GCT Semiconductor Holding Inc. ("GCT" or the "Company") (NYSE:GCTS), a leading designer and supplier of advanced 5G and 4G semiconductor solutions, announced today the signing of a definitive agreement with a European tier one wireless infrastructure and terminal provider (the "Tier One Supplier") to collaborate on the development of Fixed Wireless Access ("FWA") technology using GCT's 5G solutions including modem chipset and RFIC.

The Company previously announced the signing of an MOU with the Tier One Supplier in August 2024, a continuation of an existing key customer relationship now moving to 5G. GCT expects the launch of FWA devices related to this activity to commence in the second half of 2025.

"This collaboration is a major milestone and reinforces the momentum we are gaining in solidifying customer engagement and strengthening client relationships for growth as we prepare for our 5G chipset launch," said John Schlaefer, CEO of GCT. "We look forward to working together on this significant partner's 5G portfolio and high-performing FWA technology."

The growing 5G FWA technology is a cost-effective alternative to traditional wired broadband options and offers reliable connectivity in remote or underserved areas. Based on the Ericsson Mobility Report (June 2024)*, the number of 5G FWA connections worldwide is projected to increase over 800% from the end of 2023 to the end of 2029, representing an increase from ~30 million connections to ~280 million connections. With its strong expertise in 5G chip development, GCT is fully prepared to take advantage of this growing market.