Financial Performance - Net revenues decreased by $1.9 million, or 42%, to $2.6 million for the three months ended September 30, 2024, from $4.5 million for the same period in 2023, primarily due to a $2.3 million decrease in product sales[170]. - Product sales decreased by $2.3 million, or 57%, from $4.0 million for the three months ended September 30, 2023, to $1.7 million for the same period in 2024, attributed to excess LTE channel inventory and a shift in customer priorities towards 5G products[171]. - Service revenues increased by $0.4 million, or 99%, from $0.5 million for the three months ended September 30, 2023, to $0.9 million for the same period in 2024, driven by significant ongoing service projects[172]. - Gross profit increased to $1.6 million for the three months ended September 30, 2024, compared to $0.5 million for the same period in 2023, resulting in a gross margin of 62%[174]. - Net loss for the three months ended September 30, 2024, was $7.1 million, compared to a net loss of $4.3 million for the same period in 2023, representing a 64% increase in loss[179]. - For the nine months ended September 30, 2024, net revenues decreased by $4.5 million, or 38%, to $7.3 million, primarily due to a $4.6 million decrease in product sales[181]. - For the nine months ended September 30, 2024, the company reported a net loss of $7.4 million, compared to a net loss of $12.3 million for the same period in 2023[204]. - Cash used in operating activities for the nine months ended September 30, 2024, was $28.7 million, significantly higher than $7.9 million for the same period in 2023[204]. - Free cash flow for the nine months ended September 30, 2024, was $(28.9) million, compared to $(8.2) million for the same period in 2023[202]. Research and Development - Research and development expenses are expected to increase as the company continues to grow and expand operations[165]. - Research and development expenses increased by $1.8 million, or 78%, from $2.4 million for the three months ended September 30, 2023, to $4.2 million for the same period in 2024, mainly due to professional services for 5G chip design[175]. - Research and development expenses for the nine months ended September 30, 2024, increased by $6.6 million, or 92%, to $13.9 million, driven by development projects related to 5G products[185]. Operating Expenses - Operating expenses include significant costs related to general and administrative functions, which are expected to rise due to public company requirements[157][165]. - Total operating expenses increased by $2.99 million, or 66%, from $4.5 million for the three months ended September 30, 2023, to $7.5 million for the same period in 2024[177]. - Cash used in operating activities for the nine months ended September 30, 2024, was $28.7 million, primarily due to a net loss of $7.4 million and non-cash adjustments of $12.2 million[214]. Financing and Liquidity - The company entered into a term loan agreement for KRW 4.0 billion ($2.9 million) with a board member, bearing an annual interest rate of 12.0%[142]. - The company received $17.2 million in cash proceeds from a reverse recapitalization and PIPE Financing in March 2024[205]. - The net cash provided by financing activities for the nine months ended September 30, 2024, was $31.6 million, compared to $7.6 million for the same period in 2023[213]. - Cash provided by financing activities during the nine months ended September 30, 2024, was $31.6 million, including $17.2 million from reverse recapitalization and PIPE Financing[216]. - As of September 30, 2024, the company had outstanding convertible promissory notes and borrowings totaling $41.8 million, with $36.8 million due within 12 months[207]. - The company plans to use additional liquidity for mass production costs of 5G products, acquisition of IP, and hiring additional personnel[211]. Market and Industry Conditions - The semiconductor industry has experienced a downturn since late 2022, impacting demand and pricing, particularly for 4G LTE products[153]. - The company anticipates increased demand for its products following the launch of new 5G products, as major customers shift focus from 4G to 5G[155]. - The company faces risks from economic conditions that could adversely affect customer demand and financial performance[156]. Company Structure and Compliance - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay adopting new accounting standards[229]. - The company has elected to take advantage of scaled disclosures available to smaller reporting companies, contingent on market value and revenue thresholds[231]. - The company has material commitments and contractual obligations, including leases and research and development agreements[218]. - The company has various operating leases with expiration dates through 2026[218].

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 41.7%[17] - Gross profit for the three months ended September 30, 2024, was $1,626 million, compared to $527 million for the same period in 2023, indicating a significant increase in profitability[17] - Total operating expenses increased to $7,538 million for the three months ended September 30, 2024, from $4,544 million in the same period of 2023, reflecting a rise of 66.5%[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 63.5%[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] - Interest expense for the three months ended September 30, 2024, was $667 million, down from $1,220 million in the same period of 2023, a decrease of 45.2%[17] - 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, an increase of 90%[17] - The company reported a provision for income taxes of $61 million for the three months ended September 30, 2024, compared to $38 million in the same period of 2023, reflecting a rise of 60.5%[17] - Basic and diluted net loss per common share for the three months ended September 30, 2024, was $(0.16), compared to $(0.18) in the same period of 2023, showing a slight improvement in loss per share[17] Research and Development - Research and development expenses increased by $1.8 million, or 78%, to $4.2 million in Q3 2024, mainly due to professional services related to 5G chip development[7] - Research and development expenses for the three months ended September 30, 2024, were $4,210 million, up from $2,367 million in the same period of 2023, a rise of 77.8%[17] Assets and Liabilities - Total current assets increased to $20.0 million as of September 30, 2024, compared to $13.0 million as of December 31, 2023[16] - Total liabilities decreased to $80.9 million as of September 30, 2024, down from $131.9 million as of December 31, 2023[16] - The company successfully extended approximately $22.6 million of current liabilities into 2025 and repaid $2.5 million of bank borrowings and $1.0 million of promissory notes[3] 5G Product Development - The company anticipates commencing volume shipments of 5G chipsets in the first half of 2025, as previously guided[11] - 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] - The company is in discussions with potential investors to secure additional capital for the commercial launch of its 5G products[2] Cash and Equivalents - Cash and cash equivalents were $1.8 million, with net accounts receivable of $6.4 million and inventory of $3.1 million as of September 30, 2024[10] Gross Margin - Gross margin improved to 62.3% in Q3 2024, up from 12% in Q3 2023, primarily due to a favorable product mix and higher margins from service offerings[6]

Table of Contents Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.0001 per share GCTS The New York Stock Exchange Warrants, each whole warrant exercisable for one share of Common Stock for $11.50 per share GCTSW The New York Stock Exchange 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 SECU ...

Exhibit 99.1 GCT Semiconductor Holding, Inc. Reports Second Quarter 2024 Financial Results SAN JOSE, CA – August 14, 2024 – GCT Semiconductor Holding, Inc. ("GCT" or the "Company") (NYSE: GCTS), a leading designer and supplier of advanced 5G and 4G semiconductor solutions, today reported financial results for the second quarter ended June 30, 2024. Second Quarter 2024 Financial Summary and Recent Operational Highlights · 5G chipset development progressing as projected with initial deliveries to alpha custom ...

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, 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 Cha ...

Exhibit 99.1 GCT Semiconductor Holding, Inc. Reports First Quarter 2024 Financial Results SAN JOSE, CA – May 14, 2024 – GCT Semiconductor Holding, Inc. ("GCT" or the "Company") (NYSE: GCTS), a leading designer and supplier of advanced 5G and 4G semiconductor solutions, today reported financial results for the first quarter ended March 31, 2024. First Quarter 2024 Financial Summary and Recent Operational Highlights · Revenues up by 7% as compared to the same quarter in 2023, to $3.3 million. · Income from op ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ 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 CONCORD ACQUISITION CORP III (Exact name of registrant as specified in its charter) Delaware 86-2171699 (State or other ju ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Concord Acquisition Corp III (Exact name of registrant as specified in its charter) | --- | --- | --- | |--------------------------------------- ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Concord Acquisition Corp III (Exact name of registrant as specified in its charter) | --- | --- | --- | |-------------------------------------------- ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Concord Acquisition Corp III (Exact name of registrant as specified in its charter) | --- | --- | --- | |------------------------------------------- ...