SemiLEDs(US:LEDS)2024-04-03 11:16Financial Performance - Revenue for Q2 FY 2024 decreased to $886 thousand, down from $1.6 million in Q1 FY 2024, representing a decline of approximately 44.4%[1] - GAAP net loss attributable to SemiLEDs stockholders for Q2 FY 2024 was $559 thousand, or $(0.11) per diluted share, compared to a net loss of $598 thousand, or $(0.12) per diluted share in Q1 FY 2024[1][2] - GAAP gross margin for Q2 FY 2024 decreased to 13%, down from 15% in Q1 FY 2024[2] - Operating margin for Q2 FY 2024 was negative 94%, compared to negative 50% in Q1 FY 2024[2] Cash and Assets - Cash and cash equivalents were $1.6 million at February 29, 2024, down from $2.3 million at the end of Q1 FY 2024[2] - Total current assets decreased to $6.436 million as of February 29, 2024, from $7.339 million at the end of Q1 FY 2024[9] - SemiLEDs stockholders' equity increased to $3.044 million as of February 29, 2024, compared to $704 thousand at the end of Q1 FY 2024[9] Liabilities - Total liabilities decreased to $8.927 million as of February 29, 2024, from $12.410 million at the end of Q1 FY 2024[9] Future Outlook - The company expects revenue for Q3 FY 2024 to be approximately $1.0 million, with a variance of +/- 10%[2] Compliance - The company submitted a plan to regain compliance with Nasdaq Listing Rule 5550(b)(1) and was granted an extension through January 8, 2024[3]