GCT Semiconductor Holding, Inc 8-K, filed Jun 6, 2025

GCT Semiconductor Holding, Inc. (GCTS)

8-K 2025-06-06 For: 2025-06-06

Added on April 05, 2026

About this 8-K

GCT Semiconductor Holding, Inc filed this 8-K on June 6, 2025.

Delaware	86-2171699
(State or Other Jurisdiction of Incorporation)	(I.R.S. Employer Identification No.)

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.0001 per share	GCTS	NYSE
Warrants, each whole warrant exercisable for one share of Common Stock for $11.50 per share	GCTS.WS	NYSE

		GCT SEMICONDUCTOR HOLDING, INC.

Date: June 6, 2025	By:	/s/ Edmond Cheng
	Name:	Edmond Cheng
	Title:	Chief Financial Officer

	March 31, 2025			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	1,039		$	1,435
Accounts receivable, net		4,541			5,740
Inventory		3,124			2,977
Contract assets		5,499			5,107
Prepaid expenses and other current assets		1,211			2,332
Total current assets		15,414			17,591
Property and equipment, net		851			869
Operating lease right-of-use assets		680			849
Intangibles, net		32			65
Other assets		499			523
Total assets	$	17,476		$	19,897
Liabilities and Stockholders’ Deficit
Current liabilities:
Accounts payable	$	1,438		$	1,031
Contract liabilities		36			48
Accrued and other current liabilities		19,168			21,205
Common stock forward liability		20			315
Borrowings		45,216			37,626
Convertible promissory notes, current		4,966			—
Operating lease liabilities, current		583			697
Total current liabilities		71,427			60,922
Convertible promissory notes, net of current		—			4,947
Net defined benefit liabilities		7,300			7,055
Long-term operating lease liabilities		120			177
Income taxes payable		2,074			2,076
Warrant liabilities		2,101			3,750
Other liabilities		80			285
Total liabilities		83,102			79,212
Commitments and contingencies
Stockholders’ deficit:
Common stock		5			5
Additional paid-in capital		501,903			501,195
Accumulated other comprehensive income		1,467			1,518
Accumulated deficit		(569,001	)		(562,033	)
Total stockholders’ deficit		(65,626	)		(59,315	)
Total liabilities and stockholders’ deficit	$	17,476		$	19,897

	Three Months Ended March 31,
	2025			2024
Net revenues:
Product	$	91		$	2,378
Service		405			887
Total net revenues		496			3,265
Cost of net revenues:
Product		207			654
Service		201			658
Total cost of net revenues		408			1,312
Gross profit		88			1,953
Operating expenses:
Research and development		4,096			5,521
Sales and marketing		1,118			996
General and administrative		2,614			2,836
Gain on extinguishment of liability		—			(14,636	)
Total operating expenses		7,828			(5,283	)
Income (loss) from operations		(7,740	)		7,236
Interest expense		(1,070	)		(2,082	)
Gain on foreign currency transactions, net		21			1,472
Change in fair value of common stock forward liability		295			—
Change in fair value of common stock warrant liabilities		1,649			(4,626	)
Change in fair value of convertible promissory notes		(19	)		(1,203	)
Other income, net		1			19
Income (loss) before provision for income taxes		(6,863	)		816
Provision for income taxes		105			59
Net income (loss)	$	(6,968	)	$	757
Net income (loss) per common share:
Basic and diluted	$	(0.15	)	$	0.03
Weighted average common shares outstanding:
Basic		47,606			25,468
Diluted		47,606			26,257