The company's financial position is critically impaired, characterized by a negative equity balance of $73.9 million and a current ratio of only 0.26 as of 2026Q1.
| Total Current Assets | 19.04M | 11.88M | 17.59M | 13.01M | 12.89M | 1.61M |
| Cash & Short-Term Investments | 7.18M | 590K | 1.44M | 258K | 1.4M | 1.21M |
| Cash Only | 7.18M | 590K | 1.44M | 258K | 1.4M | 1.21M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 2.41M | 8.03M | 10.92M | 8.36M | 5.34M | 0 |
| Days Sales Outstanding | 508.72 | 1.02K | 436.54 | 190.36 | 116.91 | - |
| Inventory | 1.56M | 947K | 2.98M | 1.76M | 3.48M | 0 |
| Days Inventory Outstanding | 138.67 | 73.81 | 268.17 | 69.32 | 109.35 | - |
| Other Current Assets | 7.88M | 2.32M | 389K | 2.19M | 0 | 0 |
| Total Non-Current Assets | 3.34M | 3.76M | 2.62M | 3.42M | 3.59M | 352.25M |
| Property, Plant & Equipment | 2.98M | 3.38M | 1.72M | 2.29M | 1.92M | 0 |
| Fixed Asset Turnover | 1.76x | 0.85x | 5.31x | 6.99x | 8.68x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 65K | 245K | 672K | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 351.92M |
| Other Non-Current Assets | 358K | 381K | 837K | 881K | 993K | 323.99K |
| Total Assets | 22.38M | 15.64M | 19.9M | 16.43M | 16.48M | 353.86M |
| Asset Turnover | 0.21x | 0.18x | 0.46x | 0.98x | 1.01x | 0.07x |
| Asset Growth % | -10.66% | -21.38% | 21.12% | -0.29% | -95.34% | - |
| Total Current Liabilities | 74.53M | 79.59M | 60.92M | 114.8M | 81.91M | 312.17K |
| Accounts Payable | 702K | 628K | 1.03M | 17.81M | 19.02M | 0 |
| Days Payables Outstanding | 55.74 | 48.95 | 92.87 | 699.6 | 597.56 | - |
| Short-Term Debt | 491K | 686K | 37.63M | 72.3M | 49.5M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 48K | 0 | 651K | 0 |
| Other Current Liabilities | 73.34M | 78.27M | 1.15M | 890K | 104K | 312.17K |
| Current Ratio | 0.26x | 0.15x | 0.29x | 0.11x | 0.16x | 5.16x |
| Quick Ratio | 0.23x | 0.14x | 0.24x | 0.10x | 0.11x | 5.16x |
| Cash Conversion Cycle | 591.65 | 1.05K | 611.83 | -439.93 | -371.3 | - |
| Total Non-Current Liabilities | 21.78M | 19.35M | 18.29M | 17.06M | 29.5M | 36.22M |
| Long-Term Debt | 35K | 41K | 4.95M | 6.24M | 20.02M | 5.49M |
| Capital Lease Obligations | 106K | 0 | 177K | 850K | 570K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 21.74M | 19.31M | 13.17M | 9.97M | 8.9M | 30.73M |
| Total Liabilities | 96.31M | 98.94M | 79.21M | 131.87M | 111.41M | 36.53M |
| Total Debt | 526K | 727K | 43.45M | 80.07M | 70.34M | 5.49M |
| Net Debt | -6.66M | 137K | 42.01M | 79.81M | 68.94M | 4.28M |
| Debt / Equity | -0.01x | - | - | - | - | 0.02x |
| Debt / EBITDA | -0.02x | - | - | - | - | - |
| Net Debt / EBITDA | 0.20x | - | - | - | - | - |
| Interest Coverage | -11.69x | -6.06x | -2.09x | -2.51x | -6.82x | -4.83x |
| Total Equity | -73.94M | -83.29M | -59.31M | -115.44M | -94.93M | 317.32M |
| Equity Growth % | -110.67% | -40.42% | 48.62% | -21.6% | -129.92% | - |
| Book Value per Share | -1.12 | -1.58 | -1.30 | -2.63 | -2.16 | 7.23 |
| Total Shareholders' Equity | -73.94M | -83.29M | -59.31M | -115.44M | -94.93M | 317.32M |
| Common Stock | 7K | 9K | 5K | 3K | 128K | 351.9M |
| Retained Earnings | -615.27M | -605.4M | -562.03M | -549.65M | -527.18M | -34.58M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 2.37M | 1.18M | 1.52M | -1.54M | -1.86M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent insolvency and dilution
As reported in recent financial filings, GCTS has seen its total equity position deteriorate to a negative $73.9 million as of 2026Q1, reflecting a persistent inability to stem capital erosion while total assets remain constrained at a meager $22.4 million relative to mounting liabilities.
The consistent expansion of the deficit in retained earnings suggests that the company's core business model is failing to generate the returns necessary to cover its operational overhead. This trajectory indicates that the balance sheet is becoming increasingly detached from the capital required to sustain a competitive semiconductor R&D program.
Based on the company's 2025Q4 balance sheet, GCTS reported a cash position of only $590,000, which, when measured against a current ratio of 0.15, highlights an extreme lack of buffer against the company's ongoing operational cash burn and immediate short-term obligations.
A current ratio well below 1.0 suggests that the company lacks the liquid assets to meet its near-term liabilities without external intervention. Investors should monitor this closely, as the current cash runway appears insufficient to support even a single quarter of historical operating expenses.
According to the provided balance sheet data, GCTS has maintained a negative equity position for the entire ten-quarter period, with the deficit reaching $83.3 million in 2025Q4, signaling that historical losses have completely exhausted the company's book value and shareholder capital base.
The persistent negative equity suggests that the company is effectively operating on borrowed time and capital, with no tangible cushion to absorb further operational setbacks. This state of affairs implies that any future financing will likely be highly dilutive to existing shareholders as the firm seeks to recapitalize.
As indicated by the 2026Q1 financial statements, the company's total liabilities of $96.3 million significantly outweigh its total assets of $22.4 million, creating a structural imbalance that makes the firm's ongoing viability highly dependent on continuous, non-organic capital injections.
The discrepancy between the asset base and the liability load suggests that the company may be struggling to manage its debt obligations while simultaneously funding the R&D necessary for 5G competitiveness. This imbalance warrants further investigation into the terms of these liabilities and whether they contain restrictive covenants that could trigger an insolvency event.
Quick answers to the most common questions about buying GCTS stock.
As of 2025, GCT Semiconductor Holding, Inc. (GCTS) had total assets of $15.6M including $11.9M in current assets.
GCT Semiconductor Holding, Inc. (GCTS) carries total debt of $0.7M, offset by $0.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
GCT Semiconductor Holding, Inc. (GCTS) has total shareholders' equity (book value) of $-83.3M ($-1.58 book value per share). Book value represents the net worth of the company belonging to common stock holders.
GCT Semiconductor Holding, Inc. (GCTS) reported a current ratio of 0.15x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.