SemiLEDS Corporation (LEDS) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q3 FY2026, filed Jul 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the LEDS SEC filings page.
SemiLEDS Corporation (LEDS) reported $43.0M in revenue for fiscal year 2025, up 729.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings.
FY2025 revenue surged, but production costs absorbed most of the increase; leaner overhead preserved cash generation without restoring profitability.
Revenue reached$43.0M in FY2025, yet gross margin fell15.6 percentage points from FY2024, showing the surge carried much weaker gross economics. Operating loss narrowed to$1.6M as SG&A and R&D stayed near their FY2024 dollar levels; this reflects fixed-cost absorption rather than pricing-led margin strength.
Cash conversion changed materially: despite a net loss of
Liquidity is still tight: the current ratio was 1.0x while liabilities were
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of SemiLEDS Corporation's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
SemiLEDS Corporation held $2.6M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations generated $2.2M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and SemiLEDS Corporation scores 87/100 among other emerging companies.
SemiLEDS Corporation had 8M shares outstanding at the end of fiscal year 2025, against 7M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and SemiLEDS Corporation scores 27/100 among other emerging companies.
SemiLEDS Corporation spent $1.2M on research and development in fiscal year 2025, which was 2.6% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and SemiLEDS Corporation scores 17/100 among other emerging companies.
SemiLEDS Corporation reported revenue of $43.0M in fiscal year 2025, against $5.2M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and SemiLEDS Corporation scores 90/100 among other emerging companies.
SemiLEDS Corporation's operations generated $2.2M of cash in fiscal year 2025, against $365K used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and SemiLEDS Corporation scores 98/100 among other emerging companies.
SemiLEDS Corporation's cash, cash equivalents and investments came to $2.6M at the end of fiscal year 2025, against $12.8M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and SemiLEDS Corporation scores 28/100 among other emerging companies.
SemiLEDS Corporation scores -13.77, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $189.8M against total assets of $15.6M. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
SemiLEDS Corporation passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
SemiLEDS Corporation reported a net loss of $1.1M while generating $2.2M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
SemiLEDS Corporation reported an operating loss of $1.6M against $141K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
SemiLEDS Corporation generated $9.1M in revenue in Q3 2026. This represents a decrease of 48.6% from the same quarter a year earlier. Against the prior quarter it is up 752.8%.
SemiLEDS Corporation's EBITDA was $1.6M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 1050.0% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
SemiLEDS Corporation earned $0.18 per diluted share (EPS) in Q3 2026. This represents an increase of 500.0% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q3 2026.
Cash & Balance Sheet
SemiLEDS Corporation generated $2.1M in free cash flow in Q3 2026, representing cash available after capex. This represents an increase of 450.9% from the same quarter a year earlier. Against the prior quarter it is up 77.5%.
SemiLEDS Corporation held $6.0M in cash against $77K in long-term debt as of Q3 2026, with $13.5M of liabilities due within a year.
Not reported for Q3 2026.
Margins & Returns
SemiLEDS Corporation's gross margin was 27.1% in Q3 2026, indicating the percentage of revenue retained after direct costs. This is up 21.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 26.6 percentage points.
SemiLEDS Corporation's operating margin was 15.6% in Q3 2026, reflecting core business profitability. This is up 15.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 95.0 percentage points.
Not reported for Q3 2026.
Not reported for Q3 2026.
Capital Allocation
SemiLEDS Corporation invested $363K in research and development in Q3 2026. This represents an increase of 24.3% from the same quarter a year earlier. Against the prior quarter it is up 31.5%.
SemiLEDS Corporation invested $87K in capex in Q3 2026, funding long-term assets and infrastructure. This represents a decrease of 71.9% from the same quarter a year earlier. Against the prior quarter it is up 521.4%.
Not reported for Q3 2026.
LEDS Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'25Filing | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'24Filing |
|---|---|---|---|---|---|---|---|---|
| Revenue | $9.1M-48.6% | $1.1M-90.2% | $2.6M+103.7% | $13.2M+898.9% | $17.7M+1234.2% | $10.9M+1127.1% | $1.3M-23.6% | $1.3M-8.9% |
| Cost of Revenue | $6.6M-60.4% | $1.1M-89.3% | $2.6M+154.8% | $13.0M+1009.8% | $16.7M+2042.6% | $9.9M+1175.1% | $1.0M-28.8% | $1.2M-17.1% |
| Gross Profit | $2.5M+162.0% | $6K-99.4% | $18K-93.1% | $229K+49.7% | $939K+72.9% | $1.0M+795.5% | $260K+6.1% | $153K+273.2% |
| R&D Expenses | $363K+24.3% | $276K-1.1% | $356K+61.1% | $362K+66.8% | $292K-8.8% | $279K+11.2% | $221K-40.6% | $217K-32.4% |
| SG&A Expenses | $681K-3.9% | $575K-6.4% | $703K+1.0% | $853K+12.2% | $709K+1.9% | $614K-11.4% | $696K-6.2% | $760K-3.4% |
| Operating Income | $1.4Mn/m | -$845K-868.2% | -$1.0Mn/m | -$986Kn/m | -$62Kn/m | $110Kn/m | -$657Kn/m | -$825Kn/m |
| EBITDA | $1.6M+1050.0% | -$671K-352.3% | -$830Kn/m | -$781Kn/m | $138Kn/m | $266Kn/m | -$501Kn/m | -$668Kn/m |
| Interest Expense | $10K-50.0% | $22K-47.6% | $12K-82.1% | $12K-66.7% | $20K-65.5% | $42K-35.4% | $67K-23.9% | $36K-47.1% |
| Net Income | N/A | N/A | -$742Kn/m | -$1.2Mn/m | $223Kn/m | $388Kn/m | -$547Kn/m | -$560Kn/m |
| EPS (Basic) | $0.18+500.0% | -$0.07-240.0% | -$0.09n/m | -$0.16n/m | $0.03n/m | $0.05 | -$0.08n/m | -$0.07 |
| EPS (Diluted) | $0.18+500.0% | -$0.07-240.0% | -$0.09n/m | -$0.16n/m | $0.03n/m | $0.05 | -$0.08n/m | -$0.07 |
| Diluted Shares (Avg) | 8M+14.3% | 8M+14.3% | 8M+14.1% | N/A | 7M+0.7% | 7M | 7M+47.6% | N/A |
Not reported in any period shown, so not listed: Income Tax.
LEDS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'25Filing | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'24Filing |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $17.5M-24.3% | $16.3M-29.9% | $14.2M+36.8% | $15.6M+40.0% | $23.2M+101.4% | $23.2M+92.9% | $10.4M-21.0% | $11.1M-17.2% |
| Current Assets | $13.9M-21.7% | $12.4M-31.8% | $10.2M+86.5% | $11.3M+92.1% | $17.7M+177.9% | $18.2M+183.5% | $5.5M-25.2% | $5.9M-22.5% |
| Cash & Equivalents | $6.0M+149.1% | $4.0M+65.8% | $2.9M+140.8% | $2.6M+55.2% | $2.4M+41.2% | $2.4M+50.0% | $1.2M-47.8% | $1.7M-35.0% |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Inventory | $4.7M-60.3% | $4.9M-63.9% | $3.9M+5.4% | $4.8M+33.6% | $11.9M+224.9% | $13.5M+260.7% | $3.7M-4.4% | $3.6M-11.1% |
| Accounts Receivable | $2.2M+1237.2% | $1.6M+488.9% | $1.9M+615.3% | $3.6M+762.5% | $164K-75.4% | $280K-62.6% | $261K-70.9% | $416K-47.5% |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Total Liabilities | $14.5M-24.6% | $14.8M-24.7% | $12.2M+37.9% | $12.8M+44.1% | $19.2M+119.4% | $19.6M+119.5% | $8.8M-28.9% | $8.9M-27.5% |
| Current Liabilities | $13.5M-23.2% | $13.6M-24.1% | $10.9M+53.5% | $11.4M+62.1% | $17.6M+159.3% | $18.0M+170.9% | $7.1M-28.2% | $7.0M-27.6% |
| Non-Current Liabilities | $977K-39.7% | $1.1M-31.2% | $1.2M-27.2% | $1.4M-23.4% | $1.6M-17.8% | $1.6M-29.4% | $1.7M-31.9% | $1.9M-27.0% |
| Long-Term Debt | $77K-86.4% | $193K-69.2% | $308K-58.6% | $434K-50.1% | $566K-41.6% | $626K-43.6% | $744K-39.9% | $870K-34.4% |
| Total Equity | $3.1M-22.9% | $1.5M-58.2% | $2.1M+30.9% | $2.8M+26.3% | $4.0M+47.1% | $3.6M+18.1% | $1.6M+124.4% | $2.2M+91.2% |
| Retained Earnings | -$189.6Mn/m | -$191.2Mn/m | -$190.6Mn/m | -$189.8Mn/m | -$188.6Mn/m | -$188.8Mn/m | -$189.2Mn/m | -$188.7Mn/m |
Not reported in any period shown, so not listed: Goodwill.
LEDS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'25Filing | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'24Filing |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.2M+217.0% | $1.2M-14.4% | $361Kn/m | $260K+24.4% | $693K+535.8% | $1.4Mn/m | -$158Kn/m | $209Kn/m |
| Depreciation & Amortization | $172K-14.0% | $174K+11.5% | $181K+16.0% | $205K+30.6% | $200K+38.9% | $156K-0.6% | $156K+1.3% | $157K+33.1% |
| Stock-Based Compensation | N/A | N/A | $39K+56.0% | N/A | N/A | N/A | $25K-77.9% | N/A |
| Capital Expenditures | $87K-71.9% | $14K-88.3% | $30K-74.6% | $21K-51.2% | $310K+2718.2% | $120K+531.6% | $118K+136.0% | $43K |
| Free Cash Flow | $2.1M+450.9% | $1.2M-7.5% | $331Kn/m | $239K+44.0% | $383K+290.8% | $1.3Mn/m | -$276Kn/m | $166K |
| Investing Cash Flow | -$87Kn/m | -$15Kn/m | -$1Kn/m | -$24Kn/m | -$313Kn/m | -$136Kn/m | -$122Kn/m | -$55Kn/m |
| Financing Cash Flow | -$115Kn/m | -$114Kn/m | -$116Kn/m | -$120Kn/m | -$151Kn/m | -$107Kn/m | -$244Kn/m | -$113Kn/m |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
LEDS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'25Filing | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'24Filing |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.1%+21.8pp | 0.6%-8.7pp | 0.7%-19.9pp | 1.7%-9.8pp | 5.3%-35.7pp | 9.2%-3.4pp | 20.6%+5.8pp | 11.6%+8.7pp |
| Operating Margin | 15.6%+15.9pp | -79.4%-80.4pp | -39.4%+12.8pp | -7.5%+54.9pp | -0.4%+35.4pp | 1.0%+94.9pp | -52.1%-2.5pp | -62.3%+11.1pp |
| Net Margin | N/A | N/A | -28.9%+14.5pp | -9.0%+33.3pp | 1.3%+25.4pp | 3.6%+66.7pp | -43.4%-7.1pp | -42.3%+18.3pp |
| Return on Equity | N/A | N/A | -35.9%-1.2pp | -42.9%-17.5pp | 5.6%+17.3pp | 10.8%+29.1pp | -34.6%+50.3pp | -25.4%+51.1pp |
| Return on Assets | N/A | N/A | -5.2%+0.1pp | -7.7%-2.6pp | 1.0%+3.7pp | 1.7%+6.3pp | -5.3%-0.7pp | -5.0%+1.5pp |
| Current Ratio | 1.030.0x | 0.91-0.1x | 0.94+0.2x | 0.99+0.2x | 1.01+0.1x | 1.020.0x | 0.770.0x | 0.84+0.1x |
| Debt-to-Equity | 0.03-0.1x | 0.130.0x | 0.15-0.3x | 0.16-0.2x | 0.14-0.2x | 0.17-0.2x | 0.47-1.3x | 0.40-0.8x |
| Liabilities-to-Equity | 4.70-0.1x | 9.81+4.4x | 5.88+0.3x | 4.61+0.6x | 4.80+1.6x | 5.45+2.5x | 5.58-12.0x | 4.04-6.6x |
| Asset Turnover | 0.52-0.2x | 0.07-0.4x | 0.18+0.1x | 0.85+0.7x | 0.76+0.6x | 0.47+0.4x | 0.120.0x | 0.120.0x |
| FCF Margin | 23.3%+21.1pp | 111.8% | 12.9%+34.8pp | 1.8%-10.7pp | 2.2%-5.2pp | 11.8%+81.7pp | -21.9%-14.1pp | 12.5% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.
Note: The current ratio is below 1.0 (0.99), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| SemiLEDS Corporation LEDS | FY2025 | $43.0M | -$1.1M | -2.6% | $18.4M | 58/100 |
| Mobix Labs, Inc. MOBX | FY2025 | $9.9M | -$46.1M | N/A | $13.2M | 43/100 |
| Pixelworks Inc PXLW | FY2025 | $693K | -$22.5M | N/A | $29.5M | — |
| Nano Labs Ltd NA | FY2025 | $3.8M | $19.3M | N/A | $30.8M | 20/100 |
| Sequans Communications S.A. SQNS | FY2025 | $26.3M | -$109.3M | N/A | $36.9M | 26/100 |
| Ideal Power Inc. IPWR | FY2025 | $38K | -$10.6M | N/A | $34.5M | — |
Where SemiLEDS Corporation Ranks
Frequently Asked Questions
SemiLEDS Corporation (LEDS) reported $43.0M in total revenue for fiscal year 2025. This represents a 729.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
SemiLEDS Corporation (LEDS) revenue grew by 729.8% year-over-year, from $5.2M to $43.0M in fiscal year 2025.
No, SemiLEDS Corporation (LEDS) reported a net loss of $1.1M in fiscal year 2025, with a net profit margin of -2.6%.
SemiLEDS Corporation (LEDS) had EBITDA of -$878K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, SemiLEDS Corporation (LEDS) had $2.6M in cash and equivalents against $434K in long-term debt.
SemiLEDS Corporation (LEDS) had a gross margin of 5.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
SemiLEDS Corporation (LEDS) had an operating margin of -3.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
SemiLEDS Corporation (LEDS) had a net profit margin of -2.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
SemiLEDS Corporation (LEDS) has a return on equity of -40.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
SemiLEDS Corporation (LEDS) generated $1.6M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
SemiLEDS Corporation (LEDS) generated $2.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
SemiLEDS Corporation (LEDS) had $15.6M in total assets as of fiscal year 2025, including both current and long-term assets.
SemiLEDS Corporation (LEDS) invested $569K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
SemiLEDS Corporation (LEDS) invested $1.2M in research and development during fiscal year 2025.
SemiLEDS Corporation (LEDS) had a current ratio of 0.99 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
SemiLEDS Corporation (LEDS) had a debt-to-equity ratio of 0.16 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
SemiLEDS Corporation (LEDS) had a liabilities-to-equity ratio of 4.61 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
SemiLEDS Corporation (LEDS) had a return on assets of -7.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
SemiLEDS Corporation (LEDS) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $18.4M as of Nov 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
SemiLEDS Corporation (LEDS) trades at 0.7x sales, its market capitalization divided by $25.9M revenue, trailing 12 months to May 31, 2026. The market capitalization is $18.4M as of Nov 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
SemiLEDS Corporation (LEDS) has an Altman Z-Score of -13.77, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
SemiLEDS Corporation (LEDS) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
SemiLEDS Corporation (LEDS) reported a net loss of $1.1M while generating $2.2M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
SemiLEDS Corporation (LEDS) reported an operating loss of $1.6M against $141K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
SemiLEDS Corporation (LEDS) scores 58 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is the average of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.