LEDS
LEDS
SemiLEDs CorporationIncome Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q1-2026 | $2.57M ▼ | $1.06M ▼ | $-742K ▲ | -28.88% ▼ | $-0.09 ▲ | $-549K ▲ |
| Q4-2025 | $13.22M ▼ | $1.22M ▲ | $-1.19M ▼ | -9.03% ▼ | $-0.15 ▼ | $-978K ▼ |
| Q3-2025 | $17.65M ▲ | $1M ▲ | $223K ▼ | 1.26% ▼ | $0.03 ▼ | $443K ▼ |
| Q2-2025 | $10.87M ▲ | $893K ▼ | $388K ▲ | 3.57% ▲ | $0.05 ▲ | $586K ▲ |
| Q1-2025 | $1.26M | $917K | $-547K | -43.38% | $-0.08 | $-324K |
What's going well?
The company managed to reduce its net loss compared to last quarter. Interest costs are low, and there is no dilution hurting shareholders.
What's concerning?
Revenue fell off a cliff, gross margins are almost gone, and expenses are now a much bigger share of sales. The business is still losing money and hasn't adjusted costs fast enough to match the drop in sales.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q1-2026 | $2.89M ▲ | $14.23M ▼ | $12.16M ▼ | $2.07M ▼ |
| Q4-2025 | $2.59M ▲ | $15.59M ▼ | $12.81M ▼ | $2.78M ▼ |
| Q3-2025 | $2.44M ▲ | $23.18M ▼ | $19.19M ▼ | $3.99M ▲ |
| Q2-2025 | $2.38M ▲ | $23.19M ▲ | $19.59M ▲ | $3.6M ▲ |
| Q1-2025 | $1.25M | $10.4M | $8.82M | $1.58M |
What's financially strong about this company?
The company has reduced its debt and improved cash slightly this quarter. Inventory and receivables are down, which helps free up cash and reduce risk of old stock or unpaid bills.
What are the financial risks or weaknesses?
Liquidity is tight – current assets are less than current liabilities. Equity is shrinking, and the company has a long history of losses, with negative retained earnings. Most debt is short-term, which could pressure cash flow.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q1-2026 | $-742K ▲ | $361K ▲ | $-1K ▲ | $-116K ▲ | $291K ▲ | $331K ▲ |
| Q4-2025 | $-1.19M ▼ | $272K ▼ | $-24K ▲ | $-120K ▲ | $148K ▲ | $248K ▼ |
| Q3-2025 | $223K ▼ | $693K ▼ | $-313K ▼ | $-151K ▼ | $74K ▼ | $383K ▼ |
| Q2-2025 | $388K ▲ | $1.41M ▲ | $-136K ▼ | $-107K ▲ | $1.13M ▲ | $1.28M ▲ |
| Q1-2025 | $-547K | $-158K | $-122K | $-244K | $-425K | $-276K |
What's strong about this company's cash flow?
LEDS is generating real cash from its operations, even while reporting accounting losses. Cash flow improved this quarter, and the company is self-funding with no need for outside money.
What are the cash flow concerns?
Much of the cash improvement came from selling down inventory, which may not be repeatable. Receivables are rising, which could slow future cash inflows if customers keep paying late.
5-Year Trend Analysis
A comprehensive look at SemiLEDs Corporation's financial evolution and strategic trajectory over the past five years.
Key strengths include a clear recent improvement in revenue, margins, and cash generation; a distinctive technology platform built around vertical, metal-based LED structures; and a focused niche strategy in UV curing, horticulture, medical, and sensor applications where performance matters more than sheer scale. The company has also reduced net debt, improved liquidity, and turned operating and free cash flow positive in the latest period, which gives it somewhat more breathing room. Its track record of specialized innovation and partnerships supports a credible, if narrow, competitive edge.
Major risks center on financial fragility and business concentration. SemiLEDs remains loss-making overall, with negative accumulated earnings, high leverage relative to its equity base, and liquidity metrics that are only just shy of comfortable levels. The presence of a going-concern warning underscores the seriousness of these issues. The recent jump in revenue appears partly tied to equipment buy-sell transactions, which may be less durable than core product sales, creating uncertainty about the quality and repeatability of the latest results. The company also operates in highly competitive markets against much larger players and must sustain meaningful R&D on a limited budget to keep its technology relevant.
The outlook is cautiously balanced. On one hand, the sharp improvements in revenue, margins, and cash flow, combined with debt reduction and a stronger working capital position, suggest that SemiLEDs may be approaching an operational turning point. Its specialized technology and movement into promising areas like sensors and advanced UV applications offer real growth optionality. On the other hand, the company still has to prove it can translate these advances into consistent profitability, rebuild its equity base, and reduce financial risk to more comfortable levels. The path forward will likely remain volatile and highly sensitive to execution, customer adoption of its niche solutions, and disciplined financial management.
About SemiLEDs Corporation
https://www.semileds.comSemiLEDs Corporation develops, manufactures, and sells light emitting diode (LED) chips, LED components, and LED modules and systems in the United States, Taiwan, the Netherlands, Germany, Japan, Ireland, and internationally.
Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q1-2026 | $2.57M ▼ | $1.06M ▼ | $-742K ▲ | -28.88% ▼ | $-0.09 ▲ | $-549K ▲ |
| Q4-2025 | $13.22M ▼ | $1.22M ▲ | $-1.19M ▼ | -9.03% ▼ | $-0.15 ▼ | $-978K ▼ |
| Q3-2025 | $17.65M ▲ | $1M ▲ | $223K ▼ | 1.26% ▼ | $0.03 ▼ | $443K ▼ |
| Q2-2025 | $10.87M ▲ | $893K ▼ | $388K ▲ | 3.57% ▲ | $0.05 ▲ | $586K ▲ |
| Q1-2025 | $1.26M | $917K | $-547K | -43.38% | $-0.08 | $-324K |
What's going well?
The company managed to reduce its net loss compared to last quarter. Interest costs are low, and there is no dilution hurting shareholders.
What's concerning?
Revenue fell off a cliff, gross margins are almost gone, and expenses are now a much bigger share of sales. The business is still losing money and hasn't adjusted costs fast enough to match the drop in sales.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q1-2026 | $2.89M ▲ | $14.23M ▼ | $12.16M ▼ | $2.07M ▼ |
| Q4-2025 | $2.59M ▲ | $15.59M ▼ | $12.81M ▼ | $2.78M ▼ |
| Q3-2025 | $2.44M ▲ | $23.18M ▼ | $19.19M ▼ | $3.99M ▲ |
| Q2-2025 | $2.38M ▲ | $23.19M ▲ | $19.59M ▲ | $3.6M ▲ |
| Q1-2025 | $1.25M | $10.4M | $8.82M | $1.58M |
What's financially strong about this company?
The company has reduced its debt and improved cash slightly this quarter. Inventory and receivables are down, which helps free up cash and reduce risk of old stock or unpaid bills.
What are the financial risks or weaknesses?
Liquidity is tight – current assets are less than current liabilities. Equity is shrinking, and the company has a long history of losses, with negative retained earnings. Most debt is short-term, which could pressure cash flow.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q1-2026 | $-742K ▲ | $361K ▲ | $-1K ▲ | $-116K ▲ | $291K ▲ | $331K ▲ |
| Q4-2025 | $-1.19M ▼ | $272K ▼ | $-24K ▲ | $-120K ▲ | $148K ▲ | $248K ▼ |
| Q3-2025 | $223K ▼ | $693K ▼ | $-313K ▼ | $-151K ▼ | $74K ▼ | $383K ▼ |
| Q2-2025 | $388K ▲ | $1.41M ▲ | $-136K ▼ | $-107K ▲ | $1.13M ▲ | $1.28M ▲ |
| Q1-2025 | $-547K | $-158K | $-122K | $-244K | $-425K | $-276K |
What's strong about this company's cash flow?
LEDS is generating real cash from its operations, even while reporting accounting losses. Cash flow improved this quarter, and the company is self-funding with no need for outside money.
What are the cash flow concerns?
Much of the cash improvement came from selling down inventory, which may not be repeatable. Receivables are rising, which could slow future cash inflows if customers keep paying late.
5-Year Trend Analysis
A comprehensive look at SemiLEDs Corporation's financial evolution and strategic trajectory over the past five years.
Key strengths include a clear recent improvement in revenue, margins, and cash generation; a distinctive technology platform built around vertical, metal-based LED structures; and a focused niche strategy in UV curing, horticulture, medical, and sensor applications where performance matters more than sheer scale. The company has also reduced net debt, improved liquidity, and turned operating and free cash flow positive in the latest period, which gives it somewhat more breathing room. Its track record of specialized innovation and partnerships supports a credible, if narrow, competitive edge.
Major risks center on financial fragility and business concentration. SemiLEDs remains loss-making overall, with negative accumulated earnings, high leverage relative to its equity base, and liquidity metrics that are only just shy of comfortable levels. The presence of a going-concern warning underscores the seriousness of these issues. The recent jump in revenue appears partly tied to equipment buy-sell transactions, which may be less durable than core product sales, creating uncertainty about the quality and repeatability of the latest results. The company also operates in highly competitive markets against much larger players and must sustain meaningful R&D on a limited budget to keep its technology relevant.
The outlook is cautiously balanced. On one hand, the sharp improvements in revenue, margins, and cash flow, combined with debt reduction and a stronger working capital position, suggest that SemiLEDs may be approaching an operational turning point. Its specialized technology and movement into promising areas like sensors and advanced UV applications offer real growth optionality. On the other hand, the company still has to prove it can translate these advances into consistent profitability, rebuild its equity base, and reduce financial risk to more comfortable levels. The path forward will likely remain volatile and highly sensitive to execution, customer adoption of its niche solutions, and disciplined financial management.
CEO
Trung Tri Doan
Compensation Summary
(Year 2024)
Split Record
| Date | Type | Ratio |
|---|---|---|
| 2016-04-18 | Reverse | 1:10 |
Ratings Snapshot
Rating : D+
Price Target
Institutional Ownership
RENAISSANCE TECHNOLOGIES LLC
Shares:58.7K
Value:$87.09K
SUSQUEHANNA INTERNATIONAL GROUP, LLP
Shares:19.44K
Value:$28.84K
XTX TOPCO LTD
Shares:14.2K
Value:$21.06K
Summary
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