SemiLEDs Reports Second Quarter Fiscal Year 2025 Financial Results

HSINCHU, Taiwan--(BUSINESS WIRE)--April 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 second quarter of fiscal year 2025, ended February 28, 2025.

Revenue for the second quarter of fiscal 2025 increased to $10.9 million, compared to $1.3 million in the first quarter of fiscal 2025. GAAP net income attributable to SemiLEDs stockholders for the second quarter of fiscal 2025 increased to $388 thousand, or $0.05 per diluted share, compared to a net loss of $547 thousand, or $(0.08) per diluted share, in the first quarter of fiscal 2025.

GAAP gross margin for the second quarter of fiscal 2025 decreased to 9%, compared to 21% for the first quarter of fiscal 2025. Operating margin for the second quarter of fiscal 2025 was 1%, compared with negative 52% for the first quarter of fiscal 2025. The Company's cash and cash equivalents were $2.4 million at February 28, 2025, compared to $1.2 million at the end of the first quarter of fiscal 2025.

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 third quarter ending May 31, 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) 
 
                                       February 28,     November 30, 
                                           2025             2024 
                                      --------------   -------------- 
ASSETS 
CURRENT ASSETS: 
   Cash and cash equivalents          $        2,384   $        1,248 
   Restricted cash and cash 
    equivalents                                   76               77 
   Accounts receivable (including 
    related parties), net                        280              261 
   Inventories                                13,531            3,722 
   Prepaid expenses and other 
    current assets                             1,973              185 
                                          ----------       ---------- 
      Total current assets                    18,244            5,493 
Property, plant and equipment, net             2,598            2,609 
Operating lease right of use assets            1,119            1,041 
Intangible assets, net                            89               85 
Investments in unconsolidated 
 entities                                        930              949 
Other assets                                     206              223 
                                          ----------       ---------- 
TOTAL ASSETS                          $       23,186   $       10,400 
                                          ==========       ========== 
LIABILITIES AND EQUITY 
CURRENT LIABILITIES: 
   Current installments of long-term 
    debt                              $        1,242   $        2,847 
   Accounts payable                              445              340 
   Accrued expenses and other 
    current liabilities                       15,063            2,799 
   Other payable to related parties            1,096            1,049 
   Operating lease liabilities, 
    current                                      128               76 
                                          ----------       ---------- 
      Total current liabilities               17,974            7,111 
Long-term debt, excluding current 
 installments                                    626              744 
Operating lease liabilities, less 
 current portion                                 991              965 
                                          ----------       ---------- 
      Total liabilities                       19,591            8,820 
                                          ----------       ---------- 
EQUITY: 
   SemiLEDs stockholders' equity 
      Common stock                                --               -- 
      Additional paid-in capital             188,913          187,277 
      Accumulated other 
       comprehensive income                    3,522            3,531 
      Accumulated deficit                   (188,840)        (189,228) 
                                          ----------       ---------- 
      Total SemiLEDs stockholders' 
       equity                                  3,595            1,580 
      Total equity                             3,595            1,580 
                                          ----------       ---------- 
TOTAL LIABILITIES AND EQUITY          $       23,186   $       10,400 
                                          ==========       ========== 
 
 
                 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 
                                      ------------------------------- 
                                       February 28,     November 30, 
                                           2025             2024 
                                      --------------   -------------- 
Revenues, net                         $       10,872   $        1,261 
Cost of revenues                               9,869            1,001 
                                          ----------       ---------- 
      Gross profit                             1,003              260 
                                          ----------       ---------- 
Operating expenses: 
   Research and development                      279              221 
   Selling, general and 
    administrative                               614              696 
                                          ----------       ---------- 
      Total operating expenses                   893              917 
                                          ----------       ---------- 
Income (loss) from operations                    110             (657) 
Other income (expenses): 
   Investment loss                               (10)              (3) 
   Interest expenses, net                        (42)             (67) 
   Other income, net                             265              282 
   Foreign currency transaction gain 
    (loss), net                                   65             (102) 
                                          ----------       ---------- 
      Total other income, net                    278              110 
                                          ----------       ---------- 
Income (loss) before income taxes                388             (547) 
Income tax expense                                --               -- 
                                          ----------       ---------- 
Net income (loss)                                388             (547) 
                                          ----------       ---------- 
Net income (loss) attributable to 
 SemiLEDs stockholders                $          388   $         (547) 
                                          ==========       ========== 
Net income (loss) per share 
attributable to SemiLEDs 
stockholders: 
   Basic and diluted                  $         0.05   $        (0.08) 
                                          ==========       ========== 
Shares used in computing net income 
(loss) per share attributable to 
SemiLEDs stockholders: 
   Basic and diluted                           7,222            7,212 
                                          ==========       ========== 
 

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