GCT Semiconductor Holding Inc (GCTS) 2025 Q3 法說會逐字稿

Good afternoon. Thank you for attending GCT Semiconductor Holding Inc., third-quarter 2025 financial results call. (Operator Instructions) Joining the call today are John Schlaefer, GCT Chief Executive Officer; and Edmond Cheng, CFO, to discuss the third-quarter 2025 results. During this call, certain statements we make will be forward-looking.

午安.感謝您參加GCT半導體控股有限公司2025年第三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 2025 年第三季的表現。在本次電話會議中，我們所做的某些陳述將具有前瞻性。

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 for as required by law, we undertake no obligation to update any forward-looking statements. And now, I'll turn the call over to John Schlaefer. You may begin.

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。現在，我將把電話交給約翰‧施萊弗。你可以開始了。

Thank you, and thanks, everyone, for joining us today for our third--quarter 2025 earnings call. I'll focus my remarks on the operational milestones we achieved this quarter on our 2025 Year of 5G program, while our CFO, Edmond, will discuss our third quarter financial disclosure in more detail.

謝謝大家今天參加我們2025年第三季財報電話會議。我將重點介紹我們本季在 2025 年 5G 計畫中取得的營運里程碑，而我們的財務長艾德蒙將更詳細地討論我們第三季的財務揭露情況。

The third quarter was another important step forward for GCT as we continue to execute on our Year of 5G. Most notably, we achieved a key milestone this quarter by recognizing our first 5G product revenue. While still small in dollar terms, it marks the first time our next-generation technology has begun contributing to our top line, an early but important indicator.

第三季是GCT在推進5G元年計畫過程中邁出的又一個重要步伐。最值得一提的是，本季我們實現了一個重要的里程碑，確認了我們的首筆 5G 產品收入。雖然從美元角度來看仍然很小，但這標誌著我們的下一代技術首次開始為我們的收入做出貢獻，這是一個早期但重要的指標。

We also completed successfully sampling on our 5G chipset and modules to all our lead customers, which include Airspan Networks and Orbic as well as other well-known companies who are actively progressing through their evaluation processes and providing increasingly positive feedback. This progress reflects the continued validation of our 5G platform across diverse customer applications as well as growing confidence in the commercial readiness of our solution.

我們也成功地向所有主要客戶（包括 Airspan Networks 和 Orbic）以及其他正在積極推進評估流程並提供越來越積極反饋的知名公司）提供了 5G 晶片組和模組的樣品。這項進展反映了我們的 5G 平台在各種客戶應用中不斷得到驗證，以及客戶對我們解決方案商業化準備的信心日益增強。

One of the most meaningful developments this quarter came from Gogo, the first 5G network operator who publicly signaled full-service activation before year-end 2025. This marks the first planned commercial deployment using GCT's 5G chipset and represents the first step in what we expect will be a broader multi-operator transition from chipset sampling to full customer activation. Gogo has been progressing steadily through its field-testing phase, which is expected to complete within a few weeks.

本季最有意義的進展之一來自 Gogo，它是第一家公開表示將在 2025 年底前全面開通 5G 服務的 5G 網路營運商。這標誌著 GCT 的 5G 晶片組首次計劃進行商業部署，也是我們預期中從晶片組樣品到全面客戶激活的更廣泛的多運營商過渡的第一步。Gogo 的實地測試階段進展順利，預計將在幾週內完成。

Their system integration has validated our chipset performance in the demanding airborne environment, demonstrating the exceptional range and reliability of our 5G architecture. As part of this testing, our 5G chipset powered the first 5G air-to-ground call on Airspan's In Motion 5G platform, an industry first achieved in collaboration with our customer, Airspan and Gogo.

他們的系統整合驗證了我們的晶片組在嚴苛的空中環境中的性能，證明了我們 5G 架構的卓越範圍和可靠性。作為測試的一部分，我們的 5G 晶片組在 Airspan 的 In Motion 5G 平台上實現了首次 5G 空對地通話，這是與我們的客戶 Airspan 和 Gogo 合作實現的業界首創。

Gogo's deployment time line remains aligned with our production schedule and our program milestones are tracking to support their planned launch later this year. In parallel, we are now confidently moving forward to prepare our 5G product and production flow for the Gogo launch and subsequent launches that are expected to follow in 2026. Including the initial sample shipments to date, our 5G chipset orders have already exceeded 2,500 units.

Gogo 的部署時間表與我們的生產計劃保持一致，我們的專案里程碑也按計劃推進，以支援他們今年稍後的計劃發布。同時，我們正充滿信心地推進 5G 產品和生產流程的準備工作，以迎接 Gogo 的發布以及預計在 2026 年推出的後續產品。包括目前為止的首批樣品發貨在內，我們的 5G 晶片組訂單已經超過 2500 台。

The early demand represents strong pull-through from lead customers and growing engagement from others prepared to follow Gogo's lead. We are working closely with our manufacturing partners to expedite shipments and ensure we can fulfill these orders as quickly as possible. Based on current production schedules, we remain on track to support these deliveries in late Q4 2025.

早期需求表明，領先客戶的強勁需求以及其他準備效仿 Gogo 做法的客戶參與度不斷提高。我們正與生產合作夥伴緊密合作，加快出貨速度，確保盡快完成這些訂單。根據目前的生產計劃，我們仍有望在 2025 年第四季末完成這些交付。

Importantly, the volumes already shipped are sufficient to support the first wave of aircraft installations, positioning us to scale as additional operators and network partners begin their own deployment cycles in 2026. To further support our efforts, we also strengthened our financial position in the quarter by securing $10.7 million in debt financing from our largest shareholder.

重要的是，目前已交付的數量足以支援第一批飛機安裝，使我們能夠隨著其他營運商和網路合作夥伴在 2026 年開始各自的部署週期而擴大規模。為了進一步支持我們的努力，我們還在本季透過從我們最大的股東那裡獲得 1,070 萬美元的債務融資，加強了我們的財務狀況。

The net proceeds are providing additional capital to accelerate final production readiness, supporting other working capital requirements and ensuring we're fully prepared for the coming production ramp, including the volume shipments that are expected to begin later this year.

所得淨收益將提供額外資金，以加快最終生產準備工作，滿足其他營運資金需求，並確保我們為即將到來的生產爬坡做好充分準備，包括預計今年稍後開始的大批量出貨。

Overall, these milestones reflect a company that is executing steadily and methodically. We are entering the later stages of commercial readiness with strong customer engagement, early production revenue and strengthened balance sheet to support this next phase of growth.

整體而言，這些里程碑反映出公司正在穩定、有條不紊地執行各項任務。我們正進入商業準備的後期階段，擁有強大的客戶參與度、早期生產收入和更強勁的資產負債表，以支持下一階段的成長。

As we look ahead to the fourth quarter and into 2026, our focus remains on scaling efficiently by ensuring our production operations, supply chain partners and logistics are aligned to support the transition to volume production and sustained 5G sales. And with that, I'll turn the call over to Edmond to discuss our Q3 results.

展望第四季和 2026 年，我們的重點仍然是透過確保我們的生產營運、供應鏈合作夥伴和物流協調一致，以支援向批量生產和持續的 5G 銷售過渡，從而實現高效的規模化。接下來，我將把電話交給埃德蒙，讓他來討論我們第三季的業績。

Thank you, John. The third quarter represents a meaningful transition point for GCT as we recorded our first 5G product revenue, an important proof point in our commercialization path. While total revenue remains modest, this initial contribution from our 5G chipset underscores the tangible progress we are making towards broader adoption and accelerated production. With that, I will now turn to our third-quarter 2025 financial results. Further details can be found in the 10-Q that will be on file with the SEC.

謝謝你，約翰。第三季對 GCT 而言是一個重要的過渡點，因為我們實現了第一個 5G 產品收入，這是我們商業化道路上的一個重要證明點。雖然總收入仍然不高，但我們 5G 晶片組的這一初步貢獻凸顯了我們在更廣泛應用和加速生產方面取得的實際進展。接下來，我將介紹我們 2025 年第三季的財務表現。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。

Net revenues decreased from $2.6 million for the three months ended September 30, 2024, to $0.4 million for the three months ended September 30, 2025. The decline was largely driven by a decrease of $1.6 million in product sales.

截至 2024 年 9 月 30 日止三個月的淨收入為 260 萬美元，而截至 2025 年 9 月 30 日止三個月的淨收入為 40 萬美元。此次下滑主要是因為產品銷售額減少了 160 萬美元。

The prior-year period included $1.5 million from the sales of our 5G platform to support the customer in shifting their product development priorities to our 5G products. Service revenues also decreased by $0.6 million, primarily due to the completion of existing 5G product development projects, while we are in a transitional phase in securing new projects.

去年同期收入包括 150 萬美元，這筆收入來自我們 5G 平台的銷售，旨在幫助客戶將其產品開發重點轉移到我們的 5G 產品上。服務收入也減少了 0.6 百萬美元，主要是由於現有 5G 產品開發項目的完成，而我們目前正處於爭取新項目的過渡階段。

Cost of net revenue increased by $0.5 million or 50% from $1 million for the three months ended September 30, 2024, to $1.5 million for the three months ended September 30, 2025. The increase in the cost of the net revenue was primarily due to additional production overhead costs and $0.5 million incremental write-down related to slow-moving 4G LTE inventory, partially offset by lower service costs.

截至 2024 年 9 月 30 日止三個月的淨收入成本為 100 萬美元，較上年同期增加 50 萬美元，增幅為 50%，至截至 2025 年 9 月 30 日止三個月的淨收入成本為 150 萬美元。淨收入成本的增加主要是由於額外的生產管理費用和與滯銷的 4G LTE 庫存相關的 50 萬美元增量減值，部分被較低的服務成本所抵消。

Our gross margin for the three months ended September 30, 2025, was negative and reflects the lower product revenue that is currently not sufficient to fully absorb production overhead costs. This makes our gross margin less indicative of the underlying profitability of our products and services. We expect margins to improve substantially as 5G product sales contribute more significantly to our overall revenue beginning in Q1 2026.

截至 2025 年 9 月 30 日的三個月，我們的毛利率為負，反映出產品收入較低，目前不足以完全抵銷生產間接費用。這使得我們的毛利率不太能反映我們產品和服務的實際獲利能力。我們預計，從 2026 年第一季開始，隨著 5G 產品銷售對我們整體收入的貢獻越來越大，利潤率將大幅提高。

Research and development expenses decreased by $1 million or 23% from $4.2 million for the three months ended September 30, 2024, to $3.3 million for the three months ended September 30, 2025. The reduction was largely due to a $1.2 million decrease in professional services related to the design of 5G chip products as this development project was completed in the second quarter of 2025, partially offset by a $0.2 million increase in personnel-related costs.

截至 2024 年 9 月 30 日止三個月的研發費用為 420 萬美元，而截至 2025 年 9 月 30 日止三個月的研發費用為 330 萬美元，減少了 100 萬美元，降幅為 23%。此次削減主要是由於與 5G 晶片產品設計相關的專業服務費用減少了 120 萬美元，因為該開發項目已於 2025 年第二季度完成，但部分被人員相關成本增加 20 萬美元所抵消。

Sales and marketing expenses were relatively flat year-over-year, increasing $0.1 million from $0.9 million for the period ended September 30, 2024, to $1 million for the period ended September 30, 2025. General and administrative expenses increased by $1.5 million or 64% from $2.4 million for the three months ended September 30, 2024, to $3.9 million for the three months ended September 30, 2025. The increase primarily reflects an increase in stock-based compensation expenses and higher personnel-related costs.

銷售和行銷費用與去年同期基本持平，從截至 2024 年 9 月 30 日的 90 萬美元增加到截至 2025 年 9 月 30 日的 100 萬美元。一般及行政費用從截至 2024 年 9 月 30 日止三個月的 240 萬美元增加到截至 2025 年 9 月 30 日止三個月的 390 萬美元，增加了 150 萬美元，增幅達 64%。這一增長主要反映了股票選擇權激勵費用的增加和人事相關成本的上升。

We ended the quarter with cash and cash equivalents of $8.3 million as well as net accounts receivable of $3.7 million and net inventory of $1.9 million. As John mentioned, in September of this year, we secured $10.7 million in senior secured debt financing from our largest shareholder.

本季末，我們持有現金及現金等價物 830 萬美元，淨應收帳款 370 萬美元，淨存貨 190 萬美元。正如約翰所提到的，今年 9 月，我們從最大的股東那裡獲得了 1,070 萬美元的優先擔保債務融資。

These net proceeds are being used to accelerate production readiness, manage other working capital and support volume shipments. These financing complements our existing $200 million shelf registration, providing us with the flexibility to fund the next stage of the commercialization of our 5G chipset.

這些淨收益將用於加快生產準備、管理其他營運資金和支持批量發貨。這些融資是我們現有 2 億美元擱架註冊資金的補充，使我們有靈活性為 5G 晶片組商業化的下一階段提供資金。

With this, I will turn it back over to John.

這樣，我就把任務交還給約翰了。

Thanks, Edmond. In summary, the third quarter reflected continued progress on all fronts, from technical validation and customer engagement to early 5G revenue and strengthen liquidity. Our focus now is on completing production readiness, supporting customer launches and ensuring we execute efficiently as we enter the next stage of 5G commercialization.

謝謝你，埃德蒙。總而言之，第三季反映了各方面持續取得進展，從技術驗證和客戶互動到早期 5G 收入和增強流動性。我們現在的重點是完成生產準備工作，支援客戶產品發布，並確保我們在進入 5G 商業化的下一階段時能夠有效執行。

I want to thank our employees, partners and shareholders for their ongoing support and commitment. We're pleased with the steady progress we're making and look forward to building on this momentum in the quarters ahead. I will now turn the call back over to the operator, who will assist us in taking your questions.

我要感謝我們的員工、合作夥伴和股東們一直以來的支持和付出。我們對目前的穩定進展感到滿意，並期待在接下來的幾個季度繼續保持這一勢頭。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) Craig Ellis, B. Riley Securities.

（操作說明）Craig Ellis，B. Riley Securities。

Yeah, thanks for taking the questions, and congratulations on moving 5G ahead, guys. John, I wanted to start just getting a better sense for the volumes that might ship later this year. I think the press release noted orders for 4,500 units. Is that what you'd expect to ship in rev rec in the fourth quarter, or are you expecting a materially larger amount?

是的，感謝你們回答問題，也祝賀你們在推進 5G 技術方面取得進展。約翰，我想更了解今年稍後可能會發貨的數量。我認為新聞稿中提到了4500台的訂單。這是您預計第四季度營收到帳的金額，還是您預計會有更大幅度的到帳？

Yeah. So, I think the press release indicates that the total orders received so far is around 2,500 units. And we should be able to -- I mean, that's stuff that we've already shipped as well as what's on backlog that we'll ship this quarter. So it's in that range. And we -- that's what we're expecting right now.

是的。所以，我認為新聞稿表明，目前為止收到的訂單總數約為 2500 台。我們應該能夠做到——我的意思是，這包括我們已經交付的產品，以及我們本季將要交付的積壓產品。所以它就在這個範圍內。而我們——這就是我們目前所期待的。

Got it. Okay. So we'll be able to ship a small volume to Orbic and Airspan, and it sounds like Gogo this quarter. Can you talk a little bit more about how that might evolve when we get into the first quarter? In the past, we've talked about a European equipment customer. Would you expect to be broadening shipments to those that are starting to take product in 4Q and 1Q? And can you help us understand how the customer base might broaden further as you get into the first quarter?

知道了。好的。因此，我們將能夠向 Orbic 和 Airspan 運送少量貨物，而且聽起來這季度 Gogo 也會收到貨物。您能否再詳細談談進入第一季後，這種情況可能會如何發展？過去，我們曾談到一位歐洲設備客戶。您是否預計會擴大對那些在第四季和第一季開始接收產品的客戶的供貨範圍？您能否幫助我們了解一下，隨著您進入第一季度，客戶群可能會如何進一步擴大？

Yeah, yeah. So we have started actually more wafers already that will significantly increase our supply into Q1. And the backlog that we have right now is what I've indicated already. And we do expect that within Q1 or certainly within Q1 and perhaps by the end of this quarter, we'll have more backlog that we'll be supporting exit Q1. And it will be for continuing on with Airspan's demand as well as other customers that we've talked about that we've been sampling.

是啊是啊。因此，我們已經開始生產更多的晶圓，這將大大增加我們第一季的供應量。而我們目前積壓的工作量，正如我之前所指出的。我們預計在第一季度，或至少在第一季末，我們將有更多的積壓訂單，以支持我們在第一季末完成工作。我們將繼續滿足 Airspan 的需求，以及我們之前談到並進行過樣品測試的其他客戶的需求。

Got it. And then -- and this may be more of a question for Edmond. Edmond, I think we had previously been looking for adjusted EBITDA breakeven in the 2Q '26-time frame. Can you talk about the confidence in the business' ability to get there? And what are some of the things that we can look to that will help indicate that, that or another date would be the time that we get to that key milestone.

知道了。然後——這或許更該問問艾德蒙。埃德蒙，我認為我們之前一直在尋找 2026 年第二季度調整後的 EBITDA 盈虧平衡點。您能否談談對公司實現目標的信心？那麼，我們可以關注哪些方面來判斷，那個日期還是另一個日期，是否就是我們達到那個關鍵里程碑的時間呢？

Craig, thank you so much for the question. Although we have not been publishing our adjusted EBITDA, but internally, we have been tracking our adjusted EBITDA trend. And for the last three quarters, the trend was quite stable from that perspective.

克雷格，非常感謝你的提問。雖然我們沒有公佈調整後的 EBITDA，但我們在內部一直在追蹤調整後的 EBITDA 趨勢。從這個角度來看，過去三個季度的趨勢相當穩定。

And with that trend and with the anticipated scale production and sales ramp into the second half of next year, we are still anticipating that we might be able to have a breakeven adjusted EBITDA in Q3 next year and starting to have more positive cash flow in terms of operations in Q4 next year.

鑑於這一趨勢，以及預計明年下半年生產和銷售規模將逐步擴大，我們仍然預計明年第三季調整後 EBITDA 將實現盈虧平衡，並在明年第四季開始在營運方面獲得更正的現金流。

Okay. That's helpful. And then one other detail as we get to the point where we're starting to ship to customers who have placed orders. How are you finding that pricing is holding up? I think we've historically thought there would be that very significant increase to around $40 ASPs, is that what you're seeing customers commit to? Or are there gives and takes? And if so, to what extent?

好的。那很有幫助。還有一點要說明，那就是當我們開始向已下單的客戶出貨時。您覺得價格走勢如何？我認為我們一直以來都認為平均售價會大幅上漲到 40 美元左右，您認為客戶實際接受的價格也是這個水平嗎？或者說，這其中是否存在著互惠互利的關係？如果屬實，程度如何？

We're seeing prices above that, we're seeing prices below that. But I think that still serves as a good average.

我們看到的價格高於這個價格，我們也看到的價格低於這個價格。但我認為這仍然是一個不錯的平均值。

Okay. That's helpful, John. And then, there was mention made of doing things to ready the supply chain for higher volume production. Can you just identify the top two or three things that you've got your eye on as we look to bring our 5G chips to customers and more significant volume as we exit this year and move into '26?

好的。那很有幫助，約翰。然後，有人提到要採取措施，使供應鏈為更高產量的生產做好準備。在今年結束、邁入 2026 年之際，為了向客戶推出 5G 晶片並實現更大的產量，您能否重點指出您最關注的兩三件事？

Yeah. I think those things would be -- the longest lead time, of course, is fab. So having wafers start in fab as early as possible to support that sort of a ramp. So that's begun. So -- and we'll continue to do that as we move forward to support the increased demand.

是的。我認為那些東西——當然，最長的交貨週期是極好的。因此，要儘早讓晶圓在晶圓廠開始生產，以支持這種產能爬坡。所以，一切就此開始。所以——我們將繼續這樣做，以滿足不斷增長的需求。

The other thing is to make sure that we've got our testing in place so that we can yield properly and efficiently. And then the other thing would be to actually prep our assembly house for the demands that are coming.

另一件事是確保我們的測試到位，以便我們能夠正確、有效率地獲得產量。另一方面，我們也需要為即將到來的各種要求做好準備，讓我們的議會能夠應對這些要求。

We're starting to see a little bit of shortage in the marketplace and longer lead times for PCBs. And so as long as we are forecasting properly, that shouldn't be a big problem, and we should be able to actually manage that.

我們開始看到市場上出現了一些短缺，PCB的交貨週期也變長了。所以只要我們預測得當，這應該不會是個大問題，我們也應該可以應付。

Got it. Okay, well, thanks for taking all the questions, and good luck guys.

知道了。好的，謝謝大家回答所有問題，祝你們好運。

(multiple speakers)

（多位發言者）

Thank you. (Operator Instructions) And this does conclude the question-and-answer session as well as today's program. Thank you, ladies and gentlemen, for your participation. You may now disconnect. Good day.

謝謝。（操作說明）問答環節到此結束，今天的節目也到此結束。謝謝各位的參與。您現在可以斷開連線了。再會。