GigaCloud Technology (NASDAQ:GCT) Q2 2024 Earnings Conference Call August 7, 2024 8:00 AM ET
Company Participants
Larry Wu - Chairman, Chief Executive Officer
Iman Shrock - President
David Lau - Chief Financial Officer
Conference Call Participants
Ryan Meyers - Lake Street Capital Markets
Matt Koranda - Roth Capital
Thomas Forte - Maxim Group
Sean Liu - Panoramic Capital
Operator
Thank you all for standing by. Welcome to GigaCloud Technology’s Second Quarter 2024 Earnings Conference Call. During today's call, all participants will be in listen-only mode.
Joining us today from GigaCloud Technology are the company’s Founder, Chairman and CEO, Larry Wu; it’s President Dr. Iman Shrock; and its Chief Financial Officer, David Lau.
Iman will give a performance on operational review and David will share the financial results. After that there will be a conduct a question-and-answer session. As a reminder, this conference call contains statements about future events and expectations that are forward-looking in nature and actual results may differ materially.
Additionally, 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 on the company website.
With that, I would like to turn the call over to Larry for opening remarks. Please go ahead.
Larry Wu
Thank you, operator and welcome everyone to today's call. This quarter marks as a significant milestone for our company as we achieve the record revenue growth for the six consecutive quarter. Additionally, despite the industry wide challenge, including 7% year-over-year decline in retail furniture sale furniture sales in the first half of the 2024 in the United States, and the elevated ocean shipping costs or adjusted EBITDA increased substantially.
These results underscore the strong demand for our marketplace and its ability to streamline the efficiency of the global -- wholesale global supply chain, and while we connect the buyer and sellers of large non-standard items seamlessly around the globe. Our acquisition with Noble House and Wondersign and the launch of our first -- industry first the base or branding the service are already contributing to our success.
In the second quarter, we successfully introduced Noble House related SKUs to our marketplace with a contributed approximately $57 million in GMV. The first half of this year has been extremely productive and we are driving continued the progress sustainable and the profitable growth as a leader and the disruptor of the e-commerce technology solution. We will be honored to be added to the Russell 2000 Index through their recent reconstitution.