$GCTS: Am I Crazy or is the Hype on this Ticker Overblown? Change My Mind.

I've seen GCTS hyped and discussed several times over the last couple months, so I decided to do some research into it. Maybe some of you can shed some light on why you're so bullish on the stock, but I personally can't wrap my head around why.

I get the hopium. They may have found a niche when they pivoted to the 5G broadband space; they have the Skylo partnership, and the speculation if their major satellite partner being Amazon is believable. This sounds bullish on the surface.

But I checked the financials and dilution, and it looks dismal.

* Their cash burn is brutal. They brought in $1.9M last quarter but posted a net loss of $9.9M and burned $7.5M in cash off their balance sheet, leaving them with just $7.2M in the bank (less than one quarter runway before needing to raise AGAIN).
* They are aggressively dumping shares into the open market via a $75M ATM offering. Based on their cash burn and G&A, they seem to be doing this partially just to make payroll. They have diluted shareholders **74 percent over the last year,** and i'm not sure how a shareholder can profit from their investment if the dilution rate remains similar in the future.
* They also have over $57M in long-term debt. Even if their revenue skyrockets over 2026/2027 and they somehow become net profitable in that time, they will likely continue diluting heavily in order to raise cash and pay off that debt. Organically doing it would take 5+ years (only after becoming consistently profitable, which does not seem likely until after 2027).
* The partnerships and the speculative Amazon deal sounds like it would fix the financial and revenue issues, but I am skeptical. If that major partner drops a large order, their future revenue outlook will increase dramatically, but so will their immediate cash needs (which will accelerate current shareholder dilution). Also, major partners like Amazon have all the leverage in the terms of the deal. The top-line revenue will look great on paper, but I would bet that GCTS margin's on that revenue will be pretty thin, which is a reason I think the debt will take forever to pay off organically (more likely further dilution).
* **Their valuation** is crazy right now. The stock price looks "cheap", but its trading at like 40-60x P/S.. The headlines sound good but I think all of the hype and optimism has been priced in.

To summarize, this thing does not look fundamentally appealing in my opinion. It looks like an investor trap and I can't see the bullishness that everyone else is seeing. The toxic cash burn and the constant dilution since their IPO and likely far into the future...makes me wonder how common shareholders would end up on top here.

Can anyone tell me if i'm missing something, or poke holes in this analysis? I'm an open book.