Financial Performance - Net revenues for Q4 2024 were $1.8 million, a 57.4% decrease from $4.2 million in Q4 2023[11] - Full year 2024 net revenues were $9.1 million, a 43.0% decrease from $16.0 million in 2023[11] - Total net revenues decreased to $9,128 million in 2024 from $16,028 million in 2023, representing a decline of 43.3%[19] - Gross profit for 2024 was $5,076 million, down from $6,734 million in 2023, a decrease of 24.6%[19] - The net loss for Q4 2024 was $5.0 million, a 51.1% decrease from $10.2 million in Q4 2023[11] - The company reported a net loss of $12,379 million in 2024, compared to a net loss of $22,469 million in 2023, showing an improvement of 44.8%[19] - Basic and diluted net loss per common share improved to $(0.30) in 2024 from $(0.94) in 2023[19] - Loss before provision for income taxes improved to $(11,934) million in 2024 from $(21,928) million in 2023, an improvement of 45.4%[19] Operating Expenses - Total operating expenses for Q4 2024 were $7.9 million, a 28.9% increase from $6.2 million in Q4 2023[11] - Total operating expenses decreased to $18,198 million in 2024 from $21,292 million in 2023, a reduction of 14.0%[19] - Research and development expenses increased significantly to $17,329 million in 2024 from $10,712 million in 2023, an increase of 62.1%[19] - Interest expense decreased to $(3,867) million in 2024 from $(6,246) million in 2023, a decrease of 38.2%[19] Balance Sheet and Liabilities - The company reduced its debt by nearly 50% during 2024, improving its balance sheet for future growth[3] - Total liabilities decreased to $79.2 million as of December 31, 2024, from $131.9 million in the previous year[17] - Cash and cash equivalents as of December 31, 2024, were $1.4 million, with total current assets of $17.6 million[7][17] Future Outlook - 5G chipset availability is expected to commence in the first half of 2025, with significant partnerships announced for development and mass production[4] - The company anticipates that the second half of 2025 will be strongly influenced by 5G chipset sales, with market demand significantly higher than for 4G[3][8] Other Financial Metrics - Weighted average common shares outstanding increased to 40,630 million in 2024 from 23,991 million in 2023[19] - Gain on foreign currency transactions increased significantly to $4,690 million in 2024 from $266 million in 2023[19]
GCT Semiconductor Holding, Inc.(GCTS) - 2024 Q4 - Annual Results