SemiLEDs Corp. Files 2024 Annual Report

TL;DR

SemiLEDs 2024 10-K is in. Financials and biz ops detailed.

AI Summary

SemiLEDs Corp. filed its 10-K for the fiscal year ending August 31, 2024. The company, based in Taiwan, operates in the semiconductors and related devices industry. Key financial data and business operations for the period are detailed, including information on sales revenue and potential customer concentration risks.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of SemiLEDs Corp.'s financial performance and business activities for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing mentions customer concentration risk, indicating potential reliance on a few key customers.

Key Numbers

• 2024-08-31 — Fiscal Year End (The reporting period for this 10-K filing.)
• 2023-09-01 — Start of Reporting Period (Marks the beginning of the fiscal year covered by the report.)
• 001-34992 — SEC File Number (Identifies the company's filing history with the SEC.)

Key Players & Entities

• SemiLEDs Corp. (company) — Filer of the 10-K
• 2024-08-31 (date) — Fiscal year end
• 3674 (industry_code) — Standard Industrial Classification for Semiconductors & Related Devices
• Taiwan (location) — Company's business address
• leds:CustomerDMember (customer) — Mentioned in relation to customer concentration risk
• leds:TaiwanBandaotiZhaomingCoLtdMember (company) — Related entity
• leds:SemiLEDsOptoelectronicsCompanyLimitedMember (company) — Related entity
• leds:RothCapitalPartnersLLPMember (company) — Mentioned in relation to a sales agreement
• leds:SalesAgreementMember (agreement) — Dated July 6, 2021
• leds:ChairmanAndChiefExecutiveOfficerAndLargestShareholderMember (role) — Describing a key individual

FAQ

Key Financial Figures

• $0.0000056 — ch registered Common Stock, par value $0.0000056 LEDS The Nasdaq Stock Market Secu

Filing Documents

• leds-20240831.htm (10-K) — 3584KB
• leds-ex19_1.htm (EX-19.1) — 123KB
• leds-ex21.htm (EX-21) — 18KB
• leds-ex23_1.htm (EX-23.1) — 4KB
• leds-ex31_1.htm (EX-31.1) — 14KB
• leds-ex31_2.htm (EX-31.2) — 14KB
• leds-ex32_1.htm (EX-32.1) — 7KB
• leds-ex32_2.htm (EX-32.2) — 7KB
• leds-ex97.htm (EX-97) — 48KB
• img203670475_0.jpg (GRAPHIC) — 5KB
• img203670475_1.jpg (GRAPHIC) — 68KB
• img203670475_2.jpg (GRAPHIC) — 62KB
• 0000950170-24-131245.txt ( ) — 13609KB
• leds-20240831.xsd (EX-101.SCH) — 1616KB
• leds-20240831_htm.xml (XML) — 2352KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity 24 Item 2.

Properties

Properties 25 Item 3.

Legal Proceedings

Legal Proceedings 25 Item 4. Mine Safety Disclosures 25 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 Item 6. [Reserved] 26 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 41 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 70 Item 9A.

Controls and Procedures

Controls and Procedures 70 Item 9B. Other Information 70 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 70 PART III Item 10. Directors, Executive Officers and Corporate Governance 71 Item 11.

Executive Compensation

Executive Compensation 76 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 82 Item 13. Certain Relationships and Related Transactions, and Director Independence 83 Item 14. Principal Accountant Fees and Services 87 PART IV Item 15. Exhibits and Financial Statement Schedules 88 Item 16. Form 10-K Summary 91

Signatures

Signatures 92 Smaller Reporting Company— Scaled Disclosure Pursuant to Item 10(f) of Regulation SK promulgated under the Securities Act of 1933, as amended, as indicated herein, we have elected to comply with the scaled disclosure requirements applicable to "smaller reporting companies." Table of Contents PART I.

Forward looking Statements

Forward looking Statements This Annual Report on Form 10 K contains forward looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements other than statements of historical facts contained in this Form 10 K, including statements regarding the future results of operations of SemiLEDs Corporation, or "we," "our" or the "Company," and financial position, strategy and plans, and our expectations for future operations, are forward looking statements. Any statements contained herein that are not statements of historical facts may be deemed to be forward looking statements. The words "believe," "may," "should," "plan," "potential," "project," "will," "estimate," "continue," "anticipate," "design," "intend," "expect" and similar expressions are intended to identify forward looking statements. We have based these forward looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, strategy, short term and long term business operations and objectives, and financial needs. These forward looking statements are subject to a number of risks, uncertainties and assumptions, including those described in Item 1A, Risk Factors. In light of these risks, uncertainties and assumptions, the forward looking events and circumstances discussed in this Form 10 K may not occur, and actual results and the timing of certain events could differ materially and adversely from those anticipated or implied in the forward looking statements as a result of many factors. Although we believe that the expectations reflected in the forward looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We have not assumed any obligation to, and you should not expect us to, update or revise these statements because of new information, future events or othe

B usiness

Item 1. B usiness Company Overview We develop, manufacture and sell light emitting diode (LED) chips and LED components, LED modules and systems. Our products are used for general lighting and specialty industrial applications, including ultraviolet, or UV, curing of polymers, LED light therapy in medical/cosmetic applications, counterfeit detection, germicidal and viricidal devices LED lighting for horticulture applications, architectural lighting and entertainment lighting. Utilizing our patented and proprietary technology, our manufacturing process begins by growing upon the surface of a sapphire wafer, or substrate, several very thin separate semiconductive crystalline layers of gallium nitride, or GaN, a process known as epitaxial growth, on top of which a mirrorlike reflective silver layer is then deposited. After the subsequent addition of a copper alloy layer and finally the removal of the sapphire substrate, we further process this multiplelayered material to create individual vertical LED chips. We package our LED chips into LED components, which we sell to distributors and a customer base that is heavily concentrated in a few select markets, including Taiwan, the United States, the Netherlands and Japan. We also sell our "Enhanced Vertical," or EV, LED product series in blue, white, green and UV in selected markets. We sell our LED chips to packagers or to distributors, who in turn sell to packagers. Our lighting products customers are primarily original design manufacturers, or ODMs, of lighting products and the endusers of lighting devices. We also contract other manufacturers to produce for our sale certain LED products, and for certain aspects of our product fabrication, assembly and packaging processes, based on our design and technology requirements and under our quality control specifications and final inspection process. We have developed advanced capabilities and proprietary knowhow in: reusing sapphire substrate in subsequent product

View Full Filing

View this 10-K filing on SEC EDGAR