GCT Semiconductor Holding, Inc. (GCTS) Cash Flow Statement
Where GCTS’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- −$30.7M
- Capital expenditures
- $2.4M 84.1% of revenue
- Free cash flow
- −$33.1M −1,154.4% margin
- Returned to shareholders
- —
- Change in cash
- −$845,000 cash at year-end $590,000
Drawn to scale: where the cash came from and how it was used. Hover for values.
GCTS operating cash flow, capex and free cash flow
GCTS cash flow trends, FY2021–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$17.7MFY2021 | −$30.7MFY2025 | — | |
| Capital expenditures | $637,000FY2021 | $2.4MFY2025 | +39.5%/yr | |
| Free cash flow | −$18.4MFY2021 | −$33.1MFY2025 | — | |
| Free cash flow margin | −72.0%FY2021 | −1,154.4%FY2025 | −1,082.4 pts | |
| Stock-based compensation | $20,000FY2021 | $6.3MFY2025 | +321.8%/yr | |
| Share buybacks (net) | $318.4MFY2023 | $0FY2025 | −100.0% | |
| Capex / revenue | 2.5%FY2021 | 84.1%FY2025 | +81.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GCTS cash flow by activity
GCTS net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
GCTS cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | −$43.4M | −$12.4M | −$22.5M | −$26.4M | −$26.8M |
| Depreciation & amortization | $1.5M | $1.3M | $1.8M | $1.5M | $1.3M |
| Stock-based compensation | $6.3M | $2.7M | $43,000 | $17,000 | $20,000 |
| Change in working capital | $3.0M | −$8.8M | $9.3M | $5.7M | $2.9M |
| Other non-cash items | $2.0M | −$13.8M | $2.5M | $1.0M | $4.8M |
| Cash from operating activities | −$30.7M | −$31.0M | −$8.8M | −$18.1M | −$17.7M |
| Investing activities | |||||
| Capital expenditures | −$2.4M | −$542,000 | −$331,000 | −$903,000 | −$637,000 |
| Investments (net) | — | −$542,000 | −$331,000 | −$903,000 | −$637,000 |
| Acquisitions & other investing | $0 | $542,000 | $331,000 | $903,000 | $637,000 |
| Cash from investing activities | −$2.4M | −$542,000 | −$331,000 | −$903,000 | −$637,000 |
| Financing activities | |||||
| Share repurchases & issuance (net) | $190,000 | — | −$318.4M | — | — |
| Net borrowing (repayment) | $19.9M | $8.4M | $8.1M | $19.2M | $10.5M |
| Shares issued | $13.5M | $10.8M | $0 | $0 | $0 |
| Other financing | −$1.4M | $17.3M | $318.5M | $51,000 | $48,000 |
| Cash from financing activities | $32.2M | $36.5M | $8.1M | $19.3M | $10.6M |
| Summary | |||||
| Net change in cash | −$845,000 | $1.2M | −$1.1M | $147,000 | −$7.3M |
| Cash at end of period | $590,000 | $1.4M | $258,000 | $1.4M | $1.3M |
| Free cash flow | −$33.1M | −$31.5M | −$9.2M | −$19.0M | −$18.4M |
| Free cash flow margin | −1,154.4% | −345.1% | −57.1% | −113.9% | −72.0% |
| Capex / revenue | 84.1% | 5.9% | 2.1% | 5.4% | 2.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$20.4M | −$9.9M | −$9.0M | −$13.8M | −$13.5M | −$7.0M | −$5.0M | −$7.1M | −$1.0M | $757,000 | −$10.2M | −$4.3M |
| Depreciation & amortization | $451,000 | $445,000 | $425,000 | $346,000 | $339,000 | $341,000 | $334,000 | $265,000 | $344,000 | $382,000 | $555,000 | $455,000 |
| Stock-based compensation | $344,000 | $445,000 | $3.4M | $1.9M | $512,000 | $511,000 | $581,000 | $573,000 | $323,000 | $1.2M | $35,000 | $3,000 |
| Change in working capital | −$10.1M | −$3.6M | $530,000 | $823,000 | $1.8M | −$221,000 | $217,000 | $2.2M | −$3.1M | −$8.2M | $5.8M | $2.4M |
| Other non-cash items | $13.1M | $5.1M | −$2.6M | $3.9M | $2.2M | −$1.6M | $1.6M | −$594,000 | −$6.2M | −$8.6M | $2.8M | −$18,000 |
| Cash from operating activities | −$16.6M | −$7.4M | −$7.2M | −$6.9M | −$8.6M | −$8.0M | −$2.3M | −$4.6M | −$9.6M | −$14.4M | −$907,000 | −$1.5M |
| Investing activities | ||||||||||||
| Capital expenditures | −$321,000 | −$65,000 | −$1.3M | −$934,000 | −$91,000 | −$118,000 | −$357,000 | −$54,000 | −$131,000 | $0 | −$47,000 | −$62,000 |
| Investments (net) | — | — | — | −$934,000 | −$91,000 | −$118,000 | −$357,000 | −$54,000 | −$131,000 | $0 | −$47,000 | −$62,000 |
| Acquisitions & other investing | $0 | $0 | $0 | $934,000 | $91,000 | $118,000 | $357,000 | $54,000 | $131,000 | — | $47,000 | $62,000 |
| Cash from investing activities | −$321,000 | −$65,000 | −$1.3M | −$934,000 | −$91,000 | −$118,000 | −$357,000 | −$54,000 | −$131,000 | — | −$47,000 | −$62,000 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | $1,000 | — | — | — | — | — | −$1.1M | — |
| Net borrowing (repayment) | −$1.7M | $1.9M | $391,000 | $14.3M | −$2.2M | $7.5M | $4.2M | −$3.5M | — | — | — | — |
| Shares issued | $42.9M | $12.7M | $815,000 | $983,000 | $11.5M | $189,000 | $718,000 | $7.2M | $2.8M | $0 | $0 | $0 |
| Other financing | −$1.4M | −$434,000 | −$26,000 | −$308,000 | −$846,000 | $8,000 | $2,000 | $13,000 | −$5.2M | $30.3M | $1.6M | $757,000 |
| Cash from financing activities | $39.9M | $14.1M | $1.2M | $14.9M | $8.4M | $7.7M | $4.9M | $3.7M | −$2.4M | $30.3M | $558,000 | $757,000 |
| Summary | ||||||||||||
| Net change in cash | $23.0M | $6.6M | −$7.8M | $7.1M | $227,000 | −$396,000 | −$377,000 | −$2.2M | −$12.1M | $15.9M | $138,000 | −$1.1M |
| Cash at end of period | $30.2M | $7.2M | $590,000 | $8.3M | $1.3M | $1.0M | $1.4M | $1.8M | $4.0M | $16.1M | $258,000 | $120,000 |
| Free cash flow | −$16.9M | −$7.5M | −$8.5M | −$7.8M | −$8.7M | −$8.1M | −$2.6M | −$4.7M | −$9.8M | −$14.4M | −$954,000 | −$1.6M |
| Free cash flow margin | −1,738.1% | −390.3% | −1,120.2% | −1,813.3% | −738.5% | −1,626.8% | −147.1% | −179.3% | −666.2% | −441.4% | −22.8% | −36.0% |
| Capex / revenue | 33.1% | 3.4% | 167.3% | 217.2% | 7.7% | 23.8% | 20.0% | 2.1% | 8.9% | 0.0% | 1.1% | 1.4% |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | — | −19.04 | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
GCTS cash generation
In fiscal 2025 (ended September 30, 2025), GCT Semiconductor generated -$30.7 million of cash from operations and spent $2.4 million on capital expenditures, leaving free cash flow of -$33.1 million, −1,154.4% of revenue. Cash and equivalents fell by $0.8 million over the year.
Related: GCTS income statement, GCTS balance sheet. See the GCTS stock overview for the latest quote and news.
GCTS cash flow FAQ
What is GCT Semiconductor's free cash flow?
GCT Semiconductor's free cash flow was -$33.1 million in fiscal 2025: -$30.7 million of operating cash flow minus $2.4 million of capital expenditures It was -$31.5 million a year earlier..
How much cash does GCT Semiconductor generate from operations?
GCT Semiconductor generated -$30.7 million of cash from operating activities in fiscal 2025.
How much does GCT Semiconductor spend on capital expenditures?
GCT Semiconductor spent $2.4 million on capital expenditures in fiscal 2025, 84.1% of revenue, compared with $0.5 million the year before.