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SemiLEDs Reports Fourth Quarter and Fiscal Year End 2022 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 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

 

 

Contacts

Christopher Lee

Chief Financial Officer

SemiLEDs Corporation

+886-37-586788

[email protected]

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