Revenue performance remains highly inconsistent, with quarterly figures swinging from $1.1M to $17.7M while gross margins have deteriorated to a nominal 0.6% as of 2026Q2.
| Metric | TTM | Aug'25 | Aug'24 | Aug'23 | Aug'22 | Aug'21 | Aug'20 | Aug'19 | Aug'18 | Aug'17 | Aug'16 | Aug'15 | Aug'14 | Aug'13 | Aug'12 | Aug'11 | Aug'10 | Aug'09 | Aug'08 |
|---|
| Sales/Revenue | 34.51M | 43.01M | 5.18M | 5.98M | 7.05M | 4.74M | 6.07M | 5.9M | 7.5M | 9.21M | 10.14M | 14.12M | 14.48M | 17.97M | 29.3M | 33.9M | 35.76M | 11.55M | 14.75M |
| Revenue Growth % | 133.48% | 729.81% | -13.31% | -15.2% | 48.91% | -21.97% | 2.81% | -21.25% | -18.66% | -9.13% | -28.21% | -2.47% | -19.4% | -38.68% | -13.58% | -5.2% | 209.61% | -21.68% | - |
| Cost of Goods Sold | 33.32M | 40.58M | 4.13M | 4.97M | 5.65M | 3.7M | 4.48M | 5.45M | 7.93M | 9.13M | 15.08M | 18.21M | 25.79M | 32.66M | 34.9M | 29.43M | 19.64M | 11.02M | 11.68M |
| COGS % of Revenue | - | 94.35% | 79.68% | 83.16% | 80.19% | 78.18% | 73.8% | 92.34% | 105.8% | 99.11% | 148.7% | 128.96% | 178.11% | 181.81% | 119.12% | 86.82% | 54.92% | 95.39% | 79.2% |
| Gross Profit | 1.19M | 2.43M | 1.05M | 1.01M | 1.4M | 1.03M | 1.59M | 452K | -435K | 82K | -4.94M | -4.09M | -11.31M | -14.7M | -5.6M | 4.47M | 16.12M | 532K | 3.07M |
| Gross Margin % | 3.45% | 5.65% | 20.32% | 16.84% | 19.81% | 21.82% | 26.2% | 7.66% | -5.8% | 0.89% | -48.7% | -28.96% | -78.11% | -81.81% | -19.12% | 13.18% | 45.08% | 4.61% | 20.8% |
| Gross Profit Growth % | - | 130.86% | 4.57% | -27.92% | 35.24% | -35.03% | 251.77% | 203.91% | -630.49% | 101.66% | -20.73% | 63.84% | 23.04% | -162.37% | -225.38% | -72.29% | 2930.64% | -82.66% | - |
| Operating Expenses | 4.13M | 4.03M | 4M | 4.41M | 4.6M | 4.95M | 3.68M | 4.12M | 3.24M | 4.41M | 15.67M | 9.21M | 13.48M | 27.97M | 30.75M | 16.2M | 4.95M | 5.02M | 4.25M |
| OpEx % of Revenue | - | 9.36% | 77.21% | 73.77% | 65.2% | 104.56% | 60.6% | 69.76% | 43.22% | 47.86% | 154.51% | 65.19% | 93.07% | 155.67% | 104.95% | 47.78% | 13.85% | 43.46% | 28.85% |
| Selling, General & Admin | 2.84M | 2.87M | 2.89M | 3.06M | 3.31M | 3.61M | 2.81M | 2.79M | 3.18M | 3.71M | 4.77M | 6.99M | 9.28M | 11.38M | 14.3M | 11.64M | 3.23M | 2.57M | 2.32M |
| SG&A % of Revenue | - | 6.68% | 55.78% | 51.15% | 46.93% | 76.33% | 46.28% | 47.31% | 42.48% | 40.24% | 47.01% | 49.46% | 64.08% | 63.32% | 48.81% | 34.34% | 9.03% | 22.23% | 15.73% |
| Research & Development | 1.29M | 1.15M | 1.16M | 1.35M | 1.48M | 1.62M | 1.54M | 1.61M | 957K | 851K | 2.03M | 2.44M | 4.2M | 4.59M | 7.44M | 4.56M | 1.73M | 2.45M | 1.94M |
| R&D % of Revenue | - | 2.68% | 22.38% | 22.63% | 21.05% | 34.28% | 25.35% | 27.33% | 12.77% | 9.24% | 19.98% | 17.3% | 29% | 25.56% | 25.4% | 13.44% | 4.83% | 21.23% | 13.12% |
| Other Operating Expenses | 0 | 0 | -49K | 0 | -196K | -286K | -669K | -288K | -902K | -149K | 8.87M | -221K | 0 | 12M | 9.01M | 0 | 0 | 0 | 0 |
| Operating Income | -2.93M | -1.59M | -2.95M | -3.4M | -3.2M | -3.92M | -2.09M | -3.67M | -3.67M | -4.33M | -20.61M | -13.3M | -24.79M | -42.67M | -36.35M | -11.73M | 11.17M | -4.49M | -1.19M |
| Operating Margin % | -8.5% | -3.71% | -56.9% | -56.93% | -45.38% | -82.75% | -34.39% | -62.1% | -49.02% | -46.97% | -203.21% | -94.15% | -171.18% | -237.47% | -124.07% | -34.6% | 31.23% | -38.85% | -8.05% |
| Operating Income Growth % | - | 45.91% | 13.37% | -6.38% | 18.33% | -87.73% | 43.06% | 0.24% | 15.11% | 79% | -54.95% | 46.36% | 41.9% | -17.37% | -209.91% | -205.02% | 348.86% | -278.1% | - |
| EBITDA | -2.17M | -878K | -2.34M | -2.4M | -2.26M | -3.02M | -1.24M | -2.57M | -2.68M | -3.23M | -15.08M | -8.33M | -18.18M | -34.35M | -27.68M | -5.07M | 15.86M | 64K | 2.91M |
| EBITDA Margin % | -6.3% | -2.04% | -45.09% | -40.16% | -32.08% | -63.8% | -20.5% | -43.58% | -35.7% | -35.08% | -148.71% | -58.97% | -125.51% | -191.18% | -94.46% | -14.95% | 44.36% | 0.55% | 19.7% |
| EBITDA Growth % | -76.46% | 62.43% | 2.67% | -6.14% | 25.12% | -142.85% | 51.63% | 3.89% | 17.2% | 78.57% | -81.04% | 54.17% | 47.09% | -24.12% | -446.18% | -131.94% | 24687.5% | -97.8% | - |
| D&A (Non-Cash Add-back) | 760K | 717K | 612K | 1M | 938K | 897K | 843K | 1.09M | 998K | 1.1M | 5.53M | 4.97M | 6.61M | 8.32M | 8.68M | 6.66M | 4.7M | 4.55M | 4.09M |
| EBIT | -2.25M | -989K | -1.78M | -2.4M | -2.36M | -2.49M | -189K | -3.38M | -2.95M | -4.06M | -21.17M | -13.17M | -24.53M | -30.67M | -27.34M | -11.73M | 11.17M | -4.49M | -1.19M |
| Net Interest Income | -65K | -141K | -247K | -287K | -369K | -371K | -358K | -190K | -27K | -34K | -52K | -94K | -83K | 11K | 37K | 28K | -29K | 215K | 41K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11K | 37K | 0 | 0 | 215K | 41K |
| Interest Expense | 65K | 141K | 247K | 287K | 369K | 371K | 358K | 190K | 27K | 34K | 52K | 94K | 83K | 0 | 0 | 28K | 29K | 0 | 0 |
| Other Income/Expense | 618K | 465K | 918K | 714K | 474K | 1.06M | 1.54M | 100K | 693K | 224K | -699K | -19K | 179K | -1.97M | -13.6M | -3.68M | -74K | 795K | 373K |
| Pretax Income | -2.32M | -1.13M | -2.03M | -2.69M | -2.73M | -2.86M | -547K | -3.56M | -2.98M | -4.1M | -21.3M | -13.32M | -24.61M | -44.63M | -49.95M | -15.41M | 11.1M | -3.69M | -814K |
| Pretax Margin % | -6.71% | -2.63% | -39.19% | -44.99% | -38.66% | -60.34% | -9.01% | -60.4% | -39.77% | -44.54% | -210.1% | -94.29% | -169.95% | -248.43% | -170.48% | -45.46% | 31.02% | -31.97% | -5.52% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 0 | 3K | 0 | 725K | 267K | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.01% | 0% | -0.01% | 0% | -4.7% | 2.41% | 0% | 0% |
| Net Income | -2.32M | -1.13M | -2.04M | -2.69M | -2.74M | -2.85M | -544K | -3.56M | -2.98M | -4.09M | -21.27M | -13.27M | -24.48M | -43.72M | -49.46M | -16.1M | 10.83M | -3.69M | -814K |
| Net Margin % | -6.71% | -2.63% | -39.28% | -44.99% | -38.92% | -60.21% | -8.97% | -60.4% | -39.77% | -44.4% | -209.81% | -93.98% | -169.01% | -243.36% | -168.8% | -47.5% | 30.28% | -31.97% | -5.52% |
| Net Income Growth % | -123.12% | 44.5% | 24.31% | 1.97% | 3.75% | -424.08% | 84.74% | -19.59% | 27.13% | 80.77% | -60.28% | 45.77% | 44.02% | 11.59% | -207.11% | -248.73% | 393.2% | -353.69% | - |
| Net Income (Continuing) | -2.32M | -1.13M | -2.03M | -2.69M | -2.73M | -2.86M | -547K | -3.56M | -2.98M | -4.1M | -21.3M | -13.32M | -24.61M | -44.64M | -49.95M | -16.14M | 10.83M | -3.69M | -814K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 48K | 43K | 45K | 39K | 46K | 47K | 0 | 0 | 39K | 70K | -14K | -23K | 1.03M | 1.57M | 0 | 0 | 0 |
| EPS (Diluted) | -0.28 | -0.15 | -0.32 | -0.55 | -0.61 | -0.68 | -0.14 | -1.00 | -0.84 | -1.15 | -7.25 | -4.62 | -8.70 | -15.82 | -18.04 | -7.36 | 2.60 | -0.89 | -0.20 |
| EPS Growth % | -93.62% | 53.13% | 41.82% | 9.84% | 10.29% | -385.71% | 86% | -19.05% | 26.96% | 84.14% | -56.93% | 46.9% | 45.01% | 12.31% | -145.11% | -383.08% | 392.13% | -345% | - |
| EPS (Basic) | - | -0.15 | -0.32 | -0.55 | -0.61 | -0.68 | -0.14 | -1.00 | -0.84 | -1.15 | -7.25 | -4.62 | -8.70 | -15.82 | -18.04 | -7.36 | 2.62 | -0.89 | -0.20 |
| Diluted Shares Outstanding | 8.22M | 7.72M | 6.32M | 4.88M | 4.52M | 4.18M | 3.92M | 3.58M | 3.55M | 3.54M | 2.93M | 2.87M | 2.81M | 2.76M | 2.74M | 2.19M | 4.16M | 4.16M | 4.16M |
| Basic Shares Outstanding | 8.22M | 7.72M | 6.32M | 4.88M | 4.52M | 4.18M | 3.92M | 3.58M | 3.55M | 3.54M | 2.93M | 2.87M | 2.81M | 2.76M | 2.74M | 2.19M | 4.13M | 4.13M | 4.13M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and Margin Erosion
As reported in recent financial filings, SemiLEDs experienced extreme revenue volatility, with quarterly figures swinging from $1.1M to $17.7M, suggesting that the company's top-line performance is driven by sporadic, project-based contracts rather than a consistent, scalable demand for its proprietary metal alloy substrate technology.
The dramatic fluctuations in quarterly revenue indicate a lack of recurring business, which complicates long-term forecasting for investors. This pattern suggests that the company remains highly dependent on securing individual, large-scale design wins that may not repeat, leaving the revenue trajectory inherently unstable.
Based on the company's reported income statements, gross margins have deteriorated significantly, falling to a nominal 0.6% in 2026Q2, which highlights a fundamental inability to translate technical substrate differentiation into meaningful pricing power against larger, more diversified semiconductor manufacturers in the competitive LED market.
The persistent compression of gross margins suggests that the company is likely competing on price within commodity-heavy segments rather than capturing value from its specialized UV-C offerings. This margin profile implies that the cost of production, particularly regarding MOCVD reactor utilization, remains disproportionately high relative to the realized selling prices.
According to historical income statement data, SemiLEDs has failed to achieve positive operating leverage, as evidenced by the 2026Q2 operating margin of -79.4%, which demonstrates that fixed overhead costs continue to outpace revenue generation even during periods of significant top-line expansion.
The inability to scale operating income alongside revenue suggests that the company's cost structure is overly rigid for its current size. Investors should monitor whether management can rationalize SG&A expenses, as the current burn rate appears to be a structural impediment to achieving sustainable profitability.
As indicated by the most recent balance sheet data, the company's cash position of $2.59M against a TTM revenue scale of $43M leaves little room for error, suggesting that any further operational setbacks could necessitate dilutive financing to maintain basic business functions.
Short-sellers would likely focus on the disconnect between the company's 'specialty tech' narrative and its precarious liquidity position. The lack of a capital buffer suggests that the company is highly vulnerable to supply chain disruptions or sudden shifts in regional industrial demand, which could quickly exhaust remaining cash reserves.
Quick answers to the most common questions about buying LEDS stock.
For fiscal year 2025, SemiLEDs Corporation (LEDS) reported total revenue of $43.0M. This represents a 191.6% increase compared to $14.7M in 2008.
SemiLEDs Corporation (LEDS) reported a net loss of $1.1M for the fiscal year ending 2025.
SemiLEDs Corporation (LEDS) reported an operating income of $-1.6M, resulting in an operating profit margin of -3.7%. This margin reflects the operational efficiency of the business before interest and taxes.
SemiLEDs Corporation (LEDS) generated $2.4M in gross profit for the year, representing a gross profit margin of 5.7%. This demonstrates the company's core pricing power and production efficiency.