Key Highlights

● Second-quarter 2026 revenue was about US$1.0 million, down 18% from a year earlier.

● GCT shipped more than 5,100 5G chipsets, about 71% more than in the first quarter.

● The net loss widened to US$20.4 million, including a US$12.3 million non-cash warrant fair-value loss.

● The at-the-market equity programme was raised to US$120 million from US$75 million.

Latest verified development

GCT Semiconductor Holding, Inc. (NYSE:GCTS), which designs 5G and 4G chipsets, most recently published its second-quarter 2026 earnings and business update on 10 August 2026. That report is the latest substantive disclosure from the company.

What the second quarter showed

Revenue was about US$1.0 million, down 18% from US$1.2 million a year earlier. Cost of revenue was US$1.2 million, so gross margin was negative. The net loss widened to US$20.4 million from US$13.5 million, including a US$12.3 million non-cash loss from changes in the fair value of warrant liabilities.

Adjusted EBITDA, a supplemental measure introduced this quarter, was a loss of US$6.6 million. Cash stood at US$30.2 million, compared with US$7.2 million a quarter earlier.

First-quarter 2026 revenue, reported on 12 May, was US$1.9 million. Revenue therefore fell sharply between the first and second quarters even as unit shipments rose, which suggests timing and mix, not just volume, drive reported sales.

Shipments up, revenue not yet

The gap between volume and revenue is the central question. GCT shipped more than 5,100 5G chipsets in the quarter, about 71% more than in the first quarter, to four customers across fixed wireless access, aviation, mobile hotspots and push-to-talk phones.

Management said the main variable is deployment timing rather than customer interest, citing customer restructuring and launch schedules. A research note dated 11 August said orders had slipped and described the quarter as short of expectations.

Funding and cash burn

Management expects quarterly cash burn of about US$9.0 million to US$9.5 million while supply remains tight, which is material against US$30.2 million of cash. The company raised its at-the-market equity programme to US$120 million from US$75 million, giving it a way to sell new shares.

Any use of that facility would dilute existing holders, although the filings do not say how much will be sold. The company also prepaid US$7 million for foundry wafer capacity during the quarter.

Partnerships, drones and the satellite partner

After the quarter ended, GCT signed an unnamed customer in the unmanned aerial vehicle market. Production capacity is reportedly secured through the first quarter of 2027, and management expects gross margin to improve as 5G product sales grow. A satellite communications partner may be disclosed in the fourth quarter or the first quarter of 2027, pending that partner's approval, management said. GCT has also announced collaboration with MaxLinear (NASDAQ:MXL) on 5G fixed wireless access and converged gateways.

Management expects second-half shipments to exceed first-half levels, but declined to forecast shipments beyond that horizon and gave no third-quarter revenue guidance. With revenue of about US$1.0 million in the second quarter, the conversion of rising shipments into sales remains the open point.