Good afternoon. Thank you for attending GCT Semiconductor Holding Inc.'s second quarter 2024 financial results call. All lines will be muted during the presentation portion of the call with an opportunity for question and answers at the end. Joining the call today are John Schlaefer, GCT's Chief Executive Officer, and Edmond Cheng, CFO, to discuss our second quarter results. During this 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 provisions 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. I will now turn the call over to Mr. John Schlaefer. Thank you, and thanks to everyone for joining us today for our second quarter 2024 and inaugural earnings call. In light of the fact that some of you might be new to our story, I want to spend a few minutes to discuss our business operations and history before focusing on our Q2 financial results. Important to note, despite being new to earnings calls, we are not new to the wireless communication technologies. GCT was founded in Silicon Valley in 1998 and is a fabless semiconductor company that specializes in the design, manufacturing, and sale of communication semiconductors, including high-speed wireless technologies. We have successfully developed and supplied communication chipsets and modules to leading wireless operators and their suppliers worldwide, specifically to original design manufacturers and original equipment manufacturers, ODMs and OEMs, for portable wireless hotspots, indoor and outdoor fixed wireless modems, and industrial machine-to-machine applications, which includes a very broad set of use cases like security, tracking, metering, and satellite applications. Starting from the 2010 timeframe, we were focused on the fourth generation chipset or 4G LTE. That has paved the way for more advanced technology, specifically 5G chipsets which we are now close to finalizing the development of. While most people recognize 5G in connection with smartphones, our focus is on the non-smartphone sector. Since the segments of the market we are targeting is not only very large and diverse, but also benefits from several tailwinds, like the rise of artificial intelligence, the lack of established alternatives in the West, Qualcomm, and geopolitical factors. To give you just one example, just last month, Germany followed in the footsteps of the U.S., Britain, Sweden, Japan, Australia, New Zealand, and Canada by announcing plans to bar or restrict imports of electronic components from Chinese tech giants Huawei and ZTE in core parts of its 5G networks. GCT is well positioned to benefit from these geopolitical shifts as well as from other economic trends. Turning now from macroeconomic aspects to an overview of our second quarter and some of our operational highlights since we last updated in May. As we have guided the capital markets in the past, the industry is currently in the midst of a planned transition from sales of 4G chipsets to 5G chipsets. During this phase, we have purposely focused on increasing our design and service revenue to 5G customers to offset the decrease in 4G product sales. While 2Q marked an anomaly regarding 4G product sales, we expect a positive rebound effect of our 4G sales to take place in the future, in conjunction with the initial deliveries of our 5G chipsets. Even as we focus on launching our 5G products and servicing that demand, we anticipate continuous demand from both existing and new 4G products. As an example, our recently announced multi-mode 4G chipset, GDM7243SL, is ideal for industrial, utility, and satellite applications, including for 450 MHz networks, and has received a lot of positive attention. We expect strong demand for this product even as the market evolves towards 5G. With the additional expected initial deliveries of our 5G chipset, we are looking forward to offering high demand, high-quality products to a large and rapidly growing market. Which brings me to our most important topic. Our 5G chipset development is progressing as projected, and we expect the commencement of initial deliveries to alpha customers to take place during the fourth quarter of 2024. Focusing now on some of the exciting announcements that we've made. We are pleased to continue the collaboration with our long-standing partner, Samsung. We have announced an MOU with Samsung Electronics for collaboration to accelerate the development of 4G, 5G chipsets and modules and adoption by device makers. As a chipset and base station maker, GCT and Samsung share interests in many 5G-related markets, and as a result, this collaboration is mutually beneficial to us both. We will work together with Samsung to promote the total Samsung GCT solution and to strengthen the ecosystem of OEM and ODM device makers in order to support wireless operators worldwide, including the Saudi Arabian oil group, Aramco, in the 450 MHz and 4 G business, mission-critical public safety, and more. We also recently announced a collaboration with Kyocera to develop a 5G reference platform, aiming to accelerate GCT's development of 5G millimeter wave modems and CPE for fixed wireless access. This collaboration will bring together first-class millimeter wave antenna technology with superior 5G expertise... We provide a complete solution for Kyocera's product platform and our 5G customers. I firmly believe this will further strengthen our position as a leader in the growing 5G millimeter wave CPE market. At the end of July, we made an announcement together with Ligado Networks about the commercial availability of the Band 54 modules, paving the way for nationwide critical infrastructure, private network use of the licensed mid-band spectrum. Last but not least, at the end of May, we announced the world's first highly integrated multi-mode LTE chipset, supporting, among other things, the 450 MHz spectrum in utility space. As you can tell, we are not short of exciting partnership, customer, and product announcements, a clear testimonial to our progress in transitioning to 5G. The announcements we have made over the last few weeks showcase the momentum we are gaining in building the customer foundation for an outsized growth based on our 5G chipset sales. I couldn't be more excited about the progress we are making. In addition, we are happy to now be included in the Russell 2000 Index, as well as other Russell Growth and Value style indices as part of the yearly Russell 3000 reconstitution. With that, I'll turn it over to Edmond to discuss our financial results. Thank you, John. Turning now to our second quarter financial results, further details on which can be found in the Form 10-Q that will be on file with the SEC. Our net revenue was $1.5 million for the three months ended June 30th, 2024, a decrease of $2.8 million from $4.3 million for the three months ended June 30th, 2023. The decrease was primarily attributable to a decrease of $4 million in product sales, offset by an increase in service revenue. Cost of net revenues decreased by $0.9 million to $0.5 million for the three months ended June 30th, 2024, from $1.5 million for the three months ended June 30th, 2023. Product costs decreased by $0.8 million from $1.0 million for the three months ended June 30th, 2023, to $0.2 million for the three months ended June 30th, 2024. The decrease was primarily driven by the decrease in direct product costs as we sold fewer units. Service costs remained comparable for the three months ended June 30th, 2024 and 2023. Our gross margin decreased to 63% for the three months ended June 30th, 2024, from 66% for the three months ended June 30th, 2023, primarily due to decreased product sales. Our product costs for the three months ended June 30th, 2024, were primarily comprised of allocated overhead and inventory adjustment costs. I want to remind everyone that these high margins are due to our comparably higher percentage of service revenue, and not necessarily reflective of our overall gross margins once we are ramping up a higher percentage of product revenue. Research and development expenses increased by $0.2 million, or 4%, from $4.0 million for the three months ended June 30th, 2023, to $4.2 million for the three months ended June 30th, 2024. This increase was primarily due to a $0.3 million increase in R&D expenses, mainly related to services provided to designing 5G chip products. Sales and marketing expenses increased by $0.2 million, or 29%, from $0.8 million for the three months ended June 30th, 2023, to $1.0 million for the three months ended June 30th, 2024. This increase was primarily due to personnel-related costs. General and administrative expenses increased by $0.2 million, or 9%, from $2.6 million for the three months ended June 30th, 2023, to $2.9 million for the same period last year. The change was primarily due to a $1.2 million increase in professional expenses related to the public company operations, partially offset by a net reduction of $0.8 million in provision for credit losses and $0.2 million net reduction in other expenses. Before turning back over to John for the closing remarks, I want to spend some time talking about our balance sheet and our liquidity as a simple look on what will be on file for our ending balance for the second quarter, which might not fully mirror the progress as of today. While we closed the second quarter with cash and cash equivalents of $4 million, we also had net accounts receivable of $5.2 million. Since the completion of our public offering earlier this year, we have succeeded in strengthening the company's capital structure by deleveraging and recapitalizing the company's balance sheet, highlighted by the repayment of $6.3 million of debt. I am pleased to announce that we have also successfully restructured the terms of some of our outstanding debt. The extended maturities of several term loans are now in line with expected proceeds from our 5G chipset sales and our financing cash flows in 2025. Additionally, we have since continued to cautiously make use of our equity line of credit with B. Riley Securities to provide liquidity and funding for our business operations. Under this facility, and subject to market conditions, we may raise up to $50 million through at-the-market offerings from time to time. I want to stress how balanced and cautious our approach has been. Looking ahead, we will continue to monitor all relevant elements to ensure that we are well capitalized, especially until our 5G product sales ramp find its way into our financial statements. With this, I will turn it back over to John. Thanks, Edmond. In closing, we are more than ever excited about the growth opportunity ahead of us. We have announced major partnerships and have made significant operational progress that shows the momentum we are gaining in building the customer foundation for substantial growth based on our 5G chipset launch. We remain on track to launch initial deliveries of our 5G chipset to Alpha customers during the fourth quarter of this year. Finally, I would like to thank our employees, partners, and our customers for their continued efforts and dedication to the company, which ultimately drives our success as an organization. Together, we focus on driving innovation, supporting the global transition to 5G solutions, and delivering strong, profitable growth for our shareholders. We are entering a new phase as we transition toward the commercialization of our 5G technology and hope you are with us for the journey. This is truly an exciting time to be part of GCT. I will now turn back over to the operator, who will assist us in taking your questions. Thank you. To ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. One moment for our first question. Our first question will come from the line of Craig Ellis from B. Riley Securities. Your line is open. Yeah, thank you for taking the question, guys, and congratulations on all the big announcements in the quarter. John, I wanted to start with just a clarification. You indicated that you expect 4G revenues to rise in the third quarter. Can you talk a little bit about what's giving you confidence in the rebound back? And then how do the programs that are driving that rebound play out in your mind as we look to the fourth quarter of this year? Yeah. So thank you, Craig. Well, in this, what we said was that we expected the 4G product sales to actually rebound in the future. We weren't specific about actually Q3. But what we see right now is, you know, a transition with our customers. And with our customers, their programs are not homogenous, so they've got 4G projects, and they've got 5G projects. And so there's attention that's being consumed on the 5G projects and some slowdown on the 4G projects, as you might expect. And then there's also the channel inventory that, you know, as a result of that, as a result of also operators transitioning to 5G. So, you know, we're looking at that right now, to see, you know, in the short term, how that will transition. But we do see that both 4G and 5G will continue to coexist, you know, over time. So we don't have a clear picture for that at the moment. Got it. Then, and it sounds like there are some crosscurrents in play, but for the most part, your 4G customer programs remain active. They're just being managed, but they also manage the ramp-up of 5G. Okay. Yeah. So then moving on to something that may be a little bit more in the strategic sweet spot as we think about the exit to this year and next year, can you just provide some more color on 5G chipset development for your alpha customer? And any color on the breadth of engagement as we think about what can drive the volume ramp in the first half of next year with 5G. Right. So we've got a number of 5G engagements. So it's not just one alpha customer. There's, you know, four or more that we have contracts with, and we've just added Kyocera to that with our recent announcement. So, these customers we're working with right now, and they're developing their products and their platforms based around our 5G chipset. And so we'll be sampling those in the fourth quarter. And, you know, they each have their own schedule for how they would ramp in the 2025 timeframe. And then there's the other 4G customers that we have now that you know might not be considered you know Alpha customers for our 5G products, but are actually waiting for samples also that would engage with us on 5G in the 2025 timeframe. Got it. So quite a bit of activity there. And then, the last one before I hop back in the queue. You mentioned Kyocera, so can you just provide a little bit more color on what that announcement means for GCT, its ability to commercialize product in different parts of the world? And since an extended agreement was announced with Samsung yesterday, can you also provide more detail on what the Samsung agreement does for the company as you pursue the 5G chipset product path? Thank you, John. Yeah. Yeah. So I'll take the first one first. So on the Kyocera side, so that's focused on a 5G millimeter wave platform for FWA. And so it's common for us to provide reference designs to our customers, and so we will continue to do that in the 5G arena. And one of the challenging aspects of that might be the millimeter wave antenna module. So actually, Kyocera will be providing that part of the platform that will allow us to provide a complete millimeter wave reference design. And, also, you know, they will have access to that for their own internal use, for whatever, for whatever, FWA activity they have in the Japanese market and beyond. So those two key focuses. And, I'd like to say that, you know, our 5G chip is specifically designed to not only work with our own internal millimeter wave RF products, but also to work with actually third parties as well. Samsung. Oh, and then, on the Samsung side, I think we've kind of, you know, stated that in the press release. But, you know, as we start, you know, rolling out the 5G products, I mean, clearly there's collaboration that happens with the infrastructure partner, with the base station partner. And actually, a big part of that is the interoperability testing that happens between those two aspects. So this collaboration will have us working closer together on that, as well as, you know, certain features that Samsung may wanna promote in their base station. You know, through discussion and through collaboration, we can optimize for that. Got it. Thank you, John. You're welcome. Thank you. One moment for our next question. Our next question comes from the line of Matt Ramsey from TD Cowen. Your line is open. Hey, guys. This is actually Sean O'Loughlin on for Matt. Congrats on getting the first call under your belt, and as Craig mentioned, the momentum on the customer engagement side. John, I wanted to ask on those customer engagements and some of these, you know, MOUs that you've been announcing over the last few months. If you go back six months or so to, you know, when you did the recapitalization and all of that, how much of this customer engagement was sort of contemplated at that time, versus how much of this is, you know, increasing momentum and sort of broadening engagement beyond your initial customer, and I guess would sort of represent, quote, unquote, "upside" to what you were thinking at the time when you did the transaction? I think that. Let me just think about what the split might be. You know, in the announcements that we've had, there's probably maybe only one that is probably additional to that. These things actually take a long time, you know, to develop. So, you know, just, you know, the fact that we have an MOU, we've been talking about these things for a while. So we're happy to, you know, to be able to close this sort of chapter with a, you know, a written document. But I think these are things that, as part of our 5G strategy, we've been working on. Great. Then maybe just to clarify on some of the commentary regarding the 5G revenue timing. I guess, should we expect then that, you know, this sort of let's not, not the specific dollar figure necessarily, but sort of the depressed relative 4G based product revenue should continue at least, you know, for the next couple of quarters, if we're thinking about 4G customers waiting for 5G product to sample, and then maybe some of the new products in the 4G, you know, in the 4G standard is still in the early stages of ramping and sampling. So should we kind of think about the 4G revenue as depressed for a couple quarters? Well- through the rest of the year? That's probably a reasonable way to think about it. And, you know, our focus and our energies are going on five G, as that's the future, and for a number of reasons, you know, volume, technology, ASPs, everything. And so, you know, to distract that with reset, with resources pursuing four G platforms, that's not the right thing for us to do. So, it's probably an accurate depiction. We definitely want the four G revenue, and we want to be shipping product into those applications, and we will. But, you know, like I said, our resources are focused on five G. Yeah, totally makes sense. I guess last one for me, and I guess this one is probably more for Edmond. But, on the, you know, the balance sheet commentary, I noticed that you mentioned some extension of terms to align with the 2025, but I do see still sort of a chunk or the large, large part of the borrowing still sort of in that current bucket rather than the long-term bucket. So is that either a timing thing, like maybe some of the restructuring took place after the end of the quarter? Or is it, should I just think about that as very literal, you know, the June 2025 timeframe as some of those extensions, as where some of those extensions went out to? Hi, Sean, this is Edmund. You are exactly correct from that sense. Majority of those, negotiation of the extension of the loan, was completed in early July from that perspective. So it didn't meet the cutoff time of June thirtieth. So we have actually successfully renegotiated more than close to $21 million of our existing current debt, basically from Q3 of 2024 to Q1, Q2, and Q3 of 2025. So that actually aligning the debt to some of the ramp up that we expect from our Q3 launch in 2025. That's yeah, that's super helpful. And then I guess it, to the extent that you're able to, you know, kind of comment on that, would you then... would you then expect to use some of the proceeds from this 5G ramp to then pay down that, some of that debt? Is that why you're aligning the term structure in that way? Or is it just you expect to have a better, you know, capital position at that time and therefore can feel stronger about, you know, refinancing? Actually, Sean, it's a combination of both. We feel that with the ramping up of our 5G chip in terms of revenue, it would also improve on our cash flow situation operationally. In addition to that, we also will be able to gradually improving our capital structure, and that will give us in a much more sound financial standing at that point of time. So it is a journey that we are moving towards to basically adequately recapitalize the company balance sheet so as to encourage, I mean, support the company's growth plan into 2025. Got it. Very clear. That's all for me. Congrats again, guys. Thanks. Hey, hey, Sean. Just one second here. One clarification on my 4G comment. You know, in our- Mm-hmm. In our announcement, we do talk about a new 4G product, which is a 7243 SL, and that is important to us, and we think that's gonna have actually long legs to it. But that's not gonna help us in Q3 and Q4. So just a clarification on that. Yeah. No, totally understood. Yeah, I interpreted you in that way as well. So, appreciate the clarification. Thank you. One moment for our next question. As a reminder, that's star one one for questions, star one one. Our next question will be a follow-up from the line of Craig Ellis from B. Riley. Your line is open. Yeah, so I'll start just with a follow-up on the recent line of inquiry, taking off on some of the questions around the first half's 5G ramp, but I'll do it this way. As we think about what can ramp up in the first half of next year, how should we think about how customers intend to use product across the opportunities that they have with either CPE type implementations, mobile router implementations, or IoT implementations. What's the appetite you're seeing in those different areas as your customers get started on 5G early next year? Yeah, I see that we've got, you know, strong interest across all those categories. So certainly, you know, hotspot related, certainly FWA, you know, CPE type of, type of products. And then there's products that actually fall into the other categories of, you know, module-based applications that are, you know, machine-to-machine type. I'm sorry? Nope, go ahead, John. Yeah, no. So, I would say that we have a full breadth of interest in product categories. Okay, that sounds good. Then the second question has a bit of a technical twist to it. I think one of the things your product is known for is its multi-antenna capability, and since you commented on doing development work with infrastructure companies, I'm wondering, you know, what might be possible as you partner with somebody like Samsung to develop specific differentiation around that for CPE-type devices, and what you think that will mean in different markets with respect to your ability to really differentiate your product versus competitors. Yeah, I think that we'll be looking into that. I mean, however, we can, we can see ways to, you know, optimize for the, for the markets that we're in, specifically, you know, the FWA space, I mean, that's where that has the most value. I mean, we're gonna do that, and that can either be from a, you know, hardware perspective or, or software perspective. And we see, you know, optimization in both those areas that can happen. But I think working together closely with, with a partner like, like Samsung will help us identify that. Yep. And then lastly, for me, it was helpful to get some earlier color on the texture within some of the pushes and pulls with potential product revenues over the next couple of quarters. Guys, can you talk a little bit more about what's possible with services revenues as we think about what can happen through the back half of this year and early next year? Thank you. Yeah, I think that we, we're gonna do. I mean, we've got some engagements that are in the works, and it's possible that we'll be having a few other MOUs that we might announce, and each one of those would have the possibility of additional service revenue. So, you know, with service revenues, we recognize that revenue as we make progress on those contracts. So there is some that's already in the pipeline for us from that perspective. And then as we close on any new MOUs and/or contracts, those would have additional service revenue aspects to it, and those would layer on top. So, I mean, we very much are looking for, you know, other opportunities to add to what we're currently doing. Yep. And John, anything that's meaningful with a single engagement standpoint that we'd be wrapping up in the back half of the year? Because it sounds like there's a number of things that would put an upward bias on services, or is there a project or two that rolls off that we need to be aware of? I would say that what we have in the pipeline now is reasonably flat through Q4 from a service revenue perspective. But, you know, like I mentioned, we have a couple of other opportunities that we'd like to add. Got it. Thanks again for all the help. Good luck. Thank you. Thank you. I'm not showing any further queue, anybody else in the queue. With this, I'll close the call. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day. Thank you.