Company: GCTS
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0000950170-25-044438
Chunk: 197

Company: GCT Semiconductor Holding, Inc.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1B
Chunk 197
---
DUCTOR HOLDING, INC.Notes to Consolidated Financial Statements 

result in expiration of a portion of the NOL carryforwards before utilization. Further, until a study is completed by the Company and any limitation is known, no amounts are being presented as an uncertain tax position.A reconciliation of the unrecognized tax benefits as of December 31, 2024 and 2023 is as follows (in thousands): 

        Year EndedDecember 31,

        2024

        2023

        Beginning gross unrecognized tax benefits
         
        $
        3,083

        $
        3,203

        Additions for tax position taken in a prior year

        —

        —

        Additions for tax provision taken in the current year

        775

        319

        Adjustments for tax positions for changes in currency translation

        52

        95

        Adjustments for tax positions taken in the prior year

        1,023

        1,051

        Reductions for tax positions taken in the prior year due to statues lapsing

        (1,570
        )

        (1,585
        )

        Ending gross unrecognized tax benefits

        3,363

        3,083

        Unrecognized tax benefits offset by deferred tax assets and/or valuation allowance

        (1,641
        )

        (1,419
        )

        Net unrecognized tax benefits
         
        $
        1,722

        $
        1,664

       As of December 31, 2024 the Company had unrecognized tax benefits of $3.4 million, which does not include any reserved interest or penalties. Of this amount $1.7 million would currently affect the Company’s effective tax rate if recognized due to the Company’s deferred tax assets being fully offset by a valuation allowance. The Company estimates that there will be no material changes in its uncertain tax positions existing as of December 31, 2024 in the next twelve months.The Company files income tax returns in the U.S. federal jurisdiction, California and in many foreign jurisdictions. The Company’s tax years for 2021 and forward are subject to examination by the U.S. tax authorities. The Company’s tax years for 2020 and forward are subject to examination by various state tax authorities. However, due to the fact that the Company had loss and credits carried forward in some jurisdictions, certain items attributable to technically closed years are still subject to adjustment by the