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Side-by-side financial comparison of GCT Semiconductor Holding, Inc. (GCTS) and HCW Biologics Inc. (HCWB). Click either name above to swap in a different company.
GCT Semiconductor Holding, Inc. is the larger business by last-quarter revenue ($758.0K vs $394.8K, roughly 1.9× HCW Biologics Inc.). HCW Biologics Inc. runs the higher net margin — -854.4% vs -1189.6%, a 335.2% gap on every dollar of revenue. On growth, GCT Semiconductor Holding, Inc. posted the faster year-over-year revenue change (-57.5% vs -70.2%). HCW Biologics Inc. produced more free cash flow last quarter ($-2.9M vs $-8.5M). Over the past eight quarters, HCW Biologics Inc.'s revenue compounded faster (-45.8% CAGR vs -58.8%).
GCT Semiconductor Holding, Inc. designs, develops and supplies high-performance wireless semiconductor solutions. Its product portfolio includes 4G LTE, 5G and IoT connectivity chips tailored for consumer electronics, industrial devices and telecom equipment. The company serves customers across North America, Asia-Pacific and European markets, with core segments covering mobile communications and edge connected devices.
HCW Biologics Inc. is a clinical-stage biotechnology company focused on researching and developing novel immunotherapies and biological products targeting unmet medical needs in oncology, chronic inflammatory disorders, and autoimmune diseases. It primarily operates in the U.S., advancing multiple pipeline candidates through early to mid-stage clinical trials.
GCTS vs HCWB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2024
| Metric | | |
|---|---|---|
| Revenue | $758.0K | $394.8K |
| Net Profit | $-9.0M | $-3.4M |
| Gross Margin | -162.7% | 20.0% |
| Operating Margin | -1577.0% | -795.9% |
| Net Margin | -1189.6% | -854.4% |
| Revenue YoY | -57.5% | -70.2% |
| Net Profit YoY | -81.4% | 68.4% |
| EPS (diluted) | $-0.16 | $-10.47 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $758.0K | — | ||
| Q2 25 | $1.2M | — | ||
| Q4 24 | $1.8M | $394.8K | ||
| Q3 24 | $2.6M | $426.4K | ||
| Q2 24 | $1.5M | $618.9K | ||
| Q1 24 | $3.3M | $1.1M | ||
| Q4 23 | $4.2M | $1.3M | ||
| Q3 23 | $4.5M | $853.1K |
| Q4 25 | $-9.0M | — | ||
| Q2 25 | $-13.5M | — | ||
| Q4 24 | $-5.0M | $-3.4M | ||
| Q3 24 | $-7.1M | $-3.9M | ||
| Q2 24 | $-1.0M | $-15.3M | ||
| Q1 24 | $757.0K | $-7.5M | ||
| Q4 23 | $-10.2M | $-10.7M | ||
| Q3 23 | $-4.3M | $-4.9M |
| Q4 25 | -162.7% | — | ||
| Q2 25 | 32.0% | — | ||
| Q4 24 | 32.3% | 20.0% | ||
| Q3 24 | 62.3% | 20.0% | ||
| Q2 24 | 62.7% | 29.2% | ||
| Q1 24 | 59.8% | 54.6% | ||
| Q4 23 | 44.3% | 19.1% | ||
| Q3 23 | 11.8% | 20.5% |
| Q4 25 | -1577.0% | — | ||
| Q2 25 | -642.3% | — | ||
| Q4 24 | -412.7% | -795.9% | ||
| Q3 24 | -226.5% | -864.1% | ||
| Q2 24 | -482.2% | -2445.8% | ||
| Q1 24 | — | -665.1% | ||
| Q4 23 | -102.9% | -813.3% | ||
| Q3 23 | -89.7% | -595.2% |
| Q4 25 | -1189.6% | — | ||
| Q2 25 | -1145.3% | — | ||
| Q4 24 | -278.5% | -854.4% | ||
| Q3 24 | -272.8% | -915.1% | ||
| Q2 24 | -71.0% | -2469.1% | ||
| Q1 24 | 23.2% | -662.8% | ||
| Q4 23 | -242.6% | -806.7% | ||
| Q3 23 | -97.1% | -578.9% |
| Q4 25 | $-0.16 | — | ||
| Q2 25 | $-0.26 | — | ||
| Q4 24 | $-0.15 | $-10.47 | ||
| Q3 24 | $-0.16 | $-4.13 | ||
| Q2 24 | $-0.02 | $-16.16 | ||
| Q1 24 | $0.03 | $-0.20 | ||
| Q4 23 | $-0.43 | $-0.30 | ||
| Q3 23 | $-0.18 | $-0.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $590.0K | $4.7M |
| Total DebtLower is stronger | $62.6M | $7.4M |
| Stockholders' EquityBook value | $-83.3M | $-6.8M |
| Total Assets | $15.6M | $30.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $590.0K | — | ||
| Q2 25 | $1.3M | — | ||
| Q4 24 | $1.4M | $4.7M | ||
| Q3 24 | $1.8M | $998.2K | ||
| Q2 24 | $4.0M | $1.2M | ||
| Q1 24 | $16.1M | $4.1M | ||
| Q4 23 | $258.0K | $3.6M | ||
| Q3 23 | $212.9K | $11.2M |
| Q4 25 | $62.6M | — | ||
| Q2 25 | $51.7M | — | ||
| Q4 24 | $42.6M | $7.4M | ||
| Q3 24 | $41.8M | $6.5M | ||
| Q2 24 | $43.6M | $9.9M | ||
| Q1 24 | $50.5M | $8.3M | ||
| Q4 23 | $79.9M | $6.3M | ||
| Q3 23 | — | $6.3M |
| Q4 25 | $-83.3M | — | ||
| Q2 25 | $-70.0M | — | ||
| Q4 24 | $-59.3M | $-6.8M | ||
| Q3 24 | $-58.3M | $-10.0M | ||
| Q2 24 | $-58.3M | $-6.3M | ||
| Q1 24 | $-62.4M | $8.7M | ||
| Q4 23 | $-115.4M | $13.5M | ||
| Q3 23 | $-105.7M | $23.9M |
| Q4 25 | $15.6M | — | ||
| Q2 25 | $17.6M | — | ||
| Q4 24 | $19.9M | $30.2M | ||
| Q3 24 | $22.6M | $26.6M | ||
| Q2 24 | $23.4M | $26.8M | ||
| Q1 24 | $35.8M | $30.4M | ||
| Q4 23 | $16.4M | $28.5M | ||
| Q3 23 | $43.4M | $35.6M |
| Q4 25 | — | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.95× | ||
| Q4 23 | — | 0.47× | ||
| Q3 23 | — | 0.27× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-7.2M | $-2.8M |
| Free Cash FlowOCF − Capex | $-8.5M | $-2.9M |
| FCF MarginFCF / Revenue | -1120.2% | -746.8% |
| Capex IntensityCapex / Revenue | 167.3% | 28.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-14.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-7.2M | — | ||
| Q2 25 | $-8.6M | — | ||
| Q4 24 | $-2.3M | $-2.8M | ||
| Q3 24 | $-4.6M | $-2.9M | ||
| Q2 24 | $-9.6M | $-4.9M | ||
| Q1 24 | $-14.4M | $-3.6M | ||
| Q4 23 | $-907.0K | $-3.9M | ||
| Q3 23 | $-1.5M | $-5.6M |
| Q4 25 | $-8.5M | — | ||
| Q2 25 | $-8.7M | — | ||
| Q4 24 | — | $-2.9M | ||
| Q3 24 | $-4.7M | $-3.0M | ||
| Q2 24 | — | $-4.9M | ||
| Q1 24 | — | $-3.7M | ||
| Q4 23 | $-954.0K | $-7.6M | ||
| Q3 23 | $-1.6M | $-6.2M |
| Q4 25 | -1120.2% | — | ||
| Q2 25 | -738.5% | — | ||
| Q4 24 | — | -746.8% | ||
| Q3 24 | -179.3% | -695.0% | ||
| Q2 24 | — | -788.7% | ||
| Q1 24 | — | -331.4% | ||
| Q4 23 | -22.8% | -574.8% | ||
| Q3 23 | -36.0% | -729.0% |
| Q4 25 | 167.3% | — | ||
| Q2 25 | 7.7% | — | ||
| Q4 24 | — | 28.7% | ||
| Q3 24 | 2.1% | 8.7% | ||
| Q2 24 | — | 3.0% | ||
| Q1 24 | — | 11.5% | ||
| Q4 23 | 1.1% | 280.6% | ||
| Q3 23 | 1.4% | 73.9% |
| Q4 25 | — | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -19.04× | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
