HSINCHU, Taiwan - SemiLEDs Corporation (NASDAQ:LEDS), a global provider of LED chips and components, announced a reduced net loss and improved gross margins in its financial results for the first quarter of fiscal year 2024, which ended on November 30, 2023.
The company reported an increase in revenue to $1.6 million for the first quarter, up from $1.5 million in the previous quarter. The net loss attributable to SemiLEDs stockholders decreased to $598 thousand, or $(0.12) per diluted share, from a net loss of $881 thousand, or $(0.18) per diluted share, in the fourth quarter of fiscal 2023.
Significant improvement was seen in the company's gross margin, which grew to 15% in the first quarter from 3% in the fourth quarter of the prior fiscal year. The operating margin also showed progress, though it remained negative at 50%, an improvement from negative 73% in the previous quarter. Cash and cash equivalents were reported at $2.3 million as of November 30, 2023, a slight decrease from $2.6 million at the end of the fourth quarter of fiscal 2023.
Looking ahead, SemiLEDs expects revenue for the second quarter ending February 29, 2024, to be around $1.1 million, subject to a 10% variance. The company also noted that its office and factory in Chunan will be closed for the Chinese New Year holiday, starting February 3, 2024, and will resume operations on February 19, 2024.
SemiLEDs specializes in manufacturing LED chips and components for various applications, including general lighting, UV curing, and specialty industrial uses. The company's product range includes blue, white, green, and UV LED chips.
This financial update is based on a press release statement from SemiLEDs Corporation. The forward-looking statements within the release involve risks and uncertainties that may affect actual results, as detailed in the company's filings with the Securities and Exchange Commission.
InvestingPro Insights
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