GigaCloud Technology Inc. (NASDAQ:GCT) Q3 2023 Earnings Call Transcript December 5, 2023 8:30 AM ET
Company Participants
Larry Wu - Founder, Chairman and CEO
Iman Schrock - President
David Lau - CFO
Conference Call Participants
Matt Koranda - ROTH
Rommel Dionisio - Aegis Capital
Operator
Good day and thank you for standing by. Welcome to the GigaCloud Technology Third Quarter 2023 Earnings Call and Webcast. Joining us today from GigaCloud Technology are the company's Founder, Chairman and CEO, Larry Wu, the company's President, Dr. Iman Schrock, and the company's Chief Financial Officer, David Lau.
On today's call, Imran will give an overview of the company's performance and details of the company's operational results, and David will share the company's financial results. After that, we'll conduct a question and answer session. [Operator Instructions].
As a reminder, this conference 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 the 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 the GAAP can be found on today's press release as well as on the company's website. Please note that today's conference is being recorded.
I would now like to turn the conference over to our speaker, Mr. Larry Wu, Chairman and CEO. Please go ahead, sir.
Larry Wu
Thank you, operator, and thank you everyone for joining with us today. First, I want to express my gratitude to the entire Giga family for another remarkable quarter. The dedication you have shown is integral to the continued success of GigaCloud and It won't be the same without it. Since we have spoken last, GigaCloud not only posted three consecutive quarters of record-breaking results, we have also closed on two strategic acquisitions that accelerate both our growth in our B2B ecosystem as well as strengthen our penetration into brick and mortar channels.
Before turning to Iman to discuss these two acquisitions in details, on a high level, we could not be more pleased with our result in the quarter, which featured an approximately 40% year-over-year increase in our total revenue, and an incredible 150% increase in our year-over-year adjusted EBITDA. As we mentioned in our press release, this marks our third consecutive quarter of record profitability, showcasing the incredible earning potential and flexibility of our supplier fulfilled retailing business model. Keep in mind that these results are purely organic as we did not close either acquisition within the period and are result of our unwavering commitment to ensuring the success of our GigaCloud B2B marketplace participant.