SemiLEDs Corporation (LEDS) Cash Flow Statement
Where LEDS’s cash came from and went, FY2025
August 31, 2025 · U.S. dollars- Cash from operations
- $2.2M
- Capital expenditures
- $569,000 1.3% of revenue
- Free cash flow
- $1.6M 3.8% margin
- Returned to shareholders
- —
- Change in cash
- $930,000 cash at year-end $2.8M
Cash from operations
$2.2M
Capital expenditures
−$569,000
Acquisitions & other
−$26,000
Net borrowing (repayment)
−$480,000
Other financing
−$142,000
Currency & other
−$65,000
Change in cash
$930,000
Drawn to scale: where the cash came from and how it was used. Hover for values.
LEDS operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
LEDS cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$3.4MFY2016 | $2.2MFY2025 | — | |
| Capital expenditures | $821,000FY2016 | $569,000FY2025 | −4.0%/yr | |
| Free cash flow | −$4.3MFY2016 | $1.6MFY2025 | — | |
| Free cash flow margin | −42.0%FY2016 | 3.8%FY2025 | +45.8 pts | |
| Stock-based compensation | $382,000FY2016 | $92,000FY2025 | −14.6%/yr | |
| Dividends paid | $0FY2016 | $0FY2018 | — | |
| Share buybacks (net) | $0FY2016 | $0FY2020 | — | |
| Capex / revenue | 8.1%FY2016 | 1.3%FY2025 | −6.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LEDS cash flow by activity
OperatingInvestingFinancingChange in cash
LEDS net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
LEDS cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$1.1M | −$2.0M | −$2.7M | −$2.7M | −$2.9M | −$544,000 | −$3.6M | −$3.0M | −$4.1M | −$21.3M |
| Depreciation & amortization | $717,000 | $612,000 | $1.0M | $938,000 | $897,000 | $843,000 | $1.1M | $998,000 | $1.1M | $5.5M |
| Stock-based compensation | $92,000 | $282,000 | $518,000 | $459,000 | $186,000 | $101,000 | $149,000 | $141,000 | $25,000 | $382,000 |
| Change in working capital | $1.1M | $696,000 | −$602,000 | −$537,000 | −$1.2M | −$665,000 | −$1.5M | $1.4M | −$697,000 | $1.0M |
| Other non-cash items | $1.4M | $81,000 | $787,000 | $376,000 | $1.2M | −$735,999 | $270,000 | −$772,000 | $1.6M | $10.9M |
| Cash from operating activities | $2.2M | −$365,000 | −$984,000 | −$1.5M | −$1.7M | −$1.0M | −$3.5M | −$1.2M | −$2.1M | −$3.4M |
| Investing activities | ||||||||||
| Capital expenditures | −$569,000 | −$123,000 | −$200,000 | −$280,000 | −$118,000 | −$271,000 | −$127,000 | −$341,000 | −$150,000 | −$821,000 |
| Investments (net) | — | −$101,000 | −$321,000 | −$113,000 | $159,000 | $140,000 | $140,000 | $1.2M | $59,000 | −$535,000 |
| Acquisitions & other investing | −$26,000 | $123,000 | $200,000 | $280,000 | $118,000 | $649,000 | −$2.6M | $341,000 | $122,000 | $821,000 |
| Cash from investing activities | −$595,000 | −$101,000 | −$321,000 | −$113,000 | $159,000 | $518,000 | −$2.6M | $1.2M | $31,000 | −$535,000 |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Share repurchases & issuance (net) | — | — | — | — | — | $698,000 | — | $0 | −$46,000 | $6.4M |
| Net borrowing (repayment) | −$480,000 | −$449,000 | −$456,000 | −$482,000 | −$173,000 | $1.7M | $4.1M | −$331,000 | −$323,000 | −$1.1M |
| Shares issued | $0 | $0 | $0 | $995,000 | $4.3M | $700,000 | $0 | $0 | $0 | $0 |
| Other financing | −$142,000 | $0 | $0 | −$23,000 | −$139,000 | −$700,000 | −$1,000 | $0 | $0 | $0 |
| Cash from financing activities | −$622,000 | −$449,000 | −$456,000 | $490,000 | $4.0M | $2.4M | $4.1M | −$331,000 | −$369,000 | $5.3M |
| Summary | ||||||||||
| Net change in cash | $930,000 | −$901,000 | −$1.7M | −$576,000 | $2.0M | $1.5M | −$2.0M | −$70,000 | −$2.4M | $1.2M |
| Cash at end of period | $2.8M | $1.8M | $2.7M | $4.5M | $5.0M | $3.0M | $1.5M | $3.5M | $3.6M | $6.0M |
| Free cash flow | $1.6M | −$488,000 | −$1.2M | −$1.8M | −$1.9M | −$1.3M | −$3.7M | −$1.5M | −$2.3M | −$4.3M |
| Free cash flow margin | 3.8% | −9.4% | −19.8% | −25.4% | −39.2% | −21.0% | −62.2% | −20.3% | −24.5% | −42.0% |
| Capex / revenue | 1.3% | 2.4% | 3.3% | 4.0% | 2.5% | 4.5% | 2.2% | 4.5% | 1.6% | 8.1% |
| May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | Aug '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.5M | −$603,000 | −$742,000 | −$1.2M | $223,000 | $388,000 | −$547,000 | −$560,000 | −$319,000 | −$559,000 | −$598,000 | −$881,000 |
| Depreciation & amortization | $172,000 | $174,000 | $181,000 | $205,000 | $200,000 | $156,000 | $156,000 | $157,000 | $144,000 | $157,000 | $154,000 | $118,000 |
| Stock-based compensation | $43,000 | $81,000 | $39,000 | $10,000 | $22,000 | $35,000 | $25,000 | $31,000 | $31,000 | $107,000 | $113,000 | $137,000 |
| Change in working capital | −$1.5M | $1.5M | $752,000 | $62,000 | −$7.0M | $660,000 | −$89,000 | $527,000 | $105,000 | −$170,000 | $234,000 | $227,000 |
| Other non-cash items | $1.9M | $93,000 | $131,000 | $1.2M | $7.3M | $166,000 | $297,000 | $50,000 | $148,000 | −$135,000 | $18,000 | $60,000 |
| Cash from operating activities | $2.2M | $1.2M | $361,000 | $272,000 | $693,000 | $1.4M | −$158,000 | $205,000 | $109,000 | −$600,000 | −$79,000 | −$339,000 |
| Investing activities | ||||||||||||
| Capital expenditures | −$87,000 | −$14,000 | −$30,000 | −$24,000 | −$310,000 | −$120,000 | −$118,000 | −$43,000 | −$11,000 | −$19,000 | −$50,000 | −$12,000 |
| Investments (net) | — | — | — | — | −$313,000 | −$136,000 | −$122,000 | −$55,000 | −$11,000 | −$23,000 | −$12,000 | −$93,000 |
| Acquisitions & other investing | $0 | −$1,000 | $29,000 | $0 | $310,000 | $120,000 | $118,000 | $43,000 | $11,000 | $19,000 | $50,000 | $12,000 |
| Cash from investing activities | −$87,000 | −$15,000 | −$1,000 | −$24,000 | −$313,000 | −$136,000 | −$122,000 | −$55,000 | −$11,000 | −$23,000 | −$12,000 | −$93,000 |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | −$115,000 | −$114,000 | −$116,000 | −$120,000 | −$139,000 | −$109,000 | −$112,000 | −$113,000 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $0 | $0 | −$12,000 | $2,000 | −$132,000 | $0 | −$105,000 | −$117,000 | −$114,000 | −$102,000 |
| Cash from financing activities | −$115,000 | −$114,000 | −$116,000 | −$120,000 | −$151,000 | −$107,000 | −$244,000 | −$113,000 | −$105,000 | −$117,000 | −$114,000 | −$102,000 |
| Summary | ||||||||||||
| Net change in cash | $2.0M | $1.1M | $291,000 | $148,000 | $74,000 | $1.1M | −$425,000 | −$3,000 | $59,000 | −$711,000 | −$246,000 | −$476,000 |
| Cash at end of period | $6.2M | $4.2M | $3.1M | $2.8M | $2.6M | $2.5M | $1.4M | $1.8M | $1.8M | $1.8M | $2.5M | $2.7M |
| Free cash flow | $2.1M | $1.2M | $331,000 | $248,000 | $382,999 | $1.3M | −$276,000 | $161,999 | $98,000 | −$619,000 | −$129,000 | −$327,000 |
| Free cash flow margin | 23.3% | 111.7% | 12.9% | 1.9% | 2.2% | 11.8% | −21.9% | 12.2% | 7.4% | −69.9% | −7.8% | −22.5% |
| Capex / revenue | 1.0% | 1.3% | 1.2% | 0.2% | 1.8% | 1.1% | 9.4% | 3.2% | 0.8% | 2.1% | 3.0% | 0.8% |
| Operating cash flow / net income | 1.44 | — | — | — | 3.11 | 3.62 | — | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
LEDS cash generation
In fiscal 2025 (ended August 31, 2025), SemiLEDs generated $2.2 million of cash from operations and spent $0.6 million on capital expenditures, leaving free cash flow of $1.6 million, 3.8% of revenue. Cash and equivalents rose by $0.9 million over the year.
Related: LEDS income statement, LEDS balance sheet. See the LEDS stock overview for the latest quote and news.
LEDS cash flow FAQ
What is SemiLEDs's free cash flow?
SemiLEDs's free cash flow was $1.6 million in fiscal 2025: $2.2 million of operating cash flow minus $0.6 million of capital expenditures It was -$0.5 million a year earlier..
How much cash does SemiLEDs generate from operations?
SemiLEDs generated $2.2 million of cash from operating activities in fiscal 2025.
How much does SemiLEDs spend on capital expenditures?
SemiLEDs spent $0.6 million on capital expenditures in fiscal 2025, 1.3% of revenue, compared with $0.1 million the year before.