SemiLEDs

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 2024, ended February 29, 2024.

Revenue for the second quarter of fiscal 2024 decreased to $886 thousand, compared to $1.6 million in the first quarter of fiscal 2024. GAAP net loss attributable to SemiLEDs stockholders for the second quarter of fiscal 2024 decreased to $559 thousand, or $(0.11) per diluted share, compared to a net loss of $598 thousand, or $(0.12) per diluted share, in the first quarter of fiscal 2024. We shut down our manufacturing production from February 3 to February 18 due to the Chinese New Year holiday.

GAAP gross margin for the second quarter of fiscal 2024 decreased to 13%, compared to 15% for the first quarter of fiscal 2024. Operating margin for the second quarter of fiscal 2024 was negative 94%, compared with negative 50% for the first quarter of fiscal 2024. The Company’s cash and cash equivalents were $1.6 million at February 29, 2024, compared to $2.3 million at the end of the first quarter of fiscal 2024.

We expect revenue for the third quarter ending May 31, 2024 to be approximately $1.0 million +/- 10%.

On July 11, 2023, we received a notice from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that we did not meet the minimum of $2,500,000 in stockholders’ equity required by Nasdaq Listing Rule 5550(b)(1) (the “Listing Rule”) for continued listing, or the alternatives of market value of listed securities or net income from continuing operations. Pursuant to the Listing Rule, we submitted a plan to regain compliance with the Listing Rule. Nasdaq accepted our plan and granted us an extension through January 8, 2024. Based on our Form 8-K, dated January 9, 2024, Nasdaq determined that we comply with the Listing Rule 5550(b)(1). However, if we fail to evidence compliance upon filing our next periodic report, we may be subject to delisting. Based on our second quarter stockholders’ equity, we believe we are in compliance with the minimum stockholders’ equity requirement.

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 2024, ended November 30, 2023.

Revenue for the first quarter of fiscal 2024 increased to $1.6 million, compared to $1.5 million in the fourth quarter of fiscal 2023. GAAP net loss attributable to SemiLEDs stockholders for the first quarter of fiscal 2024 decreased to $598 thousand, or $(0.12) per diluted share, compared to a net loss of $881 thousand, or $(0.18) per diluted share, in the fourth quarter of fiscal 2023.

GAAP gross margin for the first quarter of fiscal 2024 increased to 15%, compared to 3% for the fourth quarter of fiscal 2023. Operating margin for the first quarter of fiscal 2024 was negative 50%, compared with negative 73% for the fourth quarter of fiscal 2023. The Company’s cash and cash equivalents were $2.3 million at November 30, 2023, compared to $2.6 million at the end of the fourth quarter of fiscal 2023.

We expect revenue for the second quarter ending February 29, 2024 to be approximately $1.1 million +/- 10%.

The Chinese New Year (CNY) of 2024 will begin on February 3, 2024. Our office and factory in Chunan will be closed from February 3, 2024 until February 18, 2024 and will resume operations on Monday, February 19, 2024.