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3-310001851961us-gaap:ConvertibleNotesPayableMember2026-03-31iso4217:KRWxbrli:puregcts:Installmentgcts:Segmentxbrli:sharesiso4217:USDxbrli:sharesiso4217:USDutr:Y\n\n[Table of Contents](#toc_page)\n\n \n\n00\n\n \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, DC 20549\n\n \n\n \n\nFORM 10-Q\n\n \n\n \n\n(Mark One)\n\n \n\n☒\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n \n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the transition period from ___________ to ___________\n\nCommission File Number: 001-41013\n\n \n\n \n\nGCT Semiconductor Holding, Inc.\n\n(Exact Name of Registrant as Specified in its Charter)\n\n \n\n \n\nDelaware\n\n86-2171699\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n(I.R.S. Employer\nIdentification No.)\n\n2290 North 1st Street, Suite 201\n\nSan Jose, California\n\n95131\n\n(Address of principal executive offices)\n\n(Zip Code)\n\n \n\nRegistrant’s telephone number, including area code: (408) 434‑6040\n\nNot Applicable\n\n \n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n\nTrading\n\nSymbol(s)\n\nName of each exchange on which registered\n\nCommon Stock, par value $0.0001 per share\n\nGCTS\n\nThe New York Stock Exchange\n\nWarrants, each whole warrant exercisable for one share of Common Stock for $11.50 per share\n\n \n\nGCTSW\n\n \n\nThe New York Stock Exchange\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☒\n\nEmerging growth company\n\n \n\n☒\n\n \n\n \n\n \n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes ☐ No ☒\n\nAs of May 11, 2026, the registrant had 83,081,325 shares of common stock, $0.0001 par value per share, outstanding.\n\n \n\n \n\n \n\n[Table of Contents](#toc_page)\n\n \n\n# Special Note Regarding Forward-Looking Statements\n\nThis Quarterly Report on Form 10‑Q (“Quarterly Report”) contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about our financial condition, results of operations, earnings outlook and our prospects. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements are typically identified by words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.\n\nThe forward-looking statements are based on the current expectations of our management and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following:\n\n•\nour ability to successfully commercialize, scale, and achieve market adoption of our 5th generation (“5G”) products, including through collaboration agreements with our major partners;\n\n•\nour financial and business performance, including our financial projections and business metrics;\n\n•\nmacroeconomic conditions, including labor disputes, fluctuations in the value of the U.S. dollar, capital markets volatility, inflationary pressures, and disruptions to global supply chains;\n\n•\nthe imposition of duties and tariffs and other trade barriers and retaliatory countermeasures implemented by the U.S. and other governments;\n\n•\nchanges in our strategy, future operations, financial position, estimated revenues and losses, forecasts, projected costs, prospects and plans;\n\n•\nincrease in supply chain costs, including raw materials, sourcing, transportation and energy;\n\n•\nour inability to anticipate the future market demands and future needs of our customers;\n\n•\nthe impact of component shortages, suppliers’ lack of production capacity, natural disasters or pandemics on our sourcing operations and supply chain;\n\n•\nour ability to meet the prospective delivery time for our products and fulfill customer orders;\n\n•\nour future capital requirements and sources and uses of cash;\n\n•\nour ability to fund future capital expenditures and to meet our debt service and repayment obligations, including those related to our near-term indebtedness;\n\n•\nour ability to obtain funding and raise capital for our operations;\n\n•\nour ability to access the capital markets and credit markets;\n\n•\nour anticipated financial performance, including gross margin, and the expectation that our future results of operations will fluctuate on a quarterly basis for the foreseeable future;\n\n•\nour expected capital expenditures, cost of revenue and other future expenses, and the sources of funds to satisfy the liquidity needs of the Company;\n\n•\nour ability to maintain the listing of shares of our common stock, $0.0001 par value per share on the New York Stock Exchange;\n\n•\ntechnology, cybersecurity, and data privacy risks;\n\n•\nintense market competition;\n\n•\ngeopolitical conditions, including political instability, civil unrest, sanctions, numerous ongoing wars and armed conflicts, and broader regional or global tensions that may impact economic and market conditions;\n\n \n\ni\n\n[Table of Contents](#toc_page)\n\n \n\n•\nlegislative and regulatory risks, including those relating to changes in laws and regulations and the impact of U.S. government shutdowns or other governmental disruptions;\n\n•\nuncertainties and risks relating to new trade regulations, including tariffs and export control regulations;\n\n•\nreputational risks; and\n\n•\nother risks and uncertainties indicated or referenced in this Quarterly Report, including those set forth under the section entitled “Risk Factors.”\n\nA detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in the section entitled “Risk Factors” contained in our Annual Report on Form 10‑K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 25, 2026. These forward-looking statements are based on information available as of the date of this Quarterly Report, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. New risk factors emerge from time to time, and it is not possible for us to predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. We undertake no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.\n\nii\n\n[Table of Contents](#toc_page)\n\n \n\nTable of Contents\n\n \n\n \n\n \n\nPage\n\n[Part I](#part_i).\n\n[FINANCIAL INFORMATION](#part_i)\n\n1\n\n \n\n \n\n \n\n[Item 1.](#item_1)\n\n[Financial Statements (Unaudited)](#item_1)\n\n1\n\n \n\n[Condensed Consolidated Balance Sheets](#consolidated_balance_sheets)\n\n1\n\n \n\n[Condensed Consolidated Statements of Operations](#statements_of_operations)\n\n2\n\n \n\n[Condensed Consolidated Statements of Comprehensive Loss](#statements_of_comprehensive_loss)\n\n3\n\n \n\n[Condensed Consolidated Statements of Stockholders’ Deficit](#statements_of_stockholders_deficit)\n\n4\n\n \n\n[Condensed Consolidated Statements of Cash Flows](#statements_of_cash_flows)\n\n5\n\n \n\n[Notes to Unaudited Condensed Consolidated Financial Statements](#notes_to_unaudited_financial_statements)\n\n6\n\n[Item 2](#item_2_mda).\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#item_2_mda)\n\n24\n\n[Item 3](#item_3_quantitative_and_qualitative).\n\n[Quantitative and Qualitative Disclosures About Market Risk](#item_3_quantitative_and_qualitative)\n\n35\n\n[Item 4.](#item_4_controls)\n\n[Controls and Procedures](#item_4_controls)\n\n35\n\n \n\n \n\n \n\n[Part II.](#part_ii)\n\n[OTHER INFORMATION](#part_ii)\n\n36\n\n \n\n \n\n \n\n[Item 1.](#item_1_legal)\n\n[Legal Proceedings](#item_1_legal)\n\n36\n\n[Item 1A.](#item_1a)\n\n[Risk Factors](#item_1a)\n\n36\n\n[Item 2.](#item2_unregistered_sales_of_equity)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#item2_unregistered_sales_of_equity)\n\n36\n\n[Item 3.](#item_3_defaults_upon_senior)\n\n[Defaults Upon Senior Securities](#item_3_defaults_upon_senior)\n\n36\n\n[Item 4.](#item_4_mine_safety_disclosures)\n\n[Mine Safety Disclosures](#item_4_mine_safety_disclosures)\n\n36\n\n[Item 5.](#item_5_other_information)\n\n[Other Information](#item_5_other_information)\n\n36\n\n[Item 6.](#item_6_exhibits)\n\n[Exhibits](#item_6_exhibits)\n\n37\n\n[Signatures](#signatures)\n\n \n\n38\n\n \n\niii\n\n[Table of Contents](#toc_page)\n\n \n\n# PART I—FINANCIAL INFORMATION"}