Recently, Smart Global Holdings (SGH) announced its Q3 FY2024 financial report, showing strong overall performance, with Cree LED business standing out.
During the Q3 reporting period, SGH achieved total revenue of $301 million (approximately RMB 2.787 billion), a 5.5% increase from Q2. On a non-GAAP basis, SGH achieved a gross profit of $97 million, net income of $20 million, and adjusted EBITDA of $39 million, all showing growth from Q2.
SGH currently includes three major businesses: Intelligent Platform Solutions, Memory Solutions, and LED Solutions led by Cree LED. During the reporting period, Intelligent Platform Solutions achieved revenue of $145 million, Memory Solutions achieved revenue of $92 million, and LED Solutions achieved revenue of $64 million.
Among them, the LED Solutions business showed outstanding performance, with business revenue increasing by 6% sequentially, accounting for 21% of SGH’s total sales. SGH stated that the backlog orders and channel business visibility of the LED Solutions business are improving, and Cree LED remains a leader in the LED field.
It is reported that during the reporting period, Cree LED launched the new XLamp® XFL LED series, designed for professional flashlights and portable lighting applications. Additionally, Cree LED recently launched the XLamp® S Line series, targeting the horticulture lighting field, which is characterized by increased crop yields, extended product life, and reduced energy consumption. Moreover, Cree LED is conducting intellectual property protection activities in the LED application field to promote the company’s growth and opportunities for external cooperation.
Looking ahead to Q4, on a non-GAAP basis, SGH expects the company to achieve net sales of $325 million (+/- $25 million) and a gross margin of 31.5% (+/- 1.5%).
