GCT Semiconductor (NYSE: GCTS) boosts 5G shipments but logs larger Q2 2026 loss
Rhea-AI Filing Summary
GCT Semiconductor Holding, Inc. reported second-quarter 2026 results showing early 5G commercialization with continued losses. The company shipped over 5,100 5G chipsets in Q2 2026, with shipments up approximately 71% sequentially, and expects aggregate 5G shipments in the second half of 2026 to exceed first-half levels.
For the quarter ended June 30, 2026, net revenues were $0.97 million versus $1.18 million a year earlier, producing a gross loss of $0.23 million compared with gross profit previously. Six-month 2026 net revenues were $2.89 million, up from $1.68 million, and the company states first-half revenue slightly exceeds full-year 2025. Q2 net loss widened to $20.4 million, significantly affected by a $12.3 million non-cash loss from the change in fair value of warrant liabilities. Adjusted EBITDA loss for Q2 was $6.63 million, similar to the prior year.
Liquidity improved, with $30.2 million of cash and cash equivalents at June 30, 2026, versus $0.6 million at year-end 2025, and total assets of $49.8 million. GCT has an effective $200.0 million universal shelf registration, and during Q2 increased the at-market equity program capacity from $75.0 million to $120.0 million, enhancing potential access to capital while operating with a stockholders’ deficit of $52.0 million.
Positive
- Six-month 2026 revenue up sharply year over year: Net revenues for the first half of 2026 were $2.89 million versus $1.68 million in the first half of 2025, an increase of more than 10%, and the company states this slightly exceeds its full-year 2025 revenue.
- 5G chipset volumes ramping: The company shipped over 5,100 5G chipsets in Q2 2026, with shipments up approximately 71% sequentially, supporting its expectation that second-half 2026 5G shipments will exceed first-half levels.
- Strengthened liquidity and capital access: Cash and cash equivalents rose to $30.2 million from $0.6 million at year-end 2025, and the at-market equity program capacity under the $200.0 million shelf was increased from $75.0 million to $120.0 million.
- Stockholders’ deficit narrowed: Total stockholders’ deficit improved to $52.0 million at June 30, 2026, from $83.3 million at December 31, 2025, reflecting capital inflows and balance sheet changes despite ongoing losses.
Negative
- Quarterly revenue declined and gross margin turned negative: Q2 2026 net revenues were $0.97 million versus $1.18 million a year earlier, and gross profit of $0.38 million in Q2 2025 became a gross loss of $0.23 million in Q2 2026.
- Net loss widened significantly: Q2 2026 net loss was $20.4 million compared with $13.5 million in Q2 2025, largely driven by a $12.3 million non-cash loss from the change in fair value of warrant liabilities in addition to operating losses.
- High leverage and ongoing operating losses: Total liabilities were $101.8 million against total assets of $49.8 million, including $39.1 million of current borrowings and $18.3 million of warrant liabilities, while Adjusted EBITDA remained negative at $(6.63) million for Q2.
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
Q2 2026 Net Revenues: $0.97 million
Six-Month 2026 Net Revenues: $2.89 million
Q2 2026 Net Loss: $20.38 million
+5 more
8 metrics
Q2 2026 Net Revenues
$0.97 million
Three months ended June 30, 2026; compared with $1.18 million in Q2 2025
Six-Month 2026 Net Revenues
$2.89 million
Six months ended June 30, 2026; up from $1.68 million in the prior-year period
Q2 2026 Net Loss
$20.38 million
Three months ended June 30, 2026; versus $13.54 million in Q2 2025
Q2 2026 Adjusted EBITDA
$(6.63) million
Three months ended June 30, 2026; slightly improved from $(6.75) million in Q2 2025
Cash and Cash Equivalents
$30.2 million
Balance at June 30, 2026; up from $0.59 million at December 31, 2025
Total Liabilities
$101.8 million
As of June 30, 2026; exceeds total assets of $49.8 million
Stockholders’ Deficit
$52.0 million
Deficit at June 30, 2026; improved from $83.3 million at year-end 2025
ATM Program Capacity
$120.0 million
At-market agreement under $200.0 million universal shelf, increased from $75.0 million
Key Terms
Adjusted EBITDA, warrant liabilities, universal shelf registration statement, at-market (“ATM”) agreement, +2 more
6 terms
Adjusted EBITDA financial
"starting this quarter, we are introducing Adjusted EBITDA to provide greater visibility"
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.
warrant liabilities financial
"a $12.3 million non-cash loss related to the change in the fair value of common stock warrant liabilities"
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.
universal shelf registration statement regulatory
"an effective 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.
at-market (“ATM”) agreement financial
"amended the ATM Agreement to increase the allowed maximum aggregate offering amount from $75.0 million to $120.0 million"
net defined benefit liabilities financial
"Net defined benefit liabilities | | | 7,439"
stockholders’ deficit financial
"Total stockholders’ deficit | | | (52,016 | )"
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.
Earnings Snapshot
Net revenues: $0.97 million · Guidance included
quarter ended June 30, 2026
Net revenues
$0.97 million
Down versus $1.18 million in Q2 2025
Net loss
$20.38 million
More negative than $13.54 million in Q2 2025
Adjusted EBITDA
$(6.63) million
Slightly improved from $(6.75) million in Q2 2025
Guidance
The company expects aggregate 5G shipments in the second half of 2026 to exceed first-half levels and states that 2026 revenue will grow compared to previous years.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did GCT Semiconductor (GCTS) perform financially in Q2 2026?
GCT reported $0.97 million in Q2 2026 net revenues and a $20.4 million net loss. Revenue fell from $1.18 million a year earlier, and a $12.3 million non-cash warrant liability loss contributed significantly to the wider net loss.
What was GCT Semiconductor (GCTS) revenue growth for the first half of 2026?
For the six months ended June 30, 2026, GCT generated net revenues of $2.89 million versus $1.68 million in the prior-year period. The company also states first-half 2026 revenue slightly exceeds its full-year 2025 revenue, indicating strong year-to-date growth.
How many 5G chipsets did GCT Semiconductor (GCTS) ship in Q2 2026?
GCT shipped over 5,100 5G chipsets in the second quarter of 2026. Management noted that 5G chipset shipments increased approximately 71% sequentially versus the prior quarter and expects second-half 2026 5G shipments to exceed first-half levels.
What is GCT Semiconductor’s (GCTS) cash position and liquidity as of June 30, 2026?
As of June 30, 2026, GCT had $30.2 million in cash and cash equivalents, $1.1 million in net accounts receivable, and $1.5 million in inventory. It also has a $200.0 million universal shelf, including an at-market program expanded to $120.0 million.
What is GCT Semiconductor’s (GCTS) Adjusted EBITDA for Q2 2026?
GCT reported Q2 2026 Adjusted EBITDA of $(6.63) million, slightly better than the $(6.75) million Adjusted EBITDA loss in Q2 2025. This metric excludes items such as non-cash warrant fair value changes and stock-based compensation to highlight core operations.
How leveraged is GCT Semiconductor (GCTS) and what is its equity position?
At June 30, 2026, GCT had total liabilities of $101.8 million and total assets of $49.8 million, resulting in a stockholders’ deficit of $52.0 million. This deficit improved from $83.3 million at December 31, 2025, but leverage remains significant.
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): August 10, 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 August 10, 2026, GCT Semiconductor Holding, Inc. (the “Company”) issued a press release announcing financial results as of and for the quarter
ended June 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
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Exhibit
Number
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Description
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99.1
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Press Release, dated August 10, 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.
| GCT SEMICONDUCTOR HOLDING, INC. | ||
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August 10, 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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Exhibit 99.1
GCT Semiconductor Holding, Inc. Provides Business Update and Reports Second Quarter 2026 Financial Results
5G Chipset Shipments in Q2 2026 Increased Approximately 71% Sequentially
SAN JOSE, CA – August 10, 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 second quarter ended June 30, 2026.
Scaling the 5G Opportunity Toward Broad Commercial Ramp
Development, integration, certification and sales activities continued progressing across GCT’s 5G customer pipeline. Although customer
restructuring and evolving deployment schedules shifted the timing of certain launches, customer engagement and underlying demand remain strong, culminating in the shipment of over 5,100 5G chipsets during Q2, reinforcing the expected
commercial ramp across GCT’s three strategic growth markets:
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Terrestrial Broadband: Advanced multiple FWA and CPE programs, and
carrier certification activities supporting future device launches including for AI data applications.
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Partners include: Airspan, MaxLinear,
Orbic, a leading global telecom supplier as well as a major U.S. carrier.
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Satellite and Non-Terrestrial Connectivity: Progressed multiple
direct-to-device and hybrid satellite-cellular programs, including ongoing development and certification activities supporting the next generation of ubiquitous 5G connectivity to support the AI data pipeline.
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Partners include: Globalstar as well as one of the world’s largest satellite communications providers, among others.
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IoT and Specialized Networks: Expanded GCT’s addressable market
through programs spanning IoT including wearables, and defence applications, including UAV connectivity, positioning, navigation and timing (PNT), and aviation connectivity.
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Partners include: Gogo, Airspan as well as other potential large
strategic partners.
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“We made continued progress during the second quarter as we advanced our 5G semiconductor platform across three key growth areas: terrestrial
broadband, satellite and non-terrestrial connectivity, and IoT and specialized networks,” said John Schlaefer, CEO of GCT. “5G chipset shipments
increased approximately 71% sequentially from last quarter as we continued supporting customer programs across a broad range of applications, including fixed wireless access, satellite connectivity, private networks, industrial IoT and other
specialized connectivity solutions. We also expanded into new connectivity markets through a recent strategic collaboration, leveraging GCT’s IoT technology and module capabilities to support UAV control and communications applications across
commercial and defense-related use cases. This collaboration highlights the versatility of our technology platform and our ability to address an expanding range of connectivity needs.”
Schlaefer added, “While broader market dynamics, including industry consolidation, restructuring activities and shifting customer deployment
schedules, have impacted the timing of certain programs, we remain encouraged by the strength of our customer engagement and expanding opportunity pipeline. As we look ahead, we remain focused on advancing customer programs toward
commercialization and believe the breadth of our 5G platform, growing ecosystem of partnerships and diversified market opportunities position GCT well to capitalize on the significant long-term growth opportunities across 5G connectivity
markets. With these developments, we now have greater visibility and are building the demand for our 5G products across multiple fronts.”
Second Quarter 2026 Financial Results
Results compare the 2026 fiscal second quarter ended June 30, 2026, to the 2025 fiscal second quarter ended June 30, 2025.
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Net revenues were $1.0 million, a 17.9% decrease from $1.2 million.
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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 June 30, 2025 was 32%.
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Total operating expenses were $7.2 million, a 9.8% decrease from $8.0 million.
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Net Loss was $20.4 million, a 50.5% increase from $13.5 million.
Net loss for the second quarter of 2026 included $12.3 million in losses from change in fair value of common stock warrant liabilities.
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Adjusted EBITDA loss was $6.6 million, a decrease of 1.7% from
$6.7 million.
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Cash and Cash equivalents of $30.2 million as of June 30, 2026.
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“Our reported second-quarter net loss was significantly impacted by a $12.3 million non-cash loss related to the change in the fair value of
common stock warrant liabilities, driven by increases in our common stock price and the market price of our publicly traded warrants during the quarter, and therefore, was not reflective of our underlying operating performance,” said Edmond Cheng, CFO of GCT. “Hence, starting this quarter, we are introducing Adjusted EBITDA to provide greater visibility into our core operating
performance, demonstrating that we have stabilized underlying performance while continuing to invest in customer programs and production readiness. With the commercialization of 5G chipsets, the revenue for the first half of this year slightly
exceeds the full year of 2025, and we are confident that our revenue will grow this year compared to the previous years. Also, with $30.2 million of cash on our balance sheet at quarter-end, we have the financial flexibility and resources to
support commercial ramp of our customer programs and by now have already secured the required production capacity for the remainder of 2026 and through the first quarter of 2027 in anticipation of the expected chip demand.”
Liquidity
The Company's existing sources of liquidity as of June 30, 2026, include cash and cash equivalents of $30.2 million, net accounts receivable of
$1.1 million, and inventory of $1.5 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 $75.0 million for an at-market (“ATM”) agreement. During the quarter ended June 30, 2026,
while the total shelf registration maximum remains unchanged at $200.0 million, GCT amended the ATM Agreement to increase the allowed maximum
aggregate offering amount from $75.0 million to $120.0 million.
5G Outlook
The Company continues to expect aggregate 5G shipments in the second half of 2026 to exceed first-half levels.
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: Monday, August 10, 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. GCT’s management believes that these non-GAAP measures provide useful supplemental information to investors regarding the Company’s 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 excludes non-cash expense allows for meaningful comparisons of 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 these types of expenses and adjustments, to a
great extent, 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 1955. These forward-looking statements include, without limitation, the Company’s expectations with respect to 5G chip shipment for the remainder of 206; expansion into connectivity market; 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 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 for the fiscal year ended December 31, 2025, 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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June 30, 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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30,228
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$
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590
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||||
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Accounts receivable, net
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1,148
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2,597
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Inventory
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1,464
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947
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||||||
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Contract assets
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5,143
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5,432
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||||||
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Prepaid expenses and other current assets
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8,683
|
2,318
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||||||
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Total current assets
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46,666
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11,884
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||||||
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Property and equipment, net
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2,493
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2,671
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Operating lease right-of-use assets
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337
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708
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Other assets
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336
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381
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||||||
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Total assets
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$
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49,832
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$
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15,644
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||||
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Liabilities and Stockholders’ Deficit
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||||||||
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Current liabilities:
|
||||||||
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Accounts payable
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$
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218
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$
|
628
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||||
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Contract liabilities
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81
|
—
|
||||||
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Accrued and other current liabilities
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17,074
|
21,680
|
||||||
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Common stock forward liability
|
—
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3
|
||||||
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Borrowings
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39,053
|
56,589
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||||||
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Operating lease liabilities, current
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316
|
686
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||||||
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Total current liabilities
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56,742
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79,586
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||||||
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Long-term borrowings
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11,028
|
—
|
||||||
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Convertible promissory notes, net of current
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5,184
|
6,046
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||||||
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Net defined benefit liabilities
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7,439
|
7,598
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||||||
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Long-term operating lease liabilities
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31
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41
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Other taxes payable
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2,368
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2,265
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Warrant liabilities
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18,315
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2,870
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Other liabilities
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741
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531
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Total liabilities
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101,848
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98,937
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Stockholders’ deficit:
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Common stock
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9
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6
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Additional paid-in capital
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580,837
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520,925
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||||||
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Accumulated other comprehensive income
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2,785
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1,181
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Accumulated deficit
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(635,647
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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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(52,016
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)
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(83,293
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)
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||||
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Total liabilities and stockholders’ deficit
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$
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49,832
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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)
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
Net revenues:
|
||||||||||||||||
|
Product
|
$
|
402
|
$
|
408
|
$
|
874
|
$
|
499
|
||||||||
|
Service
|
569
|
774
|
2,017
|
1,179
|
||||||||||||
|
Total net revenues
|
971
|
1,182
|
2,891
|
1,678
|
||||||||||||
|
Cost of net revenues:
|
||||||||||||||||
|
Product
|
1,041
|
582
|
1,936
|
789
|
||||||||||||
|
Service
|
156
|
222
|
234
|
423
|
||||||||||||
|
Total cost of net revenues
|
1,197
|
804
|
2,170
|
1,212
|
||||||||||||
|
Gross profit (loss)
|
(226
|
)
|
378
|
721
|
466
|
|||||||||||
|
Operating expenses:
|
||||||||||||||||
|
Research and development
|
3,289
|
3,514
|
6,463
|
7,610
|
||||||||||||
|
Sales and marketing
|
1,087
|
1,021
|
2,245
|
2,139
|
||||||||||||
|
General and administrative
|
2,813
|
3,435
|
5,560
|
6,049
|
||||||||||||
|
Total operating expenses
|
7,189
|
7,970
|
14,268
|
15,798
|
||||||||||||
|
Loss from operations
|
(7,415
|
)
|
(7,592
|
)
|
(13,547
|
)
|
(15,332
|
)
|
||||||||
|
Interest expense
|
(1,212
|
)
|
(1,532
|
)
|
(3,021
|
)
|
(2,602
|
)
|
||||||||
|
Gain (loss) on foreign currency transactions, net
|
780
|
(3,217
|
)
|
3,358
|
(3,196
|
)
|
||||||||||
|
Change in fair value of common stock forward liability
|
—
|
—
|
3
|
295
|
||||||||||||
|
Change in fair value of common stock warrant liabilities
|
(12,320
|
)
|
(1,010
|
)
|
(15,445
|
)
|
639
|
|||||||||
|
Change in fair value of convertible promissory notes
|
(220
|
)
|
(157
|
)
|
(1,506
|
)
|
(176
|
)
|
||||||||
|
Other income, net
|
117
|
9
|
152
|
10
|
||||||||||||
|
Loss before provision for income taxes
|
(20,270
|
)
|
(13,499
|
)
|
(30,006
|
)
|
(20,362
|
)
|
||||||||
|
Provision for income taxes
|
108
|
39
|
236
|
144
|
||||||||||||
|
Net loss
|
$
|
(20,378
|
)
|
$
|
(13,538
|
)
|
$
|
(30,242
|
)
|
$
|
(20,506
|
)
|
||||
|
Net loss per common share:
|
||||||||||||||||
|
Basic and diluted
|
$
|
(0.25
|
)
|
$
|
(0.26
|
)
|
$
|
(0.41
|
)
|
$
|
(0.41
|
)
|
||||
|
Weighted average common shares outstanding, basic and diluted
|
82,556
|
51,703
|
74,358
|
49,666
|
||||||||||||
GCT Semiconductor Holding, Inc.
Reconciliation of GAAP to Non-GAAP
(unaudited, in thousands)
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
June 30,
|
|
June 30,
|
||||||||
|
2026
|
|
2025
|
|
2026
|
2025
|
|||||
|
Net Loss
|
|
$ (20,378)
|
|
|
$ (13,538)
|
|
$ (30,242)
|
|
|
$ (20,506)
|
|
Provision for income taxes
|
|
108
|
|
|
39
|
|
236
|
|
|
144
|
|
Interest expense
|
|
1,212
|
|
|
1,532
|
|
3,021
|
|
|
2,602
|
|
Interest income
|
|
(126)
|
|
|
(13)
|
|
(160)
|
|
|
(14)
|
|
Depreciation and amortization
|
|
451
|
|
|
339
|
|
896
|
|
|
680
|
|
EBITDA
|
|
(18,733)
|
|
|
(11,641)
|
|
(26,249)
|
|
|
(17,094)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
344
|
|
512
|
|
789
|
|
1,023
|
|||
|
Gain/ loss on foreign currency transactions, net
|
|
(780)
|
|
|
3,217
|
|
(3,358)
|
|
|
3,196
|
|
Change in fair value of common stock forward liability
|
-
|
|
-
|
|
(3)
|
|
(295)
|
|||
|
Change in fair value of common stock warrant liabilities
|
|
12,320
|
|
|
1,010
|
|
15,445
|
|
|
(639)
|
|
Change in fair value of convertible promissory notes
|
|
220
|
|
|
157
|
|
1,506
|
|
|
176
|
|
Adjusted EBITDA
|
|
(6,629)
|
|
|
(6,745)
|
|
(11,870)
|
|
|
(13,633)
|