GCT Semiconductor Holding, Inc.
For the period ended Dec 31, 2024. Filed Mar 25, 2025.
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FY2024 · Filed Mar 25, 2025
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Consolidated Balance Sheets
(in thousands, except per share amounts)
| December 31, 2024 | December 31, 2023 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $1,435 | $258 |
| Accounts receivable, net | 5,740 | 4,920 |
| Inventory | 2,977 | 1,486 |
| Contract assets | 5,107 | 3,439 |
| Prepaid expenses and other current assets | 2,332 | 2,906 |
| Total current assets | 17,591 | 13,009 |
| Property and equipment, net | 869 | 772 |
| Operating lease right-of-use assets | 849 | 1,521 |
| Intangibles, net | 65 | 245 |
| Other assets | 523 | 881 |
| Total assets | $19,897 | $16,428 |
| Liabilities and Stockholders’ Deficit | ||
| Current liabilities: | ||
| Accounts payable | $1,031 | $17,814 |
| Contract liabilities | 48 | 48 |
| Accrued and other current liabilities | 21,205 | 23,956 |
| Common stock forward liability | 315 | — |
| Borrowings | 37,626 | 44,509 |
| Convertible promissory notes, current | — | 27,794 |
| Operating lease liabilities, current | 697 | 680 |
| Total current liabilities | 60,922 | 114,801 |
| Convertible promissory notes, net of current | 4,947 | 6,239 |
| Net defined benefit liabilities | 7,055 | 7,689 |
| Long-term operating lease liabilities | 177 | 850 |
| Income taxes payable | 2,076 | 2,178 |
| Warrant liabilities | 3,750 | — |
| Other liabilities | 285 | 108 |
| Total liabilities | 79,212 | 131,865 |
| Commitments and contingencies (Note 8) | ||
| Stockholders’ deficit: | ||
| Preferred stock, par value $0.0001 per share; 40,000 and 82,352 shares authorized as of December 31, 2024 and December 31, 2023, respectively; no shares issued and outstanding as of December 31, 2024 and December 31, 2023 | — | — |
| Common stock, par value $0.0001 per share; 400,000 and 200,000 shares authorized as of December 31, 2024 and December 31, 2023, respectively; 47,987 and 24,166 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively(1) | 5 | 3 |
| Additional paid-in capital(1) | 501,195 | 435,752 |
| Accumulated other comprehensive income (loss) | 1,518 | (1,538) |
| Accumulated deficit | (562,033) | (549,654) |
| Total stockholders’ deficit | (59,315) | (115,437) |
| Total liabilities and stockholders’ deficit | $19,897 | $16,428 |
(1)
Amounts as of December 31, 2023 differ from those in prior year consolidated financial statements as they were retrospectively adjusted as a result of the accounting for the Business Combination (as defined in the Notes to the Consolidated Financial Statements.)
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