SemiLEDs Reports Third Quarter Fiscal Year 2025 Financial Results

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 third quarter of fiscal year 2025, ended May 31, 2025.

Revenue for the third quarter of fiscal 2025 increased to $17.7 million, compared to $10.9 million in the second quarter of fiscal 2025. GAAP net income attributable to SemiLEDs stockholders for the third quarter of fiscal 2025 decreased to $223 thousand, or $0.03 per diluted share, compared to a net income of $388 thousand, or $0.05 per diluted share, in the second quarter of fiscal 2025.

GAAP gross margin for the third quarter of fiscal 2025 decreased to 5%, compared to 9% for the second quarter of fiscal 2025. Operating margin for the third quarter of fiscal 2025 was negative 0.4%, compared with 1% for the second quarter of fiscal 2025. The Company’s cash and cash equivalents were $2.4 million at both May 31, 2025 and at the end of the second 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 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)

 

 

 

May 31,

 

 

February 28,

 

 

 

 

2025

 

 

2025

 

 

ASSETS

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,441

 

 

$

2,384

 

 

Restricted cash and cash equivalents

 

 

84

 

 

 

76

 

 

Accounts receivable (including related parties), net

 

 

164

 

 

 

280

 

 

Inventories

 

 

11,933

 

 

 

13,531

 

 

Prepaid expenses and other current assets

 

 

3,099

 

 

 

1,973

 

 

Total current assets

 

 

17,721

 

 

 

18,244

 

 

Property, plant and equipment, net

 

 

2,933

 

 

 

2,598

 

 

Operating lease right of use assets

 

 

1,191

 

 

 

1,119

 

 

Intangible assets, net

 

 

94

 

 

 

89

 

 

Investments in unconsolidated entities

 

 

1,011

 

 

 

930

 

 

Other assets

 

 

230

 

 

 

206

 

 

TOTAL ASSETS

 

$

23,180

 

 

$

23,186

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

Current installments of long-term debt

 

$

1,285

 

 

$

1,242

 

 

Accounts payable

 

 

10,849

 

 

 

445

 

 

Accrued expenses and other current liabilities

 

 

4,183

 

 

 

15,063

 

 

Other payable to related parties

 

 

1,112

 

 

 

1,096

 

 

Operating lease liabilities, current

 

 

138

 

 

 

128

 

 

Total current liabilities

 

 

17,567

 

 

 

17,974

 

 

Long-term debt, excluding current installments

 

 

566

 

 

 

626

 

 

Operating lease liabilities, less current portion

 

 

1,053

 

 

 

991

 

 

Total liabilities

 

 

19,186

 

 

 

19,591

 

 

EQUITY:

 

 

 

 

 

 

 

SemiLEDs stockholders’ equity

 

 

 

 

 

 

 

Common stock

 

 

 

 

 

 

 

Additional paid-in capital

 

 

188,928

 

 

 

188,913

 

 

Accumulated other comprehensive income

 

 

3,683

 

 

 

3,522

 

 

Accumulated deficit

 

 

(188,617

)

 

 

(188,840

)

 

Total SemiLEDs stockholders' equity

 

 

3,994

 

 

 

3,595

 

 

TOTAL LIABILITIES AND EQUITY

 

$

23,180

 

 

$

23,186

 

 

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

 

 

 

 

May 31,

 

 

February 28,

 

 

 

 

2025

 

 

2025

 

 

Revenues, net

 

$

17,651

 

 

$

10,872

 

 

Cost of revenues

 

 

16,712

 

 

 

9,869

 

 

Gross profit

 

 

939

 

 

 

1,003

 

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

 

292

 

 

 

279

 

 

Selling, general and administrative

 

 

709

 

 

 

614

 

 

Total operating expenses

 

 

1,001

 

 

 

893

 

 

(Loss) income from operations

 

 

(62

)

 

 

110

 

 

Other income (expenses):

 

 

 

 

 

 

 

Investment loss from unconsolidated entities

 

 

(9

)

 

 

(10

)

 

Interest expenses, net

 

 

(20

)

 

 

(42

)

 

Other income, net

 

 

266

 

 

 

265

 

 

Foreign currency transaction gain, net

 

 

48

 

 

 

65

 

 

Total other income, net

 

 

285

 

 

 

278

 

 

Income before income taxes

 

 

223

 

 

 

388

 

 

Income tax expense

 

 

 

 

 

 

 

Net income

 

$

223

 

 

$

388

 

 

Net income per share attributable to SemiLEDs stockholders:

 

 

 

 

 

 

 

Basic and diluted

 

$

0.03

 

 

$

0.05

 

 

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

 

 

 

 

 

 

 

Basic and diluted

 

 

7,232

 

 

 

7,222

 

 

 

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