SemiLEDs Reports Fourth Quarter and Fiscal Year End 2020 Financial Results
SemiLEDs Corporation (NASDAQ: LEDS) reported its financial results for Q4 and fiscal year 2020, ending August 31, 2020. Q4 revenues were $1.4 million, down 12% from Q3's $1.6 million. The GAAP net loss for Q4 was $62 thousand, improving from a $513 thousand loss in Q3, leading to a net loss of $0.02 per diluted share. FY 2020 revenues increased to $6.1 million, up 3% from $5.9 million in FY 2019. GAAP net loss for FY 2020 was $544 thousand, significantly better than the $3.6 million loss in FY 2019. Cash reserves rose from $1.4 million to $2.8 million year-over-year.
- Fiscal year 2020 revenues increased by 3% to $6.1 million.
- Improved GAAP net loss for FY 2020 at $544 thousand versus $3.6 million in FY 2019.
- GAAP gross margin improved to 26% for FY 2020 from 8% in FY 2019.
- Cash and equivalents increased to $2.8 million YoY from $1.4 million.
- Q4 revenues decreased by 12% compared to Q3 2020.
- GAAP gross margin in Q4 2020 was only 8%, down from 27% in Q3 2020.
- Negative operating margin of 28% for Q4, though improved from 47% in Q3.
- Inability to forecast Q1 revenue due to COVID-19 uncertainties.
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 2020, ended August 31, 2020.
Revenues for the fourth quarter of fiscal year 2020 were
GAAP gross margin for the fourth quarter of fiscal year 2020 was
We are unable to forecast revenue for the first quarter ending November 30, 2020 at this time given the uncertain impact of COVID-19 on the global economy and the Company.
Revenues for fiscal year 2020 were
GAAP gross margin for the fiscal year 2020 was
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; 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
|
||||||||
|
|
August 31,
|
|
August 31,
|
||||
ASSETS |
|
|
|
|
||||
CURRENT ASSETS: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
2,832 |
|
|
$ |
1,363 |
|
Restricted cash and cash equivalents |
|
|
85 |
|
|
|
19 |
|
Accounts receivable (including related parties), net |
|
|
1,331 |
|
|
|
703 |
|
Inventories |
|
|
2,476 |
|
|
|
2,083 |
|
Prepaid expenses and other current assets |
|
|
781 |
|
|
|
460 |
|
Total current assets |
|
|
7,505 |
|
|
|
4,628 |
|
Property, plant and equipment, net |
|
|
5,645 |
|
|
|
5,878 |
|
Operating lease right of use assets |
|
|
203 |
|
|
|
— |
|
Intangible assets, net |
|
|
89 |
|
|
|
93 |
|
Investments in unconsolidated entities |
|
|
952 |
|
|
|
894 |
|
Other assets |
|
|
186 |
|
|
|
169 |
|
TOTAL ASSETS |
|
$ |
14,580 |
|
|
$ |
11,662 |
|
LIABILITIES AND EQUITY |
|
|
|
|
||||
CURRENT LIABILITIES: |
|
|
|
|
||||
Current installments of long-term debt |
|
$ |
4,750 |
|
|
$ |
398 |
|
Accounts payable |
|
|
536 |
|
|
|
680 |
|
Advance receipt toward the convertible note |
|
|
500 |
|
|
|
500 |
|
Accrued expenses and other current liabilities |
|
|
2,654 |
|
|
|
2,342 |
|
Other payable to related parties |
|
|
460 |
|
|
|
— |
|
Operating lease liabilities, current portion |
|
|
97 |
|
|
|
— |
|
Total current liabilities |
|
|
8,997 |
|
|
|
3,920 |
|
Long-term debt, excluding current installments |
|
|
2,909 |
|
|
|
5,954 |
|
Operating lease liabilities, less current portion |
|
|
106 |
|
|
|
— |
|
Total liabilities |
|
|
12,012 |
|
|
|
9,874 |
|
Commitments and contingencies |
|
|
|
|
||||
EQUITY: |
|
|
|
|
||||
SemiLEDs stockholders’ equity |
|
|
|
|
||||
Common stock |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
177,235 |
|
|
|
175,804 |
|
Accumulated other comprehensive income |
|
|
3,647 |
|
|
|
3,753 |
|
Accumulated deficit |
|
|
(178,360 |
) |
|
|
(177,816 |
) |
Total SemiLEDs stockholders’ equity |
|
|
2,522 |
|
|
|
1,741 |
|
Noncontrolling interests |
|
|
46 |
|
|
|
47 |
|
Total equity |
|
|
2,568 |
|
|
|
1,788 |
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
14,580 |
|
|
$ |
11,662 |
|
SEMILEDS CORPORATION AND SUBSIDIARIES
|
||||||||||||||||
|
|
Three Months Ended |
|
Year Ended August 31, |
||||||||||||
|
|
August 31, 2020 |
|
May 31, 2020 |
|
2020 |
|
2019 |
||||||||
Revenues, net |
|
$ |
1,399 |
|
|
$ |
1,569 |
|
|
$ |
6,068 |
|
|
$ |
5,902 |
|
Cost of revenues |
|
|
1,291 |
|
|
|
1,153 |
|
|
|
4,478 |
|
|
|
5,450 |
|
Gross profit |
|
|
108 |
|
|
|
416 |
|
|
|
1,590 |
|
|
|
452 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Research and development |
|
|
426 |
|
|
|
375 |
|
|
|
1,538 |
|
|
|
1,613 |
|
Selling, general and administrative |
|
|
667 |
|
|
|
782 |
|
|
|
2,808 |
|
|
|
2,792 |
|
Gain on disposals of long-lived assets, net |
|
|
(590 |
) |
|
|
— |
|
|
|
(669 |
) |
|
|
(288 |
) |
Total operating expenses |
|
|
503 |
|
|
|
1,157 |
|
|
|
3,677 |
|
|
|
4,117 |
|
Loss from operations |
|
|
(395 |
) |
|
|
(741 |
) |
|
|
(2,087 |
) |
|
|
(3,665 |
) |
Other income (expenses): |
|
|
|
|
|
|
|
|
||||||||
Gain on disposals of investment |
|
|
— |
|
|
|
— |
|
|
|
634 |
|
|
|
— |
|
Interest income (expenses), net |
|
|
(85 |
) |
|
|
(95 |
) |
|
|
(358 |
) |
|
|
(190 |
) |
Other income (loss), net |
|
|
318 |
|
|
|
270 |
|
|
|
912 |
|
|
|
250 |
|
Foreign currency transaction gain (loss), net |
|
|
96 |
|
|
|
57 |
|
|
|
352 |
|
|
|
40 |
|
Total other expenses, net |
|
|
329 |
|
|
|
232 |
|
|
|
1,540 |
|
|
|
100 |
|
Loss before income taxes |
|
|
(66 |
) |
|
|
(509 |
) |
|
|
(547 |
) |
|
|
(3,565 |
) |
Income tax expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss |
|
|
(66 |
) |
|
|
(509 |
) |
|
|
(547 |
) |
|
|
(3,565 |
) |
Less: Net loss attributable to noncontrolling interests |
|
|
(4 |
) |
|
|
4 |
|
|
|
(3 |
) |
|
|
— |
|
Net loss attributable to SemiLEDs stockholders |
|
$ |
(62 |
) |
|
$ |
(513 |
) |
|
$ |
(544 |
) |
|
$ |
(3,565 |
) |
Net loss per share attributable to SemiLEDs stockholders: |
|
|
|
|
|
|
|
|
||||||||
Basic and diluted |
|
$ |
(0.02 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.15 |
) |
|
$ |
(1.00 |
) |
Shares used in computing net loss per share attributable to SemiLEDs stockholders: |
|
|
|
|
|
|
|
|
||||||||
Basic and diluted |
|
|
4,008 |
|
|
|
3,738 |
|
|
|
3,921 |
|
|
|
3,580 |
|
