Company: GCTS
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0000950170-25-044438
Chunk: 255

Company: GCT Semiconductor Holding, Inc.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 8
Chunk 255
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 be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ BPM LLP

We have served as the Company's auditor since 2024.

San Jose, California

March 25, 2025

 46

Table of Contents

GCT SEMICONDUCTOR HOLDING, INC.

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