GigaCloud Technology Inc Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Long-Term Debt: not reported in this period (annual-only)
Liquid Liquidation Value
- Long-Term Debt: not reported in this period (annual-only)
Operating Liquidation Value
- Long-Term Debt: not reported in this period (annual-only)
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-854.04M | $-23.28 |
| Liquid Liquidation Value | $-770.52M | $-21.00 |
| Operating Liquidation Value | $-530.21M | $-14.45 |
Key Components (as of 2026-03-31)
| Cash & Equivalents | $330.27M |
| Accounts Receivable | $83.51M |
| Inventory | $240.31M |
| Current Liabilities | $342.94M |
| Long-term Debt (?) | N/A |
| Op. Lease Liability (?) | $367.35M |
| Finance Lease (?) | $863,000 |
| Shares Outstanding | 36.7M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | $330.27M | $83.51M | $240.31M | $98.78M | $342.94M | N/A | $367.35M | $863,000 |
| 2025-12-31 | $379.78M | $65.97M | $188.30M | $105.41M | $342.25M | N/A | $368.32M | $690,000 |
| 2025-09-30 | $334.85M | $59.82M | $176.36M | $79.46M | $299.63M | N/A | $361.12M | $662,000 |
| 2025-06-30 | $240.12M | $69.45M | $186.84M | $73.69M | $273.89M | N/A | $371.45M | $641,000 |
| 2025-03-31 | $251.71M | $67.00M | $204.85M | $87.81M | $291.81M | N/A | $380.84M | $241,000 |
| 2024-12-31 | $259.76M | $57.31M | $172.49M | $78.16M | $264.38M | N/A | $395.24M | $382,000 |
| 2024-09-30 | $217.58M | $62.55M | $183.32M | $66.75M | $247.33M | N/A | $418.92M | $470,000 |
| 2024-06-30 | $185.62M | $69.61M | $197.55M | $79.86M | $249.01M | N/A | $440.60M | $196,000 |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-03-31 | 10-Q | 2026-05-07 | View |
| 2025-12-31 | 10-K | 2026-02-26 | View |
| 2025-09-30 | 10-Q | 2025-11-06 | View |
| 2025-06-30 | 10-Q | 2025-08-07 | View |
| 2025-03-31 | 10-Q | 2025-05-12 | View |
| 2024-12-31 | 10-K | 2025-03-03 | View |
| 2024-09-30 | 10-Q | 2024-11-07 | View |
| 2024-06-30 | 10-Q | 2024-08-06 | View |
AI Insights
GigaCloud Technology Inc (GCT) presents a positive liquidation recovery posture as of March 31, 2026, which is atypical for most going concerns and reflects the company's asset-light working-capital-heavy balance sheet structure. Total assets of $1.23B against total liabilities of $719.9M yield reported book equity of $510.3M. Under liquidation haircuts, the recovery picture narrows materially but remains positive at the asset level before considering the full contractual lease stack.
Key liquidation-relevant assets: Cash and equivalents of $330.3M recover at 100% ($330M). Short-term investments of $32.9M are liquid and assumed near-par. Accounts receivable net of $83.5M recovers at 90-95% (~$75-79M). Inventory of $240.3M (split roughly $152M finished goods on-hand, $87.9M in-transit) recovers at 60% (~$144M). PP&E net carrying value of $36.8M recovers at 50-70% (~$18-26M). The operating lease ROU asset of $435.9M receives a 0% recovery — it is a contractual asset matched against a liability, not a separable asset in liquidation. Intangible assets of $4.9M and goodwill of $12.9M recover at 0%. Deferred tax assets of $14.4M have no liquidation value.
On the liability side: current liabilities of $342.9M (dominated by accounts payable $98.8M, operating lease current portion $106.7M, accrued income taxes $23.8M) are paid at face. Non-current liabilities of $377.0M are dominated by the operating lease liability non-current portion of $367.3M. Total operating lease liability per XBRL is $474.0M (current + non-current). Total undiscounted future lease payments committed are $522.0M (operating) plus $1.6M (finance), totaling $523.6M — this full commitment, not the discounted liability, would need to be honored or negotiated in wind-down.
Crude liquidation recovery: Cash $330M + liquid investments $33M + AR $79M + inventory $144M + PP&E $22M = ~$608M in recoverable assets vs. face liabilities of $719.9M. This yields a rough negative equity recovery of approximately -$112M before winddown costs, using mid-range haircuts. However, if the operating lease stack can be partially renegotiated or terminated early (leases are largely for fulfillment centers; $522M undiscounted but only $474M discounted on balance sheet), recovery depends heavily on sublease market.
Material change since prior filing (10-K, Dec 31, 2025): The New Classic acquisition (completed Jan 1, 2026, $18M total consideration) added $13.3M of net acquisition outflows in Q1 2026 and contributed goodwill ($12.9M). Inventory expanded by $43.5M in Q1 2026 (operating cash outflow), with total inventory rising to $240.3M. Operating cash flow turned negative at -$21.7M in Q1 2026 vs. +$9.4M in Q1 2025, driven by inventory build and working capital dynamics post-New Classic integration. The lease commitment grew as the company continues to expand fulfillment network. The filing discusses a $30M Wells Fargo credit facility (undrawn, maturing June 2026) and a CITIC Bank guarantee facility (RMB60M, undrawn) in MD&A but these are not separately tagged as drawn debt in XBRL — they do not currently affect the liability stack.
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