Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries SemiLEDs Reports First Quarter Fiscal Year 2024 Financial Results By: SemiLEDs Corporation via Business Wire January 12, 2024 at 03:00 AM EST 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 2024, ended November 30, 2023. Revenue for the first quarter of fiscal 2024 increased to $1.6 million, compared to $1.5 million in the fourth quarter of fiscal 2023. GAAP net loss attributable to SemiLEDs stockholders for the first quarter of fiscal 2024 decreased to $598 thousand, or $(0.12) per diluted share, compared to a net loss of $881 thousand, or $(0.18) per diluted share, in the fourth quarter of fiscal 2023. GAAP gross margin for the first quarter of fiscal 2024 increased to 15%, compared to 3% for the fourth quarter of fiscal 2023. Operating margin for the first quarter of fiscal 2024 was negative 50%, compared with negative 73% for the fourth quarter of fiscal 2023. The Company’s cash and cash equivalents were $2.3 million at November 30, 2023, compared to $2.6 million at the end of the fourth quarter of fiscal 2023. We expect revenue for the second quarter ending February 29, 2024 to be approximately $1.1 million +/- 10%. The Chinese New Year (CNY) of 2024 will begin on February 3, 2024. Our office and factory in Chunan will be closed from February 3, 2024 until February 18, 2024 and will resume operations on Monday, February 19, 2024. About SemiLEDs SemiLEDs develops, manufactures, and sells 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 29, 2024, 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, 2023 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 2,322 $ 2,572 Restricted cash and cash equivalents 80 78 Accounts receivable (including related parties), net 897 793 Inventories 3,895 4,022 Prepaid expenses and other current assets 145 129 Total current assets 7,339 7,594 Property, plant and equipment, net 3,172 3,233 Operating lease right of use assets 1,362 1,371 Intangible assets, net 100 97 Investments in unconsolidated entities 1,001 974 Other assets 186 186 TOTAL ASSETS $ 13,160 $ 13,455 LIABILITIES AND EQUITY CURRENT LIABILITIES: Current installments of long-term debt $ 5,055 $ 5,042 Accounts payable 409 436 Accrued expenses and other current liabilities 2,895 2,711 Other payable to related parties 1,452 1,374 Operating lease liabilities, current portion 88 139 Total current liabilities 9,899 9,702 Long-term debt, excluding current installments 1,237 1,327 Operating lease liabilities, less current portion 1,274 1,232 Total liabilities 12,410 12,261 Commitments and contingencies EQUITY: SemiLEDs stockholders’ equity Common stock — — Additional paid-in capital 184,359 184,246 Accumulated other comprehensive income 3,588 3,550 Accumulated deficit (187,243 ) (186,645 ) Total SemiLEDs stockholders’ equity 704 1,151 Noncontrolling interests 46 43 Total equity 750 1,194 TOTAL LIABILITIES AND EQUITY $ 13,160 $ 13,455 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 30,2023 August 31, 2023 Revenues, net $ 1,650 $ 1,453 Cost of revenues 1,405 1,412 Gross profit 245 41 Operating expenses: Research and development 372 321 Selling, general and administrative 742 787 Gain on disposals of long-lived assets (50 ) — Total operating expenses 1,064 1,108 Loss from operations (819 ) (1,067 ) Other income (expenses): Investment income 8 (1 ) Interest expenses, net (88 ) (68 ) Other income, net 259 288 Foreign currency transaction gain (loss), net 44 (32 ) Total other income, net 223 187 Loss before income taxes (596 ) (880 ) Income tax expense — — Net loss (596 ) (880 ) Less: Net income (loss) attributable to noncontrolling interests 2 1 Net loss attributable to SemiLEDs stockholders $ (598 ) $ (881 ) Net loss per share attributable to SemiLEDs stockholders: Basic and diluted $ (0.12 ) $ (0.18 ) Shares used in computing net loss per share attributable to SemiLEDs stockholders: Basic and diluted 4,885 4,903 View source version on businesswire.com: https://www.businesswire.com/news/home/20240112533556/en/Contacts Christopher Lee Chief Financial Officer SemiLEDs Corporation +886-37-586788 investor@semileds.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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SemiLEDs Reports First Quarter Fiscal Year 2024 Financial Results By: SemiLEDs Corporation via Business Wire January 12, 2024 at 03:00 AM EST 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 2024, ended November 30, 2023. Revenue for the first quarter of fiscal 2024 increased to $1.6 million, compared to $1.5 million in the fourth quarter of fiscal 2023. GAAP net loss attributable to SemiLEDs stockholders for the first quarter of fiscal 2024 decreased to $598 thousand, or $(0.12) per diluted share, compared to a net loss of $881 thousand, or $(0.18) per diluted share, in the fourth quarter of fiscal 2023. GAAP gross margin for the first quarter of fiscal 2024 increased to 15%, compared to 3% for the fourth quarter of fiscal 2023. Operating margin for the first quarter of fiscal 2024 was negative 50%, compared with negative 73% for the fourth quarter of fiscal 2023. The Company’s cash and cash equivalents were $2.3 million at November 30, 2023, compared to $2.6 million at the end of the fourth quarter of fiscal 2023. We expect revenue for the second quarter ending February 29, 2024 to be approximately $1.1 million +/- 10%. The Chinese New Year (CNY) of 2024 will begin on February 3, 2024. Our office and factory in Chunan will be closed from February 3, 2024 until February 18, 2024 and will resume operations on Monday, February 19, 2024. About SemiLEDs SemiLEDs develops, manufactures, and sells 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 29, 2024, 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, 2023 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 2,322 $ 2,572 Restricted cash and cash equivalents 80 78 Accounts receivable (including related parties), net 897 793 Inventories 3,895 4,022 Prepaid expenses and other current assets 145 129 Total current assets 7,339 7,594 Property, plant and equipment, net 3,172 3,233 Operating lease right of use assets 1,362 1,371 Intangible assets, net 100 97 Investments in unconsolidated entities 1,001 974 Other assets 186 186 TOTAL ASSETS $ 13,160 $ 13,455 LIABILITIES AND EQUITY CURRENT LIABILITIES: Current installments of long-term debt $ 5,055 $ 5,042 Accounts payable 409 436 Accrued expenses and other current liabilities 2,895 2,711 Other payable to related parties 1,452 1,374 Operating lease liabilities, current portion 88 139 Total current liabilities 9,899 9,702 Long-term debt, excluding current installments 1,237 1,327 Operating lease liabilities, less current portion 1,274 1,232 Total liabilities 12,410 12,261 Commitments and contingencies EQUITY: SemiLEDs stockholders’ equity Common stock — — Additional paid-in capital 184,359 184,246 Accumulated other comprehensive income 3,588 3,550 Accumulated deficit (187,243 ) (186,645 ) Total SemiLEDs stockholders’ equity 704 1,151 Noncontrolling interests 46 43 Total equity 750 1,194 TOTAL LIABILITIES AND EQUITY $ 13,160 $ 13,455 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 30,2023 August 31, 2023 Revenues, net $ 1,650 $ 1,453 Cost of revenues 1,405 1,412 Gross profit 245 41 Operating expenses: Research and development 372 321 Selling, general and administrative 742 787 Gain on disposals of long-lived assets (50 ) — Total operating expenses 1,064 1,108 Loss from operations (819 ) (1,067 ) Other income (expenses): Investment income 8 (1 ) Interest expenses, net (88 ) (68 ) Other income, net 259 288 Foreign currency transaction gain (loss), net 44 (32 ) Total other income, net 223 187 Loss before income taxes (596 ) (880 ) Income tax expense — — Net loss (596 ) (880 ) Less: Net income (loss) attributable to noncontrolling interests 2 1 Net loss attributable to SemiLEDs stockholders $ (598 ) $ (881 ) Net loss per share attributable to SemiLEDs stockholders: Basic and diluted $ (0.12 ) $ (0.18 ) Shares used in computing net loss per share attributable to SemiLEDs stockholders: Basic and diluted 4,885 4,903 View source version on businesswire.com: https://www.businesswire.com/news/home/20240112533556/en/Contacts Christopher Lee Chief Financial Officer SemiLEDs Corporation +886-37-586788 investor@semileds.com
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 2024, ended November 30, 2023. Revenue for the first quarter of fiscal 2024 increased to $1.6 million, compared to $1.5 million in the fourth quarter of fiscal 2023. GAAP net loss attributable to SemiLEDs stockholders for the first quarter of fiscal 2024 decreased to $598 thousand, or $(0.12) per diluted share, compared to a net loss of $881 thousand, or $(0.18) per diluted share, in the fourth quarter of fiscal 2023. GAAP gross margin for the first quarter of fiscal 2024 increased to 15%, compared to 3% for the fourth quarter of fiscal 2023. Operating margin for the first quarter of fiscal 2024 was negative 50%, compared with negative 73% for the fourth quarter of fiscal 2023. The Company’s cash and cash equivalents were $2.3 million at November 30, 2023, compared to $2.6 million at the end of the fourth quarter of fiscal 2023. We expect revenue for the second quarter ending February 29, 2024 to be approximately $1.1 million +/- 10%. The Chinese New Year (CNY) of 2024 will begin on February 3, 2024. Our office and factory in Chunan will be closed from February 3, 2024 until February 18, 2024 and will resume operations on Monday, February 19, 2024. About SemiLEDs SemiLEDs develops, manufactures, and sells 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 29, 2024, 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, 2023 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 2,322 $ 2,572 Restricted cash and cash equivalents 80 78 Accounts receivable (including related parties), net 897 793 Inventories 3,895 4,022 Prepaid expenses and other current assets 145 129 Total current assets 7,339 7,594 Property, plant and equipment, net 3,172 3,233 Operating lease right of use assets 1,362 1,371 Intangible assets, net 100 97 Investments in unconsolidated entities 1,001 974 Other assets 186 186 TOTAL ASSETS $ 13,160 $ 13,455 LIABILITIES AND EQUITY CURRENT LIABILITIES: Current installments of long-term debt $ 5,055 $ 5,042 Accounts payable 409 436 Accrued expenses and other current liabilities 2,895 2,711 Other payable to related parties 1,452 1,374 Operating lease liabilities, current portion 88 139 Total current liabilities 9,899 9,702 Long-term debt, excluding current installments 1,237 1,327 Operating lease liabilities, less current portion 1,274 1,232 Total liabilities 12,410 12,261 Commitments and contingencies EQUITY: SemiLEDs stockholders’ equity Common stock — — Additional paid-in capital 184,359 184,246 Accumulated other comprehensive income 3,588 3,550 Accumulated deficit (187,243 ) (186,645 ) Total SemiLEDs stockholders’ equity 704 1,151 Noncontrolling interests 46 43 Total equity 750 1,194 TOTAL LIABILITIES AND EQUITY $ 13,160 $ 13,455 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 30,2023 August 31, 2023 Revenues, net $ 1,650 $ 1,453 Cost of revenues 1,405 1,412 Gross profit 245 41 Operating expenses: Research and development 372 321 Selling, general and administrative 742 787 Gain on disposals of long-lived assets (50 ) — Total operating expenses 1,064 1,108 Loss from operations (819 ) (1,067 ) Other income (expenses): Investment income 8 (1 ) Interest expenses, net (88 ) (68 ) Other income, net 259 288 Foreign currency transaction gain (loss), net 44 (32 ) Total other income, net 223 187 Loss before income taxes (596 ) (880 ) Income tax expense — — Net loss (596 ) (880 ) Less: Net income (loss) attributable to noncontrolling interests 2 1 Net loss attributable to SemiLEDs stockholders $ (598 ) $ (881 ) Net loss per share attributable to SemiLEDs stockholders: Basic and diluted $ (0.12 ) $ (0.18 ) Shares used in computing net loss per share attributable to SemiLEDs stockholders: Basic and diluted 4,885 4,903 View source version on businesswire.com: https://www.businesswire.com/news/home/20240112533556/en/