0001193125-23-112830 | 20-F | XBRL Viewer

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Cover Page	12 Months Ended
Cover Page	Dec. 31, 2022 shares
Document Information [Line Items]
Document Type	20-F
Entity Registrant Name	GIGACLOUD TECHNOLOGY INC
Amendment Flag	false
Entity Central Index Key	0001857816
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-41454
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Unit A, 12/F, Shun Ho Tower
Entity Address, Address Line Two	24-30 Ice House Street
Entity Address, City or Town	Central
Entity Address, Country	HK
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Class A ordinary shares, par value $0.05 per share
Trading Symbol	GCT
Security Exchange Name	NASDAQ
Entity Shell Company	false
Entity Interactive Data Current	Yes
Document Accounting Standard	U.S. GAAP
Entity Address, Postal Zip Code	24-30
ICFR Auditor Attestation Flag	false
Auditor Name	KPMG Huazhen LLP
Auditor Location	Shanghai, People’s Republic of China
Auditor Firm ID	1186
Business Contact [Member]
Document Information [Line Items]
Contact Personnel Name	Larry Lei Wu
Entity Address, Address Line One	Unit A, 12/F, Shun Ho Tower
Entity Address, Address Line Two	24-30 Ice House Street
Entity Address, City or Town	Central
Entity Address, Country	HK
Entity Address, Postal Zip Code	24-30
City Area Code	852
Local Phone Number	2369-8219
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	31,357,814
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	9,326,732

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash	$ 143,531	$ 63,198
Restricted cash	1,545	664
Accounts receivable, net	27,142	18,036
Inventories	78,338	81,441
Prepayments and other current assets	7,566	9,080
Total current assets	258,122	172,419
Non-current assets
Operating lease right-of-use assets	144,168
Property and equipment, net	13,053	11,075
Deferred tax assets	75	72
Other non-current assets	3,182	3,211
Total non-current assets	160,478	14,358
Total assets	418,600	186,777
Current liabilities
Current portion of long-term borrowings	207	345
Accounts payable (including accounts payable of VIEs without recourse to the Company of US$1,433 and US$4,185 as of December 31, 2021 and 2022, respectively)	31,573	25,140
Contract liabilities (including contract liabilities of VIEs without recourse to the Company of US$394 and US$385 as of December 31, 2021 and 2022, respectively)	2,001	3,690
Current operating lease liabilities (including current operating lease liabilities of VIEs without recourse to the Company of nil and US$1,864 as of December 31, 2021 and December 31, 2022, respectively)	27,653
Income tax payable (including income tax payable of VIEs without recourse to the Company of US$78 and US$280 as of December 31, 2021 and 2022, respectively)	4,142	8,148
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIEs without recourse to the Company of US$341 and US$442 as of December 31, 2021 and 2022, respectively)	37,062	19,721
Total current liabilities	102,638	57,044
Non-current liabilities
Long-term borrowings	0	237
Operating lease liabilities, non-current (including operating lease liabilities, non-current of VIEs without recourse to the Company of nil and US$3,322 as of December 31, 2021 and December 31, 2022, respectively)	116,564
Deferred tax liabilities	472	286
Finance lease obligations, non-current	867	2,345
Non-current income tax payable	2,894	1,033
Total non-current liabilities	120,797	3,901
Total liabilities	223,435	60,945
Commitments and contingencies
Mezzanine equity
Total mezzanine equity		26,652
Shareholders' equity
Ordinary shares		554
Treasury shares, at cost (nil and 4,624,039 shares held as of December 31, 2021 and December 31, 2022, respectively)	(231)
Subscription receivable from ordinary shares	(81)	(79)
Additional paid-in capital	109,049	37,439
Accumulated other comprehensive income (loss)	804	(165)
Retained earnings	83,590	60,559
Total shareholders' equity	195,165	99,180
Total liabilities, mezzanine equity and shareholders' equity	418,600	186,777
Series E Preferred Stock [Member]
Mezzanine equity
Series E Preferred Shares (US$0.05 par value per share, 3,999,709 shares authorized, issued and outstanding as of December 31, 2021; Redemption value of US$26,652 as of December 31, 2021; Liquidation value of US$25,000 as of December 31, 2021)		26,652
Series A Preferred Stock [Member]
Shareholders' equity
Preferred Share		7
Series B Preferred Stock [Member]
Shareholders' equity
Preferred Share		500
Series C Preferred Stock [Member]
Shareholders' equity
Preferred Share		218
Series D Preferred Stock [Member]
Shareholders' equity
Preferred Share		$ 147
Common Class A [Member]
Shareholders' equity
Ordinary shares	1,568
Common Class B [Member]
Shareholders' equity
Ordinary shares	$ 466

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts payable	$ 31,573	$ 25,140
Contract liabilities	2,001	3,690
Current operating lease liabilities	27,653
Income tax payable	4,142	8,148
Accrued expenses and other current liabilities	37,062	$ 19,721
Operating lease liabilities, non-current	$ 116,564
Common stock, par value		$ 0.05
Common stock, shares authorized		38,572,025
Common stock, shares issued		11,082,930
Common stock, shares outstanding		11,082,930
Treasury stock, shares	4,624,039	0
Series A Preferred Stock [Member]
Preferred stock, par value		$ 0.05
Preferred stock, shares authorized		134,190
Preferred stock, shares issued		134,190
Preferred stock, shares outstanding		134,190
Preferred stock, liquidation preference, value		$ 6,710
Series B Preferred Stock [Member]
Preferred stock, par value		$ 0.05
Preferred stock, shares authorized		9,991,588
Preferred stock, shares issued		9,991,588
Preferred stock, shares outstanding		9,991,588
Preferred stock, liquidation preference, value		$ 5,000
Series C Preferred Stock [Member]
Preferred stock, par value		$ 0.05
Preferred stock, shares authorized		4,358,702
Preferred stock, shares issued		4,358,702
Preferred stock, shares outstanding		4,358,702
Series D Preferred Stock [Member]
Preferred stock, par value		$ 0.05
Preferred stock, shares authorized		2,943,786
Preferred stock, shares issued		2,943,786
Preferred stock, shares outstanding		2,943,786
Preferred stock, liquidation preference, value		$ 8,053
Series E Preferred Stock [Member]
Temporary equity, par or stated value per share		$ 0.05
Temporary equity shares authorized		3,999,709
Temporary equity shares issued		3,999,709
Temporary equity shares outstanding		3,999,709
Temporary equity aggregate amount of redemption requirement		$ 26,652
Temporary equity liquidation preference		25,000
Common Class A [Member]
Common stock, par value	$ 0.05
Common stock, shares authorized	50,673,268
Common stock, shares issued	31,357,814
Common stock, shares outstanding	31,357,814
Common Class B [Member]
Common stock, par value	$ 0.05
Common stock, shares authorized	9,326,732
Common stock, shares issued	9,326,732
Common stock, shares outstanding	9,326,732
Variable Interest Entity, Primary Beneficiary [Member]
Accounts payable	$ 4,185	1,433
Contract liabilities	385	394
Current operating lease liabilities	1,864	0
Income tax payable	280	78
Accrued expenses and other current liabilities	442	341
Operating lease liabilities, non-current	$ 3,322	$ 0

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Revenues	$ 490,071	$ 414,197	$ 275,478
Cost of revenues
Cost of revenues	(406,957)	(324,600)	(200,362)
Gross profit	83,114	89,597	75,116
Operating expenses
Selling and marketing expenses	(24,038)	(25,728)	(22,215)
General and administrative expenses	(22,627)	(24,516)	(8,717)
Research and development expenses	(1,426)	0	0
Total operating expenses	(48,091)	(50,244)	(30,932)
Operating income	35,023	39,353	44,184
Interest expense	(568)	(309)	(46)
Interest income	472	537	58
Foreign currency exchange gains (losses), net	(4,854)	(2,012)	1,023
Government grants	1,085	0	0
Others, net	6	156	56
Income before income taxes	31,164	37,725	45,275
Income tax expense	(7,192)	(8,468)	(7,820)
Net income	23,972	29,257	37,455
Accretion of Redeemable Convertible Preferred Shares	(941)	(1,500)	(152)
Net income attributable to ordinary shareholders	23,031	27,757	37,303
Other comprehensive income (loss)
Foreign currency translation adjustment, net of nil income taxes	969	123	(364)
Total other comprehensive income (loss)	969	123	(364)
Comprehensive Income	$ 24,941	$ 29,380	$ 37,091
Net income per ordinary share
Net income per ordinary share, Basic	$ 0.6	$ 0.88	$ 1.36
Net income per ordinary share, Diluted	$ 0.6	$ 0.88	$ 1.36
Weighted average number of ordinary shares outstanding used in computing net income per ordinary share
Weighted average number of ordinary shares outstanding used in computing net income per ordinary share, Basic	24,412,314	10,248,079	9,495,844
Weighted average number of ordinary shares outstanding used in computing net income per ordinary share, Diluted	24,412,314	10,248,079	9,495,844
Service [Member]
Revenues
Revenues	$ 140,628	$ 98,332	$ 60,130
Cost of revenues
Cost of revenues	(120,102)	(84,723)	(37,147)
Product [Member]
Revenues
Revenues	349,443	315,865	215,348
Cost of revenues
Cost of revenues	$ (286,855)	$ (239,877)	$ (163,215)

Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Other Comprehensive Income (Loss), Tax	$ 0	$ 0	$ 0

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

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+ Details

Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands	Total	Conversion Of Series E Preferred Shares To Class A Ordinary Shares [Member]	Common Stock [Member]	Treasury Shares [Member]	Subscription Receivable From Ordinary Shares [Member]	Preferred Shares [Member]	Preferred Shares [Member] Conversion Of Preferred Shares To Class B Ordinary Shares [Member]	Preferred Shares [Member] Conversion Of Preferred Shares To Class A Ordinary Shares [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Conversion Of Series E Preferred Shares To Class A Ordinary Shares [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Common Class A [Member] Common Stock [Member]	Common Class A [Member] Common Stock [Member] Conversion Of Preferred Shares To Class A Ordinary Shares [Member]	Common Class A [Member] Common Stock [Member] Conversion Of Series E Preferred Shares To Class A Ordinary Shares [Member]	Common Class B [Member] Common Stock [Member]	Common Class B [Member] Common Stock [Member] Conversion Of Preferred Shares To Class B Ordinary Shares [Member]	Class A Ordinary Shares [Member] Common Stock [Member]	Class B Ordinary Shares [Member] Common Stock [Member]
Beginning Balance (Shares) at Dec. 31, 2019			9,495,844			17,428,266
Begining Balance at Dec. 31, 2019	$ 27,115		$ 475		$ 0	$ 872			$ 30,193		$ 76	$ (4,501)
Net income	37,455											37,455
Repurchase of vested share-based awards	(2,435)								(2,435)
Accretion of Series E Preferred Shares	(152)											(152)
Foreign currency translation adjustment, net of nil income taxes	(364)										(364)
Ending Balance (Shares) at Dec. 31, 2020			9,495,844			17,428,266
Ending Balance at Dec. 31, 2020	61,619		$ 475		0	$ 872			27,758		(288)	32,802
Net income	29,257											29,257
Accretion of Series E Preferred Shares	(1,500)											(1,500)
Foreign currency translation adjustment, net of nil income taxes	123										123
Share-based compensation	$ 9,681								9,681
Excise of vested share-based awards (Shares)	1,587,086		1,587,086
Excise of vested share-based awards			$ 79		(79)
Ending Balance (Shares) at Dec. 31, 2021			11,082,930	0		17,428,266							0			0
Ending Balance at Dec. 31, 2021	$ 99,180		$ 554	$ 0	(79)	$ 872			37,439		(165)	60,559	$ 0			$ 0
Net income	23,972											23,972
Accretion of Series E Preferred Shares	(941)											(941)
Foreign currency translation adjustment, net of nil income taxes	969										969
Share-based compensation	9,893								9,893
Excise of vested share-based awards (Shares)				(141,864)
Excise of vested share-based awards	1,061			$ 7					1,054
Issuance of ordinary shares to the former chief financial officer (Shares)			26,738
Issuance of ordinary shares to the former chief financial officer			$ 2		(2)
Issuance of ordinary shares to the Trust Holdcos (Shares)			4,765,903	4,765,903
Issuance of ordinary shares to the Trust Holdcos			$ 238	$ (238)
Issuance of Class A ordinary shares upon the IPO (Shares)													3,381,000
Issuance of Class A ordinary shares upon the IPO	33,438								33,269				$ 169
Re-designating ordinary shares (Shares)													8,119,882			7,755,689		(8,119,882)	(7,755,689)
Re-designating ordinary shares													$ 406			$ 388		$ (406)	$ (388)
Conversion of Series (Shares)							(1,571,043)	(15,857,223)						15,857,223	3,999,709		1,571,043
Conversion of Series		$ 27,593					$ (78)	$ (794)		$ 27,394				$ 794	$ 199		$ 78
Ending Balance (Shares) at Dec. 31, 2022			0	4,624,039		0							31,357,814			9,326,732
Ending Balance at Dec. 31, 2022	$ 195,165		$ 0	$ (231)	$ (81)	$ 0			$ 109,049		$ 804	$ 83,590	$ 1,568			$ 466

Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Other Comprehensive Income (Loss), Tax	$ 0	$ 0	$ 0

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities:
Net income	$ 23,972	$ 29,257	$ 37,455
Adjustments to reconcile net income to net cash provided by operating activities:
Allowance for doubtful accounts	86	87	11
Inventory write-down	318	1,285	48
Deferred tax	183	131	618
Share-based compensation	9,196	9,681	0
Depreciation and amortization	1,386	775	227
Loss from disposal of property and equipment	4	0	17
Lease expense to reduce right-of-use assets	6,400	0	0
Unrealized foreign currency exchange losses (gains)	2,126	2,012	(1,023)
Interest expense of capital lease		198	27
Changes in operating assets and liabilities:
Accounts receivable	(9,161)	5,897	(10,119)
Inventories	2,785	(47,148)	(13,862)
Prepayments and other current assets	(1,384)	(1,717)	(5,243)
Accounts payable	6,619	6,309	4,141
Contract liabilities	(1,689)	266	3,062
Income tax payable	(1,530)	1,315	5,921
Accrued expenses and other current liabilities	14,356	208	12,004
Operating lease liabilities	(4,011)	0	0
Net cash provided by operating activities	49,656	8,556	33,284
Investing activities:
Cash paid for purchase of property and equipment	(709)	(1,825)	(654)
Cash received from disposal of property and equipment	0	0	7
Net cash used in investing activities	(709)	(1,825)	(647)
Financing activities:
Proceeds from issuance of Series E Preferred Shares			25,000
Repayment of finance lease obligations	(3,624)	(2,526)	(307)
Repurchase of vested share-based awards			(2,435)
Repayment of bank loans	(312)	(430)	(96)
Repayment of borrowings from a related party			(89)
Proceeds from bank loans			1,199
Proceeds from prepaid consideration of restricted shares	1,578
Proceeds from initial public offering, net of IPO costs	34,245
Net cash provided by (used in) financing activities	31,887	(2,956)	23,272
Effect of foreign currency exchange rate changes on cash and restricted cash	380	(2,110)	735
Net increase in cash and restricted cash	81,214	1,665	56,644
Cash and restricted cash at the beginning of the year	63,862	62,197	5,553
Cash and restricted cash at the end of the year	145,076	63,862	62,197
Supplemental information
Interest expense paid	568	309	46
Income taxes paid	8,539	7,022	1,658
Non-cash investing and financing activities:
Purchase of property and equipment under finance leases	2,719	$ 4,086	$ 2,930
Share based awards attributable to the IPO where no cash payment is required	$ 807

Description Of Business And Organization

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description Of Business And Organization

1. DESCRIPTION OF BUSINESS AND ORGANIZATION

Description of Business

GigaCloud Technology Inc (the “Company”), a limited liability company in the Cayman Islands, with its subsidiaries and consolidated variable interest entities (“VIEs”) (collectively referred to as the “Group”) are principally engaged in large parcel merchandise sales and the provision of ecommerce solutions for small cross-border business owners utilizing the Company’s online platform (“GigaCloud Marketplace”) and warehouses primarily in the United States and Europe.

Organization

The accompanying consolidated financial statements include the financial statements of the Company, its subsidiaries and consolidated VIEs.

In 2017 and 2018, the Company entered into Account Control Agreements with its VIEs and their respective nominal shareholders in the United States, Japan, the United Kingdom, Germany and the People’s Republic of China (“China” or “PRC”), respectively, to facilitate operations in these jurisdictions.

The functions of the VIEs include operating accounts registered on third-party ecommerce websites to sell merchandise to local individual customers, or providing warehousing and logistic services to users’ registered on GigaCloud Marketplace, by utilizing the Group’s cross-border trading experience, international logistic network and the Company’s own online platform. All of the VIEs’ nominal shareholders are employees of the Group. The Company has funded, through either direct capital contribution or intercompany loans, substantially all of the VIEs’ capital and operation fund. The Company has information right, management right and control right of daily operation of the VIEs.

The Account Control Agreements, with the consolidated VIEs and their shareholders, allow the Company to (i) exercise effective control over the consolidated VIEs, (ii) receive substantially all of the economic benefits of the consolidated VIEs, and (iii) have an exclusive option to purchase all or part of the equity interests in the consolidated VIEs when and to the extent permitted by the applicable laws.

The Company is regarded as the primary beneficiary of the consolidated VIEs, and the Company treats the VIEs as consolidated entities under U.S. GAAP. The Company has consolidated the financial results of the VIEs in the consolidated financial statements in accordance with U.S. GAAP. However, the control over the VIEs through contractual arrangements may not be as effective as direct ownership. In addition, uncertainties exist as to whether the Company’s operation of the business in these jurisdictions through the consolidated VIEs would be found not in compliance with existing or future respective local laws.

The equity interests of the VIEs are legally held by their nominee shareholders. Through the Account Control Agreements, which were entered into among the Company, the VIEs and the nominee shareholders of the VIEs, the nominee shareholders of the VIEs have granted all their legal rights including voting rights and disposition rights of their equity interests in the VIEs to the Company. The nominee shareholders of the VIEs do not participate significantly in income and loss and do not have the power to direct the activities of the VIEs that most significantly impact their economic performance. Accordingly, the VIEs are considered variable interest entities.

Under the terms of the Account Control Agreements, the VIEs’ nominee shareholders have no rights to the net assets nor have the obligations to fund the deficit, and such rights and obligations have been vested to the Company. All of the deficit (net liabilities) and net loss of the VIEs are attributed to the Company.

The principal terms of the Account Control Agreements are as follows:

1) Account Management

The Company shall be entitled information right, management right and control right of daily operation of the VIEs, especially with respect to all the bank accounts and operating accounts with relevant

e-commerce

platforms established or to be established in the name of, or for the benefit of the VIEs.

The VIEs and their shareholders shall act in good faith under instructions of the Company and shall not damage the control and management of the Company or affect its financial results and consolidation of such result.

2) Sale and Purchase of Equity Interest

The Company has irrevocable and exclusive right to purchase the equity interests in the VIEs held by each shareholder of such VIEs, once or at multiple times at any time in part or in whole, at the Company’s sole discretion. Except for the Company and its designee(s), no other person shall be entitled to such option or other rights to purchase the equity interests in the VIEs held by the shareholders of the VIEs.

The purchase price shall be the minimum price permitted by the local applicable laws. Pursuant to the Account Control Agreements, the VIEs and their shareholders shall not terminate the control agreement unilaterally in any event unless otherwise required by applicable laws.

3) Power of Attorney

The Company has sole and exclusive power of attorney to act on behalf of each shareholder of the VIEs with respect to all rights and matters concerning all equity interest held by such shareholder including exercising all of the shareholder’s rights and voting rights; deciding the sale, transfer, pledge or disposition of the shares of the VIEs; representing the shareholder to execute any resolutions and minutes as a shareholder (and director) of the VIEs; approving the amendments to the articles of association without written consent of such shareholder; approving any change of the share capital of the VIEs; appoint directors to the VIEs at the discretion of the Company.

Each shareholder of the VIEs waives all rights with respect to the equity interests in the VIEs held by him/her and shall not exercise such rights by himself/herself.

4) Equity Pledge

The VIEs’ shareholders agree to pledge all the equity interests to the Company as security for performance of the contract obligations under the Account Control Agreements. The VIEs and their shareholders shall complete all necessary registration and/or filings relating to the equity pledges required by the applicable laws in one month after the execution of the Account Control Agreements.

During the term of this Account Control Agreement, the VIEs and their shareholders shall deliver the share certificate or the like to the Company’s escrow within one week after the execution of the Account Control Agreements. In the event of the occurrence of any change of the share capital or the entrusted shareholding of the VIEs, the VIEs and their shareholders shall update the registration and/or filings relating to the equity pledges required by the applicable laws and deliver the updated share certificate or the like to the Company’s escrow.

5) Effective Date and Term

The Account Control Agreements became effective upon execution by the parties, and remain effective until all equity interests held by the VIEs’ shareholders have been transferred or assigned to the Company in accordance with the Account Control Agreements.

The Company relies on the Account Control Agreements to operate and control VIEs. All of the Account Control Agreements are governed by local laws and provide for the resolution of disputes through arbitration under local laws. Accordingly, these agreements would be interpreted in accordance with local laws and any disputes would be resolved in accordance with local legal procedures. Uncertainties in the local legal system could limit the Company’s ability to enforce these contractual arrangements. In the event that the Company is unable to enforce these contractual arrangements, or if the Company suffers significant time delays or other obstacles in the process of enforcing these Account Control Agreements, it would be difficult to exert effective control over VIEs, and the Company’s ability to conduct its business and the results of operations and financial condition may be materially and adversely affected.

In the opinion of management, the ownership structures of the Company and its VIEs, do not violate any applicable local laws, regulations, or rules currently in effect; the agreements among the Company, each of the VIEs and its shareholders, governed by local laws, as described above, are valid, binding and enforceable in accordance with their terms and applicable local laws, rules, and regulations currently in effect, and do not violate any applicable local laws, regulations, or rules currently in effect. However, there are substantial uncertainties regarding the interpretation and application of current and future local laws and regulations. Accordingly, if the local government finds that the contractual arrangements do not comply with its restrictions on foreign ownership of businesses, or if the local government otherwise finds that the Company and the VIEs are in violation of local laws or regulations or lack the necessary permits or licenses to operate the Company’s business, the relevant regulatory authorities would have broad discretion in dealing with such violations, including:

•

revoking the business and operating licenses of the Company;

•

discontinuing or restricting the operations;

•

imposing fines or confiscating any of VIEs’ income that they deem to have been obtained through illegal operations;

•

imposing conditions or requirements with which the Group’s subsidiaries or the VIEs may not be able to comply;

•

requiring the Company to restructure the ownership structure or operations, including terminating the contractual arrangements with the VIEs;

•

restricting or prohibiting the Company’s use of the proceeds of overseas offering to finance the business and operations in these jurisdictions; or

•

taking other regulatory or enforcement actions that could be harmful to the business.

If the imposition of any of these penalties or requirement to restructure the Company’s corporate structure causes it to lose the rights to direct the activities of the VIEs or the Company’s right to receive its economic benefits, the Company would no longer be able to consolidate the financial results of the VIEs in its consolidated financial statements. In the opinion of management, the likelihood of deconsolidation of the VIEs is remote based on current facts and circumstances.

In February 2021, the Company terminated the Account Control Agreement with one of its consolidated VIEs, Suzhou Dajianyun Transport Co., Ltd. (“Suzhou Dajianyun”). In connection with the termination of the Account Control Agreement, the Company, through its wholly-owned subsidiary GigaCloud Technology (Suzhou) Co., Ltd. (“Gigacloud Suzhou”, formerly known as Oriental Standard Network Technology (Suzhou) Co., Ltd.), acquir

ed 100%

of the equity interest in Suzhou Dajianyun which then became the Company’s indirect wholly-owned subsidiary.

The Company’s involvement with the VIEs under the Account Control Agreements affected the Company’s consolidated financial position, results of operations and cash flows as indicated below. The following consolidated assets and liabilities information of the Group’s VIEs as of December 31, 2021 and 2022, and consolidated revenues, net loss and cash flow information for the years ended December 31, 2020, 2021 and 2022 have been included in the accompanying consolidated financial statements.


	December 31,
	2021		2022
	US$		US$


Cash		3,542		5,367
Accounts receivable, net		2,241		2,959
Inventories		9,933		9,551
Amounts due from related parties*		1,271		1,249
Prepayments and other current assets		2,386		1,277

Total current assets		19,373		20,403

Property and equipment, net		660		548
Operating lease right-of-use assets		—		5,398
Other non-current assets		—		890

Total assets		20,033		27,239

Accounts payable		1,433		4,185
Contract liabilities		394		385
Current operating lease liabilities		—		1,864
Income tax payable		78		280
Accrued expenses and other current liabilities		341		442
Amounts due to related parties*		19,605		24,172

Total current liabilities		21,851		31,328

Operating lease liabilities, non-current		—		3,322

Total liabilities		21,851		34,650

*	As of December 31, 2021 and 2022, amounts due to and due from related parties represent the loans, receivables and payables that the VIEs had with the Company’s consolidated subsidiaries, which were eliminated in the Company’s consolidated financial statements.


	Year ended December 31,
	2020			2021			2022
	US$			US$			US$
Revenues		35,493			47,683			70,635
Net income (loss)		514			751			(5,955	)
Net cash provided by operating activities		2,560			69			1,410
Net cash provided by (used in) investing activities		(355	)		(237	)		53
Net cash provided by (used in) financing activities		68			(68	)		—
Net increase (decrease) in cash		2,352			(628	)		1,825
Cash at the beginning of the year		1,818			4,170			3,542
Cash at the end of the year		4,170			3,542			5,367

In accordance with VIE Agreements, the Company has the power to direct the activities of the VIEs. Therefore, the Company considers that there are no assets in the VIEs that can be used only to settle obligations of the VIEs. The creditors of VIEs do not have recourse to the general credit of the Company and its wholly-owned subsidiaries.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Presentation

The accompanying consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.

(b) Share Consolidation

On July 5, 2022, the Company effected a

1-for-500

share consolidation of its issued and unissued ordinary shares, redeemable convertible preferred shares as well as share options and restricted shares under the 2008 Share Incentive Plan and the 2017 Share Incentive Plan. Accordingly, all share and per share amounts for all periods presented in the accompanying consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this share consolidation.

The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs for which the Company is the primary beneficiary.

Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. A consolidated affiliated entity is an entity in which the Company, or its subsidiary, through contractual arrangements, exercises effective control over the activities that most impact the economic performance, bears the risks of, and enjoys the rewards normally associated with ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity.

All intercompany transactions and balances among the Company, its wholly-owned subsidiaries and the VIEs have been eliminated upon consolidation.

(d) Use of Estimates

The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet dates, and the reported revenues and expenses during the reported periods. Significant accounting estimates include, but not limited to, the valuation and recognition of share-based compensation arrangements, inventory reserve for excess and obsolete inventories. Incremental borrowing rate of leases, and the length of lease terms which vary by country and often include renewal options, are important factor in determining the appropriate accounting for leases including the initial classification of the lease as finance (referred to as “capital leases” prior to the adoption of Accounting Standards Update (“ASU”) No. 2016-02,

Leases

(Topic 842)) or operating and the recognition of rent expense over the duration of the lease. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.

(

) Foreign Currency

The Group’s reporting currency is U.S. dollars (“US$”). The functional currency of the Group’s entities incorporated in Cayman Islands, the U.S. and Hong Kong is US$. The Group’s PRC subsidiaries and consolidated VIEs determined their functional currency to be Renminbi (“RMB”). The Group’s entities incorporated in Japan, Germany, the United Kingdom and other jurisdictions use their respective local currencies as their functional currencies. The determination of the respective functional currency is based on the criteria of Accounting Standards Codification (“ASC”) Topic 830, Foreign Currency Matters.

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates quoted by authoritative banks prevailing at the dates of the transactions. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded as “Foreign currency exchange gains, net” in the consolidated statements of comprehensive income.

The Group entities with functional currencies other than the RMB, US$, including Great Britain Pound (“GBP”), Japanese Yuan (“JPY”), Hong Kong Dollar (“HK$”), Euro (“EUR”) and Vietnamese Dong (“VND”), translate their operating results and financial position into the US$, the Group’s reporting currency. Assets and liabilities denominated in foreign currencies are translated into US$ using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into US$ at the appropriate historical rates. Revenues, expenses, gains and losses are translated into US$ using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive income as a component of shareholders’ equity.

(

) Commitments and Contingencies

In the normal course of business, the Group is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and

non-income

tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.

(

) Cash

Cash consists of deposits at financial institutions. Cash is deposited into financial institutions at the locations listed below:


	December 31,
	2021		2022
	US$		US$
Financial institutions in Cayman Islands
- Denominated in the US$		20,419		—

Total cash balances held at Cayman financial institutions		20,419		—

Financial institutions in the United States
- Denominated in the US$		12,480		47,028
- Denominated in the GBP		—		56

Total cash balances held at United States financial institutions		12,480		47,084

Financial institutions in Hong Kong
- Denominated in the US$		18,175		40,001
- Denominated in the EUR		3,038		734
- Denominated in the GBP		3,014		1,635
- Denominated in the JPY		113		316
- Denominated in the HK$		—		67

Total cash balances held at Hong Kong financial institutions		24,340		42,753

Financial institutions in Japan
- Denominated in the JPY		1,718		6,640
- Denominated in the US$		234		1,405

Total cash balances held at Japan financial institutions		1,952		8,045

Financial institutions in the United Kingdom
- Denominated in the GBP		335		104
- Denominated in the US$		35		14
- Denominated in the EUR		—		3,158

Total cash balances held at the United Kingdom financial institutions		370		3,276

Financial institutions in the mainland of the PRC
- Denominated in the RMB		2,071		1,616
- Denominated in the US$		509		31,961
- Denominated in the EUR		—		1,066
- Denominated in the GBP		—		6,870

Total cash balances held at the PRC financial institutions		2,580		41,513

Financial institutions in German y


	December 31,
	2021		2022
	US$		US$
- Denominated in the EUR		742		816
- Denominated in the US$		235		—
- Denominated in the GBP		1		—

Total cash balances held at Germany financial institutions		978		816

Financial institutions in Vietnam
- Denominated in the VND		1		44
- Denominated in the US$		78		—

Total cash balances held at Vietnam financial institutions		79		44

Total cash held at financial institutions		63,198		143,531

(

) Restricted Cash

Cash that is restricted for withdrawal or use is reported separately on the face of the consolidated balance sheets. The Group’s restricted cash represents security deposits held in designated bank accounts for issuance of letters of guarantee. As of December 31, 2021 and 2022, the restricted cash, held by the Group at the United States financial institutions and denominated in the US$, amounted to US$664 and US$1,545, respectively.

A reconciliation of cash and restricted cash in the consolidated balance sheets to the amounts in the consolidated statement of cash flows is as follows:


	December 31,
	2021		2022
	US$		US$
Cash		63,198		143,531
Restricted cash		664		1,545

Total cash and restricted cash shown in the consolidated statements of cash flows		63,862		145,076

(

) Contract Balances

The timing of revenue recognition, billings and cash collections result in accounts receivable and contract liabilities. A contract liability is recognized when the Group has an obligation to transfer goods or services to a customer for which the Group has received consideration from the customer, or for which an amount of consideration is due from the customer.

Accounts receivable are recognized in the period when the Group has transferred products or provided services to its customers and when its right to consideration is unconditional. Amounts collected on accounts receivable are included in net cash provided by operating activities in the consolidated statement of cash flows. The Group maintains a general and specific allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. Accounts receivable balances with large creditworthy customers are reviewed by management individually for collectability. All other balances are reviewed on a pooled basis. A percentage of general allowance is applied to the balances of accounts receivable in each aging category, excluding those which are assessed individually for collectability. Management considers various factors, including historical loss experience, current market conditions, the financial condition of its debtors, any receivables in dispute, the aging of receivables and current payment patterns of its debtors, in establishing the required allowance.

An allowance for doubtful accounts is made and recorded into general and administrative expenses. Accounts receivable which are deemed to be uncollectible are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Group does not have any

off-balance

sheet credit exposure related to its customers.

(

) Inventories

Inventories, consisting of products available for sale, are stated at the lower of cost and net realizable value. Cost of inventory is determined using the

first-in,

first-out method. Adjustments are recorded to write down the cost of inventory to the estimated net realizable value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Group takes ownership, risks and rewards of the products purchased. Write downs are recorded in “Cost of revenues” in the consolidated statements of comprehensive income.

(

) Property and Equipment, net

Property and equipment are stated at cost less accumulated depreciation and any recorded impairment.

Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of the assets as follows:


Office and other equipment			3-5 years
Vehicles			10 years
Logistics, warehouse and other heavy equipment			15 years

When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value and the proceeds received thereon. Ordinary maintenance and repairs are charged to expense as incurred.

(

) Leases

In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU

2016-02

or ASC 842, which increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The FASB subsequently issued amendments to clarify the implementation guidance. As an emerging growth company, the Group adopted these standards on January 1, 2022, using a modified retrospective method for leases that exist at, or are entered into after, January 1, 2022, and has not recast the comparative periods presented in the consolidated financial statements. Additionally, the Group elected the package of practical expedients that allowed it not to reassess: (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. The Group also elected the hindsight practical expedient to determine the reasonably certain lease term for existing leases.

The Group categorizes leases at their inception as either operating or finance leases. Lease agreements mainly cover office space, warehouses, storage rack and other heavy equipment used in the warehouses. Most of these leases are operating leases; however, certain warehouse storage shelves from a third-party lessor are leased under finance leases. Leased assets pursuant to operating leases are included in operating lease

right-of-use

assets, while leased assets pursuant to finance leases are included in property and equipment, net. Operating lease

right-of-use

assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Group uses a secured incremental borrowing rate as the discount rate for present value of lease payments when the rate implicit in the contract is not readily determinable. Leases that have a term of twelve months or less upon commencement date are considered short-term in nature. Accordingly, short-term leases are not included on the consolidated balance sheets and are expensed on a straight-line basis over the lease term, which commences on the date the Group has the right to control the property.

The adoption of ASC 842 does not have impact to the retained earnings of the Group as of January 1, 2022. The following table summarizes the effect on the consolidated balance sheet as a result of adopting ASC 842.


	December 31,		Adjustments due to adoption of			January 1,
	2021		ASC 842			2022
	US$		US$			US$
ASSETS
Prepayments and other current assets		9,080		(2,344	) (a)		6,736
Operating lease right-of-use assets		—		150,568	(b)		150,568

LIABILITIES
Accrued expenses and other current liabilities		19,721		(4	) (c)		19,717
Current operating lease liabilities		—		28,612	(d)		28,612
Operating lease liabilities, non-current		—		119,616	(d)		119,616
Capital lease obligations		2,345		(2,345	) (e)		—
Finance lease obligations, non-current		—		2,345	(e)		2,345

(a)	Represents the prepaid rent reclassified to operating lease right-of-use assets.

(b)	Represents the result of discounting operating lease payments, the reclassification of prepaid rent and deferred rent accrual.

(c)	Represents the deferred rent accrual reclassified to operating lease right-of-use assets.

(d)	Represents the recognition of operating lease liabilities, current and non-current.

(e)	The account caption of “Capital lease obligations” in non-current liabilities was changed to “Finance lease obligations, non-current” upon adoption of ASC 842.

(

) Impairment of Long-lived Assets other than Goodwill

Long-lived assets with finite useful lives are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. No

impairment of long-lived assets w

recognized for the years ended December 31, 2020, 2021 and 2022.

(

) Revenue recognition

The Group recognizes revenues when the Group satisfies a performance obligation by transferring a promised good or service (that is, an asset) to a customer. An asset is transferred when the customer obtains control of that asset.

The Group evaluates whether it is appropriate to record the gross amount of merchandise sales and related costs or the net amount earned as commissions. When the Group is a principal, that the Group obtains control of the specified goods or services before they are transferred to the customers, the revenues should be recognized in the gross amount of consideration to which it expects to be entitled in exchange for the specified goods or services transferred. When the Group is an agent and its obligation is to facilitate third parties in fulfilling their performance obligation for specified goods or services, the revenues should be recognized in the net amount for the amount of commission which the Group earns in exchange for arranging for the specified goods or services to be provided by other parties. Revenues are recorded net of value-added taxes.

The Group focuses on selling large parcel merchandise to various distributors and individual customers, as well as the provision of ecommerce solutions on its own platform (“GigaCloud Marketplace”), with which the Group could democratize access and distribution globally to manufacturers (“Sellers”) and online resellers (“Buyers”) without borders. The Group’s revenues include revenues from product sales and services. Product sales include sales on the GigaCloud Marketplace (“GigaCloud 1P”) and sales to and through third-party ecommerce websites

(“Off-platform

ecommerce”). Service revenues are generated from services provided to registered users, including Sellers and Buyers on GigaCloud Marketplace (“GigaCloud 3P”).

GigaCloud 1P

The Group sells its merchandise to its customers, who are the Buyers of the GigaCloud Marketplace. The Group recognizes revenues net of discounts and return allowances. Such revenue is recognized at the point in time when the control of the merchandise is transferred to the Buyers, which generally occurs upon the shipment out of the Group’s warehouse to the destination designated by the Buyers.

Off-platform

ecommerce

There are two business lines subject to

Off-platform

ecommerce, which includes a) product sales made to third-party ecommerce websites (“Product sales to B”); and b) product sales to individual customers through third-party ecommerce websites (“Product sales to C”).

Product sales to B

The Group sells its merchandise to third-party ecommerce websites, who normally designate carrier companies to pick up merchandise from the Group’s warehouses. The Group recognizes revenue net of discounts and return allowances. Such revenue is recognized at the point in time when the third-party ecommerce websites obtain control of the merchandise, which is the shipment out of the Group’s warehouse and

pick-up

by the carrier companies designated by the third-party ecommerce websites. As expenses charged by these websites are not in exchange for a distinct good or service, therefore, the payments to these websites, which are the Group’s customers, are not recognized as expenses but recorded net of revenues.

Product sales to C

The Group sells its merchandise to individual customers through third-party ecommerce websites. The Group recognizes revenue when the control is transferred to the individual customers at an amount that reflects the consideration to which the Group expects to be entitled in exchange of that merchandise. Revenue is recognized at the point in time when the individual customers take possession of merchandise, which is when a merchandise is delivered to the customers. Expenses incurred for product sales made through these websites, which are considered as platform commission, are recorded as selling and marketing expenses.

Regarding GigaCloud 1P and

Off-platform

ecommerce, the Group recognizes revenue on a gross basis as the Group is acting as a principal in these transactions and is responsible for fulfilling the promise to provide the specified merchandise. Significant judgment is required to estimate the variable consideration incurred, which refers to return allowances. The Group estimates the variable consideration based on the volatility of markets and its past experience with similar types of product sales, and include the amounts of variable consideration in the transaction price to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Such estimates are made using the ‘expected value’ method and is updated as and when additional information is available. Liabilities for variable consideration were included in “Accrued expenses and other current liabilities”.

GigaCloud 3P

The Group enters contracts with customers, which often include promises to transfer multiple services. For these contracts, the Group accounts for individual performance obligations separately if they are capable of being distinct and distinct within the context of the contract. Determining whether services are considered distinct performance obligations may require significant judgment. Judgment is also required to determine the stand-alone selling price, for each distinct performance obligation.

The Group charges commission fees for sales transaction consummated on GigaCloud Marketplace. The Group acts as an agent, as it does not take control of the merchandise provided by the Sellers at any time during the transactions and does not have latitude over pricing of the merchandise. The Group sets a percentage of the transacted product value as commission fees initially when a transaction is completed; and, for customers whose monthly transaction value reaches certain specified hurdles, they would receive a varying level of credits that is applied retrospectively depending on the tier they have reached. Revenue of commission fee is recognized upon successful sales of the merchandise by the Sellers when the Buyers take ownership of the merchandise and could control the merchandise at their wish. As the Group resets and confirms the credit and hence the effective rate of commission fee for each Seller at the end of each calendar month, no estimation is required beyond the end of each month.

The Group also offers comprehensive supply chain solutions for Sellers. The Group provides services to help the Sellers to ship the merchandise from the Sellers’ manufacturing plant to the Group’s oversea warehouses, utilizing the Group’s extensive shipping network consisting of ocean transportation providers, custom declaration agents, and domestic shipping companies. Further, the Group also provide warehousing service to the Sellers and Buyers, whoever have the ownership of the merchandise, in connection with the storage of merchandise in the Group’s warehouses, as well as the last-mile delivery services from the Group’s warehouses to domestic destinations designated by the Buyers. Revenues resulting from these services are recognized over time, as the Group performs the services in the contracts with continuous transfer of control to the Sellers or Buyers, and they could simultaneously receive and consume the benefits of the Group’s performance as it occurs. The Group is acting as a principal in providing warehousing service, ocean transportation service and last-mile delivery services and recognizes revenue on a gross basis, as the Group determines the price and selects carriers on its own discretion.

The Sellers and Buyers could choose one or several of the above-mentioned services on GigaCloud Marketplace. Therefore, there may be multiple performance obligations included in one transaction. Revenue is allocated to each performance obligation based on its standalone selling price. The Group generally determines standalone selling prices based on observable prices. If the standalone selling price is not observable through past transactions, the Group estimates the standalone selling price based on multiple factors, including but not limited to management approved price list or cost-plus margin analysis.

(

) Cost of Revenues

Cost of product sales primarily consists of the purchase price of merchandise, shipping and handling costs for self-owned merchandise, warehouse rental expenses excluding the portion allocated to cost of service revenue, packaging fees and personnel related costs. Cost of services primarily consists of the domestic delivery cost, a portion of warehouse rental expenses, as well as the costs associated with the operation of the GigaCloud Marketplace.

The shipping and handling costs primarily consist of those costs incurred during the process of delivery in North America and markets in other regions, including the expenses attributable to shipment and handling activities, when the Group delivers a good to a customer.

(

) Selling and Marketing Expenses

Selling and marketing expenses mainly consist of platform service fee charged by third-party ecommerce websites arising from Product sales to C of Off-platform ecommerce, promotion expenses, payroll and related expenses for personnel engaged in selling and marketing activities and rental and depreciation expenses relating to facilities and equipment used by those employees.

(

) Advertising Expenses

Advertising expenses, including advertisements through various forms of media and marketing and promotional activities, are included in “selling and marketing expenses” in the consolidated statements of comprehensive income when incurred. Total advertising expenses incurred were US$1,075, US$1,851 and US$1,530 for the years ended December 31, 2020, 2021 and 2022, respectively.

(

) General and Administrative Expenses

General and administrative expenses mainly consist of share-based compensation, payroll and related costs for employees involved in general corporate functions, expenses associated with the use of facilities and equipment by these employees, such as rental and depreciation expenses, professional fees and other general corporate expenses.

(

) Government grants

Government grants are recognized when there is reasonable assurance that the Group will comply with the conditions attached to it and the grants will be received. The Group received government grants to support growth and competitiveness in the internet industry. No future related costs are stipulated. The government grants will be recognized in the Group’s consolidated statement of comprehensive income when the grant becomes receivable. Government grants of

nil, nil and US$1,085 was recorded in the Group’s consolidated statement of comprehensive income for the years ended December 31, 2020, 2021 and 2022, respectively.

(

) Share-based Compensation

The Group applies ASC 718 (“ASC 718”) Compensation—Stock Compensation to account for its share-based payments. In accordance with ASC 718, the Group determines whether an award should be classified and accounted for as a liability award or an equity award.

Share-based awards in the form of share options, restricted shares and ordinary shares are equity-classified awards and measured at the grant date fair value of the awards. Compensation expenses are recognized using the straight-line basis over the requisite service period, if and when the Group considers that it is probable that the performance condition will be achieved. When no future services are required to be performed in exchange for an award, and if such award does not contain a performance or market condition, the cost of the award is expensed on the grant date.

Share-based awards in the form of restricted share units are liability-classified awards, as the awards are share-settleable for a fixed monetary amount. The Company recognizes compensation cost for an award with only service condition that has a graded vesting schedule on a straight-line basis over the requisite service period for the entire award, provided that the cumulative amount of compensation cost recognized at any date at least equals the portion of the grant date value of such award that is vested at that date.

The Group elects to recognize the effect of forfeitures in compensation cost when they occur. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards is reversed.

A change in any of the terms or conditions of share-based awards is accounted for as a modification of the awards. “Not probable-to-probable” modification, which refers to the modification of the award that is not expected to vest under the original vest condition at the date of the modification, the compensation cost should be recognized equal to the modified award’s fair value at the date of the modification. “Probable-to-Probable” modification, which refers to the modification that does not change the expectation that the awards will ultimately vest, the cumulative amount of compensation cost that should be recognized is the original grant date fair value of the award plus any incremental fair value resulting from the modification. Incremental compensation cost shall be measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified.

(

) Employee Benefits

The Company’s subsidiaries and the VIEs in the PRC participate in a government mandated, multiemployer, defined contribution plan, pursuant to which certain retirement, medical, housing and other welfare benefits are provided to employees. PRC labor laws require the entities incorporated in the PRC to pay to the local labor bureau a monthly contribution calculated on the monthly basic compensation of qualified employees at a stated contribution rate of 25.5%. The Group has no further commitments beyond its monthly contribution. Employees in the United States are eligible to participate in one or more of savings plans that provide for periodic contributions by the Group based on plan-specific criteria, such as base pay, level and employee contributions.

For the years ended December 31, 2020, 2021 and 2022, the costs and expenses of the obligations to the defined contribution plans amounted to US$1,689, US$1,695 and US$2,610, respectively.

(

) Income Taxes

The Group accounts for income taxes using the asset and liability method. Current income taxes are provided on the basis of income before income taxes for financial reporting purposes, and adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the consolidated statements of comprehensive income in the period that includes the enactment date. A valuation allowance is provided to reduce the amount of deferred income tax assets if based on the weight of available evidence, it is

more-likely-than-not

that some portion, or all, of the deferred income tax assets will not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of futures profitability, the duration of statutory carryforward periods, the Group’s experience with operating loss and tax credit carryforwards, if any, not expiring.

The Group applies a

“more-likely-than-not”

recognition threshold in the evaluation of uncertain tax positions. The Group recognizes the benefit of a tax position in its consolidated financial statements if the tax position is

“more-likely-than-not”

to prevail based on the facts and technical merits of the position. Tax positions that meet the

“more-likely-than-not”

recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. Unrecognized tax benefits may be affected by changes in interpretation of laws, rulings of tax authorities, tax audits, and expiry of statutory limitations. In addition, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Accordingly, unrecognized tax benefits are periodically reviewed and

re-assessed.

Adjustments, if required, are recorded in the Group’s consolidated financial statements in the period in which the change that necessities the adjustments occur. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in certain circumstances, a tax appeal or litigation process. The Group records interest and penalties related to unrecognized tax benefits (if any) in income tax expense.

As disclosed in the Note 1

, as of December 31, 2021 and 2022, the Group had recognized tax provision on transfer pricing adjustments. Under PRC laws and regulations, an arrangement or transaction among related parties may be subject to audit or challenge by the PRC tax authorities within ten years after the taxable year when the arrangement or transaction takes place. If this occurs, the PRC tax authorities could request the Company’s subsidiaries and VIEs to adjust their taxable income in the form of a transfer pricing adjustment for PRC tax purposes if contractual arrangements among related parties do not represent arm’s length prices. Such a pricing adjustment could adversely affect the Group by increasing the Company’s subsidiaries’ and VIEs’ tax expenses without a corresponding reduction in the tax expenses, which, in turn, could lead to late payment fees and other penalties for underpayment of taxes.

(

) Concentration and Risk

Concentration of customers and suppliers

No customers individually represent greater than 10.0% of total revenues of the Group for the years ended December 31, 2020, 2021 and 2022.

One customer individually represents greater than 10.0% of total accounts receivable balance of the Group as of December 31, 2021 and three customers individually represents greater than 10.0% of total accounts receivable balance as of December 31,

2022


	December 31, 2021			December 31, 2022
	proportion of total accounts receivable balance			proportion of total accounts receivable balance


Customer A		26.6	%		28.3	%
Customer B		*			14.5	%
Customer C		*			10.1	%

*	Less than 10.0% of total accounts receivable balance as of the year end.

There

are no suppliers from whom purchases individually represent greater than 10.0%

of the total purchases of the Group for the years ended December 31, 2020, 2021 and 2022.

Concentration of credit risk

Financial instruments that potentially expose the Group to concentrations of credit risk consist principally of cash, restricted cash, and accounts receivable.

The Group’s investment policy requires cash and restricted cash to be placed with high quality financial institutions and to limit the amount of credit risk from any one institution. The Group regularly evaluates the credit standing of the counterparties or financial institutions.

Accounts receivable (Note 3), derived from product sales and provision of services on the Group’s GigaCloud Marketplace, as well as amounts due from third-party payment platforms (Note 5) derived from payment from individual customers collected by third-party payment platforms on behalf of the Group, are exposed to credit risk. The assessment of the counter parties’ creditworthiness is primarily based on past history of making payments when due and current ability to pay, taking into account information specific to the counter parties as well as pertaining to the economic environment in which the counter parties operate. Based on this analysis, the Group determines what credit terms, if any, to offer to each counter party individually. If the assessment indicates a likelihood of collection risk, the Group will not deliver the services or sell the products to or through the counter parties or require the counter parties to pay cash in time to secure payment.

Interest rate risk

The Group’s borrowings bear interests at fixed rates. If the Group were to renew these borrowings, the Group might be subject to interest rate risk.

Foreign currency exchange rate risk

The Group is exposed to risks from foreign currency exchange rate fluctuations on the translation of foreign operations into U.S. dollars and on the purchase of goods by these foreign operations that are not denominated in their local currencies. Changes in currency rates resulted in gains (losses) of US$1.0 million, US$

(2.0)

million and US$

(4.9)

million for the years ended December 31, 2020, 2021 and 2022, respectively, primarily due to foreign currency exchange rate fluctuations against the U.S. dollar.

(

) Earnings per Share

Basic earnings per share is computed by dividing net income attributable to ordinary shareholders, considering the accretions to redemption value of the preferred shares, by the weighted average number of ordinary shares outstanding during the year using the

two-class

method. Under the

two-class

method, any net income is allocated between ordinary shares and other participating securities based on their participating rights. A net loss is not allocated to participating securities when the participating securities do not have contractual obligations to share losses.

The Company’s preferred shares are participating securities as they participate in undistributed earnings on an

as-converted

basis. The preferred shares do not have a contractual obligation to fund or otherwise absorb the Group’s losses. Accordingly, any undistributed net income is allocated on a pro rata basis to the ordinary shares and preferred shares; whereas any undistributed net loss is allocated to ordinary shares only.

Diluted earnings per share is calculated by dividing net income attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of shares issuable upon the conversion of the preferred shares using the

as-converted

method, and exercise of outstanding warrant and share-based awards using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive.

(

) Segment Reporting

The Group’s chief operating decision maker has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. For the purpose of internal reporting and management’s operation review, the Group’s chief executive officer and management personnel do not segregate the Group’s business by revenue steam or geography. Management has determined that the Group has one operating segment.

(

) Statutory Reserves

In accordance with the PRC Company Laws, the

paid-in

capitals of the PRC subsidiaries and VIEs are not allowed to be transferred to the Company by way of cash dividends, loans or advances, nor can they be distributed except for liquidation.

In addition, in accordance with the PRC Company Laws, the Group’s PRC subsidiaries and VIEs must make appropriations from their

after-tax

profits as determined under the generally accepted accounting principles in the PRC (‘‘PRC GAAP’’) to

non-distributable

reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the

after-tax

profits after offsetting any prior year losses as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the PRC companies. Appropriation to the discretionary surplus fund is made at the discretion of the PRC companies.

The statutory surplus fund and discretionary surplus fund are restricted for use. They may only be applied to offset losses or increase the registered capital of the respective companies. These reserves are not allowed to be transferred to the Company by way of cash dividends, loans or advances, nor can they be distributed except for liquidation.

No appropriation to the reserve fund was made by the PRC subsidiaries and VIEs, as these PRC companies had accumulated losses as determined under PRC GAAP for the years ended December 31, 2020, 2021 and 2022.

) Recent Accounting Pronouncements

In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”), which eliminates two of the three models in ASC 470-20 that require separate accounting for embedded conversion features and eliminates some of the conditions for equity classification in ASC 815-40 for contracts in an entity’s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and generally requires them to include the effect of share settlement for instruments that may be settled in cash or shares. The Group adopted this standard on January 1, 2022, and such adoption did not impact on the consolidated financial statements.

The Group adopted ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, on January 1, 2022. This ASU requires certain annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model. The adoption of this standard did not have a material impact on the consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, and issued subsequent amendments to the initial guidance within ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-11 and ASU 2020-02, collectively referred to as “ASC 326”. ASC 326 requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASC 326 eliminates the probable initial recognition threshold in current GAAP and, instead, reflects an entity’s current estimate of all expected credit losses. The Group will adopt this ASC 326 on January 1, 2023. The adoption of this standard will result in a change of the Group’s provision policy primarily for accounts receivable, but is not expected to have a material impact on the Group’s consolidated financial statements.

Accounts Receivable, Net

12 Months Ended

Dec. 31, 2022

Accounts Receivable, Net [Abstract]

Accounts Receivable, Net

3. ACCOUNTS RECEIVABLE, NET

Accounts receivable, net, consisted of the following:


	December 31,
	2021			2022
	US$			US$
Accounts receivable		18,187			27,379
Allowance for doubtful accounts		(151	)		(237	)

Accounts Receivable, net		18,036			27,142

The movement of the allowance for doubtful accounts is as follows:


	Year ended December 31,
	2020			2021			2022
	US$			US$			US$
Balance as of the beginning of the year		(53	)		(64	)		(151	)
Additions charged to bad debt expense		(11	)		(87	)		(86	)

Balance as of the end of the year		(64	)		(151	)		(237	)

Inventories

12 Months Ended

Dec. 31, 2022

Inventories [Abstract]

Inventories

4. INVENTORIES

Inventories consisted of the following:


	December 31,
	2021		2022
	US$		US$
Products available for sale		56,444		59,829
Goods in transit		24,997		18,509

Inventories		81,441		78,338

Prepayments and Other Current Assets

12 Months Ended

Dec. 31, 2022

Prepayments And Other Current Assets [Abstract]

Prepayments And Other Current Assets

5. PREPAYMENTS AND OTHER CURRENT ASSETS

Prepayments and other current assets are consisted of the following:


	December 31,
	2021		2022
	US$		US$
Value-added taxes recoverable		564		201
Advances to suppliers		1,407		1,067
Amounts due from third-party payment platforms		3,165		3,814
Deposits		29		29
Prepaid expenses		3,617		1,405
Others		298		1,050

Prepayments and Other Current Assets		9,080		7,566

The deposits recorded in the prepayments and other current assets represent the deposits made to lessors for leasing warehouses and equipment, which are receivable within a year. The deposits of US$3,211 and US$3,182 as of December 31, 2021 and 2022, respectively, that are expected to be received beyond a year are recorded in the

non-current

assets.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment, Net [Abstract]

Property And Equipment, Net

6. PROPERTY AND EQUIPMENT, NET

Property and equipment, net, as of December 31, 2021 and 2022 consisted of the following:


	December 31,
	2021			2022
	US$			US$
Office and other equipment		1,350			1,755
Vehicles		218			263
Logistics, warehouse and other heavy equipment		10,739			13,630

Property and Equipment		12,307			15,648
Less: Accumulated depreciation		(1,232	)		(2,595	)

Property and Equipment, net		11,075			13,053

The carrying amounts of the Group’s property and equipment, net, acquired under

finance

leases as of December 31, 2021 and 2022 were as follows:


	December 31,
	2021			2022
	US$			US$
Logistics, warehouse and other heavy equipment		7,296			10,015

Property and Equipment		7,296			10,015
Less: Accumulated depreciation		(273	)		(926	)

Property and Equipment, net		7,023			9,089

Depreciation expenses on property and equipment were allocated to the following expense items:


	Year ended December 31,
	2020		2021		2022
	US$		US$		US$
Cost of revenues		188		573		970
General and administrative expenses		39		202		416

Total depreciation expenses		227		775		1,386

Borrowings

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Borrowings

7. BORROWINGS


	December 31,
	2021		2022
	US$		US$
Unsecured bank loans		582		207

Long-term borrowings		582		207

Current portion of long-term borrowings		345		207
Long-term borrowings, excluding current portion		237		—

In June 2020, the Group borrowed a

six-year

unsecured loan of US$68 from HSBC with an interest rate of 2.50% per annum. The loan can only be used for business benefits. The Group made full repayment to HSBC on August 25, 2021.

In July and October of 2020, the Group borrowed two three-year loans from MIZUHO Bank with the principal of US$375 and US$756, respectively. The loans bear no interest rate and are guaranteed by the chairman of the board of Oriental Standard Japan Co., Ltd.

For the years ended December 31, 2021 and 2022, the Group repaid bank loans in the amount of US$430 and US$312, respectively.

Accounts Payable

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accounts Payable

8. ACCOUNTS PAYABLE


	December 31,
	2021		2022
	US$		US$
Vendor payable		7,395		10,472
Shipping charges payable and others		17,745		21,101

Accounts Payable		25,140		31,573

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

9. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES


	December 31,
	2021		2022
	US$		US$
Finance lease obligations , current (Note 10)		2,343		2,916
Salary and welfare payables		3,070		3,957
Refundable deposits on GigaCloud Marketplace*		9,230		19,772
Professional fee accruals		900		983
Sales refund liability		1,417		1,532
Obligations under the remorse protection program		437		307
Prepaid consideration of restricted shares**		—		517
Liability classified share-based compensation		—		110
Other payables		2,324		6,968

Accrued Expenses and Other Current Liabilities		19,721		37,062

*	Refundable deposits on GigaCloud Marketplace represent the balance of deposits from Buyers and Sellers which could be withdrawn or used for their future purchase of the Group’s services or merchandise on GigaCloud Marketplace.

Pursuant to the 2017 Share Incentive Plan, in February 2022, the board of directors resolved to grant 210,898 restricted shares to its employees and non-employee service providers. The amount of US$1,578 prepayment of consideration that received by the Group before cliff vesting of such restricted shares was initially recorded in accrued expenses and other current liabilities. During the year ended December 31, 2022 and with the consummation

of the

initial public offering (“IPO”),

141,864 restricted shares were vested, and the related consideration of US$1,061 were transferred from accrued expenses and other current liabilities to additional paid-in capital, while the remaining of US$517 was recorded in accrued expenses and other current liabilities as of December 31, 2022.

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

10. LEASES

The Group leases office space, warehouse and equipment. Most of these leases are operating leases, the Group considers various factors such as market conditions and the terms of any renewal options that may exist to determine whether it will renew or replace the lease. In the event the Group is reasonably certain to exercise the option to extend a lease, the Group will include the extended terms in the operating lease

right-of-use

asset and operating lease liability. Certain warehouse storage shelves are leased under finance leases, which have a fixed lease term of three years from the lease commencement dates.

The gross amounts of assets and liabilities related to both operating and finance leases were as follows:


	Balance Sheet Caption	December 31, 2022
		US$
Assets:
Operating lease right-of-use assets	Operating lease right-of-use assets		144,168
Finance lease right-of-use assets	Property and equipment, net		9,089

Total right-of-use assets			153,257


	Balance Sheet Caption	December 31, 2022
		US$
Liabilities:
Current:
Operating lease liabilities	Current operating lease liabilities		(27,653	)
Finance lease liabilities	Accrued expenses and other current liabilities		(2,916	)
Non-current:
Operating lease liabilities	Operating lease liabilities, non-current		(116,564	)
Finance lease liabilities	Finance lease obligations, non-current		(867	)

Total lease liabilities			(148,000	)

The components of lease cost were as follows:


	Year ended December 31, 2022
	US$
Operating lease cost		29,564
Finance lease cost
Amortization of right-of-use assets		653
Interest on lease liabilities		557
Short-term lease costs		307

Total		31,081

Lease terms and discount rates are as follows:


	December 31, 2022
Weighted average remaining lease term (years):
Operating leases		6.05
Finance leases		1.21

Weighted average discount rate:
Operating leases		1.36	%
Finance leases		11.46	%

Future minimum lease payments as of December 31, 2022, including rental payments for lease renewal options the Group is reasonably certain to exercise were as follows:


	Operating leases			Finance leases
	US$			US$
2023		29,441			3,172
2024		29,543			894
2025		26,466			—
2026		22,867			—
2027		16,673			—
2028 and thereafter		25,713			—

Total lease payments		150,703			4,066
Less: imputed interest		(6,486	)		(283	)

Present value of lease liabilities		144,217			3,783

Supplemental cash flow information related to leases was as follows:


	Year ended December 31, 2022
	US$
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		27,175
Operating cash flows from finance leases		557
Financing cash flows from finance leases		3,624

Right-of-use assets obtained in exchange for lease obligations a
Operating leases		24,270
Finance leases		2,719

a.	This supplemental non-cash disclosure for right of use assets obtained in exchange for new lease liabilities refers to an increase in lease liabilities associated with obtaining new right of use assets.

The approximate future minimum lease payments under operating leases as of December 31, 2021 follow:


Year ended December 31, 2021	US$
2022		31,054
2023		28,101
2024		24,543
2025		19,421
2026		14,914
2027		8,353
2028		2,637

The Group’s capital lease obligations as of December 31, 2021 are summarized as follows:


	December 31, 2021
	Present value of the minimum lease payments		Total minimum lease payments
	US$		US$
Within 1 year		2,343		2,724
After 1 year but within 2 years		2,016		2,154
After 2 years		329		336

		4,688		5,214
Less: total future interest expense				(526	)

Present value of lease obligations				4,688

Including:
Current portion				2,343
Non-current portion				2,345

Preferred Shares

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Preferred Shares

11. PREFERRED SHARES

Series A Preferred Shares

On September 1, 2006, DCM IV, L.P. (“DCM IV”), DCM Affiliates Fund IV, L.P. (“DCM IV Affiliates”, together with DCM IV are referred to as “DCM”) and DT Ventures China Fund II, L.P. (“DT”) lent loans with an aggregate amount of US$600 to the Company. The loans assumed an interest rate of 7.04% per annum.

On November 23, 2006, DCM IV, DCM IV Affiliates and DT respectively subscribed 83,477 shares, 2,123 shares and 36,400 shares of Series A Convertible Preferred Shares (in aggregate of 122,000 shares, “Series A Preferred Shares”), at US$50 per share with total cash consideration of US$6,100. On the same day, DCM IV, DCM IV Affiliates and DT converted the loans and accrued interest, with total amount of US$610, into 8,322 shares, 211 shares and 3,657 shares of Series A Preferred Shares, respectively, (12,190 shares in aggregate), at US$50 per share.

Series B Preferred Shares

On February 25, 2009, DCM and DT lent loans with an aggregate amount of US$2,500 to the Company. The loans did not bear an interest rate. On February 28, 2013, DCM IV, DCM IV Affiliates and DT respectively subscribed to 4,462,264, 113,478 and 1,708,431 of Series B Convertible Preferred Shares (in aggregate of 6,284,173 shares, “Series B Preferred Shares”), at US$0.32 per share with total consideration of US$2,000. On the same day, DCM IV, DCM IV Affiliates and DT converted the loans with total amount of US$2,500 into 5,373,699 shares, 136,656 shares and 2,344,859 shares of Series B Preferred Shares, respectively, (7,855,214 shares in aggregate) at US$0.32 per share. On February 28, 2013, Larry Lei Wu subscribed 1,571,043 shares of Series B Preferred Shares at US$0.32 per share with total cash consideration of US$500.

On February 28, 2013, the Company entered into a share repurchase agreement, pursuant to which the Company repurchased 4,075,522 shares, 103,643 shares and 1,539,677 shares of Series B Preferred Shares from DCM IV, DCM IV Affiliates and DT, respectively, (in aggregate of 5,718,842 shares, “Repurchased Shares”), at a repurchase consideration of one U.S. dollar for each investor. All of these Repurchased Shares were canceled immediately on the same day. The Company considered such repurchase a linked transaction with the subscription of Series B Preferred Shares as mentioned in above.

Series C Preferred Shares

On August 1, 2014, the Company acquired Comptree International Limited. (“Comptree”) by issuing 2,905,802 shares of ordinary shares to FireDragon Holdings Inc. (“FireDragon”), 964,981 ordinary shares to DCM IV, 24,540 ordinary shares to DCM IV Affiliates and 4,358,702 Series C convertible Preferred Shares (“Series C Preferred Shares”) to DT eCommerce Investment Limited (“DT eCommerce”) in exchange for 100% shares of interests in Comptree held by FireDragon and DT eCommerce, for the purpose of the Group’s business expansion into the United States. FireDragon was owned by the founder of Comptree. DT eCommerce was under common control of DT. Based on the mutual understanding of all parties, 794,822 shares of ordinary shares issued to FireDragon was shares granted to Lianya Pan for his continuing service to the Group, who was the previous chief executive officer of Comptree and sole shareholder of FireDragon. The remaining ordinary shares issued to FireDragon and Series C Preferred Shares issued to DT eCommerce were considered as the acquisition consideration of Comptree.

Regarding the common shares and Series C Preferred Shares issued as mentioned above, the Company measured their fair value as of the acquisition date. Fair value is estimated based a discounted cash flow method, as of the valuation date.

Series D Preferred Shares

On March 27, 2017, Hong Kong Red Star Macalline Universal Home Furnishings Limited (“Red Star”) subscribed 2,943,786 Series D Convertible Preferred Shares (“Series D Preferred Shares”) at US$2.74 per share with total cash consideration of US$8,053.

Series E Preferred Shares

On November 24, 2020, Honeysuckle Creek Limited (“JD”) and HUA YUAN INTERNATIONAL LIMITED (“HUA YUAN”) respectively subscribed 2,719,802 shares and 1,279,907 Series E Convertible Redeemable Preferred Shares (in aggregate of 3,999,709 shares, “Series E Preferred Shares”), at US$6.25 per share with total cash consideration of US$25,000.

The rights, preferences and privileges of the Preferred Shares are as follows:

Redemption Rights

There are no redemption rights for the Series A, B, C, and D Preferred Shares.

The investors of Series E Preferred Shares have a right to require the Company to redeem their investments, at any time and from time to time on or after the date of the earliest to occur of the following (i) the Company fails to complete a qualified IPO within seven years after the closing date; (ii) any material breach by any warrantor of any of their respective representations, warranties, covenants or undertakings under the transaction documents; (iii) any commission of, or participation in, fraudulent act or act of dishonesty by any founder against any company within the Group which has severely harm interests of the Series E shareholders; (iv) loss of control; (v) the termination of employment of Larry Lei Wu with any company within the Group; (vi) the occurrence of

non-compliance

with or violation of any applicable laws by any company within the Group which have a material adverse effect; (vii) the shareholders of Series A, B, C, and D Preferred Shares have become entitled to request, and have so requested, redemption of their Preferred Shares.

The redemption price equals to 100% of the Series E Preferred Shares issue price with an 6% compound per annum, plus any declared but unpaid dividends on such Preferred Shares.

Conversion Rights

At the option of the holders, each Preferred Share, all or any portion of that, may be converted at any time prior to a qualified IPO after the original issue date into ordinary shares at an initial conversion ratio of

1:1

. Further, without any action being required by the holder of such share and whether or not the certificates representing such share are surrendered to the Company or its transfer agent, the Preferred Share shall automatically be converted into ordinary shares upon (i) the closing of a qualified IPO, based on the then effective applicable conversion price or (ii) the date specified by written consent or agreement of the holders of seventy-five percent (75%) of the then outstanding Preferred Shares.

In case the Company shall (a) pay a dividend or make a distribution on its ordinary shares in ordinary shares, (b) subdivide or reclassify its outstanding ordinary shares into a greater number of shares, or (c) combine or reclassify its outstanding ordinary shares into a smaller number of shares, the applicable conversion price in effect immediately prior to such event shall be adjusted so that the holder of the Preferred Shares thereafter converted shall be entitled to receive the number of ordinary shares of the Company which it would have owned or have been entitled to receive after the happening of such event had the Preferred Shares been converted immediately prior to the happening of such event. An adjustment shall become effective immediately after the record date in the case of a dividend or distribution and shall become effective on the effective date in the case of subdivision, combination or reclassification. If any dividend or distribution is not paid or made, the applicable conversion price then in effect shall be appropriately readjusted.

The conversion of Preferred Shares may be effected, to the extent permitted by the statute, by any of the following methods: (i) a redesignation of the Preferred Shares being converted; (ii) a repurchase of such Preferred Shares and issue of the relevant number of ordinary shares; or (iii) in other manner as the board of directors may determine (including affirmative vote) and as permitted by the statute.

Voting Rights

Each Preferred Share has voting rights equivalent to the number of ordinary shares into which such Preferred Shares could be then convertible.

Dividend Rights

Non-cumulative

dividends per Preferred Share of 8% per annum when and if declared by the board of the Company, prior and in preference to holders of all other current or future class or series of shares of the Company, including the ordinary shares. After the preferential dividends have been paid in full or declared and set apart in any fiscal year of the Company, any additional dividends out of funds legally available therefor may be declared in that fiscal year for the ordinary shares and, if such additional dividends are declared, then such additional dividends shall be declared pro rata on the ordinary shares and all Preferred Shares on an

as-converted

basis.

Liquidation Preferences

In the event of any liquidation, holders of the Preferred Shares shall be entitled to receive, prior and in preference to any distribution or payment shall be made to the holders of any ordinary shares, the liquidation preference amount per share is equal to one hundred percent (100%) of the original issue price on each Preferred Share (adjusted for any share splits, share dividends, combinations, recapitalizations and similar transactions), as the case may be, plus all dividends accrued and unpaid with respect thereto (as adjusted for any share splits, share dividends, combinations, recapitalizations and similar transactions) per Series A to E Preferred Shares, except the Series C, then held by such holder.

Liquidation preference is as follows in sequence: Series E Preferred Shares, Series D Preferred Shares, Series B Preferred Shares, Series A Preferred Shares. After distribution or payment of the subscription price in full, of the liquidation preference amount distributable or payable on the Series E Preferred Shares, Series D Preferred Shares, Series B Preferred Shares and Series A Preferred Shares, the remaining assets of the Company available for distribution to members shall be distributed ratably among the holders of outstanding ordinary shares and holders of outstanding Preferred Shares on an

as-converted

basis.

If the Company increases its share capital at a price lower than the price paid by the investors on a per share basis, the investors have a right to require the Company to issue new shares for nil consideration (or nominal consideration) to the investors, so that the total amount paid by the investors divided by the total amount of share capital obtained is equal to the price per share in the new issuance.

Drag-along Rights

Regarding Series A, B and C Preferred Shares, in the event that (i) at any time after the closing date, the Company receives an offer from any person, who has delivered a good faith written offer to purchase all or any portion of a shareholder’s shares, including without limitation, the beneficial ownership of any shareholder’s shares through the transfer of any of the underlying equity ownership of such shareholder, that if consummated, will result in a deemed liquidation event, and (ii) such offer is approved by the holders of at least seventy-five percent (75%) of the total issued and outstanding Preferred Shares, then the Company and each shareholder agree that: (i) the Company shall send written notice to all existing shareholders within five business days of receipt of the offer; and, (ii) the holders of ordinary shares shall sell and transfer, and shall procure all holders of ordinary/preferred shares to sell and transfer, their ordinary/preferred shares on terms and conditions set forth in the offer.

Regarding Series D and E Preferred Shares, in the event that (i) at any time after the closing date, the Company receives an offer from any person, who has delivered a good faith written offer to purchase all or any portion of a shareholder’s shares, including without limitation, the benefit ownership of any shareholder’s shares through the transfer of any of the underlying equity ownership of such shareholder, that if consummated, will result in a deemed liquidation event, and (ii) such offer is approved by the holders of at least seventy-five percent (75%) of the total issued and outstanding Preferred Shares and the holders of at least

fifty-one

percent (51%) of the total issued and outstanding ordinary shares, then the Company and each shareholder agree that: (i) the Company shall send written notice to all existing shareholders within five business days of receipt of the offer; and, (ii) the holders of ordinary shares shall sell and transfer, and shall procure all holders of ordinary/preferred shares to sell and transfer, their ordinary/preferred shares on terms and conditions set forth in the offer.

If the Drag-along rights are triggered on or prior to the fifth anniversary from the closing date, the Drag-along rights shall not apply unless such the sale results in aggregate proceeds of an agreed amount, of at least US$40,000 for the Series A, B and C Preferred Shares, or US$150,000 for the Series D and E Preferred Shares. The Drag-along rights shall terminate upon a qualified

IPO. Given the Company has been listed in August 2022 (see Note 12 for details), the Drag-along rights were terminated accordingly.

Right to purchase additional shares

On March 27, 2017, the Company entered an Adjustment Agreement (the “VAM Agreement”) with Larry Lei Wu, certain management team members and Red Star, the Series D Preferred Shareholder. The VAM Agreement gives Red Star the option to require (i) the Company to acquire certain ordinary shares and vested stock options from management and Larry Lei Wu at a nominal price of one U.S. dollar and (ii) issue additional Series D Preferred shares to Red Star, also at a nominal price of one U.S. dollar (the “Warrant”), under certain condition when milestones stipulated in the VAM Agreement could not be satisfied.

Milestones have been stipulated in the VAM Agreement and the parties agree that no adjustment under this VAM Agreement will be made if:

the 2017 sales revenue exceeds US$79,200, and the 2018 net profits exceed US$6,300; or

the Company completes a qualified financing prior to June 30, 2019, for which the

pre-money

valuation of the Company in such one or more rounds of financing shall be no less than US$144,953 (the “Target Valuation”) with a total investment amount or subscription price in such next one or more rounds of financing transaction of no less than US$3,000.

The VAM Agreement also stipulates the adjustment procedures, that the Company and Larry Lei Wu and those management team members shall procure the Company to, promptly furnish to Red Star, prior to July 15, 2019, a written statement setting forth whether there is an adjustment, showing in detail the facts upon which the adjustment is based on (if any) (the “Company’s Notice”) with the 2017 financial statements, the 2018 financial statements, and/or the financing documents relating to the milestones. Red Star shall be entitled to furnish to the Company a written statement (the “Investor’s Notice”) requesting the adjustment before September 30, 2019.

This VAM Agreement shall be terminated upon the occurrence of any of the following events: (i) the parties agree to terminate this VAM Agreement; or (ii) the adjustment exemption applies upon the confirmation of Red Star; or (iii) Red Star has not furnished the Investor’s Notice to the Company prior to September 30, 2019.

The Company satisfied the milestone of 2017 sales revenue, failed the milestones of 2018 net profits and the failed to complete a qualified financing prior to June 30, 2019. The Company sent a notice to Red Star before July 15, 2019. However, Red Star did not furnish the Investor’s Notice to the Company. Therefore, the Company was not required to perform the adjustment procedures, acquiring any ordinary share and vested options from Larry Lei Wu and the management team or sell additional Series D Preferred Shares to Red Star. The VAM Agreement was terminated on September 30, 2019.

The Company classified Series E Preferred Shares as mezzanine equity in the consolidated balance sheets, as they are contingently redeemable upon occurrence of certain events outside of the sole control of the Company. The Company recognized changes in the redemption value immediately as they occur and adjust the carrying value of the Series E Preferred Shares to equal the redemption value at the end of each reporting period, as if it were also the redemption date of the Preferred Shares.

The Company classified Series A, B, C and D Preferred Shares as permanent equity according to temporary equity exception in

ASC

480-10-S99-3A(3f)

. Once a deemed liquidation event is triggered, all preferred shareholders are entitled to request the Company to liquidate with the liquidation proceeds being distributed among all shareholders based on the stipulated liquidation preference. The Company’s shareholders would receive the same form of consideration.

The Company evaluated the embedded conversion and redemption options in the series of Preferred Shares to determine if the embedded conversion option require bifurcation and accounting for as a derivative, and concluded that the embedded conversion and redemption options of Preferred Shares did not need to be bifurcated pursuant to ASC 815,

Derivatives and Hedging

, because these terms do not permit net settlement, nor can they be readily settled net by a means outside the contract, nor can they provide for delivery of an asset that puts the holders in a position not substantially different from net settlement. The Company also determined that there was no beneficial conversion feature attributable to Preferred Shares because the initial effective conversion prices of these Preferred Shares were higher than the fair value of the Company’s ordinary shares at the relevant commitment dates. The fair value of the Company’s ordinary shares on the commitment date was estimated by management, which involves significant assumptions that might not be observable in the market, and a number of complex and subjective variables, including discount rate, risk-free interest rate and subjective judgments regarding the Company’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants are made.

The Company determined that the Warrant granted to Red Star should not be identified as a freestanding instrument, nor should it be bifurcated, as the option could not be separate and apart from Series D Preferred Shares, nor could it be legally detachable and separately exercisable from host contract. Further, the Warrant is not considered as a derivative either, because there is no net settlement available as the Company is not a listed company.

Activities of the Series E Preferred Shares for the years ended December 31, 2020, 2021 and 2022 consisted of the following. As disclosed in the Note 12, Series E Preferred Shares were converted to the Company’s Class A ordinary shares upon the completion of the Company’s IPO.


	Series E Preferred Shares
	US$
Balance as of January 1, 2020		—
Issuance for cash		25,000
Issuance costs		—
Accretion of Preferred Shares		152

Balance as of December 31, 2020		25,152
Accretion of Preferred Shares		1,500

Balance as of December 31, 2021		26,652

Accretion of Preferred Shares		941
Conversion to Class A ordinary shares		(27,593	)

Balance as of December 31, 2022		—

Ordinary Shares

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Ordinary Shares

12. ORDINARY SHARES

As of December 31, 2020, the Company’s authorized ordinary shares were 38,572,025 with par value of US$0.05 per share. The number of ordinary shares issued and outstanding was 9,495,844.

On July 11, 2021, the board of directors resolved to approve the exercise of 1,587,086 share options (See Note 13). The number of ordinary shares issued and outstanding was 11,082,930 as of December 31, 2021.

In February 2022, the Company issued 26,738 ordinary shares to the Group’s former chief financial officer at the consideration of US$2. The former chief financial officer terminated his service in the Group in January 2022, the ordinary shares were granted as the compensation for his past service to the Group. Fair value of these shares was determined using the income approach and equity allocation method on the

issuance date. The share-based compensation

expenses of nil

, nil

and US$199

were recorded in general and administrative expenses in the consolidated statement of comprehensive income for the year ended December 31, 2020, 2021 and 2022.

In July 2021, the Company established Dongsi Tou Tiao Trust and Dongsi Er Tiao Trust, which are collectively referred to as the Equity Incentive Trusts, under their respective trust deeds dated in July 2021. Dongsi Tou Tiao Trust and Dongsi Er Tiao Trust controls and manages the British Virgin Islands incorporated entities, Dongsi Tou Tiao Limited and Dongsi Er Tiao Limited, respectively, which are collectively referred to as the Trust Holdcos. In February 2022, the Company issued 4,765,903 ordinary shares to the Trust Holdcos, for the purpose of issuing ordinary shares to the grantees upon the exercise of 210,898 restricted shares and 4,555,005

share options. The ordinary shares issued to the Trust Holdcos were accounted for as treasury shares of the Company upon issuance. The Trust Holdcos do not hold any other assets or liabilities as of December 31, 2022, nor earn any income nor incur any expenses for the year then ended. During the year ended December 31, 2022 with the consummation of the IPO, 141,864 restricted shares were released from restriction for the satisfaction of vesting condition (see Note 13 for details). The related par value with immaterial amount was deducted from treasury shares and transferred to additional paid-in capital.

In July 2022, the Company’s board of directors resolved to adopt a dual-class voting structure that will become effective immediately prior to the completion of its IPO. Holders of Class A ordinary shares and holders of Class B ordinary shares will have the same rights, except for voting and conversion rights. In respect of matters requiring a shareholder’s vote, each Class A ordinary share will be entitled to one vote and each Class B ordinary share will be entitled to ten votes.

Upon completion of the IPO, the Class B ordinary Shares will be held only by Mr. Larry Lei Wu and his vehicles, namely Ji Xiang Hu Tong Holdings Limited and Talent Boom Group Limited. All other shareholders will hold only Class A ordinary shares. Each Class B ordinary share was stipulated to be convertible into one Class A ordinary share at any time, by the holder thereof. However, Class A ordinary shares were not entitled to be convertible into Class B ordinary shares at any time, under any circumstances.

In August 2022, the Company completed its IPO on the Nasdaq Global Market, or Nasdaq, under the symbol “GCT”. Upon the completion of the IPO:

The dual-class voting structure has become effective. 1,571,043 Series B redeemable convertible preferred shares (“Preferred Shares”) which were beneficially owned by Mr. Larry Lei Wu, the founder, chairman of board of directors and chief executive officer of the Company were converted to Class B ordinary shares at a par value of US$0.05 per share on a

one-for-one-basis.

7,755,689 ordinary shares issued and held by Mr. Larry Lei Wu and his vehicles were redesignated as Class B ordinary shares.

The Series B Preferred Shares held by investors other than Mr. Larry Lei Wu and all other series of Preferred Shares (including 3,999,709 Series E Preferred Shares which were recorded as mezzanine equity) with the aggregated 19,856,932 shares were converted to Class A ordinary shares at a par value of US$0.05 per share on a

one-for-one-basis.

8,119,882 ordinary shares issued and held by shareholders other than Mr

Larry Lei Wu and his vehicles were redesignated as Class A ordinary shares.

The Company issued 3,381,000 Class A ordinary shares (including 441,000 Class A ordinary shares issued to the underwriter by exercising its over allotment option) at an issuance price of US$12.25 per share for net proceeds of US$33.4 million, after deducting underwriting commissions and other offering expenses in the aggregated amount of US$8.0 million.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Share-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

13. SHARE-BASED COMPENSATION

In addition to the ordinary shares issued to the Group’s former chief financial officer in February 2022 as disclosed in the Note 12, the Group granted share-based awards to certain employees and non-employee service providers, of which, the details are specified as follows:

2017 Share Incentive Plan

On March 27, 2017, the board of directors resolved to approve another share award scheme (the “2017 Share Incentive Plan” or the “2017 Plan”) to the Group’s eligible employees and

non-employee

service providers.

Share options

In 2020,

2,833,812

share awards under 2017 Plan were granted, of which,

114,258

share awards were granted to

non-employee

service providers for providing operation consultation and business development services. The remaining

2,719,554

share awards were granted to the Group’s directors and employees. Of the total grants, 1,661,635 share options contained service condition that required the grantees to render services for a period ranged from six months to forty-two months.

On October 15, 2020, Larry Lei Wu entered into an arrangement with the Company, whereby

389,486

share options were repurchased by the Company with the price at US$

6.25

per share with total consideration of US$

2,435

. The repurchases did not trigger the consideration of classification of the share options from equity to liability, as the repurchase was within the sole control of the Company.

On July 11, 2021, the Company’s board of directors resolved to approve the immediate exercise

of 1,587,086

share options, which were granted under the 2017 Plan to certain directors and key employees on July 1, 2020 and July 1, 2021, respectively. These share options were originally exercisable upon a qualified IPO before expiration date

of ten years

after grant dates with no vesting condition stipulated. The Group accounted for the modification as a not probable-to-probable modification. Such modification resulted in unrecognized share-based compensation expenses of US$9,681 as general and administrative expenses in the consolidated statement of comprehensive income for the year ended December 31, 2021.

In July 2021, the board of directors further resolved to grant 1,160,557 share options to the Group’s eligible employees under the 2017 Plan. No service condition was stipulated for the share options.

Except for the repurchase of

389,486

share awards in 2020 and the modification of

1,587,086

awards made to certain directors and key employees in 2021, all outstanding share awards as of December 31, 2020 and 2021 can only be exercised upon the consummation of a qualified IPO before expiration date

ten years

after the date of the awards. The completion of a qualified IPO is considered a performance condition of the awards. A qualified IPO is not considered being probable by management before it is completed. Under ASC 718, compensation cost should be recognized if it is probable that the performance condition will be achieved. As a result, no compensation expense was recognized related to these shares awards.

A summary of the share options for the years ended December 31, 2020 and 2021 is presented below:


	Number of shares			Weighted average exercise price		Weighted average grant-date fair value		Weighted remaining contractual years		Aggregate intrinsic value
				US$		US$				US $
Outstanding at January 1, 2020		2,152,830			0.05		0.40		4.97		753
Granted		2,833,812			0.05		2.30		10		6,376
Repurchased		(389,486	)		0.05		6.25		9.14		(2,415	)

Outstanding at December 31, 2020		4,597,156			0.05		1.08		6.89		4,714


	Number of shares			Weighted average exercise price		Weighted average grant-date fair value		Weighted remaining contractual years		Aggregate intrinsic value
				US$		US$				US$
Outstanding at December 31, 2020		4,597,156			0.05		1.08		6.89		4,714
Granted		1,160,557			0.05		6.10		10		7,021
Exercised		(1,587,086	)		0.05		6.10		9.19		(9,602	)

Outstanding at December 31, 2021		4,170,627			0.05		0.57		5.64		2,133

In February 2022, the board of directors resolved to grant 385,434 share options to its employees with no service condition stipulated. The completion of a qualified IPO is considered a performance condition of the share option awards, which is not considered being probable by management before it is completed.

Pursuant to the consummation of the IPO in August 2022, the Group recognized share-based compensation expenses of US$8,825 for 4,529,383 share options upon the vest. In addition, the Group also approved the modification to cancel the service condition of 26,678 share options, which were granted under the 2017 Plan to certain employees on July 1, 2020. The Group accounted for the modification as a probable-to-probable modification but did not record any incremental share-based compensation expense since the fair value of the modified awards immediately after the modification was not greater than the fair value of the original awards immediately before the modification. The Group recorded share-based compensation expenses of US$62 relating to the 26,678 share options with original grant date fair value in general and administrative expenses in the consolidated statement of comprehensive income after the modification. All share options have vested upon the consummation of the IPO.

The following table summarizes activities of share options for the year ended December 31, 2022:


	Number of shares		Weighted average exercise price		Weighted average grant- date fair value		Weighted remaining contractual years		Aggregate intrinsic value
			US$		US$				US$

Outstanding at December 31, 2021		4,170,627		0.05		0.57
Granted		385,434		0.05		7.43
Outstanding at December 31, 2022		4,556,061		0.05		1.15

Vested and expect to be vested at December 31, 2022		4,556,061		0.05		1.15		5.02		5,239

Exercisable at December 31, 2022		4,556,061		0.05		1.15		5.02		5,239

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the estimated fair value of the underlying stock at each reporting date.

The fair values of share options granted are estimated on the dates of grant using the binomial option pricing model with the following assumptions used:


	Year ended December 31,
Grant dates:	2020			2021			2022
Risk-free rate of return		0.67	%		1.46	%		1.80	%
Volatility		45.23	%		44.17	%		43.6	%
Expected dividend yield		0.00	%		0.00	%		0.00	%
Exercise multiple		2.20/2.80			2.20/2.80			2.20/2.80
Fair value of underlying ordinary share		US$2.35			US$6.15			US$7.5
Expected terms		10 years			10 years			10 years

The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Group’s options. The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in US$ for a term consistent with the expected term of the Group’s options in effect at the option valuation date. Expected dividend yield is zero as the Group does not anticipate any dividend payments in the foreseeable future. The expected exercise multiple was estimated as the average ratio of the stock price to the exercise price of when employees would decide to voluntarily exercise their vested options. Expected term is the contract life of the option.

Total compensation expenses recognized are allocated to the following expense items.


	Year ended December 31,
	2020		2021		2022
	US$		US$		US$

Cost of revenues		—		—		487
Selling and marketing expenses		—		—		748
General and administrative expenses		—		9,681		7,652

Total share compensation expenses		—		9,681		8,887

Restricted shares

In February 2022, the board of directors also resolved to grant 205,708 and 5,190

restricted shares to its employees and

non-employee

service providers, respectively. The grantees of the restricted shares shall pay in full of the consideration

within 45

days at the exercise price of

US$7.48

per share after the grant date of such restricted shares; otherwise, the Company shall be entitled to cancel the grant. The grantees are subject to the service condition of three years’ continuous service since their service commencement in the Group; upon the grantee’s early service termination, the Company shall have the right (but not the obligation) to repurchase all or any portion of the shares in cash, at the amount of the original purchase price actually paid by the grantee for such restricted shares. The restricted shares will immediately be released from restrictions upon the satisfaction of both (1) completion of a qualified IPO, and (2) the completion of the grantees three years’ continuous service since their service commencement in the Group. When both criteria are achieved, the grantees are entitled to cliff and cumulatively vest the total grants. Pursuant to the completion of the IPO in August 2022, as of December 31, 2022, 141,864 restricted shares were released as grantees of such restricted shares satisfied the service condition of three years’ continuous service since their service commencement in the Group.

For the 141,864 restricted shares, the Company recognized trivial amount share-based compensation expenses during the year ended December 31, 2022. The grant date fair value of the restricted shares is US$0.0015, which was estimated using the income approach and equity allocation method. Estimation of the fair value of the shares involves significant assumptions that might not be observable in the market, and a number of complex and subjective variables, discount rate, risk-free interest rate and subjective judgments regarding the Group’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants are made. The fair value of these awards was determined by management with the assistance from a valuation report prepared by an independent valuation firm using management’s estimates and assumptions.

On November 18, 2022, the board of directors further resolved to grant 10,000 restricted shares to one non-employee service provider. The exercise price of the restricted shares was stipulated as US$0.05 per share, which is identical with par value of the Company’s ordinary shares. The restricted shares vested immediately after the grants with no further condition required. Given the award was directly attributable to the IPO consummated, the Company recorded the cost of US$59 against the gross proceeds of the offering.

A summary of the Company’s restricted shares for the year ended December 31, 2022 is presented below:


	Number of shares			Weighted average grant date fair value
Outstanding at January 1, 2022		—			—
Granted		220,898			0.2690
Vested		(151,864	)		0.3906
Outstanding at December 31, 2022		69,034			0.0015

Expect to be vested at December 31, 2022		69,034			0.0015

As of December 31, 2022, unrecognized compensation expenses with trivial amount relating to the remaining

69,034

unvested restricted shares will cliff and cumulatively vest upon the satisfaction of the service condition.

In 2022, the Group received the total exercise consideration of these restricted shares amounting to US$1,578. The consideration of US$1,061 related to the vested restricted shares were recorded in additional paid-in capital, while the remaining of US$517 was recorded in accrued expenses and other current liabilities as of December 31, 2022.

Warrant

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Warrant

14. WARRANT

On July 1, 2022, the Company entered into an agreement with Aegis Capital Corp. (the “Underwriter”), pursuant to which, the Company agrees to issue a warrant to the Underwriter upon the completion of its IPO as additional compensation for the Underwriter’s services, which entitles the Underwriter to purchase up to 1.0% of Class A ordinary shares sold in the IPO in the par value of US$0.05 per share, at the exercise price of 150% of the public offering price of US$12.25 per share.

The Company issued a warrant to the Underwriter at the closing of the offering on August 22, 2022, and the Underwriter is entitled to subscribe for, purchase and receive, in whole or in part, up to 29,400 Class A ordinary shares in the par value of US$0.05 per share, at the exercise price of US$18.375 per share, at any time beginning February 17, 2023, and at or before February 17, 2025.

The warrant is classified as equity under ASC 718. The Company initially recognized warrant in the amount of US$748 in addition paid in capital based on the fair value of the warrant, which was determined using the binomial option pricing model on the issuance date. In addition, given the warrant was directly attributable to the IPO consummated, the Company recorded the cost incurred against the gross proceeds of the offering.

The fair value of the warrant upon the issuance during the year ended December 31, 2022 is estimated with the following assumptions used respectively:


	Year ended December 31,
	2022
Risk-free rate of return		3.14	%
Volatility		46.68	%
Expected dividend yield		0.00	%
Fair value of underlying ordinary share		US$41.41
Expected terms		2.5 years

The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the warrant. The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in US$

for

a term consistent with the expected term of the warrant in effect at the valuation date. Expected dividend yield is zero as the Group does not anticipate any dividend payments in the foreseeable future. Expected term is the contract life of the warrant.

Income Tax

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Tax

. INCOME TAX

a) Income tax

Cayman Islands

Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

The United States of America

The U.S. subsidiaries are subject to U.S. federal income taxes and state and local income taxes. In connection with U.S. tax legislation enacted in December 2017, the federal income tax rate for corporations changed to 21% beginning from January 1, 2018, while state income tax rates generally remained the same as in previous years. The U.S. federal income tax rules also provide for enhanced accelerated depreciation deductions by allowing the election of full expensing of qualified property, primarily equipment, through 2022.

Dividends received from U.S. corporation are U.S. source and would be subject to 30% withholding tax, unless reduced by a tax treaty or agreement.

Hong Kong S.A.R.

Under the current Hong Kong S.A.R. Inland Revenue Ordinance, the Company’s Hong Kong S.A.R. subsidiary is subject to Hong Kong S.A.R. profits tax at the rate of 16.5% on its taxable income generated from the operations in Hong Kong S.A.R. The first HK$2,000 of assessable profits earned by a company will be taxed at 8.25% whilst the remaining profits will continue to be taxed at 16.5%. There is an anti-fragmentation measure where each group will have to nominate only one company in the group to benefit from the progressive rates. Payments of dividends by the Hong Kong S.A.R. subsidiary to the Company is not subject to withholding tax in Hong Kong S.A.R.

The Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced income) Bill 2022 (“the new FSIE regime”) has been enacted in Hong Kong on December 14, 2022 and will have effect from January 1, 2023 onwards. This is to address the European Union’s inclusion of Hong Kong in the “grey list” in concern of any risk of double non-taxation arising from the tax exemption of offshore passive income for companies in Hong Kong without substantial economic substance. From January 1, 2023, offshore passive income (including interest income, dividend income or gain on disposal of equity interest (where applicable)), that is received or deemed to be received in Hong Kong (i.e., identical to the “received” concept in Singapore), would need to meet additional requirements, including, amongst others, the economic substance requirements (i.e. similar to offshore jurisdictions like Cayman Islands, British Virgin Islands, etc.) in order to continue to be entitled to the offshore income tax exemption in Hong Kong.

The PRC

Under the Enterprise Income Tax Law (“EIT Law”) in the PRC, domestic companies are subject to EIT at a uniform rate of 25%. The Company’s PRC subsidiaries and VIEs are subject to the statutory income tax rate at 25%, unless a preferential EIT rate is otherwise stipulated.

On December 24, 2019, the Company’s wholly-owned subsidiary, Gigacloud Suzhou, obtained a certificate from related authorities of local government for “Advanced Technology Service Enterprise (“ATSE”) qualification. This certificate entitled Gigacloud Suzhou to enjoy a preferential income tax rate of 15% for a period of three years from 2019 to 2021 if all the criteria for ATSE status could be satisfied in the relevant years. Subsequently, Gigacloud Suzhou renewed and obtained the ATSE certificate in early 2023, which entitles Gigacloud Suzhou to the preferential tax rate of 15% from 2022 to 2024 if all the criteria for ATSE status could be satisfied in the relevant year.

Under the EIT Law and its implementation rules, an enterprise established outside China with a “place of effective management” within China is considered a China resident enterprise for Chinese enterprise income tax purposes. A China resident enterprise is generally subject to certain Chinese tax reporting obligations and a uniform 25% enterprise income tax rate on its worldwide income. The implementation rules to the EIT Law provide that

non-resident

legal entities are considered PRC residents if substantial and overall management and control over the manufacturing and business operations, personnel, accounting, properties, etc., occurs within the PRC. Despite the present uncertainties resulting from the limited PRC tax guidance on the issue, the Company does not believe that the legal entities organized outside the PRC should be treated as residents for EIT Law purposes. If the PRC tax authorities subsequently determine that the Company and its subsidiaries registered outside the PRC are deemed resident enterprises, the Company and its subsidiaries registered outside the PRC will be subject to the PRC income tax at a rate of 25%.

Dividends paid to

non-PRC-resident

corporate investor from profits earned by the PRC subsidiaries after January 1, 2008 would be subject to a withholding tax. The EIT Law and its relevant regulations impose a withholding tax at 10%, unless reduced by a tax treaty or agreement, for dividends distributed by a

PRC-resident

enterprise to its

non-PRC-resident

corporate investor for earnings generated beginning on January 1, 2008. As at December 31, 2020, 2021 and 2022, earnings from all foreign subsidiaries and VIEs will be indefinitely reinvested. Hence, the Group has not provided for deferred tax liabilities on undistributed earnings for PRC subsidiaries.

The components of income before income taxes are

follows:


	Year ended December 31,
	2020		2021			2022
	US$		US$			US$


Hong Kong S.A.R.		37,211		35,825			27,832
The PRC, excluding Hong Kong S.A.R.		143		1,685			3,734
The U.S.		7,158		9,346			6,502
Others		763		(9,131	)		(6,904	)

Total		45,275		37,725			31,164

For the years ended December 31, 2020, 2021 and 2022, the details of income tax expense are set forth below:


	Year ended December 31,
	2020			2021			2022
	US$			US$			US$
Current
— The U.S.		1,263			2,172			2,706
— The PRC, excluding Hong Kong S.A.R.		5,665			5,750			3,886
— Others		274			415			417

Total current tax expense		7,202			8,337			7,009

Deferred
— The U.S.		638			170			186
— The PRC, excluding Hong Kong S.A.R.		(20	)		(39	)		(3	)

Total deferred tax expense		618			131			183

Income tax expense		7,820			8,468			7,192

The Group prepared the income tax rate reconciliation using the income tax rate of PRC where the Group’s major operation domiciles.

The actual income tax expense reported in the consolidated statements of comprehensive income for each of the years ended December 31, 2020, 2021 and 2022 differs from the amount computed by applying the PRC income tax rate of

25% to profit before income taxes

due

to the following:


	Year ended December 31,
	2020			2021			2022
	US$			US$			US$
Computed expected income tax expenses at the PRC tax rate of 25%		11,319			9,431			7,791
Tax rate differential for non-PRC entities		(2,928	)		(134	)		(1,387	)
Preferential tax rate		(31	)		(44	)		(509	)
Net operating loss carryforwards expired		6			933			12
Change in unrecognized tax benefits		38			232			254
Non-deductible expenses		4			2			2
Non-taxable offshore profit in Hong Kong S.A.R*		(6,140	)		(6,148	)		(4,593	)
Special tax adjustment in the PRC**		5,582			5,589			3,263
Others		24			(435	)		777
Change in valuation allowance on deferred tax assets		(54	)		(958	)		1,582

Total		7,820			8,468			7,192

*	On the basis that the operations of GigaCloud Technology (HongKong) Limited (“Giga HK”) that gave rise to the profits derived by Giga HK were entirely undertaken outside of Hong Kong S.A.R, the corresponding profits are treated as offshore sourced and not subject to Hong Kong S.A.R. profits tax.

**	As the profits derived by Giga HK were attributed to the PRC, Gigacloud Suzhou recognized Giga HK offshore sourced profits as taxable income of Gigacloud Suzhou.

b) Deferred tax assets and deferred tax liabilities


	December 31,
	2021			2022
	US$			US$
Net operating losses carryforwards		1,204			2,786
Inventories under the uniform capitalization (UNICAP) rules		808			744
Inventory write-down		619			672
Accrued expenses and other current liabilities		305			308
Operating lease liabilities, current and non-current		—			33,494
Others		134			157

Less: valuation allowance		(1,204	)		(2,786	)

Total deferred tax assets, net		1,866			35,375

Tax impact of full expensing of qualified property and equipment		(2,080	)		(2,370	)
Finance leases		—			(80	)
Operating lease right-of-use assets		—			(33,322	)

Total gross deferred income tax liabilities		(2,080	)		(35,772	)

Net deferred liabilities		(214	)		(397	)

The deferred taxes noted above are classified as follows in the Group’s consolidated balance sheets:


	Year ended December 31,
	2021			2022
	US$			US$
Deferred tax assets		72			75
Deferred tax liabilities		(286	)		(472	)

Net deferred liabilities		(214	)		(397	)

Changes in valuation allowance are as follows:


	Year ended December 31,
	2021			2022
	US$			US$
Balance at the beginning of the year		2,162			1,204
Additions		322			1,643
Decrease		(1,280	)		(61	)

Balance at the end of the year		1,204			2,786

Unremitted Earnings

As of December 31, 2020, 2021 and 2022, the Group has not respectively recorded approximately US$2,260,

US$4,224

and

US$5,933

of deferred tax liabilities associated with remaining unremitted foreign earnings considered indefinitely reinvested, for which foreign income and withholding taxes would be due upon repatriation.

Net Operating Losses and Valuation Allowances

Net operating losses carryforwards of the Company’s subsidiaries and VIEs in jurisdictions other than the PRC do not expire. The net operating losses carryforwards of the Company’s PRC subsidiaries and VIE amounted to US$3,762, US$356 and US$595 as of December 31, 2020, 2021 and 2022

US$45, US$26, US$18

US$164

and US$342

will expire if unused by December 31, 2023, 2024, 2025

, 2026

and 202

, respectively.

As of December 31, 2022, the net operating loss carryforwards of the Company’s subsidiary incorporated in the United Kingdom amounted to US$10,137, do not expire. As of December 31, 2022, the net operating loss carryforwards of the Company’s subsidiary incorporated in the Germany amounted to US$2,157, do not expire.

The recoverability of these future tax deductions is evaluated by assessing the adequacy of future expected taxable income from all sources, including taxable income in prior carryback years, reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. To the extent the Group does not consider it

more-likely-than-not

that a deferred tax asset will be recovered, a valuation allowance is generally established. To the extent that a valuation allowance was established, it is subsequently determined that it is

more-likely-than-not

that the deferred tax assets will be recovered, the change in the valuation allowance is recognized in the consolidated statements of comprehensive income.

As of December 31, 2020, 2021 and 2022, the valuation allowances of US$2,162,

US$1,204 and US$2,786 were related to the deferred income tax assets of the certain subsidiaries and VIEs of the Company which were in loss position. These entities were in a cumulative loss position, which is a significant negative indicator to overcome that sufficient income will be generated over the periods in which the deferred income tax assets are deductible or utilized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible or utilized. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

Uncertain Tax Positions

The benefits of uncertain tax positions are recorded in the Company’s consolidated financial statements only after determining a

more-likely-than-not

probability that the uncertain tax positions will sustain, if examined by taxing authorities.

As of December 31, 2020, 2021 and 2022, the amounts of unrecognized tax benefits were

US$801, US$1,033 and US$2,894, respectively, which would affect the Group’s effective income tax rate.

A reconciliation of unrecognized tax benefits from continuing operations is as follows:


	Year ended December 31,
	2020		2021		2022
	US$		US$		US$
Unrecognized tax benefits, beginning of year		763		801		1,033
Increases		38		232		254
Reclassified from prior-year income tax payable		—		—		1,607

Unrecognized tax benefits, end of year		801		1,033		2,894

The Group classifies interest and penalties related to uncertain tax benefits as income tax expense.

The Group recognizes the benefit of positions taken or expected to be taken in tax returns in the financial statements when it is

more-likely-than-not

that the position would be sustained upon examination by tax authorities. A recognized tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement.

Due to uncertainties under the tax law, positions taken on tax returns may be challenged and ultimately disallowed by taxing authorities. Accordingly, it may not be appropriate to reflect a position taken on the tax return when the outcome of that tax position is uncertain. For the years ended December 31, 2020, 2021 and 2022, the Group recorded the amounts of US$38, US$232

and US$1,861, respectively, which are related to uncertainty of the Company’s subsidiaries and consolidated VIEs in the PRC and the U.S. mainly with regards to the tax impact of transfer pricing adjustment. The unrecognized tax benefits balances, if recognized upon audit settlement or statute expiration, would affect the effective tax rate. The Group is currently unable to provide an estimate of a range of total amount of unrecognized tax benefits that is reasonably possible to change significantly within the next twelve months.

According to the PRC Tax Administration and Collection Law, the statute of limitation is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitation is extended to five years under special circumstances where the underpayment of taxes is more than RMB100. In the case of transfer pricing issues, the statute of limitation is 10 years. There is no statute of limitation in the case of tax evasion. The income tax returns of the Company’s PRC subsidiary and the VIEs for the years from 2020 to 2022 are open to examination by the PRC tax authorities.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Income Per Ordinary Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Income Per Ordinary Share

16. NET INCOME PER ORDINARY SHARE

The following table sets forth the basic and diluted net income per ordinary share computation and provides a reconciliation of the numerator and denominator for the years presented:


	Year ended December 31,
	2020			2021			2022
	US$			US$			US$
Numerator:
Net income		37,455			29,257			23,972
Net income attributable to preferred shareholders		(24,344	)		(18,777	)		(8,352	)
Accretion of Series E Preferred Shares		(152	)		(1,500	)		(941	)

Net income per ordinary share calculation		12,959			8,980			14,679

Denominator:
Weighted average number of ordinary shares outstanding- Basic and diluted		9,495,844			10,248,079			24,412,314

Net income per ordinary share attributable to ordinary shareholders
- basic and diluted		1.36			0.88			0.60

Prior to the completion of IPO

The ordinary shares issued and outstanding, including

4,765,903

ordinary shares that the Company issued to the Trust Holdcos for the purpose of issuing shares to grantees upon their exercise of share-based awards (disclosed in the Note 12), are included in determining weighted average number of ordinary shares and the calculation of basic net income per ordinary share, as they are entitled to dividend right as ordinary shareholders.

For the years ended December 31, 2020, and 2021 and the period from January 1, 2022 to August 17, 2022, all outstanding share-based awards are not included in the calculation of basic or diluted net income per ordinary share, as the issuance of such awards is contingent upon a qualified IPO within expiration period, which was not satisfied as of respective period ends. During the years ended December 31, 2020, and 2021 and the period from January 1, 2022 to August 17, 2022, the Preferred Shares were excluded from the calculation of diluted earnings per ordinary share as their inclusion would have been anti-dilutive.

After IPO

When the IPO was consummated on August 17, 2022, the issued and outstanding 21,427,975 Series A, B, C, D and E Preferred Shares were converted into the Company’s ordinary shares at a par value of US$

0.05 per share on a one-for-one-basis (disclosed in the Note 12). Since then, the shares were included in the calculation of basic net income per ordinary share on a weighted average basis. In addition, the restricted shares granted to the non-employee service provider, which vested on November 18, 2022 immediately after the grants (disclosed in the Note 13) were included in the calculation of basic earnings per share on a weighted average basis.

For the period after the IPO to December 31, 2022,

the 29,400

Class A ordinary shares to be issued to the Underwriter upon the exercise of the warrant (disclosed in the Note 14), and

the 69,034

unvested restricted shares with the exercise price of US$7.48 per share (disclosed in the Note 13) are not included in the calculation of dilutive net income per ordinary share under the treasury stock method, as their exercise prices are higher than the fair market value of the Company’s ordinary shares as at December 31, 2022, representing out-of-the-money impact from the holder’s perspective.

Revenues

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenues

17. REVENUES

The Group’s revenues are disaggregated by major products/service lines and timing of revenue recognition.

Detailed

information is specified as follows:


	Year ended December 31,
Major products/services lines	2020		2021		2022
	US$		US$		US$
Service revenues
Platform commission		3,888		4,814		6,872
Ocean transportation service		12,537		36,257		37,957
Warehousing service		3,310		10,498		16,242
Last-mile delivery service		26,294		33,693		62,745
Others		14,101		13,070		16,812

Total service revenues		60,130		98,332		140,628

Product revenues
Product sales to B		39,858		50,699		49,128
Product sales to C		53,388		76,900		68,633

Off-platform ecommerce		93,246		127,599		117,761
GigaCloud 1P		122,102		188,266		231,682

Total product revenues		215,348		315,865		349,443

Revenues		275,478		414,197		490,071


	Year ended December 31,
Timing of revenue recognition	2020		2021		2022
	US$		US$		US$
Revenue from goods or services transferred to customers over time		48,148		89,986		121,951
Revenue from goods or services transferred to customers at a point in time		227,330		324,211		368,120

Revenues		275,478		414,197		490,071

Contract Liabilities

As of December 31, 2021 and 2022, the amounts of contract liabilities are US$3,690 and US$2,001, respectively. Changes in the contract liabilities balances for the years ended December 31, 2020, 2021 and 2022 are as follows:


	Year ended December 31,
	2020			2021			2022
	US$			US$			US$
Balance as of beginning of the year		362			3,424			3,690
Revenue recognized from opening balance of contract liabilities		(362	)		(3,424	)		(3,690	)
Increase due to cash received		158,696			199,271			302,474
Revenue recognized from cash received during the year		(155,283	)		(195,580	)		(300,439	)
Foreign exchange effect		11			(1	)		(34	)

Balance as of end of the year		3,424			3,690			2,001

Contract liabilities relate to considerations received in advance for merchandise sales and services provided on GigaCloud Marketplace for which control of the services occur at a later point in time. The contract liabilities will be recognized as revenue when the Group fulfils its performance obligations to transfer the promised products or services to customers, which is expected to occur within

one

year.

The Group has elected the practical expedient in ASC

606-10-50-14(a)

not to disclose the information about remaining performance obligations which are part of contracts that have an original expected duration of one year or less.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 8 . COMMITMENTS AND CONTINGENCIES The Group leases offices and warehouse under non-cancelable operating lease agreements. Future minimum lease payments under these noncancelable lease agreements with initial terms longer than twelve months are disclosed as maturity of lease liabilities in Note 10. In addition, the Group’s long-term obligations include long-term borrowings, of which the expected repayment schedule has been disclosed in Note 7. Except for those, the Group did not have any other commitments or long-term obligations as of December 31, 2022.

Restricted Net Assets	12 Months Ended
Restricted Net Assets	Dec. 31, 2022
Disclosure Text Block [Abstract]
Restricted Net Assets	19. RESTRICTED NET ASSETS The Group’s ability to pay dividends is primarily dependent on the Group receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Group’s subsidiaries and consolidated VIEs incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with the PRC accounting standards and regulations. The results of operations reflected in the financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Group’s subsidiaries. In accordance with the PRC Regulations on Enterprises with Foreign Investment, a foreign invested enterprise established in the PRC is required to provide certain statutory reserve funds, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profits as reported in the enterprise’s PRC statutory financial statements. A foreign invested enterprise is required to allocate at least 10% of its annual after-tax profits to the general reserve fund until such reserve fund has reached 50% of its registered capital based on the enterprise’s PRC statutory financial statements. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign invested enterprises. The aforementioned reserved funds can only be used for specific purposes and are not distributable as cash dividends. Additionally, in accordance with the Company Law of the PRC, a domestic enterprise is required to provide statutory surplus fund at least 10% of its annual after-tax profits until such statutory surplus fund has reached 50% of its registered capital based on the enterprise’s PRC statutory financial statements. A domestic enterprise is also required to provide discretionary surplus fund, at the discretion of the board of directors, from the net profits reported in the enterprise’s PRC statutory financial statements. The aforementioned reserve funds can only be used for specific purposes and are not distributable as cash dividends. As a result of these PRC laws and regulations that require annual appropriations of 10% of net after-tax profits to be set aside prior to payment of dividends as general reserve fund or statutory surplus fund, the Company’s PRC subsidiaries and consolidated VIE are restricted in their ability to transfer a portion of their net assets to the Company. Amounts restricted include paid-in capital and statutory reserve funds, as d eter mined pursuant to the PRC GAAP. Further, as required by the Rule 5-04(c), any restrictions placed on the net assets of the consolidated entities with positive equity exceeding the 25% threshold would be required to provide parent company financial information. As the total net assets of the Company’s PRC subsidiaries and consolidated VIE did not exceed 25% of the consolidated net assets, the condensed parent company financial statements as of and for the three-year period ended December 31, 2022 are not prepared.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	20. SUBSEQUENT EVENTS In January 2023, the Company terminated the Account Control Agreements with two of its consolidated VIEs, Blitz Distribution GMBH and GIGA CLOUD LOGISTICS INC, which are located in Germany and the United States, respectively. Concurrently with the termination, the Company acquired 100% equity interest of the two entities from its nominal shareholder with nominal consideration through capital contribution of insignificant amount. In March 2023, the Company approved to grant an aggregated number of 35,170 restricted share units to two employees. The restricted share units shall vest immediately.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

(a) Basis of Presentation

Share Consolidation

(b) Share Consolidation

On July 5, 2022, the Company effected a

1-for-500

Principles of Consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs for which the Company is the primary beneficiary.

All intercompany transactions and balances among the Company, its wholly-owned subsidiaries and the VIEs have been eliminated upon consolidation.

Use of Estimates

(d) Use of Estimates

Leases

Foreign Currency

(

) Foreign Currency

Commitments and Contingencies

(

) Commitments and Contingencies

non-income

Cash

(

) Cash

Cash consists of deposits at financial institutions. Cash is deposited into financial institutions at the locations listed below:


	December 31,
	2021		2022
	US$		US$
Financial institutions in Cayman Islands
- Denominated in the US$		20,419		—

Total cash balances held at Cayman financial institutions		20,419		—

Financial institutions in the United States
- Denominated in the US$		12,480		47,028
- Denominated in the GBP		—		56

Total cash balances held at United States financial institutions		12,480		47,084

Financial institutions in Hong Kong
- Denominated in the US$		18,175		40,001
- Denominated in the EUR		3,038		734
- Denominated in the GBP		3,014		1,635
- Denominated in the JPY		113		316
- Denominated in the HK$		—		67

Total cash balances held at Hong Kong financial institutions		24,340		42,753

Financial institutions in Japan
- Denominated in the JPY		1,718		6,640
- Denominated in the US$		234		1,405

Total cash balances held at Japan financial institutions		1,952		8,045

Financial institutions in the United Kingdom
- Denominated in the GBP		335		104
- Denominated in the US$		35		14
- Denominated in the EUR		—		3,158

Total cash balances held at the United Kingdom financial institutions		370		3,276

Financial institutions in the mainland of the PRC
- Denominated in the RMB		2,071		1,616
- Denominated in the US$		509		31,961
- Denominated in the EUR		—		1,066
- Denominated in the GBP		—		6,870

Total cash balances held at the PRC financial institutions		2,580		41,513

Financial institutions in German y


	December 31,
	2021		2022
	US$		US$
- Denominated in the EUR		742		816
- Denominated in the US$		235		—
- Denominated in the GBP		1		—

Total cash balances held at Germany financial institutions		978		816

Financial institutions in Vietnam
- Denominated in the VND		1		44
- Denominated in the US$		78		—

Total cash balances held at Vietnam financial institutions		79		44

Total cash held at financial institutions		63,198		143,531

Restricted Cash

(

) Restricted Cash

A reconciliation of cash and restricted cash in the consolidated balance sheets to the amounts in the consolidated statement of cash flows is as follows:


	December 31,
	2021		2022
	US$		US$
Cash		63,198		143,531
Restricted cash		664		1,545

Total cash and restricted cash shown in the consolidated statements of cash flows		63,862		145,076

Contract Balances

(

) Contract Balances

off-balance

sheet credit exposure related to its customers.

Inventories

(

) Inventories

Inventories, consisting of products available for sale, are stated at the lower of cost and net realizable value. Cost of inventory is determined using the

first-in,

Property and Equipment, net

(

) Property and Equipment, net

Property and equipment are stated at cost less accumulated depreciation and any recorded impairment.

Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of the assets as follows:


Office and other equipment			3-5 years
Vehicles			10 years
Logistics, warehouse and other heavy equipment			15 years

Leases

(

) Leases

In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU

2016-02

right-of-use

assets, while leased assets pursuant to finance leases are included in property and equipment, net. Operating lease

right-of-use


	December 31,		Adjustments due to adoption of			January 1,
	2021		ASC 842			2022
	US$		US$			US$
ASSETS
Prepayments and other current assets		9,080		(2,344	) (a)		6,736
Operating lease right-of-use assets		—		150,568	(b)		150,568

LIABILITIES
Accrued expenses and other current liabilities		19,721		(4	) (c)		19,717
Current operating lease liabilities		—		28,612	(d)		28,612
Operating lease liabilities, non-current		—		119,616	(d)		119,616
Capital lease obligations		2,345		(2,345	) (e)		—
Finance lease obligations, non-current		—		2,345	(e)		2,345

(a)	Represents the prepaid rent reclassified to operating lease right-of-use assets.

(b)	Represents the result of discounting operating lease payments, the reclassification of prepaid rent and deferred rent accrual.

(c)	Represents the deferred rent accrual reclassified to operating lease right-of-use assets.

(d)	Represents the recognition of operating lease liabilities, current and non-current.

(e)	The account caption of “Capital lease obligations” in non-current liabilities was changed to “Finance lease obligations, non-current” upon adoption of ASC 842.

Impairment of Long-lived Assets other than Goodwill

(

) Impairment of Long-lived Assets other than Goodwill

impairment of long-lived assets w

recognized for the years ended December 31, 2020, 2021 and 2022.

Revenue recognition

(

) Revenue recognition

(“Off-platform

ecommerce”). Service revenues are generated from services provided to registered users, including Sellers and Buyers on GigaCloud Marketplace (“GigaCloud 3P”).

GigaCloud 1P

Off-platform

ecommerce

There are two business lines subject to

Off-platform

Product sales to B

pick-up

Product sales to C

Regarding GigaCloud 1P and

Off-platform

GigaCloud 3P

Cost of Revenues

(

) Cost of Revenues

Selling and Marketing Expenses

(

) Selling and Marketing Expenses

Advertising Expenses

(

) Advertising Expenses

General and Administrative Expenses

(

) General and Administrative Expenses

Government grants

(

) Government grants

nil, nil and US$1,085 was recorded in the Group’s consolidated statement of comprehensive income for the years ended December 31, 2020, 2021 and 2022, respectively.

Share-based Compensation

(

) Share-based Compensation

Employee Benefits

(

) Employee Benefits

For the years ended December 31, 2020, 2021 and 2022, the costs and expenses of the obligations to the defined contribution plans amounted to US$1,689, US$1,695 and US$2,610, respectively.

Income Taxes

(

) Income Taxes

more-likely-than-not

The Group applies a

“more-likely-than-not”

recognition threshold in the evaluation of uncertain tax positions. The Group recognizes the benefit of a tax position in its consolidated financial statements if the tax position is

“more-likely-than-not”

to prevail based on the facts and technical merits of the position. Tax positions that meet the

“more-likely-than-not”

re-assessed.

As disclosed in the Note 1

Concentration and Risk

(

) Concentration and Risk

Concentration of customers and suppliers

No customers individually represent greater than 10.0% of total revenues of the Group for the years ended December 31, 2020, 2021 and 2022.

2022


	December 31, 2021			December 31, 2022
	proportion of total accounts receivable balance			proportion of total accounts receivable balance


Customer A		26.6	%		28.3	%
Customer B		*			14.5	%
Customer C		*			10.1	%

*	Less than 10.0% of total accounts receivable balance as of the year end.

There

are no suppliers from whom purchases individually represent greater than 10.0%

of the total purchases of the Group for the years ended December 31, 2020, 2021 and 2022.

Concentration of credit risk

Financial instruments that potentially expose the Group to concentrations of credit risk consist principally of cash, restricted cash, and accounts receivable.

Interest rate risk

The Group’s borrowings bear interests at fixed rates. If the Group were to renew these borrowings, the Group might be subject to interest rate risk.

Foreign currency exchange rate risk

(2.0)

million and US$

(4.9)

million for the years ended December 31, 2020, 2021 and 2022, respectively, primarily due to foreign currency exchange rate fluctuations against the U.S. dollar.

Earnings per Share

(

) Earnings per Share

two-class

method. Under the

two-class

The Company’s preferred shares are participating securities as they participate in undistributed earnings on an

as-converted

Segment Reporting

(

) Segment Reporting

Statutory Reserves

(

) Statutory Reserves

In accordance with the PRC Company Laws, the

paid-in

capitals of the PRC subsidiaries and VIEs are not allowed to be transferred to the Company by way of cash dividends, loans or advances, nor can they be distributed except for liquidation.

In addition, in accordance with the PRC Company Laws, the Group’s PRC subsidiaries and VIEs must make appropriations from their

after-tax

profits as determined under the generally accepted accounting principles in the PRC (‘‘PRC GAAP’’) to

non-distributable

reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the

after-tax

Recent Accounting Pronouncements

) Recent Accounting Pronouncements

Description Of Business And Organization (Tables)

12 Months Ended

Dec. 31, 2022

Schedule Of Consolidated Balance Sheets Income Statement And Cash Flows Information Of Group Variable Interest Entity [Abstract]

Schedule Of Consolidated Assets And Liabilities Information Of Group Variable Interest Entity

The following consolidated assets and liabilities information of the Group’s VIEs as of December 31, 2021 and 2022, and consolidated revenues, net loss and cash flow information for the years ended December 31, 2020, 2021 and 2022 have been included in the accompanying consolidated financial statements.


	December 31,
	2021		2022
	US$		US$


Cash		3,542		5,367
Accounts receivable, net		2,241		2,959
Inventories		9,933		9,551
Amounts due from related parties*		1,271		1,249
Prepayments and other current assets		2,386		1,277

Total current assets		19,373		20,403

Property and equipment, net		660		548
Operating lease right-of-use assets		—		5,398
Other non-current assets		—		890

Total assets		20,033		27,239

Accounts payable		1,433		4,185
Contract liabilities		394		385
Current operating lease liabilities		—		1,864
Income tax payable		78		280
Accrued expenses and other current liabilities		341		442
Amounts due to related parties*		19,605		24,172

Total current liabilities		21,851		31,328

Operating lease liabilities, non-current		—		3,322

Total liabilities		21,851		34,650

*	As of December 31, 2021 and 2022, amounts due to and due from related parties represent the loans, receivables and payables that the VIEs had with the Company’s consolidated subsidiaries, which were eliminated in the Company’s consolidated financial statements.


	Year ended December 31,
	2020			2021			2022
	US$			US$			US$
Revenues		35,493			47,683			70,635
Net income (loss)		514			751			(5,955	)
Net cash provided by operating activities		2,560			69			1,410
Net cash provided by (used in) investing activities		(355	)		(237	)		53
Net cash provided by (used in) financing activities		68			(68	)		—
Net increase (decrease) in cash		2,352			(628	)		1,825
Cash at the beginning of the year		1,818			4,170			3,542
Cash at the end of the year		4,170			3,542			5,367

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Cash Deposited

Cash consists of deposits at financial institutions. Cash is deposited into financial institutions at the locations listed below:


	December 31,
	2021		2022
	US$		US$
Financial institutions in Cayman Islands
- Denominated in the US$		20,419		—

Total cash balances held at Cayman financial institutions		20,419		—

Financial institutions in the United States
- Denominated in the US$		12,480		47,028
- Denominated in the GBP		—		56

Total cash balances held at United States financial institutions		12,480		47,084

Financial institutions in Hong Kong
- Denominated in the US$		18,175		40,001
- Denominated in the EUR		3,038		734
- Denominated in the GBP		3,014		1,635
- Denominated in the JPY		113		316
- Denominated in the HK$		—		67

Total cash balances held at Hong Kong financial institutions		24,340		42,753

Financial institutions in Japan
- Denominated in the JPY		1,718		6,640
- Denominated in the US$		234		1,405

Total cash balances held at Japan financial institutions		1,952		8,045

Financial institutions in the United Kingdom
- Denominated in the GBP		335		104
- Denominated in the US$		35		14
- Denominated in the EUR		—		3,158

Total cash balances held at the United Kingdom financial institutions		370		3,276

Financial institutions in the mainland of the PRC
- Denominated in the RMB		2,071		1,616
- Denominated in the US$		509		31,961
- Denominated in the EUR		—		1,066
- Denominated in the GBP		—		6,870

Total cash balances held at the PRC financial institutions		2,580		41,513

Financial institutions in German y


	December 31,
	2021		2022
	US$		US$
- Denominated in the EUR		742		816
- Denominated in the US$		235		—
- Denominated in the GBP		1		—

Total cash balances held at Germany financial institutions		978		816

Financial institutions in Vietnam
- Denominated in the VND		1		44
- Denominated in the US$		78		—

Total cash balances held at Vietnam financial institutions		79		44

Total cash held at financial institutions		63,198		143,531

Summary of Reconciliation Of Cash And Restricted Cash

A reconciliation of cash and restricted cash in the consolidated balance sheets to the amounts in the consolidated statement of cash flows is as follows:


	December 31,
	2021		2022
	US$		US$
Cash		63,198		143,531
Restricted cash		664		1,545

Total cash and restricted cash shown in the consolidated statements of cash flows		63,862		145,076

Summary of Depreciation on Property And Equipment

Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of the assets as follows:


Office and other equipment			3-5 years
Vehicles			10 years
Logistics, warehouse and other heavy equipment			15 years

Summary of Consolidated Balance Sheet

The following table summarizes the effect on the consolidated balance sheet as a result of adopting ASC 842.


	December 31,		Adjustments due to adoption of			January 1,
	2021		ASC 842			2022
	US$		US$			US$
ASSETS
Prepayments and other current assets		9,080		(2,344	) (a)		6,736
Operating lease right-of-use assets		—		150,568	(b)		150,568

LIABILITIES
Accrued expenses and other current liabilities		19,721		(4	) (c)		19,717
Current operating lease liabilities		—		28,612	(d)		28,612
Operating lease liabilities, non-current		—		119,616	(d)		119,616
Capital lease obligations		2,345		(2,345	) (e)		—
Finance lease obligations, non-current		—		2,345	(e)		2,345

(a)	Represents the prepaid rent reclassified to operating lease right-of-use assets.

(b)	Represents the result of discounting operating lease payments, the reclassification of prepaid rent and deferred rent accrual.

(c)	Represents the deferred rent accrual reclassified to operating lease right-of-use assets.

(d)	Represents the recognition of operating lease liabilities, current and non-current.

(e)	The account caption of “Capital lease obligations” in non-current liabilities was changed to “Finance lease obligations, non-current” upon adoption of ASC 842.

Summary of Accounts Receivable Balance

2022


	December 31, 2021			December 31, 2022
	proportion of total accounts receivable balance			proportion of total accounts receivable balance


Customer A		26.6	%		28.3	%
Customer B		*			14.5	%
Customer C		*			10.1	%

*	Less than 10.0% of total accounts receivable balance as of the year end.

Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2022

Accounts Receivable, Net [Abstract]

Schedule of Accounts Receivable Net

Accounts receivable, net, consisted of the following:


	December 31,
	2021			2022
	US$			US$
Accounts receivable		18,187			27,379
Allowance for doubtful accounts		(151	)		(237	)

Accounts Receivable, net		18,036			27,142

Schedule of Movement of the Allowance for Doubtful Accounts

The movement of the allowance for doubtful accounts is as follows:


	Year ended December 31,
	2020			2021			2022
	US$			US$			US$
Balance as of the beginning of the year		(53	)		(64	)		(151	)
Additions charged to bad debt expense		(11	)		(87	)		(86	)

Balance as of the end of the year		(64	)		(151	)		(237	)

Inventories (Tables)

12 Months Ended

Dec. 31, 2022

Inventories [Abstract]

Schedule of Inventory

Inventories consisted of the following:


	December 31,
	2021		2022
	US$		US$
Products available for sale		56,444		59,829
Goods in transit		24,997		18,509

Inventories		81,441		78,338

Prepayments and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2022

Prepayments And Other Current Assets [Abstract]

Schedule of Prepayments And Other Current Assets

Prepayments and other current assets are consisted of the following:


	December 31,
	2021		2022
	US$		US$
Value-added taxes recoverable		564		201
Advances to suppliers		1,407		1,067
Amounts due from third-party payment platforms		3,165		3,814
Deposits		29		29
Prepaid expenses		3,617		1,405
Others		298		1,050

Prepayments and Other Current Assets		9,080		7,566

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment, Net [Abstract]

Schedule of Property and Equipment Net

Property and equipment, net, as of December 31, 2021 and 2022 consisted of the following:


	December 31,
	2021			2022
	US$			US$
Office and other equipment		1,350			1,755
Vehicles		218			263
Logistics, warehouse and other heavy equipment		10,739			13,630

Property and Equipment		12,307			15,648
Less: Accumulated depreciation		(1,232	)		(2,595	)

Property and Equipment, net		11,075			13,053

Schedule of Carrying Amount of Property and Equipment Net Acquired Under Finance Assets

The carrying amounts of the Group’s property and equipment, net, acquired under

finance

leases as of December 31, 2021 and 2022 were as follows:


	December 31,
	2021			2022
	US$			US$
Logistics, warehouse and other heavy equipment		7,296			10,015

Property and Equipment		7,296			10,015
Less: Accumulated depreciation		(273	)		(926	)

Property and Equipment, net		7,023			9,089

Schedule of Depreciation Expenses on Property and Equipment

Depreciation expenses on property and equipment were allocated to the following expense items:


	Year ended December 31,
	2020		2021		2022
	US$		US$		US$
Cost of revenues		188		573		970
General and administrative expenses		39		202		416

Total depreciation expenses		227		775		1,386

Borrowings (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long term debt


	December 31,
	2021		2022
	US$		US$
Unsecured bank loans		582		207

Long-term borrowings		582		207

Current portion of long-term borrowings		345		207
Long-term borrowings, excluding current portion		237		—

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

Accounts Payable (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities


	December 31,
	2021		2022
	US$		US$
Vendor payable		7,395		10,472
Shipping charges payable and others		17,745		21,101

Accounts Payable		25,140		31,573

Accrued Expenses and Other Current Liabilities (Table)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities


	December 31,
	2021		2022
	US$		US$
Finance lease obligations , current (Note 10)		2,343		2,916
Salary and welfare payables		3,070		3,957
Refundable deposits on GigaCloud Marketplace*		9,230		19,772
Professional fee accruals		900		983
Sales refund liability		1,417		1,532
Obligations under the remorse protection program		437		307
Prepaid consideration of restricted shares**		—		517
Liability classified share-based compensation		—		110
Other payables		2,324		6,968

Accrued Expenses and Other Current Liabilities		19,721		37,062

*	Refundable deposits on GigaCloud Marketplace represent the balance of deposits from Buyers and Sellers which could be withdrawn or used for their future purchase of the Group’s services or merchandise on GigaCloud Marketplace.

of the

initial public offering (“IPO”),

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Assets and Liabilities Related to Both Operating and Finance Leases

The gross amounts of assets and liabilities related to both operating and finance leases were as follows:


	Balance Sheet Caption	December 31, 2022
		US$
Assets:
Operating lease right-of-use assets	Operating lease right-of-use assets		144,168
Finance lease right-of-use assets	Property and equipment, net		9,089

Total right-of-use assets			153,257


	Balance Sheet Caption	December 31, 2022
		US$
Liabilities:
Current:
Operating lease liabilities	Current operating lease liabilities		(27,653	)
Finance lease liabilities	Accrued expenses and other current liabilities		(2,916	)
Non-current:
Operating lease liabilities	Operating lease liabilities, non-current		(116,564	)
Finance lease liabilities	Finance lease obligations, non-current		(867	)

Total lease liabilities			(148,000	)

Schedule of Lease Cost

The components of lease cost were as follows:


	Year ended December 31, 2022
	US$
Operating lease cost		29,564
Finance lease cost
Amortization of right-of-use assets		653
Interest on lease liabilities		557
Short-term lease costs		307

Total		31,081

Schedule of Lease Terms and Discount Rates

Lease terms and discount rates are as follows:


	December 31, 2022
Weighted average remaining lease term (years):
Operating leases		6.05
Finance leases		1.21

Weighted average discount rate:
Operating leases		1.36	%
Finance leases		11.46	%

Schedule of Future Minimum Lease Payments

Future minimum lease payments as of December 31, 2022, including rental payments for lease renewal options the Group is reasonably certain to exercise were as follows:


	Operating leases			Finance leases
	US$			US$
2023		29,441			3,172
2024		29,543			894
2025		26,466			—
2026		22,867			—
2027		16,673			—
2028 and thereafter		25,713			—

Total lease payments		150,703			4,066
Less: imputed interest		(6,486	)		(283	)

Present value of lease liabilities		144,217			3,783

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:


	Year ended December 31, 2022
	US$
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		27,175
Operating cash flows from finance leases		557
Financing cash flows from finance leases		3,624

Right-of-use assets obtained in exchange for lease obligations a
Operating leases		24,270
Finance leases		2,719

a.	This supplemental non-cash disclosure for right of use assets obtained in exchange for new lease liabilities refers to an increase in lease liabilities associated with obtaining new right of use assets.

Schedule of Future Minimum Lease Payments for Capital Leases

The approximate future minimum lease payments under operating leases as of December 31, 2021 follow:


Year ended December 31, 2021	US$
2022		31,054
2023		28,101
2024		24,543
2025		19,421
2026		14,914
2027		8,353
2028		2,637

Schedule of Capital Lease Obligations

The Group’s capital lease obligations as of December 31, 2021 are summarized as follows:


	December 31, 2021
	Present value of the minimum lease payments		Total minimum lease payments
	US$		US$
Within 1 year		2,343		2,724
After 1 year but within 2 years		2,016		2,154
After 2 years		329		336

		4,688		5,214
Less: total future interest expense				(526	)

Present value of lease obligations				4,688

Including:
Current portion				2,343
Non-current portion				2,345

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Option, Activity

A summary of the share options for the years ended December 31, 2020 and 2021 is presented below:


	Number of shares			Weighted average exercise price		Weighted average grant-date fair value		Weighted remaining contractual years		Aggregate intrinsic value
				US$		US$				US $
Outstanding at January 1, 2020		2,152,830			0.05		0.40		4.97		753
Granted		2,833,812			0.05		2.30		10		6,376
Repurchased		(389,486	)		0.05		6.25		9.14		(2,415	)

Outstanding at December 31, 2020		4,597,156			0.05		1.08		6.89		4,714


	Number of shares			Weighted average exercise price		Weighted average grant-date fair value		Weighted remaining contractual years		Aggregate intrinsic value
				US$		US$				US$
Outstanding at December 31, 2020		4,597,156			0.05		1.08		6.89		4,714
Granted		1,160,557			0.05		6.10		10		7,021
Exercised		(1,587,086	)		0.05		6.10		9.19		(9,602	)

Outstanding at December 31, 2021		4,170,627			0.05		0.57		5.64		2,133

The following table summarizes activities of share options for the year ended December 31, 2022:


	Number of shares		Weighted average exercise price		Weighted average grant- date fair value		Weighted remaining contractual years		Aggregate intrinsic value
			US$		US$				US$

Outstanding at December 31, 2021		4,170,627		0.05		0.57
Granted		385,434		0.05		7.43
Outstanding at December 31, 2022		4,556,061		0.05		1.15

Vested and expect to be vested at December 31, 2022		4,556,061		0.05		1.15		5.02		5,239

Exercisable at December 31, 2022		4,556,061		0.05		1.15		5.02		5,239

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The fair values of share options granted are estimated on the dates of grant using the binomial option pricing model with the following assumptions used:


	Year ended December 31,
Grant dates:	2020			2021			2022
Risk-free rate of return		0.67	%		1.46	%		1.80	%
Volatility		45.23	%		44.17	%		43.6	%
Expected dividend yield		0.00	%		0.00	%		0.00	%
Exercise multiple		2.20/2.80			2.20/2.80			2.20/2.80
Fair value of underlying ordinary share		US$2.35			US$6.15			US$7.5
Expected terms		10 years			10 years			10 years

Share-Based Payment Arrangement, Expensed and Capitalized, Amount

Total compensation expenses recognized are allocated to the following expense items.


	Year ended December 31,
	2020		2021		2022
	US$		US$		US$

Cost of revenues		—		—		487
Selling and marketing expenses		—		—		748
General and administrative expenses		—		9,681		7,652

Total share compensation expenses		—		9,681		8,887

Share-Based Payment Arrangement, Restricted Stock Unit, Activity

A summary of the Company’s restricted shares for the year ended December 31, 2022 is presented below:


	Number of shares			Weighted average grant date fair value
Outstanding at January 1, 2022		—			—
Granted		220,898			0.2690
Vested		(151,864	)		0.3906
Outstanding at December 31, 2022		69,034			0.0015

Expect to be vested at December 31, 2022		69,034			0.0015

Preferred Shares (Tables)

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Schedule of Temporary Equity

As disclosed in the Note 12, Series E Preferred Shares were converted to the Company’s Class A ordinary shares upon the completion of the Company’s IPO.


	Series E Preferred Shares
	US$
Balance as of January 1, 2020		—
Issuance for cash		25,000
Issuance costs		—
Accretion of Preferred Shares		152

Balance as of December 31, 2020		25,152
Accretion of Preferred Shares		1,500

Balance as of December 31, 2021		26,652

Accretion of Preferred Shares		941
Conversion to Class A ordinary shares		(27,593	)

Balance as of December 31, 2022		—

Warrant (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Summary Of The fair value of the warrant upon the issuance

The fair value of the warrant upon the issuance during the year ended December 31, 2022 is estimated with the following assumptions used respectively:


	Year ended December 31,
	2022
Risk-free rate of return		3.14	%
Volatility		46.68	%
Expected dividend yield		0.00	%
Fair value of underlying ordinary share		US$41.41
Expected terms		2.5 years

Income Tax (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule the components of income before income taxes

The components of income before income taxes are

follows:


	Year ended December 31,
	2020		2021			2022
	US$		US$			US$


Hong Kong S.A.R.		37,211		35,825			27,832
The PRC, excluding Hong Kong S.A.R.		143		1,685			3,734
The U.S.		7,158		9,346			6,502
Others		763		(9,131	)		(6,904	)

Total		45,275		37,725			31,164

Schedule of income tax provision

For the years ended December 31, 2020, 2021 and 2022, the details of income tax expense are set forth below:


	Year ended December 31,
	2020			2021			2022
	US$			US$			US$
Current
— The U.S.		1,263			2,172			2,706
— The PRC, excluding Hong Kong S.A.R.		5,665			5,750			3,886
— Others		274			415			417

Total current tax expense		7,202			8,337			7,009

Deferred
— The U.S.		638			170			186
— The PRC, excluding Hong Kong S.A.R.		(20	)		(39	)		(3	)

Total deferred tax expense		618			131			183

Income tax expense		7,820			8,468			7,192

Schedule of effective income tax rate reconciliation

25% to profit before income taxes

due

to the following:


	Year ended December 31,
	2020			2021			2022
	US$			US$			US$
Computed expected income tax expenses at the PRC tax rate of 25%		11,319			9,431			7,791
Tax rate differential for non-PRC entities		(2,928	)		(134	)		(1,387	)
Preferential tax rate		(31	)		(44	)		(509	)
Net operating loss carryforwards expired		6			933			12
Change in unrecognized tax benefits		38			232			254
Non-deductible expenses		4			2			2
Non-taxable offshore profit in Hong Kong S.A.R*		(6,140	)		(6,148	)		(4,593	)
Special tax adjustment in the PRC**		5,582			5,589			3,263
Others		24			(435	)		777
Change in valuation allowance on deferred tax assets		(54	)		(958	)		1,582

Total		7,820			8,468			7,192

*	On the basis that the operations of GigaCloud Technology (HongKong) Limited (“Giga HK”) that gave rise to the profits derived by Giga HK were entirely undertaken outside of Hong Kong S.A.R, the corresponding profits are treated as offshore sourced and not subject to Hong Kong S.A.R. profits tax.

**	As the profits derived by Giga HK were attributed to the PRC, Gigacloud Suzhou recognized Giga HK offshore sourced profits as taxable income of Gigacloud Suzhou.

Schedule of deferred tax assets and liabilities

b) Deferred tax assets and deferred tax liabilities


	December 31,
	2021			2022
	US$			US$
Net operating losses carryforwards		1,204			2,786
Inventories under the uniform capitalization (UNICAP) rules		808			744
Inventory write-down		619			672
Accrued expenses and other current liabilities		305			308
Operating lease liabilities, current and non-current		—			33,494
Others		134			157

Less: valuation allowance		(1,204	)		(2,786	)

Total deferred tax assets, net		1,866			35,375

Tax impact of full expensing of qualified property and equipment		(2,080	)		(2,370	)
Finance leases		—			(80	)
Operating lease right-of-use assets		—			(33,322	)

Total gross deferred income tax liabilities		(2,080	)		(35,772	)

Net deferred liabilities		(214	)		(397	)

Schedule of net deferred liabilities

The deferred taxes noted above are classified as follows in the Group’s consolidated balance sheets:


	Year ended December 31,
	2021			2022
	US$			US$
Deferred tax assets		72			75
Deferred tax liabilities		(286	)		(472	)

Net deferred liabilities		(214	)		(397	)

Schedule of changes in valuation allowance

Changes in valuation allowance are as follows:


	Year ended December 31,
	2021			2022
	US$			US$
Balance at the beginning of the year		2,162			1,204
Additions		322			1,643
Decrease		(1,280	)		(61	)

Balance at the end of the year		1,204			2,786

Schedule of reconciliation of unrecognized tax benefits from continuing operations

A reconciliation of unrecognized tax benefits from continuing operations is as follows:


	Year ended December 31,
	2020		2021		2022
	US$		US$		US$
Unrecognized tax benefits, beginning of year		763		801		1,033
Increases		38		232		254
Reclassified from prior-year income tax payable		—		—		1,607

Unrecognized tax benefits, end of year		801		1,033		2,894

Net Income Per Ordinary Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of basic and diluted net income per ordinary share

The following table sets forth the basic and diluted net income per ordinary share computation and provides a reconciliation of the numerator and denominator for the years presented:


	Year ended December 31,
	2020			2021			2022
	US$			US$			US$
Numerator:
Net income		37,455			29,257			23,972
Net income attributable to preferred shareholders		(24,344	)		(18,777	)		(8,352	)
Accretion of Series E Preferred Shares		(152	)		(1,500	)		(941	)

Net income per ordinary share calculation		12,959			8,980			14,679

Denominator:
Weighted average number of ordinary shares outstanding- Basic and diluted		9,495,844			10,248,079			24,412,314

Net income per ordinary share attributable to ordinary shareholders
- basic and diluted		1.36			0.88			0.60

Revenues (Tables)

12 Months Ended

Dec. 31, 2022

Disaggregation of Revenue [Abstract]

Schedule of revenues are disaggregated by major products and service lines and timing of revenue recognition

The Group’s revenues are disaggregated by major products/service lines and timing of revenue recognition.

Detailed

information is specified as follows:


	Year ended December 31,
Major products/services lines	2020		2021		2022
	US$		US$		US$
Service revenues
Platform commission		3,888		4,814		6,872
Ocean transportation service		12,537		36,257		37,957
Warehousing service		3,310		10,498		16,242
Last-mile delivery service		26,294		33,693		62,745
Others		14,101		13,070		16,812

Total service revenues		60,130		98,332		140,628

Product revenues
Product sales to B		39,858		50,699		49,128
Product sales to C		53,388		76,900		68,633

Off-platform ecommerce		93,246		127,599		117,761
GigaCloud 1P		122,102		188,266		231,682

Total product revenues		215,348		315,865		349,443

Revenues		275,478		414,197		490,071


	Year ended December 31,
Timing of revenue recognition	2020		2021		2022
	US$		US$		US$
Revenue from goods or services transferred to customers over time		48,148		89,986		121,951
Revenue from goods or services transferred to customers at a point in time		227,330		324,211		368,120

Revenues		275,478		414,197		490,071

Schedule of changes in the contract liabilities

Changes in the contract liabilities balances for the years ended December 31, 2020, 2021 and 2022 are as follows:


	Year ended December 31,
	2020			2021			2022
	US$			US$			US$
Balance as of beginning of the year		362			3,424			3,690
Revenue recognized from opening balance of contract liabilities		(362	)		(3,424	)		(3,690	)
Increase due to cash received		158,696			199,271			302,474
Revenue recognized from cash received during the year		(155,283	)		(195,580	)		(300,439	)
Foreign exchange effect		11			(1	)		(34	)

Balance as of end of the year		3,424			3,690			2,001

Description Of Business And Organization - Schedule Of Consolidated Assets And Liabilities Information Of Group Variable Interest Entity (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Schedule Of Consolidated Balance Sheets Income Statement And Cash Flows Of Variable Interest Entity [Line Items]

Cash

$ 143,531

$ 63,198

Accounts receivable, net

27,142

18,036

Inventories

78,338

81,441

Prepayments and other current assets

7,566

9,080

Total current assets

258,122

172,419

Property and equipment, net

13,053

11,075

Operating lease right-of-use assets

144,168

Other non-current assets

3,182

3,211

Total assets

418,600

186,777

Contract liabilities

2,001

3,690

Current operating lease liabilities

27,653

Income tax payable

4,142

8,148

Total current liabilities

102,638

57,044

Operating lease liabilities, non-current

116,564

Total liabilities

223,435

60,945

Revenues

490,071

414,197

$ 275,478

Net income (loss)

23,972

29,257

37,455

Net cash provided by operating activities

49,656

8,556

33,284

Net cash provided by (used in) investing activities

(709)

(1,825)

(647)

Net cash provided by (used in) financing activities

31,887

(2,956)

23,272

Cash and restricted cash at the beginning of the year

63,862

62,197

5,553

Cash and restricted cash at the end of the year

145,076

63,862

62,197

Variable Interest Entity, Primary Beneficiary [Member]

Schedule Of Consolidated Balance Sheets Income Statement And Cash Flows Of Variable Interest Entity [Line Items]

Cash

5,367

3,542

Accounts receivable, net

2,959

2,241

Inventories

9,551

9,933

Amounts due from related parties

^[1]

1,249

1,271

Prepayments and other current assets

1,277

2,386

Total current assets

20,403

19,373

Property and equipment, net

548

660

Operating lease right-of-use assets

5,398

Other non-current assets

890

Total assets

27,239

20,033

Accounts Payable

4,185

1,433

Contract liabilities

385

394

Current operating lease liabilities

1,864

Income tax payable

280

Accrued expenses and other current liabilities

442

341

Total current liabilities

31,328

21,851

Amounts due to related parties

^[1]

24,172

19,605

Operating lease liabilities, non-current

3,322

Total liabilities

34,650

21,851

Revenues

70,635

47,683

35,493

Net income (loss)

(5,955)

751

514

Net cash provided by operating activities

1,410

2,560

Net cash provided by (used in) investing activities

(237)

(355)

Net cash provided by (used in) financing activities

(68)

Net increase (decrease) in cash

1,825

(628)

2,352

Cash and restricted cash at the beginning of the year

3,542

4,170

1,818

Cash and restricted cash at the end of the year

$ 5,367

$ 3,542

$ 4,170

[1]	As of December 31, 2021 and 2022, amounts due to and due from related parties represent the loans, receivables and payables that the VIEs had with the Company’s consolidated subsidiaries, which were eliminated in the Company’s consolidated financial statements.

Description Of Business And Organization - Additional Information (Detail)	Feb. 01, 2021
Suzhou GigaCloud [Member]
Schedule Of Consolidated Balance Sheets Income Statement And Cash Flows Of Variable Interest Entity [Line Items]
Business acquisition, percentage of voting interests acquired	100.00%

Summary Of Significant Accounting Policies - Summary of Cash Deposited (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents, at Carrying Value	$ 143,531	$ 63,198
KY [Member]
Cash and Cash Equivalents, at Carrying Value		20,419
KY [Member] \| USD [Member]
Cash and Cash Equivalents, at Carrying Value		20,419
US [Member]
Cash and Cash Equivalents, at Carrying Value	47,084	12,480
US [Member] \| USD [Member]
Cash and Cash Equivalents, at Carrying Value	47,028	12,480
US [Member] \| GBP [Member]
Cash and Cash Equivalents, at Carrying Value	56
HK [Member]
Cash and Cash Equivalents, at Carrying Value	42,753	24,340
HK [Member] \| USD [Member]
Cash and Cash Equivalents, at Carrying Value	40,001	18,175
HK [Member] \| EUR [Member]
Cash and Cash Equivalents, at Carrying Value	734	3,038
HK [Member] \| GBP [Member]
Cash and Cash Equivalents, at Carrying Value	1,635	3,014
HK [Member] \| JPY [Member]
Cash and Cash Equivalents, at Carrying Value	316	113
HK [Member] \| HKD [Member]
Cash and Cash Equivalents, at Carrying Value	67
JP [Member]
Cash and Cash Equivalents, at Carrying Value	8,045	1,952
JP [Member] \| USD [Member]
Cash and Cash Equivalents, at Carrying Value	1,405	234
JP [Member] \| JPY [Member]
Cash and Cash Equivalents, at Carrying Value	6,640	1,718
GB [Member]
Cash and Cash Equivalents, at Carrying Value	3,276	370
GB [Member] \| USD [Member]
Cash and Cash Equivalents, at Carrying Value	14	35
GB [Member] \| EUR [Member]
Cash and Cash Equivalents, at Carrying Value	3,158
GB [Member] \| GBP [Member]
Cash and Cash Equivalents, at Carrying Value	104	335
CN [Member]
Cash and Cash Equivalents, at Carrying Value	41,513	2,580
CN [Member] \| USD [Member]
Cash and Cash Equivalents, at Carrying Value	31,961	509
CN [Member] \| EUR [Member]
Cash and Cash Equivalents, at Carrying Value	1,066
CN [Member] \| GBP [Member]
Cash and Cash Equivalents, at Carrying Value	6,870
CN [Member] \| CNY [Member]
Cash and Cash Equivalents, at Carrying Value	1,616	2,071
DE [Member]
Cash and Cash Equivalents, at Carrying Value	816	978
DE [Member] \| USD [Member]
Cash and Cash Equivalents, at Carrying Value		235
DE [Member] \| EUR [Member]
Cash and Cash Equivalents, at Carrying Value	816	742
DE [Member] \| GBP [Member]
Cash and Cash Equivalents, at Carrying Value		1
VN [Member]
Cash and Cash Equivalents, at Carrying Value	44	79
VN [Member] \| USD [Member]
Cash and Cash Equivalents, at Carrying Value		78
VN [Member] \| VND [Member]
Cash and Cash Equivalents, at Carrying Value	$ 44	$ 1

Summary Of Significant Accounting Policies - Summary of Reconciliation Of Cash And Restricted Cash (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and Cash Equivalents, at Carrying Value	$ 143,531	$ 63,198
Restricted Cash and Cash Equivalents, Current	1,545	664
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	$ 145,076	$ 63,862	$ 62,197	$ 5,553

Summary Of Significant Accounting Policies - Summary of Depreciation on Property And Equipment (Detail)	12 Months Ended
	Dec. 31, 2022
Office and Other Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	5
Office and Other Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	3
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	10 years
Logistics, Warehouse and Other Heavy Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	15 years

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands		12 Months Ended
	Jul. 05, 2022	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($) Segment	Dec. 31, 2020 USD ($) Segment
Accounting Policies [Line Items]
Advetising expenses		$ 1,530	$ 1,851	$ 1,075
Defined contribution plan as a percentage of basic compensation		25.50%	25.50%	25.50%
Defined contribution plan costs		$ 2,610	$ 1,695	$ 1,689
Number of operating segments \| Segment		1	1	1
Percentage of after tax profits to be appropriated to statutory fund		10.00%	10.00%	10.00%
Statutory surplus fund required as a percentage of registered capital		50.00%	50.00%	50.00%
Restricted cash and cash equivalents		$ 1,545	$ 664
Impairment of long lived assets		0	0	$ 0
Transaction realized gain (loss)		4,900	2,000	1,000
Government [Member]
Accounting Policies [Line Items]
Government grants		$ 1,085	$ 0	$ 0
Purchases [Member] \| Supplier Concentration Risk [Member]
Accounting Policies [Line Items]
Concentration risk percentage		10.00%
Minimum [Member] \| No Customer [Member] \| Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Accounting Policies [Line Items]
Concentration risk percentage		10.00%	10.00%	10.00%
Minimum [Member] \| No Customer [Member] \| Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Accounting Policies [Line Items]
Concentration risk percentage		10.00%
Minimum [Member] \| No Customer [Member] \| Purchases [Member] \| Supplier Concentration Risk [Member]
Accounting Policies [Line Items]
Concentration risk percentage			10.00%	10.00%
Minimum [Member] \| One Customer [Member] \| Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Accounting Policies [Line Items]
Concentration risk percentage			10.00%
UNITED STATES [Member] \| United States of America, Dollars [Member]
Accounting Policies [Line Items]
Restricted cash and cash equivalents		$ 1,545	$ 664
Redeemable Convertible Preferred Stock [Member]
Accounting Policies [Line Items]
Stockholders equity note stock split conversion ratio	0.002
Common Stock [Member]
Accounting Policies [Line Items]
Stockholders equity note stock split conversion ratio	0.002
Share-Based Payment Arrangement, Option [Member] \| 2008 Share Incentive Plan [Member]
Accounting Policies [Line Items]
Stockholders equity note stock split conversion ratio	0.002
Share-Based Payment Arrangement, Option [Member] \| 2017 Share Incentive Plan [Member]
Accounting Policies [Line Items]
Stockholders equity note stock split conversion ratio	0.002
Restricted Stock Units (RSUs) [Member] \| 2008 Share Incentive Plan [Member]
Accounting Policies [Line Items]
Stockholders equity note stock split conversion ratio	0.002
Restricted Stock Units (RSUs) [Member] \| 2017 Share Incentive Plan [Member]
Accounting Policies [Line Items]
Stockholders equity note stock split conversion ratio	0.002

Summary Of Significant Accounting Policies - Summary of Consolidated Balance Sheet (Detail) - USD ($)
$ in Thousands

Dec. 31, 2022

Jan. 01, 2022

Dec. 31, 2021

Assets

Prepayments and other current assets

$ 7,566

$ 9,080

Operating lease right-of-use assets

144,168

LIABILITIES

Accrued expenses and other current liabilities

19,721

Current operating lease liabilities

27,653

Operating lease liabilities, non-current

116,564

Capital lease obligations

2,345

Finance lease obligations, non-current

$ 867

2,345

Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-02 [Member]

Assets

Prepayments and other current assets

^[1]

(2,344)

Operating lease right-of-use assets

^[2]

150,568

LIABILITIES

Accrued expenses and other current liabilities

^[3]

(4)

Current operating lease liabilities

^[4]

28,612

Operating lease liabilities, non-current

^[4]

119,616

Capital lease obligations

^[5]

(2,345)

Finance lease obligations, non-current

^[5]

$ 2,345

Cumulative Effect, Period of Adoption, Adjustment [Member]

Assets

Prepayments and other current assets

$ 6,736

Operating lease right-of-use assets

150,568

LIABILITIES

Accrued expenses and other current liabilities

19,717

Current operating lease liabilities

28,612

Operating lease liabilities, non-current

119,616

Finance lease obligations, non-current

$ 2,345

[1]	Represents the prepaid rent reclassified to operating lease right-of-use assets.
[2]	Represents the result of discounting operating lease payments, the reclassification of prepaid rent and deferred rent accrual.
[3]	Represents the deferred rent accrual reclassified to operating lease right-of-use assets.
[4]	Represents the recognition of operating lease liabilities, current and non-current.
[5]	The account caption of “Capital lease obligations” in non-current liabilities was changed to “Finance lease obligations, non-current” upon adoption of ASC 842.

Summary Of Significant Accounting Policies - Summary of Accounts Receivable Balance (Detail) - Customer Concentration Risk [Member] - Revenue Benchmark [Member]	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Customer A [Member]
Concentration Risk, Percentage	28.30%	26.60%
Customer B [Member]
Concentration Risk, Percentage	14.50%
Customer C [Member]
Concentration Risk, Percentage	10.10%

Accounts Receivable, Net - Schedule of Accounts Receivable Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable, Net [Abstract]
Accounts receivable	$ 27,379	$ 18,187
Allowance for doubtful accounts	(237)	(151)	$ (64)	$ (53)
Accounts Receivable, net	$ 27,142	$ 18,036

Accounts Receivable, Net - Schedule of Movement of the Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable Allowance For Credit Loss [Line Items]
Balance as of the beginning of the year	$ (151)	$ (64)	$ (53)
Additions charged to bad debt expense	(86)	(87)	(11)
Balance as of the end of the year	$ (237)	$ (151)	$ (64)

Inventories - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventories [Abstract]
Products available for sale	$ 59,829	$ 56,444
Goods in transit	18,509	24,997
Inventories	$ 78,338	$ 81,441

Prepayments and Other Current Assets - Schedule of Prepayments And Other Current Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Prepayments And Other Current Assets [Line Items]
Value-added taxes recoverable	$ 201	$ 564
Advances to suppliers	1,067	1,407
Amounts due from third-party payment platforms	3,814	3,165
Deposits	29	29
Prepaid expenses	1,405	3,617
Others	1,050	298
Prepayments and Other Current Assets	$ 7,566	$ 9,080

Prepayments and Other Current Assets - Additional information (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Prepayments And Other Current Assets [Abstract]
Deposits from lessors for warehouse and equipment non current	$ 3,182	$ 3,211

Property and Equipment, Net - Schedule of Property and Equipment Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and Equipment	$ 15,648	$ 12,307
Less: Accumulated depreciation	(2,595)	(1,232)
Property and Equipment, net	13,053	11,075
Office and other equipment [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment	1,755	1,350
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment	263	218
Logistics, warehouse and other heavy equipment [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment	$ 13,630	$ 10,739

Property and Equipment, Net - Schedule of Carrying Amount of Property and Equipment Net Acquired Under Capital Assets (Detail) - Logistics, warehouse and other heavy equipment [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Property Plant And Equipment Under Capital Leases [Line Items]
Property and Equipment	$ 10,015	$ 7,296
Less: Accumulated depreciation	(926)	(273)
Property and Equipment, net	$ 9,089	$ 7,023

Property and Equipment, Net - Schedule of Depreciation Expenses on Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Depreciation Expenses On Property Plant And Equipment [Line Items]
Depreciation	$ 1,386	$ 775	$ 227
Cost of revenues [Member]
Schedule Of Depreciation Expenses On Property Plant And Equipment [Line Items]
Depreciation	970	573	188
General and administrative expenses [Member]
Schedule Of Depreciation Expenses On Property Plant And Equipment [Line Items]
Depreciation	$ 416	$ 202	$ 39

Borrowings - Schedule of Long term debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Unsecured bank loans	$ 207	$ 582
Long-term borrowings	207	582
Current portion of long-term borrowings	207	345
Long-term borrowings, excluding current portion	$ 0	$ 237

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Borrowings - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2022	Dec. 31, 2021	Oct. 31, 2020	Jul. 31, 2020
Debt Instrument [Line Items]
Repayments of Unsecured Debt		$ 312	$ 430
HSBC [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 68
MIZUHO Bank [Member] \| Long Term Loan One [Member]
Debt Instrument [Line Items]
Long-Term Debt, Gross					$ 375
MIZUHO Bank [Member] \| Long Term Loan Two [Member]
Debt Instrument [Line Items]
Long-Term Debt, Gross				$ 756
Unsecured Debt [Member] \| HSBC [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.50%
Long-Term Debt, Maturities, Repayment Terms	August 25, 2021

Accounts Payable - Schedule of accounts payable (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Vendor payable	$ 10,472	$ 7,395
Shipping charges payable and others	21,101	17,745
Accounts Payable	$ 31,573	$ 25,140

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of Accounts Payable and Other Liabilities Disclosure, Current [Line Items]
Finance lease obligations, current	$ 2,916	$ 2,343
Salary and welfare payables	3,957	3,070
Refundable deposits on GigaCloud Marketplace	19,772	9,230
Professional fee accruals	983	900
Sales refund liability	1,532	1,417
Obligations under the remorse protection program	307	437
Prepaid consideration of restricted shares	517	0
Liability classified share-based compensation	110	0
Other payables	6,968	2,324
Accrued Expenses and Other Current Liabilities	$ 37,062	$ 19,721

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Liabilities (Detail) (Parentheticals) (Detail) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Accounts Payable and Other Liabilities Disclosure, Current [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross		385,434	1,160,557	2,833,812
Restricted Stock [Member]
Schedule of Accounts Payable and Other Liabilities Disclosure, Current [Line Items]
Value of stock related to Restricted Stock Awards issued during the period		$ 1,578
Number of shares issued during the period related to restricted stock awards		141,864
APIC, share based payment arrangement, restricted stock unit, increase for cost recognition		$ 1,061
Restricted Stock [Member] \| Accrued expenses and other current liabilities [Member]
Schedule of Accounts Payable and Other Liabilities Disclosure, Current [Line Items]
Workers compensation liability current		$ 517
Employee And Non Employee [Member] \| Restricted Stock [Member]
Schedule of Accounts Payable and Other Liabilities Disclosure, Current [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross	210,898

Leases - Schedule of Assets and Liabilities Related to Both Operating and Finance Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets [Abstract]
Operating lease right-of-use assets	$ 144,168
Finance lease right-of-use assets	9,089
Total right-of-use assets	$ 153,257
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net
Liabilities, Current [Abstract]
Operating lease liabilities	$ (27,653)
Finance lease liabilities	$ (2,916)	$ (2,343)
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIEs without recourse to the Company of US$341 and US$442 as of December 31, 2021 and 2022, respectively)
Liabilities, Noncurrent [Abstract]
Operating lease liabilities	$ (116,564)
Finance lease liabilities	(867)	$ (2,345)
Total lease liabilities	$ (148,000)

Leases - Schedule of Lease Cost (Detail) $ in Thousands	12 Months Ended
Leases - Schedule of Lease Cost (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Lease Cost [Line Items]
Operating lease cost	$ 29,564
Amortization of right-of-use assets	653
Interest on lease liabilities	557
Short-term lease costs	307
Total	$ 31,081

Leases - Schedule of Lease Terms and Discount Rates (Detail)	Dec. 31, 2022
Lease terms and discount rates [Line Items]
Operating leases	6 years 18 days
Finance leases	1 year 2 months 15 days
Operating leases	1.36%
Finance leases	11.46%

Leases - Schedule of Future Minimum Lease Payments (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Operating leases
2023	$ 29,441
2024	29,543
2025	26,466
2026	22,867
2027	16,673
2028 and thereafter	25,713
Total lease payments	150,703
Less imputed interest	(6,486)
Present value of lease liabilities	144,217
Finance leases
2023	3,172
2024	894
2025	0
2026	0
2027	0
2028 and thereafter	0
Total lease payments	4,066
Finance Lease Interest Expenses	(283)
Present value of lease liabilities	$ 3,783

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Supplemental cash flow information related to leases [Line Items]
Operating cash flows from operating leases	$ 27,175
Operating cash flows from finance leases	557
Financing cash flows from finance leases	3,624
Operating leases	24,270
Finance leases	$ 2,719

Leases - Schedule of Future Minimum Lease Payments for Capital Leases (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Schedule Of Future Minimum Lease Payments For Capital Leases [Line Items]
2022	$ 31,054
2023	28,101
2024	24,543
2025	19,421
2026	14,914
2027	8,353
2028	$ 2,637

Leases - Schedule of Capital Lease Obligations (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Present value of the minimum lease payments, Within 1 year	$ 2,343
Present value of the minimum lease payments, After 1 year but within 2 years	2,016
Present value of the minimum lease payments, After 2 years	329
Present value of the minimum lease payments	4,688
Total minimum lease payments, Within 1 year	2,724
Total minimum lease payments, After 1 year but within 2 years	2,154
Total minimum lease payments, After 2 years	336
Total minimum lease payments	5,214
Total minimum lease payments, Less: total future interest expense	(526)
Present value of lease obligations	4,688
Including:
Current portion	2,343
Non-current portion	$ 2,345

Preferred Shares - Schedule of Temporary Equity (Detail) - Series E Preferred Stock [Member] - Redeemable Convertible Preferred Stock [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Temporary Equity [Line Items]
Beginning balance	$ 26,652	$ 25,152	$ 0
Issuance for cash			25,000
Issuance costs			0
Accretion of Preferred Shares	941	1,500	152
Conversion to Class A ordinary shares	(27,593)
Ending balance	$ 0	$ 26,652	$ 25,152

Preferred Shares - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands						12 Months Ended
	Nov. 24, 2020	Mar. 27, 2017	Aug. 01, 2014	Feb. 28, 2013	Nov. 23, 2006	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2019	Feb. 25, 2009	Sep. 01, 2006
Common Stock [Member]
Class of Stock [Line Items]
Percentage of votes in terms of value required for a shareholder to purchase shares from other shareholders						51.00%	51.00%	51.00%
Right To Purchase Additional Shares [Member] \| Adjustment Agreement [Member]
Class of Stock [Line Items]
Minimum revenue to be achieved for the adjustment not to be triggered									$ 6,300	$ 79,200
Premoney amount of valuation											$ 144,953
Subscription price											$ 3,000
Firedragon Holdings Inc [Member] \| Comptree International Limited [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Stock issued during the period for acquisition shares			2,905,802
DCM Four [Member] \| Comptree International Limited [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Stock issued during the period for acquisition shares			964,981
DCM Four Affiliates [Member] \| Comptree International Limited [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Stock issued during the period for acquisition shares			24,540
DT E Commerce Investment Limited [Member] \| Comptree International Limited [Member]
Class of Stock [Line Items]
Business combination percentage of voting interests acquired			100.00%
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Debt Instrument, Face Amount													$ 600
Debt Instrument, Interest Rate, Stated Percentage													7.04%
Preferred Stock, Shares Subscribed but Unissued					122,000
Debt Instrument, Convertible, Conversion Price					$ 50
Preferred Stock, Value, Subscriptions					$ 6,100
Debt Conversion, Original Debt, Amount					$ 610
Debt Conversion, Converted Instrument, Shares Issued					12,190
Sale of stock issue price per share					$ 50
Series A Preferred Stock [Member] \| DCM IV [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Subscribed but Unissued					83,477
Debt Conversion, Converted Instrument, Shares Issued					8,322
Series A Preferred Stock [Member] \| DCM IV Affiliates [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Subscribed but Unissued					2,123
Debt Conversion, Converted Instrument, Shares Issued					211
Series A Preferred Stock [Member] \| DT [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Subscribed but Unissued					36,400
Debt Conversion, Converted Instrument, Shares Issued					3,657
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Debt Instrument, Face Amount												$ 2,500
Debt Instrument, Interest Rate, Stated Percentage												0.00%
Preferred Stock, Shares Subscribed but Unissued				6,284,173
Debt Instrument, Convertible, Conversion Price				$ 0.32
Preferred Stock, Value, Subscriptions				$ 2,000
Debt Conversion, Original Debt, Amount				$ 2,500
Debt Conversion, Converted Instrument, Shares Issued				7,855,214
Sale of stock issue price per share				$ 0.32
Stock Repurchased During Period, Shares				5,718,842
Series B Preferred Stock [Member] \| Larry Lei Wu [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Subscribed but Unissued				1,571,043
Debt Instrument, Convertible, Conversion Price				$ 0.32
Preferred Stock, Value, Subscriptions				$ 500
Series B Preferred Stock [Member] \| DCM IV [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Subscribed but Unissued				4,462,264
Debt Conversion, Converted Instrument, Shares Issued				5,373,699
Stock Repurchased During Period, Shares				4,075,522
Series B Preferred Stock [Member] \| DCM IV Affiliates [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Subscribed but Unissued				113,478
Debt Conversion, Converted Instrument, Shares Issued				136,656
Stock Repurchased During Period, Shares				103,643
Series B Preferred Stock [Member] \| DT [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Subscribed but Unissued				1,708,431
Debt Conversion, Converted Instrument, Shares Issued				2,344,859
Stock Repurchased During Period, Shares				1,539,677
Series C Preferred Stock [Member] \| DT E Commerce Investment Limited [Member] \| Comptree International Limited [Member] \| Preferred Stock [Member]
Class of Stock [Line Items]
Stock issued during the period for acquisition shares			4,358,702
Nonredeemable Convertible Preferred Stock [Member] \| Drag Along Rights [Member]
Class of Stock [Line Items]
Number of days of notice to be given to shareholders by the company for share purchase						5 days	5 days	5 days
Nonredeemable Convertible Preferred Stock [Member] \| Series A Preferred Stock [Member]
Class of Stock [Line Items]
Percentage of votes in terms of value required for conversion into common stock						75.00%	75.00%	75.00%
Preferred stock dividend rate percentage						8.00%	8.00%	8.00%
Preferred stock liquidation preference percentage						100.00%	100.00%	100.00%
Conversion ratio						1	1	1
Nonredeemable Convertible Preferred Stock [Member] \| Series A Preferred Stock [Member] \| Drag Along Rights [Member]
Class of Stock [Line Items]
Percentage of votes in terms of value required for a shareholder to purchase shares from other shareholders						75.00%	75.00%	75.00%
Nonredeemable Convertible Preferred Stock [Member] \| Series A Preferred Stock [Member] \| Drag Along Rights [Member] \| Triggering Of Rights Before The Fifth Anniversary [Member]
Class of Stock [Line Items]
Estimated minimum proceeds from preferred stock						$ 40,000	$ 40,000	$ 40,000
Nonredeemable Convertible Preferred Stock [Member] \| Series B Preferred Stock [Member]
Class of Stock [Line Items]
Percentage of votes in terms of value required for conversion into common stock						75.00%	75.00%	75.00%
Preferred stock dividend rate percentage						8.00%	8.00%	8.00%
Preferred stock liquidation preference percentage						100.00%	100.00%	100.00%
Conversion ratio						1	1	1
Nonredeemable Convertible Preferred Stock [Member] \| Series B Preferred Stock [Member] \| Drag Along Rights [Member]
Class of Stock [Line Items]
Percentage of votes in terms of value required for a shareholder to purchase shares from other shareholders						75.00%	75.00%	75.00%
Nonredeemable Convertible Preferred Stock [Member] \| Series B Preferred Stock [Member] \| Drag Along Rights [Member] \| Triggering Of Rights Before The Fifth Anniversary [Member]
Class of Stock [Line Items]
Estimated minimum proceeds from preferred stock						$ 40,000	$ 40,000	$ 40,000
Nonredeemable Convertible Preferred Stock [Member] \| Series C Preferred Stock [Member]
Class of Stock [Line Items]
Percentage of votes in terms of value required for conversion into common stock						75.00%	75.00%	75.00%
Preferred stock dividend rate percentage						8.00%	8.00%	8.00%
Preferred stock liquidation preference percentage						100.00%	100.00%	100.00%
Conversion ratio						1	1	1
Nonredeemable Convertible Preferred Stock [Member] \| Series C Preferred Stock [Member] \| Drag Along Rights [Member]
Class of Stock [Line Items]
Percentage of votes in terms of value required for a shareholder to purchase shares from other shareholders						75.00%	75.00%	75.00%
Nonredeemable Convertible Preferred Stock [Member] \| Series C Preferred Stock [Member] \| Drag Along Rights [Member] \| Triggering Of Rights Before The Fifth Anniversary [Member]
Class of Stock [Line Items]
Estimated minimum proceeds from preferred stock						$ 40,000	$ 40,000	$ 40,000
Nonredeemable Convertible Preferred Stock [Member] \| Series D Preferred Stock [Member]
Class of Stock [Line Items]
Percentage of votes in terms of value required for conversion into common stock						75.00%	75.00%	75.00%
Preferred stock dividend rate percentage						8.00%	8.00%	8.00%
Preferred stock liquidation preference percentage						100.00%	100.00%	100.00%
Conversion ratio						1	1	1
Nonredeemable Convertible Preferred Stock [Member] \| Series D Preferred Stock [Member] \| Drag Along Rights [Member]
Class of Stock [Line Items]
Percentage of votes in terms of value required for a shareholder to purchase shares from other shareholders						75.00%	75.00%	75.00%
Number of days of notice to be given to shareholders by the company for share purchase						5 days	5 days	5 days
Nonredeemable Convertible Preferred Stock [Member] \| Series D Preferred Stock [Member] \| Drag Along Rights [Member] \| Triggering Of Rights Before The Fifth Anniversary [Member]
Class of Stock [Line Items]
Estimated minimum proceeds from preferred stock						$ 150,000	$ 150,000	$ 150,000
Convertible Preferred Stock [Member] \| Hong Kong Red Star Macalline Universal Machine Holdings [Member] \| Series D Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Sale of stock issue price per share		$ 2.74
Stock issued during the peiod shares new issues		2,943,786
Proceeds from the issue of convertible preferred stock		$ 8,053
Redeemable Convertible Preferred Stock [Member] \| Series E Preferred Stock [Member]
Class of Stock [Line Items]
Percentage of votes in terms of value required for conversion into common stock						75.00%	75.00%	75.00%
Preferred stock dividend rate percentage						8.00%	8.00%	8.00%
Temporary equity liquidation percentage						100.00%	100.00%	100.00%
Temporary equity redemption price percentage						100.00%	100.00%	100.00%
Temporary equity interest rate percentage on redemption price						6.00%	6.00%	6.00%
Conversion ratio						1	1	1
Redeemable Convertible Preferred Stock [Member] \| Series E Preferred Stock [Member] \| Drag Along Rights [Member]
Class of Stock [Line Items]
Percentage of votes in terms of value required for a shareholder to purchase shares from other shareholders						75.00%	75.00%	75.00%
Number of days of notice to be given to shareholders by the company for share purchase						5 days	5 days	5 days
Redeemable Convertible Preferred Stock [Member] \| Series E Preferred Stock [Member] \| Drag Along Rights [Member] \| Triggering Of Rights Before The Fifth Anniversary [Member]
Class of Stock [Line Items]
Estimated minimum proceeds from preferred stock						$ 150,000	$ 150,000	$ 150,000
Redeemable Convertible Preferred Stock [Member] \| Honey SuckLe Creek Limited [Member] \| Series E Preferred Stock [Member]
Class of Stock [Line Items]
Temporary equity stock shares issued during the period shares	2,719,802
Redeemable Convertible Preferred Stock [Member] \| Huay Yuan International Limited [Member] \| Series E Preferred Stock [Member]
Class of Stock [Line Items]
Temporary equity stock shares issued during the period shares	1,279,907
Redeemable Convertible Preferred Stock [Member] \| Honey Suckle Creek Limited And Huay Yuan International Limited [Member] \| Series E Preferred Stock [Member]
Class of Stock [Line Items]
Proceeds from Issuance of Redeemable Convertible Preferred Stock	$ 25,000
Temporary equity stock shares issued during the period shares	3,999,709
Temporary equity shares issued price per share	$ 6.25

Ordinary Shares - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended			12 Months Ended
	Nov. 18, 2022	Jul. 11, 2021	Aug. 31, 2022	Jul. 31, 2022	Feb. 28, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Aug. 17, 2022	Dec. 31, 2019
Options outstanding						4,556,061	4,170,627	4,597,156		2,152,830
Common Stock, Shares Authorized							38,572,025	38,572,025
Common Stock, Par or Stated Value Per Share							$ 0.05	$ 0.05
Common Stock, Shares, Issued							11,082,930	9,495,844
Common Stock, Shares, Outstanding							11,082,930	9,495,844
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period							1,587,086
Share-Based Payment Arrangement, Expense	$ 59					$ 8,887	$ 9,681	$ 0
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expense						$ 7,652	$ 9,681	0
Restricted Stock [Member]
Number of shares issued during the period related to Restricted Stock Awards						141,864
Restricted Stock [Member] \| Three Year [Member]
Number of shares issued during the period related to Restricted Stock Awards						141,864
IPO [Member]
Stock issued during the peiod shares new issues			3,381,000
Sale of stock, price per share			$ 12.25
Net proceeds			$ 33,400
Underwriting commissions and other offering expenses			8,000
Share-Based Payment Arrangement, Expense			$ 8,825
Over-Allotment Option [Member]
Stock issued during the peiod shares new issues			441,000
Common Class A [Member]
Voting rights of common stock				one vote
Common Class B [Member]
Voting rights of common stock				ten votes
Conversion Of Temporary Equity Series E Preferred Shares to Class A Ordinary Shares [Member]
Common Stock, Par or Stated Value Per Share									$ 0.05
Trust Holdcos [Member]
Number of common stock held in a trust					4,765,903
Restricted shares outstanding						210,898
Options outstanding						4,555,005
Mr.Larry Lei Wu [Member] \| Conversion Of Series B Redeemable Convertible Preferred Shares to ClassB Ordinary Shares [Member]
Conversion of Stock, Shares Converted (Shares)			1,571,043
Conversion of stock, shares issued			7,755,689
Conversion of stock, description			one-for-one-basis
Common Stock, Par or Stated Value Per Share			$ 0.05
Other Shareholders [Member] \| Conversion Of Temporary Equity Series E Preferred Shares to Class A Ordinary Shares [Member]
Conversion of Stock, Shares Converted (Shares)			3,999,709
Conversion of stock, shares issued			8,119,882
Conversion of stock, description			one-for-one-basis
Common Stock, Par or Stated Value Per Share			$ 0.05
Other Shareholders [Member] \| Conversion Of Preferred Shares To Class A Ordinary Shares [Member]
Conversion of Stock, Shares Converted (Shares)			19,856,932
Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period		1,587,086					1,587,086
Stock Issued During Period, Shares, Issued for Services					26,738	26,738
Stock Issued During Period, Value, Issued for Services					$ 2	$ 2
Share-Based Payment Arrangement, Expense								$ 0
Common Stock [Member] \| General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expense						$ 199	$ 0

Share-Based Compensation - Schedule of Share-Based Payment Arrangement, Option, Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-Based Payment Arrangement [Abstract]
Number of Share options ,Beginning	4,170,627	4,597,156	2,152,830
Number of Share options , Granted	385,434	1,160,557	2,833,812
Number of Share options , Repurchased			(389,486)
Number of Share options , Exercised		(1,587,086)
Number of Share options , Ending	4,556,061	4,170,627	4,597,156	2,152,830
Number of Share options , Vested and expect to be vested	4,556,061
Number of Share options ,Exercisable	4,556,061
Weighted Average Exercise Price , Beginning	$ 0.05	$ 0.05	$ 0.05
Weighted Average Exercise Price , Granted	0.05	0.05	0.05
Weighted Average Exercise Price , Repurchased			0.05
Weighted Average Exercise Price , Exercised		0.05
Weighted Average Exercise Price , Ending	0.05	0.05	0.05	$ 0.05
Weighted Average Exercise Price , Vested and expect to be vested	0.05
Weighted Average Exercise Price , Exercisable	0.05
Weighted Average Fair value at grant date , Beginning	0.57	1.08	0.4
Weighted Average Fair value at grant date , Granted	7.43	6.1	2.3
Weighted Average Fair value at grant date , Repurchased			6.25
Weighted Average Fair value at grant date , Exercised		6.1
Weighted Average Fair value at grant date , Ending	1.15	$ 0.57	$ 1.08	$ 0.4
Weighted Average Fair value at grant date , Vested and expect to be vested	1.15
Weighted Average Fair value at grant date , Exercisable	$ 1.15
Weighted remaining contractual years		5 years 7 months 20 days	6 years 10 months 20 days	4 years 11 months 19 days
Weighted remaining contractual years, Granted		10 years	10 years
Weighted remaining contractual years, Repurchased			9 years 1 month 20 days
Weighted remaining contractual years, Exercised		9 years 2 months 8 days
Weighted remaining contractual years, Vested and expect to be vested	5 years 7 days
Weighted remaining contractual years, Exercisable	5 years 7 days
Aggregate intrinsic value , Beginning	$ 2,133	$ 4,714	$ 753
Aggregate intrinsic value , Granted		7,021	6,376
Aggregate intrinsic value , Repurchased			(2,415)
Aggregate intrinsic value , Exercised		(9,602)
Aggregate intrinsic value , Ending		$ 2,133	$ 4,714	$ 753
Aggregate intrinsic value , Vested and expect to be vested	5,239
Aggregate intrinsic value , Exercisable	$ 5,239

Share-Based Compensation - Schedule The Fair Values Of The Share Options Granted Are Estimated (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free rate of return	1.80%	1.46%	0.67%
Volatility	43.60%	44.17%	45.23%
Expected dividend yield	0.00%	0.00%	0.00%
Fair value of underlying ordinary share	$ 7.5	$ 6.15	$ 2.35
Expected terms	10 years	10 years	10 years
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise multiple	$ 2.2	$ 2.2	$ 2.2
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise multiple	$ 2.8	$ 2.8	$ 2.8

Share-Based Compensation - Schedule of Total Compensation Expenses Recognized (Detail) - USD ($) $ in Thousands		12 Months Ended
	Nov. 18, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Payment Arrangement, Expense	$ 59	$ 8,887	$ 9,681	$ 0
Cost of Sales [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Payment Arrangement, Expense		487	0	0
Selling and Marketing Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Payment Arrangement, Expense		748	0	0
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Payment Arrangement, Expense		$ 7,652	$ 9,681	$ 0

Share-Based Compensation - Schedule of the Company's Restricted Shares (Detail) - Restricted Stock Units (RSUs) [Member]	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares Outstanding at January 1, 2022 \| shares	0
Number of shares, Granted \| shares	220,898
Number of shares, Vested \| shares	(151,864)
Number of shares Outstanding at December 31, 2022 \| shares	69,034
Number of shares, Expect to be vested at December 31, 2022 \| shares	69,034
Weighted average grant date fair value. Outstanding at January 1, 2022 \| $ / shares	$ 0
Weighted average grant date fair value, Granted \| $ / shares	0.269
Weighted average grant date fair value, Vested \| $ / shares	0.3906
Weighted average grant date fair value, Outstanding at December 31, 2022 \| $ / shares	0.0015
Weighted average grant date fair value, Expect to be vested at December 31, 2022 \| $ / shares	$ 0.0015

Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended				12 Months Ended
	Nov. 18, 2022	Jul. 11, 2021	Oct. 15, 2020	Aug. 31, 2022	Feb. 28, 2022	Jul. 31, 2021	Jul. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross								385,434	1,160,557	2,833,812
Share Based Compensation Arrangement By Share Based Payment Award Options Repurchases During Period										(389,486)
Payments for Repurchase of Equity										$ 2,435
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period									1,587,086
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period		10 years
Share-Based Payment Arrangement, Expense	$ 59							$ 8,887	$ 9,681	$ 0
IPO [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Payment Arrangement, Expense				$ 8,825
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares				4,529,383
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Payment Arrangement, Expense							$ 62
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value					$ 7.48
Number of days for payment of consideration					45 days
APIC, share based payment arrangement, restricted stock unit, increase for cost recognition								1,061
Value of stock related to Restricted Stock Awards issued during the period								$ 1,578
Number of shares issued during the period related to Restricted Stock Awards								141,864
Restricted Stock [Member] \| Accrued Expenses And Other Current Liabilities [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Workers compensation liability current								$ 517
Restricted Stock [Member] \| IPO [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value								$ 0.0015
Three Year [Member] \| Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares issued during the period related to Restricted Stock Awards								141,864
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share								69,034
Share-Based Payment Arrangement, Employee [Member] \| Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period	10,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 0.05
Employees [Member] \| Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period					205,708
Non Employee [Member] \| Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period					5,190
2017 Share Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross										2,833,812
2017 Share Incentive Plan [Member] \| Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Options Repurchases During Period			389,486
Share Price			$ 6.25
Payments for Repurchase of Equity			$ 2,435
2017 Share Incentive Plan [Member] \| Six Months to Forty two Months [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross										1,661,635
2017 Share Incentive Plan [Member] \| Share-Based Payment Arrangement, Non-employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross										114,258
2017 Share Incentive Plan [Member] \| Share Based Payment Arrangement Directors And Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross										2,719,554
2017 Share Incentive Plan [Member] \| Share-Based Payment Arrangement, Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross					385,434	1,160,557	26,678
2017 Share Incentive Plan [Member] \| Directors And Key Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period		1,587,086

Warrant - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Aug. 22, 2022	Dec. 31, 2022	Jul. 01, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Common stock, Par or stated value per share				$ 0.05	$ 0.05
Class of warrant or right, Exercise price of warrants or rights	$ 18.375
Adjustments to additional paid in capital, Warrant issued		$ 748
Common Class A [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Common stock, Par or stated value per share		$ 0.05
Underwriter [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Class of Warrant or Right, Date from which Warrants or Rights Exercisable	Feb. 17, 2023
Class of Warrant or Right, Date till which Warrants or Rights Exercisable	Feb. 17, 2025
Underwriter [Member] \| Common Class A [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Common stock, Par or stated value per share	$ 0.05
Percentage of exercise price to public offering price			150.00%
Class of warrant or right, Number of securities called by warrants or rights	29,400
Underwriter [Member] \| Common Class A [Member] \| IPO [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Class of Warrant or Right, Percentage of Securities Called by Warrants or Rights			1.00%
Common stock, Par or stated value per share			$ 0.05
Shares issued, Price per share			$ 12.25

Warrant - Summary Of The Fair Value Of The Warrant Upon The Issuance (Detail)	Dec. 31, 2022 PerShare yr
Risk-free rate of return [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	3.14
Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	46.68
Expected dividend yield [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0
Fair value of underlying ordinary share [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input \| PerShare	41.41
Expected terms [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input \| yr	2.5

Income Tax - Schedule the Components of Income Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Components Of Income Before Income Taxes [Line Items]
Income tax expense	$ 31,164	$ 37,725	$ 45,275
HK [Member]
Components Of Income Before Income Taxes [Line Items]
Income tax expense	27,832	35,825	37,211
People Republic of China [Member]
Components Of Income Before Income Taxes [Line Items]
Income tax expense	3,734	1,685	143
US [Member]
Components Of Income Before Income Taxes [Line Items]
Income tax expense	6,502	9,346	7,158
Others [Member]
Components Of Income Before Income Taxes [Line Items]
Income tax expense	$ (6,904)	$ (9,131)	$ 763

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Tax - Schedule of Income Tax Provision (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current
Total current tax provision	$ 7,009	$ 8,337	$ 7,202
Deferred
Total deferred tax expense	183	131	618
Income tax expense	7,192	8,468	7,820
UNITED STATES
Current
Total current tax provision	2,706	2,172	1,263
Deferred
Total deferred tax expense	186	170	638
People Republic of China [Member]
Current
Total current tax provision	3,886	5,750	5,665
Deferred
Total deferred tax expense	(3)	(39)	(20)
Other [Member]
Current
Total current tax provision	$ 417	$ 415	$ 274

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Tax - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Effective Income Tax Rate Reconciliation [Line Items]
Computed expected income tax expenses at the PRC tax rate of 25%	$ 7,791	$ 9,431	$ 11,319
Effect of:
Tax rate differential for non-PRC entities	(1,387)	(134)	(2,928)
Preferential tax rate	(509)	(44)	(31)
Net operating loss carryforwards expired	12	933	6
Change in unrecognized tax benefits	254	232	38
Non-deductible expenses	2	2	4
Non-taxable offshore profit in Hong Kong S.A.R	(4,593)	(6,148)	(6,140)
Special tax adjustment in the PRC	3,263	5,589	5,582
Others	777	(435)	24
Change in valuation allowance on deferred tax assets	1,582	(958)	(54)
Total	$ 7,192	$ 8,468	$ 7,820

Income Tax - Schedule of Effective Income Tax Rate Reconciliation (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	25.00%

Income Tax - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Net operating losses carryforwards	$ 2,786	$ 1,204
Inventories under the uniform capitalization (UNICAP) rules	744	808
Inventory write-down	672	619
Accrued expenses and other current liabilities	308	305
Operating lease liabilities, current and non-current	33,494	0
Others	157	134
Less: valuation allowance	(2,786)	(1,204)	$ (2,162)
Total deferred tax assets, net	35,375	1,866
Tax impact of full expensing of qualified property and equipment	(2,370)	(2,080)
Finance leases	(80)	0
Operating lease right-of-use assets	(33,322)	0
Total gross deferred income tax liabilities	(35,772)	(2,080)
Net deferred liabilities	$ (397)	$ (214)

Income Tax - Schedule of Net Deferred Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 75	$ 72
Deferred tax liabilities	(472)	(286)
Net deferred liabilities	$ (397)	$ (214)

Income Tax - Schedule of Changes in valuation allowance (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Balance at the beginning of the year	$ 1,204	$ 2,162
Additions	1,643	322
Decrease	(61)	(1,280)
Balance at the end of the year	$ 2,786	$ 1,204

Income Tax - Schedule of reconciliation of unrecognized tax benefits from continuing operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, beginning of year	$ 1,033	$ 801	$ 763
Increases	254	232	38
Reclassified from prior-year income tax payable	1,607	0	0
Unrecognized tax benefits, end of year	$ 2,894	$ 1,033	$ 801

Income Tax - Additional Information (Detail) $ in Thousands, $ in Thousands		1 Months Ended	12 Months Ended
	Dec. 24, 2019	Jan. 31, 2023	Dec. 31, 2022 USD ($)	Dec. 31, 2022 HKD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2018	Dec. 31, 2027 USD ($)	Dec. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Income Tax Disclosure [Line Items]
Statutory income tax rate			25.00%	25.00%
Deferred tax assets, valuation allowance			$ 2,786		$ 1,204	$ 2,162
Unrecognized tax benefits that would affect income tax rate			2,894		1,033	801
Operating Loss Carryforwards			595		356	3,762
Deferred tax liability not recognized, amount of unrecognized deferred tax liability, undistributed earnings of foreign subsidiaries			$ 5,933		4,224	2,260
Threshold percentage for recognization of tax benefit			50.00%
Unrecognized tax benefits increase resulting from transfer pricing adjustment			$ 1,861		232	38
From Tax Year 2019 to 2021 [Member]
Income Tax Disclosure [Line Items]
Statutory income tax rate	15.00%
Subsequent Event [Member] \| From Tax Year 2022 to 2024 [Member]
Income Tax Disclosure [Line Items]
Statutory income tax rate		15.00%
Expirable Tax Year 2023 [Member]
Income Tax Disclosure [Line Items]
Operating Loss Carryforwards												$ 45
Expirable Tax Year 2024 [Member]
Income Tax Disclosure [Line Items]
Operating Loss Carryforwards											$ 26
Expirable Tax Year 2025 [Member]
Income Tax Disclosure [Line Items]
Operating Loss Carryforwards										$ 18
Expirable Tax Year 2026 [Member]
Income Tax Disclosure [Line Items]
Operating Loss Carryforwards									$ 164
Expirable Tax Year 2027 [Member]
Income Tax Disclosure [Line Items]
Operating Loss Carryforwards								$ 342
Deferred Tax Asset Subsidiaries and VIE [Member]
Income Tax Disclosure [Line Items]
Deferred tax assets, valuation allowance			$ 2,786		$ 1,204	$ 2,162
UNITED STATES
Income Tax Disclosure [Line Items]
Statutory income tax rate							21.00%
Withholding income tax rate on dividends			30.00%	30.00%
HONG KONG \| Profit Above Two Million Hon Kong Dollar [Member]
Income Tax Disclosure [Line Items]
Statutory income tax rate			16.50%	16.50%
HONG KONG \| Profit Below Two Million Hong Kong Dollar [Member]
Income Tax Disclosure [Line Items]
Statutory income tax rate			8.25%	8.25%
Threshold limit for Revenue from Subsidiary				$ 2,000
CHINA
Income Tax Disclosure [Line Items]
Statutory income tax rate			25.00%	25.00%
Withholding income tax rate on dividends			10.00%	10.00%
CHINA \| PRC Tax Administration and Collection Law [Member]
Income Tax Disclosure [Line Items]
Income tax examination statute of limitation for underpayment of taxes period			3 years	3 years
Income tax examination statute of limitation for underpayment of taxes above threshold limit			$ 100
Income tax examination statute of limitation for underpayment of taxes above threshold limit period			5 years	5 years
Income tax examination,years under examination Description			2020 to 2022	2020 to 2022
Income tax examination statute of limitation for transfer pricing			10 years	10 years
GERMANY
Income Tax Disclosure [Line Items]
Operating Loss Carryforwards			$ 2,157
UNITED KINGDOM
Income Tax Disclosure [Line Items]
Operating Loss Carryforwards			$ 10,137

Net Income Per Ordinary Share - Schedule of Basic and Diluted Net Income Per Ordinary Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income	$ 23,972	$ 29,257	$ 37,455
Net income attributable to preferred shareholders	(8,352)	(18,777)	(24,344)
Accretion of Series E Preferred Shares	(941)	(1,500)	(152)
Net income per ordinary share calculation	$ 14,679	$ 8,980	$ 12,959
Weighted average number of ordinary shares - basic	24,412,314	10,248,079	9,495,844
Weighted average number of ordinary shares - diluted	24,412,314	10,248,079	9,495,844
Net income per ordinary share attributable to ordinary shareholders - basic	$ 0.6	$ 0.88	$ 1.36
Net income per ordinary share attributable to ordinary shareholders - diluted	$ 0.6	$ 0.88	$ 1.36

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

Net Income Per Ordinary Share - Schedule of Basic and Diluted Net Income Per Ordinary Share (Parenthetical) (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2022	Aug. 17, 2022	Feb. 28, 2022	Dec. 31, 2021	Dec. 31, 2020
Conversion of Stock [Line Items]
Common stock par or stated value per share				$ 0.05	$ 0.05
Conversion Of Temporary Equity Series E Preferred Shares to Class A Ordinary Shares [Member]
Conversion of Stock [Line Items]
Common stock par or stated value per share		$ 0.05
Series A B C D E Preferred Stock [Member]
Conversion of Stock [Line Items]
Preferred Stock, Shares Issued		21,427,975
Preferred Stock, Shares Outstanding		21,427,975
Common Class A [Member]
Conversion of Stock [Line Items]
Common stock par or stated value per share	$ 0.05
Restricted Stock [Member]
Conversion of Stock [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 7.48
Antidilutive securities excluded from the computation of earnings per share	69,034
Warrant [Member] \| Common Class A [Member]
Conversion of Stock [Line Items]
Antidilutive securities excluded from the computation of earnings per share	29,400
Trust Holdcos [Member]
Conversion of Stock [Line Items]
Number of common stock held in a trust			4,765,903

Revenues - Schedule of Revenues are Disaggregated by Major Products And Service Lines and Timing of Revenue Recognition (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 490,071	$ 414,197	$ 275,478
Transferred over time [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	121,951	89,986	48,148
Transferred at point in time [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	368,120	324,211	227,330
Product sales to B [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	49,128	50,699	39,858
Product sales to C [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	68,633	76,900	53,388
Off-platform ecommerce [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	117,761	127,599	93,246
GigaCloud 1P [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	231,682	188,266	122,102
Platform commission [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	6,872	4,814	3,888
Ocean transportation service [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	37,957	36,257	12,537
Warehousing service [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	16,242	10,498	3,310
Last-mile delivery service [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	62,745	33,693	26,294
Others [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	16,812	13,070	14,101
Service [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	140,628	98,332	60,130
Revenues	140,628	98,332	60,130
Product [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	349,443	315,865	215,348
Revenues	$ 349,443	$ 315,865	$ 215,348

Revenues - Schedule of Changes in the Contract Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Balance as of beginning of the year	$ 3,690	$ 3,424	$ 362
Revenue recognized from opening balance of contract liabilities	(3,690)	(3,424)	(362)
Increase due to cash received	302,474	199,271	158,696
Revenue recognized from cash received during the year	(300,439)	(195,580)	(155,283)
Foreign exchange effect	(34)	(1)	11
Balance as of end of the year	$ 2,001	$ 3,690	$ 3,424

Revenues - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract liabilities, Current	$ 2,001	$ 3,690
Contract with customer, Timing of satisfaction of performance obligation and payment	one year

Restricted Net Assets - Additional Information (Detail)	12 Months Ended
Restricted Net Assets - Additional Information (Detail)	Dec. 31, 2022
Restricted Net Assets [Line Items]
Threshold percentage under rule 5-04 (c)	25.00%
CHINA
Restricted Net Assets [Line Items]
Minimum percentage of allocation of annual after tax profits to the general reserve fund	10.00%
Threshold Percentage of general reserve fund to registered capital	50.00%
Minimum percentage of allocation of annual after tax profits to the statutory surplus fund	10.00%
Threshold percentage of statutory surplus fund to registered capital	50.00%
Percentage of annual appropriations	10.00%

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - shares	Mar. 31, 2023	Jan. 31, 2023
Giga Cloud Logistics Inc and Blitz Distribution GMBH [Member]
Subsequent Event [Line Items]
Business acquisition, percentage of voting interests acquired		100.00%
Restricted Stock Units (RSUs) [Member]
Subsequent Event [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized	35,170