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 second quarter of fiscal year 2023, ended February 28, 2023.

Revenue for the second quarter of fiscal 2023 decreased to $1.2 million, compared to $1.7 million in the first quarter of fiscal 2023. GAAP net loss attributable to SemiLEDs stockholders for the second quarter of fiscal 2023 increased to $541 thousand, or $(0.11) per diluted share, compared to a net loss of $512 thousand, or $(0.11) per diluted share, in the first quarter of fiscal 2023. In the second quarter of fiscal year 2023, we shut down our manufacturing production for one week due to the Chinese New Year holiday.

GAAP gross margin for the second quarter of fiscal 2023 decreased to 23%, compared to 27% for the first quarter of fiscal 2023. Operating margin for the second quarter of fiscal 2023 decreased to negative 61%, compared to negative 39% for the first quarter of fiscal 2023. The Company’s cash and cash equivalents were $3.9 million at February 28, 2023, compared to $4.5 million at the end of the first quarter of fiscal 2023.

We expect revenue for the third quarter ending May 31, 2023 to be approximately $2.0 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, 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)

 

 

 

February 28,

 

 

November 30,

 

 

 

 

2023

 

 

2022

 

 

ASSETS

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

3,859

 

 

$

4,511

 

 

Restricted cash and cash equivalents

 

 

82

 

 

 

81

 

 

Accounts receivable (including related parties), net

 

 

530

 

 

 

610

 

 

Inventories

 

 

4,259

 

 

 

3,680

 

 

Prepaid expenses and other current assets

 

 

145

 

 

 

132

 

 

Total current assets

 

 

8,875

 

 

 

9,014

 

 

Property, plant and equipment, net

 

 

3,630

 

 

 

3,829

 

 

Operating lease right of use assets

 

 

1,505

 

 

 

1,521

 

 

Intangible assets, net

 

 

95

 

 

 

97

 

 

Investments in unconsolidated entities

 

 

921

 

 

 

909

 

 

Other assets

 

 

170

 

 

 

196

 

 

TOTAL ASSETS

 

$

15,196

 

 

$

15,566

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

Current installments of long-term debt

 

$

5,071

 

 

$

5,061

 

 

Accounts payable

 

 

508

 

 

 

210

 

 

Accrued expenses and other current liabilities

 

 

2,587

 

 

 

2,848

 

 

Other payable to related parties

 

 

1,221

 

 

 

1,145

 

 

Operating lease liabilities, current

 

 

144

 

 

 

137

 

 

Total current liabilities

 

 

9,531

 

 

 

9,401

 

 

Long-term debt, excluding current installments

 

 

1,626

 

 

 

1,722

 

 

Operating lease liabilities, less current portion

 

 

1,361

 

 

 

1,384

 

 

Total liabilities

 

 

12,518

 

 

 

12,507

 

 

EQUITY:

 

 

 

 

 

 

 

SemiLEDs stockholders’ equity

 

 

 

 

 

 

 

Common stock

 

 

 

 

 

 

 

Additional paid-in capital

 

 

183,951

 

 

 

183,836

 

 

Accumulated other comprehensive income

 

 

3,691

 

 

 

3,642

 

 

Accumulated deficit

 

 

(185,008

)

 

 

(184,467

)

 

Total SemiLEDs stockholders' equity

 

 

2,634

 

 

 

3,011

 

 

Noncontrolling interests

 

 

44

 

 

 

48

 

 

Total equity

 

 

2,678

 

 

 

3,059

 

 

TOTAL LIABILITIES AND EQUITY

 

$

15,196

 

 

$

15,566

 

 

 

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

 

 

 

 

February 28,

 

 

November 30,

 

 

 

 

2023

 

 

2022

 

 

Revenues, net

 

$

1,152

 

 

$

1,695

 

 

Cost of revenues

 

 

890

 

 

 

1,232

 

 

Gross profit

 

 

262

 

 

 

463

 

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

 

295

 

 

 

365

 

 

Selling, general and administrative

 

 

669

 

 

 

752

 

 

Total operating expenses

 

 

964

 

 

 

1,117

 

 

Loss from operations

 

 

(702

)

 

 

(654

)

 

Other income (expenses):

 

 

 

 

 

 

 

Interest expenses, net

 

 

(65

)

 

 

(87

)

 

Other income, net

 

 

229

 

 

 

242

 

 

Foreign currency transaction loss, net

 

 

(7

)

 

 

(10

)

 

Total other income, net

 

 

157

 

 

 

145

 

 

Loss before income taxes

 

 

(545

)

 

 

(509

)

 

Income tax expense

 

 

 

 

 

 

 

Net loss

 

 

(545

)

 

 

(509

)

 

Less: Net (loss) income attributable to noncontrolling interests

 

 

(4

)

 

 

3

 

 

Net loss attributable to SemiLEDs stockholders

 

$

(541

)

 

$

(512

)

 

Net loss per share attributable to SemiLEDs stockholders:

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.11

)

 

$

(0.11

)

 

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

 

 

 

 

 

 

 

Basic and diluted

 

 

4,866

 

 

 

4,836

 

 

 

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

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