LEDS SemiLEDS Corporation

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): November 27, 2024

SEMILEDS CORPORATION

(Exact name of registrant as specified in charter)

 

Delaware	001-34992	20-2735523
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

3F, No.11 Ke Jung Rd., Chu-Nan Site, Hsinchu Science Park, Chu-Nan 350, Miao-Li County, Taiwan, R.O.C.		350
(Address of principal executive offices)		(Zip Code)

 

Registrant’s telephone number, including area code: +886-37-586788

N/A

(Former name or former address if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.0000056		LEDS		The Nasdaq Stock Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02. Results of Operations and Financial Condition.

On November 27, 2024, SemiLEDs Corporation issued a press release announcing its preliminary financial results for the fourth quarter and the fiscal year ended August 31, 2024.

Such information is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
99.1		Press release, dated November 27, 2024, entitled “SemiLEDs Reports Fourth Quarter and Fiscal Year End 2024 Financial Results.”
104		Cover Page Interactive Data File - the cover page iXBRL tags are embedded within the Inline XBRL document.

 

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: November 27, 2024
		SemiLEDs Corporation
		By:		/s/ Christopher Lee
		Name:		Christopher Lee
		Title:		Chief Financial Officer

 

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Exhibit 99.1

 

 

SemiLEDs Reports Fourth Quarter and Fiscal Year End 2024

Financial Results

Hsinchu, Taiwan (November 27, 2024)— 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 fiscal year, ended August 31, 2024.

Revenue for the fourth quarter of fiscal 2024 was $1.3 million, compared to $1.3 million in the third quarter of fiscal 2024. GAAP net loss attributable to SemiLEDs stockholders for the fourth quarter of fiscal 2024 increased to $560 thousand, or $(0.08) per diluted share, compared to a net loss of $319 thousand, or $(0.04) per diluted share, in the third quarter of fiscal 2024.

GAAP gross margin for the fourth quarter of fiscal 2024 decreased to 12%, compared to 41% for the third quarter of fiscal 2024. Operating margin for the fourth quarter of fiscal 2024 decreased to negative 62%, compared with negative 36% for the third quarter of fiscal 2024. The Company’s cash and cash equivalents were $1.7 million at August 31, 2024, compared to $1.7 million at the end of the third quarter of fiscal 2024.

Revenues for fiscal year 2024 decreased to $5.2 million, compared to $6.0 million in fiscal year 2023. GAAP net loss attributable to SemiLEDs stockholders for fiscal year 2024 was $2.0 million, or $(0.32) per diluted share, compared to a net loss of $2.7 million, or $(0.55) per diluted share, in fiscal year 2023.

GAAP gross margin for fiscal year 2024 increased to 20%, compared with gross margin for fiscal year 2023 of 17%. Operating margin for fiscal year 2024 was negative 57%, compared with negative 57% in fiscal year 2023. The Company’s cash and cash equivalents were $1.7 million as of August 31, 2024, compared to $2.6 million as of August 31, 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.

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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, the consideration of potential strategic alternatives, any statements about historical results that may suggest trends for SemiLEDs’ business; any statements of the plans, 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. There can be no assurance that SemiLEDs will be able to identify or execute upon any strategic alternatives or, if alternatives are identified, the possible terms of any such strategic agreement. 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.

 

Contacts:

 

Christopher Lee

Chief Financial Officer

SemiLEDs Corporation

+886-37-586788

investor@semileds.com

 

 

 

 

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SEMILEDS CORPORATION AND SUBSIDIARIES

Unaudited Condensed Consolidated Balance Sheets

(In thousands of U.S. dollars)

 

		August 31,				August 31,
		2024				2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	1,671			$	2,572
Restricted cash and cash equivalents			78				78
Accounts receivable (including related parties), net			416				793
Inventories, net			3,574				4,022
Prepaid expenses and other current assets			223				129
Total current assets			5,962				7,594
Property, plant and equipment, net			2,798				3,233
Operating lease right of use assets			1,091				1,371
Intangible assets, net			90				97
Investments in unconsolidated entities			969				974
Other assets			228				186
TOTAL ASSETS		$	11,138			$	13,455
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current installments of long-term debt		$	2,854			$	5,042
Accounts payable			137				436
Accrued expenses and other current liabilities			2,936				2,711
Other payable to related parties			1,001				1,374
Operating lease liabilities, current portion			94				139
Total current liabilities			7,022				9,702
Long-term debt, excluding current installments			870				1,327
Operating lease liabilities, less current portion			997				1,232
Total liabilities			8,889				12,261
Commitments and contingencies
EQUITY:
SemiLEDs stockholders’ equity
Common stock			—				—
Additional paid-in capital			187,337				184,246
Accumulated other comprehensive income			3,545				3,550
Accumulated deficit			(188,681	)			(186,645	)
Total SemiLEDs stockholders’ equity			2,201				1,151
Noncontrolling interests			48				43
Total equity			2,249				1,194
TOTAL LIABILITIES AND EQUITY		$	11,138			$	13,455

 

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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										Years Ended August 31,
		August 31, 2024					May 31, 2024					2024					2023
Revenues, net		$		1,324			$		1,323			$		5,183			$		5,979
Cost of revenues				1,171					780					4,130					4,972
Gross profit				153					543					1,053					1,007
Operating expenses:
Research and development				217					320					1,160					1,353
Selling, general and administrative				760					696					2,891					3,058
Gain on disposals of long-lived assets, net				1					—					(49	)				—
Total operating expenses				978					1,016					4,002					4,411
Loss from operations				(825	)				(473	)				(2,949	)				(3,404	)
Other income (expenses):
Impairment loss from unconsolidated entities				(3	)				(3	)				(3	)				(1	)
Interest expenses, net				(36	)				(58	)				(247	)				(287	)
Other income, net				268					277					1,181					1,054
Foreign currency transaction (loss) gain, net				34					(59	)				(13	)				(52	)
Total other income, net				263					157					918					714
Loss before income taxes				(562	)				(316	)				(2,031	)				(2,690	)
Income tax expense			—					—					—					—
Net loss				(562	)				(316	)				(2,031	)				(2,690	)
Less: Net income (loss) attributable to noncontrolling interests				(2	)				3					5					—
Net loss attributable to SemiLEDs stockholders		$		(560	)		$		(319	)		$		(2,036	)		$		(2,690	)
Net loss per share attributable to SemiLEDs stockholders:
Basic and diluted		$		(0.08	)		$		(0.04	)		$		(0.32	)		$		(0.55	)
Shares used in computing net loss per share attributable    to SemiLEDs stockholders:
Basic and diluted				7,203					7,185					6,320					4,881

 

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v3.24.3

Document and Entity Information	Nov. 27, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 27, 2024
Entity Registrant Name	SEMILEDS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity File Number	001-34992
Entity Tax Identification Number	20-2735523
Entity Address, Address Line One	3F, No.11 Ke Jung Rd., Chu-Nan Site
Entity Address, Address Line Two	Hsinchu Science Park, Chu-Nan 350
Entity Address, City or Town	Miao-Li County
Entity Address, Country	TW
Entity Address, Postal Zip Code	350
City Area Code	886
Local Phone Number	37-586788
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001333822
Title of 12(b) Security	Common Stock, par value $0.0000056
Trading Symbol	LEDS
Security Exchange Name	NASDAQ

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