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 fourth
quarter and full year of fiscal year 2022, ended August 31,
2022.
Revenues for the fourth quarter and third quarter of fiscal 2022
were $1.6 million and $1.8 million, respectively. GAAP net loss
attributable to SemiLEDs stockholders for the fourth quarter of
fiscal 2022 increased to $1.1 million, or $(0.25) per diluted
share, compared to a net loss of $916 thousand, or $(0.20) per
diluted share, in the third quarter of fiscal 2022.
GAAP gross margin for the fourth quarter of fiscal 2022
increased to 21%, compared with gross margin for the third quarter
of fiscal 2022 of 19%. Operating margin for the fourth quarter of
fiscal 2022 decreased to negative 66%, compared with negative 43%
for the third quarter of fiscal 2022. The Company’s cash and cash
equivalents were $4.3 million at August 31, 2022, compared to $3.0
million at the end of the third quarter of fiscal 2022.
We are unable to forecast revenues for the first quarter ending
November 30, 2022 at this time given the uncertain impact of
COVID-19 on the economy and the Company.
Revenues for fiscal year 2022 increased to $7.1 million,
compared to $4.7 million in fiscal year 2021. GAAP net loss
attributable to SemiLEDs stockholders for fiscal year 2022
decreased to $2.7 million, or $(0.61) per diluted share, compared
to a net loss of $2.9 million, or $(0.68) per diluted share, in
fiscal year 2021.
GAAP gross margin for fiscal year 2022 decreased to 20%,
compared with gross margin for fiscal year 2021 of 22%. Operating
margin for fiscal year 2022 improved to negative 45%, compared with
negative 83% in fiscal year 2021. The Company’s cash and cash
equivalents were $4.3 million as of August 31, 2022, compared to
$4.8 million as of August 31, 2021.
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, any statements
about historical results that may suggest trends for SemiLEDs’
business; any statements of the plans, the potential continuing
impact of a COVID-19 pandemic resurgence on our business;
strategies and objectives of management for future operations; the
impact of rising inflation on customer purchasing, 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)
August 31,
August 31,
2022
2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
4,274
$
4,833
Restricted cash and cash
equivalents
82
90
Accounts receivable (including
related parties), net
880
865
Inventories
3,784
3,937
Prepaid expenses and other
current assets
123
329
Total current assets
9,143
10,054
Property, plant and equipment,
net
4,139
5,244
Operating lease right of use
assets
1,578
1,635
Intangible assets, net
102
126
Investments in unconsolidated
entities
922
1,011
Other assets
170
169
TOTAL ASSETS
$
16,054
$
18,239
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current installments of long-term
debt
$
5,063
$
5,109
Accounts payable
286
753
Accrued expenses and other
current liabilities
2,702
2,783
Other payable to related
parties
1,061
764
Operating lease liabilities,
current portion
143
98
Total current liabilities
9,255
9,507
Long-term debt, excluding current
installments
1,866
2,569
Operating lease liabilities, less
current portion
1,435
1,537
Total liabilities
12,556
13,613
Commitments and contingencies
EQUITY:
SemiLEDs stockholders’ equity
Common stock
—
—
Additional paid-in capital
183,711
182,255
Accumulated other comprehensive
income
3,697
3,543
Accumulated deficit
(183,955
)
(181,211
)
Total SemiLEDs stockholders’
equity
3,453
4,587
Noncontrolling interests
45
39
Total equity
3,498
4,626
TOTAL LIABILITIES AND EQUITY
$
16,054
$
18,239
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
Year Ended August 31,
August 31, 2022
May 31, 2022
2022
2021
Revenues, net
$
1,626
$
1,784
$
7,051
$
4,735
Cost of revenues
1,291
1,448
5,654
3,702
Gross profit
335
336
1,397
1,033
Operating expenses:
Research and development
428
357
1,484
1,623
Selling, general and administrative
976
810
3,309
3,614
Gain on disposals of long-lived assets,
net
—
(57
)
(196
)
(286
)
Total operating expenses
1,404
1,110
4,597
4,951
Loss from operations
(1,069
)
(774
)
(3,200
)
(3,918
)
Other income (expenses):
Interest expenses, net
(92
)
(94
)
(369
)
(371
)
Other income, net
270
264
1,485
1,090
Foreign currency transaction (loss) gain,
net
(247
)
(307
)
(642
)
342
Total other income, net
(69
)
(137
)
474
1,061
Loss before income taxes
(1,138
)
(911
)
(2,726
)
(2,857
)
Income tax expense
—
—
—
—
Net loss
(1,138
)
(911
)
(2,726
)
(2,857
)
Less: Net income (loss) attributable to
noncontrolling interests
—
5
18
(6
)
Net loss attributable to SemiLEDs
stockholders
$
(1,138
)
$
(916
)
$
(2,744
)
$
(2,851
)
Net loss per share attributable to
SemiLEDs stockholders:
Basic and diluted
$
(0.25
)
$
(0.20
)
$
(0.61
)
$
(0.68
)
Shares used in computing net loss per
share attributable to SemiLEDs stockholders:
Basic and diluted
4,533
4,517
4,522
4,180
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221107005514/en/
Christopher Lee Chief Financial Officer SemiLEDs Corporation
+886-37-586788 investor@semileds.com
SemiLEDS (NASDAQ:LEDS)
Historical Stock Chart
From Feb 2024 to Mar 2024
SemiLEDS (NASDAQ:LEDS)
Historical Stock Chart
From Mar 2023 to Mar 2024