,601
Others	—		222		—		379
Total product revenues	109,852		225,489		202,553		409,151
Revenues	$	153,130	$	310,867	$	280,927	$	561,944


	Three Months Ended June 30,				Six Months Ended June 30,
Timing of revenue recognition	2023		2024		2023		2024
	(In thousands)
Revenue from goods or services transferred to customers over time	$	34,776	$	71,403	$	63,173	$	126,018
Revenue from goods or services transferred to customers at a point in time	118,354		239,464		217,754		435,926
Revenues	$	153,130	$	310,867	$	280,927	$	561,944

Contract Liabilities

Changes in the contract liabilities balances were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2024		2023		2024
	(In thousands)
Balance as of beginning of the period	$	2,126	$	7,554	$	2,001	$	5,537
Revenue recognized from opening balance of contract liabilities	(2,126)		(7,554)		(2,001)		(5,537)
Increase due to cash received	96,416		158,619		178,448		280,650
Revenue recognized from cash received during the period	(94,316)		(152,113)		(176,351)		(274,116)
Foreign exchange effect	(7)		(9)		(4)		(37)
Balance as of end of the period	$	2,093	$	6,497	$	2,093	$	6,497

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.

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+ Details

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Mar. 09, 2024
Commitments and Contingencies Disclosure [Abstract]
Loss contingency, estimate of possible loss		$ 2.0
Insurance recoveries	$ 1.7

Inventories - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Products available for sale	$ 147,600	$ 92,059
Goods in transit	49,954	40,188
Inventories	$ 197,554	$ 132,247

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 185,623	$ 183,283
Restricted cash	905	885
Investments	22,197	0
Accounts receivable, net	69,615	58,876
Inventories	197,554	132,247
Prepayments and other current assets	17,476	17,516
Total current assets	493,370	392,807
Non-current assets
Operating lease right-of-use assets	495,435	398,922
Property and equipment, net	22,721	24,614
Intangible assets, net	7,279	8,367
Goodwill	12,586	12,586
Deferred tax assets	7,854	1,440
Other non-current assets	15,778	8,173
Total non-current assets	561,653	454,102
Total assets	1,055,023	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 June 30, 2024, respectively)	79,855	69,757
Contract liabilities (including contract liabilities of VIEs without recourse to the Company of $736 and nil as of December 31, 2023 and June 30, 2024, respectively)	6,497	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 June 30, 2024, respectively)	76,404	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 June 30, 2024, respectively)	14,498	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 June 30, 2024, respectively)	71,754	57,319
Total current liabilities	249,008	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 June 30, 2024, respectively)	440,595	343,511
Deferred tax liabilities	3,335	3,795
Finance lease obligations, non-current	196	111
Non-current income tax payable	3,470	3,302
Total non-current liabilities	447,596	350,719
Total liabilities	696,604	556,493
Commitments and contingencies	0	0
Shareholders’ equity
Treasury shares, at cost (294,029 and 272,728 shares held as of December 31, 2023 and June 30, 2024, respectively)	(1,594)	(1,594)
Additional paid-in capital	125,922	111,736
Accumulated other comprehensive income	150	526
Retained earnings	231,862	177,698
Total shareholders’ equity	358,419	290,416
Total liabilities and shareholders’ equity	1,055,023	846,909
Class A ordinary shares
Shareholders’ equity
Common stock issued	1,676	1,584
Class B ordinary shares
Shareholders’ equity
Common stock issued	$ 403	$ 466

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 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.

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The Group utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Group determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. The carrying amounts for the Group’s cash, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate fair value due to their short-term maturities. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

•Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities.

•Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full-term of the asset or liability.

•Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.

Investments and cash equivalents are measured at fair value on a recurring basis. As of June 30, 2024, investments on the condensed consolidated balance sheets include time deposits and U.S. treasury securities, with maturity of three months to twelve months. Cash equivalents on the condensed consolidated balance sheets include money market instruments.

Treasury securities are classified as available-for-sale with unrealized gains and losses included in “accumulated other comprehensive income (loss)”. The related unrealized gains recorded in accumulated other comprehensive income were nil and $2 thousand as of June 30, 2023 and 2024. No realized gains or losses were recorded for the three and six months ended June 30, 2023 and 2024. As of June 30, 2024, all available-for-sale securities are expected to mature within one year.


		As of June 30, 2024
	Balance Sheet Location(1)	Cost or amortized cost		Fair value (Level 2)
		(In thousands)
Money market instruments	Cash and cash equivalents	$	50,000	$	50,232
U.S. treasury securities(2)	Investments	11,991		11,993
Time deposits	Investments	10,000		10,204
		$	71,991	$	72,429

_____________________
(1) Balance sheet location is determined by the length to maturity at date of purchase and whether the assets are restricted for particular use.

(2) Fair value determined using broker quotes reflecting current market conditions.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Chief Technology Officer Trading Agreement - Class A Ordinary Shares [Member] \| Mr Xin Wan [Member]
Trading Arrangements, by Individual
Name	Mr. Xin Wan
Title	Chief Technology Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 26, 2024
Rule 10b5-1 Arrangement Terminated	false
Expiration Date	December 31, 2024
Arrangement Duration	188 days
Aggregate Available	150,000
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Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
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Condensed Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Other comprehensive income (loss), tax	$ 0	$ 0	$ 0	$ 0
Share-based compensation	$ 13,935	$ 1,758	$ 14,215	$ 2,010

- Definition

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

+ References

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-Name Accounting Standards Codification
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+ Details

Net Income per Ordinary Share - Schedule of Dilutive Securities on Net Income per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restricted Stock Units (RSUs)
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive securities, effect on basic earnings per share (in shares)	107,590,000	45,481,000	104,094,000	45,480,000
Restricted Shares (RS)
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive securities, effect on basic earnings per share (in shares)	4,401,000	0	4,554,000	0

Inventories

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories consisted of the following:


	December 31, 2023		June 30, 2024
	(In thousands)
Products available for sale	$	92,059	$	147,600
Goods in transit	40,188		49,954
Inventories	$	132,247	$	197,554

Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands			6 Months Ended
	Jun. 26, 2024	Apr. 10, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Restricted Shares (RS)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted shares to be exercised (in shares)			1,471	9,877	10,545
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted shares to be exercised (in shares)			966,257		412,397
Granted during the year (in shares)			558,101
Award requisite service period		1 year
Non-vested award, excluding option, cost not yet recognized			$ 3,474
Restricted share units not exercisable (in shares)			150,260
Cost not yet recognized, period for recognition			12 months
Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting percentage		50.00%
Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting percentage		50.00%
Restricted Stock Units (RSUs) \| Share-based payment arrangement, employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted during the year (in shares)	98	558,003

Ordinary Shares	6 Months Ended
Ordinary Shares	Jun. 30, 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 Initial Public Offering (the “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 June 30, 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.

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+ Details

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 26, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		41,362,894
Class A ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		33,286,162
Class B ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,076,732

Leases - Schedule of Future Minimum Lease Payments (Detail) $ in Thousands	Jun. 30, 2024 USD ($)
Operating leases
Remainder of 2024	$ 43,464
Year Ended December 31, 2025	103,627
Year Ended December 31, 2026	106,064
Year Ended December 31, 2027	101,492
Year Ended December 31, 2028	91,150
Thereafter	137,208
Total lease payments	583,005
Less: imputed interest	(66,006)
Present value of lease liabilities	516,999
Finance leases
Remainder of 2024	552
Year Ended December 31, 2025	83
Year Ended December 31, 2026	67
Year Ended December 31, 2027	59
Year Ended December 31, 2028	59
Thereafter	16
Total lease payments	836
Less: imputed interest	(91)
Present value of lease liabilities	$ 745

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income	$ 26,969	$ 18,390	$ 54,164	$ 34,331
Denominator:
Weighted average number of ordinary shares outstanding - basic (in shares)	41,295,216	40,896,423	41,041,937	40,806,959
Weighted average number of ordinary shares outstanding - diluted (in shares)	41,407,207	40,941,904	41,150,585	40,852,439
Net income per ordinary share attributable to ordinary shareholders - basic (in USD per share)	$ 0.65	$ 0.45	$ 1.32	$ 0.84
Net income per ordinary share attributable to ordinary shareholders - diluted (in USD per share)	$ 0.65	$ 0.45	$ 1.32	$ 0.84

- Definition

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

+ References

+ 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.

+ References

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- Definition

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

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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
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+ Details

Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Other comprehensive income (loss), foreign currency transaction and translation gain(loss) arising during period, tax	$ 0	$ 0	$ 0	$ 0

Accounts Receivables, Net (Tables)

6 Months Ended

Jun. 30, 2024

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Schedule of Accounts Receivable Net

Accounts receivable, net, consisted of the following:


	December 31, 2023		June 30, 2024
	(In thousands)
Accounts receivable	$	59,376	$	70,422
Less: allowance for doubtful accounts	(500)		(807)
Accounts receivable, net	$	58,876	$	69,615

Schedule of Movement of the Allowance for Doubtful Accounts

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2024		2023		2024
	(In thousands)
Balance as of the beginning of the period	$	(292)	$	(563)	$	(237)	$	(500)
Additions charged to bad debt expense	52		(244)		(3)		(307)
Balance as of the end of the period	$	(240)	$	(807)	$	(240)	$	(807)

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 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 5. 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 $2.0 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 $1.7 million for the six-month period ended June 30, 2024. 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 June 30, 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 June 30, 2024.

Net Income per Ordinary Share (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2023		2024		2023		2024
	(In thousands)
Numerator:
Net income	$	18,390	$	26,969	$	34,331	$	54,164
Denominator:
Weighted average number of ordinary shares outstanding
- Basic	40,896,423		41,295,216		40,806,959		41,041,937
- Diluted	40,941,904		41,407,207		40,852,439		41,150,585
Net income per ordinary share attributable to ordinary shareholders
- Basic	$	0.45	$	0.65	$	0.84	$	1.32
- Diluted	$	0.45	$	0.65	$	0.84	$	1.32

Schedule of Dilutive Securities on Net Income per Share

For the three and six months ended June 30, 2023 and 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 June 30,		Six Months Ended June 30,
	2023	2024	2023	2024
RSU	45,481	107,590	45,480	104,094
RS	—	4,401	—	4,554

Inventories (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consisted of the following:


	December 31, 2023		June 30, 2024
	(In thousands)
Products available for sale	$	92,059	$	147,600
Goods in transit	40,188		49,954
Inventories	$	132,247	$	197,554

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available for sale securities, maturity term	1 year		1 year
Net unrealized gains on available-for-sale investments	$ 2	$ 0	$ 2	$ 0
Debt securities, realized gain (loss)	$ 0	$ 0	$ 0	$ 0
Investments \| Time deposits
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available for sale securities, maturity term	3 months		3 months
Investments \| US treasury securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available for sale securities, maturity term	12 months		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 + Details

Accounts Receivables, Net - Schedule of Accounts Receivable Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Accounts receivable	$ 70,422		$ 59,376
Less: allowance for doubtful accounts	(807)	$ (563)	(500)	$ (240)	$ (292)	$ (237)
Accounts receivable, net	$ 69,615		$ 58,876

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2024 company	Jun. 30, 2024 company Segment	Dec. 31, 2023	Jan. 31, 2024 vIE company
Accounting Policies [Line Items]
Number of account control agreements terminated \| vIE				4
Number of wholly-owned subsidiaries acquired				4
Number of consolidated VIEs	0	0
Number of operating segments \| Segment		1
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	20.60%	19.20%
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%

Income Tax	6 Months Ended
Income Tax	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Tax	INCOME TAX The Company’s provision for income tax in estimating the annual effective tax rate for the six months ended June 30, 2023 and 2024 was $8,025 thousand and $10,026 thousand respectively, representing effective income tax rates of 18.9% and 16.1%, respectively. Certain tax filing differences are not considered in estimating the effective income tax rate applied year to date. 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 tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Revenues - Schedule of Revenues Disaggregated by Major Products and Service Lines and Timing of Revenue Recognition (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 310,867	$ 153,130	$ 561,944	$ 280,927
Revenue from goods or services transferred to customers over time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	71,403	34,776	126,018	63,173
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	239,464	118,354	435,926	217,754
Off-platform ecommerce
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	122,825	40,095	216,171	71,359
GigaCloud 1P
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	102,442	69,757	192,601	131,194
Others
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	222	0	379	0
Product sales to B
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	73,968	14,743	125,402	27,544
Product sales to C
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	48,857	25,352	90,769	43,815
Platform commission
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	4,479	2,591	8,077	4,893
Ocean transportation service
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	15,504	3,936	25,305	6,707
Warehousing service
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	9,589	5,304	18,916	10,961
Last-mile delivery service
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	41,550	22,916	72,305	41,524
Packaging service
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	7,686	3,920	13,965	6,788
Others
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	6,570	4,611	14,225	7,501
Total service revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	85,378	43,278	152,793	78,374
Revenues	85,378	43,278	152,793	78,374
Total product revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	225,489	109,852	409,151	202,553
Revenues	$ 225,489	$ 109,852	$ 409,151	$ 202,553

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Business and organization

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

Basis of Presentation

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

Cash, cash equivalents and restricted cash

Cash, Cash Equivalents and Restricted Cash


	December 31, 2023		June 30, 2024
	(In thousands)
Cash and cash equivalents	$	183,283	$	185,623
Restricted cash	885		905
Total cash, cash equivalents and restricted cash in the unaudited condensed consolidated statements of cash flows	$	184,168	$	186,528

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 and six months ended June 30, 2023 and 2024.


	December 31, 2023		June 30, 2024
	proportion of total accounts receivable balance		proportion of total accounts receivable balance
Customer A	30.2	%	16.6	%
Customer B	*		14.4	%

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

During the three and six months ended June 30, 2024, one service provider individually represented 20.6% and 19.2% of total purchase, and no other vendor accounted for 10% or more of total purchases.

Concentration of credit risk

Segment reporting

Segment Reporting

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 June 30, 2024 was as follows:


	December 31, 2023		June 30, 2024
	(In thousands)
The United States	$	400,554	$	490,358
Others	22,982		27,798
Total long-lived assets	$	423,536	$	518,156


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2024		2023		2024
Revenues by geographic regions:	(In thousands)
Service revenues	$	43,278	$	85,378	$	78,374	$	152,793
Platform commission	2,591		4,479		4,893		8,077
Hong Kong	2,591		4,479		4,893		8,077
Ocean transportation service	3,936		15,504		6,707		25,305
United States	3,892		15,436		6,655		25,177
Others(1)	44		68		52		128
Warehousing service	5,304		9,589		10,961		18,916
United States	5,111		9,326		10,531		18,416
Others(1)	193		263		430		500
Last-mile delivery service	22,916		41,550		41,524		72,305
United States	22,027		38,090		40,036		66,578
Others(1)	889		3,460		1,488		5,727
Packaging service	3,920		7,686		6,788		13,965
United States	3,684		6,921		6,376		12,674
Others(1)	236		765		412		1,291
Others	4,611		6,570		7,501		14,225
United States	4,390		5,985		7,191		13,553
Others(1)	221		585		310		672
Product revenues	109,852		225,489		202,553		409,151
United States	79,583		169,067		150,088		309,388
Japan	11,383		10,579		21,574		20,520
Germany	13,923		40,092		23,263		69,365
Others(1)	4,963		5,751		7,628		9,878
Total revenues	$	153,130	$	310,867	$	280,927	$	561,944

_____________________
(1) No other individual region’s revenues exceeded 10% of the Company’s total revenues for the three and six months ended June 30, 2023 and 2024

Recent accounting pronouncements

Recent Accounting Pronouncements

- Definition

Disclosure of accounting policy for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 54
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 36
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

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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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

+ Details

Leases - Schedule of Lease Cost (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating lease cost
Operating lease cost	$ 26,560	$ 7,626	$ 48,508	$ 15,875
Finance lease cost
Amortization of right-of-use assets	140	167	271	334
Interest on lease liabilities	44	236	105	331
Short-term lease costs	292	29	410	93
Total	$ 27,036	$ 8,058	$ 49,294	$ 16,633

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash


	December 31, 2023		June 30, 2024
	(In thousands)
Cash and cash equivalents	$	183,283	$	185,623
Restricted cash	885		905
Total cash, cash equivalents and restricted cash in the unaudited condensed consolidated statements of cash flows	$	184,168	$	186,528

Summary of Accounts Receivable Balance


	December 31, 2023		June 30, 2024
	proportion of total accounts receivable balance		proportion of total accounts receivable balance
Customer A	30.2	%	16.6	%
Customer B	*		14.4	%

*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 June 30, 2024 was as follows:


	December 31, 2023		June 30, 2024
	(In thousands)
The United States	$	400,554	$	490,358
Others	22,982		27,798
Total long-lived assets	$	423,536	$	518,156

Schedule of Revenue from External Customers by Geographic Areas


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2024		2023		2024
Revenues by geographic regions:	(In thousands)
Service revenues	$	43,278	$	85,378	$	78,374	$	152,793
Platform commission	2,591		4,479		4,893		8,077
Hong Kong	2,591		4,479		4,893		8,077
Ocean transportation service	3,936		15,504		6,707		25,305
United States	3,892		15,436		6,655		25,177
Others(1)	44		68		52		128
Warehousing service	5,304		9,589		10,961		18,916
United States	5,111		9,326		10,531		18,416
Others(1)	193		263		430		500
Last-mile delivery service	22,916		41,550		41,524		72,305
United States	22,027		38,090		40,036		66,578
Others(1)	889		3,460		1,488		5,727
Packaging service	3,920		7,686		6,788		13,965
United States	3,684		6,921		6,376		12,674
Others(1)	236		765		412		1,291
Others	4,611		6,570		7,501		14,225
United States	4,390		5,985		7,191		13,553
Others(1)	221		585		310		672
Product revenues	109,852		225,489		202,553		409,151
United States	79,583		169,067		150,088		309,388
Japan	11,383		10,579		21,574		20,520
Germany	13,923		40,092		23,263		69,365
Others(1)	4,963		5,751		7,628		9,878
Total revenues	$	153,130	$	310,867	$	280,927	$	561,944

_____________________
(1) No other individual region’s revenues exceeded 10% of the Company’s total revenues for the three and six months ended June 30, 2023 and 2024.

Revenues - Schedule of Changes in the Contract Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Balance as of beginning of the period	$ 7,554	$ 2,126	$ 5,537	$ 2,001
Revenue recognized from opening balance of contract liabilities	(7,554)	(2,126)	(5,537)	(2,001)
Increase due to cash received	158,619	96,416	280,650	178,448
Revenue recognized from cash received during the period	(152,113)	(94,316)	(274,116)	(176,351)
Foreign exchange effect	(9)	(7)	(37)	(4)
Balance as of end of the period	$ 6,497	$ 2,093	$ 6,497	$ 2,093

Fair Value Measurements - Fair Value, Assets Measured on Recurring Basis (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, amortized cost	$ 71,991
Debt securities, fair value	72,429
Cash and cash equivalents \| Money market instruments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, amortized cost	50,000
Debt securities, fair value	50,232
Investments \| US treasury securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, amortized cost	11,991
Debt securities, fair value	11,993
Investments \| Time deposits
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, amortized cost	10,000
Debt securities, fair value	$ 10,204

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

- 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 + Details

Leases

6 Months Ended

Jun. 30, 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		June 30, 2024
	Balance Sheet Caption	(In thousands)
Assets:
Operating lease right-of-use assets	Operating lease right-of-use assets	$	398,922	$	495,435
Finance lease right-of-use assets	Property and equipment, net	8,616		5,890
Total right-of-use assets		$	407,538	$	501,325


		December 31, 2023		June 30, 2024
	Balance Sheet Caption	(In thousands)
Liabilities:
Current:
Operating lease liabilities	Current operating lease liabilities	$	(57,949)	$	(76,404)
Finance lease liabilities	Accrued expenses and other current liabilities	(1,666)		(549)
Non-current:
Operating lease liabilities	Operating lease liabilities, non-current	(343,511)		(440,595)
Finance lease liabilities	Finance lease obligations, non-current	(111)		(196)
Total lease liabilities		$	(403,237)	$	(517,744)

The components of lease cost were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2024		2023		2024
	(In thousands)
Operating lease cost	$	7,626	$	26,560	$	15,875	$	48,508
Finance lease cost
Amortization of right-of-use assets	167		140		334		271
Interest on lease liabilities	236		44		331		105
Short-term lease costs	29		292		93		410
Total	$	8,058	$	27,036	$	16,633	$	49,294

Lease terms and discount rates are as follows:


	December 31, 2023		June 30, 2024
Weighted average remaining lease term (years):
Operating leases	6.45		5.79
Finance leases	0.84		1.59

Weighted average discount rate:
Operating leases	3.23	%	3.58	%
Finance leases	18.18	%	13.44	%

Future minimum lease payments as of June 30, 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
Remainder of 2024	$	43,464	$	552
Year Ended December 31, 2025	103,627		83
Year Ended December 31, 2026	106,064		67
Year Ended December 31, 2027	101,492		59
Year Ended December 31, 2028	91,150		59
Thereafter	137,208		16
Total lease payments	583,005		836
Less: imputed interest	(66,006)		(91)
Present value of lease liabilities	$	516,999	$	745

Leases

LEASES

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


		December 31, 2023		June 30, 2024
	Balance Sheet Caption	(In thousands)
Assets:
Operating lease right-of-use assets	Operating lease right-of-use assets	$	398,922	$	495,435
Finance lease right-of-use assets	Property and equipment, net	8,616		5,890
Total right-of-use assets		$	407,538	$	501,325


		December 31, 2023		June 30, 2024
	Balance Sheet Caption	(In thousands)
Liabilities:
Current:
Operating lease liabilities	Current operating lease liabilities	$	(57,949)	$	(76,404)
Finance lease liabilities	Accrued expenses and other current liabilities	(1,666)		(549)
Non-current:
Operating lease liabilities	Operating lease liabilities, non-current	(343,511)		(440,595)
Finance lease liabilities	Finance lease obligations, non-current	(111)		(196)
Total lease liabilities		$	(403,237)	$	(517,744)

The components of lease cost were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2024		2023		2024
	(In thousands)
Operating lease cost	$	7,626	$	26,560	$	15,875	$	48,508
Finance lease cost
Amortization of right-of-use assets	167		140		334		271
Interest on lease liabilities	236		44		331		105
Short-term lease costs	29		292		93		410
Total	$	8,058	$	27,036	$	16,633	$	49,294

Lease terms and discount rates are as follows:


	December 31, 2023		June 30, 2024
Weighted average remaining lease term (years):
Operating leases	6.45		5.79
Finance leases	0.84		1.59

Weighted average discount rate:
Operating leases	3.23	%	3.58	%
Finance leases	18.18	%	13.44	%

Future minimum lease payments as of June 30, 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
Remainder of 2024	$	43,464	$	552
Year Ended December 31, 2025	103,627		83
Year Ended December 31, 2026	106,064		67
Year Ended December 31, 2027	101,492		59
Year Ended December 31, 2028	91,150		59
Thereafter	137,208		16
Total lease payments	583,005		836
Less: imputed interest	(66,006)		(91)
Present value of lease liabilities	$	516,999	$	745

Summary of Significant Accounting Policies - Summary of Geographic information of Revenue by Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 310,867	$ 153,130	$ 561,944	$ 280,927
Platform commission
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	4,479	2,591	8,077	4,893
Platform commission \| Hong Kong
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	4,479	2,591	8,077	4,893
Ocean transportation service
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	15,504	3,936	25,305	6,707
Ocean transportation service \| The United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	15,436	3,892	25,177	6,655
Ocean transportation service \| Others
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	68	44	128	52
Warehousing service
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	9,589	5,304	18,916	10,961
Warehousing service \| The United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	9,326	5,111	18,416	10,531
Warehousing service \| Others
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	263	193	500	430
Last-mile delivery service
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	41,550	22,916	72,305	41,524
Last-mile delivery service \| The United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	38,090	22,027	66,578	40,036
Last-mile delivery service \| Others
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	3,460	889	5,727	1,488
Packaging service
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	7,686	3,920	13,965	6,788
Packaging service \| The United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	6,921	3,684	12,674	6,376
Packaging service \| Others
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	765	236	1,291	412
Others
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	6,570	4,611	14,225	7,501
Others \| The United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	5,985	4,390	13,553	7,191
Others \| Others
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	585	221	672	310
Product sales
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	225,489	109,852	409,151	202,553
Revenues	225,489	109,852	409,151	202,553
Product sales \| The United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	169,067	79,583	309,388	150,088
Product sales \| Japan
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	10,579	11,383	20,520	21,574
Product sales \| Germany
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	40,092	13,923	69,365	23,263
Product sales \| Others
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	5,751	4,963	9,878	7,628
Total service revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	85,378	43,278	152,793	78,374
Revenues	$ 85,378	$ 43,278	$ 152,793	$ 78,374

Summary of Significant Accounting Policies - Summary of Long-lived Assets by Segment (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total long-lived assets	$ 518,156	$ 423,536
The United States
Property, Plant and Equipment [Line Items]
Total long-lived assets	490,358	400,554
Others
Property, Plant and Equipment [Line Items]
Total long-lived assets	$ 27,798	$ 22,982

Ordinary Shares - Additional Information (Detail) - $ / shares		1 Months Ended
	Feb. 29, 2024	Mar. 31, 2024	Jun. 30, 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

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 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 June 30, 2024, respectively)	$ 79,855	$ 69,757
Contract liabilities (including contract liabilities of VIEs without recourse to the Company of $736 and nil as of December 31, 2023 and June 30, 2024, respectively)	6,497	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 June 30, 2024, respectively)	76,404	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 June 30, 2024, respectively)	14,498	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 June 30, 2024, respectively)	71,754	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 June 30, 2024, respectively)	$ 440,595	$ 343,511
Treasury stock held (in shares)	272,728	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 June 30, 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 June 30, 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 June 30, 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 June 30, 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 June 30, 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 June 30, 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)	33,557,419	31,738,632
Common stock, shares outstanding (in shares)	33,286,162	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

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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	34,331						34,331
Share-based compensation (in shares)			(4,609,081)					(277,906)
Share-based compensation	2,010		$ 230	81	1,685			$ 14
Foreign currency translation adjustment, net of nil income taxes	(501)					(501)
Net unrealized gains on available-for-sale investments	0
Ending balance (in shares) at Jun. 30, 2023			14,958					31,635,720		9,326,732
Ending balance at Jun. 30, 2023	231,005		$ (1)	0	110,734	303	117,921	$ 1,582		$ 466
Beginning balance (in shares) at Mar. 31, 2023			58,572					31,416,426		9,326,732
Beginning balance at Mar. 31, 2023	211,164		$ (2)	(312)	109,300	610	99,531	$ 1,571		$ 466
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,390						18,390
Share-based compensation (in shares)			(43,614)					(219,294)
Share-based compensation	1,758		$ 1	312	1,434			$ 11
Foreign currency translation adjustment, net of nil income taxes	(307)					(307)
Net unrealized gains on available-for-sale investments	0
Ending balance (in shares) at Jun. 30, 2023			14,958					31,635,720		9,326,732
Ending balance at Jun. 30, 2023	231,005		$ (1)	$ 0	110,734	303	117,921	$ 1,582		$ 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	54,164						54,164
Shares held for share-based compensation (in shares)			500,000
Shares held for share-based compensation	0		$ 0
Share-based compensation (in shares)			(521,301)					(567,642)
Share-based compensation	14,215				14,187			$ 28
Exercise of warrants (in shares)								13,372
Exercise of warrants	0				(1)			$ 1
Re-designated ordinary shares from Class B to Class A (in shares)									1,250,000		(1,250,000)
Re-designated ordinary shares from Class B to Class A		$ 0							$ 63		$ (63)
Foreign currency translation adjustment, net of nil income taxes	(378)					(378)
Net unrealized gains on available-for-sale investments	2					2
Ending balance (in shares) at Jun. 30, 2024			272,728					33,286,162		8,076,732
Ending balance at Jun. 30, 2024	358,419		$ (1,594)		125,922	150	231,862	$ 1,676		$ 403
Beginning balance (in shares) at Mar. 31, 2024			292,637					32,720,692		8,076,732
Beginning balance at Mar. 31, 2024	317,779		$ (1,594)		112,015	414	204,893	$ 1,648		$ 403
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	26,969						26,969
Shares held for share-based compensation (in shares)			500,000
Shares held for share-based compensation	0
Share-based compensation (in shares)			(519,909)					(565,470)
Share-based compensation	13,935				13,907			$ 28
Foreign currency translation adjustment, net of nil income taxes	(266)					(266)
Net unrealized gains on available-for-sale investments	2					2
Ending balance (in shares) at Jun. 30, 2024			272,728					33,286,162		8,076,732
Ending balance at Jun. 30, 2024	$ 358,419		$ (1,594)		$ 125,922	$ 150	$ 231,862	$ 1,676		$ 403

Accounts Receivables, Net

6 Months Ended

Jun. 30, 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		June 30, 2024
	(In thousands)
Accounts receivable	$	59,376	$	70,422
Less: allowance for doubtful accounts	(500)		(807)
Accounts receivable, net	$	58,876	$	69,615

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2024		2023		2024
	(In thousands)
Balance as of the beginning of the period	$	(292)	$	(563)	$	(237)	$	(500)
Additions charged to bad debt expense	52		(244)		(3)		(307)
Balance as of the end of the period	$	(240)	$	(807)	$	(240)	$	(807)

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis


		As of June 30, 2024
	Balance Sheet Location(1)	Cost or amortized cost		Fair value (Level 2)
		(In thousands)
Money market instruments	Cash and cash equivalents	$	50,000	$	50,232
U.S. treasury securities(2)	Investments	11,991		11,993
Time deposits	Investments	10,000		10,204
		$	71,991	$	72,429

_____________________
(1) Balance sheet location is determined by the length to maturity at date of purchase and whether the assets are restricted for particular use.

(2) Fair value determined using broker quotes reflecting current market conditions.

Summary of Significant Accounting Policies - Summary of Reconciliation of Cash and Restricted Cash (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 185,623	$ 183,283
Restricted cash	905	885
Total cash, cash equivalents and restricted cash in the unaudited condensed consolidated statements of cash flows	$ 186,528	$ 184,168	$ 182,404	$ 145,076

Leases - Additional Information (Details)	Jun. 30, 2024
Leases [Abstract]
Finance lease, term of contract	3 years

Share-Based Compensation

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2024 were presented below:


	Number of shares	Weighted average grant date fair value
Outstanding as of April 1, 2024	9,877	0.0015
Vested	(8,406)	0.0015
Outstanding as of June 30, 2024	1,471	0.0015
Expect to be vested at June 30, 2024	1,471	0.0015


	Number of shares	Weighted average grant date fair value
Outstanding as of January 1, 2024	10,545	$	0.0015
Vested	(9,074)	0.0015
Outstanding as of June 30, 2024	1,471	0.0015
Expect to be vested at June 30, 2024	1,471	$	0.0015

As of June 30, 2024, unrecognized compensation expenses with trivial amount relating to the remaining 1,471 unvested restricted shares would cliff and cumulatively vested upon the satisfaction of the service condition.

Restricted share units (the “RSU”)

On April 1, 2024 and April 10, 2024, the Company granted 558,003 RSUs with no exercise price to employees with two types of vesting schedules of (1) vesting immediately after the grant or (2) vesting 50% immediately after the grant and cliff vesting the other 50% upon the satisfaction of one year service with the Group after the grant. Each of the RSUs granted is stipulated to vest following either of the two.

On June 26, 2024, the Group granted 98 RSUs to its employee with no exercise price. All of these RSUs vested on the grant date with no service condition stipulated.

A summary of the Company’s RSU activities for the three and six months ended June 30, 2024 were presented below:


	Number of shares	Weighted average grant-date fair value
Outstanding as of January and April 1, 2024	412,397	5.23
Granted	558,101	30.87
Forfeited	(4,241)	5.01
Outstanding as of June 30, 2024	966,257	20.04
Exercisable as of June 30, 2024	815,997	17.95

As of June 30, 2024, unrecognized compensation expenses of $3,474 thousand relating to the 150,260 unvested RSUs would be recognized in next twelve months.

Revenues - Additional Information (Detail)	6 Months Ended
Revenues - Additional Information (Detail)	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Contract with customer, timing of satisfaction of performance obligation and payment	one year

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 26,969	$ 18,390	$ 54,164	$ 34,331

- Definition

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

+ References

+ Details

Income Tax - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Line Items]
Current income tax expense (benefit)	$ 10,026	$ 8,025
Effective income tax rate, percentage	16.10%	18.90%
CHINA
Income Tax Disclosure [Line Items]
Statutory income tax rate	25.00%
CHINA \| From Tax Year 2023 to 2024
Income Tax Disclosure [Line Items]
Preferential tax rate (in percent)	0.15

Revenues (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenues 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 June 30,				Six Months Ended June 30,
Major products/services lines	2023		2024		2023		2024
	(In thousands)
Service revenues
Platform commission	$	2,591	$	4,479	$	4,893	$	8,077
Ocean transportation service	3,936		15,504		6,707		25,305
Warehousing service	5,304		9,589		10,961		18,916
Last-mile delivery service	22,916		41,550		41,524		72,305
Packaging service	3,920		7,686		6,788		13,965
Others	4,611		6,570		7,501		14,225
Total service revenues	43,278		85,378		78,374		152,793

Product revenues
Product sales to B	14,743		73,968		27,544		125,402
Product sales to C	25,352		48,857		43,815		90,769
Off-platform ecommerce	40,095		122,825		71,359		216,171
GigaCloud 1P	69,757		102,442		131,194		192,601
Others	—		222		—		379
Total product revenues	109,852		225,489		202,553		409,151
Revenues	$	153,130	$	310,867	$	280,927	$	561,944


	Three Months Ended June 30,				Six Months Ended June 30,
Timing of revenue recognition	2023		2024		2023		2024
	(In thousands)
Revenue from goods or services transferred to customers over time	$	34,776	$	71,403	$	63,173	$	126,018
Revenue from goods or services transferred to customers at a point in time	118,354		239,464		217,754		435,926
Revenues	$	153,130	$	310,867	$	280,927	$	561,944

Schedule of Changes in the Contract Liabilities

Changes in the contract liabilities balances were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2024		2023		2024
	(In thousands)
Balance as of beginning of the period	$	2,126	$	7,554	$	2,001	$	5,537
Revenue recognized from opening balance of contract liabilities	(2,126)		(7,554)		(2,001)		(5,537)
Increase due to cash received	96,416		158,619		178,448		280,650
Revenue recognized from cash received during the period	(94,316)		(152,113)		(176,351)		(274,116)
Foreign exchange effect	(7)		(9)		(4)		(37)
Balance as of end of the period	$	2,093	$	6,497	$	2,093	$	6,497

Leases - Schedule of Assets and Liabilities Related to Both Operating and Finance Leases (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Operating lease right-of-use assets	$ 495,435	$ 398,922
Finance lease right-of-use assets	5,890	8,616
Total right-of-use assets	$ 501,325	$ 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 liabilities	$ (76,404)	$ (57,949)
Finance lease liabilities	$ (549)	$ (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 June 30, 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 June 30, 2024, respectively)
Non-current liabilities
Operating lease liabilities	$ (440,595)	$ (343,511)
Finance lease liabilities	(196)	(111)
Total lease liabilities	$ (517,744)	$ (403,237)

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Shares

A summary of the Company’s restricted shares for the three and six months ended June 30, 2024 were presented below:


	Number of shares	Weighted average grant date fair value
Outstanding as of April 1, 2024	9,877	0.0015
Vested	(8,406)	0.0015
Outstanding as of June 30, 2024	1,471	0.0015
Expect to be vested at June 30, 2024	1,471	0.0015


	Number of shares	Weighted average grant date fair value
Outstanding as of January 1, 2024	10,545	$	0.0015
Vested	(9,074)	0.0015
Outstanding as of June 30, 2024	1,471	0.0015
Expect to be vested at June 30, 2024	1,471	$	0.0015

Schedule of Restricted Stock Unit Activity

A summary of the Company’s RSU activities for the three and six months ended June 30, 2024 were presented below:


	Number of shares	Weighted average grant-date fair value
Outstanding as of January and April 1, 2024	412,397	5.23
Granted	558,101	30.87
Forfeited	(4,241)	5.01
Outstanding as of June 30, 2024	966,257	20.04
Exercisable as of June 30, 2024	815,997	17.95

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 54,164	$ 34,331
Adjustments to reconcile net income to net cash provided by operating activities:
Allowance for doubtful accounts	307	3
Inventory write-down	791	1,305
Other Receivable, Write Off	327	0
Deferred tax	(6,877)	(43)
Share-based compensation	14,147	1,757
Depreciation and amortization	4,145	760
Loss from disposal of property and equipment	168	0
Operating lease	19,019	880
Unrealized foreign currency exchange gains	(642)	(307)
Others	1,896	0
Changes in operating assets and liabilities:
Accounts receivable	(11,081)	(3,300)
Inventories	(67,994)	(7,753)
Prepayments and other assets	(1,376)	(2,226)
Accounts payable	9,916	2,915
Contract liabilities	997	92
Income tax payable	(261)	344
Accrued expenses and other current liabilities	16,771	9,883
Net cash provided by operating activities	34,417	38,641
Cash flows from investing activities:
Cash paid for purchase of property and equipment	(10,196)	(158)
Cash received from disposal of property and equipment	1,636	0
Purchases of investments	(21,843)	0
Net cash used in investing activities	(30,403)	(158)
Cash flows from financing activities:
Repayment of finance lease obligations	(1,149)	(909)
Repayment of bank loans	0	(145)
Net cash used in financing activities	(1,149)	(1,054)
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash	(505)	(101)
Net increase in cash, cash equivalents and restricted cash	2,360	37,328
Cash, cash equivalents and restricted cash at the beginning of the period	184,168	145,076
Cash, cash equivalents and restricted cash at the end of the period	186,528	182,404
Supplemental disclosure of cash flow information
Cash paid for interest expense	140	917
Cash paid for income taxes	$ 16,562	$ 7,724

Summary of Significant Accounting Policies - Summary of Accounts Receivable Balance (Detail) - Revenue benchmark - Customer concentration risk	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Customer A
Concentration risk percentage	16.60%	30.20%
Customer B
Concentration risk percentage	14.40%

Net Income per Ordinary Share

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2023		2024		2023		2024
	(In thousands)
Numerator:
Net income	$	18,390	$	26,969	$	34,331	$	54,164
Denominator:
Weighted average number of ordinary shares outstanding
- Basic	40,896,423		41,295,216		40,806,959		41,041,937
- Diluted	40,941,904		41,407,207		40,852,439		41,150,585
Net income per ordinary share attributable to ordinary shareholders
- Basic	$	0.45	$	0.65	$	0.84	$	1.32
- Diluted	$	0.45	$	0.65	$	0.84	$	1.32

For the three and six months ended June 30, 2023, 14,958 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 June 30, 2023, representing out-of-the-money impact from the holder’s perspective.


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2024	2023	2024
RSU	45,481	107,590	45,480	104,094
RS	—	4,401	—	4,554

Share-Based Compensation - Schedule of Restricted Shares (Detail) - Restricted Shares (RS)	3 Months Ended	6 Months Ended
	Jun. 30, 2024 $ / shares shares	Jun. 30, 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 the beginning of period (in shares) \| shares	9,877	10,545
Number of restricted shares vested during the year (in shares) \| shares	(8,406)	(9,074)
Outstanding at the end of the period (in shares) \| shares	1,471	1,471
Number of restricted shares expected to be vest at June 30, 2024 (in shares) \| shares	1,471	1,471
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 the beginning of the period (in USD per share) \| $ / shares	$ 0.0015	$ 0.0015
Weighted average grant date fair value for restricted shares vested during the period (in USD per share) \| $ / shares	0.0015	0.0015
Outstanding, weighted average grant date fair value at the end of the period (in USD per share) \| $ / shares	0.0015	0.0015
Weighted average grant date fair value for restricted shares expected to be vest at June 30,2024 (in USD per share) \| $ / shares	$ 0.0015	$ 0.0015

Accounts Receivables, Net - Schedule of Movement of the Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Balance as of the beginning of the period	$ (563)	$ (292)	$ (500)	$ (237)
Additions charged to bad debt expense	(244)	52	(307)	(3)
Balance as of the end of the period	$ (807)	$ (240)	$ (807)	$ (240)

Leases (Tables)

6 Months Ended

Jun. 30, 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		June 30, 2024
	Balance Sheet Caption	(In thousands)
Assets:
Operating lease right-of-use assets	Operating lease right-of-use assets	$	398,922	$	495,435
Finance lease right-of-use assets	Property and equipment, net	8,616		5,890
Total right-of-use assets		$	407,538	$	501,325


		December 31, 2023		June 30, 2024
	Balance Sheet Caption	(In thousands)
Liabilities:
Current:
Operating lease liabilities	Current operating lease liabilities	$	(57,949)	$	(76,404)
Finance lease liabilities	Accrued expenses and other current liabilities	(1,666)		(549)
Non-current:
Operating lease liabilities	Operating lease liabilities, non-current	(343,511)		(440,595)
Finance lease liabilities	Finance lease obligations, non-current	(111)		(196)
Total lease liabilities		$	(403,237)	$	(517,744)

Schedule of Lease Cost

The components of lease cost were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2024		2023		2024
	(In thousands)
Operating lease cost	$	7,626	$	26,560	$	15,875	$	48,508
Finance lease cost
Amortization of right-of-use assets	167		140		334		271
Interest on lease liabilities	236		44		331		105
Short-term lease costs	29		292		93		410
Total	$	8,058	$	27,036	$	16,633	$	49,294

Schedule of Lease Terms and Discount Rates

Lease terms and discount rates are as follows:


	December 31, 2023		June 30, 2024
Weighted average remaining lease term (years):
Operating leases	6.45		5.79
Finance leases	0.84		1.59

Weighted average discount rate:
Operating leases	3.23	%	3.58	%
Finance leases	18.18	%	13.44	%

Schedule of Future Minimum Lease Payments

Future minimum lease payments as of June 30, 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
Remainder of 2024	$	43,464	$	552
Year Ended December 31, 2025	103,627		83
Year Ended December 31, 2026	106,064		67
Year Ended December 31, 2027	101,492		59
Year Ended December 31, 2028	91,150		59
Thereafter	137,208		16
Total lease payments	583,005		836
Less: imputed interest	(66,006)		(91)
Present value of lease liabilities	$	516,999	$	745

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Revenues	$ 310,867	$ 153,130	$ 561,944	$ 280,927
Cost of revenues
Cost of revenues	234,420	112,766	418,949	210,989
Gross profit	76,447	40,364	142,995	69,938
Operating expenses
Selling and marketing expenses	19,460	9,535	34,040	16,431
General and administrative expenses	26,280	6,897	41,669	11,047
Research and development expenses	3,097	532	4,853	1,204
Losses on disposal of property and equipment	162	0	168	0
Total operating expenses	48,999	16,964	80,730	28,682
Operating income	27,448	23,400	62,265	41,256
Interest expense	(59)	(804)	(140)	(917)
Interest income	2,244	484	3,853	1,074
Foreign currency exchange gains (losses), net	(1,107)	(815)	(3,816)	570
Government grants	2	395	8	395
Others, net	506	(1)	184	(22)
Income before income taxes	29,034	22,659	62,354	42,356
Income tax expense	(2,065)	(4,269)	(8,190)	(8,025)
Net income	26,969	18,390	54,164	34,331
Net income attributable to ordinary shareholders	26,969	18,390	54,164	34,331
Foreign currency translation adjustment, net of nil income taxes	(266)	(307)	(378)	(501)
Net unrealized gains on available-for-sale investments	2	0	2	0
Total other comprehensive loss	(264)	(307)	(376)	(501)
Comprehensive Income	$ 26,705	$ 18,083	$ 53,788	$ 33,830
Net income per ordinary share
Net income per ordinary share, basic (in USD per share)	$ 0.65	$ 0.45	$ 1.32	$ 0.84
Net income per ordinary share, diluted (in USD per share)	$ 0.65	$ 0.45	$ 1.32	$ 0.84
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)	41,295,216	40,896,423	41,041,937	40,806,959
Weighted average number of ordinary shares outstanding used in computing net income per ordinary share, diluted (in shares)	41,407,207	40,941,904	41,150,585	40,852,439
Total service revenues
Revenues
Revenues	$ 85,378	$ 43,278	$ 152,793	$ 78,374
Cost of revenues
Cost of revenues	74,040	34,782	128,471	63,549
Product sales
Revenues
Revenues	225,489	109,852	409,151	202,553
Cost of revenues
Cost of revenues	$ 160,380	$ 77,984	$ 290,478	$ 147,440

Leases - Schedule of Lease Terms and Discount Rates (Detail)	Jun. 30, 2024	Dec. 31, 2023
Weighted average remaining lease term (years):
Operating leases	5 years 9 months 14 days	6 years 5 months 12 days
Finance leases	1 year 7 months 2 days	10 months 2 days
Weighted average discount rate:
Operating leases	3.58%	3.23%
Finance leases	13.44%	18.18%

Net Income per Ordinary Share - Additional Information (Detail) - Restricted Shares (RS) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Conversion of Stock [Line Items]
Antidilutive securities excluded from the computation of earnings per share (in shares)	14,958	14,958
Exercise price of unvested restricted shares (in USD per share)	$ 7.48	$ 7.48

Share-Based Compensation - Schedule of restricted stock unit activity (Detail) - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at the beginning of period (in shares) \| shares	412,397
Granted during the year (in shares) \| shares	558,101
Forfeited during the year (in shares) \| shares	(4,241)
Outstanding at the end of the period (in shares) \| shares	966,257
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 the beginning of the period (in USD per share) \| $ / shares	$ 5.23
Weighted average grant date fair value for restricted shares granted during the period (in USD per share) \| $ / shares	30.87
Weighted average grant date fair value for restricted shares forfeited during the period (in USD per share) \| $ / shares	5.01
Outstanding, weighted average grant date fair value at the end of the period (in USD per share) \| $ / shares	$ 20.04
Restricted stock units, additional disclosure
Restricted stock units exercisable (in shares) \| shares	815,997
Restricted stock units exercisable, weighted average grant date fair value (in USD per share) \| $ / shares	$ 17.95