Core Viewpoint - SemiLEDs Corporation (NASDAQ:LEDS) is recognized as one of the fastest-growing semiconductor stocks, with a remarkable year-over-year revenue growth of 729.8% [1] Financial Performance - For fiscal Q4 2025, SemiLEDs reported revenue of $13.2 million, a decrease from $17.7 million in Q3, with a GAAP net loss of $1.2 million, equating to -$0.15 per share [2] - The gross margin for Q4 was 2%, while the operating margin was -7%. Cash reserves at the end of the quarter stood at $2.6 million [2] - For the full year FY2025, revenue surged to $43 million from $5.2 million in FY2024, with the GAAP net loss narrowing to $1.1 million from $2.0 million. The full-year gross margin declined to 6%, but the operating margin improved to -4% [2] Revenue Drivers and Business Model - The significant revenue increase was attributed to "buy-sell" purchase orders of equipment, which contributed to "Other revenues," leading to concentration risk and volatility in quarterly results [3] - Management is shifting towards a fabless model to reduce idle-capacity costs and focus on higher-margin modules and UV LED products for niche applications, which is expected to enhance operating results and cash flow [3] Company Overview - SemiLEDs develops and manufactures LED chips and components for various lighting applications, including general and specialty lighting, with operations based in Hsinchu, Taiwan [4]