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FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value Disclosures [Abstract]
Unrealized gain (loss)	$ (5)	$ 1
Realized gain (loss)	$ 0	$ 0

ORDINARY SHARES - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Equity, Class of Treasury Stock [Line Items]
Share repurchase	$ 12,267	$ 22,734
Class A ordinary shares
Equity, Class of Treasury Stock [Line Items]
Repurchases (in shares)	304,321
Shares acquired, cost (in USD per share)	$ 40.27
Share repurchase	$ 12,300
Payment of stock issuance costs	12
Stock repurchase program, remaining authorized amount	$ 77,400

LEASES (Tables)

3 Months Ended

Mar. 31, 2026

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 are as follows:


		March 31, 2026		December 31, 2025
	Balance Sheet Caption	(In thousands)
Assets:
Operating lease right-of-use assets	Operating lease right-of-use assets	$	435,884	$	431,455
Finance lease right-of-use assets	Property and equipment, net	1,637		1,277
Total right-of-use assets		$	437,521	$	432,732


		March 31, 2026		December 31, 2025
	Balance Sheet Caption	(In thousands)
Liabilities:
Current:
Operating lease liabilities	Current operating lease liabilities	$	(106,675)	$	(100,326)
Finance lease liabilities	Accrued expenses and other current liabilities	(561)		(344)
Non-current:
Operating lease liabilities	Operating lease liabilities, non-current	(367,345)		(368,321)
Finance lease liabilities	Finance lease obligations, non-current	(863)		(690)
Total lease liabilities		$	(475,444)	$	(469,681)

Schedule of Lease Cost

The components of lease cost are as follows:


	Three Months Ended March 31,
	2026		2025
	(In thousands)
Operating lease cost	$	31,510	$	27,448
Finance lease cost
Amortization of right-of-use assets	127		30
Interest on lease liabilities	25		12
Short-term lease costs	62		112
Total	$	31,724	$	27,602

Schedule of Lease Terms and Discount Rates

Lease terms and discount rates are as follows:


	March 31, 2026		December 31, 2025
Weighted average remaining lease term (years):
Operating leases	4.57		4.68
Finance leases	2.88		3.46

Weighted average discount rate:
Operating leases	3.5	%	3.3	%
Finance leases	6.9	%	7.6	%

Schedule of Future Minimum Lease Payments

Future minimum lease payments as of March 31, 2026, including rental payments for lease renewal options the Group is reasonably certain to exercise, were as follows:


	Operating leases		Finance leases
	(In thousands)
Maturity of Lease Liabilities
Remainder of 2026	$	91,215	$	495
2027	120,918		515
2028	115,069		324
2029	84,943		160
2030	46,892		70
Thereafter	62,985		19
Total lease payments	522,022		1,583
Less: imputed interest	(48,002)		(159)
Present value of lease liabilities	$	474,020	$	1,424

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, by Balance Sheet Grouping

The following table presents the valuation of the Group’s financial assets and liabilities as of March 31, 2026 measured at fair value on a recurring basis.


		As of March 31, 2026
	Balance Sheet Caption(1)	Cost or amortized cost		Fair value (Level 2)		Fair value (Level 3)
		(In thousands)
Assets:
Money market instruments(2)	Cash and cash equivalents	$	110,940	$	111,045	$	—
Treasury enhanced notes(2)	Cash and cash equivalents	10,093		10,091		—
U.S. treasury securities(2)	Investments	9,897		9,894		—
Deposits	Investments	23,000		23,044		—

Liabilities:
Contingent consideration(3)	Other long-term liabilities	$	—	$	—	$	3,346

_____________________

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

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

(3) Fair value is determined by applying a probability weighted scenario approach and discounting potential payments to their present value.

Schedule of Business Combination, Contingent Consideration

A reconciliation of the Group’s contingent consideration liabilities related to acquisitions for the three months ended March 31, 2026 is as follows:


Level 3 Instruments Rollforward	March 31, 2026
	(In thousands)
Balance as of the beginning of the period	$	—
Additions	3,325
Change in fair value	21
Balance as of the end of the period	$	3,346

BUSINESS COMBINATION - Schedule of Business Combination, Recognized Asset Acquired and Liability Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jan. 31, 2026	Dec. 31, 2025
Business Combination, Pro Forma Information [Line Items]
Goodwill	$ 12,900		$ 12,586
New Classic Home Furnishings, Inc ("New Classic")
Business Combination, Pro Forma Information [Line Items]
Cash and cash equivalents		$ 71
Accounts receivable, net		8,891
Inventories		12,039
Prepayments and other current assets		870
Operating lease right-of-use assets		5,720
Property and equipment, net		838
Intangible assets		270
Deferred tax assets		1,524
Total assets acquired		30,223
Accounts payable		(3,916)
Current operating lease liabilities		(4,842)
Accrued expenses and other current liabilities		(1,947)
Operating lease liabilities, non-current		(878)
Finance lease obligations, non-current		(274)
Total liabilities assumed		(11,857)
Total identifiable net assets		18,366
Goodwill		314
Total purchase price		$ 18,680

ACCOUNTS RECEIVABLE, NET - Schedule of Movement of the Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of the beginning of the period	$ (594)	$ (937)
Provision for credit losses	(272)	(428)
Write-offs	101	31
Balance as of the end of the period	$ (765)	$ (1,334)

REVENUES - Additional Information (Details)	3 Months Ended
REVENUES - Additional Information (Details)	Mar. 31, 2026
Revenue from Contract with Customer [Abstract]
Contract with customer, timing of satisfaction of performance obligation and payment	one year

REVENUES - Schedule of Revenues are Disaggregated by Major Products/Service Lines and Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenues	$ 359,488	$ 271,906
Revenues	359,488	271,906
Revenue from goods or services transferred to customers over time
Disaggregation of Revenue [Line Items]
Revenues	97,148	78,573
Revenue from goods or services transferred to customers at a point in time
Disaggregation of Revenue [Line Items]
Revenues	262,340	193,333
Off-platform
Disaggregation of Revenue [Line Items]
Revenues	152,864	96,350
GigaCloud 1P
Disaggregation of Revenue [Line Items]
Revenues	90,013	81,385
Others
Disaggregation of Revenue [Line Items]
Revenues	71	103
Product sales to B
Disaggregation of Revenue [Line Items]
Revenues	67,389	43,985
Product sales to C
Disaggregation of Revenue [Line Items]
Revenues	85,475	52,365
Platform commission
Disaggregation of Revenue [Line Items]
Revenues	5,505	4,335
Ocean transportation service
Disaggregation of Revenue [Line Items]
Revenues	7,849	11,358
Drayage service
Disaggregation of Revenue [Line Items]
Revenues	3,150	2,772
Warehousing service
Disaggregation of Revenue [Line Items]
Revenues	16,067	14,078
Packaging service
Disaggregation of Revenue [Line Items]
Revenues	9,526	7,250
Last-mile delivery service
Disaggregation of Revenue [Line Items]
Revenues	68,993	49,244
Others
Disaggregation of Revenue [Line Items]
Revenues	5,450	5,031
Total service revenues
Disaggregation of Revenue [Line Items]
Revenues	116,540	94,068
Total product revenues
Disaggregation of Revenue [Line Items]
Revenues	$ 242,948	$ 177,838

REVENUES - Schedule of Changes in Contract Liabilities Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Change in Contract with Customer, Liability [Abstract]
Balance as of beginning of the period	$ 6,459	$ 4,486
Revenue recognized from opening balance of contract liabilities	(6,459)	(4,486)
Increase due to cash received	171,744	141,126
Revenue recognized from cash received during the period	(165,800)	(135,513)
Foreign exchange effect	(54)	52
Balance as of end of the period	$ 5,890	$ 5,665

BUSINESS COMBINATION - Schedule of Consideration Paid (Details) - New Classic Home Furnishings, Inc ("New Classic") $ in Thousands		1 Months Ended
	Jan. 31, 2026 USD ($)	Jan. 31, 2026 USD ($)
Business Combination [Line Items]
Cash paid	$ 14,400
Cash payable	955
Contingent consideration	3,325	$ 3,325
Total purchase price	$ 18,680	$ 18,700

- 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

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Geographic information of Revenue by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenues	$ 359,488	$ 271,906
Revenues	359,488	271,906
Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	359,488	271,906
Total service revenues
Disaggregation of Revenue [Line Items]
Revenues	116,540	94,068
Total service revenues \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	116,540	94,068
Platform commission
Disaggregation of Revenue [Line Items]
Revenues	5,505	4,335
Platform commission \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	5,505	4,335
Platform commission \| Hong Kong \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	5,505	4,335
Ocean transportation service
Disaggregation of Revenue [Line Items]
Revenues	7,849	11,358
Ocean transportation service \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	7,849	11,358
Ocean transportation service \| The United States \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	6,685	10,797
Ocean transportation service \| Germany \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	1,091	561
Ocean transportation service \| Others \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	73	0
Drayage service
Disaggregation of Revenue [Line Items]
Revenues	3,150	2,772
Drayage service \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	3,150	2,772
Drayage service \| The United States \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	2,500	2,711
Drayage service \| Germany \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	630	61
Drayage service \| Others \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	20	0
Warehousing service
Disaggregation of Revenue [Line Items]
Revenues	16,067	14,078
Warehousing service \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	16,067	14,078
Warehousing service \| The United States \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	14,768	13,660
Warehousing service \| Germany \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	1,078	299
Warehousing service \| Others \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	221	119
Packaging service
Disaggregation of Revenue [Line Items]
Revenues	9,526	7,250
Packaging service \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	9,526	7,250
Packaging service \| The United States \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	9,122	7,178
Packaging service \| Germany \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	357	45
Packaging service \| Others \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	47	27
Last-mile delivery service
Disaggregation of Revenue [Line Items]
Revenues	68,993	49,244
Last-mile delivery service \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	68,993	49,244
Last-mile delivery service \| The United States \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	54,185	42,508
Last-mile delivery service \| Germany \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	13,233	5,787
Last-mile delivery service \| Others \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	1,575	949
Others
Disaggregation of Revenue [Line Items]
Revenues	5,450	5,031
Others \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	5,450	5,031
Others \| The United States \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	4,843	4,204
Others \| Germany \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	261	37
Others \| Others \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	346	790
Products
Disaggregation of Revenue [Line Items]
Revenues	242,948	177,838
Products \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	242,948	177,838
Products \| The United States \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	126,278	109,594
Products \| Germany \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	92,711	51,551
Products \| Others \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	12,428	5,914
Products \| Japan \| Reportable segment
Disaggregation of Revenue [Line Items]
Revenues	$ 11,531	$ 10,779

LEASES - Schedule of Assets and Liabilities Related to both Operating and Finance Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Operating lease right-of-use assets	$ 435,884	$ 431,455
Finance lease right-of-use assets	1,637	1,277
Total right-of-use assets	$ 437,521	$ 432,732
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	$ (106,675)	$ (100,326)
Finance lease liabilities	$ (561)	$ (344)
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Non-current liabilities
Operating lease liabilities	$ (367,345)	$ (368,321)
Finance lease liabilities	(863)	(690)
Total lease liabilities	$ (475,444)	$ (469,681)

ACCOUNTS RECEIVABLE, NET (Tables)

3 Months Ended

Mar. 31, 2026

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Schedule of Accounts Receivable Net

Accounts receivable, net, consisted of the following:


	March 31, 2026		December 31, 2025
	(In thousands)
Accounts receivable	$	84,278	$	66,567
Less: allowance for credit losses	(765)		(594)
Accounts receivable, net	$	83,513	$	65,973

Schedule of Movement of the Allowance for Credit Losses

The movement of the allowance for credit losses is as follows:


	Three Months Ended March 31,
	2026		2025
	(In thousands)
Balance as of the beginning of the period	$	(594)	$	(937)
Provision for credit losses	(272)		(428)
Write-offs	101		31
Balance as of the end of the period	$	(765)	$	(1,334)

SUBSEQUENT EVENTS (Details) - Subsequent event $ / shares in Units, $ in Thousands	May 07, 2026 USD ($) $ / shares shares
Subsequent Event [Line Items]
Stock repurchased during period (in shares) \| shares	200,628
Shares acquired, cost (in USD per share) \| $ / shares	$ 44.98
Stock repurchased during period	$ 9,000
Stock repurchase costs	$ 8

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Treasury stock held (in shares)	304,321	237,269
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)	29,455,790	29,637,687
Common stock, shares outstanding (in shares)	29,455,790	29,637,687
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)	7,156,732	7,276,732
Common stock, shares outstanding (in shares)	7,156,732	7,276,732

FAIR VALUE MEASUREMENTS - Schedule of Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Cost or amortized cost
Cash and cash equivalents	$ 330,271	$ 379,780
Investments	32,938	$ 36,316
Other long-term liabilities	0
Money market instruments
Cost or amortized cost
Cash and cash equivalents	110,940
Treasury enhanced notes
Cost or amortized cost
Cash and cash equivalents	10,093
U.S. treasury securities
Cost or amortized cost
Investments	9,897
Deposits
Cost or amortized cost
Investments	23,000
Fair value (Level 2)
Fair value
Other long-term liabilities	0
Fair value (Level 2) \| Money market instruments
Fair value
Cash and cash equivalents	111,045
Fair value (Level 2) \| Treasury enhanced notes
Fair value
Cash and cash equivalents	10,091
Fair value (Level 2) \| U.S. treasury securities
Fair value
Investments	9,894
Fair value (Level 2) \| Deposits
Fair value
Investments	23,044
Fair value (Level 3)
Fair value
Other long-term liabilities	3,346
Fair value (Level 3) \| Money market instruments
Fair value
Cash and cash equivalents	0
Fair value (Level 3) \| Treasury enhanced notes
Fair value
Cash and cash equivalents	0
Fair value (Level 3) \| U.S. treasury securities
Fair value
Investments	0
Fair value (Level 3) \| Deposits
Fair value
Investments	$ 0

LEASES - Additional information (Details)	Mar. 31, 2026
Minimum
Operating Leased Assets [Line Items]
Finance lease, term of contract	1 year
Maximum
Operating Leased Assets [Line Items]
Finance lease, term of contract	5 years

SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

A summary of the Company’s share-based compensation activities for the three months ended March 31, 2026 is presented below:


	Number of shares	Weighted average grant date fair value
Outstanding as of January 1, 2026	91,043	$	11.58
Granted	—	—
Vested	—	—
Forfeited	(337)	11.58
Outstanding as of March 31, 2026	90,706	$	11.58

Schedule of Compenstion Expenses Recognized

Compensation expenses recognized in connection with RSUs are allocated to the following expense items.


	Three Months Ended March 31,
	2026		2025
	(In thousands)
Cost of revenues	$	29	$	139
Selling and marketing expenses	66		177
General and administrative expenses	104		570
Research and development expenses	60		256
Total share compensation expenses	$	259	$	1,142

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - segment	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounting Policies [Line Items]
Number of operating segments	1
Number of reportable segments	1
Purchases \| Supplier concentration risk \| One supplier
Accounting Policies [Line Items]
Concentration risk percentage	11.10%	19.10%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

NET INCOME PER ORDINARY SHARE

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

NET INCOME PER ORDINARY SHARE

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


	Three Months Ended March 31,
	2026		2025
	(In thousands except for share data)
Numerator:
Net income	$	38,124	$	27,146
Denominator:
Weighted average number of ordinary shares outstanding
- Basic	36,683,938		40,020,265
- Diluted	36,771,570		40,138,522
Net income per ordinary share attributable to ordinary shareholders
- Basic	$	1.04	$	0.68
- Diluted	$	1.04	$	0.68

For the three months ended March 31, 2026 and 2025, the potential dilutive securities that have been included in the calculation of diluted net income per ordinary share are presented as follow:


	Three Months Ended March 31,
	2026	2025
RSUs	87,632	118,257

ACCOUNTS RECEIVABLE, NET - Schedule of Accounts Receivable Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Accounts receivable	$ 84,278	$ 66,567
Less: allowance for credit losses	(765)	(594)	$ (1,334)	$ (937)
Accounts receivable, net	$ 83,513	$ 65,973

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 28, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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	false
Entity Shell Company	false
Entity Central Index Key	0001857816
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Class A ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		29,630,756
Class B ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,156,732

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]
Other comprehensive income (loss), tax	$ 0	$ 0

- Definition

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

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Conversion Of Ordinary Shares From Class B To Class A	Treasury Shares	Additional paid-in capital	Accumulated other comprehensive income (loss)	Retained earnings	Class A ordinary shares	Class A ordinary shares Common stock	Class A ordinary shares Common stock Conversion Of Ordinary Shares From Class B To Class A	Class B ordinary shares	Class B ordinary shares Common stock	Class B ordinary shares Common stock Conversion Of Ordinary Shares From Class B To Class A
Beginning balance (in shares) at Dec. 31, 2024								32,269,345			8,076,732
Beginning balance at Dec. 31, 2024	$ 405,217		$ (11,816)	$ 120,262	$ (4,136)	$ 298,861		$ 1,643			$ 403
Treasury stock held, beginning of period (in shares) at Dec. 31, 2024			609,390
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	27,146					27,146
Shares issued for share-based compensation (in shares)			1,392					4,176
Share-based compensation	1,228			1,228
Share repurchase (in shares)			(1,400,986)					(1,400,986)
Share repurchase	(22,734)		$ (22,734)
Retirement of shares (in shares)			0
Foreign currency translation adjustment, net of nil income taxes	411				411
Net unrealized loss on available-for-sale investments	(6)				(6)
Intra-entity foreign currency transactions (loss) gain	1,636				1,636
Release of foreign currency translation reserve related to liquidation of subsidiaries	(1)				(1)
Ending balance (in shares) at Mar. 31, 2025								30,872,535			8,076,732
Ending balance at Mar. 31, 2025	$ 412,897		$ (34,550)	121,490	(2,096)	326,007		$ 1,643			$ 403
Treasury stock held, end of period (in shares) at Mar. 31, 2025	2,008,984		2,008,984
Beginning balance (in shares) at Dec. 31, 2025							29,637,687	29,637,687		7,276,732	7,276,732
Beginning balance at Dec. 31, 2025	$ 485,799		$ (7,126)	88,674	1,527	400,866		$ 1,495			$ 363
Treasury stock held, beginning of period (in shares) at Dec. 31, 2025	237,269		237,269
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 38,124					38,124
Shares issued for share-based compensation (in shares)			0					2,424
Share-based compensation	345			345
Share repurchase (in shares)			(304,321)				(304,321)	(304,321)
Share repurchase	(12,267)		$ (12,267)				$ (12,300)
Retirement of shares (in shares)			(237,269)
Retirement of shares	0		$ 7,126	(1,624)		(5,490)		$ (12)
Re-designated ordinary shares from Class B to Class A (in shares)									(120,000)			(120,000)
Re-designated ordinary shares from Class B to Class A		$ 0							$ 6			$ (6)
Foreign currency translation adjustment, net of nil income taxes	(52)				(52)
Net unrealized loss on available-for-sale investments	(8)				(8)
Intra-entity foreign currency transactions (loss) gain	(1,609)				(1,609)
Release of foreign currency translation reserve related to liquidation of subsidiaries	(33)				(33)
Ending balance (in shares) at Mar. 31, 2026							29,455,790	29,455,790		7,156,732	7,156,732
Ending balance at Mar. 31, 2026	$ 510,299		$ (12,267)	$ 87,395	$ (175)	$ 433,500		$ 1,489			$ 357
Treasury stock held, end of period (in shares) at Mar. 31, 2026	304,321		304,321

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consisted of the following:


	March 31, 2026		December 31, 2025
	(In thousands)
Products available for sale	$	152,418	$	105,853
Goods in transit	87,897		82,445
Inventories	$	240,315	$	188,298

BUSINESS COMBINATION

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

BUSINESS COMBINATION

New Classic Home Furnishings, Inc. (“New Classic”)

In January 2026, the Group completed its acquisition of New Classic, a U.S. based wholesaler primarily serving the domestic home furnishings market (the “Acquisition”). The Group acquired 100% of the outstanding equity of New Classic for total consideration of $18.7 million after net working capital adjustments, inclusive of a post-close earnout to be paid in 2027. The acquisition was completed on a debt free basis and was funded using cash on hand from operations. The acquisition of New Classic had no impact on the Group’s weighted-average shares as no shares were issued.

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed as of the acquisition date:


	Amount
	(In thousands)
Cash and cash equivalents	$	71
Accounts receivable, net	8,891
Inventories	12,039
Prepayments and other current assets	870
Operating lease right-of-use assets	5,720
Property and equipment, net	838
Intangible assets	270
Deferred tax assets	1,524
Total assets acquired	$	30,223
Accounts payable	(3,916)
Current operating lease liabilities	(4,842)
Accrued expenses and other current liabilities	(1,947)
Operating lease liabilities, non-current	(878)
Finance lease obligations, non-current	(274)
Total liabilities assumed	$	(11,857)
Total identifiable net assets	$	18,366
Goodwill	314
Total purchase price	$	18,680

The following table summarizes the consideration paid/payable for the New Classic acquisition as of the acquisition date:


	Amount
	(In thousands)
Cash paid	$	14,400
Cash payable	955
Contingent consideration	3,325
Total purchase price	$	18,680

The New Classic acquisition agreement includes an earnout provision requiring a $3.6 million payment to the seller upon achieving $60.0 million in net revenue within the twelve-month period beginning after the closing of the Acquisition. The earnout will be paid on a pro-rated basis if net revenue falls between $50.7 million and $60.0 million, and will not be paid if net revenue falls below $50.7 million. Any such payments will be made to the Seller no later than April 15, 2027. The Group determined the fair value of the contingent payment to be $3.3 million, using a probability weighted scenario approach based on the aforementioned earnout provisions and discounting the potential payments to their present value.

The intangible assets acquired of $270 thousand consist of customer relationships (amortized over 10 years), which was measured at fair value following the income approach.

The carrying value of accounts receivable, prepayments and other current assets, and accounts payable approximate their fair value.

Goodwill of $314 thousand represents the excess purchase price over the estimated fair value assigned to tangible and identifiable intangible assets acquired and liabilities assumed. Goodwill is attributable to expected synergies from future growth.

Acquisition-related costs for New Classic were approximately $265 thousand. Acquisition-related costs were expensed as incurred and are included in general and administrative expenses within the unaudited condensed consolidated statements of comprehensive income.

- Definition

The entire disclosure for business combination.

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+ Details

ACCOUNTS RECEIVABLE, NET

3 Months Ended

Mar. 31, 2026

Accounts Receivable, after Allowance for Credit Loss [Abstract]

ACCOUNTS RECEIVABLE, NET

Accounts receivable, net, consisted of the following:


	March 31, 2026		December 31, 2025
	(In thousands)
Accounts receivable	$	84,278	$	66,567
Less: allowance for credit losses	(765)		(594)
Accounts receivable, net	$	83,513	$	65,973

The movement of the allowance for credit losses is as follows:


	Three Months Ended March 31,
	2026		2025
	(In thousands)
Balance as of the beginning of the period	$	(594)	$	(937)
Provision for credit losses	(272)		(428)
Write-offs	101		31
Balance as of the end of the period	$	(765)	$	(1,334)

ORDINARY SHARES (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Treasury Shares Repurchased and Reissued

The following table presents the shares of treasury shares repurchased and reissued:


	Three Months ended March 31,
	2026	2025
Treasury shares at the beginning of the period	237,269	609,390
Repurchases	304,321	1,400,986
Retirement	(237,269)	—
Share-based compensation	—	(1,392)
Treasury shares at the ending of the period	304,321	2,008,984

BUSINESS COMBINATION - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended
	Jan. 31, 2026	Jan. 31, 2026	Mar. 31, 2026	Dec. 31, 2025
Business Combination, Pro Forma Information [Line Items]
Goodwill			$ 12,900	$ 12,586
New Classic Home Furnishings, Inc ("New Classic")
Business Combination, Pro Forma Information [Line Items]
Business acquisition, percentage of voting interests acquired (in percent)	100.00%	100.00%
Business combination, consideration transferred	$ 18,680	$ 18,700
Contingent consideration maximum	$ 3,600	3,600
Revenue term	12 months
Contingent consideration	$ 3,325	3,325
Intangible assets	270	270
Goodwill	314	314
Acquisition related costs		$ 265
New Classic Home Furnishings, Inc ("New Classic") \| Maximum
Business Combination, Pro Forma Information [Line Items]
Earnout revenue range	60,000
New Classic Home Furnishings, Inc ("New Classic") \| Minimum
Business Combination, Pro Forma Information [Line Items]
Earnout revenue range	$ 50,700
New Classic Home Furnishings, Inc ("New Classic") \| Customer Relationships
Business Combination, Pro Forma Information [Line Items]
Useful life			10 years

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2026
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 twelve months are disclosed as maturity of lease liabilities in Note 6. The Group had no other material commitments or long-term obligations as of March 31, 2026.

SHARE-BASED COMPENSATION - Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity (Details) - RSUs	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of shares
Outstanding at beginning of period (in shares) \| shares	91,043
Granted (in shares) \| shares	0
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	(337)
Outstanding at end of period (in shares) \| shares	90,706
Weighted average grant date fair value
Outstanding, weighted average grant date fair value at the beginning of the period (in USD per share) \| $ / shares	$ 11.58
Weighted average grant date fair value granted (in USD per share) \| $ / shares	0
Weighted average grant date fair value vested (in USD per share) \| $ / shares	0
Weighted average grant date fair value forfeited (in USD per share) \| $ / shares	11.58
Outstanding, weighted average grant date fair value at the end of the period (in USD per share) \| $ / shares	$ 11.58

LEASES - Schedule of Lease Terms and Discount Rates (Details)	Mar. 31, 2026	Dec. 31, 2025
Weighted average remaining lease term (years):
Operating leases	4 years 6 months 25 days	4 years 8 months 4 days
Finance leases	2 years 10 months 17 days	3 years 5 months 15 days
Weighted average discount rate:
Operating leases	3.50%	3.30%
Finance leases	6.90%	7.60%

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Subsequent to March 31, 2026, the Group executed a series of share repurchase transactions under a Rule 10b5-1 plan. As of May 7, 2026, the Group repurchased a total of 200,628 Class A ordinary shares at an average price of $44.98, totaling approximately $9.0 million. Direct and incremental costs incurred in relation to the repurchases were $8 thousand.

IINCOME TAX (Details) - USD ($) $ in Thousands	3 Months Ended
IINCOME TAX (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Line Items]
Income tax expense (benefit)	$ 7,793	$ 5,359
Effective income tax rate (in percent)	17.00%	16.50%
The United States
Income Tax Disclosure [Line Items]
Statutory income tax rate (in percent)	21.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues
Revenues	$ 359,488	$ 271,906
Cost of revenues
Cost of revenues	273,642	208,180
Gross profit	85,846	63,726
Operating expenses
Selling and marketing expenses	31,242	18,558
General and administrative expenses	9,762	14,340
Research and development expenses	2,358	2,493
Losses on disposal of property and equipment	5	12
Total operating expenses	43,367	35,403
Operating income	42,479	28,323
Interest expense	(120)	(23)
Interest income	2,984	2,621
Foreign currency exchange gains (losses), net	(280)	792
Others, net	854	792
Income before income taxes	45,917	32,505
Income tax expense	(7,793)	(5,359)
Net income	38,124	27,146
Foreign currency translation adjustment, net of nil income taxes	(52)	411
Net unrealized loss on available-for-sale investments	(8)	(6)
Intra-entity foreign currency transactions gain (loss)	(1,609)	1,636
Release of foreign currency translation reserve related to liquidation of subsidiaries	(33)	(1)
Total other comprehensive income (loss)	(1,702)	2,040
Comprehensive Income	$ 36,422	$ 29,186
Net income per ordinary share
Basic (in USD per share)	$ 1.04	$ 0.68
Diluted (in USD per share)	$ 1.04	$ 0.68
Weighted average number of ordinary shares outstanding used in computing net income per ordinary share
Basic (in shares)	36,683,938	40,020,265
Diluted (in shares)	36,771,570	40,138,522
Services
Revenues
Revenues	$ 116,540	$ 94,068
Cost of revenues
Cost of revenues	106,630	79,156
Products
Revenues
Revenues	242,948	177,838
Cost of revenues
Cost of revenues	$ 167,012	$ 129,024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Description of Business and Organization

Description of Business

GigaCloud Technology Inc (the “Company”), a limited liability company incorporated 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 B2B technology solutions by utilizing the Group’s online platform (“GigaCloud Marketplace”) and fulfillment network primarily located in the United States, Japan, Europe, and Canada.

Organization

The accompanying unaudited condensed consolidated financial statements as of March 31, 2026 include the financial statements of the Company and its subsidiaries, and the consolidated statements in this Form 10-Q, should be read in conjunction with the consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC.

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 2025 Form 10-K.

There were no significant changes to our significant accounting policies as disclosed in the 2025 Form 10-K.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of cash on hand and highly liquid investments purchased with original maturities of three months or less. 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:


	March 31, 2026		December 31, 2025
	(In thousands)
Cash and cash equivalents	$	330,271	$	379,780
Restricted cash	766		760
Total cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statements of cash flows	$	331,037	$	380,540

Concentration and Risk

Concentration of customers and suppliers

No customers individually represented greater than 10.0% of total revenues of the Group for the three months ended March 31, 2026 and 2025.

One customer individually represented greater than 10.0% of total accounts receivable balance as of March 31, 2026, and two customers individually represented greater than 10.0% of total accounts receivable balance as of December 31, 2025, and no other customers accounted for 10.0% or more of total accounts receivable balance as of March 31, 2026 and December 31, 2025.


	March 31, 2026		December 31, 2025
	proportion of total accounts receivable balance		proportion of total accounts receivable balance
Customer A	21.6	%	21.7	%
Customer B	*		13.3	%

During the three months ended March 31, 2026 and 2025, one service provider individually represented 11.1% and 19.1% of total purchases, and no other vendors individually accounted for 10.0% 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 4) from product and service sales are exposed to credit risk. The assessment of the counter parties’ creditworthiness is primarily based on past payment history 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.

Segment Reporting

The Group’s chief operating decision maker (“CODM”), who is its Chief Executive Officer, reviews financial information presented on a consolidated basis and uses consolidated revenue, gross margins, and net income to make decisions about allocating resources and assessing performance of the Group. For the purposes of internal reporting and management’s operational review, the Group’s CODM 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. The measurement of segment assets is reported on the unaudited condensed consolidated balance sheets as total assets. The revenue, costs and expenses, and the net income for the reportable segment are the same as those presented on the unaudited condensed consolidated statements of comprehensive income.

The CODM reviews and utilizes significant segment expenses, including cost of revenues, selling and marketing, general and administrative, and research and development at the consolidated level to manage and assess the Company's operations. Other segment items included in the consolidated net income are losses on disposal of property and equipment, interest expense, interest income, foreign currency exchange gains (losses), net, others, net, and income tax expenses, which are reflected in the consolidated statements of operations.

Long-lived assets consist of property and equipment and operating lease right-of-use assets. The geographic information for long-lived assets as of March 31, 2026 and December 31, 2025 was as follows:


	March 31, 2026		December 31, 2025
	(In thousands)
The United States	$	412,453	$	407,887
Others	60,237		55,849
Total long-lived assets	$	472,690	$	463,736

Revenues reported are attributed to geographic areas based on locations of the Group’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 geography for the three months ended March 31, 2026 and 2025 are as follows:


	Three Months Ended March 31,
	2026		2025
Revenues by geographic regions:	(In thousands)
Hong Kong	$	5,505	$	4,335
Platform commission	5,505		4,335
United States	6,685		10,797
Germany	1,091		561
Others(1)	73		—
Ocean transportation service	7,849		11,358
United States	2,500		2,711
Germany	630		61
Others(1)	20		—
Drayage service	3,150		2,772
United States	14,768		13,660
Germany	1,078		299
Others(1)	221		119
Warehousing service	16,067		14,078
United States	9,122		7,178
Germany	357		45
Others(1)	47		27
Packaging service	9,526		7,250
United States	54,185		42,508
Germany	13,233		5,787
Others(1)	1,575		949
Last-mile delivery service	68,993		49,244
United States	4,843		4,204
Germany	261		37
Others(1)	346		790
Others	5,450		5,031
Service revenues	$	116,540	$	94,068
United States	126,278		109,594
Germany	92,711		51,551
Japan	11,531		10,779
Others(1)	12,428		5,914
Product revenues	$	242,948	$	177,838
Total revenues	$	359,488	$	271,906

_____________________

(1)Other regions mainly include the U.K., Japan, Canada and Hong Kong, with variations across different product/ service lines. No other individual region’s revenues exceeded 10% of the Company’s total revenues for the three months ended March 31, 2026 and 2025.

Recent Accounting Pronouncements

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in this update provide a practical expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current classified accounts receivable and contract assets. This update is effective for annual periods beginning after December 15, 2025, including interim periods within those annual reporting years. If the practical expedient is elected, the amendments should be applied prospectively. Early adoption is permitted. The Group adopted this ASU on January 1, 2026 prospectively and the adoption did not have a material impact on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU amends existing income statement disclosure guidance, primarily requiring disaggregated disclosure of specific expense categories, such as purchases of inventory, employee compensation, depreciation and intangible asset amortization. For public business entities, the ASU is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and the ASU 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.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this update improve the operability of the guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. This update is effective for annual periods beginning after December 15, 2027, including interim periods within those annual reporting years. Early adoption is permitted as of the beginning of an annual reporting period. The amendments in the update permit an entity to apply the new guidance using any of the three transition approaches: a prospective transition approach, a modified transition approach and a retrospective transition approach. The Group is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The amendments clarify the guidance in Topic 270 to improve the consistency of interim financial reporting. The update provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This update is effective for annual periods beginning after December 15, 2027, including interim periods within those annual reporting years, with early adoption permitted. The Group is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures.

Reclassification

Certain reclassifications have been made to our prior period’s financial statements to conform to our current period presentation. These reclassifications had no effect on our previously reported results of operations or retained earnings.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

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+ Details

LEASES - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating lease cost
Operating lease cost	$ 31,510	$ 27,448
Finance lease cost
Amortization of right-of-use assets	127	30
Interest on lease liabilities	25	12
Short-term lease costs	62	112
Total	$ 31,724	$ 27,602

REVENUES

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

REVENUES

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


	Three Months Ended March 31,
Major products/services lines	2026		2025
	(In thousands)
Service revenues
Platform commission	$	5,505	$	4,335
Ocean transportation service	7,849		11,358
Drayage service	3,150		2,772
Warehousing service	16,067		14,078
Packaging service	9,526		7,250
Last-mile delivery service	68,993		49,244
Others	5,450		5,031
Total service revenues	116,540		94,068
Product revenues
Product sales to B	67,389		43,985
Product sales to C	85,475		52,365
Off-platform	152,864		96,350
GigaCloud 1P	90,013		81,385
Others	71		103
Total product revenues	242,948		177,838
Revenues	$	359,488	$	271,906


	Three Months Ended March 31,
Timing of revenue recognition	2026		2025
	(In thousands)
Revenue from goods or services transferred to customers over time	$	97,148	$	78,573
Revenue from goods or services transferred to customers at a point in time	262,340		193,333
Revenues	$	359,488	$	271,906

Contract Liabilities

Changes in the contract liabilities balances for the three months ended March 31, 2026 and 2025 are as follows:


	Three Months Ended March 31,
	2026		2025
	(In thousands)
Balance as of beginning of the period	$	6,459	$	4,486
Revenue recognized from opening balance of contract liabilities	(6,459)		(4,486)
Increase due to cash received	171,744		141,126
Revenue recognized from cash received during the period	(165,800)		(135,513)
Foreign exchange effect	(54)		52
Balance as of end of the period	$	5,890	$	5,665

Contract liabilities relate to considerations received in advance for merchandise sales and services provided 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) not to disclose information regarding remaining performance obligations which are part of contracts that have an original expected duration of one year or less.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

NET INCOME PER ORDINARY SHARE (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Income Per Ordinary Share

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


	Three Months Ended March 31,
	2026		2025
	(In thousands except for share data)
Numerator:
Net income	$	38,124	$	27,146
Denominator:
Weighted average number of ordinary shares outstanding
- Basic	36,683,938		40,020,265
- Diluted	36,771,570		40,138,522
Net income per ordinary share attributable to ordinary shareholders
- Basic	$	1.04	$	0.68
- Diluted	$	1.04	$	0.68

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

For the three months ended March 31, 2026 and 2025, the potential dilutive securities that have been included in the calculation of diluted net income per ordinary share are presented as follow:


	Three Months Ended March 31,
	2026	2025
RSUs	87,632	118,257

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Products available for sale	$ 152,418	$ 105,853
Goods in transit	87,897	82,445
Inventories	$ 240,315	$ 188,298

REVENUES (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Revenues are Disaggregated by Major Products/Service Lines and Timing of Revenue Recognition

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


	Three Months Ended March 31,
Major products/services lines	2026		2025
	(In thousands)
Service revenues
Platform commission	$	5,505	$	4,335
Ocean transportation service	7,849		11,358
Drayage service	3,150		2,772
Warehousing service	16,067		14,078
Packaging service	9,526		7,250
Last-mile delivery service	68,993		49,244
Others	5,450		5,031
Total service revenues	116,540		94,068
Product revenues
Product sales to B	67,389		43,985
Product sales to C	85,475		52,365
Off-platform	152,864		96,350
GigaCloud 1P	90,013		81,385
Others	71		103
Total product revenues	242,948		177,838
Revenues	$	359,488	$	271,906


	Three Months Ended March 31,
Timing of revenue recognition	2026		2025
	(In thousands)
Revenue from goods or services transferred to customers over time	$	97,148	$	78,573
Revenue from goods or services transferred to customers at a point in time	262,340		193,333
Revenues	$	359,488	$	271,906

Schedule of Changes in Contract Liabilities Balances

Changes in the contract liabilities balances for the three months ended March 31, 2026 and 2025 are as follows:


	Three Months Ended March 31,
	2026		2025
	(In thousands)
Balance as of beginning of the period	$	6,459	$	4,486
Revenue recognized from opening balance of contract liabilities	(6,459)		(4,486)
Increase due to cash received	171,744		141,126
Revenue recognized from cash received during the period	(165,800)		(135,513)
Foreign exchange effect	(54)		52
Balance as of end of the period	$	5,890	$	5,665

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Reconciliation of Cash And Restricted Cash


	March 31, 2026		December 31, 2025
	(In thousands)
Cash and cash equivalents	$	330,271	$	379,780
Restricted cash	766		760
Total cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statements of cash flows	$	331,037	$	380,540

Schedule of Accounts Receivable Balance


	March 31, 2026		December 31, 2025
	proportion of total accounts receivable balance		proportion of total accounts receivable balance
Customer A	21.6	%	21.7	%
Customer B	*		13.3	%

Schedule of Long-Lived Assets by Geographic Areas


	March 31, 2026		December 31, 2025
	(In thousands)
The United States	$	412,453	$	407,887
Others	60,237		55,849
Total long-lived assets	$	472,690	$	463,736

Schedule of Revenue from External Customers by Geographic Areas


	Three Months Ended March 31,
	2026		2025
Revenues by geographic regions:	(In thousands)
Hong Kong	$	5,505	$	4,335
Platform commission	5,505		4,335
United States	6,685		10,797
Germany	1,091		561
Others(1)	73		—
Ocean transportation service	7,849		11,358
United States	2,500		2,711
Germany	630		61
Others(1)	20		—
Drayage service	3,150		2,772
United States	14,768		13,660
Germany	1,078		299
Others(1)	221		119
Warehousing service	16,067		14,078
United States	9,122		7,178
Germany	357		45
Others(1)	47		27
Packaging service	9,526		7,250
United States	54,185		42,508
Germany	13,233		5,787
Others(1)	1,575		949
Last-mile delivery service	68,993		49,244
United States	4,843		4,204
Germany	261		37
Others(1)	346		790
Others	5,450		5,031
Service revenues	$	116,540	$	94,068
United States	126,278		109,594
Germany	92,711		51,551
Japan	11,531		10,779
Others(1)	12,428		5,914
Product revenues	$	242,948	$	177,838
Total revenues	$	359,488	$	271,906

_____________________

SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

Restricted share units (the “RSU”)

A summary of the Company’s share-based compensation activities for the three months ended March 31, 2026 is presented below:


	Number of shares	Weighted average grant date fair value
Outstanding as of January 1, 2026	91,043	$	11.58
Granted	—	—
Vested	—	—
Forfeited	(337)	11.58
Outstanding as of March 31, 2026	90,706	$	11.58

Compensation expenses recognized in connection with RSUs are allocated to the following expense items.


	Three Months Ended March 31,
	2026		2025
	(In thousands)
Cost of revenues	$	29	$	139
Selling and marketing expenses	66		177
General and administrative expenses	104		570
Research and development expenses	60		256
Total share compensation expenses	$	259	$	1,142

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net income	$ 38,124	$ 27,146
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	2,226	2,049
Share-based compensation	345	1,227
Operating lease	992	1,125
Changes in accounts receivables	(10,159)	(9,011)
Changes in inventories	(43,458)	(30,845)
Changes in prepayments and other assets	(128)	(3,217)
Changes in accounts payable, accrued expenses and other current liabilities	(17,430)	14,551
Changes in contract liabilities	(492)	1,096
Changes in income tax payable	6,503	6,418
Changes in deferred income taxes	33	(1,511)
Other operating activities	1,709	405
Net cash provided by (used in) operating activities	(21,735)	9,433
Cash flows from investing activities:
Purchases of property and equipment	(4,468)	(2,395)
Disposals of property and equipment	22	34
Acquisitions, net of cash acquired	(13,329)	0
Purchases of investments	(24,825)	(25,000)
Sales and maturities of investments	27,793	31,986
Net cash provided by (used in) investing activities	(14,807)	4,625
Cash flows from financing activities:
Repayment of finance lease obligations	(148)	(34)
Repurchases of ordinary shares	(12,267)	(22,734)
Net cash used in financing activities	(12,415)	(22,768)
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash	(546)	674
Net decrease in cash, cash equivalents and restricted cash	(49,503)	(8,036)
Cash, cash equivalents and restricted cash at the beginning of the period	380,540	260,444
Cash, cash equivalents and restricted cash at the end of the period	331,037	252,408
Supplemental disclosure of cash flow information
Cash paid for interest expense	120	23
Cash paid for income taxes	1,196	552
Non-cash investing and financing activities:
Purchase of property and equipment under finance leases	555	17
Contingent consideration and consideration payable	$ 4,280	$ 0

INCOME TAX	3 Months Ended
INCOME TAX	Mar. 31, 2026
Income Tax Disclosure [Abstract]
INCOME TAX	INCOME TAX The Company’s provision for income taxes for the three months ended March 31, 2026 and 2025 was $7.8 million, and $5.4 million respectively, representing effective income tax rates of 17.0% and 16.5%, respectively. The difference between the U.S. federal income tax rate of 21.0% and the Group’s overall income tax rate was primarily due to a lower effective tax rate on foreign earnings.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Long-lived Assets by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total long-lived assets	$ 472,690	$ 463,736
The United States
Property, Plant and Equipment [Line Items]
Total long-lived assets	412,453	407,887
Others
Property, Plant and Equipment [Line Items]
Total long-lived assets	$ 60,237	$ 55,849

NET INCOME PER ORDINARY SHARE - Schedule of the Basic and Diluted Net Income per Ordinary Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net income	$ 38,124	$ 27,146
Weighted average number of ordinary shares outstanding
- Basic (in shares)	36,683,938	40,020,265
- Diluted (in shares)	36,771,570	40,138,522
Net income per ordinary share attributable to ordinary shareholders
- Basic (in USD per share)	$ 1.04	$ 0.68
- Diluted (in USD per share)	$ 1.04	$ 0.68

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1B
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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Reference 47: http://www.xbrl.org/2003/role/disclosureRef
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SHARE-BASED COMPENSATION - Schedule of Compenstion Expenses Recognized (Details) - RSUs - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense	$ 259	$ 1,142
Cost of revenues
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense	29	139
Selling and marketing expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense	66	177
General and administrative expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense	104	570
Research and development expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense	$ 60	$ 256

ORDINARY SHARES - Schedule of Treasury Shares Repurchased and Reissued (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Treasury Shares Reconciliation
Treasury stock held, beginning of period (in shares)	237,269
Treasury stock held, end of period (in shares)	304,321	2,008,984
Treasury Shares
Treasury Shares Reconciliation
Treasury stock held, beginning of period (in shares)	237,269	609,390
Repurchases (in shares)	304,321	1,400,986
Retirement (in shares)	237,269	0
Share-based compensation (in shares)	0	(1,392)
Treasury stock held, end of period (in shares)	304,321	2,008,984

FAIR VALUE MEASUREMENTS - Schedule of Contingent Consideration (Details) - Contingent consideration $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of the beginning of the period	$ 0
Additions	3,325
Change in fair value	21
Balance as of the end of the period	$ 3,346

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 330,271	$ 379,780
Restricted cash	766	760
Investments	32,938	36,316
Accounts receivable, net	83,513	65,973
Inventories	240,315	188,298
Prepayments and other current assets	21,132	19,535
Total current assets	708,935	690,662
Non-current assets
Operating lease right-of-use assets	435,884	431,455
Property and equipment, net	36,806	32,281
Intangible assets, net	4,936	4,978
Goodwill	12,900	12,586
Deferred tax assets	14,369	12,981
Other non-current assets	16,388	17,516
Total non-current assets	521,283	511,797
Total assets	1,230,218	1,202,459
Current liabilities
Accounts payable	98,780	105,407
Contract liabilities	5,890	6,459
Current operating lease liabilities	106,675	100,326
Income tax payable	23,776	17,509
Accrued expenses and other current liabilities	107,821	112,547
Total current liabilities	342,942	342,248
Non-current liabilities
Operating lease liabilities, non-current	367,345	368,321
Deferred tax liabilities	730	797
Finance lease obligations, non-current	863	690
Non-current income tax payable	4,693	4,604
Contingent consideration	3,346	0
Total non-current liabilities	376,977	374,412
Total liabilities	719,919	716,660
Commitments and contingencies	0	0
Shareholders’ equity
Treasury shares, at cost (304,321 and 237,269 shares held as of March 31, 2026 and December 31, 2025, respectively)	(12,267)	(7,126)
Additional paid-in capital	87,395	88,674
Accumulated other comprehensive income (loss)	(175)	1,527
Retained earnings	433,500	400,866
Total shareholders’ equity	510,299	485,799
Total liabilities and shareholders’ equity	1,230,218	1,202,459
Class A ordinary shares
Shareholders’ equity
Common stock issued	1,489	1,495
Class B ordinary shares
Shareholders’ equity
Common stock issued	$ 357	$ 363

LEASES

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

LEASES

The Group leases its office space, fulfillment centers and other facilities under non-cancellable operating leases with various expiration dates. The Group also has equipment that is leased under non-cancellable 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 forklifts used in the fulfillment centers are leased under finance leases, which have a fixed lease term of one to five 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 are as follows:


		March 31, 2026		December 31, 2025
	Balance Sheet Caption	(In thousands)
Assets:
Operating lease right-of-use assets	Operating lease right-of-use assets	$	435,884	$	431,455
Finance lease right-of-use assets	Property and equipment, net	1,637		1,277
Total right-of-use assets		$	437,521	$	432,732


		March 31, 2026		December 31, 2025
	Balance Sheet Caption	(In thousands)
Liabilities:
Current:
Operating lease liabilities	Current operating lease liabilities	$	(106,675)	$	(100,326)
Finance lease liabilities	Accrued expenses and other current liabilities	(561)		(344)
Non-current:
Operating lease liabilities	Operating lease liabilities, non-current	(367,345)		(368,321)
Finance lease liabilities	Finance lease obligations, non-current	(863)		(690)
Total lease liabilities		$	(475,444)	$	(469,681)

The components of lease cost are as follows:


	Three Months Ended March 31,
	2026		2025
	(In thousands)
Operating lease cost	$	31,510	$	27,448
Finance lease cost
Amortization of right-of-use assets	127		30
Interest on lease liabilities	25		12
Short-term lease costs	62		112
Total	$	31,724	$	27,602

Lease terms and discount rates are as follows:


	March 31, 2026		December 31, 2025
Weighted average remaining lease term (years):
Operating leases	4.57		4.68
Finance leases	2.88		3.46

Weighted average discount rate:
Operating leases	3.5	%	3.3	%
Finance leases	6.9	%	7.6	%

Future minimum lease payments as of March 31, 2026, including rental payments for lease renewal options the Group is reasonably certain to exercise, were as follows:


	Operating leases		Finance leases
	(In thousands)
Maturity of Lease Liabilities
Remainder of 2026	$	91,215	$	495
2027	120,918		515
2028	115,069		324
2029	84,943		160
2030	46,892		70
Thereafter	62,985		19
Total lease payments	522,022		1,583
Less: imputed interest	(48,002)		(159)
Present value of lease liabilities	$	474,020	$	1,424

LEASES

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


		March 31, 2026		December 31, 2025
	Balance Sheet Caption	(In thousands)
Assets:
Operating lease right-of-use assets	Operating lease right-of-use assets	$	435,884	$	431,455
Finance lease right-of-use assets	Property and equipment, net	1,637		1,277
Total right-of-use assets		$	437,521	$	432,732


		March 31, 2026		December 31, 2025
	Balance Sheet Caption	(In thousands)
Liabilities:
Current:
Operating lease liabilities	Current operating lease liabilities	$	(106,675)	$	(100,326)
Finance lease liabilities	Accrued expenses and other current liabilities	(561)		(344)
Non-current:
Operating lease liabilities	Operating lease liabilities, non-current	(367,345)		(368,321)
Finance lease liabilities	Finance lease obligations, non-current	(863)		(690)
Total lease liabilities		$	(475,444)	$	(469,681)

The components of lease cost are as follows:


	Three Months Ended March 31,
	2026		2025
	(In thousands)
Operating lease cost	$	31,510	$	27,448
Finance lease cost
Amortization of right-of-use assets	127		30
Interest on lease liabilities	25		12
Short-term lease costs	62		112
Total	$	31,724	$	27,602

Lease terms and discount rates are as follows:


	March 31, 2026		December 31, 2025
Weighted average remaining lease term (years):
Operating leases	4.57		4.68
Finance leases	2.88		3.46

Weighted average discount rate:
Operating leases	3.5	%	3.3	%
Finance leases	6.9	%	7.6	%

Future minimum lease payments as of March 31, 2026, including rental payments for lease renewal options the Group is reasonably certain to exercise, were as follows:


	Operating leases		Finance leases
	(In thousands)
Maturity of Lease Liabilities
Remainder of 2026	$	91,215	$	495
2027	120,918		515
2028	115,069		324
2029	84,943		160
2030	46,892		70
Thereafter	62,985		19
Total lease payments	522,022		1,583
Less: imputed interest	(48,002)		(159)
Present value of lease liabilities	$	474,020	$	1,424

ORDINARY SHARES

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

ORDINARY SHARES

Share Repurchases

In the three months ended March 31, 2026, the Group repurchased a total of 304,321 Class A ordinary shares at an average price of $40.27, totaling approximately $12.3 million. Direct and incremental costs incurred in relation to the repurchases were $12 thousand. Under existing repurchase plans authorized by our Board of Directors, $77.4 million remain available for Class A ordinary share repurchases as of March 31, 2026.

The following table presents the shares of treasury shares repurchased and reissued:


	Three Months ended March 31,
	2026	2025
Treasury shares at the beginning of the period	237,269	609,390
Repurchases	304,321	1,400,986
Retirement	(237,269)	—
Share-based compensation	—	(1,392)
Treasury shares at the ending of the period	304,321	2,008,984

- Definition

The entire disclosure for equity.

+ References

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-Topic 815
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-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business

Organization

Basis of Presentation

There were no significant changes to our significant accounting policies as disclosed in the 2025 Form 10-K.

Cash, Cash Equivalents and Restricted Cash


	March 31, 2026		December 31, 2025
	(In thousands)
Cash and cash equivalents	$	330,271	$	379,780
Restricted cash	766		760
Total cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statements of cash flows	$	331,037	$	380,540

Concentration and Risk

Concentration of customers and suppliers

No customers individually represented greater than 10.0% of total revenues of the Group for the three months ended March 31, 2026 and 2025.


	March 31, 2026		December 31, 2025
	proportion of total accounts receivable balance		proportion of total accounts receivable balance
Customer A	21.6	%	21.7	%
Customer B	*		13.3	%

Concentration of credit risk

Segment Reporting


	March 31, 2026		December 31, 2025
	(In thousands)
The United States	$	412,453	$	407,887
Others	60,237		55,849
Total long-lived assets	$	472,690	$	463,736


	Three Months Ended March 31,
	2026		2025
Revenues by geographic regions:	(In thousands)
Hong Kong	$	5,505	$	4,335
Platform commission	5,505		4,335
United States	6,685		10,797
Germany	1,091		561
Others(1)	73		—
Ocean transportation service	7,849		11,358
United States	2,500		2,711
Germany	630		61
Others(1)	20		—
Drayage service	3,150		2,772
United States	14,768		13,660
Germany	1,078		299
Others(1)	221		119
Warehousing service	16,067		14,078
United States	9,122		7,178
Germany	357		45
Others(1)	47		27
Packaging service	9,526		7,250
United States	54,185		42,508
Germany	13,233		5,787
Others(1)	1,575		949
Last-mile delivery service	68,993		49,244
United States	4,843		4,204
Germany	261		37
Others(1)	346		790
Others	5,450		5,031
Service revenues	$	116,540	$	94,068
United States	126,278		109,594
Germany	92,711		51,551
Japan	11,531		10,779
Others(1)	12,428		5,914
Product revenues	$	242,948	$	177,838
Total revenues	$	359,488	$	271,906

_____________________

Recent Accounting Pronouncements

Reclassification

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Other comprehensive income (loss), tax	$ 0	$ 0

- Definition

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

+ References

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

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 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.

Certain non-financial assets and liabilities are measured at fair value on a nonrecurring basis, including property and equipment, intangible assets and goodwill. These assets are subject to fair value adjustments in certain circumstances, such as when there is evidence of an impairment or when an asset or disposal group is classified as held for sale.

The following table presents the valuation of the Group’s financial assets and liabilities as of March 31, 2026 measured at fair value on a recurring basis.


		As of March 31, 2026
	Balance Sheet Caption(1)	Cost or amortized cost		Fair value (Level 2)		Fair value (Level 3)
		(In thousands)
Assets:
Money market instruments(2)	Cash and cash equivalents	$	110,940	$	111,045	$	—
Treasury enhanced notes(2)	Cash and cash equivalents	10,093		10,091		—
U.S. treasury securities(2)	Investments	9,897		9,894		—
Deposits	Investments	23,000		23,044		—

Liabilities:
Contingent consideration(3)	Other long-term liabilities	$	—	$	—	$	3,346

_____________________

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

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

(3) Fair value is determined by applying a probability weighted scenario approach and discounting potential payments to their present value.

Investments and Cash Equivalents

Investments and cash equivalents are measured at fair value on a recurring basis. As of March 31, 2026, investments in the unaudited condensed consolidated balance sheets include time deposits and U.S. treasury securities, with maturity of three months to 12 months.

All fixed income securities are classified as available-for-sale with unrealized gains and losses included in “accumulated other comprehensive income or loss”. The related unrealized gains (losses) recorded in accumulated other comprehensive income (loss) were $(5) thousand and $1 thousand as of March 31, 2026 and 2025. No realized gains or losses were recorded for the three months ended March 31, 2026 and 2025, respectively.

Acquisition-Related Contingent Consideration

Contingent consideration is related to the Group’s acquisition of New Classic (see Note 2). The Group determined the fair value of the contingent payment using a probability weighted scenario approach based on earnout provisions and discounting the potential payments to their present value. The probabilities of the various scenarios regarding whether the target revenue can be achieved are based on management's estimates, which cannot be observed in the market and thus represents a Level 3 measurement. Each period, the Group evaluates the fair value of acquisition-related contingent consideration liabilities and records any changes in the fair value of such liabilities in others, net in the Group’s consolidated statements of comprehensive income. Based on current forecasts, the Group determined achievement of the earnout target is probable. Changes in either the revenue estimates or the discount rate could result in a material change to the amount of contingent consideration accrued.

A reconciliation of the Group’s contingent consideration liabilities related to acquisitions for the three months ended March 31, 2026 is as follows:


Level 3 Instruments Rollforward	March 31, 2026
	(In thousands)
Balance as of the beginning of the period	$	—
Additions	3,325
Change in fair value	21
Balance as of the end of the period	$	3,346

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 820
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

INVENTORIES

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of the following:


	March 31, 2026		December 31, 2025
	(In thousands)
Products available for sale	$	152,418	$	105,853
Goods in transit	87,897		82,445
Inventories	$	240,315	$	188,298

NET INCOME PER ORDINARY SHARE - Schedule of Dilutive Securities on Net Income Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
RSUs
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive securities, effect on basic earnings per share (in shares)	87,632	118,257

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accounts Receivable Balance (Details) - Accounts receivable - Customer concentration risk	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Customer A
Concentration risk percentage	21.60%	21.70%
Customer B
Concentration risk percentage		13.30%

- Definition

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Reconciliation of Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Cash and cash equivalents	$ 330,271	$ 379,780
Restricted cash	766	760
Total cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statements of cash flows	$ 331,037	$ 380,540	$ 252,408	$ 260,444

LEASES - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Operating leases
Remainder of 2026	$ 91,215
2027	120,918
2028	115,069
2029	84,943
2030	46,892
Thereafter	62,985
Total lease payments	522,022
Less: imputed interest	(48,002)
Present value of lease liabilities	474,020
Finance leases
Remainder of 2026	495
2027	515
2028	324
2029	160
2030	70
Thereafter	19
Total lease payments	1,583
Less: imputed interest	(159)
Present value of lease liabilities	$ 1,424

BUSINESS COMBINATION (Tables)

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Business Combination, Recognized Asset Acquired and Liability Assumed

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed as of the acquisition date:


	Amount
	(In thousands)
Cash and cash equivalents	$	71
Accounts receivable, net	8,891
Inventories	12,039
Prepayments and other current assets	870
Operating lease right-of-use assets	5,720
Property and equipment, net	838
Intangible assets	270
Deferred tax assets	1,524
Total assets acquired	$	30,223
Accounts payable	(3,916)
Current operating lease liabilities	(4,842)
Accrued expenses and other current liabilities	(1,947)
Operating lease liabilities, non-current	(878)
Finance lease obligations, non-current	(274)
Total liabilities assumed	$	(11,857)
Total identifiable net assets	$	18,366
Goodwill	314
Total purchase price	$	18,680

Schedule of Consideration Paid

The following table summarizes the consideration paid/payable for the New Classic acquisition as of the acquisition date:


	Amount
	(In thousands)
Cash paid	$	14,400
Cash payable	955
Contingent consideration	3,325
Total purchase price	$	18,680

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details