SemiLEDs Reports Fourth Quarter and Fiscal Year End 2024 Financial Results
HSINCHU, Taiwan--(BUSINESS WIRE)--November 27, 2024--
SemiLEDs Corporation $(LEDS)$, "SemiLEDs" or the "Company," a developer and manufacturer of LED chips and LED components, today announced its financial results for the fourth quarter and full fiscal year, ended August 31, 2024.
Revenue for the fourth quarter of fiscal 2024 was $1.3 million, compared to $1.3 million in the third quarter of fiscal 2024. GAAP net loss attributable to SemiLEDs stockholders for the fourth quarter of fiscal 2024 increased to $560 thousand, or $(0.08) per diluted share, compared to a net loss of $319 thousand, or $(0.04) per diluted share, in the third quarter of fiscal 2024.
GAAP gross margin for the fourth quarter of fiscal 2024 decreased to 12%, compared to 41% for the third quarter of fiscal 2024. Operating margin for the fourth quarter of fiscal 2024 decreased to negative 62%, compared with negative 36% for the third quarter of fiscal 2024. The Company's cash and cash equivalents were $1.7 million at August 31, 2024, compared to $1.7 million at the end of the third quarter of fiscal 2024.
Revenues for fiscal year 2024 decreased to $5.2 million, compared to $6.0 million in fiscal year 2023. GAAP net loss attributable to SemiLEDs stockholders for fiscal year 2024 was $2.0 million, or $(0.32) per diluted share, compared to a net loss of $2.7 million, or $(0.55) per diluted share, in fiscal year 2023.
GAAP gross margin for fiscal year 2024 increased to 20%, compared with gross margin for fiscal year 2023 of 17%. Operating margin for fiscal year 2024 was negative 57%, compared with negative 57% in fiscal year 2023. The Company's cash and cash equivalents were $1.7 million as of August 31, 2024, compared to $2.6 million as of August 31, 2023.
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, the consideration of potential strategic alternatives, 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. There can be no assurance that SemiLEDs will be able to identify or execute upon any strategic alternatives or, if alternatives are identified, the possible terms of any such strategic agreement. 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)
August 31, August 31,
2024 2023
---------- ------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,671 $ 2,572
Restricted cash and cash equivalents 78 78
Accounts receivable (including related
parties), net 416 793
Inventories, net 3,574 4,022
Prepaid expenses and other current
assets 223 129
-------- --------
Total current assets 5,962 7,594
Property, plant and equipment, net 2,798 3,233
Operating lease right of use assets 1,091 1,371
Intangible assets, net 90 97
Investments in unconsolidated entities 969 974
Other assets 228 186
-------- --------
TOTAL ASSETS $ 11,138 $ 13,455
======== ========
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current installments of long-term debt $ 2,854 $ 5,042
Accounts payable 137 436
Accrued expenses and other current
liabilities 2,936 2,711
Other payable to related parties 1,001 1,374
Operating lease liabilities, current
portion 94 139
-------- --------
Total current liabilities 7,022 9,702
Long-term debt, excluding current
installments 870 1,327
Operating lease liabilities, less current
portion 997 1,232
-------- --------
Total liabilities 8,889 12,261
-------- --------
Commitments and contingencies
EQUITY:
SemiLEDs stockholders' equity
Common stock -- --
Additional paid-in capital 187,337 184,246
Accumulated other comprehensive
income 3,545 3,550
Accumulated deficit (188,681) (186,645)
-------- --------
Total SemiLEDs stockholders'
equity 2,201 1,151
Noncontrolling interests 48 43
-------- --------
Total equity 2,249 1,194
-------- --------
TOTAL LIABILITIES AND EQUITY $ 11,138 $ 13,455
======== ========
SEMILEDS CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(In thousands of U.S. dollars and shares, except per share
data)
Years Ended August
Three Months Ended 31,
------------------- --------------------
August 31, May 31,
2024 2024 2024 2023
---------- ------- -------- ----------
Revenues, net $1,324 $1,323 $ 5,183 $ 5,979
Cost of revenues 1,171 780 4,130 4,972
----- ----- ------ ------
Gross profit 153 543 1,053 1,007
----- ----- ------ ------
Operating
expenses:
Research and
development 217 320 1,160 1,353
Selling, general
and
administrative 760 696 2,891 3,058
Gain on
disposals of
long-lived
assets, net 1 -- (49) --
----- ----- ------ ------
Total
operating
expenses 978 1,016 4,002 4,411
----- ----- ------ ------
Loss from
operations (825) (473) (2,949) (3,404)
Other income
(expenses):
Impairment loss
from
unconsolidated
entities (3) (3) (3) (1)
Interest
expenses, net (36) (58) (247) (287)
Other income,
net 268 277 1,181 1,054
Foreign currency
transaction
(loss) gain,
net 34 (59) (13) (52)
----- ----- ------ ------
Total other
income, net 263 157 918 714
----- ----- ------ ------
Loss before income
taxes (562) (316) (2,031) (2,690)
Income tax expense -- -- -- --
------ ------ ------- -------
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