SemiLEDs Corporation delivered a broadly negative near-term earnings picture in QQ4 2024, with modest revenue of $1.324 million and a substantial net loss of $0.56 million. While the quarter showed a slight QoQ revenue uptick (0.08%), YoY revenue declined by 8.9%. Gross profit was $0.153 million on a gross margin of 11.56%, but operating expenses overwhelmed earnings, producing an operating loss of $0.825 million and an EBITDA loss of $0.667 million. The company generated positive operating cash flow of $0.205 million and free cash flow of $0.149 million, underscoring tight but improving cash generation amid an austere cost structure. On the balance sheet, cash and equivalents stood at $1.671 million, total debt was $4.815 million, and net debt approximated $3.144 million. The current ratio is modest at 0.849, and the quick ratio sits at 0.340, signaling ongoing liquidity challenges. Retained earnings are deeply negative, reflecting a long history of losses, while total stockholders’ equity remains modestly positive at about $2.20 million due in part to non-cash accumulations. Market metrics indicate a high valuation relative to sales (P/S ~7.34) and a generally fragile earnings trajectory given the micro-cap profile. Management commentary (where available) and conference call dynamics are not provided in the data, limiting the ability to quote management directly; the forward view therefore emphasizes structural levers such as cost containment, product mix shifts (e.g., UV/blue LED segments and horticultural applications), and balance sheet optimization as key investment foci for the near-to-medium term.