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GCT Semiconductor Holding Inc. (GCTS+5.94%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details GCT's financial performance, highlighting a decrease in net revenues to $9.1 million from $16.0 million in the previous year. The decline is attributed to reduced product sales and service revenues.
Cost of net revenues decreased to $4.1 million from $9.3 million, reflecting lower direct product costs and service project expenses.
Research and development expenses increased to $17.3 million, driven by the 5G development program and associated professional services.
Sales and marketing expenses rose to $3.9 million, while general and administrative expenses increased to $10.8 million, partly due to higher stock-based compensation and public company operation costs.
The company reported a gain of $14.6 million from the extinguishment of a liability related to a contract termination with a vendor.
Interest expense decreased to $3.9 million from $6.2 million, primarily due to the conversion of convertible notes.
GCT's cash used in operating activities was $31.0 million, compared to $8.8 million in the previous year, with cash provided by financing activities amounting to $36.5 million.
The company continues to focus on developing its 5G products, with anticipated introduction in the first half of 2025, and expects significant revenue and gross margin increases from these products.
GCT Semiconductor Holding Inc. acknowledges its dependence on additional funding and the successful commercialization of its 5G products to meet future obligations.
The filing also discusses various financial agreements, including a Purchase Agreement with B. Riley for up to $50 million and several term loans with related parties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GCT Semiconductor Holding Inc. annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.