Home Equities Score Semileds Corp. (NASDAQ: LEDS) stock falls during pre-market. What has been happening?

Semileds Corp. (NASDAQ: LEDS) stock falls during pre-market. What has been happening?

Semileds Corp. (NASDAQ: LEDS) stock plunged by 7.41% at last close while the LEDS stock price continues to decline by 2.55% in the pre-market, at last check. There is no recent update available on this decline in LEDS share price. SemiLEDs designs and produces LED chips and LED modules for lighting purpose such as street lamps, commercial, automotive, grid, and domestic lighting, as well as niche industrial applications like UV curing, medical/cosmetic, counterfeit identification, horticulture, architectural lighting, and entertainment lighting. SemiLEDs offers LED chips in blue, white, green, and UV colors.

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Recent Past Development

SemiLEDs Corporation on April 9, 2021released its financial results for the second quarter of fiscal year 2021 which ended on February 28, 2021.

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  • The second quarter of fiscal 2021 produced $1.2 million in revenue, up from $719 thousand in the first quarter.
  • For the second quarter of fiscal 2021, GAAP net loss attributable to SemiLEDs shareholders was $255 thousand, relative to a loss of $697 thousand in the first quarter, or a net loss of $0.06 per diluted share, compared to a net loss of $0.17 per diluted share in the first quarter of fiscal 2021. Due to the Chinese New Year holiday, we had to close down our manufacturing operations for two weeks in the second quarter.
  • The GAAP gross margin for the second quarter of fiscal 2021 was 20%, relative to a negative 3% gross margin in the first quarter of fiscal 2021.
  • The second quarter of fiscal 2021 saw a negative 42 percent operating margin, comparison to a negative 135 percent in the first quarter.
  • On February 28, 2021, LEDS’ cash and cash reserves were $2.1 million, down from $2.7 million at the close of the first quarter of fiscal 2021.

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Whereas,

Given the continued unpredictable effect of COVID-19 on the economy and Semileds, the LEDS team was unable to estimate sales for the third quarter ending May 31, 2021, at that time.

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