Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10‑K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended August 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-34992 SemiLEDs Corporation (Exact name of registrant as specified in its charter) Delaware (State or other jurisdict ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-34992 SemiLEDs Corporation (Exact name of registrant as specified in its charter) Delaware 20-2735523 (State or other juri ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 29, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-34992 | --- | --- | |------------------------------------------------------------------------------------------------ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 30, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-34992 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------ ...

Financial Performance - As of August 31, 2019, SemiLEDs Corporation reported total assets of $11,662,000, a decrease from $14,250,000 in 2018, reflecting a decline of approximately 18%[271] - The company generated net revenues of $5,902,000 for the year ended August 31, 2019, down from $7,495,000 in 2018, representing a decrease of about 21%[274] - SemiLEDs incurred a net loss of $3,565,000 for the year ended August 31, 2019, compared to a net loss of $2,981,000 in 2018, indicating an increase in losses of approximately 20%[274] - SemiLEDs reported a net loss of $3.565 million for the year ended August 31, 2019, compared to a net loss of $2.981 million for the previous year, indicating an increase in losses of approximately 19.6%[276] - The comprehensive loss attributable to SemiLEDs stockholders was $3.539 million for the year ended August 31, 2019, compared to $2.955 million in the prior year, reflecting a year-over-year increase of about 19.7%[276] - The total stock-based compensation expense included $44 thousand in cost of revenues, $27 thousand in research and development, and $78 thousand in selling, general, and administrative expenses for 2019[362] - The total loss before income taxes for the year ended August 31, 2019 was $3,565 thousand, compared to a loss of $2,981 thousand in 2018, indicating an increase in losses[376] Assets and Liabilities - Total current liabilities decreased to $3,920,000 in 2019 from $7,234,000 in 2018, a reduction of approximately 46%[271] - SemiLEDs' total liabilities amounted to $9,874,000 in 2019, slightly up from $9,247,000 in 2018, an increase of approximately 7%[271] - The company's accumulated deficit increased to $177,816,000 as of August 31, 2019, compared to $174,251,000 in 2018, reflecting a rise of about 2%[271] - The total equity of SemiLEDs Corporation fell to $1,788,000 in 2019 from $5,003,000 in 2018, a decrease of approximately 64%[271] - Long-term debt increased from $2,348,000 in 2018 to $6,352,000 in 2019, with total long-term debt excluding current installments at $5,954,000[343] - Total accrued expenses and other current liabilities decreased from $5,505,000 in 2018 to $2,342,000 in 2019, primarily due to the absence of advance receipts from the sale of the headquarters building[338] Cash Flow - Cash and cash equivalents decreased to $1,363,000 in 2019 from $3,421,000 in 2018, a decline of about 60%[271] - Net cash used in operating activities was $3.546 million for the year ended August 31, 2019, compared to $1.177 million for the previous year, indicating a significant increase in cash outflow[283] - Cash and cash equivalents at the end of the year were $52,000, down from $194,000 at the beginning of the year[396] - The company reported a net cash used in operating activities of $3,342,000 for 2019, compared to $449,000 in 2018[396] Research and Development - Research and development expenses rose to $1,613,000 in 2019, up from $957,000 in 2018, marking an increase of about 68%[274] - Research and development costs are expensed as incurred and presented as a separate line item in the consolidated statements of operations[318] Revenue Recognition and Accounting Policies - The company adopted ASC 606 for revenue recognition effective September 1, 2018, which impacts how revenue is recognized from contracts with customers[292] - The Company adopted ASU 2016-01, allowing equity investments without readily determinable fair values to be re-measured at fair value upon observable price changes or impairment identification[294] Inventory and Assets - Total inventories as of August 31, 2019, amounted to $2,083 thousand, an increase from $1,818 thousand in 2018[332] - Property, plant, and equipment net value as of August 31, 2019, was $5,878 thousand, down from $7,213 thousand in 2018[333] - Intangible assets as of August 31, 2019, totaled $1,026 thousand, slightly down from $1,038 thousand in 2018[335] - The estimated useful lives of property, plant, and equipment range from 1 to 20 years, depending on the asset type[310] Market and Operational Risks - Significant risks include the inability to compete in a rapidly evolving market and the potential for significant losses over the past few years[299] - The Company relies on a limited number of suppliers and contract manufacturers, which poses a concentration of supply risk[300] Tax and Deferred Assets - The company has established full valuation allowances to offset all deferred tax assets due to uncertainty in realizing future tax benefits[378] - The statutory income tax rate in Taiwan increased from 17% to 20% effective January 1, 2018, impacting the company's tax liabilities[375] - The company recorded a full valuation allowance on net deferred tax assets as of August 31, 2019, resulting in no recognized stock-based compensation tax benefit for the years ended August 31, 2019 and 2018[361] Shareholder and Equity Information - The company recognized a net loss attributable to stockholders of $3,565 thousand for fiscal 2019, compared to a net loss of $2,981 thousand in fiscal 2018[391] - As of August 31, 2019, a total of 1,021 thousand shares were reserved for issuance under the 2010 Plan, an increase from 521 thousand shares in 2018[357] - The company granted 5,000 restricted stock units to directors in September 2019, with a fair value of $2.45 per unit[398] Legal and Subsequent Events - The company paid a total of $3.35 million to settle a lawsuit regarding the return of a $3 million prepayment for the headquarters building sale[352] - There were no material subsequent events disclosed after August 31, 2019[400]

Financial Performance - Total revenues decreased by 13% to $1.7 million for the three months ended May 31, 2019, compared to $2.0 million for the same period in 2018, reflecting a $254 thousand decrease [100]. - Total revenues decreased by 22% from $5.5 million for the nine months ended May 31, 2018, to $4.3 million for the same period in 2019, reflecting a $1.2 million decrease [116]. - Revenues from LED components represented 73% of total revenues for the three months ended May 31, 2019, up from 64% in the same period of 2018 [102]. - Revenues from LED components accounted for 78% of total revenues for the nine months ended May 31, 2019, compared to 66% in 2018, primarily due to lower sales volumes of UV LED products [118]. - Revenues from LED chips represented 2% of total revenues for the nine months ended May 31, 2019, down from 3% in 2018, with a 53% decrease in sales volume [117]. - Revenues from lighting products represented 9% of total revenues for the three months ended May 31, 2019, down from 13% in the same period of 2018 [103]. Profitability and Margins - The company is focused on enhancing gross margins and reducing net losses to restore profitability [76]. - Gross profit increased from $162 thousand for the three months ended May 31, 2018, to $340 thousand for the same period in 2019, with gross margin percentage rising from 8% to 19% [105]. - Gross profit increased from a loss of $230 thousand in 2018 to a profit of $123 thousand in 2019, resulting in a gross margin of 3% [121]. - The company is committed to improving production yields to reduce per-unit costs amid pricing pressures [90]. - The company is adjusting its product mix by exiting low-margin product lines to focus on higher-value offerings [90]. Expenses and Cash Flow - Research and development expenses rose to $444 thousand for the three months ended May 31, 2019, a 50% increase from $296 thousand in the same period of 2018 [105]. - Research and development expenses rose to $1.1 million for the nine months ended May 31, 2019, from $703 thousand in 2018, driven by increased payroll and material costs [123]. - Selling, general and administrative expenses decreased from $799 thousand for the three months ended May 31, 2018, to $597 thousand for the same period in 2019, a reduction of 25% [106]. - Selling, general, and administrative expenses decreased from $2.3 million in 2018 to $2.0 million in 2019, mainly due to reduced professional service fees [124]. - Cash and cash equivalents decreased to $1.1 million as of May 31, 2019, primarily due to net cash used in operating activities [99]. - Net cash used in operating activities for the nine months ended May 31, 2019, was $2.9 million, an increase of $2.6 million compared to $273 thousand for the same period in 2018 [142]. Debt and Financing - The company has entered into new loan agreements totaling $3.2 million with an annual interest rate of 8% to refinance existing debt and provide operating capital [108]. - Long-term debt increased to $5.2 million as of May 31, 2019, from $2.3 million as of August 31, 2018, primarily due to new loan agreements [134]. - The company entered into two new loan agreements totaling $3.2 million to refinance an existing real estate loan and provide operating capital [139]. - As of May 31, 2019, the company had total loans of $3.2 million secured by a second priority security interest on its headquarters building [137]. - Interest expenses increased due to a higher debt balance resulting from new loan agreements, totaling $74 thousand for the three months ended May 31, 2019 [108]. - Net cash provided by financing activities for the nine months ended May 31, 2019, was $3.0 million, primarily from $3.2 million in loans from the Chairman and shareholder [145]. Strategic Initiatives - The company plans to innovate and introduce new, technologically advanced LED products to meet evolving customer requirements [90]. - The company is shifting its strategy to emphasize sales of LED components over LED chips to improve gross margins and operating results [90]. - The company aims to expand its market presence in China and India as part of its new strategic initiatives [76]. - The company has developed advanced manufacturing capabilities that may reduce dependence on costly sapphire materials [87]. - The company has implemented cost reduction programs to transform into a profitable operation [139]. - There are no assurances that planned activities will successfully reduce losses or preserve cash, and alternative financing sources may be needed [140].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 28, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-34992 SemiLEDs Corporation (Exact name of registrant as specified in its charter) Delaware 20-2735523 (State or other ...