Revenue has plummeted by over 50% since 2023Q4, while gross margins collapsed to a negative 162.7% in 2025Q4, indicating significant production or pricing inefficiencies.
| Sales/Revenue | 4.29M | 2.87M | 9.13M | 16.03M | 16.67M | 25.52M |
| Revenue Growth % | -32.54% | -68.6% | -43.05% | -3.85% | -34.69% | - |
| Cost of Goods Sold | 5.25M | 4.68M | 4.05M | 9.29M | 11.62M | 17.36M |
| COGS % of Revenue | - | 163.4% | 44.39% | 57.99% | 69.69% | 68.03% |
| Gross Profit | -958K | -1.82M | 5.08M | 6.73M | 5.05M | 8.16M |
| Gross Margin % | -22.33% | -63.4% | 55.61% | 42.01% | 30.31% | 31.97% |
| Gross Profit Growth % | - | -135.8% | -24.62% | 33.27% | -38.07% | - |
| Operating Expenses | 33.97M | 34.72M | 18.2M | 21.29M | 27.81M | 25.96M |
| OpEx % of Revenue | - | 1211.55% | 199.36% | 132.84% | 166.81% | 101.72% |
| Selling, General & Admin | 20.89M | 20.72M | 14.72M | 10.58M | 10.42M | 6.83M |
| SG&A % of Revenue | - | 722.89% | 161.24% | 66.01% | 62.52% | 26.76% |
| Research & Development | 13.08M | 14.01M | 17.33M | 10.71M | 17.39M | 19.13M |
| R&D % of Revenue | - | 488.66% | 189.84% | 66.83% | 104.3% | 74.96% |
| Other Operating Expenses | 0 | 0 | -13.85M | 0 | 0 | 0 |
| Operating Income | -34.93M | -36.54M | -13.12M | -14.56M | -22.75M | -17.8M |
| Operating Margin % | -814.27% | -1274.95% | -143.76% | -90.83% | -136.5% | -69.75% |
| Operating Income Growth % | - | -178.46% | 9.86% | 36.02% | -27.8% | - |
| EBITDA | -33.82M | -35.09M | -11.8M | -12.77M | -21.21M | -16.52M |
| EBITDA Margin % | -788.39% | -1224.32% | -129.24% | -79.66% | -127.22% | -64.71% |
| EBITDA Growth % | -26.14% | -197.44% | 7.6% | 39.79% | -28.39% | - |
| D&A (Non-Cash Add-back) | 1.11M | 1.45M | 1.32M | 1.79M | 1.55M | 1.29M |
| EBIT | -36.78M | -36.54M | -8.07M | -15.68M | -22.93M | -21.91M |
| Net Interest Income | -3.15M | -6.03M | -3.87M | -6.25M | -3.36M | -4.54M |
| Interest Income | 0 | 0 | 0 | 0 | 4K | 1K |
| Interest Expense | 3.15M | 6.03M | 3.87M | 6.25M | 3.36M | 4.54M |
| Other Income/Expense | -10.41M | -5.93M | 1.19M | -7.37M | -3.54M | -8.65M |
| Pretax Income | -45.34M | -42.47M | -11.93M | -21.93M | -26.29M | -26.45M |
| Pretax Margin % | -1056.95% | -1481.86% | -130.74% | -136.81% | -157.72% | -103.64% |
| Income Tax | 925K | 902K | 445K | 541K | 121K | 359K |
| Effective Tax Rate % | -2.04% | -2.12% | -3.73% | -2.47% | -0.46% | -1.36% |
| Net Income | -46.27M | -43.37M | -12.38M | -22.47M | -26.41M | -26.81M |
| Net Margin % | -1078.51% | -1513.33% | -135.62% | -140.19% | -158.45% | -105.04% |
| Net Income Growth % | -130.14% | -250.37% | 44.91% | 14.93% | 1.49% | - |
| Net Income (Continuing) | -46.27M | -43.37M | -12.38M | -22.47M | -26.41M | -26.81M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.70 | -0.82 | -0.27 | -0.51 | -0.65 | 0.21 |
| EPS Growth % | -84.81% | -203.7% | 47.06% | 21.54% | -409.52% | - |
| EPS (Basic) | - | -0.82 | -0.27 | -0.51 | 0.55 | 0.21 |
| Diluted Shares Outstanding | 66.07M | 52.87M | 45.65M | 43.91M | 43.91M | 43.91M |
| Basic Shares Outstanding | 66.07M | 52.87M | 45.65M | 43.91M | 43.91M | 43.91M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Existential liquidity and solvency
According to historical financial data, GCTS has experienced severe top-line contraction, with quarterly revenue plummeting from $4.2 million in 2023Q4 to just $1.9 million in 2026Q1, highlighting the company's inability to sustain consistent demand for its legacy 4G and emerging 5G chipset solutions.
The erratic revenue performance suggests that the company is struggling to bridge the gap between declining legacy product cycles and the adoption of its newer 5G offerings. This lack of growth durability implies that GCTS remains highly susceptible to the timing of specific carrier infrastructure rollouts and OEM design-win cycles.
As reported in recent income statements, GCTS's gross margin profile has deteriorated significantly, reaching a negative 162.7% in 2025Q4, which suggests that the company may be liquidating inventory at prices well below the cost of production or facing substantial manufacturing inefficiencies.
The extreme volatility in gross margins indicates a lack of pricing power and potential structural issues within the fabless manufacturing model. Investors should monitor whether these negative margins represent a temporary clearing of obsolete inventory or a more permanent inability to achieve profitable unit economics in the competitive semiconductor market.
Based on the provided income statement data, GCTS maintains a high fixed-cost structure, with R&D and SG&A expenses consistently dwarfing quarterly revenue, leading to an operating margin that reached a staggering negative 1274.95% in recent periods, reflecting a fundamental misalignment between overhead and output.
The company's inability to scale operating expenses relative to its shrinking revenue base suggests that management faces significant challenges in achieving operational efficiency. This cost structure appears unsustainable without a substantial increase in revenue volume or a drastic reduction in the R&D burn rate.
While some may view GCTS as a niche 5G play, the company's precarious financial position, characterized by a cash balance of only $590,000 against persistent quarterly operating losses, suggests that the firm may face an imminent liquidity crisis that could render current equity valuations irrelevant.
The reliance on external financing to cover ongoing operational deficits warrants extreme caution, as the current cash position appears insufficient to support even a single quarter of historical burn. Market participants should consider the high probability of further dilutive capital raises, which may significantly impair the value of existing shares.
Quick answers to the most common questions about buying GCTS stock.
For fiscal year 2025, GCT Semiconductor Holding, Inc. (GCTS) reported total revenue of $2.9M. This represents a 88.8% decline compared to $25.5M in 2021.
GCT Semiconductor Holding, Inc. (GCTS) reported a net loss of $43.4M for the fiscal year ending 2025.
GCT Semiconductor Holding, Inc. (GCTS) reported an operating income of $-36.5M, resulting in an operating profit margin of -1274.9%. This margin reflects the operational efficiency of the business before interest and taxes.
GCT Semiconductor Holding, Inc. (GCTS) generated $-1.8M in gross profit for the year, representing a gross profit margin of -63.4%. This demonstrates the company's core pricing power and production efficiency.