SemiLEDs Corp Releases Q3 2024 10-Q Report Highlighting Financial and Operational Performance
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SemiLEDs Corp, a leading provider of LED components and lighting products, has released its Form 10-Q report for the third quarter ended May 31, 2024. The report provides a comprehensive overview of the company's financial performance and operational highlights, reflecting both challenges and strategic initiatives aimed at future growth.
Financial Highlights
- Revenues, net: $1.3 million, a decrease of 21% compared to the same period last year, primarily due to a decline in sales of LED components.
- Gross Profit: $0.543 million, an increase from $0.241 million in the prior year period, driven by higher margins on product sales.
- Loss from operations: $(0.473) million, an improvement from a loss of $(0.981) million in the prior year period, reflecting reduced operating expenses.
- Net loss attributable to SemiLEDs stockholders: $(0.319) million, an improvement from a net loss of $(0.756) million in the prior year period.
- Net loss per share attributable to SemiLEDs stockholders - Basic and Diluted: $(0.04), an improvement from $(0.15) in the prior year period.
Business Highlights
- Revenue Segments: The company's revenue is primarily derived from LED components, which accounted for 39% of total revenues in the three months ended May 31, 2024. Other significant contributions came from lighting products and LED chips, although these segments saw a decrease in sales compared to the previous year.
- Geographical Performance: The company's revenues are concentrated in a few select markets, including Taiwan, the United States, the Netherlands, and Japan. These regions collectively accounted for 91% of the company's net revenues for the three and nine months ended May 31, 2024.
- Sales Units: There was a notable decrease in the volume of LED components sold, contributing to a decline in overall revenues. The company is focusing on adjusting its product mix to exit certain high-volume but low-unit selling price product lines.
- New Product Launches: The company continues to innovate by developing new LED products, including advanced capabilities in LED chips and components.
- Future Outlook: Management is focused on improving liquidity and accessing alternative funding sources. The company plans to continue innovating in product design and expanding its sales and distribution channels, particularly in niche LED markets such as UV LED and architectural lighting.