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SemiLEDs cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$2.1M in Q3 FY26 · $3.9M over twelve months

Operating cash flow$2.2M
Capital spending−$87K
Free cash flow+$2.1M
Cash / net income1.4×
Cash conversion cycle38 days

Analysis

In Q3 FY26, SemiLEDs generated $2.2M of operating cash flow and spent $87K on capital projects, leaving free cash flow of $2.1M. That is $1.7M more than in Q3 FY25 ($383K).

Over the twelve months to May 31, 2026, operating cash flow was $4.0M; the largest uses were net borrowing (+) / repaid (−) ($465K), capital spending ($152K); besides operations, cash came from other investing ($25K); the cash balance rose by $3.5M.

Operating cash flow was $2.2M against net income of $1.5M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: accrued liabilities −$2.8M, payables +$2.7M, prepaid and other assets +$965K.

Its cash conversion cycle was 38 days (receivables 19 + inventory 67 − payables 49).

Free cash flow

SemiLEDs: free cash flow by quarterSemiLEDs: free cash flow by quarter$166KQ4 FY24−$276KQ1 FY25$1.3MQ2 FY25$383KQ3 FY25$239KQ4 FY25$331KQ1 FY26$1.2MQ2 FY26$2.1MQ3 FY26
Operating cash flow less capital spending.
SemiLEDs: operating cash flow against capital spendingSemiLEDs: operating cash flow against capital spendingOperating cash flowCapital spending$209K$43KQ4 FY24−$158K$118KQ1 FY25$1.4M$120KQ2 FY25$693K$310KQ3 FY25$260K$21KQ4 FY25$361K$30KQ1 FY26$1.2M$14KQ2 FY26$2.2M$87KQ3 FY26
Latest (Q3 FY26): Operating cash flow $2.2M, Capital spending $87K.

Capital allocation, year by year

SemiLEDs: where the cash came from (up) and went (down), by fiscal yearSemiLEDs: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY21: Operating cash flow −$1.7MFY21: Net borrowing −$173KFY21: Shares issued $4.2MFY21: Asset sales $291KFY21: Capital spending −$118K$4.5MFY21FY22: Operating cash flow −$1.5MFY22: Net borrowing −$482KFY22: Shares issued $995KFY22: Asset sales $196KFY22: Capital spending −$280K$1.2MFY22FY23: Operating cash flow −$984KFY23: Net borrowing −$456KFY23: Capital spending −$200KFY23FY24: Operating cash flow −$361KFY24: Net borrowing −$449KFY24: Asset sales $51KFY24: Capital spending −$123K$51KFY24FY25: Operating cash flow $2.2MFY25: Net borrowing −$480KFY25: Capital spending −$569K$2.2MFY25
Over these 5 years operating cash flow totalled −$2.3M; the largest uses were operating cash flow ($4.5M) and net borrowing ($2.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$6.0M
Debt$1.7M
Net cash$4.3M
Due within a year$2.9M

SemiLEDs funds itself: free cash flow was $3.9M over the last twelve months, and $6.0M of cash and investments stands against $1.7M of debt ($2.9M due within a year, 2.1× covered by cash).

SemiLEDs: debt maturities by year (FY24)SemiLEDs: debt maturities by year (FY24)$2.9MYear 1$454KYear 2$416KYear 3
Principal due in each year as disclosed in the annual report, against $6.0M of cash and investments now.

Where the cash came from and went

SemiLEDs: sources (+) and uses (−) of cash, Q3 FY26SemiLEDs: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$2.2MCash drawn (+) / kept (−)−$2.0MNet borrowing (+) / repaid (−)−$115KCapital spending−$87KExchange rates$4K
SemiLEDs: sources (+) and uses (−) of cash, TTM to Q3 FY26SemiLEDs: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$4.0MCash drawn (+) / kept (−)−$3.5MNet borrowing (+) / repaid (−)−$465KCapital spending−$152KExchange rates$87KOther investing$25KNot reconciled$12K

From profit to cash

SemiLEDs: net income to operating cash flow, Q3 FY26SemiLEDs: net income to operating cash flow, Q3 FY26Net income$1.5MDepreciation & amortization$172KStock-based pay$43KGains on investments$2KGains on disposals$1KReceivables−$549KInventory−$4KPayables$2.7MAccrued liabilities−$2.8MPrepaid and other assets$965KOperating cash flow$2.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY2619674938
Q2 FY26149375159364
Q1 FY2697155118134
Q4 FY2513595616
Q3 FY251703140
Q2 FY25279477
Q1 FY252433222334
Q4 FY243828513309

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26$2.2M−$87K−$115K−$2.0M$2.1M
Q2 FY26$1.2M−$14K−$114K−$1.1M$1.2M
Q1 FY26$361K−$30K−$116K−$291K$331K
Q4 FY25$260K−$21K−$120K−$148K$239K
Q3 FY25$693K−$310K−$139K−$74K$383K
Q2 FY25$1.4M−$120K−$109K−$1.1M$1.3M
Q1 FY25−$158K−$118K−$112K$425K−$276K
Q4 FY24$209K−$43K−$113K$3K$166K

SemiLEDs: income statement and cash flow

SemiLEDs, Q3 FY26: revenue $9.1M (-49% year over year), operating margin 15.6%. The chart follows the revenue to costs, profit and cash.

SemiLEDs: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.