The company's operational efficiency has deteriorated significantly, with gross margins falling to -75.2% as manufacturing costs at the Taichung facility continue to outpace the $8.1 million in quarterly revenue.
| Sales/Revenue | 48.02M | 32.84M | 102.44M | 126.13M | 97.54M |
| Revenue Growth % | - | -67.94% | -18.79% | 29.32% | - |
| Cost of Goods Sold | 65.36M | 48.05M | 56.52M | 69.31M | 62.38M |
| COGS % of Revenue | - | 146.31% | 55.18% | 54.95% | 63.95% |
| Gross Profit | -17.34M | -15.21M | 45.91M | 56.82M | 35.16M |
| Gross Margin % | -36.12% | -46.31% | 44.82% | 45.05% | 36.05% |
| Gross Profit Growth % | - | -133.13% | -19.2% | 61.61% | - |
| Operating Expenses | 74.45M | 59.92M | 65.03M | 69.8M | 61.4M |
| OpEx % of Revenue | - | 182.45% | 63.48% | 55.34% | 62.95% |
| Selling, General & Admin | 43.35M | 35.72M | 38.18M | 28.88M | 32.35M |
| SG&A % of Revenue | - | 108.78% | 37.28% | 22.89% | 33.16% |
| Research & Development | 31.1M | 24.2M | 26.84M | 40.92M | 29.05M |
| R&D % of Revenue | - | 73.68% | 26.21% | 32.44% | 29.79% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -92.05M | -75.13M | -19.37M | -12.97M | -26.24M |
| Operating Margin % | -191.71% | -228.77% | -18.91% | -10.29% | -26.9% |
| Operating Income Growth % | - | -287.87% | -49.28% | 50.55% | - |
| EBITDA | -67.67M | -50.73M | -5.9M | 23.95M | -8.09M |
| EBITDA Margin % | -140.93% | -154.48% | -5.76% | 18.99% | -8.3% |
| EBITDA Growth % | - | -760.41% | -124.62% | 395.9% | - |
| D&A (Non-Cash Add-back) | 24.38M | 24.4M | 13.47M | 36.92M | 18.15M |
| EBIT | -111.96M | -59.07M | -19.37M | -27.02M | -26.24M |
| Net Interest Income | 9.95M | 11.74M | 578K | -1.78M | 49K |
| Interest Income | 11.28M | 14.68M | 3.46M | 419K | 49K |
| Interest Expense | 1.33M | 2.94M | 2.88M | 2.2M | 0 |
| Other Income/Expense | -1.68M | 13.12M | 40.82M | -16.24M | -10.69M |
| Pretax Income | -93.73M | -62.01M | 21.45M | -29.21M | -36.93M |
| Pretax Margin % | -195.22% | -188.82% | 20.94% | -23.16% | -37.86% |
| Income Tax | -1.17M | 1.02M | 6.43M | 1.3M | 2.87M |
| Effective Tax Rate % | 1.25% | -1.64% | 29.97% | -4.44% | -7.78% |
| Net Income | -79.33M | -50.03M | 14.83M | -11.44M | -23.84M |
| Net Margin % | -165.22% | -152.33% | 14.48% | -9.07% | -24.45% |
| Net Income Growth % | - | -437.35% | 229.58% | 52.01% | - |
| Net Income (Continuing) | -92.56M | -63.03M | 15.02M | -30.51M | -39.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 58.36M | 71.36M | 15.19M | 31.36M |
| EPS (Diluted) | -2.82 | -6.30 | 1.87 | -1.44 | -0.85 |
| EPS Growth % | - | -436.9% | 229.86% | -69.41% | - |
| EPS (Basic) | - | -6.30 | 1.87 | -1.44 | -0.85 |
| Diluted Shares Outstanding | 28.15M | 7.94M | 7.94M | 7.94M | 28.15M |
| Basic Shares Outstanding | 28.12M | 7.94M | 7.94M | 7.94M | 28.05M |
| Dividend Payout Ratio | - | - | - | - | - |
Negative gross margin sustainability
As indicated by the most recent quarterly data, Semilux experienced a significant 56.3% year-over-year revenue decline, reflecting a challenging transition from legacy optical components to unproven AI-driven sensing modules that currently lack the commercial scale necessary to offset the loss of established transactional volume.
The sharp drop in top-line performance suggests that the company's pivot toward high-value automotive and UAV sensing modules has yet to gain meaningful market traction. Investors should monitor whether this decline represents a permanent erosion of the legacy business or merely a temporary lull during a strategic product cycle transition.
According to the latest financial statements, the company reported a gross margin of -75.2%, a deterioration from previous periods that suggests the cost of goods sold is significantly outpacing revenue, likely due to manufacturing underutilization or aggressive write-downs of obsolete inventory within the Taichung facility.
The inability to achieve positive gross margins implies that the current production model is fundamentally uneconomic at existing volumes. This warrants further investigation into whether the company possesses the pricing power to eventually recover costs or if the current manufacturing footprint is structurally mismatched with its current output.
Based on reported figures, Semilux maintains an operating expense structure where R&D and SG&A costs consistently exceed revenue, resulting in an operating margin of -228.77% that highlights the extreme disconnect between the company's current commercial scale and its heavy investment in future technology development.
The high fixed-cost burden suggests that management is prioritizing long-term R&D over immediate profitability, which may be a necessary strategy but remains highly speculative. Analysts should scrutinize whether these expenses are yielding tangible design wins or if they represent an unsustainable burn rate that will require future capital.
While the company holds a substantial cash position of $202 million, the persistent negative net income and deteriorating margins suggest that the market may be overvaluing the firm's cash-rich status while underestimating the significant execution risks inherent in its transition to advanced automotive sensing technologies.
Short-term investors might focus on the potential for further margin compression if the company fails to secure critical design wins in the near term. The current valuation appears to rely heavily on the optionality of the R&D pipeline, which may prove insufficient if the commercialization cycle continues to face delays.
Quick answers to the most common questions about buying SELX stock.
For fiscal year 2023, Semilux International Ltd. Ordinary Shares (SELX) reported total revenue of $32.8M. This represents a 66.3% decline compared to $97.5M in 2020.
Semilux International Ltd. Ordinary Shares (SELX) reported a net loss of $50.0M for the fiscal year ending 2023.
Semilux International Ltd. Ordinary Shares (SELX) reported an operating income of $-75.1M, resulting in an operating profit margin of -228.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Semilux International Ltd. Ordinary Shares (SELX) generated $-15.2M in gross profit for the year, representing a gross profit margin of -46.3%. This demonstrates the company's core pricing power and production efficiency.