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 2021, ended May 31, 2021.

Revenue for the third quarter of fiscal 2021 increased to $1.4 million, compared to $1.2 million in the second quarter of fiscal 2021. GAAP net loss attributable to SemiLEDs stockholders for the third quarter of fiscal 2021 decreased to $64 thousand, or $(0.02) per diluted share, compared to a net loss of $255 thousand, or $(0.06) per diluted share, in the second quarter of fiscal 2021.

GAAP gross margin for the third quarter of fiscal 2021 increased to 46%, compared with gross margin for the second quarter of fiscal 2021 of 20%. Operating margin for the third quarter of fiscal 2021 decreased to negative 41%, compared with negative 42% for the second quarter of fiscal 2021. The Company’s cash and cash equivalents were $1.7 million at May 31, 2021, compared to $2.1 million at the end of the second quarter of fiscal 2021.

We are unable to forecast revenue for the fourth quarter ending August 31, 2021 at this time given the continuing uncertain impact of COVID-19 on the economy and the Company.

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 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,

 

 

 

 

2021

 

 

2021

 

 

ASSETS

 

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,666

 

 

$

2,086

 

 

Restricted cash and cash equivalents

 

 

90

 

 

 

88

 

 

Accounts receivable (including related parties), net

 

 

1,067

 

 

 

800

 

 

Inventories

 

 

3,618

 

 

 

2,905

 

 

Prepaid expenses and other current assets

 

 

744

 

 

 

743

 

 

Total current assets

 

 

7,185

 

 

 

6,622

 

 

Property, plant and equipment, net

 

 

5,462

 

 

 

5,549

 

 

Operating lease right of use assets

 

 

1,676

 

 

 

1,672

 

 

Intangible assets, net

 

 

130

 

 

 

120

 

 

Investments in unconsolidated entities

 

 

1,015

 

 

 

992

 

 

Other assets

 

 

169

 

 

 

172

 

 

TOTAL ASSETS

 

$

15,637

 

 

$

15,127

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

 

Current installments of long-term debt

 

$

5,125

 

 

$

5,023

 

 

Accounts payable

 

 

530

 

 

 

439

 

 

Advance receipt toward the convertible note

 

 

500

 

 

 

500

 

 

Accrued expenses and other current liabilities

 

 

2,836

 

 

 

2,483

 

 

Operating lease liabilities, current

 

 

688

 

 

 

611

 

 

Liabilities held for sale

 

 

114

 

 

 

126

 

 

Total current liabilities

 

 

9,793

 

 

 

9,182

 

 

Long-term debt, excluding current installments

 

 

2,710

 

 

 

2,777

 

 

Operating lease liabilities, less current portion

 

 

1,562

 

 

 

1,546

 

 

Total liabilities

 

 

14,065

 

 

 

13,505

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

EQUITY:

 

 

 

 

 

 

 

 

 

SemiLEDs stockholders’ equity

 

 

 

 

 

 

 

 

 

Common stock

 

 

 

 

 

 

 

Additional paid-in capital

 

 

177,361

 

 

 

177,313

 

 

Accumulated other comprehensive income

 

 

3,543

 

 

 

3,585

 

 

Accumulated deficit

 

 

(179,376

)

 

 

(179,312

)

 

Total SemiLEDs stockholders' equity

 

 

1,528

 

 

 

1,586

 

 

Noncontrolling interests

 

 

44

 

 

 

36

 

 

Total equity

 

 

1,572

 

 

 

1,622

 

 

TOTAL LIABILITIES AND EQUITY

 

$

15,637

 

 

$

15,127

 

 

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,

 

 

 

 

2021

 

 

2021

 

 

Revenues, net

 

$

1,439

 

 

$

1,206

 

 

Cost of revenues

 

 

775

 

 

 

965

 

 

Gross profit

 

 

664

 

 

 

241

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

 

528

 

 

 

288

 

 

Selling, general and administrative

 

 

730

 

 

 

667

 

 

Gain on disposals of long-lived assets

 

 

(2

)

 

 

(207

)

 

Total operating expenses

 

 

1,256

 

 

 

748

 

 

Loss from operations

 

 

(592

)

 

 

(507

)

 

Other income (expenses):

 

 

 

 

 

 

 

 

 

Interest expenses, net

 

 

(94

)

 

 

(92

)

 

Other income, net

 

 

474

 

 

 

307

 

 

Foreign currency transaction gain, net

 

 

155

 

 

 

38

 

 

Total other income, net

 

 

535

 

 

 

253

 

 

Loss before income taxes

 

 

(57

)

 

 

(254

)

 

Income tax expense

 

 

 

 

 

 

 

Net loss

 

 

(57

)

 

 

(254

)

 

Less: Net gain attributable to noncontrolling interests

 

 

7

 

 

 

1

 

 

Net loss attributable to SemiLEDs stockholders

 

$

(64

)

 

$

(255

)

 

Net loss per share attributable to SemiLEDs stockholders:

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.02

)

 

$

(0.06

)

 

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

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

4,060

 

 

 

4,033

 

 

 

Christopher Lee Chief Financial Officer SemiLEDs Corporation +886-37-586788 investor@semileds.com

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