Company: GCTS
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0000950170-25-044438
Chunk: 141

Company: GCT Semiconductor Holding, Inc.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1B
Chunk 141
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787

    100
    %

    Total operating expenses

    18,198

    21,292

    (3,094
    )

    (15
    )%

    Loss from operations

    (13,122
    )

    (14,558
    )

    1,436

    (10
    )%

    Interest expense

    (3,867
    )

    (6,246
    )

    2,379

    (38
    )%

    Gain on foreign currency transactions, net

    4,690

    266

    4,424

    1,663
    %

    Change in fair value of common stock warrant liabilities

    2,208

    —

    2,208

    100
    %

    Change in fair value of convertible promissory notes

    (1,470
    )

    (1,428
    )

    (42
    )

    3
    %

    Loss from initial recognition of common stock forward liability

    (586
    )

    —

    (586
    )

    100
    %

    Other income, net

    213

    38

    175

    461
    %

    Loss before provision for income taxes

    (11,934
    )

    (21,928
    )

    9,994

    (46
    )%

    Provision for income taxes

    445

    541

    (96
    )

    (18
    )%

    Net loss
     
    $
    (12,379
    )
     
    $
    (22,469
    )
     
    $
    10,090

    (45
    )%

Net Revenues

Net revenues decreased by $6.9 million, or 43%, from $16.0 million for the year ended December 31, 2023 to $9.1 million for the year ended December 31, 2024. The decrease was due to a decrease of $6.2 million in product sales and a decrease of $0.7 million in service revenue.

Product sales decreased by $6.2 million, or 57%, from $11.0 million for the year ended December 31, 2023 to $4.8 million for the year ended December 31, 2024. This decrease is driven by a