GigaCloud Technology, Inc. Class A (GCT) Active 3P Sellers

Counts third-party sellers who are actively listing or selling on the platform. More active sellers typically mean greater selection, competitive pricing, and more opportunities for marketplace fees and seller services revenue.

GCT’s third‑party seller base has steadily accelerated since 2023, driven by Europe expansion and M&A (Noble House, New Classic), and crucially GMV per seller has risen—meaning more throughput, not just more accounts. That diversification supports product revenue momentum and cash generation, but investor upside depends on sustaining seller monetization as Europe growth normalizes and service‑margin headwinds (last‑mile/ocean volatility) could pressure the economics of onboarding and fulfillment-driven revenue.