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 2022, ended February 28, 2022.
Revenue for the second quarter of fiscal 2022 increased to $2.2
million, compared to $1.5 million in the first quarter of fiscal
2022. GAAP net loss attributable to SemiLEDs stockholders for the
second quarter of fiscal 2022 decreased to $172 thousand, or
$(0.04) per diluted share, compared to a net loss of $518 thousand,
or $(0.12) per diluted share, in the first quarter of fiscal
2022.
GAAP gross margin for the second quarter of fiscal 2022
increased to 24%, compared to 14% for the first quarter of fiscal
2022. Operating margin for the second quarter of fiscal 2022
improved to negative 17%, compared to negative 67% for the first
quarter of fiscal 2022. The Company’s cash and cash equivalents
were $3.7 million at February 28, 2022, compared to $4.1 million at
the end of the first quarter of fiscal 2022.
We are unable to forecast revenue for the third quarter ending
May 31, 2022 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)
February 28,
November 30 ,
2022
2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
3,712
$
4,082
Restricted cash and cash equivalents
89
90
Accounts receivable (including related
parties), net
1,437
811
Inventories
4,331
4,252
Prepaid expenses and other current
assets
261
305
Total current assets
9,830
9,540
Property, plant and equipment, net
4,812
5,036
Operating lease right of use assets
1,744
1,597
Intangible assets, net
112
122
Investments in unconsolidated entities
1,001
1,010
Other assets
172
164
TOTAL ASSETS
$
17,671
$
17,469
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current installments of long-term debt
$
5,113
$
5,113
Accounts payable
997
757
Accrued expenses and other current
liabilities
2,436
2,575
Operating lease liabilities, current
916
841
Other payable to related parties
141
82
Total current liabilities
9,603
9,368
Long-term debt, excluding current
installments
2,285
2,434
Operating lease liabilities, less current
portion
1,603
1,515
Total liabilities
13,491
13,317
EQUITY:
SemiLEDs stockholders’ equity
Common stock
—
—
Additional paid-in capital
182,452
182,298
Accumulated other comprehensive income
3,578
3,552
Accumulated deficit
(181,901
)
(181,729
)
Total SemiLEDs stockholders' equity
4,129
4,121
Noncontrolling interests
51
31
Total equity
4,180
4,152
TOTAL LIABILITIES AND EQUITY
$
17,671
$
17,469
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,
2022
2021
Revenues, net
$
2,176
$
1,465
Cost of revenues
1,653
1,262
Gross profit
523
203
Operating expenses:
Research and development
295
404
Selling, general and administrative
746
777
Gain on disposals of long-lived assets,
net
(139
)
—
Total operating expenses
902
1,181
Loss from operations
(379
)
(978
)
Other income (expenses):
Interest expenses, net
(92
)
(91
)
Other income, net
385
566
Foreign currency transaction loss, net
(66
)
(22
)
Total other income, net
227
453
Loss before income taxes
(152
)
(525
)
Income tax expense
—
—
Net loss
(152
)
(525
)
Less: Net loss attributable to
noncontrolling interests
20
(7
)
Net loss attributable to SemiLEDs
stockholders
$
(172
)
$
(518
)
Net loss per share attributable to
SemiLEDs stockholders:
Basic and diluted
$
(0.04
)
$
(0.12
)
Shares used in computing net loss per
share attributable to SemiLEDs stockholders:
Basic and diluted
4,490
4,460
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version on businesswire.com: https://www.businesswire.com/news/home/20220407005443/en/
Christopher Lee Chief Financial Officer SemiLEDs Corporation
+886-37-586788 investor@semileds.com
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