GCT Semiconductor (NYSE: GCTS) Q1 revenue jumps 287% as 5G shipments rise
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
GCT Semiconductor Holding, Inc. reported first quarter 2026 results with total net revenues of $1.9M, an increase of 287% year-over-year, driven by higher 5G product and service revenues. Product revenue was $0.47M and service revenue was $1.45M, producing gross profit of $0.95M.
The company recorded an operating loss of $6.1M and a net loss of $9.9M, or $(0.15) per share, similar on a per-share basis to the prior year. Management highlighted a roughly 58% sequential increase in 5G chipset shipments and emphasized plans to scale production and maintain financial flexibility.
Liquidity as of March 31, 2026 included cash and cash equivalents of $7.2M, net accounts receivable of $2.4M and inventory of $1.6M. Total assets were $22.4M against total liabilities of $96.3M, resulting in stockholders’ deficit of $73.9M.
Positive
- None.
Negative
- None.
Insights
Revenue and 5G volumes are ramping, but losses and leverage remain substantial.
GCT showed early-scale dynamics in Q1 2026: net revenues reached $1.9M, up 287% year-over-year, with 5G chipset shipments increasing about 58% sequentially. This suggests customers are moving from evaluation into early deployment, particularly in 5G and satellite-related use cases.
Despite this, the business is still loss-making. Net loss was $9.9M, and total operating expenses of $7.1M far exceeded gross profit of $0.95M. The balance sheet shows total liabilities of $96.3M and stockholders’ deficit of $73.9M, with notable borrowings and warrant liabilities.
Liquidity improved, with cash and cash equivalents at $7.2M as of March 31, 2026, aided by prior capital access via a $200.0M universal shelf and an $75.0M ATM component referenced in earlier materials. Future quarterly results and 5G shipment trends in 2026 will clarify how quickly revenue can scale relative to expenses and funding needs.
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, and exhibit attachments filed with this report.
Key Figures
Total net revenues: $1.9M
Net loss: $9.9M
Gross profit: $0.95M
+5 more
8 metrics
Total net revenues
$1.9M
Three months ended March 31, 2026; up 287% year-over-year
Net loss
$9.9M
Three months ended March 31, 2026
Gross profit
$0.95M
Three months ended March 31, 2026
Cash and cash equivalents
$7.2M
As of March 31, 2026
Total assets
$22.4M
As of March 31, 2026
Total liabilities
$96.3M
As of March 31, 2026
Stockholders’ deficit
$73.9M
As of March 31, 2026
Weighted average shares
66,070 shares
Basic and diluted, Q1 2026
Key Terms
universal shelf registration statement, ATM Offering, warrant liabilities, convertible promissory notes, +2 more
6 terms
universal shelf registration statement regulatory
"In the second fiscal quarter of 2025, GCT filed a universal shelf registration statement on Form S-3 that allows the Company to raise up to $200.0 million"
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.
ATM Offering financial
"including the $75.0 million for the ATM Offering"
An at-the-market offering is a way for a company to sell new shares of its stock directly into the stock market over time, usually through a designated sales program. This approach allows the company to raise funds gradually as needed, similar to adding small amounts of fuel to a car rather than filling the tank all at once. For investors, it can influence the company's stock price and provide insights into its financing plans.
warrant liabilities financial
"Warrant liabilities | | | 5,995 | | | | 2,870"
Warrant liabilities are the financial obligations a company records when it grants warrants—special rights allowing someone to buy shares at a set price in the future. If the warrants are expected to be exercised, they are treated as a liability because the company might need to deliver shares or cash later. This matters to investors because it affects the company’s reported financial health and the potential dilution of existing shares.
convertible promissory notes financial
"Convertible promissory notes, net of current | | | 4,964 | | | | 6,046"
A convertible promissory note is a loan a company takes that can later be turned into shares instead of being paid back in cash; think of lending money now in exchange for a voucher that can become ownership later. Investors care because it mixes credit risk and potential ownership upside—it can protect lenders if a company struggles while also diluting existing shareholders when converted, affecting future share value and investor returns.
stockholders’ deficit financial
"Total stockholders’ deficit | | | (73,936 | )"
Stockholders’ deficit is the situation where a company’s total liabilities exceed its total assets, so the book value attributed to shareholders is negative. Think of it like a household with more outstanding debts than the value of its house and possessions—this can signal past losses or aggressive payouts and raises the risk that shareholders may be wiped out, diluted, or face difficulty when the company needs new financing. Investors watch it as a warning about solvency and long‑term financial health.
operating lease right-of-use assets financial
"Operating lease right-of-use assets | | | 513 | | | | 708"
An operating lease right-of-use (ROU) asset is an accounting entry that shows the value of a leased item you have the legal right to use—like a building, vehicle, or equipment—recorded on a company’s balance sheet along with the corresponding lease obligation. Investors care because it adds to reported assets and liabilities, changing measures like leverage and return on assets much like bringing a long-term rental onto the company’s financial snapshot, which can affect credit terms and valuation.
Earnings Snapshot
Revenue: $1.9M
Q1 2026
Revenue
$1.9M
+287% YoY
Net loss
$9.9M
EPS (basic and diluted)
$(0.15)
Gross profit
$0.95M
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): May 12, 2026
(Exact Name of Registrant as Specified in Its Charter)
(Commission File Number)
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(State or Other Jurisdiction of Incorporation)
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(I.R.S. Employer Identification No.)
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(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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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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)
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Name of each exchange on which registered
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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 May 12, 2026, GCT Semiconductor Holding, Inc. (the “Company”) issued a press release announcing financial results as of and for the
quarter ended March 31, 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
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Exhibit
Number
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Description
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99.1
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Press
Release, dated May 12, 2026, of GCT Semiconductor Holding, Inc.
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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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.
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GCT SEMICONDUCTOR HOLDING, INC.
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May 12, 2026
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By:
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/s/ Edmond Cheng
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Name:
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Edmond Cheng
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Title:
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Chief Financial Officer
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GCT Semiconductor Holding, Inc. Provides Business Update and Reports First Quarter 2026 Financial Results
Q1 2026 Total Revenue Increased Approximately 287% Year-Over-Year
5G Chipsets Shipments in Q1 2026 Increased Approximately 58% Sequentially
SAN JOSE, CA – May 12, 2026 – GCT Semiconductor Holding, Inc. (“GCT” or the “Company”) (NYSE: GCTS), a
leading designer and supplier of advanced 5G and 4G semiconductor solutions, today provided an update on business developments and reported financial results
for the first quarter ended March 31, 2026.
Recent Operational Highlights
| • |
5G chipset shipments in Q1 of 2026 increased sequentially by approximately 58% to 3,000
units, signaling the anticipated commercial ramp, which is expected to continue throughout the year as additional orders from lead customers are received.
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Expanded licensing agreement with one of the world's largest satellite communications providers to include additional GCT 5G and 4G chipset integrations across
next-generation user equipment, reinforcing the Company’s role in enabling seamless satellite-terrestrial connectivity, broadening deployment scope, and supporting a multi-phase pathway for increased chipset adoption. The initial 5G chipset
shipments to this partner remain on track to begin in the second half of 2026.
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“Following the foundational progress of our commercial 5G operations at the end of 2025, our first quarter 2026 results
demonstrate that we have now entered a new phase defined by increasing customer shipments,” said John Schlaefer, Chief Executive Officer of GCT. “In the
first quarter we delivered a substantial 58% sequential increase in 5G chipset shipments, a clear indicator that customers are continuing to transition from evaluation into early deployment. At the same time, we are expanding the scope and depth of
our customer relationships and chipset use cases. Our broadened licensing agreement with one of the world’s largest global satellite communications providers highlights the growing importance of GCT technology in enabling converged connectivity
across both terrestrial and non-terrestrial networks. We view this as a multi-phase opportunity that can drive incremental adoption of our solutions over time as next generation user equipment platforms are introduced.
“Looking ahead, our focus remains on scaling 5G chipset production by strengthening our supply chain and operational
infrastructure to support higher volumes. While we are still in the early stages of this ramp, we believe the progress achieved in the first quarter reinforces our expectation, and aligns with our previous experience in 4G. We expect sequential
growth in 5G chipset shipments as commercialization ramps throughout the year.”
"Our first quarter results reflect a meaningful step from last quarter but remain modest in comparison to our mid-and-long-term
expectations," said Edmond Cheng, Chief Financial Officer of GCT. "Our revenue
increased 287%
year-over-year, driven by increased 5G shipments and continued contribution from our service and new contracts win, as we support our lead customers in their transition to 5G. Moving further into 2026, our priorities remain consistent: maintaining financial flexibility and disciplined capital allocations to support 5G chipset commercialization and volume production readiness to
ensure we are positioned to capitalize on the expanding 5G opportunity.”
First Quarter 2026 Financial Results
Results compare the 2026 fiscal first quarter ended March 31, 2026, to the 2025 fiscal first quarter ended
March 31, 2025.
| • |
Net revenues were $1.9 million, a 287.1% increase from $0.5 million.
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Gross margin for the three months ended March 31, 2026 increased to 49.3% compared to 17.7% in the period ended March 31, 2025, primarily due to higher margins from the Company’s service offerings and increased share of 5G
platform sales throughout the 2026 fiscal first quarter.
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| • |
Total operating expenses were $7.1 million, a 9.6% decrease from $7.8 million.
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Liquidity
The Company's existing sources of liquidity as of March 31, 2026, include cash and cash equivalents of $7.2 million, net
accounts receivable of $2.4 million, and inventory of $1.6 million. In the second fiscal quarter of 2025, GCT filed a 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 the $75.0 million for the ATM Offering.
5G Outlook
The Company continues to expect sequential quarterly growth in 5G shipments throughout 2026.
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: Tuesday, May 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 advanced 5G and 4G LTE semiconductor solutions. GCT's
market-proven solutions have enabled fast and reliable 4G LTE connectivity to numerous commercial devices such as CPEs,
mobile hotspots, routers, M2M applications and
smartphones, etc., for the world's top wireless carriers. GCT's system-on-chip solutions integrate radio frequency, baseband modem and digital signal processing functions, therefore offering complete 4G and 5G platform solutions with small form
factors, low power consumption, high performance, high reliability, and cost-effectiveness. For more information, visit www.gctsemi.com.
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 1955. These forward-looking statements include, without limitation, the Company’s expectations with respect to its business operations; the expected timeline to commence shipment of 5G chipsets; the 5G
outlook and anticipated growth of 5G markets and opportunities; the benefits of development agreements with 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 addressable markets by the Company’s products. Words such as
“believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “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 the actual results to differ materially from the expected results. Most 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 inability 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; 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 affects the Company's business operation and financial performance; the risk
that the Company may not be able to develop and design its products acceptable to its customers; actual or potential conflicts of interest of the Company's management with its public stockholders; 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 Company’s filings with the Securities and Exchange Commission (“SEC”), including the annual report on Form 10-K, and 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:
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Investor relations website: investors.gctsemi.com
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Investor relations contact: Gateway Group, Ralf Esper, GCT@gateway-grp.com
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Media contact: media@gctsemi.com
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GCT Semiconductor Holding, Inc.
Consolidated Balance Sheets
(unaudited, in thousands)
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March 31, 2026
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December 31, 2025
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Assets
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||||||||
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Current assets:
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||||||||
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Cash and cash equivalents
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$
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7,185
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$
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590
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Accounts receivable, net
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2,414
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2,597
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Inventory
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1,558
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947
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Contract assets
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5,110
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5,432
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Prepaid expenses and other current assets
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2,770
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2,318
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Total current assets
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19,037
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11,884
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Property and equipment, net
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2,470
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2,671
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Operating lease right-of-use assets
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513
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708
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Other assets
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358
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381
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Total assets
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$
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22,378
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$
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15,644
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Liabilities and Stockholders’ Deficit
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Current liabilities:
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Accounts payable
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$
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702
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$
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628
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Contract liabilities
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131
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—
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||||||
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Accrued and other current liabilities
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21,143
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21,680
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Common stock forward liability
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—
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3
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Borrowings
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52,068
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56,589
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Operating lease liabilities, current
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491
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686
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Total current liabilities
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74,535
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79,586
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Long-term borrowings
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661
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—
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Convertible promissory notes, net of current
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4,964
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6,046
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Net defined benefit liabilities
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7,158
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7,598
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Long-term operating lease liabilities
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35
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41
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Other taxes payable
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2,289
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2,265
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Warrant liabilities
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5,995
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2,870
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Other liabilities
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677
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531
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Total liabilities
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96,314
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98,937
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Commitments and contingencies (Note 7)
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Stockholders’ deficit:
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||||||||
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Preferred stock
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—
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—
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||||||
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Common stock
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7
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6
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Additional paid-in capital
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538,957
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520,925
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Accumulated other comprehensive income
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2,369
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1,181
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Accumulated deficit
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(615,269
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)
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(605,405
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)
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Total stockholders’ deficit
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(73,936
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)
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(83,293
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)
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Total liabilities and stockholders’ deficit
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$
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22,378
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$
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15,644
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GCT Semiconductor Holding, Inc.
Consolidated Statements of Operations
(unaudited, in thousands, except per share amounts)
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Three Months Ended
March 31, |
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2026
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2025
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Net revenues:
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||||||||
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Product
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$
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472
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$
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91
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Service
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1,448
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405
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Total net revenues
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1,920
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496
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Cost of net revenues:
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Product
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895
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207
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Service
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78
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201
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Total cost of net revenues
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973
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408
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Gross profit
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947
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88
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Operating expenses:
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Research and development
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3,174
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4,096
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Sales and marketing
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1,158
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1,118
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General and administrative
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2,747
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2,614
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Total operating expenses
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7,079
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7,828
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||||||
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Loss from operations
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(6,132
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)
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(7,740
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)
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Interest expense
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(1,809
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)
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(1,070
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)
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Gain on foreign currency transactions, net
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2,578
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21
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Change in fair value of common stock forward liability
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3
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295
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||||||
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Change in fair value of common stock warrant liabilities
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(3,125
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)
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1,649
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|||||
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Change in fair value of convertible promissory notes
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(1,286
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)
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(19
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)
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||||
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Other income, net
|
35
|
1
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||||||
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Loss before provision for income taxes
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(9,736
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)
|
(6,863
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)
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||||
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Provision for income taxes
|
128
|
105
|
||||||
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Net loss
|
$
|
(9,864
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)
|
$
|
(6,968
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)
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||
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Net loss per common share:
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||||||||
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Basic and diluted
|
$
|
(0.15
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)
|
$
|
(0.15
|
)
|
||
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Weighted average common shares outstanding, basic and diluted
|
66,070
|
47,606
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FAQ
How did GCT Semiconductor (GCTS) perform financially in Q1 2026?
GCT Semiconductor generated $1.9 million in net revenues in Q1 2026, up 287% year-over-year. The company reported a net loss of $9.9 million, or $0.15 per share, reflecting early-stage 5G ramp with expenses still far above gross profit.
What drove GCT Semiconductor’s 287% revenue increase in Q1 2026?
The 287% revenue increase to $1.9 million was driven by higher 5G chipset shipments and continued contribution from service contracts. Product revenue reached $472,000 and service revenue $1.45 million, as lead customers advanced from evaluation toward early 5G deployment.
What were GCT Semiconductor’s 5G shipment trends in early 2026?
In Q1 2026, GCT Semiconductor’s 5G chipset shipments rose about 58% sequentially. Management characterized this as customers transitioning from evaluation into early deployment and expects sequential growth in 5G shipments to continue throughout 2026, as commercialization ramps.
What is GCT Semiconductor’s liquidity position as of March 31, 2026?
As of March 31, 2026, GCT held $7.2 million in cash and cash equivalents, plus $2.4 million in net accounts receivable and $1.6 million in inventory. These resources support operations alongside previously established capital-raising capacity under its universal shelf registration.
Is GCT Semiconductor currently profitable based on Q1 2026 results?
No. GCT Semiconductor reported a net loss of $9.9 million in Q1 2026, compared with a $7.0 million loss a year earlier. Operating expenses of $7.1 million significantly exceeded gross profit of about $0.95 million, reflecting ongoing investment ahead of larger 5G scale.
What does GCT Semiconductor’s balance sheet look like after Q1 2026?
At March 31, 2026, GCT reported $22.4 million in total assets and $96.3 million in total liabilities, resulting in stockholders’ deficit of $73.9 million. Liabilities include borrowings, convertible promissory notes, warrant liabilities, and net defined benefit obligations.