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SemiLEDs Reports First Quarter Fiscal Year 2023 Financial Results

HSINCHU, Taiwan--(BUSINESS WIRE)--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 2023, ended November 30, 2022.

Revenue for the first quarter of fiscal 2023 was $1.7 million, compared to $1.6 million in the fourth quarter of fiscal 2022. GAAP net loss attributable to SemiLEDs stockholders for the first quarter of fiscal 2023 was $512 thousand, compared to a loss of $1.1 million in the fourth quarter of fiscal 2022, or a net loss of $0.11 per diluted share, compared to a net loss of $0.25 per diluted share for the fourth quarter of fiscal 2022.

GAAP gross margin for the first quarter of fiscal 2023 was 27%, compared with gross margin for the fourth quarter of fiscal 2022 of 21%. Operating margin for the first quarter of fiscal 2023 was negative 39%, compared with negative 66% in the fourth quarter of fiscal 2022. The Company’s cash and cash equivalents was $4.5 million at November 30, 2022, compared to $4.3 million at the end of fiscal 2022.

We are unable to forecast revenue for the second quarter ending February 28, 2023 at this time given the uncertain impact of COVID-19 on the economy and the Company.

The Chinese New Year (CNY) of 2023 will begin on January 21, 2023. Our office and factory in Chunan will be closed from January 20, 2023 until January 29, 2023 and will resume operations on Monday, January 30, 2023.

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; 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

Condensed Consolidated Balance Sheets

(In thousands of U.S. dollars)

 

November 30,

 

August 31,

 

 

2022

 

2022

 

 

(Unaudited)

 

 

 

ASSETS

 

 

 

 

CURRENT ASSETS:

 

 

 

 

Cash and cash equivalents

$

4,511

 

$

4,274

 

Restricted cash and cash equivalents

 

81

 

 

82

 

Accounts receivable (including related parties), net

 

610

 

 

880

 

Inventories

 

3,680

 

 

3,784

 

Prepaid expenses and other current assets

 

132

 

 

123

 

Total current assets

 

9,014

 

 

9,143

 

Property, plant and equipment, net

 

3,829

 

 

4,139

 

Operating lease right of use assets

 

1,521

 

 

1,578

 

Intangible assets, net

 

97

 

 

102

 

Investments in unconsolidated entities

 

909

 

 

922

 

Other assets

 

196

 

 

170

 

TOTAL ASSETS

$

15,566

 

$

16,054

 

LIABILITIES AND EQUITY

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

Current installments of long-term debt

$

5,061

 

$

5,063

 

Accounts payable

 

210

 

 

286

 

Accrued expenses and other current liabilities

 

2,848

 

 

2,702

 

Other payable to related parties

 

1,145

 

 

1,061

 

Operating lease liabilities, current

 

137

 

 

143

 

Total current liabilities

 

9,401

 

 

9,255

 

Long-term debt, excluding current installments

 

1,722

 

 

1,866

 

Operating lease liabilities, less current portion

 

1,384

 

 

1,435

 

Total liabilities

 

12,507

 

 

12,556

 

Commitments and contingencies

 

 

 

 

EQUITY:

 

 

 

 

SemiLEDs stockholders’ equity

 

 

 

 

Common stock

 

 

 

 

Additional paid-in capital

 

183,836

 

 

183,711

 

Accumulated other comprehensive income

 

3,642

 

 

3,697

 

Accumulated deficit

 

(184,467

)

 

(183,955

)

Total SemiLEDs stockholders’ equity

 

3,011

 

 

3,453

 

Noncontrolling interests

 

48

 

 

45

 

Total equity

 

3,059

 

 

3,498

 

TOTAL LIABILITIES AND EQUITY

$

15,566

 

$

16,054

 

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,

 

August 31,

 

 

2022

 

2022

 

Revenues, net

$

1,695

 

$

1,626

 

Cost of revenues

 

1,232

 

 

1,291

 

Gross profit

 

463

 

 

335

 

Operating expenses:

 

 

 

 

Research and development

 

365

 

 

428

 

Selling, general and administrative

 

752

 

 

976

 

Total operating expenses

 

1,117

 

 

1,404

 

Loss from operations

 

(654

)

 

(1,069

)

Other income (expenses):

 

 

 

 

Interest expenses, net

 

(87

)

 

(92

)

Other income, net

 

242

 

 

270

 

Foreign currency transaction loss, net

 

(10

)

 

(247

)

Total other income (expenses), net

 

145

 

 

(69

)

Loss before income taxes

 

(509

)

 

(1,138

)

Income tax expense

 

 

 

 

Net loss

 

(509

)

 

(1,138

)

Less: Net income attributable to noncontrolling interests

 

3

 

 

 

Net loss attributable to SemiLEDs stockholders

$

(512

)

$

(1,138

)

Net loss per share attributable to SemiLEDs stockholders:

 

 

 

 

Basic and diluted

$

(0.11

)

$

(0.25

)

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

 

 

 

 

Basic and diluted

 

4,836

 

 

4,533

 

 

Contacts

Christopher Lee

Chief Financial Officer

SemiLEDs Corporation

+886-37-586788

[email protected]

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