GCT Semiconductor Holding, Inc. |
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Condensed Consolidated Balance Sheets |
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(unaudited, in thousands, except per share amounts) |
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|
|
September 30, 2024 |
|
December 31, 2023 |
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Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
1,812 |
|
|
$ |
258 |
|
Accounts receivable, net |
|
|
6,441 |
|
|
|
4,920 |
|
Inventory |
|
|
3,110 |
|
|
|
1,486 |
|
Contract assets |
|
|
5,098 |
|
|
|
3,439 |
|
Prepaid expenses and other current assets |
|
|
3,545 |
|
|
|
2,906 |
|
Total current assets |
|
|
20,006 |
|
|
|
13,009 |
|
Property and equipment, net |
|
|
641 |
|
|
|
772 |
|
Operating lease right-of-use assets |
|
|
1,065 |
|
|
|
1,521 |
|
Intangibles, net |
|
|
99 |
|
|
|
245 |
|
| Other assets |
|
|
810 |
|
|
|
881 |
|
| Total assets |
|
$ |
22,621 |
|
|
$ |
16,428 |
|
| Liabilities and Stockholders’ Deficit |
|
|
|
|
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| Current liabilities: |
|
|
|
|
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| Accounts payable |
|
$ |
1,070 |
|
|
$ |
17,814 |
|
| Contract liabilities |
|
|
511 |
|
|
|
48 |
|
| Accrued and other current liabilities |
|
|
22,365 |
|
|
|
23,956 |
|
| Common stock forward liability |
|
|
451 |
|
|
|
— |
|
| Borrowings |
|
|
32,819 |
|
|
|
44,509 |
|
| Convertible promissory notes, current |
|
|
4,008 |
|
|
|
27,794 |
|
| Operating lease liabilities, current |
|
|
724 |
|
|
|
680 |
|
| Total current liabilities |
|
|
61,948 |
|
|
|
114,801 |
|
| Convertible promissory notes, net of current |
|
|
4,830 |
|
|
|
6,239 |
|
| Net defined benefit liabilities |
|
|
8,052 |
|
|
|
7,689 |
|
| Long-term operating lease liabilities |
|
|
358 |
|
|
|
850 |
|
| Income taxes payable |
|
|
2,245 |
|
|
|
2,178 |
|
| Warrant liabilities |
|
|
3,197 |
|
|
|
— |
|
| Other liabilities |
|
|
242 |
|
|
|
108 |
|
| Total liabilities |
|
|
80,872 |
|
|
|
131,865 |
|
| Commitments and contingencies |
|
|
|
|
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| Stockholders’ deficit: |
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|
|
|
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| Preferred stock, par value $0.0001 per share; 40,000 and 82,352 shares authorized as of September 30, 2024 and December 31, 2023, respectively; no shares issued and outstanding as of September 30, 2024 and December 31, 2023 |
|
|
— |
|
|
|
— |
|
| Common stock, par value $0.0001 per share; 400,000 and 200,000 shares authorized as of September 30, 2024 and December 31, 2023, respectively; 47,611 and 24,166 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively (1) |
|
|
5 |
|
|
|
3 |
|
| Additional paid-in capital (1) |
|
|
499,751 |
|
|
|
435,752 |
|
| Accumulated other comprehensive loss |
|
|
(946 |
) |
|
|
(1,538 |
) |
| Accumulated deficit |
|
|
(557,061 |
) |
|
|
(549,654 |
) |
| Total stockholders’ deficit |
|
|
(58,251 |
) |
|
|
(115,437 |
) |
| Total liabilities and stockholders’ deficit |
|
$ |
22,621 |
|
|
$ |
16,428 |
|
| (1) |
Amounts as of December 31, 2023 differ from those in prior year consolidated financial statements as they were retrospectively adjusted as a result of the accounting for the Business Combination (as defined in the Notes to the Unaudited Condensed Consolidated Financial Statements.) |
| GCT Semiconductor Holding, Inc. |
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| Condensed Consolidated Statements of Operations |
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| (unaudited, in thousands, except per share amounts) |
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|
Three Months Ended
|
|
Nine Months Ended
|
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|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
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| Net revenues: |
|
|
|
|
|
|
|
|
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| Product |
|
$ |
1,715 |
|
|
$ |
4,026 |
|
|
$ |
4,111 |
|
|
$ |
8,667 |
|
| Service |
|
|
895 |
|
|
|
450 |
|
|
|
3,232 |
|
|
|
3,172 |
|
| Total net revenues |
|
|
2,610 |
|
|
|
4,476 |
|
|
|
7,343 |
|
|
|
11,839 |
|
| Cost of net revenues: |
|
|
|
|
|
|
|
|
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| Product |
|
|
710 |
|
|
|
3,985 |
|
|
|
1,522 |
|
|
|
5,954 |
|
| Service |
|
|
274 |
|
|
|
(36 |
) |
|
|
1,321 |
|
|
|
1,006 |
|
| Total cost of net revenues |
|
|
984 |
|
|
|
3,949 |
|
|
|
2,843 |
|
|
|
6,960 |
|
| Gross profit |
|
|
1,626 |
|
|
|
527 |
|
|
|
4,500 |
|
|
|
4,879 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
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| Research and development |
|
|
4,210 |
|
|
|
2,367 |
|
|
|
13,895 |
|
|
|
7,254 |
|
| Sales and marketing |
|
|
949 |
|
|
|
744 |
|
|
|
2,921 |
|
|
|
2,337 |
|
| General and administrative |
|
|
2,379 |
|
|
|
1,433 |
|
|
|
8,075 |
|
|
|
5,537 |
|
| Gain on extinguishment of liability |
|
|
— |
|
|
|
— |
|
|
|
(14,636 |
) |
|
|
— |
|
| Total operating expenses |
|
|
7,538 |
|
|
|
4,544 |
|
|
|
10,255 |
|
|
|
15,128 |
|
| Loss from operations |
|
|
(5,912 |
) |
|
|
(4,017 |
) |
|
|
(5,755 |
) |
|
|
(10,249 |
) |
| Interest expense |
|
|
(667 |
) |
|
|
(1,220 |
) |
|
|
(3,509 |
) |
|
|
(4,878 |
) |
| Other income (expenses), net |
|
|
(481 |
) |
|
|
929 |
|
|
|
2,044 |
|
|
|
2,946 |
|
| Loss before provision for income taxes |
|
|
(7,060 |
) |
|
|
(4,308 |
) |
|
|
(7,220 |
) |
|
|
(12,181 |
) |
| Provision for income taxes |
|
|
61 |
|
|
|
38 |
|
|
|
187 |
|
|
|
125 |
|
| Net loss |
|
$ |
(7,121 |
) |
|
$ |
(4,346 |
) |
|
$ |
(7,407 |
) |
|
$ |
(12,306 |
) |
| Net loss per common share (1) : |
|
|
|
|
|
|
|
|
||||||||
| Basic and diluted |
|
$ |
(0.16 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.51 |
) |
| Weighted-average common shares outstanding (1) : |
|
|
|
|
|
|
|
|
||||||||
| Basic and diluted |
|
|
45,645 |
|
|
|
24,055 |
|
|
|
38,418 |
|
|
|
23,934 |
|
| (1) |
Amounts for the three and nine months ended September 30, 2023 and before that date differ from those in prior year condensed consolidated financial statements as they were retrospectively adjusted as a result of the accounting for the Business Combination (as defined in the Notes to the Unaudited Condensed Consolidated Financial Statements). |
