GCT Semiconductor Holding, Inc.

Net revenue was $1.0 million in Q2 2026, down $200 thousand or 8% from $1.2 million in Q2 2025. Cost of net revenues rose to $1.2 million from $800 thousand, and gross margin was negative versus 32% a year ago. R&D was $3.3 million, down from $3.5 million; sales and marketing were $1.0 million versus $1.1 million; and G&A was about $2.8 million versus $3.4 million. Net loss widened to $20.4 million from $13.5 million, including $12.3 million of losses from changes in the fair value of warrant liabilities. Adjusted EBITDA loss was $6.6 million, slightly better than $6.7 million a year ago. Cash and cash equivalents were $30.2 million, and management said it had already secured production capacity for the rest of 2026 and through Q1 2027. No formal revenue or EPS guidance was given, but management said second-half shipments are expected to exceed first-half levels and that the second half of 2020 should surpass the first half in both chips and customers shipped to.

The CEO framed Q2 as a continuation of GCT’s shift from development to commercialization rather than a quarter to judge primarily on revenue. He emphasized that the pipeline now spans three growth pillars—terrestrial broadband, satellite/non-terrestrial connectivity, and IoT/specialized networking—and said the company has broadened beyond any single customer or end market. His tone was constructive and confident, stressing that delays were timing-related, not a change in customer interest or long-term demand.

The CFO focused on the financial mechanics of the ramp and the costs of supporting it. She highlighted 5.1 thousand chipsets shipped, the move to an adjusted EBITDA loss of $6.6 million, and cash of $30.2 million, while noting that the quarter’s cash burn was affected by about $7 million to $7.5 million of prepayments tied to a tight wafer supply environment. She guided to quarterly cash burn of $8 million to $8.5 million under normal conditions, or $9 million to $9.5 million with the current supply-chain tightness, and said the ATM program was increased from $75 million to $120 million of available gross proceeds.

Analysts pressed on how large the deployment delays were, and management said they were “meaningful” and pushed revenue higher later than expected, but the programs remain “very much alive and very much viable.” Questions also focused on customer breadth and capacity commitments; management said Q2 shipments went to primarily four customers across FWA, aviation, mobile hotspot, and push-to-talk applications, and that wafer capacity has been secured through Q1 2027 with flexibility to slow purchases if deployments slip further. Analysts asked about the new UAV/defense customer and the unnamed satellite partner, and management said the UAV customer is in consumer and defense connectivity and the satellite partner could be disclosed once it gives the green light, possibly in Q4 or Q1.