Company: GCTS
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0000950170-25-044438
Chunk: 296

Company: GCT Semiconductor Holding, Inc.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 8
Chunk 296
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        $
        445

        $
        541

       For the years ended December 31, 2024 and 2023 the Company's provision for income taxes did not include any amounts related to deferred income tax.The reconciliation of federal statutory income tax to the Company’s provision for income taxes is as follows (in thousands): 

        Year EndedDecember 31,

        2024

        2023

        Expected benefit at statutory federal rate
         
        $
        (2,662
        )
         
        $
        (4,941
        )

        State tax, net of federal benefit

        321

        72

        Research and development credits

        (345
        )

        —

        Global Intangible Low Tax Income (“GILTI”) inclusion

        (235
        )

        —

        Unrecognized tax benefits

        25

        276

        Stock-based compensation

        (604
        )

        8

        Interest expense

        239

        333

        Remeasurements of net defined benefit liabilities

        —

        5

        Exchange rate difference

        1,192

        287

        Change in tax rate

        (1,565
        )

        (242
        )

        True-up deferred taxes

        2,369

        1,382

        Change in valuation allowance

        1,587

        3,182

        Other

        123

        179

        Total provision for income taxes
         
        $
        445

        $
        541

       For the years ended December 31, 2024 and 2023, the Company’s provision for income taxes differed from the federal statutory tax rate due primarily to the full valuation allowance for federal and state purposes, true-up deferred taxes, research and development credits, and exchange rate differences.

 73

GCT SEMICONDUCTOR HOLDING, INC.Notes to Consolidated Financial Statements 

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023, are as follows (in thousands): 

        Year EndedDecember 31,

        2024

        2023

        Deferred tax assets

        Net operating loss carryforwards