Smart Global Holdings, Inc.(NASDAQ:SGH) reported Q4 FY2023 results yesterday, with revenue of $317M, down -13% from the same quarter last year. Non-GAAP gross profit was up 460 basis points versus the year-ago Q4. In June 2023 (Q4) SGH announced an agreement to divest their 81% stake in SMART Brazil, part of their Memory Solutions business unit, in support of a plan to continue to diversify the business.
Full Year SGH revenue for FY2023 (continuing operations, excluding SMART Brazil) was $1.44B, up 3% over FY2022. Of the $1.44B in FY2023 revenue, 52% came from IPS (Intelligent Platform Solutions), 31% came from Memory Solutions, and 17% came from LED Solutions (Cree LED).
For Q4 FY2023, LED Solutions (Cree LED) was up +3% at $66M and represented 21% of SGH overall revenue for the quarter.. Cree LED was highlighted for its improving design activity and emerging new opportunities, with the launch of XLamp XP-G4, a significant upgrade of a flagship product for both indoor and outdoor directional lighting applications.
CEO Mark Adams closed his prepared comments on the Q4 FY2023 earnings call by thanking the over 3,000 employees of SGH for their efforts, noting “at a time when some of the semiconductor industry’s largest companies are operating at a loss, the team was able to deliver another quarter of profitability.”
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