GigaCloud Technology Inc

Welcome to GigaCloud Technologies' fourth quarter and full year 2025 earnings conference call. Joining us today from GigaCloud are the company's founder and chief executive officer, Larry Wu, its president, Iman Shrock, and its chief financial officer, Erica Wei. Larry will provide opening remarks, Iman will discuss the company's operational progress, and Erica will review financial results. After that, we will open the call to questions. 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 will include a discussion of non-GAAP measures within the meaning of SEC Regulation G. When required, a 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 the press release issued today by GigaCloud, which is posted on the company's website. I would now like to turn the call over to Larry. Please go ahead, sir.

Thank you, Operator, and good morning, everyone. 2025 marked a defining chapter for us. record revenue, record EBS, and a level of performance that underscored not only the strength of our model, but also our resilience and adaptability when facing challenges. In the year when the macro backdrop was anything but predictable, our agility and operational discipline powered the strong double-digit growth and positioned us to accelerate even further. From the beginning, we understood the importance of building a new growth of vectors for sustainable long-term value creation. And that strategy continues to pay off. We have expanded our geographic reach, scaled our marketplace, and strengthened our market platform through targeted acquisition. In doing so, we have built not just a thriving company, but an ecosystem designed to lead the next phase of growth. Our acquisition of Noble House is a great example of how we are building our growth vectors into business and how those vectors are already driving momentum. In under two years, we took bankrupt company to a profitable and growing portfolio. Our work took discipline and patience. We broadened our product line, expanded our channel reach, and enhanced operational efficiency. But more importantly, we built a repeatable playbook for M&A integration that sets us up for long-term success. And now we're applying the same playbook to our new platform. Acquisition, New Classic, Home Furnishing. This move positions us to serve every corner of our industry with even greater depth and capability. Iman and Erica will get into the details shortly, but the headline is simple. We are genuinely excited about the value New Classic unlocks for our marketplace, our partners, and our shareholders. Our success in Europe is another clear validation of this approach, and it reflects the value of long-term strategic depositing. With 68% revenue growth from 2024 to 2025, we expanded our presence in a measured, strategic way, extending the reach of our marketplace and giving our buyers and sellers around the world a more efficient way to transact. Our performance has also given us a financial flexibility to be disciplined with our capital. Investing in growth where we see the highest conviction of opportunities while continuing to return capital through ongoing share repurchases is a core part of how we create the durable value. We feel confident in what we have built, and we have we are headed. We believe this is a business that can perform across cycles, supported by strong execution, a portfolio of durable growth vectors, and disciplined capital management. Now, I would like to turn the call over to Iman for discussion of our continued progress.

Thank you, Larry, and hello, everybody. Our marketplace continues to deliver impressive momentum, posting another period of substantial growth. Over the trailing 12 months and the December 31st, 2025, Marketplace GMB increased approximately 18%, reaching a record of nearly $1.6 billion. Sellers continue to join our marketplace at a strong pace. with our three-piece seller base expanding 17% year-over-year on a trailing 12-month basis, reaching $1,299 as of December 31st. More encouragingly, GMV from this base grew by 23% to $851 million as our sellers continue to find success on the marketplace. We added nearly 2,800 new buyers in 2025 on an innate basis. bringing our total buyer base to 12,089. By increasing efficiencies and lowering transaction risk, our marketplace is even more compelling solution for participants looking to operate confidently in a volatile global environment. While global macro trends and policy shifts remain outside of our control, we can and do control the flexibility and responsiveness of our model. We operate with the expectation that conditions will change and we are structured to adapt quickly. Europe is a clear example. Our focus on Europe as a key growth vector continues to deliver. By shifting more resources and focus to Europe in light of softness in the US market, we drove tangible results. Europe delivered 68% revenue growth on an annual basis, a key contributor to our double-digit global growth for the full year. This is exactly the kind of agility we built into our model. The ability to identify where growth is happening and redeploy resources accordingly. To build on this momentum, we strengthened our marketplace operations and expanded our infrastructure to seven facilities in Europe. We are building a truly global business. Europe proves that our model travels. and that the growth vectors we planted years ago are now delivering. For us, that's the value of long-term strategic positioning. Placing disciplined bets, giving them time, and letting the results speak. And this isn't just about geography. We are applying the same lens across the business, broadening our product offerings and strengthening our distribution channels. With that in mind, I'd like to share an update on Noble House and provide additional context on our more recent acquisition of New Classic. It has been two years since our acquisition of Noble House in Q4 of 2023, and I would like to take a moment to look back on how far we've come. We acquired Noble House out of bankruptcy, a business that was losing close to $40 million a year. We began leaning on Giga Cloud's superior marketplace model and operational expertise to trim fat and streamline the business. From there, we executed a complete overhaul of the Noble House's portfolio offerings, rationalizing skews to focus on what works. The process took patience and discipline, and the results speak for themselves. The Noble House portfolio turned to profitability during the earlier half of 2025, and return to growth in the third quarter of this year. I am pleased to share that we have stabilized the portfolio as of Q4 2025, slightly ahead of our original goal of Q2 2026. Moving forward, we expect to continue refreshing the portfolio through a disciplined cadence of regular new SKU introduction and selective rationalizations consistent with how a healthy portfolio evolves rather than a comprehensive overhaul we executed in 2025. As of today, all elements of operations for Noble House portfolio have been fully integrated into Giga Cloud. On a go-forward basis, legacy Noble House will be managed as a part of Giga Cloud's larger growing portfolio. Given the completion of our integration efforts, we do not plan on providing portfolio-specific updates in future calls. The acquisition and integration of Noble House brought us new product capabilities, especially in the outdoor space, as well as wider and deeper distribution channels. It also reinforced what is possible when we apply patience, discipline, and the full weight of our operational expertise and the marketplace model, even in challenging conditions. While with our acquisition of New Classic, we see a similar opportunity. On January 1st of this year, we completed the acquisition of New Classic, funded with $18 million cash on hand. The acquisition broadens our product offerings and strategically deepens our foothold in brick and mortar distribution, an area where we see meaningful growth potential. We are eager to get to work, apply the same discipline approach, and capture the value we know is there. On the integration front, we are off to a strong start. The New Classic team brings deep expertise and relationships in the brick-and-mortar space, and we have been working closely to ensure a smooth transition. Similar to Noble House, New Classic will be integrated directly into GigaCloud rather than being run as a distinct subsidiary. Our focus is on preserving New Classic's strong distribution channels and relationships while thoughtfully layering in Giga Cloud's marketplace model and operational capabilities with a target integration period of six quarters. We are excited about the growth potential that will come from combining New Classic and Giga Cloud. On the revenue side, we see two clear and immediate opportunities. First, we will leverage GigaCloud's vast nationwide fulfillment network to expand New Classics' geographic reach, moving beyond the constraints of its current two-facility footprint. Second, we plan to leverage GigaCloud's deep supply chain roots and new product development capabilities to widen New Classics' assortment, driving increased volume through its brick-and-mortar channels. We are energized by what lies ahead. Our team is focused on executing with patience and precision, and we believe we are well positioned for the future. And with that, I will turn things over to Erica for a discussion of our fourth quarter financial results.