GigaCloud Technology Inc

Good day, and welcome to the GigaCloud Technology third quarter 2025 earnings call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star, then two. Please note, this event is being recorded. I'll now like to turn the conference over to Mr. Larry Wu, CEO. Please go ahead.

Thank you, operator, and welcome, everybody, to today's call. This quarter's performance is a strong testament to Geek Academy's resilience and adaptability. Despite the challenges brought by global trade uncertainties, a cooling housing market, and the wavering consumer confidence, we delivered a robust 10% year-over-year growth, returning to two-digit increase and setting new records of $333 million in quarterly revenue and $0.99 in quarterly EPS. These results reflect our ability to move fast, stay lean, and execute with precision, even in the face of macroeconomic headwinds. We're navigating today's environment with confidence, guided by the disciplined execution to our long-term strategy, staying agile, continuing to diversify for resiliency. Our noble house optimization is delivering fantastic results, strategically adding new products and phasing out underperformers. has fueled our first year-over-year revenue growth since we completed the acquisition. We are excited for the future value that we expect this portfolio to unlock as we continue our optimization effort. As we have discussed many times before, we view M&A as a part of our long-term growth strategy. Noble House is a powerful validation of the strategy by combining product, channel, vendor resources from Noble House with operational efficiency and the transformative marketplace of the Giga Cloud. We have not only been able to turn a bankrupt company losing nearly $40 million in 2023 to a profitable growing assets in less than two years, but also expanded our product line and the channel outreach. This result is exactly why we view M&A as a cornerstone of our long-term growth. As we look forward, this successful playbook gives us tremendous confidence in our strategy to continue unlocking new value for the future. With that said, I'm very excited to share our plan to acquire new classic home furnishing scheduled to close on January 1, 2026. As a traditional brick-and-mortar focused wholesaler, New Classic is the perfect strategic fit for Giga Cloud to further diversify our business and reach beyond e-commerce. As many of you know, Giga Cloud ecosystem has historically been more concentrated towards e-commerce and big and bold This acquisition represents our strategic move to recalibrate our focus, making brick and mortar wholesale a more significant and complementary part to our ecosystem, an area we see tremendous opportunities in. We have already proven the viability of our marketplace. The next step of evolution, naturally, is to bridge the digital and the physical world. For Truly Channel, agnostic ecosystem that empower buyers and sellers to trade seamlessly with the unparalleled reach and flexibility. Executing this next phase evolution in the current economic climate is a deliberate choice. While no company is immune to macro pressures or focus Our focus execution, strong balance sheet, and use of diversification as a hedging strategy allows us to navigate this turbulence more effectively than most, securing competitive advantages today that will fuel our next chapter of growth. To that end, I will now turn the call over to Iman, who will provide more detailed update on the progress we'll continue to make against our key operational goals.

Thank you, Larry. Hello, everybody. Our marketplace continues to gain momentum, delivering another strong quarter of growth. For the trailing 12 months ending September 30, 2025, marketplace GMV rose approximately 21%, reaching nearly $1.5 billion, underscoring the scalability and resilience of our platform. Our active 3P seller base continues to expand, up 17% year-over-year to 1,232, with GMV for this cohort climbing more than 24% on a trailing 12-month basis to over $790 million. Buyer growth also accelerated, increasing 34% to 11,419 as more businesses looked for new efficiencies and risk optimization in a challenging environment. Our global revenues increased by 10% in the third quarter on a year-over-year basis, While the domestic US markets faced headwinds, our international markets acted as a powerful hedge, driving growth and offsetting domestic softness. Diversification and having a balanced portfolio is a core tenet of our strategy, ensuring we're not overly reliant on any single market. Europe continues to be a powerful growth engine, with year-over-year revenues of 70% to a record $100 million, making a major milestone in our global expansion. Our diversification efforts, however, is not limited to geographical expansion. We're also looking to create a more dynamic marketplace supported by a broader range of product offering and distribution channels. To accelerate this strategy, we leverage M&A to acquire key capabilities. Our playbook has a two-pronged approach, deepening our core capabilities through acquisitions and leveraging our ecosystem to make acquired asset more efficient competitive and profitable our 2023 acquisition of noble house is a prime example it's not just an addition but a strategic integration that deepens our product catalog and capabilities we have made substantial progress with our noble house portfolio optimization since last quarter we have introduced another 2,300 new SKUs, and retired 1,100 underperforming SKUs, shaping a more streamlined, high-performing portfolio built to scale. As shared earlier this year, our SKU rationalization efforts have successfully returned the portfolio to profitability, while temporarily impacting our top line. I am pleased to report that in Q3, this disciplined approach has paid off. with the portfolio not only maintaining its profitability, but also returning to growth. We have effectively reset our foundation and are now reigniting growth from a much healthier foundation. Looking ahead, we plan to build on this momentum. Our strong balance sheet positions us to be highly active and disciplined in pursuing inorganic opportunities that align with our long-term strategic goals. And our pending acquisition of New Classic is a great example of the type of value-creating asset we are looking for. New Classic is a well-respected, long-standing US wholesaler with deep roots in the brick-and-mortar furniture space. The company has over 1,000 primarily brick-and-mortar retail relationships, over 2,000 active SKUs, a high-performing team, and a wide network of vendors that specialize in products tailored for this specific channel. The acquisition is strategically targeted to dramatically widen our distribution and channel reach. By pairing New Classics Network with GigaCloud's marketplace ecosystem and logistics capabilities, we can accelerate growth and unlock new efficiencies. We expect to close the transaction early in the first quarter of 2026, and expect four to six quarters of strategic initiatives to be reflected in our financial performance. Now I'll turn things over to Erica for a discussion of third quarter financials.