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 2023, ended May 31, 2023.
Revenue for the third quarter of fiscal 2023 increased to $1.7
million, compared to $1.2 million in the second quarter of fiscal
2023. GAAP net loss attributable to SemiLEDs stockholders for the
third quarter of fiscal 2023 increased to $756 thousand, or $(0.15)
per diluted share, compared to a net loss of $541 thousand, or
$(0.11) per diluted share, in the second quarter of fiscal
2023.
GAAP gross margin for the third quarter of fiscal 2023 decreased
to 14%, compared to 23% for the second quarter of fiscal 2023.
Operating margin for the third quarter of fiscal 2023 increased to
negative 58%, compared with negative 61% for the second quarter of
fiscal 2023. The Company’s cash and cash equivalents were $3.0
million at May 31, 2023, compared to $3.9 million at the end of the
second quarter of fiscal 2023.
We expect revenue for the fourth quarter ending August 31, 2023
to be approximately $1.4 million +/- 10%.
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 fourth quarter ending August 31, 2023, any
statements about historical results that may suggest trends for
SemiLEDs’ business; any statements of the plans, the potential
impact of the COVID-19 pandemic on our business; 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,
2023
2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
3,041
$
3,859
Restricted cash and cash equivalents
81
82
Accounts receivable (including related
parties), net
981
530
Inventories
4,207
4,259
Prepaid expenses and other current
assets
160
145
Total current assets
8,470
8,875
Property, plant and equipment, net
3,360
3,630
Operating lease right of use assets
1,456
1,505
Intangible assets, net
98
95
Investments in unconsolidated entities
913
921
Other assets
286
170
TOTAL ASSETS
$
14,583
$
15,196
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current installments of long-term debt
$
5,072
$
5,071
Accounts payable
544
508
Accrued expenses and other current
liabilities
2,690
2,587
Other payable to related parties
1,298
1,221
Operating lease liabilities, current
144
144
Total current liabilities
9,748
9,531
Long-term debt, excluding current
installments
1,493
1,626
Operating lease liabilities, less current
portion
1,312
1,361
Total liabilities
12,553
12,518
Commitments and contingencies
EQUITY:
SemiLEDs stockholders’ equity
Common stock
—
—
Additional paid-in capital
184,092
183,951
Accumulated other comprehensive income
3,658
3,691
Accumulated deficit
(185,764
)
(185,008
)
Total SemiLEDs stockholders' equity
1,986
2,634
Noncontrolling interests
44
44
Total equity
2,030
2,678
TOTAL LIABILITIES AND EQUITY
$
14,583
$
15,196
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,
2023
2023
Revenues, net
$
1,679
$
1,152
Cost of revenues
1,438
890
Gross profit
241
262
Operating expenses:
Research and development
372
295
Selling, general and administrative
850
669
Total operating expenses
1,222
964
Loss from operations
(981
)
(702
)
Other income (expenses):
Interest expenses, net
(67
)
(65
)
Other income, net
295
229
Foreign currency transaction loss, net
(3
)
(7
)
Total other income, net
225
157
Loss before income taxes
(756
)
(545
)
Income tax expense
—
—
Net loss
(756
)
(545
)
Less: Net gain (loss) attributable to
noncontrolling interests
—
(4
)
Net loss attributable to SemiLEDs
stockholders
$
(756
)
$
(541
)
Net loss per share attributable to
SemiLEDs stockholders:
Basic and diluted
$
(0.15
)
$
(0.11
)
Shares used in computing net loss per
share attributable to SemiLEDs stockholders:
Basic and diluted
4,897
4,866
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version on businesswire.com: https://www.businesswire.com/news/home/20230707242542/en/
Christopher Lee Chief Financial Officer SemiLEDs Corporation
+886-37-586788 investor@semileds.com
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