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GCTS

GCT Semiconductor Holding, Inc.

GCT Semiconductor Holding, Inc. is classed by the SEC under Semiconductors & Related Devices (industry code 3674), based in San Jose, CA. In its latest annual figures on file, for the fiscal year ended 2025-12-31, it reported revenue of $3 million and a loss of $43 million (its filed statements).

Product business Semiconductors & Related Devices San Jose, CA filings since 2021 6 of 9 filed, 3 estimated
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2.4/10headline grade
vs its business-model standard
0.9/10past 2.0/10present 4.3/10future

Three tenses, nine metrics. Unseen metrics stay unseen; the grade never fakes a number. Proxy era: provisional values, marked. Weighed as a product business: prior from its industry code (SEC 3674, Semiconductors & Related Devices); the filing read can change it. All three tenses have at least two readings, so the archetype blend applies as printed.

The grade, in three tenses

Headline 2.4 out of ten, 6 of 9 metrics filed and 3 estimated: past 0.9 out of ten, present 2.0 out of ten, future 4.3 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

  • Surviving crises (past): 1.3 out of ten. 2 warning events since 2021; the latest 2024-04-08. 13th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Track record (past): 0.5 out of ten. -57.7% a year over 3 filed years; profitable in 0 of 3. 5th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Shareholder treatment (past): 1.1 out of ten. CrossAssetData estimate 1.1/10, confidence 35 of 100 (one part). 11th percentile among 94 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
  • Financial health (present): 0.5 out of ten. Leverage 632%: owes 632¢ per asset dollar. 5th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Industry position (present): 0.5 out of ten. bottom 5% of 97 in its family; net margin -1513.3%. 5th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Leadership (present): 7.5 out of ten. CrossAssetData estimate 7.5/10, confidence 35 of 100 (one part). 75th percentile among 79 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
  • Room to expand (future): 2.5 out of ten. bottom 26% of 94 in its family for room to expand. 26th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Growth drivers (future): 6.2 out of ten. top 39% of 93 in its family for growth drivers. 61st percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Expectations vs reality (future): 5.2 out of ten. CrossAssetData estimate 5.2/10, confidence 20 of 100 (family median). 50th percentile among 88 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.

The filing record

Newest annual report: Form 10-K filed 2026-03-25 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-10 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-08-10 (on EDGAR). Newest filing: Form 4, 2026-10-02. Filings on record since 2021. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-03-25.

The people

John Schlaefer is president, chief executive and a director. He has run GCT as chief executive since December 2012, after serving as its chief operating officer from 2006 to 2012, and before that spent the years from 1994 to 2006 at National Semiconductor, first in marketing and business development and then as a product line director. The annual report names three other executive officers. Edmond Cheng, the chief financial officer, joined in March 2024 from Cenntro, a maker of commercial electric vehicles, and had earlier been finance chief of TCL Electronics Holdings, UTStarcom and Zoomlion. Jeongmin Kim has led engineering as vice president since July 2003 and has been chief technology officer since 2013. Alex Sum, senior vice president of sales and marketing since 2013, joined in 2002 as vice president of marketing and business development, after working in product marketing at Philips Semiconductor from 1992 to 2002. A current report of September 2026 names the same four as the executive officers. [1, 2, 3, 4, 5, 6, 7, 8]

Dr. Kyeongho Lee, a co-founder, has chaired the board since 2000, and since 2002 he has also sat on the board of Anapass, a fabless chip company listed on Korea's KOSDAQ market; Anapass holds 12.4% of GCT's shares, the only stake above five percent in the annual report's ownership table. Earlier, at Silicon Image, he created and patented the PanelLink display technology that became the DVI and HDMI standards. The board counts six of its seven directors as independent, Dr. Lee among them, after weighing his relationship with a major stockholder and his loans to one of the company's subsidiaries. The other five are Robert Barker, on GCT's board since April 2011 and chair of its audit committee since 2013; Nelson C. Chan, chair of the Synaptics board since October 2018; Dr. Kukjin Chun, a professor of electrical engineering at Seoul National University from 1989 to 2020; Hyunsoo Shin, a former chief executive of CJ America; and Jeff Tuder, founder of Tremson Capital Management, whose insider filings on this company's record begin in November 2021, when it was still Concord Acquisition Corp III and had just gone public. [9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20]

At the end of 2025 GCT had 126 full-time employees: 101 in Korea, 18 in the United States, three in Taiwan, two in China and one each in Hong Kong and Japan. Nearly two in three, 80 people, work in research and development; 18 are in sales and marketing, 22 in general and administration and 6 in operations. The engineering is done in Seoul, in a research and development center of about 56,500 square feet, while the San Jose headquarters, about 5,900 square feet, houses product marketing, finance and administration and a small research team. The direct sales force is five people, backed by local distributors and sales representatives in China, Taiwan, Japan and Korea. [21, 22, 23, 24, 25]

How it operates

GCT is a fabless chip company, meaning it designs chips and pays others to make them. Its chips connect devices to cellular networks: baseband modems that encode and decode the data, radio transceivers (RF) that send and receive the signal, and single chips that combine the two, sometimes with a processor and memory. Its 4G LTE range runs from high-speed 4.75G chips down to low-power chips for the Internet of Things, and its first 5G chipset began commercial shipments in the fourth quarter of 2025. The chips go into fixed wireless routers (CPE, the boxes that bring home internet over a mobile network in place of a DSL, cable or fiber line), mobile hotspots (MiFi), communication modules and industrial equipment; the filing says they suit virtually every wireless broadband data device except smartphones. Its modem chips come with software, source code included, and customers get design support, including reference designs that show how to connect the chips to the rest of a device. [26, 27, 28, 29, 30, 31, 32, 33, 34, 35]

It rarely sells to the carriers themselves. Its buyers are the companies that build devices for them: equipment makers (OEMs), design manufacturers (ODMs), contract manufacturers, system integrators and distributors, all on purchase orders. The carriers still weigh heavily, because a device must pass each operator's own testing before it can be sold for that network; GCT's chipsets have been certified with Verizon, AT&T, T-Mobile, US Cellular, KDDI, SoftBank and the three major South Korean operators. Revenue rests on very few buyers: four customers took 74% of 2025 revenue and four took 73% of 2024's, but not the same four. The largest in 2025, Customer M in the filing's lettering, took 23% after 25% a year earlier and is the only one above a tenth of revenue in both years. Winning a sale usually takes 12 months or more, since the chip is chosen when the device is designed; once chosen, it is costly for the customer to switch for that product. [36, 37, 38, 39, 40, 41, 42]

It earns money two ways. Product revenue, from chips, is generally booked when they ship; service revenue, from development services, platform solutions, technical advice and maintenance, is booked as the work is done. In 2025 service was the larger part: 1.7 million dollars, 60.5% of revenue. The main development deal the filing describes is a joint development agreement signed in 2019 with a leading worldwide wireless operator that it does not name, a relationship of more than 13 years: GCT designs 5G chipsets for fixed wireless, mobile broadband and modules, and the operator pays a one-time fee as each development milestone is reached. The operator gets most-favored terms on supply and rebate fees on worldwide sales of the chips, can end the deal at any time on written notice, and GCT keeps the intellectual property in the chips. To device makers, GCT presents itself as the less costly alternative to the dominant supplier, with lower upfront licensing costs and no further licensing fee once a product is on sale. [43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53]

By where its customers are, the United States brought in 1.6 million dollars in 2025, 55.9% of revenue, against 4.2 million the year before; Taiwan 629 thousand, 21.9%; China 411 thousand, 14.3%; Germany 142 thousand, 5.0%; and South Korea 82 thousand, 2.9%, down from 3.5 million. The work spans the Pacific: sales, marketing and accounting are run from headquarters in San Jose, California, while product design, development and customer support sit in wholly owned subsidiaries in South Korea, one of them the research and development center, with sales offices for local support in Taiwan, China and Japan. [46, 54]

It owns no factories. Samsung Foundry and UMC are its main wafer makers: Samsung makes its 4G modems on a 28-nanometer process and its 5G modems on 8 nanometers, UMC makes 4G modems and 4G and 5G radio chips on 40-nanometer processes, and TSMC makes some 4G radio chips. Hana Micron, Stats ChipPAC and ASE do most of the assembly and testing, on purchase orders, and no long-term agreement guarantees it foundry capacity. Since February 2024, Alpha Holdings has worked on its 5G chips under a three-year agreement to develop and deliver products made in Samsung's foundry, at a total development cost since raised to about 7.7 million dollars; that agreement replaced a 2020 research and development deal with Samsung itself, which was terminated. [55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65]

The specifics

GCT began operations in 1998 and, in its own words, has recorded losses every year since; its accumulated deficit reached 605.4 million dollars at the end of 2025. It made its name in 4G: it says it was one of the first suppliers of 4G LTE chips, and in 2015 the first to commercialize 4.5G chips with four-antenna (4x4 MIMO) reception. It became a public company on March 26, 2024 by combining with Concord Acquisition Corp III, which had listed in November 2021; GCT became its wholly owned subsidiary and Concord took the name GCT Semiconductor Holding. The deal was accounted for as a reverse recapitalization, with GCT treated as the acquirer, and brought in 17.2 million dollars net together with a private placement. Its shares are listed on the New York Stock Exchange as GCTS. In the first quarter of 2024, Samsung released GCT from paying for work under their 2020 agreement to develop 5G chips, the filing citing unmet development milestones and a change in Samsung's business strategy, which gave 2024 a one-time gain of 14.6 million dollars. [66, 67, 68, 69, 70, 19, 71, 72, 73, 74, 64]

The annual report carries a warning: the auditor's report includes a paragraph expressing substantial doubt that the company can continue as a going concern. At the end of 2025 it held 0.6 million dollars in cash and owed lenders 62.6 million in principal, 56.6 million of it due within twelve months, and its liabilities of 98.9 million dollars far exceeded its assets of 15.6 million. It relies substantially on South Korean lenders and partners, in its own words, and above all on related parties: Anapass, its largest shareholder, had lent 29.6 million dollars and put up deposits as collateral for a bank loan, and the chairman lent 2.9 million and 2.1 million dollars late in 2024; his loans that ran past their due dates carried a penalty of 3% of principal a month, 2.9 million dollars in 2025. Loans that fell due in 2025, with KEB Hana Bank, IBK Industrial Bank and others, were renegotiated. It also raises money from investors: an at-the-market program of up to 75.0 million dollars, a direct offering that netted 9.9 million in May 2025, and convertible-note lines of up to 20.0 million dollars each from Indigo Capital in December 2025 and Obsidian Global in March 2026. [75, 76, 77, 78, 79, 11, 80, 81, 82, 83, 84, 85, 86, 87, 88]

Its technical calling card is reception with many antennas. It says it was the first to offer an eight-antenna LTE chip, which lets a fixed wireless router keep a clean signal when a cell tower beams to many nearby devices at once and the beams interfere, and it is carrying the same technique into 5G. Its modems are built from dedicated hardware blocks rather than the programmable signal processors (DSPs) of traditional designs, which it says lets it scale one design into several products on lower-cost wafer processes without cutting features. It protects this with about 86 patent rights at the end of 2025: 58 on modem design, 20 on radio transceivers and 8 on frequency synthesis; by country, 34 in the United States, 34 in Korea, 7 in Taiwan, 5 in Japan, 4 in China and 2 elsewhere. [89, 90, 91, 92, 93, 94, 95, 96, 97]

It names its rivals. In mid-range and low-end 4G wireless broadband they are Qualcomm, MediaTek, HiSilicon and Sequans; in high-speed 4.75G and 5G broadband, chiefly Qualcomm and MediaTek, while Samsung LSI concentrates on modems for smartphones. It notes that HiSilicon has struggled under political sanctions, and that rules in the United States, the European Union, South Korea and Japan limiting sales by Chinese companies have benefited it in the past, with no guarantee they continue. Every product also passes through the US Commerce Department, which assigns it the export classification it needs to ship, and GCT seeks to have products reclassified as non-strategic where it can, to ease the limits on exporting them. [98, 99, 100, 101, 102, 103]

What drives growth, line by line

Revenue fell 68.6% in 2025 to 2.9 million dollars, after 16.0 million in 2023 and 9.1 million in 2024. Gross profit turned into a loss of 1.8 million dollars, against a gross margin of 56% in 2024, because, the filing says, product revenue was too small to absorb production overheads. The operating loss widened to 36.5 million dollars from 13.1 million; 2024's had been softened by the 14.6 million gain from Samsung's release, while 2025 carried a 2.8 million charge for receivables that may not be collected. The net loss was 43.4 million dollars, and operations used 30.7 million in cash. [104, 105, 74, 106]

Service. The larger line in 2025: 1.7 million dollars, 60.5% of revenue, down 60.2%. The filing puts the fall down to the substantial completion of a significant service project in 2024, which meant a smaller portfolio of service work in 2025; service costs fell in step with the work. [46, 107, 108]

Product. 1.1 million dollars, 39.5% of revenue, down 76.3%. Sales of 5G platforms had brought in 3.9 million dollars in 2024 and none in 2025, and the first 5G chipsets shipped only in the fourth quarter. The line cost more to make than it brought in: product costs rose to 4.0 million dollars, driven by 1.0 million of added production overhead, 0.7 million more in charges for slow-moving inventory and higher depreciation. [46, 109, 30, 110]

What comes next, in the company's own words: with its first 5G chipset shipping since the fourth quarter of 2025 and other 5G chips expected to become available during 2026, it expects its 5G chips to sell for about four times as much, on average, as its 4G chips, and expects 5G product sales to contribute more significantly to revenue later in 2026, which it says should improve operating efficiency. It plans more 5G chips for vehicle communication (C-V2X), satellite links (non-terrestrial networks) and a 5G standard for Internet of Things devices (RedCap), and it anticipates continued demand for its 4G chips, which it says are expected to coexist with 5G as the lower-cost option for some time. [30, 111, 112, 113, 114, 115]

What the desk infers (inferred, not filed)

  • The leading worldwide wireless operator that the filing leaves unnamed, GCT's partner in the 2019 joint development agreement for 5G chips, is most likely Verizon. Because: GCT signed the joint development agreement with the operator in 2019 and describes a close relationship with it of more than 13 years. [47, 48] Among its material contracts it lists a general services agreement with Verizon Sourcing LLC dated December 20, 2019, the year of the joint development agreement, and a statement of work with the same party dated December 22, 2020. [116, 117] Its risk factors describe a development and collaboration agreement for 5G with a Tier 1 wireless communications operator. [118] Verizon heads the list of operators that have certified its chipsets. [38] Customers in the United States brought in 55.9% of 2025 revenue, more than any other place. [46] Confidence 80 of 100. Wrong if: A filing that names a carrier other than Verizon as the party to the 2019 joint development agreement, or shows that the Verizon agreements cover work unrelated to 5G chip development.
  • The company's two related-party lenders are best read as one circle around its chairman, and that circle supplies most of the money it borrows: Dr. Lee sits on the board of Anapass, its largest lender and largest shareholder, and lends to the company himself. Because: Dr. Lee has chaired GCT's board since 2000 and has sat on the board of Anapass since 2002. [9] Anapass holds 12.4% of the shares, the only stake above five percent in the ownership table, and the board weighed Dr. Lee's relationship with a major stockholder, and his loans, when judging him independent. [11, 13] At the end of 2025 the related-party table shows 29,619 thousand dollars borrowed from Anapass and 8,711 thousand from Dr. Lee, out of 62.6 million owed to lenders in principal; the two banks named, KEB Hana and IBK Industrial, had lent 6.3 and 6.4 million. [119, 77, 80] In 2025 alone Anapass made new loans of 3.1, 2.1, 1.4 and 10.7 million dollars, and Dr. Lee one of 4.4 million. [120, 121] The company says it remains dependent on related-party debt financing, including loans from Anapass and Dr. Lee. [122] Confidence 70 of 100. Wrong if: A filing showing that Dr. Lee holds no seat or stake at Anapass, or that most of the company's borrowing comes from lenders with no tie to him or to Anapass.
  • GCT turns revenue into cash slowly, and part of what it is owed is already in doubt: its development contracts let it book revenue long before it can bill, and much of what it has billed sits with customers that show no 2025 revenue in the filing's table. Because: Contract assets, revenue earned but generally not yet billable, stood at 5,432 thousand dollars at the end of 2025, more than the whole year's revenue. [123, 124, 104] All service revenue is booked over time, while the main development deal pays a one-time fee only as each milestone is achieved. [44, 49] Customers F and K, with 16% and 22% of 2024 revenue and no share of 2025's, held 23% and 28% of gross receivables at the end of 2025. [40, 125] The provision for credit losses rose to 4.0 million dollars from 1.2 million, after a 2.8 million charge in 2025. [126, 106] Confidence 65 of 100. Wrong if: A later filing showing the contract assets billed and collected within a year and the balances of Customers F and K paid in full, with the credit-loss provision released.
  • The strategic investor that lent 5.0 million dollars on a convertible note in February 2024, a note tied by covenant to GCT's 5G work and since extended to February 2028, is Gogo Business Aviation. Because: The notes to the accounts say a convertible note of 5.0 million dollars was issued to a strategic investor in February 2024, with a covenant on the company's performance of its 5G obligations. [127, 128] The exhibit list names a convertible note dated February 26, 2024 between GCT Semiconductor, Inc. and Gogo Business Aviation LLC. [129] The other convertible notes issued that February and March went to a group of investors, were automatically convertible upon the listing, and none remained outstanding at the end of 2025. [130, 131] The strategic investor's 2024 notes were extended in February 2026 to February 2028, and the exhibit list shows an amendment to a convertible note with its holder dated February 24, 2026. [132, 133] Confidence 80 of 100. Wrong if: A filing naming a holder other than Gogo Business Aviation for the 5.0 million dollar convertible note issued to a strategic investor in February 2024.

Sources

  1. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “John Schlaefer is our Chief Executive Officer and President and a member of our Board and, prior to the Business Combination served as Chief Executive Officer of GCT since December 2012, as Chief Operating Officer from 2006 to 2012 and as a member of the board of directors.”
  2. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Mr. Schlaefer also previously served as a Product Line Director at National Semiconductor Corporation from 2001 to 2006. From 1994 to 2000, Mr. Schlaefer held a variety of marketing and business development positions at National Semiconductor Corporation.”
  3. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Prior to joining us as our Chief Financial Officer in March 2024, Mr. Cheng was the CFO for Cenntro Inc., a leading commercial EV company that focuses on offering zero-emission electric vehicles.”
  4. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Prior, Mr. Cheng served as CFO of other publicly listed companies including TCL Electronics Holdings, UTStarcom Inc., and Zoomlion Heavy Industry Science & Technology Co. Ltd.”
  5. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Jeongmin Kim, Ph.D is our Chief Technology Officer and Vice President of Engineering and, prior to the Business Combination had served as GCT’s Chief Technology Officer since 2013, and Vice President of Engineering since July 2003.”
  6. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Alex Sum is our Sr. Vice President of Sales and Marketing and, prior to the Business Combination had served as Sr. Vice President of Sales and Marketing at GCT since 2013. From 2002 to 2013, Mr. Sum served as GCT’s Vice President of Marketing and Business Development.”
  7. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “From March 1992 to May 2002, Mr. Sum was Product Marketing Manager at Philips Semiconductor, the predecessor company of NXP Semiconductors, N.V., a semiconductor manufacturing company.”
  8. GCT Semiconductor Holding, Inc., Form 8-K filed 2026-09-15: “John Schlaefer Chief Executive Officer 25% Edmond Cheng Chief Financial Officer and Corporate Secretary 25% Alex Sum Senior Vice President of Sales & Marketing 25% Jeongmin Kim Vice President of Engineering and Chief Technology Officer”
  9. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Kyeongho Lee, Ph.D. is the Chairman of our Board and is a co-founder of the Company and, prior to the Business Combination had served as a Chairman of GCT’s board of directors since 2000. Since 2002, Dr. Lee has served as a member of the board of directors of Anapass, Inc., a Korean Stock Exchange (“KOSDAQ”) listed fabless semiconductor company that supplies advanced panel controller solutions.”
  10. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “As a member of Silicon Image’s engineering division, Dr. Lee created and patented the technology for the PanelLink flat panel display, which was adopted as the worldwide standards known as DVI and HDMI.”
  11. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Greater than Five Percent Holders: Anapass, Inc.(11) 9,103,136 12.4%”
  12. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “the Board has affirmatively determined that the following directors, representing a majority of the members of the Board, are independent directors within the meaning of the applicable NYSE listing standards and applicable SEC rules: Dr. Kyeongho Lee, Robert Barker, Dr. Kukjin Chun, Hyunsoo Shin, Jeff Tuder, and Nelson C. Chan.”
  13. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “In determining Dr. Lee’s independence, the Board considered all relevant facts and circumstances, including his relationship with a major stockholder of the Company and certain loan transactions between Dr. Lee and one of our subsidiaries. As Mr. Schlaefer serves as our Chief Executive Officer, he is not independent.”
  14. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Robert Barker has been a member of our Board since March 2024 and, prior to the Business Combination had served as a member of GCT’s board of directors since April 2011, and served as Chairman of the Audit Committee since 2013.”
  15. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Mr. Chan has been the Chair of the Synaptics Incorporated (“Synaptics”) board since October 2018 and a director of the Synaptics since February 2007.”
  16. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Dr. Chun offers extensive expertise in electrical and electronics engineering, serving as Professor of Electrical and Computer Engineering at Seoul National University from 1989 to 2020”
  17. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Prior, Mr. Shin was the CEO of CJ America, supporting and guiding all the CJ affiliates in North and South America since 2020.”
  18. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Mr. Tuder is the Founder and Managing Member of Tremson Capital Management, LLC (“Tremson”) since April 2015”
  19. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Our EGC status commenced upon the completion of the initial public offering of Concord III in November 2021”
  20. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
  21. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “As of December 31, 2025, we had 126 full-time employees, of whom 101 were located in Korea, 18 were in the United States, three were in Taiwan, two were in China and one was in each of Hong Kong and Japan. These employees include 80 in research and development, 18 in sales and marketing, 22 in general and administration and 6 in operations.”
  22. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “We have an approximately 56,500 square-foot facility in Seoul, Korea, which accommodates a research and development center under a lease expiring in December 2026.”
  23. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Our principal executive offices are located in San Jose, California, and consist of approximately 5,900 square feet under a lease that expires in October 2026. This facility accommodates our product marketing and finance and administrative activities as well as a small research and development team.”
  24. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “We have a direct sales force consisting of five individuals serving GCT OEM and ODM customers in the Asia-Pacific region, including Taiwan, China, Korea and Japan, Europe, North America and South America.”
  25. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “In China, Taiwan, Japan and Korea, we supplement our direct sales team with local distributors and sales representatives who handle certain customer communications, logistics and customer support functions.”
  26. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “GCT Semiconductor Holding, Inc. (“GCT” or the “Company”) is a fabless semiconductor company that specializes in the design, manufacturing, and sale of communication semiconductors, including high-speed wireless communication technologies such as 5G/4.75G/4.5G/4G transceivers (“RF”) and modems”
  27. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “We offer baseband modem solutions to encode and decode data based on 4G protocols that serve as the core wireless processing platform for a 4G device; RF transceivers to transmit and receive wireless transmissions; and highly integrated SoC solutions that combine these and other functions into a single die or package.”
  28. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Our SoC solutions integrate the baseband modem and RF transceiver functions, and in some cases, with an applications processor and memory.”
  29. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “We have developed and commercialized a portfolio of 4G semiconductor solutions to address a variety of applications and market segments from high performance 4.75G (CAT12) solution to low power, low performance 4G IoT (CAT-M1/NB1).”
  30. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “The Company has recently released our first 5G product in our portfolio with first commercial shipments in the fourth quarter of 2025.”
  31. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Our current chipset products are used in a wide variety of applications, including fixed wireless subscriber terminals (e.g., CPE), mobile wireless routers (e.g., Mobile Router/MiFi), various communication modules and devices, and industrial products.”
  32. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Fixed Wireless Access (“FWA”) service provides data and voice (“VoLTE” or “VoNR”) connectivity by connecting data terminals through indoor or outdoor fixed CPE to mobile communication networks, offering services comparable to traditional wired line networks such as xDSL, cable, or fiber optics.”
  33. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Our wireless communication chipsets can be used in virtually all wireless broadband data devices driving the Fourth Industrial Revolution, excluding smartphones.”
  34. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “All of our baseband modem SoC products are provided with comprehensive software, including relevant source code, to enable manufacturers to efficiently integrate our solutions into their devices in a wide variety of environments.”
  35. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “This includes reference designs that specify recommended methods for interconnecting our chips to peripheral devices, such as host processors, memory and RF front-end components.”
  36. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “We do not typically sell chipsets directly to wireless carriers. Our sales are conducted on a purchase order basis with OEMs, ODMs, contract manufacturers or system integrators, and distributors who provide certain customer communications, logistics and customer support functions.”
  37. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Wireless devices equipped with our modem chipsets must undergo formal certification through official regulatory bodies, as well as specific testing and field verification by network operators before they can be approved for sale by those operators or approved for use on the operators network.”
  38. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “This cooperation has resulted in successful chipset certifications with various operators, including Verizon, AT&T, T-Mobile, US Cellular, KDDI, SoftBank in Japan, and the three major telecom operators in South Korea.”
  39. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “For the year ended December 31, 2025, four customers accounted for 74% of our total revenues and for year ended December 31, 2024, four customers accounted for 73% of our total revenues.”
  40. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Year Ended December 31, Customer 2025 2024 Customer A 20 % *% Customer B 14 % — % Customer F — % 16 % Customer O 17 % *% Customer K — % 22 % Customer L *% 10 % Customer M 23 % 25”
  41. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Our sales cycles typically take 12 months or more to complete and our solutions are generally incorporated into our customers’ products at the design stage.”
  42. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Once our solution is designed into a customer’s product offering, it becomes more difficult for a competitor to sell their semiconductor solutions to that end customer for that particular product offering given the significant cost, time, effort and risk involved in changing suppliers.”
  43. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Product revenues are recognized at a point in time once control has been transferred to a customer, which is generally at the time of shipment.”
  44. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “All product revenue presented in the consolidated statements of operations is recognized at a point in time, and all service revenue is recognized over time.”
  45. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Our service revenues are generated from the sale of mobile semiconductor platform solutions aimed at the 4G LTE and 5G industries, development services, technical advice, and maintenance services.”
  46. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
  47. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “In 2019, we entered into a Joint Development Agreement (“JDA”) with the Operator for the design and development of 5G chipsets for FWA, mobile broadband and modules.”
  48. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “In collaboration with a leading worldwide wireless operator (the “Operator”), we are currently developing competitive and innovative 5G chipsets that support 5G sub-6GHz and mmWave spectrums. We have established a close relationship with the Operator for over 13 years.”
  49. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Under the JDA, we are required to perform certain services to achieve specified development milestones, and the Operator is required to pay a one-time payment to us upon achievement of each milestone. The JDA also includes other terms with respect to the supply of chipsets, including most favored status protection for the Operator and our suppliers and certain rebate fees based on worldwide sales of chipsets developed under the JDA.”
  50. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “provided that we retain all worldwide rights, title and interest in and to all intellectual property rights embedded and contained in the chipsets provided to the Operator.”
  51. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “In addition, the Operator may terminate the JDA (i) at any time upon written notice to us”
  52. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Our strategy is to offer the advantage of lower initial licensing costs and no additional licensing fee after commercialization.”
  53. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “In the 5G space, we are considered an alternative solution provider with competitive pricing, as other options are limited except for the high-priced products of the top-ranked supplier.”
  54. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “We oversee sales, marketing and accounting operations from our headquarters in San Jose, California. The Company conducts product design, development and customer support through our wholly owned subsidiaries located in South Korea, one of which serves as our research and development center. In addition, we utilize separate sales offices for local technical support and sales in Taiwan, China, and Japan.”
  55. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “We employ a fabless semiconductor business model and use third-party foundries and assembly and test vendors to manufacture, assemble and test our semiconductor solutions. Our main foundry vendors are Samsung Foundry, and United Microelectronics Corporation (“UMC”).”
  56. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “From Samsung Foundry, we currently use 28nm mixed-signal and digital Complementary Metal-Oxide-Semiconductor (“CMOS”) production processes for 4G baseband modem, and 8nm technology for 5G baseband modem products.”
  57. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “From UMC, we currently use 110 RF production process for 4G RF only, and 40nm RF, mixed-signal and digital CMOS production processes for 4G baseband, 4G RF and 5G RF.”
  58. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “From TSMC, we currently use 40nm RF, mixed-signal and digital CMOS production processes for 4G RF only.”
  59. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “We use Hana Micron, Stats ChipPAC, and Advanced Semiconductor Engineering, Inc., (“ASE”) for most of our assembly and testing requirements on a purchase order basis.”
  60. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “We do not have long-term capacity agreements with our foundries and they may not allocate sufficient capacity to allow us to meet future demands for our products”
  61. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “In February 2024, we entered into a Foundry Product Development Agreement and related agreement (the “Alpha Agreements”) with Alpha Holdings Co., Ltd. (“Alpha”), pursuant to which Alpha agreed to develop and deliver to us various semiconductor products (produced in the Samsung foundry)”
  62. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “The term of the Alpha Foundry Product Development Agreement is three years from the date of execution and the total development costs that we will pay to Alpha under this Agreement are approximately $7.6 million.”
  63. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “In February 2024, the Company and Alpha Holdings Co., Ltd. (“Alpha”) entered into a foundry product development agreement (“Alpha Agreement”) related to 5G chip development for a total fee of $7.6 million. In the first fiscal quarter of 2025, the Company executed an amendment to the Alpha Agreement, pursuant to which the total development costs that the Company will pay to Alpha increased by $0.1 million and resulted in approximately $7.7 million of total development costs.”
  64. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “we entered into a research and development agreement (the “Samsung Agreement”) with Samsung Electronics Co., Ltd (“Samsung”) in July 2020, pursuant to which Samsung agreed to provide us with certain development support, an intellectual property license, and mass production set up support to enable us to develop and produce 5G chipsets for our customers.”
  65. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “In connection with entering into the Alpha Agreements, the Samsung Agreement was terminated.”
  66. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “We began operations in 1998 and have incurred losses on an annual basis since inception.”
  67. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “As of December 31, 2025 and 2024, we had an accumulated deficit of $605.4 million and $562.0 million, respectively”
  68. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “We were one of the first suppliers of 4G LTE chipsets for commercialization in many devices including smartphone, USB dongles, embedded wireless modem and CPE products.”
  69. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Also, we were the first provider of 4.5G 4x4 MIMO LTE chipsets for commercialization in 2015.”
  70. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “generally refer to GCT Semiconductor, Inc. prior to the consummation of the business combination completed on March 26, 2024, and to GCT Semiconductor Holding, Inc. following such business combination, unless the context otherwise indicates. As a result of that transaction, GCT Semiconductor, Inc. became a wholly owned subsidiary of Concord Acquisition Corp III, which was renamed GCT Semiconductor Holding, Inc.”
  71. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “The Business Combination was accounted for as a reverse recapitalization, with Legacy GCT being the accounting acquirer and Concord III being the acquired company for financial reporting purposes.”
  72. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “The Company received $17.2 million cash proceeds from the Business Combination and private investment from public equity financing (“PIPE Financing”), net of transaction costs.”
  73. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Our Common Stock and Public Warrants are currently listed on the New York Stock Exchange under the symbols “GCTS” and “GCTSW,” respectively.”
  74. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “In the first quarter of 2024, Samsung agreed to unconditionally release the Company from payment for work Samsung had completed to date because it had not met certain of the development milestones and due to a change in Samsung’s business strategy. As a result, the Company recognized a gain of $14.6 million upon such unconditional release of its liability to Samsung”
  75. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “the report of our independent registered accounting firm included in this Form 10-K includes a paragraph expressing substantial doubt about our ability to continue as a going concern.”
  76. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “The Company’s existing sources of liquidity as of December 31, 2025 include cash and cash equivalents of $0.6 million.”
  77. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “As of December 31, 2025, we have borrowings with a total principal amount of $62.6 million, of which $56.6 million is contractually due within 12 months from the reporting date.”
  78. The record on this page: the balance sheet (EDGAR's company facts)
  79. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “In addition, we rely substantially on investors, banks, lenders and partners in South Korea to provide loans and fundings for our operations”
  80. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “The Company has provided collateral to Anapass, Inc., a related party (see Note 14), for borrowings from KEB Hana Bank, IBK Industrial Bank and Anapass, Inc. in the principal amount of $6.3 million, $6.4 million and $29.6 million, respectively, as of December 31, 2025”
  81. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Anapass, Inc., a related party, provided certificates of deposit as collateral to KEB Hana Bank to secure the Company’s obligations under this loan”
  82. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “In November and December 2024, we entered into term loan agreements with Dr. Kyeongho Lee (“Dr. Lee”), the chairman of our board of directors, pursuant to which we borrowed $2.9 million and $2.1 million, maturing in December 2024 and January 2025, respectively.”
  83. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Interest expense for the year ended December 31, 2025 includes $2.9 million of penalties incurred at 3% of principal per month on loans from Kyeongho Lee that are past their maturity dates, calculated daily until the principal and accrued interest are paid.”
  84. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “During the year ended December 31, 2025, we renegotiated the payment terms for some obligations, including loan agreements with i Best Investment Co., Ltd, Mujin Electronics Co., Ltd, KEB Hana Bank, IBK Industrial Bank, Dr. Lee, and Anapass, Inc., which were initially due in 2025.”
  85. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “The ATM Agreement allows us to sell our common stock for gross proceeds of up to $75.0 million from time to time, through at-the-market offerings or to the sales agents as principal purchasers (“ATM Offering”).”
  86. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “The RDO closed on May 16, 2025 and we received net proceeds of $9.9 million in cash.”
  87. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “In December 2025, we entered into a convertible promissory note purchase agreement with Indigo Capital LP (“Indigo”), which provides for the issuance of convertible promissory notes of up to $20.0 million in aggregate (“Indigo Notes”).”
  88. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “In March 2026, the Company entered into a convertible promissory note purchase agreement with Obsidian Global GP, LLC, which provides a facility for the issuance of convertible promissory notes of up to $20.0 million in aggregate.”
  89. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “We were the first eight-antenna LTE solution provider which is uniquely suited to relieve carriers’ looming network overloads arising from rapid FWA adoption.”
  90. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “In MU-MIMO, beam control by the base station is not always perfect. As such, the dedicated beam to a specific UE can cause interference to another adjacent UE nearby.”
  91. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Our Multi-Antenna Modem provides superior interference cancellation performance on the UE side, even in the harsh MU-MIMO environment with multiple adjacent EUs, by utilizing eight-antenna reception technology implemented in our cost-effective dedicated hardware modem engine.”
  92. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “As part of this arrangement, we are applying the same multiple antenna reception technology to our 5G chipsets that received recognition from top carriers worldwide for 4G, 4.5G and 4.75G products.”
  93. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Unlike traditional DSP-based modem solutions, we employ a scalable modular modem design based on optimized data-flow dedicated hardware engines, which provides scalable products with optimized cost structure without the de-featuring approach that other competitors usually take.”
  94. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “5G modern architecture to expand different product SKUs with minimum design effort and cost allows us to use cheaper wafer process nodes without trading off performance and complexity.”
  95. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “As of December 31, 2025, we hold approximately 86 patent rights in relation to 5G/4G and next-generation wireless communication semiconductor technology. Our patent portfolio consists of modem design-related technologies (58 items, 68%)”
  96. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “RF transceiver technologies (20 cases, 23%), frequency synthesis technologies (8 cases, 9%).”
  97. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “As of December 31, 2025, we hold 34 US patents, 34 Korean patents, 7 Taiwanese patents, 5 Japanese patents, 4 Chinese patents, and 2 patents issued in other countries.”
  98. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “In the mid and low-end 4G wireless broadband market, there are Qualcomm, the Company, MediaTek, HiSilicon and Sequans among others. However, in the high-speed 4G LTE space, such as 4.75G and 5G wireless broadband market, chipsets are primarily offered by Qualcomm, us and MediaTek, while Samsung LSI concentrates mainly on modem chipsets for smartphones (most notably the Samsung Galaxy line).”
  99. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “HiSilicon has encountered difficulties in its modem business due to political sanctions”
  100. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Specifically, regulatory and government agencies in various jurisdictions, including the U.S., the EU, South Korea and Japan have implemented rules and regulations that limit Chinese companies from selling and distributing certain products due to concerns that China may gain access to sensitive and advanced technologies for the development and manufacturing of next-generation semiconductor products.”
  101. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “While we have benefited from such regulations in the past, there is no guarantee that these regulations will continue.”
  102. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “The U.S. Department of Commerce reviews the items for Export Administration Regulations (“EAR”) compliance and ultimately assigns an Export Control Classification Number (“ECCN”) for the product, which is required for the export and shipment of products during both the manufacturing process and final product delivery.”
  103. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Where feasible, we aim to have these products reclassified as non-strategic items to minimize regulatory constraints on export activities.”
  104. The record on this page: the filed annual figures (EDGAR's company facts)
  105. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Our gross margin for the year ended December 31, 2024 was 56%. Our gross margin for the year ended December 31, 2025 is negative and not representative of our expectations regarding profitability of our products and services in future reporting periods. In 2025, we experienced lower product revenue, which was not sufficient to fully absorb production overheads.”
  106. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Changes in our expected credit loss estimates for receivables resulted in a $0.4 million gain in the year ended December 31, 2024, compared to a $2.8 million loss in the year ended December 31, 2025, resulting in a $3.2 million net increase to general and administrative expenses for 2025.”
  107. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Service revenues decreased by $2.6 million, or 60%, from $4.4 million for the year ended December 31, 2024 to $1.7 million for the year ended December 31, 2025. This decrease was attributed to the substantial completion of a significant service project during the year ended December 31, 2024. Our service project portfolio during the year ended December 31, 2025 was less extensive resulting in lower service revenues.”
  108. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “This decrease in service costs was commensurate with the level of our service project activity.”
  109. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Product sales decreased by $3.6 million, or 76%, from $4.8 million for the year ended December 31, 2024 to $1.1 million for the year ended December 31, 2025. The sales of our 5G platforms contributed $3.9 million to our product sales during the year ended December 31, 2024, and there were no 5G platform sales during the year ended December 31, 2025.”
  110. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Product costs increased by $1.5 million, or 60%, from $2.5 million for the year ended December 31, 2024 to $4.0 million for the year ended December 31, 2025. This increase in product costs was primarily driven by additional production overhead costs of $1.0 million, a $0.7 million increase in charges related to slow-moving inventory reserve, and a $0.2 million increase in depreciation charges compared to the year ended December 31, 2024.”
  111. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “In addition to our various 4G LTE solutions that are currently available to our customers, we have just released a 5G NR chipset and have other 5G NR solutions in development that are expected to become available during 2026.”
  112. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Also, we expect the average sales prices for our 5G chipset to be approximately four times that of our 4G chipset, resulting in a significant increase in revenue and gross margins.”
  113. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “We expect operational efficiencies to improve when our 5G product sales start contributing more significantly to our overall revenue, which is expected later in 2026, following the commercial launch of our 5G chipset in the fourth quarter of 2025.”
  114. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “We plan to continuously expand our product lineup to support 5G chipsets for future applications such as vehicle-to-everything standard (e.g., C-V2X), 5G-based satellite communication (e.g., Non-Terrestrial Network), and 5G-based IoT standard (e.g., RedCap).”
  115. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Even as more and more applications are deployed on 5G networks, we nonetheless anticipate continued demand for our existing 4G LTE product lineup (4.75G/4.5G/4G, etc.) for the foreseeable future, because 4G products are expected to coexist in the market with 5G products at lower price points for some time”
  116. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “General Services Agreement, dated as of December 20, 2019, by and between Verizon Sourcing LLC and GCT Semiconductor, Inc.”
  117. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Statement of Work, dated as of December 22, 2020, by and between Verizon Sourcing LLC and GCT Semiconductor, Inc.”
  118. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “We have entered into 5G development and collaboration agreements with certain customers and operators, including a development and collaboration agreement with a Tier 1 wireless communications operator.”
  119. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “December 31, 2025 December 31, 2024 Anapass Kyeongho Lee Anapass Kyeongho Lee Borrowings $ 29,619 $ 8,711 $ 12,245 $ 5,517”
  120. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “In March 2025, we entered into a term loan agreement with Anapass, Inc., pursuant to which we borrowed $3.1 million maturing in March 2026. In July 2025, we entered into a term loan agreement with Anapass, Inc., pursuant to which we borrowed $2.1 million maturing in July 2026. In August 2025, we entered into a term loan agreement with Anapass, Inc., pursuant to which we borrowed $1.4 million maturing in August 2026. In September 2025, we entered into a term loan agreement with Anapass, Inc., pursuant to which we borrowed $10.7 million maturing in September 2026.”
  121. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “In January 2025, we entered into a term loan agreement with Dr. Lee, pursuant to which we borrowed $4.4 million maturing in February 2025, which remained outstanding as of December 31, 2025.”
  122. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “We remain dependent on related-party debt financing to fund our operations, including loans from Anapass Inc. and Dr. Lee.”
  123. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Contract assets primarily represent revenue earnings over time for which the Company does not have an unconditional right to payment based on the terms of the contracts, which generally are not yet billable.”
  124. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Accounts receivable, net 2,597 5,740 Inventory 947 2,977 Contract assets 5,432 5,107”
  125. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Customer December 31, 2025 December 31, 2024 Customer B 18 % 13 % Customer F 23 % 22 % Customer H 14 % 13 % Customer K 28 % 27”
  126. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “The provision for credit losses was $4.0 million and $1.2 million as of December 31, 2025 and December 31, 2024, respectively.”
  127. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “In February 2024, the Company issued a convertible promissory note to a strategic investor for a principal amount of $5.0 million with an original maturity date in February 2026 and bears an annual interest rate of 5.0%.”
  128. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “This note includes customary representations, warranties, and events of default, as well as a covenant relating to the performance of obligations by the Company related to the Company’s 5G activity.”
  129. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Convertible Promissory Note, dated February 26, 2024, by and between GCT Semiconductor, Inc. and Gogo Business Aviation LLC, a Delaware limited liability company”
  130. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “In February 2024 and March 2024, the Company issued convertible promissory notes to certain investors (the “CVT Investors”), pursuant to which the CVT Investors agreed to lend to the Company an aggregate principal amount of $13.3 million. These notes had maturity dates ranging from November 2026 to March 2027, bore an annual interest rate of 5.0%, and were automatically convertible upon IPO or SPAC transaction.”
  131. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “As of December 31, 2025, none of the notes issued to CVT Investors remain outstanding.”
  132. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “In February 2026, the Company executed an amendment to extend the maturity date of the 2024 convertible promissory notes issued to a strategic investor with a principal amount of $5.0 million from February 2026 to February 2028.”
  133. GCT Semiconductor Holding, Inc., Form 10-K filed 2026-03-25: “Amendment No. 1 to Convertible Promissory Note, dated as of February 24, 2026, by and between GCT Semiconductor, Inc. and the Holder”

Where the revenue comes from

Product and service lines in fiscal 2025: Service 61%, Product 40%. By geography: United States 56%, Taiwan 22%, China 14%, Germany 5%, South Korea 3%. As tagged in its annual report (Form 10-K, filed 2026-03-25).

Who runs it

Tuder, Jeffrey (Chief Executive Officer); Schlaefer, John (President, CEO & Class III Dir); Lee, Kyeongho (Chairman & Class III Director); Cheng, Edmond (Chief Financial Officer); Kim, Jeemee (Chief Technology Officer); Shin, Hyunsoo (Class II Director); Sum, Alex (Sr. VP of Sales and Marketing); Barker, Robert (director); Chan, Nelson C (director); Chun, Kukjin (director). 10 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-10-02.

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