So GigaCloud Technology (GCT) reported its Q4 2023 earnings on Friday. Numbers were quiet strong but I am skeptical if those are legit:
*Total Revenue: Q4 revenue soared by 94.8% year-over-year to $244.7 million.
*Gross Profit: Q4 gross profit surged 161.4% year-over-year, with gross margin improving to 28.5%.
*Net Income: Q4 net income increased by 184.8% year-over-year to $35.6 million.
https://finance.yahoo.com/news/gigacloud-technology-inc-gct-reports-133126229.html
I have never heard of this company until I came across this and other posts where GCT was praised as the "Anti-Amazon" which is "removing the consumer from the equation" (After reading about it back then I bought a Call without any more DD, which is barley in the green, after all the ups and downs in the last few days):
In the end, GCT seems to be just a Chinese dropshipper for furniture (though it's expending it's range of products) and seems to have incredible growth figures in a currently difficult and costly market. The figures are being questioned in some circles(link removed, since seekingalpha is blacklisted) – but rightly so?
I'm not sure, the corporate website looks quiet cheap, the marketplace looks a little better, but the page load is very slow, similarly to Alibaba. The products, especially the furniture, look rather old-fashioned (but I may be wrong my European perspective about that, maybe it suits American tastes in the lower segment).
After a brief analysis on google shopping and amazon, you can find one or two products quickly that are also offered on Gigacloud, but based on the few or no reviews, there doesn't seem to be any particular bestsellers.
So who is selling their stuff in the US and who is willing to buy those products (and where) – where does the massive growth come from?
Edit:
Also, their job offering hasn't changed at all since December 2023, can they really fill no positions or don't bother to update the website?
Compare:
https://www.gigacloudtech.com/careers
https://web.archive.org/web/20231205193708/https://www.gigacloudtech.com/careers/
