EMCORE Corporation (Nasdaq: EMKR), a leading provider of advanced
mixed-signal products that serve the aerospace & defense and
broadband communications markets, today announced results for the
fiscal 2021 second quarter ended March 31, 2021 (2Q21). Management
will host a conference call to discuss financial and business
results tomorrow, Thursday, May 6, 2021, at 8:00 AM Eastern Time.
Consolidated revenue for 2Q21 was $38.4 million, comprised of
$13.1 million from the Aerospace & Defense segment and $25.3
million from the Broadband segment. Net income was $4.4 million and
$5.9 million on a GAAP and non-GAAP basis, respectively. Adjusted
EBITDA was $6.9 million. Please refer to the schedules at the end
of this press release for complete GAAP to non-GAAP reconciliations
and other information related to non-GAAP financial measures.
“Sequential-quarter revenue growth of 15% was driven by the
strong performance of our Broadband segment, led by double-digit
percent increases in sales of our CATV and Sensing product lines.
The higher revenue combined with gross margin strength and expense
discipline resulted in operating profit margins of 12% and 15% on a
GAAP and non-GAAP basis, respectively, and GAAP net income was
positive for the third consecutive quarter, rising to 11% of
revenue in 2Q21,” said Jeff Rittichier, Chief Executive Officer of
EMCORE. “Our Aerospace & Defense growth initiatives remain on
track, as our navigation business made important progress during
the quarter, including securing a key follow-on contract for one of
our new FOG IMU programs.”
Rittichier concluded his comments by saying, “We continue to see
a strong order book for Broadband, extending well into the March
2022 quarter.”
Consolidated Results
|
Three Months Ended |
|
|
Mar 31, 2021 |
Dec 31, 2020 |
+increase/ |
|
2Q21 |
1Q21 |
-decrease |
Revenue |
$38.4M |
$33.4M |
+$5.0M |
Gross
Margin |
38% |
38% |
—% |
Operating
Expenses |
$10.1M |
$10.1M |
$—M |
Operating
Margin |
12% |
8% |
+4% |
Net
Income |
$4.4M |
$2.6M |
+$1.8M |
Earnings Per Share Diluted |
$0.13 |
$0.08 |
+$0.05 |
Non-GAAP Gross Margin (1) |
39% |
38% |
+1% |
Non-GAAP
Operating Expenses (1) |
$8.9M |
$9.3M |
-0.4M |
Non-GAAP
Operating Margin (1) |
15% |
10% |
+5% |
Non-GAAP
Net Income (1) |
$5.9M |
$3.4M |
+$2.5M |
Non-GAAP Earnings Per Share Diluted (1) |
$0.17 |
$0.11 |
+$0.06 |
Adjusted EBITDA |
$6.9M |
$4.4M |
+$2.5M |
Ending
Cash and Cash Equivalents |
$65.3M |
$31.2M |
+$34.1M |
Loan Payable |
$6.5M |
$6.5M |
$—M |
(1) Please refer to the schedules at the end of this press release
for complete GAAP to non-GAAP reconciliations and other information
related to non-GAAP financial measures. |
Aerospace and Defense (A&D) Segment
A&D’s sequential-quarter revenue decrease was primarily due
to lower sales of QMEMS Navigation and Defense Optoelectronics
products. Gross margin decreased slightly due to volume and mix
changes. A&D segment R&D expense was lower as a result of
(a) a higher amount of engineering labor related to NRE contract
revenue recorded as Cost of Revenue and (b) decreased material
costs related to several Navigation product development
projects.
|
Three Months Ended |
|
|
Mar 31, 2021 |
Dec 31, 2020 |
+increase/ |
|
2Q21 |
1Q21 |
-decrease |
A&D Segment Revenue |
$13.1M |
$13.6M |
-$0.5M |
A&D
Segment Gross Margin |
29% |
30% |
-1% |
A&D
Segment R&D Expense |
$3.2M |
$3.7M |
-$0.5M |
A&D Segment Profit (2) |
$0.6M |
$0.4M |
+$0.2M |
Non-GAAP A&D Segment Gross Margin (1) |
30% |
31% |
-1% |
Non-GAAP
A&D Segment R&D Expense (1) |
$3.0M |
$3.6M |
-$0.6M |
Non-GAAP A&D Segment Profit |
$0.9M |
$0.6M |
+$0.3M |
(1) Please refer to the schedules at the end of this press release
for complete GAAP to non-GAAP reconciliations and other information
related to non-GAAP financial measures. |
(2) Individual components may not sum to the total of reported
consolidated amounts due to rounding. |
Broadband Segment
Broadband’s sequential-quarter revenue increase was primarily
driven by higher sales of Cable TV and Sensing products, while
gross margin and R&D expense were consistent.
|
Three Months Ended |
|
|
Mar 31, 2021 |
Dec 31, 2020 |
+increase/ |
|
2Q21 |
1Q21 |
-decrease |
Broadband Segment Revenue |
$25.3M |
$19.8M |
+$5.5M |
Broadband
Segment Gross Margin |
43% |
43% |
—% |
Broadband
Segment R&D Expense |
$0.6M |
$0.6M |
$—M |
Broadband Segment Profit (2) |
$10.2M |
$7.9M |
+$2.3M |
Non-GAAP Broadband Segment Gross Margin (1) |
43% |
43% |
—% |
Non-GAAP
Broadband Segment R&D Expense (1) |
$0.5M |
$0.5M |
$—M |
Non-GAAP Broadband Segment Profit |
$10.4M |
$8.0M |
+$2.4M |
(1) Please refer to the schedules at the end of this press. release
for complete GAAP to non-GAAP reconciliations and other information
related to non-GAAP financial measures. |
(2) Individual components may not sum to the total of reported
consolidated amounts due to rounding. |
Business Outlook
The Company expects revenue for the fiscal 2021 third quarter
ending June 30, 2021 to be in the range of $40 million to $42
million.
Conference Call
The Company will discuss its financial results on May 6, 2021 at
8:00 a.m. ET (5:00 a.m. PT). The call will be available, live, to
interested parties by dialing 800-367-2403. For international
callers, please dial +1 334-777-6978. The conference passcode
number is 6389635. The call will be webcast live via the Company's
website at http://www.emcore.com. A webcast will be available for
replay beginning Thursday, May 6, 2021 following the conclusion of
the call.
About EMCORE
EMCORE Corporation is a leading provider of advanced
mixed-signal products that serve the aerospace & defense and
broadband communications markets. Our best-in-class components and
systems support a broad array of applications including navigation
and inertial sensing, defense optoelectronics, broadband transport,
5G wireless infrastructure, optical sensing, and cloud data
centers. We leverage industry-leading Quartz MEMS, Lithium Niobate
and Indium Phosphide chip-level technology to deliver
state-of-the-art component and system-level products across our
end-market applications. EMCORE has vertically-integrated
manufacturing capability at its wafer fabrication facility in
Alhambra, CA, and Quartz MEMS manufacturing facility in Concord,
CA. Our manufacturing facilities maintain ISO 9001 quality
management certification, and we are AS9100 aerospace quality
certified at our facility in Concord. For further information about
EMCORE, please visit http://www.emcore.com.
Use of Non-GAAP Financial Measures
The Company conforms to U.S. Generally Accepted Accounting
Principles (“GAAP”) in the preparation of its financial statements.
We disclose supplemental non-GAAP earnings measures for gross
profit margin, operating expenses, operating profit margin, net
income, and earnings per share, as well as adjusted EBITDA.
Management believes these supplemental non-GAAP measures reflect
the Company’s core ongoing operating performance and facilitates
comparisons across reporting periods. The Company uses these
measures when evaluating its financial results and for planning and
forecasting of future periods. We believe that these supplemental
non-GAAP measures are also useful to investors in assessing our
operating performance. While we believe in the usefulness of these
supplemental non-GAAP measures, there are limitations. Our non-GAAP
measures may not be reported by other companies in our industry
and/or may not be directly comparable to similarly titled measures
of other companies due to potential differences in calculation. We
compensate for these limitations by using these non-GAAP measures
as a supplement to GAAP and by providing the reconciliations to the
most comparable GAAP measure.
The schedules at the end of this press release reconcile the
Company’s non-GAAP measures to the most directly comparable GAAP
measure. The adjustments share one or more of the following
characteristics: they are unusual and the Company does not expect
them to recur in the ordinary course of its business, they do not
involve the expenditure of cash, they are unrelated to the ongoing
operation of the business in the ordinary course, or their
magnitude and timing is largely outside of the Company’s control.
For all reporting periods disclosed, the Company has applied
consistent rationale, method, and adjustments in reconciling
non-GAAP measures to the most directly comparable GAAP measure.
Non-GAAP measures are not in accordance with or an alternative
to GAAP, nor are they meant to be considered in isolation or as a
substitute for comparable GAAP measures. Our disclosures of these
measures should be read only in conjunction with our financial
statements prepared in accordance with GAAP. Non-GAAP measures
should not be viewed as a substitute for the Company’s GAAP
results.
Forward-Looking Statements
The information provided herein may include forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934
(“Exchange Act”). These forward-looking statements are largely
based on our current expectations and projections about future
events and financial trends affecting the financial condition of
our business. Such forward-looking statements include, in
particular, projections about our future results, statements about
our plans, strategies, business prospects, changes and trends in
our business and the markets in which we operate.
These forward-looking statements may be identified by the use of
terms and phrases such
as “anticipates”, “believes”, “can”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “may”, “plans”, “projects”, “targets, “will”,
and similar expressions or variations of these terms and similar
phrases. Additionally, statements concerning future matters such as
projected financial results, the development of new products,
enhancements or technologies, sales levels, expense levels and
other statements regarding matters that are not historical are
forward-looking statements. We caution that these forward-looking
statements relate to future events or our future financial
performance and are subject to business, economic, and other risks
and uncertainties, both known and unknown, that may cause actual
results, levels of activity, performance or achievements of our
business or our industry to be materially different from those
expressed or implied by any forward-looking statements.
These forward-looking statements involve risks and uncertainties
that could cause actual results to differ materially from those
projected, including without limitation, the following: (a) the
rapidly evolving markets for the Company's products and uncertainty
regarding the development of these markets; (b) the Company's
historical dependence on sales to a limited number of customers and
fluctuations in the mix of products and customers in any period;
(c) delays and other difficulties in commercializing new products;
(d) the failure of new products: (i) to perform as expected without
material defects, (ii) to be manufactured at acceptable volumes,
yields, and cost, (iii) to be qualified and accepted by our
customers, and (iv) to successfully compete with products offered
by our competitors; (e) uncertainties concerning the availability
and cost of commodity materials and specialized product components
that we do not make internally; (f) actions by competitors; (g)
risks and uncertainties related to applicable laws and regulations,
including the impact of changes to applicable tax laws and tariff
regulations; (h) acquisition-related risks, including that (i) the
revenues and net operating results obtained from our acquisition of
the Systron Donner Inertial ("SDI") business may not meet our
expectations, (ii) there could be losses and liabilities arising
from the acquisition of SDI that we will not be able to recover
from any source, and (iii) we may not realize sufficient scale in
our navigation systems product line from the SDI acquisition and
will need to take additional steps, including making additional
acquisitions, to achieve our growth objectives for this product
line; (i) risks related to our ability to obtain capital; (j) risks
related to the transition of certain of our manufacturing
operations from our Beijing facility to a contract manufacturer’s
facility; (k) the outbreak of COVID-19 and the impact on our
business and operations, which is evolving and beyond our control;
(l) risks and uncertainties related to manufacturing and production
capacity and expansion plans related thereto; (m) risks related to
the conversion of order backlog into product revenue; and (n) other
risks and uncertainties discussed under Item 1A - Risk Factors in
our Annual Report on Form 10-K for the fiscal year ended September
30, 2020, as updated by our subsequent periodic reports.
Forward-looking statements are based on certain assumptions and
analysis made in light of our experience and perception of
historical trends, current conditions and expected future
developments as well as other factors that we believe are
appropriate under the circumstances. While these statements
represent our judgment on what the future may hold, and we believe
these judgments are reasonable, these statements are not guarantees
of any events or financial results. All forward-looking statements
in this press release are made as of the date hereof, based on
information available to us as of the date hereof, and subsequent
facts or circumstances may contradict, obviate, undermine, or
otherwise fail to support or substantiate such statements. We
caution you not to rely on these statements without also
considering the risks and uncertainties associated with these
statements and our business that are addressed in our filings with
the Securities and Exchange Commission (“SEC”) that are available
on the SEC’s web site located at www.sec.gov, including the
sections entitled “Risk Factors” in our Annual Report on
Form 10-K and our Quarterly Reports on Form 10-Q. Certain
information included in this press release may supersede or
supplement forward-looking statements in our other Exchange Act
reports filed with the SEC. We do not intend to update any
forward-looking statement to conform such statements to actual
results or to changes in our expectations, except as required by
applicable law or regulation.
|
EMCORE CORPORATIONCondensed Consolidated
Statement of Operations and Comprehensive Income
(Loss)(in thousands, except for per share
data)(unaudited) |
|
|
For the three months endedMarch
31, |
|
|
For the six months endedMarch
31, |
|
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
Revenue |
$ |
38,406 |
|
|
$ |
23,850 |
|
|
$ |
71,832 |
|
|
$ |
49,332 |
|
Cost of revenue |
|
23,772 |
|
|
|
17,423 |
|
|
|
44,626 |
|
|
|
35,431 |
|
Gross profit |
|
14,634 |
|
|
|
6,427 |
|
|
|
27,206 |
|
|
|
13,901 |
|
Operating expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative |
|
6,062 |
|
|
|
7,139 |
|
|
|
11,860 |
|
|
|
13,026 |
|
Research and development |
|
3,771 |
|
|
|
4,584 |
|
|
|
8,067 |
|
|
|
9,226 |
|
Loss (gain) on sale of assets |
|
218 |
|
|
|
(315 |
) |
|
|
189 |
|
|
|
(1,917 |
) |
Total operating expense |
|
10,051 |
|
|
|
11,408 |
|
|
|
20,116 |
|
|
|
20,335 |
|
Operating income (loss) |
|
4,583 |
|
|
|
(4,981 |
) |
|
|
7,090 |
|
|
|
(6,434 |
) |
Other (expense) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (expense) income, net |
|
(49 |
) |
|
|
1 |
|
|
|
(98 |
) |
|
|
(14 |
) |
Foreign exchange (loss) gain |
|
(68 |
) |
|
|
(156 |
) |
|
|
169 |
|
|
|
(9 |
) |
Total other (expense) income |
|
(117 |
) |
|
|
(155 |
) |
|
|
71 |
|
|
|
(23 |
) |
Income (loss) before income tax (expense) benefit |
|
4,466 |
|
|
|
(5,136 |
) |
|
|
7,161 |
|
|
|
(6,457 |
) |
Income tax (expense)
benefit |
|
(82 |
) |
|
|
55 |
|
|
|
(208 |
) |
|
|
41 |
|
Net income (loss) |
$ |
4,384 |
|
|
$ |
(5,081 |
) |
|
$ |
6,953 |
|
|
$ |
(6,416 |
) |
Foreign exchange translation
adjustment |
|
(11 |
) |
|
|
29 |
|
|
|
(21 |
) |
|
|
(7 |
) |
Comprehensive income
(loss) |
$ |
4,373 |
|
|
$ |
(5,052 |
) |
|
$ |
6,932 |
|
|
$ |
(6,423 |
) |
Per share
data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per basic
share |
$ |
0.13 |
|
|
$ |
(0.18 |
) |
|
$ |
0.22 |
|
|
$ |
(0.22 |
) |
Weighted-average number of
basic shares outstanding |
|
32,968 |
|
|
|
29,033 |
|
|
|
31,219 |
|
|
|
28,931 |
|
Net income (loss) per diluted
share |
$ |
0.13 |
|
|
$ |
(0.18 |
) |
|
$ |
0.21 |
|
|
$ |
(0.22 |
) |
Weighted-average number of
diluted shares outstanding |
|
34,451 |
|
|
|
29,033 |
|
|
|
32,492 |
|
|
|
28,931 |
|
|
EMCORE CORPORATIONCondensed Consolidated
Balance Sheets(in
thousands)(unaudited) |
|
|
As ofMarch 31, 2021 |
|
As ofSeptember 30, 2020 |
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
63,728 |
|
|
$ |
30,390 |
|
Restricted cash |
|
1,553 |
|
|
|
148 |
|
Accounts receivable, net of credit loss of $175 and $227,
respectively |
|
29,836 |
|
|
|
25,324 |
|
Contract assets |
|
685 |
|
|
|
1,566 |
|
Inventory |
|
29,747 |
|
|
|
25,525 |
|
Prepaid expenses and other current assets |
|
4,598 |
|
|
|
5,589 |
|
Assets held for sale |
|
1,983 |
|
|
|
1,568 |
|
Total current assets |
|
132,130 |
|
|
|
90,110 |
|
Property, plant, and
equipment, net |
|
19,180 |
|
|
|
21,052 |
|
Goodwill |
|
69 |
|
|
|
69 |
|
Operating lease right-of-use
assets |
|
14,171 |
|
|
|
14,566 |
|
Other intangible assets,
net |
|
184 |
|
|
|
202 |
|
Other non-current assets |
|
217 |
|
|
|
242 |
|
Total assets |
$ |
165,951 |
|
|
$ |
126,241 |
|
LIABILITIES and SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
PPP liability - current |
$ |
1,912 |
|
|
$ |
— |
|
Accounts payable |
|
15,746 |
|
|
|
16,484 |
|
Accrued expenses and other current liabilities |
|
10,068 |
|
|
|
11,577 |
|
Operating lease liabilities - current |
|
1,183 |
|
|
|
992 |
|
Total current liabilities |
|
28,909 |
|
|
|
29,053 |
|
PPP liability -
non-current |
|
4,576 |
|
|
|
6,488 |
|
Operating lease liabilities -
non-current |
|
13,222 |
|
|
|
13,735 |
|
Asset retirement
obligations |
|
2,049 |
|
|
|
2,022 |
|
Other long-term
liabilities |
|
794 |
|
|
|
794 |
|
Total liabilities |
|
49,550 |
|
|
|
52,092 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
Common stock, no par value, 50,000 shares authorized; 43,681 shares
issued and 36,775 shares outstanding as of
March 31, 2021; 36,461 shares issued and 29,551 shares
outstanding as of September 30, 2020 |
|
779,681 |
|
|
|
744,361 |
|
Treasury stock at cost; 6,906 shares |
|
(47,721 |
) |
|
|
(47,721 |
) |
Accumulated other comprehensive income |
|
897 |
|
|
|
918 |
|
Accumulated deficit |
|
(616,456 |
) |
|
|
(623,409 |
) |
Total shareholders’ equity |
|
116,401 |
|
|
|
74,149 |
|
Total liabilities and shareholders’ equity |
$ |
165,951 |
|
|
$ |
126,241 |
|
|
EMCORE CORPORATIONReconciliations of GAAP
to Non-GAAP Financial Measures |
|
|
Three Months Ended |
|
Mar 31, 2021 |
|
Dec 31, 2020 |
|
2Q21 |
|
1Q21 |
Gross Profit |
$ |
14,634 |
|
|
$ |
12,572 |
|
Gross
Margin |
38 |
% |
|
38 |
% |
|
|
|
|
Adjustments: |
|
|
|
Stock-based compensation |
203 |
|
|
141 |
|
Asset retirement obligation
(ARO) accretion |
8 |
|
|
19 |
|
Amortization of acquired
intangibles |
9 |
|
|
9 |
|
Total adjustments |
220 |
|
|
169 |
|
|
|
|
|
Non-GAAP Gross
Profit |
$ |
14,854 |
|
|
$ |
12,741 |
|
Non-GAAP Gross
Margin |
39 |
% |
|
38 |
% |
|
Three Months Ended |
|
Mar 31, 2021 |
|
Dec 31, 2020 |
|
2Q21 |
|
1Q21 |
Operating Expenses |
$ |
10,051 |
|
|
$ |
10,065 |
|
Stock-based compensation |
(719 |
) |
|
(762 |
) |
Severance and restructuring
charges |
(14 |
) |
|
(41 |
) |
CATV transition - gain on sale of
assets |
164 |
|
|
29 |
|
Loss on sale of assets |
(382 |
) |
|
— |
|
Litigation-related expenses |
(169 |
) |
|
— |
|
Non-GAAP Operating
Expenses |
$ |
8,931 |
|
|
$ |
9,291 |
|
|
Three Months Ended |
|
Mar 31, 2021 |
|
Dec 31, 2020 |
|
2Q21 |
|
1Q21 |
Operating Profit |
$ |
4,583 |
|
|
$ |
2,507 |
|
Operating
Margin |
|
12 |
% |
|
|
8 |
% |
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
Stock-based compensation |
|
922 |
|
|
|
903 |
|
Asset retirement obligation
(ARO) accretion |
|
8 |
|
|
|
19 |
|
Amortization of acquired
intangibles |
|
9 |
|
|
|
9 |
|
Severance and restructuring
charges |
|
14 |
|
|
|
41 |
|
CATV transition - gain on sale
of assets |
|
(164 |
) |
|
|
(29 |
) |
Loss on sale of assets |
|
382 |
|
|
|
— |
|
Litigation-related
expenses |
|
169 |
|
|
|
— |
|
Total adjustments |
|
1,340 |
|
|
|
943 |
|
|
|
|
|
|
|
|
|
Non-GAAP Operating
Profit |
|
5,923 |
|
|
|
3,450 |
|
Non-GAAP Operating
Margin |
|
15 |
% |
|
|
10 |
% |
|
|
|
|
|
|
|
|
Depreciation |
|
976 |
|
|
|
996 |
|
Adjusted
EBITDA |
$ |
6,899 |
|
|
$ |
4,446 |
|
Adjusted EBITDA
% |
|
18 |
% |
|
|
13 |
% |
|
Three Months Ended |
|
Mar 31, 2021 |
|
Dec 31, 2020 |
|
2Q21 |
|
1Q21 |
Net Income |
$ |
4,384 |
|
|
$ |
2,569 |
|
Earnings Per Share
Basic |
0.13 |
|
|
0.09 |
|
Earnings Per Share
Diluted |
0.13 |
|
|
0.08 |
|
|
|
|
|
Adjustments: |
|
|
|
Stock-based compensation |
922 |
|
|
903 |
|
Asset retirement obligation
(ARO) accretion |
8 |
|
|
19 |
|
Amortization of acquired
intangibles |
9 |
|
|
9 |
|
Severance and restructuring
charges |
14 |
|
|
41 |
|
CATV transition - gain on sale
of assets |
(164 |
) |
|
(29 |
) |
Loss on sale of assets |
382 |
|
|
— |
|
Litigation-related
expenses |
169 |
|
|
— |
|
Foreign currency loss
(gain) |
68 |
|
|
(237 |
) |
Income tax expense |
82 |
|
|
126 |
|
Total adjustments |
1,490 |
|
|
832 |
|
|
|
|
|
Non-GAAP Net
Income |
5,874 |
|
|
3,401 |
|
Non-GAAP Earnings Per
Share Basic |
0.18 |
|
|
0.12 |
|
Non-GAAP Earnings Per
Share Diluted |
0.17 |
|
|
0.11 |
|
|
|
|
|
Interest expense, net |
49 |
|
|
49 |
|
Depreciation |
976 |
|
|
996 |
|
Adjusted
EBITDA |
$ |
6,899 |
|
|
$ |
4,446 |
|
Adjusted EBITDA
% |
|
18 |
% |
|
|
13 |
% |
|
Three Months Ended |
|
|
Three Months Ended |
|
Mar 31, 2021 |
|
Dec 31, 2020 |
|
|
Mar 31, 2021 |
|
Dec 31, 2020 |
|
2Q21 |
|
1Q21 |
|
|
2Q21 |
|
1Q21 |
Aerospace and
Defense |
|
|
|
|
Broadband |
|
|
|
Gross Profit |
$ |
3,775 |
|
|
$ |
4,100 |
|
|
Gross Profit |
$ |
10,859 |
|
|
$ |
8,472 |
|
Gross
Margin |
|
29 |
% |
|
|
30 |
% |
|
Gross
Margin |
|
43 |
% |
|
|
43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
Stock-based compensation |
|
120 |
|
|
|
91 |
|
|
Stock-based compensation |
|
83 |
|
|
|
50 |
|
Asset retirement obligation (ARO)
accretion |
|
— |
|
|
|
— |
|
|
Asset retirement obligation (ARO)
accretion |
|
8 |
|
|
|
19 |
|
Amortization of acquired
intangibles |
|
9 |
|
|
|
9 |
|
|
Amortization of acquired
intangibles |
|
— |
|
|
|
— |
|
Total adjustments |
|
129 |
|
|
|
100 |
|
|
Total adjustments |
|
91 |
|
|
|
69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Gross
Profit |
$ |
3,904 |
|
|
$ |
4,200 |
|
|
Non-GAAP Gross
Profit |
$ |
10,950 |
|
|
$ |
8,541 |
|
Non-GAAP Gross
Margin |
|
30 |
% |
|
|
31 |
% |
|
Non-GAAP Gross
Margin |
|
43 |
% |
|
|
43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace and
Defense |
|
|
|
|
|
|
|
|
Broadband |
|
|
|
|
|
|
|
R&D
Expenses |
$ |
3,157 |
|
|
$ |
3,686 |
|
|
R&D
Expenses |
$ |
614 |
|
|
$ |
610 |
|
Stock-based compensation |
|
(136 |
) |
|
|
(123 |
) |
|
Stock-based compensation |
|
(73 |
) |
|
|
(80 |
) |
Non-GAAP R&D
Expenses |
$ |
3,021 |
|
|
$ |
3,563 |
|
|
Non-GAAP R&D
Expenses |
$ |
541 |
|
|
$ |
530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact:EMCORE CorporationTom Minichiello(626)
293-3400investor@emcore.com
EMCORE (NASDAQ:EMKR)
Historical Stock Chart
From Jul 2024 to Jul 2024
EMCORE (NASDAQ:EMKR)
Historical Stock Chart
From Jul 2023 to Jul 2024