GCT Semiconductor Holding
GCTS on NYSE. GCT Semiconductor sells wireless chips to makers of phones and connected devices. Market value $192m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-20.85 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 20 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$2.12 a share, 122% above its 1-year low
Over the past year the price has ranged from $0.95 to $3.93.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||||
| Revenue | n/a | $16m | $9m | $3m |
| Operating margin | ||||
| Operating margin | n/a | -90.8% | -143.8% | -1274.9% |
| Debt to equity | ||||
| Debt to equity | n/a | n/a | n/a | n/a |
| Shares outstanding | ||||
| Shares outstanding | n/a | 0.05bn | 0.06bn | 0.09bn |
Health checks
- Free cash flow positive0 of 3 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsUnknown
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $971,000 last quarter, down 18% on a year ago.
- A loss of $20 million, compared with a loss of $14 million a year ago.
- It loses 852 cents on each $1 of sales, compared with 471 cents a year earlier.
- Over the past 12 months it spent $41 million more cash than it brought in, compared with $24 million a year earlier.
- 60% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $25 million more than cash, down from $51 million a year ago.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $3m |
| December 2024 | $2m |
| March 2025 | $496,000 |
| June 2025 | $1m |
| September 2025 | $430,000 |
| December 2025 | $758,000 |
| March 2026 | $2m |
| June 2026 | $971,000 |
| Quarter to | Amount |
|---|---|
| September 2024 | -$7m |
| December 2024 | -$5m |
| March 2025 | -$7m |
| June 2025 | -$14m |
| September 2025 | -$14m |
| December 2025 | -$9m |
| March 2026 | -$10m |
| June 2026 | -$20m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
None of the long-term investors we follow own it. 55 funds in all.
Largest holders overall
- Vanguard Capital Management$9mAdded
- Renaissance Technologies$5mNew
- Marshall Wace, LLP$4mNew
- BlackRock$4mAdded
- Tudor Investment Corp ET AL$2mNew
- Geode Capital Management$2mAdded
- UBS Group AG$2mAdded
- Vanguard Fiduciary Trust$1mAdded
- State Street$1mAdded
- Informed Momentum$716,501New
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- SUNP CorpPassive investor5.2%−3.1 ptsSince 30 June 2025
- TD SECURITIES (USA) LLCPassive investorSold down below 5%Since 31 March 2026
- Concord Sponsor Group III LLCPassive investorSold down below 5%Since 26 March 2025
- COWEN AND COMPANY, LLCPassive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
SUNP Corp Passive investor | 5.2%−3.1 pts | 30 June 2025 | |
TD SECURITIES (USA) LLC Passive investor | Sold down below 5% | 31 March 2026 | |
Concord Sponsor Group III LLC Passive investor | Sold down below 5% | 26 March 2025 | |
COWEN AND COMPANY, LLC Passive investor | Sold down below 5% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $58,058 of shares on the open market.
- Shin HyunsooDirectorBought
- Date
- 25 November 2025
- Shares
- 16,725
- Price
- $1.28
- Value
- $21,408
- Shin HyunsooDirectorBought
- Date
- 21 November 2025
- Shares
- 3,180
- Price
- $1.28
- Value
- $4,070
- Shin HyunsooDirectorBought
- Date
- 20 November 2025
- Shares
- 25,453
- Price
- $1.28
- Value
- $32,580
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 25 November 2025 | Shin Hyunsoo Director | Bought | 16,725 | $1.28 | $21,408 |
| 21 November 2025 | Shin Hyunsoo Director | Bought | 3,180 | $1.28 | $4,070 |
| 20 November 2025 | Shin Hyunsoo Director | Bought | 25,453 | $1.28 | $32,580 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in GCT Semiconductor Holding’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 5 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“These factors raise substantial doubt about the Company’s ability to continue as a going concern beyond twelve months after the date that these unaudited condensed consolidated financial statements are issued.”
Show the full paragraph
To fund its operations over the longer term, the Company will need to start generating positive cash flows, renegotiate its existing debt obligations, and raise additional capital through debt or equity financing. Management’s plans include seeking additional financing, such as issuances of equity, issuances of debt and convertible debt instruments. Sales of additional equity securities, convertible debt, or warrants by the Company could dilute the interests of existing stockholders. The Company will require significant additional financing to meet its planned capital needs and is pursuing opportunities to obtain additional financing through equity or debt alternatives. There can be no assurance that such additional debt or equity financing will be available on terms acceptable to the Company or at all. These factors raise substantial doubt about the Company’s ability to continue as a going concern beyond twelve months after the date that these unaudited condensed consolidated financial statements are issued. The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
From the 10-Q filed 10 August 2026, Part I, Item 1. Financial Statements. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.