LEDS SemiLEDS Corporation

SemiLEDs Corporation (NASDAQ: LEDS), “SemiLEDs” or the “Company,” a developer and manufacturer of LED chips and LED components, today announced its financial results for the first quarter of fiscal year 2025, ended November 30, 2024.

Revenue for the first quarter of fiscal 2025 was $1.3 million, compared to $1.3 million in the fourth quarter of fiscal 2024. GAAP net loss attributable to SemiLEDs stockholders for the first quarter of fiscal 2025 decreased to $547 thousand, or $(0.08) per diluted share, compared to a net loss of $560 thousand, or $(0.08) per diluted share, in the fourth quarter of fiscal 2024.

GAAP gross margin for the first quarter of fiscal 2025 increased to 21%, compared to 12% for the fourth quarter of fiscal 2024. Operating margin for the first quarter of fiscal 2025 was negative 52%, compared with negative 62% for the fourth quarter of fiscal 2024. The Company’s cash and cash equivalents were $1.2 million at November 30, 2024, compared to $1.7 million at the end of the fourth quarter of fiscal 2024.

About SemiLEDs

SemiLEDs develops and manufactures LED chips and LED components for general lighting applications, including street lights and commercial, industrial, system and residential lighting, along with specialty industrial applications such as ultraviolet (UV) curing, medical/cosmetic, counterfeit detection, horticulture, architectural lighting and entertainment lighting. SemiLEDs sells blue, white, green and UV LED chips.

Forward Looking Statements

This press release contains statements that may constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, revenue expectations for the second quarter ending February 28, 2025, the expedited timing of the recognition of revenue relating to the buy-sell purchase orders and estimated costs of revenue related thereto, any statements about historical results that may suggest trends for SemiLEDs’ business; any statements of the plans, strategies and objectives of management for future operations; any statements of expectation or belief regarding recovery of the LED industry, market opportunities and other future events or technology developments; any statements regarding SemiLEDs’ position to capitalize on any market opportunities; and any statements of assumptions underlying any of the foregoing. These forward-looking statements are based on current expectations, estimates, forecasts and projections of future SemiLEDs’ or industry performance based on management’s judgment, beliefs, current trends and market conditions and involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. SemiLEDs’ Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) and other SemiLEDs filings with the SEC (which you may obtain for free at the SEC’s website at http://www.sec.gov) discuss some of the important risks and other factors that may affect SemiLEDs’ business, results of operations and financial condition. SemiLEDs undertakes no intent or obligation to publicly update or revise any of these forward looking statements, whether as a result of new information, future events or otherwise, except as required by law.

SEMILEDS CORPORATION AND SUBSIDIARIES

Unaudited Condensed Consolidated Balance Sheets

(In thousands of U.S. dollars)

 

 

November 30,

August 31,

 

2024

2024

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

1,248

 

$

1,671

 

Restricted cash and cash equivalents

 

77

 

 

78

 

Accounts receivable (including related parties), net

 

261

 

 

416

 

Inventories, net

 

3,722

 

 

3,574

 

Prepaid expenses and other current assets

 

185

 

 

223

 

Total current assets

 

5,493

 

 

5,962

 

Property, plant and equipment, net

 

2,609

 

 

2,798

 

Operating lease right of use assets

 

1,041

 

 

1,091

 

Intangible assets, net

 

85

 

 

90

 

Investments in unconsolidated entities

 

949

 

 

969

 

Other assets

 

223

 

 

228

 

TOTAL ASSETS

$

10,400

 

$

11,138

 

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Current installments of long-term debt

$

2,847

 

$

2,854

 

Accounts payable

 

340

 

 

137

 

Accrued expenses and other current liabilities

 

2,799

 

 

2,936

 

Other payable to related parties

 

1,049

 

 

1,001

 

Operating lease liabilities, current portion

 

76

 

 

94

 

Total current liabilities

 

7,111

 

 

7,022

 

Long-term debt, excluding current installments

 

744

 

 

870

 

Operating lease liabilities, less current portion

 

965

 

 

997

 

Total liabilities

 

8,820

 

 

8,889

 

Commitments and contingencies

EQUITY:

SemiLEDs stockholders’ equity

Common stock

 

—

 

 

—

 

Additional paid-in capital

 

187,277

 

 

187,337

 

Accumulated other comprehensive income

 

3,531

 

 

3,545

 

Accumulated deficit

 

(189,228

)

 

(188,681

)

Total SemiLEDs stockholders’ equity

 

1,580

 

 

2,201

 

Noncontrolling interests

 

—

 

 

48

 

Total equity

 

1,580

 

 

2,249

 

TOTAL LIABILITIES AND EQUITY

$

10,400

 

$

11,138

 

 

SEMILEDS CORPORATION AND SUBSIDIARIES

Unaudited Condensed Consolidated Statements of Operations

(In thousands of U.S. dollars and shares, except per share data)

 

 

Three Months Ended

 

November 30, 2024

August 31, 2024

Revenues, net

$

1,261

 

$

1,324

 

Cost of revenues

 

1,001

 

 

1,171

 

Gross profit

 

260

 

 

153

 

Operating expenses:

Research and development

 

221

 

 

217

 

Selling, general and administrative

 

696

 

 

760

 

Gain on disposals of long-lived assets

 

—

 

 

1

 

Total operating expenses

 

917

 

 

978

 

Loss from operations

 

(657

)

 

(825

)

Other income (expenses):

Investment loss from unconsolidated entities

 

(3

)

 

(3

)

Interest expenses, net

 

(67

)

 

(36

)

Other income, net

 

282

 

 

268

 

Foreign currency transaction (loss) gain , net

 

(102

)

 

34

 

Total other income, net

 

110

 

 

263

 

Loss before income taxes

 

(547

)

 

(562

)

Income tax expense

—

 

—

 

Net loss

 

(547

)

 

(562

)

Less: Net income (loss) attributable to noncontrolling interests

 

—

 

 

(2

)

Net loss attributable to SemiLEDs stockholders

$

(547

)

$

(560

)

Net loss per share attributable to SemiLEDs stockholders:

Basic and diluted

$

(0.08

)

$

(0.08

)

Shares used in computing net loss per share attributable to SemiLEDs stockholders:

Basic and diluted

 

7,212

 

 

7,203

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250110464862/en/

Christopher Lee Chief Financial Officer SemiLEDs Corporation +886-37-586788 investor@semileds.com