SemiLEDs Reports First Quarter Fiscal Year 2025 Financial Results

HSINCHU, Taiwan--(BUSINESS WIRE)--January 10, 2025-- 

SemiLEDs Corporation $(LEDS)$, "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) 

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