GigaCloud Technology Inc. (NASDAQ:GCT) Q1 2023 Earnings Conference Call May 24, 2023 8:30 AM ET
Company Participants
Larry Lei Wu - Founder, Chairman and Chief Executive Officer
Iman Schrock - President
Kwok Hei David Lau - Chief Financial Officer
Conference Call Participants
Rommel Dionisio - Aegis Capital
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the GigaCloud Technology’s First Quarter 2023 Earnings Conference Call. During today’s call, all participants will be in a listen-only mode.
Joining us today from GigaCloud Technology are the company’s Founder, Chairman of the Board and Chief Executive Officer, Larry Wu; the company’s Chief Financial Officer, David Lau; and the company’s President, Dr. Iman Schrock.
On today’s call, Larry will give an overview of the company’s performance, Iman will provide details of the company’s operational results, and David will share the company’s financial results. After that, we will conduct a question-and-answer session.
As a reminder, this conference call contains statements about future events and expectations, which are forward-looking in nature. Statements on this call may be deemed as forward-looking and actual results may differ materially. Today’s call and webcast will include non-GAAP financial measures within the meaning of SEC Regulation G. When required, reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP can be found in today’s press release as well as the company website.
With that, I would now turn the call over to Larry, the company’s Founder, Chairman of the Board and Chief Executive Officer. Larry, please go ahead.
Larry Lei Wu
Thank you, operator, and thanks to everyone for joining GigaCloud’s first quarter of 2023 earnings conference call today. First and foremost, I want to express my pride in the entire GigaCloud family for another remarkable quarter where we continue to revolutionize the industry with our innovative business model and state-of-art technology.
We achieved our most profitable quarter ever with $15.9 million in net income, a 27.8% quarter-over-quarter increase and an impressive 236% increase year-over-year. And the $19.8 million in adjusted EBITDA, which represents a 30.7% quarter-over-quarter increase above our fourth quarter results last year.
We also witnessed encouraging revenue growth that exceeded upper end of our projected outlook, which came in at $127.8 million for Q1 versus an outlook range of $127 million to – $123 million to $127 million for the quarter.
We are confident of outcomes from our ongoing improvements, further strengthening our position as market leader. I would like to thank the entire GigaCloud team for their tireless work as well as the stakeholders for their continued support for the company.