Business Wire | Nov 26, 2021 05:00AM EST

SemiLEDs Reports Fourth Quarter and Fiscal Year End 2021 Financial Results

Nov. 26, 2021

HSINCHU, Taiwan--(BUSINESS WIRE)--Nov. 26, 2021--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

Unaudited Condensed Consolidated Balance Sheets

(In thousands of U.S. dollars)

August 31, August 31,

2021 2020

ASSETS

CURRENT ASSETS:

Cash and cash equivalents $ 4,833 $ 2,832

Restricted cash and cash equivalents 90 85

Accounts receivable (including related parties), 865 1,331 net

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 $ 18,239 $ 14,580

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Current installments of long-term debt $ 5,109 $ 4,750

Accounts payable 753 536

Advance receipt toward the convertible note - 500

Accrued expenses and other current liabilities 2,783 2,654

Other payable to related parties 764 460

Operating lease liabilities, current portion 98 97

Total current liabilities 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 13,613 12,012

Commitments and contingencies

EQUITY:

SemiLEDs stockholders' equity

Common stock - -

Additional paid-in capital 182,255 177,235

Accumulated other comprehensive income 3,543 3,647

Accumulated deficit (181,211 ) (178,360 )

Total SemiLEDs stockholders' equity 4,587 2,522

Noncontrolling interests 39 46

Total equity 4,626 2,568

TOTAL LIABILITIES AND EQUITY $ 18,239 $ 14,580

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

Year Ended August 31,

August 31, 2021

May 31, 2021

2021

2020

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

-

-

-

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

-

-

-

-

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:

Basic and diluted

4,413

4,060

4,180

3,921

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CONTACT: Christopher Lee Chief Financial Officer SemiLEDs Corporation +886-37-586788 investor@semileds.com