GCT Semiconductor Holding, Inc.

Listed Company

GCTS-WTCIK 0001851961NYSENon-AcceleratedSmaller ReportingEmerging GrowthSemiconductors & Related DevicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$2.87M

Net Income

$-43.37M

Total Assets

$15.64M

Equity

$-83.29M

Shares Out

72.49M

Op. Cash Flow

$-30.68M

Business

GCT Semiconductor Holding, Inc. is a fabless semiconductor company that designs, manufactures and sells communication semiconductors focused on high-speed wireless technologies for industrial, B2B and consumer applications. It offers RF transceivers, baseband modems, integrated SoCs, cellular IoT chipsets and related protocol software, reference designs and design support for devices such as CPE, mobile routers, modules and industrial applications. Its product and development activities are organized through GCT Research Inc. and MTH, Inc. for R&D, with sales offices and distributors supporting customers across Asia, Europe, North America and other international markets.

Summary from filing dated 2025-03-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Total net revenues	3	9	16	—
Total cost of net revenues	5	4	9	—
Gross profit (loss)	−2	5	7	—
Research and development	14	17	11	—
Sales and marketing	4	4	3	—
General and administrative	16	11	7	—
Gain on extinguishment of liability	0	−15	—	—
Loss on impairment of long-lived assets	0	800,000	0	—
Total operating expenses	35	18	21	—
Loss from operations	−37	−13	−15	−1
Interest expense	−6	−4	−6	—
Gain (loss) on foreign currency transactions, net	−784,000	5	—	—
Change in fair value of common stock warrant liabilities	880,000	2	−3	21
Change in fair value of convertible promissory notes	−336,000	−1	−1	—
Change in fair value of common stock forward liability	312,000	−586,000	—	—
Other income, net	24,000	213,000	38,000	—
Loss before provision for income taxes	−42	−12	−22	25
Provision for income taxes	902,000	445,000	541,000	−995,207
Net loss	−43	−12	−22	24
Net loss per common share - basic	−0.82	−0.3	−0.94	—
Net loss per common share - diluted	−0.82	−0.3	−0.94	—
Weighted average number of common shares used in computing net loss per common share - basic	53	41	24	—
Weighted average number of common shares used in computing net loss per common share - diluted	53	41	24	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-04-30	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	600,000	1	—	258,000	521,149
Accounts receivable, net	3	6	—	5	—
Inventory	947,000	3	—	1	—
Contract assets	5	5	—	3	886,000
Prepaid expenses and other current assets	2	2	—	3	331,453
Total current assets	12	18	—	13	852,602
Property and equipment, net	3	869,000	—	772,000	—
Operating lease right-of-use assets	708,000	849,000	—	2	—
Intangibles, net	0	65,000	—	245,000	—
Other assets	381,000	523,000	—	881,000	—
Total assets	16	20	—	16	357
Accounts payable	628,000	1	—	18	—
Contract liabilities	0	48,000	—	48,000	—
Accrued and other current liabilities	22	21	—	24	—
Common stock forward liability	3,000	315,000	600,000	—	—
Borrowings	57	38	—	45	—
Operating lease liabilities, current	686,000	697,000	—	680,000	—
Total current liabilities	80	61	—	115	574,800
Convertible promissory notes, net of current	6	5	—	6	—
Net defined benefit liabilities	8	7	—	8	—
Long-term operating lease liabilities	41,000	177,000	—	850,000	—
Other taxes payable	2	2	—	2	—
Warrant liabilities	3	4	—	—	—
Other liabilities	531,000	285,000	—	108,000	—
Total liabilities	99	79	—	132	15
Commitments and contingencies (Note 8)	—	—	—	—	—
Preferred stock, par value $0.0001 per share; 40,000 shares authorized as of December 31, 2025 and 2024; no shares issued and outstanding as of December 31, 2025 and 2024	—	—	—	—	—
Common stock, par value $0.0001 per share; 400,000 shares authorized as of December 31, 2025 and 2024; 58,137 and 47,987 shares issued and outstanding as of December 31, 2025 and 2024, respectively	6,000	5,000	—	3,000	—
Additional paid-in capital	521	501	—	436	—
Accumulated other comprehensive income	1	2	—	−2	—
Accumulated deficit	−605	−562	—	−550	−14
Total stockholders' deficit	−83	−59	—	−115	−95
Total liabilities and stockholders' deficit	16	20	—	16	357

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Net loss	−43	−12	−22	24
Depreciation and amortization	744,000	691,000	1	—
Loss on impairment of long-lived assets	—	787,000	0	—
Amortization of right-of-use assets	707,000	634,000	728,000	—
Stock-based compensation	6	3	43,000	—
Issuance of common stock to underwriter	—	667,000	—	—
Change in provision for credit losses	3	−431,000	1	—
Change in fair value of convertible promissory notes	336,000	1	1	—
Accounts receivable	330,000	−339,000	−2	—
Inventory	2	−1	2	—
Contract assets	−325,000	−2	−3	—
Prepaid expenses and other current assets	187,000	1	−233,000	—
Other assets	142,000	−327,000	112,000	—
Accounts payable	−402,000	−3	296,000	—
Contract liabilities	−48,000	—	−603,000	—
Accrued and other current liabilities	1	−3	11	—
Net defined benefit liabilities	536,000	480,000	784,000	—
Other taxes payable	−23,000	91,000	—	—
Lease liabilities	−917,000	−620,000	−707,000	—
Other liabilities	244,000	−233,000	32,000	—
Net cash used in operating activities	−31	−31	−9	−2
Purchases of property and equipment	−2	−542,000	−331,000	—
Net cash used in investing activities	−2	−542,000	−331,000	822,658
Proceeds from reverse recapitalization and PIPE Financing, net of transaction costs	—	17	—	—
Proceeds from issuance of convertible promissory notes	2	16	2	—
Proceeds from borrowings	22	12	8	—
Proceeds from issuance of common stock under common stock purchase agreement	190,000	9	—	—
Proceeds from issuance of common stock under at-market agreement	2	—	—	—
Proceeds from issuance of common stock and common stock warrants in a private placement	—	2	—	—
Proceeds from issuance of common stock and common stock warrants in a registered direct offering	11	—	—	—
Proceeds from exercise of stock options	21,000	15,000	23,000	—
Payment of common stock issuance costs	−1	—	—	—
Tax withholding on restricted stock units	−11,000	—	—	—
Repayments of borrowings	−4	−14	−2	—
Repayments of convertible promissory notes	—	−6	−500,000	—
Net cash provided by financing activities	32	36	8	—
Effect of exchange rate changes on cash and cash equivalents	−5,000	−4	−131,000	—
Net increase (decrease) in cash and cash equivalents	−845,000	1	−1	−693,406
Cash paid for interest	6	5	2	—
Cash paid for income taxes	324,000	269,000	116,000	—
Cash paid for operating leases	728,000	744,000	766,000	—
Issuance of common stock from conversion of convertible promissory notes	1	41	72,000	—
Settlement of common stock forward liability in equity	—	271,000	—	—
Proceeds from issuance of common stock withheld for outstanding payables	—	975,000	—	—
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	549,000	54,000	1	—
Purchase of property and equipment in accrued expenses and other current liabilities	58,000	—	—	—

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