SemiLEDS Corporation

The grade, in three tenses

Headline 4.0 out of ten, 9 of 9 metrics filed: past 2.1 out of ten, present 4.4 out of ten, future 5.4 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 1.3 out of ten. 18 warning events since 2017; the latest 2026-07-27. 13th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 3.0 out of ten. +21.2% a year over 9 filed years; profitable in 0 of 9. 30th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 1.5 out of ten. Share count grew 19.5% a year. 0% of cash flow returned. Insiders: 0 sales, 0 purchases. 15th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 1.9 out of ten. ROE -41%: lost 41¢ per shareholder dollar. Leverage 82%: owes 82¢ per asset dollar. 19th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 5.0 out of ten. top 50% of 97 in its family; net margin -2.6%. 50th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 8.8 out of ten. top 12% of 66 in its family for leadership. 88th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 2.6 out of ten. bottom 26% of 94 in its family for room to expand. 26th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 7.2 out of ten. top 28% of 93 in its family for growth drivers. 72nd percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 8.5 out of ten. top 15% of 88 in its family for expectations against reality. 85th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2025-11-28 for the period ended 2025-08-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-07-14 for the period ended 2026-05-31 (on EDGAR). Newest results release: Form 8-K filed 2026-07-14 (on EDGAR). Newest filing: Form 8-K, 2026-08-31. Filings on record since 2005. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2025-11-28.

The people

Trung T. Doan has been a director, chairman of the board and chief executive since January 2005, the year the company was incorporated, and its president since August 2012. He came to it from the equipment side of the chip industry: corporate vice president of the Applied Global Services product group at Applied Materials, president and chief executive of Jusung Engineering, a semiconductor and LCD equipment company in Korea, and vice president of process development at Micron Technology. He holds degrees in nuclear engineering and in chemical engineering from the University of California, Santa Barbara. On the record this site holds he has filed as an officer and director since 2010. [1, 2, 3, 4]

Christopher Lee has been chief financial officer since September 2015, after joining in September 2014 and serving as interim finance chief from that November. He is a certified public accountant in the United States with more than 25 years in accounting and finance, and he carries outside jobs at the same time: a director of Aixin Life International since February 2021 and chief financial officer of Ainos since March 2024. Before joining he was a partner of KEDP CPA Group and then a self-employed accountant. [5, 6]

Four other directors sit with Doan. Scott R. Simplot has served since March 2005 and is chairman of J. R. Simplot Company, the private food business whose subsidiary Simplot Taiwan holds the largest block of shares. Dr. Edward Kuan Hsiung Hsieh has served since February 2012 and is an adjunct professor at National Taiwan University; Walter Michael Gough, a financial consultant who taught accounting at DeAnza College, since April 2016; Dr. Chris Chang Yu since July 2024. The board says Hsieh, Gough and Yu are independent and each meets the definition of an audit committee financial expert. Control is concentrated: Simplot is shown with 57.3 percent of the shares, the same block attributed to Doan because both are parties to a voting agreement dated June 3, 2024, and the company takes the Nasdaq controlled company exemption from the requirement that its compensation committee be made up of independent directors. [7, 8, 9, 10, 11, 12, 13, 14, 15]

This is a small company measured in people: about 118 employees at the end of fiscal 2025, all of them in Taiwan, none represented by a labor union. They all sit in one operating subsidiary, Taiwan Bandaoti Zhaoming Co., Ltd., which does the research, development, manufacturing, marketing and selling and employs everybody. Pay includes performance awards in cash and in equity, stock options and restricted share units. [16, 17, 3]

How it operates

SemiLEDs develops, manufactures and sells light emitting diode chips and the components, modules and systems built from them. The light goes into general lighting and into specialty industrial work: ultraviolet curing of polymers, light therapy in medical and cosmetic uses, counterfeit detection, germicidal and viricidal devices, horticulture, architectural lighting and entertainment lighting. Its own design is a vertical chip. Thin crystalline layers of gallium nitride are grown on a sapphire wafer, a mirror-like silver layer and then a copper alloy layer are laid on top, and the sapphire is lifted off with a laser and recycled for the next run. The argument for the design is heat: the copper alloy carries heat out to the packaging and the heat sink, so the chip runs cooler and holds its performance. Packaged products fall into ultraviolet, multi-channel emitter, automotive and specialty lighting groups, the ultraviolet range running from two to 260 electrical watts. [18, 19, 20, 21, 22]

Most of what the company sold in fiscal 2025 was not a light emitting diode at all. It took buy-sell purchase orders, buying equipment and reselling it: 38 million dollars of revenue against 36.5 million dollars of cost. Those other revenues were 94 percent of the year's total. The filing says the significant majority of revenue came from the purchase and sale of equipment from vendors in China. Because the trade carries so little margin, gross profit came to 6 percent of revenue, against 20 percent the year before on a far smaller base. [23, 24, 25, 26]

The buyers are few. The ten largest customers were 99 percent of revenue in fiscal 2025, up from 91 percent, and the three largest 94 percent, up from 61 percent. Two customers carried the equipment trade, 89 percent of the buy-sell revenue between them. In the concentration table the largest, called Customer A, was 59 percent of the year's revenue and Customer B 30 percent, where a year earlier neither had bought anything at all; Customer A was also 91 percent of what the company was owed at the year end. By billing address the money comes from a handful of countries: India, Japan, the Netherlands and the United States together were 97 percent of revenue, up from 78 percent, while customers in Taiwan and China including Hong Kong fell to 0.5 percent from 14 percent. Products reach them through a direct sales force and distributors, with packagers buying chips and reselling them on. [27, 28, 29, 30, 31, 32, 33]

Manufacturing sits in Taiwan, and it has been too large for the work for a long time: the company says it has suffered from underutilization of its capacity since late 2011, primarily for LED chips, with equipment idled and significant excess capacity charges to show for it. The answer has been to go fabless, meaning it hires foundry fabs to make chips to its own design, while it looks for buyers for the chip making equipment it no longer runs. It still packages chips itself, chip bonding, wire bonding, phosphor coating, encapsulation, scribing, dicing and testing, and it uses contract manufacturers for some products and some steps. Raw materials come from suppliers around the world, with two or more sources for a majority of them, and the filing says it has never had a significant delay or shortage. [34, 35, 36, 37, 38]

The listed company is a Delaware corporation, incorporated on January 4, 2005, and a holding company for the Taiwan business. It reports in United States dollars under United States accounting rules, while the working currency of the operating subsidiary is the New Taiwan dollar, so translated figures move with the exchange rate. The rate used at the close of fiscal 2025 was 30.59 New Taiwan dollars to one United States dollar. [3, 39, 40]

The specifics

The audit report carries a going concern paragraph. Losses from operations ran to 1.6 million dollars in fiscal 2025 and 2.9 million the year before, and by the end of the year the accumulated deficit reached 190 million dollars against cash and equivalents of 2.6 million. Those facts, the filing says, raise substantial doubt about the company's ability to continue as a going concern. Management sets a liquidity plan against them: cost reductions and higher margin products, steady growth of module products and continued commercial sales of ultraviolet LEDs, more buy-sell equipment orders, and raising cash through possible equity offerings, asset sales or debt. The filing adds that there is no assurance the plan will be carried out. [41, 42, 43, 44, 45]

The listing has been in question too. On December 4, 2024 Nasdaq told the company it did not meet the 2.5 million dollar minimum stockholders' equity for continued listing; a plan was submitted, accepted, and given up to 180 calendar days. On February 28, 2025 the company repaid 1,200,000 dollars and 400,000 dollars of loan principal by handing shares to Simplot Taiwan Inc. and Trung Doan, which lifted equity back above the line, and Nasdaq sent a conditional compliance letter on April 17, 2025. Those loans come from the inside: secured agreements signed on January 8, 2019 with the chairman and chief executive and with J.R. Simplot Company, the largest shareholder, for 1.7 million dollars and 1.5 million dollars at an annual interest rate of 8 percent, secured by a second priority interest in the headquarters building and extended year after year. [46, 47, 48]

What it owns and who it faces. At the end of fiscal 2025 it held 81 patents issued and 10 pending in the United States and 97 issued and 11 pending elsewhere; of the 178 issued, 116 expire between 2026 and 2030. The company says its people, its product development and its trade secrets matter more to its position than the patents do. It has trademarks on SemiLEDs in the United States and MvpLED in China. The filing names no competitor at all: it says only that it competes with many LED chip and packaging makers, many of them much larger, with well funded private companies developing rival products, and with smaller entrants, some of them helped by government incentives and subsidies. A patent cross-license agreement with CrayoNano AS pays it money, and those payments fell in fiscal 2025. [49, 50, 51, 52, 53]

Two other threads run through the filing. Through its subsidiary TSLC Corporation the company owns 47.62 percent of Yi Yang Optoelectronics Co., Ltd. and accounts for it by the equity method; its share of that company's losses grew to 958 thousand dollars in fiscal 2025 from 3 thousand the year before. And it is working with a Japanese company on sensors for smartphones, smartwatches and augmented and virtual reality glasses, using a wafer level package that joins photonic devices to photodetectors and driver chips in one thin package without an interposer. There were no material pending legal proceedings at the end of fiscal 2025. [54, 55, 56, 57]

What drives growth, line by line

Revenue was 43.0 million dollars in fiscal 2025 against 5.2 million the year before, a rise of 730 percent, and the filing credits it almost entirely to 38 million dollars of buy-sell equipment orders. The record's own series shows how far outside the pattern that sits: revenue of 6.1 million in 2020, 4.7 million in 2021, 7.1 million in 2022, 6.0 million in 2023 and 5.2 million in 2024. Gross profit rose to 2.4 million from 1.1 million, but measured against revenue it fell to 6 percent from 20 percent. [58, 59, 23, 26]

Other revenues. The line that is not a product, and now the business: other revenues were 41 million dollars in fiscal 2025 against 2 million the year before, and the filing says the increase came primarily from buy-sell purchase orders of equipment. The mechanics are plain: the company buys equipment and resells it, 38 million dollars of revenue for 36.5 million dollars of cost. A year earlier the same line was mostly epitaxial wafers, scraps and raw materials and services. [60, 23, 61]

LED components. LED components, the core product until this year, brought in 2.0 million dollars against 2.7 million, a fall the filing puts down to less volume sold. Their share of revenue dropped from 51 percent to 5 percent, not because they shrank that far but because the equipment trade swamped them. Setting the buy-sell orders aside, the company says it expects to go on earning its revenue mainly from LED components. [62, 63]

LED chips. LED chips are now a rounding error in the company's own accounts: 149 thousand dollars against 93 thousand, which the filing attributes to varying volumes sold. It makes fewer of them itself each year, having moved toward a fabless model and gone looking for buyers for its chip making equipment. [64, 35]

Lighting products. Lighting products, the luminaires and retrofits it assembles for design manufacturers and end users, were 228 thousand dollars against 212 thousand, again on varying volumes sold. [65, 66]

What comes next, in the company's own words: it anticipates more buy-sell purchase orders in fiscal 2026, and says in the same breath that if those orders diminish or cease altogether its gross margin, operating results and cash flows could be hurt. Its liquidity plan puts steady growth of module products and continued commercial sales of its ultraviolet LED products behind a better gross margin, with niche markets and new applications for the LED products as the route. [67, 68, 43]

What the desk infers (inferred, not filed)

• The equipment orders that produced nearly all of fiscal 2025's revenue are a pass-through trade rather than a product business: machines bought from vendors in one country and billed on to a buyer in another, with a thin slice kept. Because: The buy-sell orders brought 38 million dollars of revenue and carried 36.5 million dollars of cost. [23] The filing says the significant majority of the year's revenue came from the purchase and sale of equipment from vendors in China. [24] By billing address, revenue from India went from nothing to 38 million dollars. [69, 23] Gross profit fell to 6 percent of revenue from 20 percent, which the filing lays at the door of the equipment orders and their lower margins. [26] Confidence 88 of 100. Wrong if: A filing showing that the company designs, makes or materially alters the equipment it resells, or that the buy-sell orders earn the same gross margin as its LED products.
• Customer A is far more likely a buyer of the resold equipment than of LED products, and the company's ability to collect now rests on that one account. Because: Customer A was 59 percent of revenue in fiscal 2025 and Customer B 30 percent, where a year earlier neither bought anything. [29] Two customers accounted for 89 percent of the buy-sell equipment revenue. [28] The largest product line, LED components, brought only 2.0 million dollars, while the equipment orders brought 38 million. [62, 23] Customer A was 91 percent of the company's accounts receivable at the end of fiscal 2025, having been none of it a year earlier. [30] A bad debt expense of 115 thousand dollars appeared where there had been none. [70] Confidence 80 of 100. Wrong if: A filing or disclosure naming Customer A as a buyer of LED chips, components or lighting products in fiscal 2025.
• The LED business on its own does not cover the cost of running the company, which is why the equipment trade sits inside the liquidity plan rather than beside it. Because: The product lines brought 2.0 million dollars of LED components, 149 thousand of chips and 228 thousand of lighting products. [62, 64, 65] Research and development was 1.2 million dollars and selling, general and administrative 2.9 million, against a loss from operations of 1.6 million. [71, 72, 41] The liquidity plan lists growing buy-sell purchase orders of equipment among the measures meant to keep the company going. [44] The company names its ability to continue or grow buy-sell revenue as a key factor affecting its financial condition, and says that if the orders cease its margin, results and cash flows could be hurt. [68] Confidence 85 of 100. Wrong if: A fiscal year in which the LED chip, component and lighting lines alone cover operating expenses, or in which the company reports income from operations with no buy-sell revenue.

Sources

1. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Trung T. Doan, 66, has served as a director, Chairman of our Board and as our CEO since January 2005, and as our President since August 2012. Prior to joining us, Mr. Doan served as Corporate Vice President of Applied Global Services (AGS) Product Group at Applied Materials, Inc. and also served as President and Chief Executive Officer of Jusung Engineering, Inc., a semiconductor/LCD equipment company in Korea. In addition, Mr. Doan served as Vice President of Process Development at Micron Technology Inc.”
2. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Mr. Doan holds a Bachelor of Science in nuclear engineering from the University of California, Santa Barbara, where he graduated with honors, and a Master of Science in chemical engineering from the University of California, Santa Barbara.”
3. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “We were incorporated in the State of Delaware on January 4, 2005. We are a holding company for our wholly owned operating subsidiary, Taiwan Bandaoti Zhaoming Co., Ltd., which conducts our research, development, manufacturing, marketing and sale of LED components and employs the Company’s employees.”
4. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
5. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Christopher Lee, 54, has served as our Chief Financial Officer since September 2015. From November 2014 until his appointment as Chief Financial Officer, Mr. Lee was the interim Chief Financial Officer of the Company. Mr. Lee joined SemiLEDs in September 2014. He has served on the Board of Directors of Aixin Life International Inc. since February 2021. He also served as Ainos Inc. Chief Financial Officer since March 2024. Mr. Lee has over 25 years of experience in accounting and finance, including US GAAP, PCAOB standards and SEC rules and regulations.”
6. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Prior to joining us, Mr. Lee was a partner of KEDP CPA Group from August 2009 to June 2011 and a self-employed accountant from July 2011 to August 2014.”
7. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Scott R. Simplot, 78, has served as a director since March 2005. Mr. Simplot has been Chairman of the Board of Directors and a Director of J. R. Simplot Company since May 2001 and August 1970, respectively.”
8. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Dr. Edward Kuan Hsiung Hsieh, 73, has served as a director since February 2012.”
9. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “He has also served as an Adjunct Professor at National Taiwan University since February 2009.”
10. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Walter Michael Gough, 71, has served as a director since April 2016. Mr. Gough has led Gough and Associates, a firm that specializes in financial consulting and CFO work for domestic and international companies since 2005. He was also a tenured faculty member in Accounting and Business at DeAnza College in Cupertino, California where he taught as professor from 1985 to 2019.”
11. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Dr. Chris Chang Yu, 67, has served as a director since July 2024.”
12. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “It has also determined that Dr. Hsieh, Mr. Gough and Dr. Yu, each of whom are independent directors, meet the requirements of an “audit committee financial expert,” as defined in Regulation S‑K.”
13. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Scott R. Simplot 4,716,188 (1) 57.3”
14. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “both of which are parties to the Voting Agreement dated June 3, 2024 (the “Voting Agreement”)”
15. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “As a “controlled company”, we rely on the exemption from the Nasdaq requirement that we have a compensation committee composed entirely of independent directors.”
16. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “As of August 31, 2025, we had approximately 118 employees. All of our employees are based in Taiwan. None of our employees are represented by a labor union. We consider relations with our employees to be good.”
17. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “These awards consist of performance-based awards, including cash and equity such as stock options and restricted share units.”
18. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “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.”
19. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “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 mirror‑like 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 multiple‑layered material to create individual vertical LED chips.”
20. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “We then remove the sapphire wafer from the N‑GaN layer through laser radiation, and the sapphire wafer is removed from the production line and recycled.”
21. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Furthermore, due to the high thermal conductivity of the copper alloy layer, the heat generated in our device is effectively conducted to the packaging materials, where it can be dissipated through a heat sink. The resulting lower operating temperature helps to maintain LED device performance and reliability.”
22. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Our packaged products can be categorized into three different groups: UV, Multi-Channel Emitter (MCE), automotive and Specialty lighting. Besides the standard products, we provide customization service for all market segments. Our UV LED product portfolio ranges from two to 260 electrical watts, and are designed for industrial applications such as printing, coating, curing, and medical/cosmetic uses.”
23. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “In fiscal year 2025, we entered into buy-sell purchase orders pursuant to which we purchased equipment and then resold the goods to our customer. The revenue relating to these purchase orders was $38 million, and the associated cost of revenue was $36.5 million.”
24. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “In the year ended August 31, 2025, we derived the significant majority of our revenues from the purchase and sale of equipment from vendors in China.”
25. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “In the year ended August 31, 2025, revenues attributable to other revenues, which were primary related to buy-sell purchase orders of equipment, represented 94% of our total revenues and improved our gross market, operating results and cash flows.”
26. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Our gross profit represented 6% and 20% of our revenues for the year ended August 31, 2025 and 2024, respectively. The decrease in gross margin for the year ended August 31, 2025 was primarily due to the buy-sell purchase orders of equipment, which have lower margins to sales of our products.”
27. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “For the years ended August 31, 2025 and 2024, our top ten customers collectively accounted for 99% and 91% of our revenues, respectively. Some of our largest customers and what we produce, or have produced, for them have changed from quarter to quarter primarily as a result of the timing of discrete, large project-based purchases and broadening customer base, among other things. For the years ended August 31, 2025 and 2024, sales to our three largest customers, in the aggregate, accounted for 94% and 61% of our revenues, respectively.”
28. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “During fiscal year 2025, the Company’s revenues were substantially derived from buy-sell purchase orders of equipment. Net revenues generated from buy-sell purchase orders of equipment to two customers represented 89% for the year ended August 31, 2025.”
29. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “The customers accounted for 10% or more of the Company’s total net revenues for the years ended August 31, 2025 and 2024, as follows (in thousands, except percentages): Years Ended August 31, 2025 2024 % of % of Customers Amount Revenues Amount Revenues Customer A $ 25,168 59 % $ — 0 % Customer B 12,929 30 % — 0”
30. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Customers that accounted for 10% or more of the Company’s total accounts receivable as of August 31, 2025 and 2024 consist of the following: August 31, Customers 2025 2024 Customer A 91 % — Customer B — 36”
31. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Our revenues have been concentrated in a few select markets, including India, Japan, the Netherlands and the United States. Net revenues generated from these countries, in the aggregate, accounted for 97% and 78% of our net revenues for the years ended August 31, 2025 and 2024, respectively.”
32. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Our revenues derived from customers located in Taiwan and China (including Hong Kong) were 0.5% and 14% for the years ended August 31, 2025 and 2024, respectively.”
33. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “We market and sell our products through both our direct sales force and distributors. We primarily sell our LED components to distributors and end-customers in selected markets. Our packaging customers package our LED chips and sell the packaged product to distributors or end-customers.”
34. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Our manufacturing operations are located in Taiwan. Since late 2011, we have suffered from the underutilization of our manufacturing capacity, primarily for our LED chips. Consequently, a portion of our manufacturing equipment was idled, resulting in significant excess capacity charges.”
35. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “We have moved toward a fabless business model in which we utilize foundry fabs to ODM our chips using our developed technology and continue to explore opportunities to sell our chip manufacturing equipment, which will help us to reduce the idle capacity costs.”
36. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Our packaging process includes chip bonding, wire bonding, phosphor coating, encapsulation, scribing, dicing and testing.”
37. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “We purchase raw materials and components from a wide range of suppliers around the world. The raw materials and components we use are readily available. We have two or more suppliers for a majority of the raw materials we use. Historically, we have never experienced any significant delay or shortage in the supply of our raw materials and components.”
38. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “We also use contract manufacturers to produce 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.”
39. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “We are a Delaware corporation and, under SEC requirements, must report our financial position, results of operations and cash flows in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. At the same time, our subsidiaries use the local currency as their functional currency. For example, the functional currency for Taiwan Bandaoti Zhaoming Co., Ltd. is the NT dollar.”
40. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “The translations from NT dollars to U.S. dollars were made at the exchange rates set forth in the statistical release of the Bank of Taiwan. On August 31, 2025 the exchange rate was 30.59 NT dollars to one U.S. dollar.”
41. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “The Company has suffered losses from operations of $1.6 million and $2.9 million, and net cash provided by operating activities of $2.2 million and net cash used in operating activities of $365 thousand, for the years ended August 31, 2025 and 2024, respectively.”
42. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “As of August 31, 2025, we had an accumulated deficit of $190 million and cash and cash equivalents of $2.6 million. These facts and conditions raise substantial doubt about our ability to continue as a going concern, and our independent registered public accounting firm has included an explanatory paragraph regarding going concern qualification in its audit report.”
43. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Gaining positive cash-inflow from operating activities through continuous cost reductions and the sales of new higher margin products. Steady growth of module products and the continued commercial sales of its UV LED product are expected to improve the Company’s future gross margin, operating results and cash flows. The Company is targeting niche markets and focusing on product enhancement and developing its LED products into many other applications or devices.”
44. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Growing buy-sell purchase orders of equipment to improve the Company’s future gross margin, operating results and cash flows.”
45. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “raising additional cash through potential equity offerings, sales of assets and/or issuance of debt as considered necessary and looking at other potential business opportunities”
46. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “On December 4, 2024, we received a notice from Nasdaq indicating that we did not meet the minimum of $2.5 million in stockholders’ equity required by Nasdaq Listing Rule 5550(b)(1) for continued listing or the alternatives of market value of listed securities or net income from continuing operations. Pursuant to the Nasdaq listing rule, we submitted a plan to Nasdaq. Nasdaq accepted our plan, and we were granted an extension of up to 180 calendar days from December 4, 2024 to evidence compliance.”
47. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “On February 28, 2025, we repaid $1,200,000 and $400,000 of loan principal by delivering 722,891 shares and 240,963 shares of our common stock to Simplot Taiwan Inc. and Trung Doan, respectively. As a result of the repayment in shares, our stockholders’ equity exceeded $2.5 million as of February 28, 2025, and Nasdaq issued a conditional compliance letter on April 17, 2025.”
48. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “On January 8, 2019, the Company entered into secured loan agreements with Trung Doan, its Chairman and Chief Executive Officer and J.R. Simplot Company, its largest shareholder, with aggregate amounts of $1.7 million and $1.5 million, respectively, and an annual interest rate of 8% (the “Loan Agreements”). The Loan Agreements are secured by a second priority security interest on the Company’s headquarters building.”
49. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “As of August 31, 2025, we had 81 patents issued and 10 patents pending with the United States Patent and Trademark Office covering various aspects of our core technologies. As of August 31, 2025, we also had 97 patents issued and 11 patents pending before patent and trademark offices outside the United States. Of these 178 issued patents, 116 expire between 2026 and 2030, 34 expire between 2031 and 2035, 26 expire between 2036 and 2042, and two expire after 2042.”
50. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “We believe that factors such as the technological and innovative abilities of our personnel, the success of our ongoing product development efforts and our efforts to maintain trade secret protection are more important than patents in maintaining our competitive position.”
51. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “We pursue the registration of certain of our trademarks in the United States, Taiwan and China and have been granted trademarks with respect to “SemiLEDs” in the United States, and “MvpLED” in China.”
52. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “We compete with many LED chip manufacturers and LED packaging manufacturers, many of which compete directly with us and are much larger than us. These potential competitors have extensive experience in developing semiconductor chips, which is similar to the manufacturing process for LED chips and LED packaging. We are also aware of a number of well-funded private companies that are developing competing products. We also compete with numerous smaller companies entering the market, some of whom may receive significant government incentives and subsidies pursuant to government programs designed to encourage the use of LED lighting and to establish LED-sector companies.”
53. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Other income, net decreased from $1.2 million for the year ended August 31, 2024 to $1.1 million for the year ended August 31, 2025, primarily due to reduced payments received under the Patent Cross-License Agreement with CrayoNano AS.”
54. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “In July 2023, TSLC Corporation, the Company’s subsidiary, had a board resolution to hold an equity interest in Yi Yang Optoelectronics Co., Ltd., accounting for its equity interest using the equity method to accounts for its equity investment as prescribed in ASC 323, Investments—Equity Method and Joint Ventures (“ASC 323”). Equity method adjustments include the Company’s proportionate share of investee’s income or loss and other adjustments required by the equity method. As of August 31, 2025 and 2024, the Company owns 47.62% common stock shares of Yi Yang Optoelectronics Co., Ltd.”
55. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Investment loss from unconsolidated entities increased from $3 thousand for the year ended August 31, 2024 to $958 thousand for the year ended August 31, 2025, primarily due to the increased losses of the unconsolidated entities.”
56. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “We are working with a Japanese company developing new sensors for smartphones, smartwatches, and Augmented Reality/ Virtual Reality glasses, utilizing our newly-developed wafer level package technology. This technology allows us to interconnect photonic devices together with photodetectors and/or device drivers IC without using an interposer in one package having thin format.”
57. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “There were no material pending legal proceedings or claims as of August 31, 2025.”
58. The record on this page: the filed annual figures (EDGAR's company facts)
59. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Our revenues increased by 730% from $5.2 million for the year ended August 31, 2024 to $43 million for the year ended August 31, 2025. The increase in revenues was driven almost entirely by $38 million in sales of other revenues as a result of buy-sell purchase orders of equipment.”
60. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Revenues attributable to other revenues were $41 million and $2 million of our revenues for the years ended August 31, 2025 and 2024, respectively. The increase in other revenues was primarily due to buy-sell purchase orders of equipment.”
61. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Other revenues for the year ended August 31, 2025 primarily represent revenues attributable to buy-sell purchase orders of equipment. Other revenues for the year ended August 31, 2024 primarily include revenues attributable to the sale of epitaxial wafers, scraps and raw materials and the provision of services.”
62. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Revenues attributable to the sales of our LED components were $2.0 million and $2.7 million of our revenues for the years ended August 31, 2025 and 2024, respectively. The decrease in sales of LED components was primarily due to less volumes sold for the LED components.”
63. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Until recently, LED components were the core products from which we derived our revenues. Revenues attributable to the sales of our LED components represented approximately 5% and 51% of our revenues for the years ended August 31, 2025 and 2024, respectively. Excluding revenues from buy-sell orders of equipment, we expect to continue to generate our revenues mainly from the sales of LED components for the foreseeable future.”
64. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Revenues attributable to the sales of our LED chips were $149 thousand and $93 thousand of our revenues for the years ended August 31, 2025 and 2024, respectively. The increase in sales of LED chips was primarily due to varying volumes sold for LED chips.”
65. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Revenues attributable to the sales of lighting products were $228 thousand and $212 thousand of our revenues for the years ended August 31, 2025 and 2024, respectively. The increase in sales of lighting products was primarily due to varying volumes sold for lighting products.”
66. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “We design, assemble and sell lighting fixtures and systems for general lighting applications, including commercial, residential and industrial lighting. Our lighting products consist primarily of LED luminaries and LED retrofits. Our lighting product customers are primarily ODMs of lighting products and the end-users of lighting devices.”
67. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “We anticipate more buy-sell purchase orders in fiscal year 2026.”
68. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Our ability to continue or grow with buy-sell revenue. Our recent reliance on buy-sell purchase orders of equipment has improved our gross profit, operating results and cash flows. We anticipate our buy-sell purchase orders will continue from period to period. However, if orders diminish or cease altogether, our gross margin, operating results, and cash flows could be adversely affected.”
69. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “The following table sets forth revenues by geographic area for the years ended August 31, 2025 and 2024 (in thousands): Years Ended August 31, 2025 2024 India $ 38,096 $ — Japan 2,181 1,647”
70. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Bad debt expenses were $115 thousand and zero for the years ended August 31, 2025 and 2024, respectively.”
71. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Our research and development expenses were $1.2 million for both the year ended August 31, 2025 and 2024. The slight decrease was primarily due to a $64 thousand decrease in materials and supplies, partially offset by a $10 thousand increase in payroll expense.”
72. SemiLEDS Corporation, Form 10-K filed 2025-11-28: “Our selling, general and administrative expenses were $2.9 million for both the years ended August 31, 2025 and 2024. The slight decrease was mainly attributable to a $134 thousand decrease in payroll expense, offset by a $115 thousand increase in bad debt expense.”

Who runs it

Lee, Hsin-Liang Christopher (Chief Financial Officer); Gough, Walter Michael (director); Hsieh, Edward Kuan Hsiung (director); Yu, Chris Chang (director). 4 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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