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SemiLEDs Corporation (LEDS+2.61%) has submitted its 10-K filing for the fiscal year ended August 31, 2024.
The filing details the company's financial performance, including a decrease in revenues to $5.2 million from $6.0 million in the previous year. This decline was primarily due to reduced sales of LED components and lighting products.
Cost of revenues decreased to $4.1 million, resulting in a gross profit of $1.1 million, compared to $1.0 million in the previous year. The gross margin improved to 20% from 17%.
Operating expenses were reduced to $4.0 million from $4.4 million, with research and development expenses decreasing by 14% and selling, general, and administrative expenses decreasing by 5%.
The company reported a net loss of $2.0 million, down from $2.7 million in the previous year. The net loss attributable to SemiLEDs stockholders was also $2.0 million.
Cash and cash equivalents as of August 31, 2024, were $1.7 million, down from $2.6 million in the previous year. Net cash used in operating activities was $365 thousand.
SemiLEDs continues to focus on developing its LED chips, components, and lighting products, with an emphasis on UV LED applications. The company is also exploring opportunities to reduce manufacturing costs and expand its product offerings.
The filing highlights the company's ongoing challenges, including the need to improve liquidity, manage competitive pricing pressures, and address its dependence on a limited number of key customers.
SemiLEDs' management believes it has a liquidity plan to meet its obligations for the next 12 months, but acknowledges the potential need for additional financing to continue operations.
The report also discusses various risks, including the impact of economic conditions, competition, and potential intellectual property claims.
The company has identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SemiLEDS Corporation annual 10-K report dated November 27, 2024. To report an error, please email earnings@qz.com.