Financial Performance - GCT Semiconductor reported initial 5G product revenue of $0.4 million in Q3 2025, an 84.0% decrease from $2.6 million in Q3 2024[11] - Total operating expenses increased by 9.0% to $8.2 million in Q3 2025, compared to $7.5 million in Q3 2024[11] - GCT's net loss for Q3 2025 was $13.8 million, compared to a net loss of $7.1 million in Q3 2024[11] - The gross margin for Q3 2025 is negative, as current product revenue is insufficient to cover production overhead costs[11] 5G Product Development - The company has received over 2,500 initial 5G chipset orders, indicating strong early demand as it prepares for commercialization[5] - GCT expects to improve operational efficiencies as volume shipments of 5G products begin in late Q4 2025 or early Q1 2026[3] - The company anticipates commercial shipments of 5G chipsets to commence late in Q4 2025[7] Financial Position - As of September 30, 2025, GCT had cash and cash equivalents of $8.3 million, net accounts receivable of $3.7 million, and inventory of $1.9 million[6] - GCT's total assets increased to $24.3 million as of September 30, 2025, up from $19.9 million at the end of 2024[15] - The company secured $10.7 million in debt financing in September 2025 to accelerate production readiness for 5G chipsets[5]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 001-41013 GCT Semiconductor Holding, Inc. (Exact Name of Registrant as Specified in its ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Securities registered pursuant to Section 12(b) of the Act: | | Trading | | | --- | --- | --- | | Title of each class | Symbol(s) | Name of each exchange on which registered ...

GCT Semiconductor Holding, Inc. Provides Business Update and Reports Second Quarter 2025 Financial Results Company delivered initial 5G chipset samples to lead customers, in preparation for mass production and volume shipments in the second half of fiscal 2025 SAN JOSE, CA – August 12, 2025 – 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 finan ...

GCT Semiconductor Holding, Inc. Provides Business Update and Reports First Quarter 2025 Financial Results 5G chipset sampling to customers scheduled to begin at the end of May, following completion of fab, wafer processing and delivery of finalized 5G chipsets to GCT facility SAN JOSE, CA – May 14, 2025 – 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 r ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 001-41013 GCT Semiconductor Holding, Inc. (Exact Name of Registrant as Specified in its Cha ...

Company Overview - GCT Semiconductor is a fabless semiconductor company specializing in communication semiconductors, including 5G, 4.75G, 4.5G, and 4G transceivers and modems[22]. - The company has established a fabless semiconductor business model, utilizing third-party foundries like Samsung Foundry for 28nm and 8nm production processes, which are expected to enhance cost-effectiveness and power consumption[78]. - The company has a robust quality assurance system in place, adhering to ISO 9001:2015 standards, ensuring product reliability and quality throughout the production cycle[81]. 5G Technology and Products - The company expects to introduce its 5G products in the first half of 2025, with average sales prices for 5G chipsets projected to be approximately four times that of 4G chipsets, significantly increasing revenue and gross margins[28]. - 5G technology offers speeds up to ten times faster than traditional 4G LTE, with capabilities essential for the Fourth Industrial Revolution, including applications in AI, autonomous driving, and the metaverse[26]. - The company is developing RF and modem chipsets for 5G, leveraging patented technology that enhances performance through multiple antennas for transmission and reception[27]. - The company plans to expand its product lineup to support future applications such as vehicle-to-everything standards and 5G-based satellite communication[28]. - The company expects to launch several 5G NR solutions during 2025, including products with advanced features such as 16Rx/4Tx and 8Rx/2Tx configurations[58][59]. - The company plans to offer three different 5G chipset solutions tailored to market demands, differentiating itself from dominant providers by offering customized solutions[52]. Market Trends and Demand - Fixed Wireless Access (FWA) services based on 4G and 5G have exceeded 130 million subscriptions as of the end of 2023, projected to grow at an annual rate of 17% to over 330 million by 2029[40]. - 5G-based FWA services are expected to surpass 4G-based subscriptions by 2025, constituting 85% of total FWA services by 2029[40]. - The deployment of 5G networks for FWA is facilitated by existing 5G infrastructure, making it an attractive growth driver for mobile service providers[44]. - The company is focusing on specific segments in the 5G markets, including fixed wireless access, mobile broadband, and M2M applications, which are critical for financial performance[94]. Financial Performance and Challenges - The company reported a net loss of $12.4 million for the year ended December 31, 2024, compared to a net loss of $22.5 million for 2023, indicating a reduction in losses[132]. - Cash used in operating activities was $31.0 million for 2024, down from $8.8 million in 2023, reflecting ongoing financial challenges[132]. - The accumulated deficit increased to $562.0 million in 2024 from $549.7 million in 2023, highlighting ongoing financial struggles[132]. - The company has dedicated a large portion of its operating expenses to the development of 5G products, with significant revenue expected only in the second half of 2025[109]. - The company anticipates ongoing cyclicality in semiconductor solution sales due to inherent industry fluctuations and seasonal slowdowns, particularly in Asia during the Lunar New Year, which may impact first-quarter sales[60]. Customer Relationships and Sales Strategy - The company maintains close relationships with wireless carriers and OEMs/ODMs, focusing on securing design wins for wireless broadband devices, with a sales cycle typically taking 12 months or more[68][72]. - Four customers accounted for 74% of total revenues for the year ended December 31, 2024, while two customers accounted for 38% for the year ended December 31, 2023[111]. - The company employs a dual-pronged market approach focusing on both operators and OEM/ODM customers to facilitate design wins[102]. Intellectual Property and Competitive Position - As of December 31, 2024, the company holds approximately 86 patent rights related to 5G/4G and next-generation wireless communication semiconductor technology, with 55% focused on modem design-related technologies[75]. - The company holds 33 US patents and 35 Korean patents, but faces challenges in protecting its intellectual property effectively[140]. - The company has secured a strong competitive position in the mobile communication market by providing optimized solutions amidst high technological barriers[46]. Operational Risks and Industry Challenges - The company faces competition from established semiconductor companies, which may impact its ability to maintain or increase market share[103]. - The semiconductor business faces ongoing competitive pricing pressure, and any increase in manufacturing costs could reduce gross margins and operating profit[122]. - The company may encounter difficulties in meeting obligations under development agreements, which could delay product shipments and adversely affect financial results[92]. - Geopolitical events and uncertainties could disrupt sales and product delivery, adversely affecting business operations[129]. - The wireless communications industry has faced pronounced downturns, which could adversely affect demand for the company's products[170]. Future Outlook and Growth Plans - The company plans to continuously expand its product lineup to support future applications such as vehicle-to-everything (C-V2X) and 5G-based satellite communication[53]. - The company expects to commence volume shipment of 5G chipsets in the first half of 2025, which is anticipated to generate significant revenue and improve financial performance[91]. - The company has entered into 5G development agreements with Tier 1 wireless communications operators, which include milestone payments upon achieving specified business and development objectives[91]. Compliance and Regulatory Environment - Compliance with governmental laws and regulations is critical, as noncompliance could lead to significant penalties and operational disruptions[196]. - Changes in laws regulating wireless networks and radio frequency emissions could adversely impact product sales and business operations[174]. - The company is subject to risks related to its ability to generate sufficient revenue or become profitable, which could necessitate seeking additional funding[133]. Human Resources and Talent Acquisition - The company employs 121 full-time employees as of December 31, 2024, with a significant focus on research and development, comprising 76 employees[82]. - The loss of key personnel could harm the business, and attracting and retaining specialized talent is critical for growth[206]. - The company plans to recruit design and application engineers with expertise in wireless communications technologies to support anticipated growth[207].

GCT Semiconductor Holding, Inc. Provides Business Update and Reports Fourth Quarter and Full Year 2024 Financial Results GCT launches "2025GCT" program to commence "Year of 5G" and celebrate upcoming 5G chipset shipments SAN JOSE, CA – March 25, 2025 – 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 fourth quarter and f ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 (Mark One) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 001-41013 GCT Semiconductor Holding, Inc. (Exact Name of Registrant as Specified in its ...

Financial Performance - Net revenues for Q3 2024 were $2.6 million, a 77.8% sequential increase from the previous quarter, driven by a rebound in product revenue ahead of the anticipated 5G ramp [2]. - Total net revenues for the three months ended September 30, 2024, were $2,610 million, a decrease from $4,476 million in the same period of 2023, representing a decline of 42% [17]. - Gross profit for the three months ended September 30, 2024, was $1,626 million, compared to $527 million in the same period of 2023, indicating a significant increase in profitability [17]. - Total operating expenses for the three months ended September 30, 2024, were $7,538 million, up from $4,544 million in the same period of 2023, reflecting a rise of 66% [17]. - The net loss for the three months ended September 30, 2024, was $7,121 million, compared to a net loss of $4,346 million in the same period of 2023, representing an increase in losses of 64% [17]. - The company reported a loss from operations of $5,912 million for the three months ended September 30, 2024, compared to a loss of $4,017 million in the same period of 2023, indicating a worsening operational performance [17]. Expenses and Liabilities - Research and development expenses rose by $1.8 million, or 78%, to $4.2 million in Q3 2024, mainly due to increased professional services related to 5G chip development [7]. - Sales and marketing expenses increased by $0.2 million, or 28%, to $0.9 million in Q3 2024, primarily due to personnel-related costs [8]. - Research and development expenses for the three months ended September 30, 2024, were $4,210 million, significantly higher than $2,367 million in the same period of 2023, marking an increase of 77% [17]. - Interest expense for the three months ended September 30, 2024, was $667 million, down from $1,220 million in the same period of 2023, showing a decrease of 45% [17]. - The company successfully extended approximately $22.6 million of current liabilities into 2025, while repaying $2.5 million of bank borrowings and $1.0 million of promissory notes [3]. - Total current liabilities decreased to $61.9 million as of September 30, 2024, down from $114.8 million at the end of 2023 [16]. Assets and Cash Position - Total assets increased to $22.6 million as of September 30, 2024, compared to $16.4 million as of December 31, 2023 [16]. - Cash and cash equivalents stood at $1.8 million, with net accounts receivable of $6.4 million and inventory of $3.1 million as of September 30, 2024 [10]. Future Outlook - The company anticipates commencing volume shipments of 5G chipsets in the first half of 2025, as previously guided [1]. - The company signed a memorandum of understanding with a global tier one telecommunications supplier for collaboration on Fixed Wireless Access devices using its 5G chipsets [2]. Shareholder Information - The weighted-average common shares outstanding for the three months ended September 30, 2024, were 45,645 thousand, compared to 24,055 thousand in the same period of 2023, reflecting an increase of 90% [17]. - The provision for income taxes for the three months ended September 30, 2024, was $61 million, slightly up from $38 million in the same period of 2023 [17]. - The company experienced a significant gain on extinguishment of liability, which was recorded as $(14,636 million) for the nine months ended September 30, 2024 [17].