SemiLEDs Corporation develops, manufactures, and sells light emitting diode (LED) chips, LED components, and LED modules and systems in the United States, Taiwan, the Netherlands, Germany, Japan, Ireland, and internationally. The company also sells enhanced vertical, LED product series in blue, white, green, and UV; LED chips to packagers or distributors; and lighting products primarily to original design manufacturers of lighting products and the end-users of lighting devices, as well as packages and sells its LED chips into LED components to distributors. Its products are used for general lighting applications, including commercial, industrial, and residential lighting; and specialty industrial applications, such as 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. SemiLEDs Corporation was incorporated in 2005 and is based in Chunan, Taiwan.
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Here are 1-2 analogies to describe SemiLEDs:
- SemiLEDs is like a "chip manufacturer" (think Intel or Nvidia) but specifically for the light-emitting chips (LEDs) found in displays, lighting fixtures, and other illuminated products.
- Imagine them as a B2B component supplier like Corning (known for Gorilla Glass), but instead of advanced glass, SemiLEDs manufactures the core LED chips that create light in various applications.
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- High-Brightness LED Chips: These are the fundamental semiconductor devices designed to emit light, available in various colors such as blue, white, green, and ultraviolet.
- LED Components and Packages: These products involve integrating LED chips into various forms and packages for easier use in a wide range of lighting, display, and other applications.
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SemiLEDs (symbol: LEDS) primarily sells its high-brightness LED (HBLED) chips, components, and modules to other companies, operating on a Business-to-Business (B2B) model.
According to its latest annual report (Form 10-K), SemiLEDs is substantially dependent on a limited number of major customers, with sales to its largest customers accounting for a significant portion of its net revenues. However, the company explicitly states in its filings that **these major customers are generally privately held companies**.
Due to the private nature of these companies and the lack of specific disclosures in public filings, the names of SemiLEDs' major customer companies and any associated public stock symbols cannot be identified.
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Below is the management team of SemiLEDs (LEDS):
Trung Tri Doan, Chairman of the Board, President and Chief Executive Officer
Mr. Doan has served as the Chairman, President, and Chief Executive Officer of SemiLEDs since January 2005, which he co-founded. Prior to establishing SemiLEDs, he held the position of Corporate Vice President of the Applied Global Services (AGS) Product group at Applied Materials, Inc. He also served as the former President and CEO of Jusung Engineering, Inc., a prominent semiconductor/LCD equipment company in Korea, and was the Vice President of Process Development at Micron Technology Inc.. Mr. Doan has also been a Board Member for several public and private companies, including Advanced Energy Industries.
Hsin-Liang Christopher Lee, Chief Financial Officer and Principal Accounting Officer
Mr. Lee has been the Chief Financial Officer at SemiLEDs since September 2014. He also holds the position of Chief Financial Officer at Ainos | AI + Nose since March 2024. His professional experience includes a managerial role at KPMG from 2007 to 2008 and a senior associate position at Arthur Andersen from 1999 to 2002. Mr. Lee earned a Master of Science in Business Taxation from Golden Gate University.
Dr. Anh Chuong Tran, Chief Scientist
Dr. Tran previously served as the President, Chief Operating Officer, and a director of SemiLEDs from 2005 to 2012, before transitioning to his current role as Chief Scientist. In this capacity, he focuses on the company's technology and product development efforts. Before his tenure at SemiLEDs, Dr. Tran was Vice President at EMCORE Corp. from 1995 to 2000 and at Highlink Technology Corp. from 2000 to 2004. He also worked as a Principal at GE Lumination LLC. Dr. Tran holds a doctorate degree from the University of Montréal (1993) and an undergraduate degree from Czech Technical University (1987).
Ilkan Cokgor, Executive Vice President of Sales and Marketing
Mr. Cokgor was named Executive Vice President of Sales and Marketing at SemiLEDs. He brings over 20 years of experience in product development, marketing, sales, and business development to this role. Before joining SemiLEDs, Mr. Cokgor served as Vice President of Global Marketing at Everlight Electronics starting in 2010.
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The clear emerging threat for SemiLEDs (LEDS) is the rapid advancement and increasing market adoption of Mini-LED and Micro-LED technologies. These next-generation display and lighting technologies offer superior performance characteristics (e.g., higher brightness, better contrast, greater energy efficiency, smaller form factors) compared to traditional LED chips. Larger, better-resourced competitors are heavily investing in and commercializing Mini-LEDs (e.g., in high-end televisions, laptops, and tablets for backlighting) and developing Micro-LEDs for future direct-emission displays. If SemiLEDs is unable to adapt its product portfolio or manufacturing processes to compete effectively in these evolving high-value segments, its existing market share and future revenue opportunities could be significantly eroded by these technologically superior alternatives, mirroring how disruptive technologies have challenged established players in the past.
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SemiLEDs (LEDS) operates in the global markets for LED chips, LED components, and LED lighting products, including specialized UV LED applications. Here are the addressable market sizes for their main products and services:
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Global LED Market (including chips and components): The global LED market was valued at $78.69 billion in 2020 and is projected to reach $192.68 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.2% from 2021 to 2030.
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Global LED Lighting Market: The global LED lighting market size was estimated at USD 88.17 billion in 2024 and is projected to reach USD 134.71 billion by 2030, growing at a CAGR of 7.8% from 2025 to 2030. Another report indicates a value of USD 97.07 billion in 2024, with a projection to reach USD 272.44 billion by 2032 at a CAGR of 14.0%.
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Global UV LED Market: The global UV LED market size was valued at USD 1.73 billion in 2024 and is predicted to reach approximately USD 15.65 billion by 2034, demonstrating a remarkable CAGR of 24.62% from 2025 to 2034. Other estimates include a market size of USD 894.10 million in 2024, projected to reach USD 2,824.1 million by 2033 with a CAGR of 13.63% from 2025-2033, and USD 1.03 billion in 2024, predicted to grow to USD 2.16 billion by 2030, expanding at a CAGR of 11.9% from 2025 to 2030.
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Global LED Light Parts Market: This market is projected to reach approximately $18.5 billion by 2025, with a robust CAGR of 7.5% through 2033.
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SemiLEDs (LEDS) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
* Growth from buy-sell purchase orders of equipment: SemiLEDs has seen significant revenue increases in recent quarters, largely attributed to buy-sell purchase orders of equipment. The company anticipates a continuation of these orders, which are expected to contribute substantially to revenue, although they may lead to variations in revenue, cost of revenues, receivables, inventories, and customer deposits.
* Expansion into niche markets and development of new LED applications: The company's strategy includes focusing on niche markets and enhancing its LED products. This involves developing its "Enhanced Vertical" LED product series, encompassing blue, white, green, and UV LEDs, for various applications and devices. Emerging LED applications such as ultraviolet curing and precision horticultural systems are specific areas of focus.
* Increased sales of UV LED products: SemiLEDs anticipates steady growth in the commercial sales of its UV LED products. This focus is aimed at improving gross margins, operating results, and cash flows.
* Introduction of new higher-margin products: A core part of SemiLEDs' plan to achieve positive cash flow from operating activities is through continuous cost reductions and the sale of new, higher-margin products.
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Share Repurchases
- SemiLEDs did not make any repurchases of its common stock during the fourth quarter of fiscal year 2021.
- No share repurchases were reported for the first quarter of fiscal year 2022.
Share Issuance
- On July 6, 2021, SemiLEDs entered into an agreement to offer and sell up to $20,000,000 of its common stock through an agent at market prices.
- In January 2024, SemiLEDs converted $1,608,848 of principal and accrued interest on notes into 1,228,128 shares of common stock at a conversion price of $1.31 per share.
- In February 2025, SemiLEDs decided to repay a combined $1.6 million of principal by issuing 963,854 shares of common stock to its lenders (Simplot Taiwan Inc. and CEO Trung Doan) at a closing price of $1.66 per share. The company also has an option to repay additional principal and accrued interest of up to $400,000 to Simplot Taiwan Inc. and $800,000 to Trung Doan by issuing common stock.
- SemiLEDs granted restricted stock units to directors and employees: 15,000 in November 2021, 15,000 in November 2022, and 130,500 (20,000 and 110,500) in March and April 2023, respectively.
Outbound Investments
- SemiLEDs reported small "Investments in unconsolidated entities" of $969 thousand as of November 30, 2024, $930 thousand as of February 28, 2025, and $1,011 thousand as of May 31, 2025.
Capital Expenditures
- Capital expenditures were reported as $0.13 million in fiscal year 2021, $0.29 million in fiscal year 2022, $0.23 million in fiscal year 2023, and $0.15 million in fiscal year 2024.
- For the fiscal year 2025 (year-to-date through May 31, 2025), capital expenditures totaled $0.63 million.
- The company has implemented plans to reduce capital expenditures to provide liquidity and control capital costs. They are also exploring the sale of chip manufacturing equipment to reduce idle capacity charges.
