GCT Semiconductor Holding Inc. reported its financial results for the first quarter of 2025, showing significant declines in key financial metrics compared to the same period in 2024. Net revenues for the quarter were $0.5 million, representing an 84.8% decrease from $3.3 million in 2024. The gross margin dropped to 17.7%, a decrease of 42.1 percentage points from the previous year's 59.8%. Total operating expenses surged to $7.8 million, which marks a 248.2% increase from a negative $5.3 million in the first quarter of 2024. This increase was primarily due to a one-time gain on extinguishment of liability of $14.6 million recorded in 2024. Excluding this one-time gain, the operating expenses would have decreased by $1.5 million, or 16.3%. The company reported a net loss of $7.0 million, a stark contrast to a net income of $0.8 million in the same quarter last year, reflecting a decrease of 1020.5%. Looking ahead, GCT Semiconductor expects the sampling of its 5G chipsets to commence at the end of May 2025, with volume shipments anticipated to increase through the third and fourth fiscal quarters of 2025. The company's liquidity as of March 31, 2025, includes cash and cash equivalents of $1.0 million, net accounts receivable of $4.5 million, and inventory valued at $3.1 million.