GigaCloud Technology Inc. has reported its financial results for the first quarter ending March 31, 2025. The company achieved total revenues of $271.9 million, marking an 8.3% increase year-over-year. However, gross profit decreased by 4.2% year-over-year to $63.7 million, with the gross margin declining to 23.4% from 26.5% in the first quarter of 2024. Net income for the quarter was $27.1 million, remaining consistent with the $27.2 million reported in the same period last year. The net income margin was 10.0%, slightly down from 10.8% in the first quarter of 2024. Diluted earnings per share $(EPS)$ improved by 3.0% year-over-year to $0.68. Adjusted EBITDA saw a decrease of 3.8% year-over-year, coming in at $33.2 million. Adjusted EPS - diluted decreased by 1.2% year-over-year to $0.83. The company also reported cash and cash equivalents, restricted cash, and investments totaling $287.5 million as of March 31, 2025, which is a 5.1% decrease from December 31, 2024. On the operational front, the GigaCloud Marketplace gross merchandise volume $(GMV.AU)$ increased significantly by 56.1% year-over-year to $1,416.7 million for the 12 months ended March 31, 2025. The marketplace's 3P seller GMV also showed strong growth, increasing 49.9% year-over-year to $734.3 million, representing 51.8% of the total marketplace GMV. The number of active 3P sellers rose by 33.4% to 1,154, while active buyers increased by 81.4% to 9,966. Spend per active buyer was reported at $142,156 for the 12-month period. In March 2025, the company's Board of Directors increased the total authorized amount for its share repurchase program to $62 million. As of the date of the report, GigaCloud had repurchased approximately 3.7 million shares for $61.8 million.