GCT Semiconductor Holding Inc (GCTS) 2025 Q2 法說會逐字稿

Good afternoon. Thank you for attending GCT Semiconductor Holding, Inc. second quarter 2025 financial results call. (Operator Instructions) Joining to the call today are John Schlaefer, [GCT's], Chief Executive Officer; and Edmond Cheng, CFO, to discuss our second quarter 2025 results.

午安.感謝您參加GCT半導體控股有限公司2025年第二季財務業績電話會議。（操作員說明）今天參加電話會議的有 GCT 執行長 John Schlaefer 和財務長 Edmond Cheng，他們將討論我們 2025 年第二季的業績。

During the call, certain statements we make will be forward-looking. These statements are subject to risks and uncertainties, including those set forth in our safe harbor provision for forward-looking statements that can be found at the end of our earnings press release and also in our Form 10-Q that will be filed today, which provide further detail about the risks related to our business. Additionally, except as required by law, we undertake no obligation to update any forward-looking statements.

在通話過程中，我們所做的某些陳述將具有前瞻性。這些聲明存在風險和不確定性，包括我們在盈利新聞稿末尾以及今天提交的 10-Q 表格中列出的前瞻性聲明安全港條款，其中提供了有關我們業務相關風險的更多詳細資訊。此外，除法律要求外，我們不承擔更新任何前瞻性聲明的義務。

I will now turn the call over to John Schlaefer.

現在我將把電話轉給約翰·施萊弗。

Thank you, and thanks for everyone for joining us today for our second quarter 2025 earnings call. I'll focus my remarks on the exciting progress we've made as part of our 2025GCT-Year of 5G program, and Edmond, our CFO, will provide details for our second quarter financial disclosure.

謝謝大家，也謝謝各位今天參加我們2025年第二季財報電話會議。我將重點介紹我們在 2025GCT 5G 年計畫中取得的令人興奮的進展，我們的財務長 Edmond 將詳細介紹我們第二季的財務揭露情況。

This quarter marked another significant milestone in what we've debuted as the 2025 GCT-Year of 5G. Our team has worked relentlessly to ensure the 5G chipset performance, stability and integration readiness. I'm thrilled to share that we have officially delivered the initial samples of our 5G chipset to lead customers, including Orbic North America and Airspan Networks with successful testing already underway.

本季標誌著我們提出的「2025 GCT 5G 年」計畫又邁出了重要一步。我們的團隊不懈努力，確保 5G 晶片組的效能、穩定性和整合準備就緒。我很高興地宣布，我們已正式向主要客戶交付了 5G 晶片組的首批樣品，其中包括 Orbic North America 和 Airspan Networks，目前測試工作已順利進行。

Highlighted by our partners, Gogo in June and Airspan in July via their own press releases, this marks a major leap forward and allows us to begin the transition of our focus towards mass production and the imminent commercial launch of our 5G chipset.

我們的合作夥伴 Gogo 在 6 月和 Airspan 在 7 月分別透過各自的新聞稿強調了這一點，這標誌著向前邁出了一大步，使我們能夠開始將重點轉向大規模生產，並即將推出我們的 5G 晶片組。

As it pertains to the highly anticipated next steps, we expect additional samples to be delivered in the coming weeks, expect to commence production of the finalized initial 5G chipset during the third quarter and are preparing for volume production and shipments in the fourth quarter of this year.

至於備受期待的下一步，我們預計將在未來幾週內交付更多樣品，預計將在第三季開始生產最終的首批 5G 晶片組，並正在為今年第四季的批量生產和出貨做準備。

We are very pleased with the progress we are making with our 5G chipsets. In parallel, we continue to expand our customer ecosystem. We recently announced collaboration with Iridium Communications to integrate their NTN Direct satellite service into our advanced GDM7243SL chipset.

我們對5G晶片組的進展非常滿意。同時，我們也不斷拓展客戶生態系統。我們最近宣布與銥星通訊公司合作，將他們的 NTN Direct 衛星服務整合到我們先進的 GDM7243SL 晶片組中。

This opens up a new dimension for our technology, enabling connectivity in remote and underserved regions and broadens our reach into the non-terrestrial network space. We've also partnered with G+D to deliver embedded eSIM solutions for IoT applications. These are early but critical building blocks that enhance the long-term value of our 5G platform and help define how GCT participates in the future of global connectivity.

這為我們的技術開闢了一個新的維度，使偏遠和欠發達地區的網路連接成為可能，並將我們的業務範圍擴展到非地面網路領域。我們也與 G+D 合作，為物聯網應用提供嵌入式 eSIM 解決方案。這些是早期但至關重要的組成部分，它們增強了我們 5G 平台的長期價值，並有助於定義 GCT 如何參與全球連結的未來。

Looking forward, we remain laser-focused on scaling our 5G platform, ensuring readiness across our supply chain and executing against demand that we expect to materialize as our customers launch their own next-generation products.

展望未來，我們將繼續專注於擴展我們的 5G 平台，確保整個供應鏈的準備就緒，並滿足我們預期在客戶推出下一代產品時將出現的需求。

And with that, I'll turn the call over to Edmond to discuss our Q2 results. Edmond?

接下來，我將把電話交給艾德蒙，讓他來討論我們第二季的表現。埃德蒙？

Thank you, John. We are encouraged by the operational progress made during the second quarter, especially as we prepare for the commercialization of our 5G chipset. While our financial results reflect the continued shift from 4G towards 5G, they are consistent with the transitional phase we are currently in.

謝謝你，約翰。我們對第二季的營運進展感到鼓舞，尤其是在我們為 5G 晶片組的商業化做準備之際。雖然我們的財務表現反映了從 4G 到 5G 的持續轉變，但這與我們目前所處的過渡階段是一致的。

We anticipate a stronger end of the year as 5G chipset sales to commence soon. As I have mentioned before, the average selling price of this 5G chipset is expected to be roughly 4 times that of our traditional 4G products.

我們預計隨著 5G 晶片組銷售即將開始，年底業績將更加強勁。正如我之前提到的，這款 5G 晶片組的平均售價預計約為我們傳統 4G 產品的 4 倍。

With that, I will now turn to our second quarter 2025 financial results. Further details can be found in the 10-Q that will be on file with the SEC. Net revenues decreased by $0.3 million or 19% from $1.5 million for the three months ended June 30, 2024, to $1.2 million for the three months ended June 30, 2025.

接下來，我將介紹我們2025年第二季的財務表現。更多詳情請參閱將提交給美國證券交易委員會的 10-Q 表格。截至 2024 年 6 月 30 日止三個月的淨收入為 150 萬美元，較 2025 年 6 月 30 日止三個月的淨收入減少了 30 萬美元，降幅為 19%，至 120 萬美元。

The reduction was largely attributable to a decrease of $0.7 million in service revenue, partially offset by an increase of $0.4 million in product sales, which were driven by our 4G chipset sales. Cost of net revenues increased by $0.3 million or 47% from $0.5 million for the three months ended June 30, 2024, to $0.8 million for the three months ended June 30, 2025. This increase in the cost of net revenues was driven by product sales activity, partially offset by the lower costs associated with service products.

此減少主要歸因於服務收入減少了 70 萬美元，部分被產品銷售額增加 40 萬美元所抵消，而產品銷售額的增加主要得益於我們的 4G 晶片組銷售。截至 2024 年 6 月 30 日止三個月的淨收入成本為 50 萬美元，較 2025 年 6 月 30 日止三個月的淨收入成本增加了 30 萬美元，增幅為 47%，達到 80 萬美元。淨收入成本的增加是由產品銷售活動所推動的，但部分被服務產品相關成本的降低所抵銷。

Our gross margin decreased to 32% for the three months ended June 30, 2025, from 63% for the three months ended June 30, 2024. The gross margin of our service business and product sales were 71.3% and negative 42.6%, respectively.

截至 2025 年 6 月 30 日止三個月，我們的毛利率從截至 2024 年 6 月 30 日止三個月的 63% 降至 32%。我們的服務業務和產品銷售的毛利率分別為 71.3% 和 -42.6%。

Our current gross margin, particularly for product sales are still distorted by the lower product revenue, which makes it less indicative of the underlying profitability of our products when we transition to scale our new 5G product sales.

我們目前的毛利率，特別是產品銷售毛利率，仍然受到產品收入較低的影響，這使得毛利率無法反映我們產品在過渡到擴大 5G 產品銷售規模時的潛在獲利能力。

We expect operational efficiencies to kick in as revenue increase, which will begin when 5G product sales start contributing to our overall revenue in the second half of 2025 and particularly in Q4 this year. Research and development expenses decreased by $0.7 million or 16% from $4.2 million for the three months ended June 30, 2024, to $3.5 million for the three months ended June 30, 2025.

我們預計隨著收入的成長，營運效率將會提高。營收成長將從 2025 年下半年 5G 產品銷售開始為我們的整體收入做出貢獻時開始，尤其是在今年第四季。截至 2024 年 6 月 30 日止三個月的研發費用為 420 萬美元，較 2025 年 6 月 30 日止三個月的研發費用減少了 70 萬美元，降幅為 16%，至 350 萬美元。

The decrease was primarily attributable to a $0.9 million reduction in professional services related to the design of 5G chip products and partially offset by a $0.3 million increase in personnel-related costs. Sales and marketing expenses remained consistent at $1 million for both the three months ended June 30, 2025 and 2024.

該下降主要歸因於與 5G 晶片產品設計相關的專業服務費用減少了 90 萬美元，部分被人員相關成本增加 30 萬美元所抵消。截至 2025 年 6 月 30 日及 2024 年 6 月 30 日止的三個月期間，銷售和行銷費用均維持在 100 萬美元。

General and administrative expenses increased by $0.6 million or 20% from $2.9 million for the three months ended June 30, 2024, to $3.4 million for the three months ended June 30, 2025. The increase was largely due to increases in expected credit loss estimates by $0.3 million to $1.1 million loss in Q2 2025 compared to $0.8 million in our expected credit loss estimate in the prior year period.

截至 2024 年 6 月 30 日止三個月的一般及行政費用為 290 萬美元，較 2025 年 6 月 30 日止三個月的 340 萬美元增加了 60 萬美元，增幅為 20%。此次成長主要是由於 2025 年第二季預期信貸損失估計值從去年同期的 80 萬美元增加到 30 萬美元至 110 萬美元。

The increase was partially offset by lower professional services and other costs driven by reduced transactional activity during the second quarter of 2025. We ended the quarter with cash and cash equivalents of $1.3 million. We also had net accounts receivable of $3.8 million and net inventory of $3 million.

2025 年第二季交易活動減少，導致專業服務和其他成本下降，部分抵銷了上述成長。本季末，我們持有現金及現金等價物130萬美元。我們還有 380 萬美元的應收帳款淨額和 300 萬美元的庫存淨額。

During the quarter, we received $11 million in gross proceeds from a registered direct offering, which was made under our shelf registration we filed in April of this year. These funds were primarily used for 5G chipset sampling, debt retirement and expanding the company's financial flexibility. As a reminder, this shelf registration offers up to $200 million in capacity with $114 million of remaining availability, excluding the $75 million at the market facility.

本季度，我們透過註冊直接發行獲得了 1,100 萬美元的總收益，該發行是根據我們今年 4 月提交的暫擱註冊進行的。這些資金主要用於 5G 晶片組樣品測試、償還債務和擴大公司的財務靈活性。提醒一下，這次貨架註冊提供高達 2 億美元的額度，剩餘可用額度為 1.14 億美元，還不包括市場設施的 7,500 萬美元額度。

With this, I will turn the call back over to John.

接下來，我將把通話轉回給約翰。

Thanks, Edmond. To close, I want to emphasize just how far we've come this year alone. The delivery of our initial 5G chipsets to lead customers, the validation successes we're seeing and now the preparation for volume shipments all point to one thing. GCT is on the verge of a meaningful inflection. We expect this transition to become more visible in the coming quarters as customer announcements, production ramp-ups and initial 5G revenue begins to materialize.

謝謝你，埃德蒙。最後，我想強調一下，光是今年，我們就取得了多大的進步。我們向領先客戶交付首批 5G 晶片組、我們取得的驗證成功以及現在為批量出貨所做的準備，都指向同一個方向。GCT正處於一個意義重大的轉折點。我們預計，隨著客戶公告、生產爬坡和 5G 初期收入的逐步實現，這一轉變將在未來幾季變得更加明顯。

I want to thank again our employees for their commitment, our partners for their collaboration and our shareholders for their continued support. We're incredibly proud of how far we've come and even more energized by what's ahead. The second half of 2025 is shaping up to be transformational for GCT, and we're excited to have you with us.

我要再次感謝全體員工的辛勤付出，感謝合作夥伴的通力合作，感謝股東們的持續支持。我們為所取得的成就感到無比自豪，也對未來充滿信心。2025 年下半年對 GCT 來說將是具有變革意義的一年，我們很高興能與您攜手共進。

I will now turn the call back over to the operator, who will assist us in taking your questions.

現在我將把電話轉回給接線員，他/她將協助我們回答您的問題。

(Operator Instructions)

（操作說明）

At this time, I don't see any questions in the queue. This concludes our meeting for today. Thank you all for joining the conference call. You may now disconnect.

目前，我沒有看到隊列裡有任何問題。今天的會議到此結束。感謝各位參加電話會議。您現在可以斷開連線了。