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 2021, ended August 31, 2021.
Revenues for both the fourth quarter and third quarter of fiscal 2021 were $1.4 million. GAAP net loss attributable to SemiLEDs stockholders for the fourth quarter of fiscal 2021 increased to $1.8 million, or $(0.42) per diluted share, compared to a net loss of $64thousand, or $(0.02) per diluted share, in the third quarter of fiscal 2021.
GAAP gross margin for the fourth quarter of fiscal 2021 decreased to 11%, compared with gross margin for the third quarter of fiscal 2021 of 46%. Operating margin for the fourth quarter of fiscal 2021 decreased to negative 135%, compared with negative 41% for the third quarter of fiscal 2021. The Company’s cash and cash equivalents were $4.8 million at August 31, 2021, compared to $1.7 million at the end of the third quarter of fiscal 2021.
We are unable to forecast revenues for the first quarter ending November 30, 2021 at this time given the continuing uncertain impact of COVID-19 on the economy and the Company.
Revenues for fiscal year 2021 decreased to $4.7 million, compared to $6.1 million in fiscal year 2020. GAAP net loss attributable to SemiLEDs stockholders for fiscal year 2021 increased to $2.9 million, or $(0.68) per diluted share, compared to a net loss of $544 thousand, or $(0.15) per diluted share, in fiscal year 2020.
GAAP gross margin for fiscal year 2021 decreased to 22%, compared with gross margin for fiscal year 2020 of 26%. Operating margin for fiscal year 2021 decreased to negative 83%, compared with negative 34% in fiscal year 2020. The Company’s cash and cash equivalents were $4.8 million as of August 31, 2021, compared to $2.8 million as of August 31, 2020.
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 continuing 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 |
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Unaudited Condensed Consolidated Balance Sheets |
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(In thousands of U.S. dollars) |
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August 31, |
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August 31, |
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2021 |
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2020 |
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ASSETS |
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CURRENT ASSETS: |
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|
|
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|
|
|
Cash and cash equivalents |
|
$ |
4,833 |
|
|
$ |
2,832 |
|
Restricted cash and cash equivalents |
|
|
90 |
|
|
|
85 |
|
Accounts receivable (including related parties), net |
|
|
865 |
|
|
|
1,331 |
|
Inventories |
|
|
3,937 |
|
|
|
2,476 |
|
Prepaid expenses and other current assets |
|
|
329 |
|
|
|
781 |
|
Total current assets |
|
|
10,054 |
|
|
|
7,505 |
|
Property, plant and equipment, net |
|
|
5,244 |
|
|
|
5,645 |
|
Operating lease right of use assets |
|
|
1,635 |
|
|
|
203 |
|
Intangible assets, net |
|
|
126 |
|
|
|
89 |
|
Investments in unconsolidated entities |
|
|
1,011 |
|
|
|
952 |
|
Other assets |
|
|
169 |
|
|
|
186 |
|
TOTAL ASSETS |
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$ |
18,239 |
|
|
$ |
14,580 |
|
LIABILITIES AND EQUITY |
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|
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CURRENT LIABILITIES: |
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|
|
|
|
|
|
Current installments of long-term debt |
|
$ |
5,109 |
|
|
$ |
4,750 |
|
Accounts payable |
|
|
753 |
|
|
|
536 |
|
Advance receipt toward the convertible note |
|
|
- |
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|
|
500 |
|
Accrued expenses and other current liabilities |
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|
2,783 |
|
|
|
2,654 |
|
Other payable to related parties |
|
|
764 |
|
|
|
460 |
|
Operating lease liabilities, current portion |
|
|
98 |
|
|
|
97 |
|
Total current liabilities |
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|
9,507 |
|
|
|
8,997 |
|
Long-term debt, excluding current installments |
|
|
2,569 |
|
|
|
2,909 |
|
Operating lease liabilities, less current portion |
|
|
1,537 |
|
|
|
106 |
|
Total liabilities |
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|
13,613 |
|
|
|
12,012 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
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EQUITY: |
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SemiLEDs stockholders’ equity |
|
|
|
|
|
|
|
|
Common stock |
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|
— |
|
|
|
— |
|
Additional paid-in capital |
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|
182,255 |
|
|
|
177,235 |
|
Accumulated other comprehensive income |
|
|
3,543 |
|
|
|
3,647 |
|
Accumulated deficit |
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|
(181,211 |
) |
|
|
(178,360 |
) |
Total SemiLEDs stockholders’ equity |
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|
4,587 |
|
|
|
2,522 |
|
Noncontrolling interests |
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|
39 |
|
|
|
46 |
|
Total equity |
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|
4,626 |
|
|
|
2,568 |
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
18,239 |
|
|
$ |
14,580 |
|
SEMILEDS CORPORATION AND SUBSIDIARIES |
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Unaudited Condensed Consolidated Statements of Operations |
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(In thousands of U.S. dollars and shares, except per share data) |
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Three Months Ended |
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Year Ended August 31, |
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August 31, 2021 |
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May 31, 2021 |
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2021 |
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|
2020 |
|
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Revenues, net |
|
$ |
|
1,371 |
|
|
$ |
|
1,439 |
|
|
$ |
|
4,735 |
|
|
$ |
|
6,068 |
|
Cost of revenues |
|
|
|
1,221 |
|
|
|
|
775 |
|
|
|
|
3,702 |
|
|
|
|
4,478 |
|
Gross profit |
|
|
|
150 |
|
|
|
|
664 |
|
|
|
|
1,033 |
|
|
|
|
1,590 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
|
461 |
|
|
|
|
528 |
|
|
|
|
1,623 |
|
|
|
|
1,538 |
|
Selling, general and administrative |
|
|
|
1,536 |
|
|
|
|
730 |
|
|
|
|
3,614 |
|
|
|
|
2,808 |
|
Gain on disposals of long-lived assets, net |
|
|
|
— |
|
|
|
|
(2 |
) |
|
|
|
(286 |
) |
|
|
|
(669 |
) |
Total operating expenses |
|
|
|
1,997 |
|
|
|
|
1,256 |
|
|
|
|
4,951 |
|
|
|
|
3,677 |
|
Loss from operations |
|
|
|
(1,847 |
) |
|
|
|
(592 |
) |
|
|
|
(3,918 |
) |
|
|
|
(2,087 |
) |
Other income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on disposals of investment |
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|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
634 |
|
Interest income (expenses), net |
|
|
|
(93 |
) |
|
|
|
(94 |
) |
|
|
|
(371 |
) |
|
|
|
(358 |
) |
Other income (loss), net |
|
|
|
139 |
|
|
|
|
474 |
|
|
|
|
1,090 |
|
|
|
|
912 |
|
Foreign currency transaction gain (loss), net |
|
|
|
(38 |
) |
|
|
|
155 |
|
|
|
|
342 |
|
|
|
|
352 |
|
Total other income, net |
|
|
|
8 |
|
|
|
|
535 |
|
|
|
|
1,061 |
|
|
|
|
1,540 |
|
Loss before income taxes |
|
|
|
(1,839 |
) |
|
|
|
(57 |
) |
|
|
|
(2,857 |
) |
|
|
|
(547 |
) |
Income tax expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
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Net loss |
|
|
|
(1,839 |
) |
|
|
|
(57 |
) |
|
|
|
(2,857 |
) |
|
|
|
(547 |
) |
Less: Net (loss) gain attributable to noncontrolling interests |
|
|
|
(4 |
) |
|
|
|
7 |
|
|
|
|
(6 |
) |
|
|
|
(3 |
) |
Net loss attributable to SemiLEDs stockholders |
|
$ |
|
(1,835 |
) |
|
$ |
|
(64 |
) |
|
$ |
|
(2,851 |
) |
|
$ |
|
(544 |
) |
Net loss per share attributable to SemiLEDs stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
|
(0.42 |
) |
|
$ |
|
(0.02 |
) |
|
$ |
|
(0.68 |
) |
|
$ |
|
(0.15 |
) |
Shares used in computing net loss per share attributable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to SemiLEDs stockholders: |
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Basic and diluted |
|
|
|
4,413 |
|
|
|
|
4,060 |
|
|
|
|
4,180 |
|
|
|
|
3,921 |
|
