GCT Semiconductor expects 5G ramp to extend into H1 2027
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
GCT Semiconductor Holding, Inc. reported third-quarter 2026 revenue of $1.069 million, up approximately 149% year over year. Net loss narrowed to $7.388 million from $13.849 million, and Adjusted EBITDA, a non-GAAP measure, was a loss of $6.469 million compared with $7.041 million. For the first nine months, revenue was $3.960 million versus $2.108 million, while net loss widened to $37.630 million from $34.355 million.
Year-to-date 5G chipset shipments exceeded 11,300 units. GCT said customers are taking longer than expected to implement its chipsets and convert development programs into purchase orders, extending the expected shipment ramp into the first half of 2027. It said customer programs remain active, no customers were lost, and it added a new customer in the quarter. GCT believes secured wafer capacity is sufficient for expected demand through the first half of 2027. As of September 30, 2026, the company reported $17.2 million in cash and cash equivalents, $0.5 million in net accounts receivable and $3.3 million in inventory; it also extended maturities of $26.5 million in loans by one year.
4 points · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointThird-quarter revenue rose approximately 149% year over year.
- Moderate pointThird-quarter net loss narrowed to $7.388 million.
- Minor pointAdjusted EBITDA loss narrowed to $6.469 million.
- Minor pointNine-month revenue increased to $3.960 million from $2.108 million.
Negative
- Moderate pointNine-month net loss widened to $37.630 million from $34.355 million.
- Moderate point. Forward-looking: it has not happened yet and may not happen.5G shipment ramp is expected to extend into the first half of 2027.
Filing Explained
The release discloses an effective shelf for up to
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Third-quarter total net revenue: $1.069 million
Third-quarter net loss: $7.388 million loss
Third-quarter Adjusted EBITDA: $6.469 million loss
+5 more
8 metrics
Third-quarter total net revenue
$1.069 million
Quarter ended September 30, 2026; approximately 149% above the prior-year quarter
Third-quarter net loss
$7.388 million loss
Quarter ended September 30, 2026; compared with $13.849 million in the prior-year quarter
Third-quarter Adjusted EBITDA
$6.469 million loss
Quarter ended September 30, 2026; compared with $7.041 million in the prior-year quarter; non-GAAP measure
Nine-month total net revenue
$3.960 million
Nine months ended September 30, 2026; compared with $2.108 million in the prior-year period
Nine-month net loss
$37.630 million loss
Nine months ended September 30, 2026; compared with $34.355 million in the prior-year period
Cash and cash equivalents
$17.2 million
Liquidity sources as of September 30, 2026
5G chipset shipments
More than 11,300 units
Year to date through the third quarter of 2026
Loans with extended maturities
$26.5 million
Maturities extended by one year during the quarter ended September 30, 2026
Key Terms
Adjusted EBITDA, at-the-market, universal shelf registration statement, system-on-chip, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA was a loss"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
at-the-market financial
"at-the-market (“ATM”) agreement"
"At-the-market" is a method for companies to sell new shares of stock directly into the open market over time, rather than all at once. It allows companies to raise money gradually, similar to selling slices of a pie instead of the entire pie at once, which can help manage the sale's impact on the stock price. This approach gives investors a steady supply of shares while providing companies with flexible funding options.
universal shelf registration statement regulatory
"effective universal shelf registration statement on Form S-3"
A universal shelf registration statement is a standing registration filed with regulators that lets a company and authorized sellers offer and sell many kinds of securities (stock, bonds, warrants, etc.) over time without filing a new registration each time. For investors it matters because it gives the issuer the flexibility to raise cash or let insiders sell shares quickly, which can change the supply of securities, affect share price and dilution, and influence liquidity—like a store having a pre-approved plan to add new items to its shelves as needed.
system-on-chip technical
"GCT's system-on-chip solutions integrate radio frequency"
A system-on-chip (SoC) is a single silicon chip that combines the main computing processor, memory, and key interfaces (like graphics, wireless radios or input/output controllers) that a device needs to run. Think of it as a compact, all-in-one engine that replaces many separate parts, saving space, power and cost. For investors, SoC design and production influence product performance, margins and supply risk, and can be a major competitive advantage in electronics markets.
proof-of-concept testing technical
"as it began proof-of-concept testing"
Proof-of-concept testing is an early-stage test that checks whether a new drug, medical device, technology or business idea actually works the way it’s intended. Think of it as trying a prototype recipe to see if the basic flavors come together before cooking a full meal; for investors, successful proof-of-concept reduces technical risk, makes future development costs and timelines clearer, and increases the chance of later funding or value creation.
GNSS replacement technical
"providing GNSS replacement with precise Z-axis positioning"
Earnings Snapshot
Total net revenue: $1.069 million · Guidance included
Third quarter ended September 30, 2026
Total net revenue
$1.069 million
Up approximately 149% year over year
Net loss
$7.388 million loss
Compared with $13.849 million loss in the third quarter of 2025
Adjusted EBITDA
$6.469 million loss
Compared with $7.041 million loss in the third quarter of 2025
Guidance
The company expects the 5G shipment ramp to extend into the first half of 2027 as customers take longer than expected to implement the chipsets and convert development programs into purchase orders.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did GCTS report in the third quarter of 2026?
GCT reported $1.069 million in total net revenue for the quarter ended September 30, 2026, up approximately 149% year over year.
How much was GCTS's third-quarter 2026 net loss?
GCT reported a net loss of $7.388 million for the quarter ended September 30, 2026, compared with a $13.849 million net loss in the third quarter of 2025.
What shelf funding capacity did GCTS report?
GCT said its effective universal shelf registration statement permits it to raise up to $200.0 million through securities issuance, including $120.0 million under an at-the-market agreement.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): November 12, 2026
(Exact Name of Registrant as Specified in Its Charter)
(Commission File Number)
|
|
|
|
(State or Other Jurisdiction of Incorporation)
|
(I.R.S. Employer Identification No.)
|
(Address of principal executive offices, including zip code)
(408 ) 434-6040
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(g) of the Act:
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Title of each class
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Trading
Symbol(s)
|
Name of each exchange on which registered
|
||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act
of 1934 (§240.12b-2 of this chapter):
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 12, 2026, GCT Semiconductor Holding, Inc. (the “Company”) issued a press release announcing financial results as of and for the
quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in Item 2.02 of this Current Report, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section
18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or
the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Index
|
Exhibit
Number
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|
Description
|
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99.1
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Press Release, dated November 12, 2026, of GCT Semiconductor Holding, Inc.
|
|
104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
| GCT SEMICONDUCTOR HOLDING, INC. | ||
|
November 12, 2026
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By:
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/s/ Edmond Cheng
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|
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Name:
|
Edmond Cheng
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Title:
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Chief Financial Officer
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Exhibit 99.1
GCT Semiconductor Holding, Inc. Provides Business Update and Reports Third Quarter 2026 Financial Results
Year-to-Date 5G Chipset Shipments Exceeded 11,300 Units
SAN JOSE, CA – November 12, 2026 – GCT Semiconductor Holding, Inc. (“GCT” or the “Company”) (NYSE: GCTS), a leading designer and
supplier of 5G semiconductors powering the AI data pipeline with wireless connectivity, today provided an update on business developments and reported financial
results for the third quarter ended September 30, 2026.
Expanding 5G Applications and Advancing Customer Programs
| • |
Shipped more than 3,200 5G chipsets in Q3, bringing year-to-date shipments to over 11,300 units, reflecting continued progress across GCT’s customer programs and
the expanding range of applications for its 5G chipsets.
|
| • |
Expanded GCT’s total addressable market (TAM) to include a terrestrial-based location service with a new potential 5G customer, a leader in next-generation
geolocation solutions to augment or replace GNSS (GPS), which received the majority of GCT’s Q3 5G chipset shipments for proof-of-concept testing of precise 3D location capabilities indoors, in urban canyons and in jammed environments.
|
| • |
Continued progress on our program with one of the world’s largest satellite communications providers as it develops next-generation user equipment for
high-bandwidth, high-speed communications across satellite and terrestrial networks using GCT’s 5G chipset.
|
| • |
Advanced ongoing terrestrial 5G development and integration work with a leading global telecom equipment supplier, delivering additional 5G chipsets during the
third quarter.
|
“We continued to make progress across our 5G customer programs in the third quarter, advancing integration and certification work with existing
customers while expanding the range of applications our 5G chipsets can serve,” said John Schlaefer, Chief Executive Officer of GCT. “As a result, our 5G
chipsets will be deployed beyond broadband and satellite connectivity into an even broader addressable market. That included adding a new customer in terrestrial services providing GNSS replacement with precise Z-axis positioning, which accounted
for the majority of our 5G shipments in the quarter as it began proof-of-concept testing. With our existing customers, our programs continue to progress even as some are taking longer than planned to reach production and deployment. While the pace
of our 5G chipset ramp is being driven primarily by customer integration schedules, not the capabilities of our 5G chipset, we are working closely alongside our customers to bring those programs to launch. We have secured our wafer capacity that we
believe is sufficient to support our expected demand through the first half of 2027, positioning us to scale shipments as those launches occur.”
Third Quarter 2026 Financial Results
Results compare the 2026 fiscal third quarter ended September 30, 2026, to the 2025 fiscal third quarter ended September 30,
2025.
| • |
Net revenues were $1.1 million, a 148.6% increase from $0.4 million.
|
| • |
Gross margin was negative as we continue to experience low product revenue, which is
currently not sufficient to fully absorb production overhead costs and not representative of our expectations regarding profitability of our products and services in future reporting periods. We expect gross margins to improve as 5G product
sales ramp up and contribute more significantly to revenue. Gross margin for the three months ended September 30, 2025 was also negative.
|
| • |
Total operating expenses were $7.3 million, an 11.2% decrease from $8.2 million.
|
| • |
Net loss was $7.4 million, a 46.7% decrease from $13.8 million. Net loss for the third
quarter of 2026 included $6.2 million in gains from change in fair value of common stock warrant liabilities and $5.4 million in losses on foreign currency transactions.
|
| • |
Adjusted EBITDA loss was $6.5 million, a decrease of 8.1% from $7.0 million.
|
| • |
Cash and cash equivalents of $17.2 million as of September 30, 2026.
|
“Our third quarter results show continued year-over-year growth, though shipment volumes in the quarter reflected the extended timing of customer
deployments rather than the full potential of our 5G programs,” said Edmond Cheng, Chief Financial Officer of GCT. “Revenue increased approximately 149%
compared to the third quarter of 2025, driven by sustained level of product sales including 5G as customers advanced their programs toward launch. At the same time, we have continued to reduce our operating costs, which, together with our current
cash position, keeps us well prepared as customer deployments move forward. We have reduced our “Net Cash Used in Operating Activities” from $16.6M in Q2 2026 to $8.5M in Q3 2026. Looking ahead to the remainder of 2026, our priorities remain the
same: maintaining a disciplined cost structure and aligning our production investments with customer demand, so that we are ready to support 5G chipset volume as shipments ramp more significantly.”
Liquidity
The Company’s existing sources of liquidity as of September 30, 2026, include cash and cash equivalents of $17.2 million, net accounts receivable of
$0.5 million, and inventory of $3.3 million. GCT currently has an effective universal shelf registration statement on Form S-3 that allows the Company to raise up to $200.0 million through the issuance of securities, including $120.0 million for an
at-the-market (“ATM”) agreement. During the quarter ended September 30, 2026, GCT extended the maturities of $26.5 million of loans by one year.
5G Outlook
As customers take longer than originally expected to implement GCT’s 5G chipsets into their products and convert development programs into purchase
orders, the Company now expects the ramp in 5G shipments to extend into the first half of 2027. Importantly, GCT has not lost any customers because of these extended timelines, its customer programs remain in active development, and the Company
continued to expand its customer base in the third quarter.
Conference Call
The Company will hold a conference call and live webcast at 4:30 p.m. ET or 1:30 p.m. PST, which will be open to the public. During the conference
call, the Company will discuss business updates and review the financial results, followed by a Q&A period.
Date: Thursday, November 12, 2026
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Dial-in information: Please register in advance of the call here.
Webcast (listen-only): To listen to the webcast use the following LINK.
A replay of the webcast will be available via the Investors
section of the GCT website at investors.gctsemi.com.
About GCT Semiconductor Holding, Inc.
GCT is a leading fabless designer and supplier of 5G, 4G LTE and satellite semiconductor solutions powering the AI data pipeline and enabling
advanced wireless connectivity. GCT's market-proven solutions are optimized to enable fast and reliable connectivity to devices such as CPEs, mobile hotspots, routers, M2M applications, smartphones, etc., including for edge computing and
direct-to-device applications, for the world's top wireless carriers including satellite connectivity providers and terrestrial mobile operators. GCT is committed to delivering the high-performance, low-latency wireless technologies that form the
backbone of the AI-edge data pipeline. GCT's system-on-chip solutions integrate radio frequency, baseband modem and digital signal processing functions, therefore offering complete platform solutions with small form factors, low power consumption,
high performance, high reliability, and cost-effectiveness.
For more information, visit www.gctsemi.com.
Note Regarding Use of Non-GAAP Financial Measures
To supplement our financial statements presented in accordance with accounting principles generally accepted in the United States (“GAAP”), this
earnings release and the accompanying tables and the related earnings conference call contain certain non-GAAP financial measures, including earnings or losses before interest, taxes, depreciation and amortization (“EBITDA”) and Adjusted EBITDA. We
believe these financial measures provide useful information to investors with which to analyze our operating trends and performance.
In computing EBITDA, we start with net loss and exclude interest expense, interest income, income taxes and depreciation and amortization expenses.
In computing Adjusted EBITDA, we start with EBITDA and exclude the following: stock-based compensation, gain/loss on foreign currency transactions, net, change in fair value of common stock forward liability, change in fair value of warrant
liabilities and change in fair value of convertible promissory notes.
Management uses EBITDA and Adjusted EBITDA for business planning purposes, including managing our business against internally projected results of
operations and measuring our performance. Management believes that these non-GAAP measures provide useful supplemental information to investors regarding our ongoing operations by eliminating certain items that are not directly related to ongoing
operations or impact the generation of current or future revenues, such as non-cash expenses. Additionally, because of varying available valuation methodologies and subjective assumptions that can impact a company’s non-cash operating expenses, we
believe that providing non-GAAP financial measures that primarily exclude non-cash expense allows for more meaningful comparisons between our core business operating results and those of other companies, as well as providing us with an important
tool for financial and operational decision making and for evaluating our own core business operating results over different periods of time. Management considers certain of these adjustments, such as changes in the fair value of our common stock
forward liability, warrant liabilities and convertible promissory notes, and foreign currency gains and losses, to be unpredictable and dependent on a considerable number of factors that are outside of our control and are not necessarily reflective
of operational performance during a period.
These non-GAAP results should not be considered an alternative to, or a substitute for, GAAP financial information, and may differ from similarly
titled non-GAAP measures used by other companies. GCT has included these non-GAAP measures to give investors an opportunity to see the Company’s financial results as viewed by management. A reconciliation of the comparable GAAP financial measures
to the non-GAAP financial measures is provided at the end of the Company’s unaudited consolidated financial statements presented below.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s expectations with respect to 5G chip shipment for the remainder of 2026; expected sequential growth in fourth-quarter 2026 revenue; expansion
into connectivity markets; the 5G outlook and anticipated growth of 5G markets and opportunities; collaboration with strategic partners; the ability for the Company to improve financial performance; the ability of the Company to raise sufficient
capital to fund its operations; the ability of the Company’s technology and products to address new markets and meet customer demands; the execution of go-to-market strategies; and the anticipated size of markets addressable by the Company’s
products. Words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “outlook,” “potential,” “could,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely
result,” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and,
as a result, are subject to significant risks and uncertainties that could cause actual results to differ materially from the expected results. Many of these factors are outside the Company's control and are difficult to predict. Factors that may
cause actual future events to differ materially from the expected results, include, but are not limited to: the ability of the Company to develop its 5G products and generate revenue; the ability to enter into and meet the obligations under
partnership and collaboration agreements; the ability of the Company to grow and manage growth profitability and retain its key employees; the Company's financial and business performance, including the Company's financial projections and business
metrics; changes in the Company's strategy, future operations, financial position, estimated revenues and losses, forecasts, projected costs, prospects and plans; the Company's ability to anticipate the future market demands and future needs of its
customers; the impact of component shortages, suppliers' lack of production capacity, natural disasters or pandemics on the Company's sourcing operations and supply chain; the Company's future capital requirements and sources and uses of cash, and
its ability to obtain additional financing on acceptable terms, or at all; the ability to implement business plans, forecasts, and other expectations, including the growth of the 5G market; the risk that the Company may not be able to repay its
debt; the risk of economic downturns that affect the Company's business operations and financial performance; the risk that the Company may not be able to develop and design products that are acceptable to its customers; macroeconomic conditions,
including market conditions, global and economic conditions, labor disputes, inflationary impacts, and disruptions to the global supply chain; the imposition of duties and tariffs and other trade barriers and retaliatory countermeasures implemented
by the U.S. and other governments; and other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the Annual Report on Form 10-K for the fiscal year ended
December 31, 2025, and subsequent Quarterly Reports on Form 10-Q, and those disclosures under the "Risk Factors" section therein. The foregoing list of factors is not exhaustive. Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or
otherwise.
Contacts:
| • |
Investor relations website: investors.gctsemi.com
|
| • |
Investor relations contact: Gateway Group, Ralf Esper, GCT@gateway-grp.com
|
| • |
Media contact: media@gctsemi.com
|
GCT Semiconductor Holding, Inc.
Consolidated Balance Sheets
(unaudited, in thousands, except per share amounts)
|
September 30, 2026
|
December 31, 2025
|
|||||||
|
Assets
|
||||||||
|
Current assets:
|
||||||||
|
Cash and cash equivalents
|
$
|
17,155
|
$
|
590
|
||||
|
Accounts receivable, net
|
484
|
2,597
|
||||||
|
Inventory
|
3,328
|
947
|
||||||
|
Contract assets
|
4,172
|
5,432
|
||||||
|
Prepaid expenses and other current assets
|
8,917
|
2,318
|
||||||
|
Total current assets
|
34,056
|
11,884
|
||||||
|
Property and equipment, net
|
3,897
|
2,671
|
||||||
|
Operating lease right-of-use assets
|
245
|
708
|
||||||
|
Other assets
|
313
|
381
|
||||||
|
Total assets
|
$
|
38,511
|
$
|
15,644
|
||||
|
Liabilities and Stockholders’ Deficit
|
||||||||
|
Current liabilities:
|
||||||||
|
Accounts payable
|
$
|
224
|
$
|
628
|
||||
|
Contract liabilities
|
60
|
—
|
||||||
|
Accrued and other current liabilities
|
12,870
|
21,680
|
||||||
|
Common stock forward liability
|
—
|
3
|
||||||
|
Borrowings
|
52,415
|
56,589
|
||||||
|
Operating lease liabilities, current
|
206
|
686
|
||||||
|
Total current liabilities
|
65,775
|
79,586
|
||||||
|
Long-term borrowings
|
2,208
|
—
|
||||||
|
Convertible promissory notes
|
5,226
|
6,046
|
||||||
|
Net defined benefit liabilities
|
8,320
|
7,598
|
||||||
|
Long-term operating lease liabilities
|
47
|
41
|
||||||
|
Other taxes payable
|
2,671
|
2,265
|
||||||
|
Warrant liabilities
|
12,101
|
2,870
|
||||||
|
Other liabilities
|
816
|
531
|
||||||
|
Total liabilities
|
97,164
|
98,937
|
||||||
|
Stockholders’ deficit:
|
||||||||
|
Common stock
|
9
|
6
|
||||||
|
Additional paid-in capital
|
581,281
|
520,925
|
||||||
|
Accumulated other comprehensive income (loss)
|
(92
|
)
|
1,181
|
|||||
|
Accumulated deficit
|
(639,851
|
)
|
(605,405
|
)
|
||||
|
Total stockholders’ deficit
|
(58,653
|
)
|
(83,293
|
)
|
||||
|
Total liabilities and stockholders’ deficit
|
$
|
38,511
|
$
|
15,644
|
||||
GCT Semiconductor Holding, Inc.
Consolidated Statements of Operations
(unaudited, in thousands, except per share amounts)
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
Net revenues:
|
||||||||||||||||
|
Product
|
$
|
499
|
$
|
148
|
$
|
1,373
|
$
|
647
|
||||||||
|
Service
|
570
|
282
|
2,587
|
1,461
|
||||||||||||
|
Total net revenues
|
1,069
|
430
|
3,960
|
2,108
|
||||||||||||
|
Cost of net revenues:
|
||||||||||||||||
|
Product
|
1,034
|
1,419
|
2,970
|
2,208
|
||||||||||||
|
Service
|
119
|
61
|
353
|
484
|
||||||||||||
|
Total cost of net revenues
|
1,153
|
1,480
|
3,323
|
2,692
|
||||||||||||
|
Gross profit (loss)
|
(84
|
)
|
(1,050
|
)
|
637
|
(584
|
)
|
|||||||||
|
Operating expenses:
|
||||||||||||||||
|
Research and development
|
3,328
|
3,258
|
9,791
|
10,868
|
||||||||||||
|
Sales and marketing
|
1,026
|
1,048
|
3,271
|
3,187
|
||||||||||||
|
General and administrative
|
2,934
|
3,898
|
8,494
|
9,947
|
||||||||||||
|
Total operating expenses
|
7,288
|
8,204
|
21,556
|
24,002
|
||||||||||||
|
Loss from operations
|
(7,372
|
)
|
(9,254
|
)
|
(20,919
|
)
|
(24,586
|
)
|
||||||||
|
Interest expense
|
(895
|
)
|
(1,783
|
)
|
(3,916
|
)
|
(4,385
|
)
|
||||||||
|
Gain (loss) on foreign currency transactions, net
|
(5,382
|
)
|
1,320
|
(2,024
|
)
|
(1,876
|
)
|
|||||||||
|
Change in fair value of common stock forward liability
|
—
|
16
|
3
|
311
|
||||||||||||
|
Change in fair value of common stock warrant liabilities
|
6,214
|
(3,812
|
)
|
(9,231
|
)
|
(3,173
|
)
|
|||||||||
|
Change in fair value of convertible promissory notes
|
(42
|
)
|
(164
|
)
|
(1,548
|
)
|
(340
|
)
|
||||||||
|
Other income, net
|
165
|
6
|
317
|
16
|
||||||||||||
|
Loss before provision for income taxes
|
(7,312
|
)
|
(13,671
|
)
|
(37,318
|
)
|
(34,033
|
)
|
||||||||
|
Provision for income taxes
|
76
|
178
|
312
|
322
|
||||||||||||
|
Net loss
|
$
|
(7,388
|
)
|
$
|
(13,849
|
)
|
$
|
(37,630
|
)
|
$
|
(34,355
|
)
|
||||
|
Net loss per common share:
|
||||||||||||||||
|
Basic and diluted
|
$
|
(0.08
|
)
|
$
|
(0.25
|
)
|
$
|
(0.47
|
)
|
$
|
(0.67
|
)
|
||||
|
Weighted average common shares outstanding, basic and diluted
|
91,862
|
55,462
|
80,257
|
51,619
|
||||||||||||
GCT Semiconductor Holding, Inc.
Reconciliation of GAAP to Non-GAAP
(unaudited, in thousands)
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||
|
Net loss
|
$
|
(7,388
|
)
|
$
|
(13,849
|
)
|
$
|
(37,630
|
)
|
$
|
(34,355
|
)
|
||
|
Provision for income taxes
|
76
|
178
|
312
|
322
|
||||||||||
|
Interest expense
|
895
|
1,783
|
3,916
|
4,385
|
||||||||||
|
Interest income
|
(180
|
)
|
(10
|
)
|
(340
|
)
|
(24
|
)
|
||||||
|
Depreciation and amortization
|
568
|
346
|
1,464
|
1,026
|
||||||||||
|
EBITDA
|
(6,029
|
)
|
(11,552
|
)
|
(32,278
|
)
|
(28,646
|
)
|
||||||
|
Stock-based compensation
|
350
|
1,871
|
1,139
|
2,894
|
||||||||||
|
(Gain) loss on foreign currency transactions, net
|
5,382
|
(1,320
|
)
|
2,024
|
1,876
|
|||||||||
|
Change in fair value of common stock forward liability
|
—
|
(16
|
)
|
(3
|
)
|
(311
|
)
|
|||||||
|
Change in fair value of common stock warrant liabilities
|
(6,214
|
)
|
3,812
|
9,231
|
3,173
|
|||||||||
|
Change in fair value of convertible promissory notes
|
42
|
164
|
1,548
|
340
|
||||||||||
|
Adjusted EBITDA
|
$
|
(6,469
|
)
|
$
|
(7,041
|
)
|
$
|
(18,339
|
)
|
$
|
(20,674
|
)
|
||