Company: GCTS
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0000950170-25-044438
Chunk: 140

Company: GCT Semiconductor Holding, Inc.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1B
Chunk 140
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 are not directly related to our operations, including foreign currency gains and losses, changes in fair value of convertible promissory notes, changes in fair value of common stock warrant liabilities, and other miscellaneous income and expenses.

Results of Operations

This section discusses the results of our operations for the periods indicated. The period-to-period comparison of financial results is not necessarily indicative of future results.

 38

Comparison of the Years Ended December 31, 2024 and 2023

The following table sets forth our historical results for the periods indicated and the changes between periods (in thousands):

    Year Ended December 31,

    2024

    2023

    $ change

    % change

    Net revenues:

    Product
     
    $
    4,771

    $
    10,968

    $
    (6,197
    )

    (57
    )%

    Service

    4,357

    5,060

    (703
    )

    (14
    )%

    Total net revenues

    9,128

    16,028

    (6,900
    )

    (43
    )%

    Cost of net revenues:

    Product

    2,523

    7,343

    (4,820
    )

    (66
    )%

    Service

    1,529

    1,951

    (422
    )

    (22
    )%

    Total cost of net revenues

    4,052

    9,294

    (5,242
    )

    (56
    )%

    Gross profit

    5,076

    6,734

    (1,658
    )

    (25
    )%

    Operating expenses:

    Research and development

    17,329

    10,712

    6,617

    62
    %

    Sales and marketing

    3,920

    3,188

    732

    23
    %

    General and administrative

    10,798

    7,392

    3,406

    46
    %

    Gain on extinguishment of liability

    (14,636
    )

    —

    (14,636
    )

    (100
    )%

    Loss on impairment of long-lived assets

    787

    —