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
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version on businesswire.com: https://www.businesswire.com/news/home/20230103005236/en/
Christopher Lee Chief Financial Officer SemiLEDs Corporation
+886-37-586788 investor@semileds.com
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