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GCT Semiconductor announces the world’s first highly integrated multi-mode LTE chipset supporting the 450 MHz spectrum, capable of operating in Cat 4, Cat 1bis, Cat-M1, Cat NB1/NB2, and non-terrestrial networks (NTN). The new SoC is optimized for mission-critical and public utility networks globally, promising extensive coverage over land, sea, and air. GCT leverages its two decades of expertise in 450 MHz solutions to help members of the 450 MHz Alliance tap into emerging markets. The GDM7243SL chipset, featuring dual RX and low-band dual TX, is designed to maintain connectivity in challenging conditions. It will be available for customer sampling in Q4.
GCT Semiconductor Holding (NYSE: GCTS) reported its financial results for Q1 2024, showing a 7% revenue increase to $3.3 million compared to Q1 2023. The company also reported a significant operating income of $7.2 million, attributed to a $14.6 million gain from terminating a development agreement with Samsung. This termination improved efficiency and cost savings, allowing GCT to continue 5G development with Alpha Holdings. GCT also announced a memorandum of understanding (MOU) with Aramco to develop the 4G and 5G ecosystem in Saudi Arabia.
Other notable points include GCT’s commencement of trading on the NYSE on March 27, 2024, and an equity line of credit agreement with B. Riley Securities for up to $50 million. Financial results show a gross margin improvement to 60%, despite a rise in R&D expenses by 512% to $5.5 million. General and administrative expenses also increased by 92% to $2.8 million. The company's liquidity includes $16.1 million in cash and $5.1 million in receivables, with plans to raise additional capital for future operations.