EMCORE Corporation (Nasdaq: EMKR), a leading provider of advanced
mixed-signal products that serve the aerospace and defense,
communications, and sensing markets, today announced results for
the fiscal 2022 third quarter ended June 30, 2022 (3Q22) and
that it acquired the Fiber Optic Gyroscope (FOG) and Inertial
Navigation Systems business segment of KVH Industries, Inc.
(Nasdaq: KVHI) for approximately $55.0 million, subject to working
capital adjustments, in an all-cash transaction. Management will
host a conference call to discuss 3Q22 financial and business
results as well as the acquisition today at 5:00 p.m. Eastern Time
(ET).
Through the KVH transaction, EMCORE acquired all the
intellectual property and outstanding assets and liabilities of
KVH’s FOG and Inertial Navigation Systems business segment,
including the 100,384-square-foot production facility located in
Tinley Park, Illinois. Cowen served as financial advisor to EMCORE
and Pillsbury Winthrop Shaw Pittman LLP served as legal advisor to
EMCORE in connection with the KVH transaction. Highlights of the
deal include:
- Adds a new business generating over $30.0 million in revenue on
an annual basis
- EBITDA-positive addition with synergies anticipated for the
next two years
- Value creation opportunities for both businesses at every level
of the P&L
- Established customer base in the Army and a variety of
terrestrial applications
- Opens new opportunities in the growing industrial autonomy
market
EMCORE’s consolidated revenue for 3Q22 was $23.7 million,
comprised of $13.4 million from the Aerospace and Defense (A&D)
segment and $10.3 million from the Broadband segment. Net loss was
$7.6 million and $6.3 million on a GAAP and non-GAAP basis,
respectively. Adjusted EBITDA was negative $5.1 million. Please
refer to the schedules at the end of this press release for GAAP to
non-GAAP reconciliations and other information related to non-GAAP
financial measures.
“During 3Q22, our Space and Navigation operations performed very
well, driving sequential A&D revenue up in 3Q22. However, our
QMEMS product line was affected by multiple supply chain delays and
shortages, as well as a COVID outbreak at our Concord facility,”
said Jeff Rittichier, President and Chief Executive Officer of
EMCORE. “Demand in our A&D business segment is strong and we
expect our QMEMS operational issues to improve with a rebound in
the September quarter. Unfortunately, since our last call, the
Cable TV business has become more turbulent, with a major customer
deciding to exit CATV entirely. On a positive note, we began low
volume shipments of data center chips as projected, signaling a new
growth phase in Broadband.”
“We are also very excited to add not only a strong and growing
business with KVH’s inertial navigation team, but also
best-in-class manufacturing capabilities, low-cost technology
development, and an exemplary sales team. When we combine these
with EMCORE’s closed loop and transceiver technologies, we see
substantial opportunities for both businesses across revenue, gross
margins, and net income. The addition of the KVH inertial
navigation product line further expands our reach into the tactical
grade segment of the market and solidifies EMCORE’s position as one
of the largest independent inertial navigation providers in the
industry,” added Mr. Rittichier.
Consolidated Results
|
Three Months Ended |
|
|
Jun 30, 2022 |
Mar 31, 2022 |
+increase/-decrease |
|
3Q22 |
2Q22 |
Revenue |
$23.7M |
$32.7M |
-$9.0M |
Gross margin |
16% |
28% |
-12% |
Operating expenses |
$11.0M |
$11.3M |
-$0.3M |
Operating margin |
(30%) |
(7%) |
-23% |
Net loss |
($7.6M) |
($2.2M) |
-$5.4M |
Net loss per share diluted |
($0.20) |
($0.06) |
-$0.14 |
Non-GAAP gross margin
(1) |
18% |
30% |
-12% |
Non-GAAP operating
expenses (1) |
$10.5M |
$10.4M |
+$0.1M |
Non-GAAP operating
margin (1) |
(27%) |
(2%) |
-25% |
Non-GAAP net loss
(1) |
($6.3M) |
($0.8M) |
-$5.5M |
Non-GAAP net loss per share diluted (1) |
($0.17) |
($0.02) |
-$0.15 |
Adjusted EBITDA |
($5.1M) |
$0.3M |
-$5.4M |
Ending cash and cash equivalents |
$75.1M |
$80.9M |
-$5.8M |
(1) Please refer to the schedules at the end of this press release
for GAAP to non-GAAP reconciliations and other information related
to non-GAAP financial measures. |
Aerospace and Defense Segment
A&D’s sequential-quarter revenue increase was driven
primarily by the addition of the Space and Navigation business
acquired from L3 Harris Technologies, Inc. on April 29, 2022, as
the QMEMS revenue decrease was offset by higher Defense
Optoelectronics and FOG revenue. A&D segment gross margin
decreased primarily as a result of lower sales of QMEMS
products.
|
Three Months Ended |
|
|
Jun 30, 2022 |
Mar 31, 2022 |
+increase/-decrease |
|
3Q22 |
2Q22 |
A&D segment
revenue |
$13.4M |
$9.0M |
+$4.4M |
A&D segment gross
margin |
12% |
14% |
-2% |
A&D segment R&D
expense |
$3.8M |
$4.0M |
-$0.2M |
A&D segment profit |
($2.3M) |
($2.8M) |
+$0.5M |
Non-GAAP A&D segment
gross margin (1) |
13% |
15% |
-2% |
Non-GAAP A&D segment
R&D expense (1) |
$3.7M |
$3.9M |
-$0.2M |
Non-GAAP A&D segment profit |
($1.9M) |
($2.6M) |
+$0.7M |
(1) Please refer to the schedules at the end of this press release
for GAAP to non-GAAP reconciliations and other information related
to non-GAAP financial measures. |
Broadband Segment
Broadband’s sequential-quarter revenue decrease was primarily
due to a decline in revenue from CATV products. Broadband segment
gross margin decreased primarily as a result of the lower revenue
and under-absorption of fixed overhead.
|
Three Months Ended |
|
|
Jun 30, 2022 |
Mar 31, 2022 |
+increase/ -decrease |
|
3Q22 |
2Q22 |
Broadband
segment revenue |
$10.3M |
$23.6M |
-$13.3M |
Broadband
segment gross margin |
23% |
33% |
-10% |
Broadband
segment R&D expense |
$0.7M |
$0.5M |
+$0.2M |
Broadband segment profit |
$1.7M |
$7.3M |
-$5.6M |
Non-GAAP
Broadband segment gross margin (1) |
24% |
35% |
-11% |
Non-GAAP
Broadband segment R&D expense (1) |
$0.6M |
$0.4M |
+$0.2M |
Non-GAAP Broadband segment profit |
$1.9M |
$7.9M |
-$6.0M |
(1) Please refer to the schedules at the end of this press release
for GAAP to non-GAAP reconciliations and other information related
to non-GAAP financial measures. |
Business Outlook
The Company expects revenue for the fiscal 2022 fourth quarter
ending September 30, 2022 to be in the range of $24 million to $26
million, inclusive of a partial quarter revenue from the
acquisition announced today.
Conference Call
The Company will discuss its financial results on Tuesday,
August 9, 2022 at 5:00 p.m. ET (2:00 p.m. PT). The call will
be available, live, to interested parties by dialing 888-221-3881.
For international callers, please dial +1 313-209-6544. The
conference passcode number is 165956. The call will be webcast live
via the Company's website at http://www.emcore.com. A webcast will
be available for replay following the conclusion of the call.
About EMCORE
EMCORE Corporation is a leading provider of advanced
mixed-signal products that serve the aerospace and defense,
communications, and sensing markets. Our best-in-class components
and systems support a broad array of applications including
navigation and inertial sensing, defense optoelectronics, broadband
communications, optical sensing, and specialty chips for telecom
and 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 facilities in Alhambra, CA, Budd
Lake, NJ, and Concord, CA. Our manufacturing facilities maintain
ISO 9001 quality management certification, and we are AS9100
aerospace quality certified at our facilities in Budd Lake and
Concord. For further information about EMCORE, please visit
http://www.emcore.com.
About KVH Industries, Inc.
KVH Industries, Inc. is a global leader in mobile connectivity
and inertial navigation systems with innovative technology designed
to enable a mobile world. A market leader in maritime VSAT, KVH
designs, manufactures, and provides connectivity and content
services globally. KVH is also a premier manufacturer of
high-performance sensors and integrated inertial systems for
defense and commercial applications. Founded in 1982, the company
is based in Middletown, RI with research, development, and
manufacturing operations in Middletown, RI, and Tinley Park, IL,
and more than a dozen offices around the globe.
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
margin, operating expenses, research and development expenses,
operating margin, and net loss, 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, including growth
expectations in the A&D segment, expected revenue from our
recent acquisition of the Space & Navigation business of L3
Harris Technologies, Inc., statements regarding the anticipated
benefits of our acquisition of the FOG and Inertial Navigation
Systems business segment from KVH Industries, Inc., including
future opportunities for both EMCORE and the acquired business
across revenue, gross margins and net income, anticipated impact on
product offerings, anticipated impact on EBITDA and potential
synergies impacting the financial performance of both EMCORE and
the acquired business, potential new opportunities in the
industrial autonomy market, and statements about our future results
of operations and financial position, 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)
uncertainties regarding the effects of the COVID-19 pandemic, the
length of time it will take for the COVID-19 pandemic to subside,
and the impact of measures intended to reduce its spread on our
business and operations, which is evolving and beyond our control;
(b) the rapidly evolving markets for the Company's products and
uncertainty regarding the development of these markets; (c) the
Company's and the acquired business from KVH Industries, Inc.’s
historical dependence on sales to a limited number of customers and
fluctuations in the mix of products and customers in any period;
(d) delays and other difficulties in commercializing new products;
(e) 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; (f) uncertainties concerning the availability
and cost of commodity materials and specialized product components
that we do not make internally; (g) actions by competitors; (h)
risks and uncertainties related to applicable laws and regulations,
including the impact of changes to applicable tax laws and tariff
regulations; (i) acquisition-related risks, including that (i) the
revenues and net operating results obtained from our recent
acquisitions, including our acquisition of the FOG and Inertial
Navigation Systems business segment of KVH Industries, Inc., may
not meet our expectations, (ii) the costs and cash expenditures for
integration of our recent acquisitions, including our acquisition
of the FOG and Inertial Navigation Systems business of KVH
Industries, Inc., may be higher than expected, (iii) we may not
recognize the anticipated synergies from our recent acquisitions,
including our acquisition of the FOG and Inertial Navigation
Systems business of the KVH Industries Inc., (iv) there could be
losses and liabilities arising from these acquisitions, including
our acquisition of the FOG and Inertial Navigation Systems business
of KVH Industries, Inc., that we will not be able to recover from
any source, and (v) we may not realize sufficient scale from these
acquisitions and will need to take additional steps, including
making additional acquisitions, to achieve our growth objectives
for this product line; (j) risks related to our ability to obtain
capital; (k) the effect of component shortages and any alternatives
thereto; (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, 2021, 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 (Loss) Income(in
thousands, except for per share
data)(unaudited)
|
For the Three Months Ended June 30, |
|
For the Nine Months Ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenue |
$ |
23,675 |
|
|
$ |
42,658 |
|
|
$ |
98,561 |
|
|
$ |
114,490 |
|
Cost of revenue |
|
19,777 |
|
|
|
25,433 |
|
|
|
69,849 |
|
|
|
70,059 |
|
Gross profit |
|
3,898 |
|
|
|
17,225 |
|
|
|
28,712 |
|
|
|
44,431 |
|
Operating expense: |
|
|
|
|
|
|
|
Selling, general, and administrative |
|
7,800 |
|
|
|
6,081 |
|
|
|
22,550 |
|
|
|
17,941 |
|
Research and development |
|
4,513 |
|
|
|
4,500 |
|
|
|
13,675 |
|
|
|
12,567 |
|
Severance |
|
— |
|
|
|
— |
|
|
|
1,318 |
|
|
|
— |
|
(Gain) loss on sale of assets |
|
(1,318 |
) |
|
|
250 |
|
|
|
(1,919 |
) |
|
|
439 |
|
Total operating expense |
|
10,995 |
|
|
|
10,831 |
|
|
|
35,624 |
|
|
|
30,947 |
|
Operating (loss) income |
|
(7,097 |
) |
|
|
6,394 |
|
|
|
(6,912 |
) |
|
|
13,484 |
|
Other (expense) income: |
|
|
|
|
|
|
|
Gain on extinguishment of debt |
|
— |
|
|
|
6,561 |
|
|
|
— |
|
|
|
6,561 |
|
Interest income (expense), net |
|
9 |
|
|
|
579 |
|
|
|
(14 |
) |
|
|
481 |
|
Foreign exchange (loss) gain |
|
(185 |
) |
|
|
87 |
|
|
|
(160 |
) |
|
|
256 |
|
Pension expense |
|
(349 |
) |
|
|
— |
|
|
|
(349 |
) |
|
|
— |
|
Total other (expense) income |
|
(525 |
) |
|
|
7,227 |
|
|
|
(523 |
) |
|
|
7,298 |
|
(Loss) income before income tax expense |
|
(7,622 |
) |
|
|
13,621 |
|
|
|
(7,435 |
) |
|
|
20,782 |
|
Income tax expense |
|
(27 |
) |
|
|
(6 |
) |
|
|
(25 |
) |
|
|
(214 |
) |
Net (loss) income |
$ |
(7,649 |
) |
|
$ |
13,615 |
|
|
$ |
(7,460 |
) |
|
$ |
20,568 |
|
Foreign exchange translation
adjustment |
|
69 |
|
|
|
(5 |
) |
|
|
91 |
|
|
|
(26 |
) |
Comprehensive (loss)
income |
$ |
(7,580 |
) |
|
$ |
13,610 |
|
|
$ |
(7,369 |
) |
|
$ |
20,542 |
|
Per share
data |
|
|
|
|
|
|
|
Net (loss) income per basic
share |
$ |
(0.20 |
) |
|
$ |
0.37 |
|
|
$ |
(0.20 |
) |
|
$ |
0.62 |
|
Weighted-average number of
basic shares outstanding |
|
37,425 |
|
|
|
36,768 |
|
|
|
37,197 |
|
|
|
33,069 |
|
Net (loss) income per diluted
share |
$ |
(0.20 |
) |
|
$ |
0.35 |
|
|
$ |
(0.20 |
) |
|
$ |
0.59 |
|
Weighted-average number of
diluted shares outstanding |
|
37,425 |
|
|
|
38,893 |
|
|
|
37,197 |
|
|
|
34,777 |
|
EMCORE
CORPORATIONCondensed Consolidated Balance
Sheets(in
thousands)(unaudited)
|
As of |
|
June 30,2022 |
|
September 30,2021 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
74,609 |
|
|
$ |
71,621 |
|
Restricted cash |
|
520 |
|
|
|
61 |
|
Accounts receivable, net of credit loss of $267 and $260,
respectively |
|
24,287 |
|
|
|
31,849 |
|
Contract assets |
|
7,439 |
|
|
|
361 |
|
Inventory |
|
29,206 |
|
|
|
32,309 |
|
Prepaid expenses and other current assets |
|
6,471 |
|
|
|
6,877 |
|
Assets held for sale |
|
480 |
|
|
|
1,241 |
|
Total current assets |
|
143,012 |
|
|
|
144,319 |
|
Property, plant, and
equipment, net |
|
26,079 |
|
|
|
22,544 |
|
Goodwill |
|
354 |
|
|
|
69 |
|
Operating lease right-of-use
assets |
|
20,938 |
|
|
|
13,489 |
|
Other intangible assets,
net |
|
1,548 |
|
|
|
167 |
|
Other non-current assets |
|
1,592 |
|
|
|
225 |
|
Total assets |
$ |
193,523 |
|
|
$ |
180,813 |
|
LIABILITIES and SHAREHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
13,335 |
|
|
$ |
16,686 |
|
Accrued expenses and other current liabilities |
|
11,651 |
|
|
|
9,568 |
|
Customer deposits |
|
9,042 |
|
|
|
368 |
|
Operating lease liabilities - current |
|
2,156 |
|
|
|
1,198 |
|
Total current liabilities |
|
36,184 |
|
|
|
27,820 |
|
Operating lease liabilities -
non-current |
|
19,240 |
|
|
|
12,684 |
|
Asset retirement
obligations |
|
4,516 |
|
|
|
2,049 |
|
Other long-term
liabilities |
|
9 |
|
|
|
794 |
|
Total liabilities |
|
59,949 |
|
|
|
43,347 |
|
Commitments and
contingencies |
|
|
|
Shareholders’ equity: |
|
|
|
Common stock, no par value, 50,000 shares authorized; 44,449 shares
issued and 37,543 shares outstanding as of June 30, 2022; 43,890
shares issued and 36,984 shares outstanding as of September 30,
2021 |
|
785,743 |
|
|
|
782,266 |
|
Treasury stock at cost; 6,906 shares as of June 30, 2022 and
September 30,2021 |
|
(47,721 |
) |
|
|
(47,721 |
) |
Accumulated other comprehensive income |
|
778 |
|
|
|
687 |
|
Accumulated deficit |
|
(605,226 |
) |
|
|
(597,766 |
) |
Total shareholders’ equity |
|
133,574 |
|
|
|
137,466 |
|
Total liabilities and shareholders’ equity |
$ |
193,523 |
|
|
$ |
180,813 |
|
EMCORE
CORPORATIONReconciliations of GAAP to Non-GAAP
Financial Measures
|
Three Months Ended |
|
Jun 30, 2022 |
|
Mar 31, 2022 |
|
3Q22 |
|
2Q22 |
Gross profit |
$ |
3,898 |
|
|
$ |
9,017 |
|
Gross
margin |
|
16 |
% |
|
|
28 |
% |
|
|
|
|
Adjustments: |
|
|
|
Stock-based compensation
expense |
|
275 |
|
|
|
178 |
|
Asset retirement obligation
accretion |
|
9 |
|
|
|
9 |
|
Amortization of intangible
assets |
|
40 |
|
|
|
12 |
|
CATV transition - shutdown
expense |
|
— |
|
|
|
432 |
|
Total adjustments |
|
324 |
|
|
|
631 |
|
|
|
|
|
Non-GAAP gross
profit |
$ |
4,222 |
|
|
$ |
9,648 |
|
Non-GAAP gross
margin |
|
18 |
% |
|
|
30 |
% |
|
Three Months Ended |
|
Jun 30, 2022 |
|
Mar 31, 2022 |
|
3Q22 |
|
2Q22 |
Operating expense |
$ |
10,995 |
|
|
$ |
11,330 |
|
Stock-based compensation
expense |
|
(1,248 |
) |
|
|
(966 |
) |
Severance expense |
|
— |
|
|
|
(20 |
) |
CATV transition - gain on sale of
assets |
|
1,318 |
|
|
|
788 |
|
Acquisition-related expense |
|
(313 |
) |
|
|
(456 |
) |
Litigation-related expense |
|
(213 |
) |
|
|
(290 |
) |
Non-GAAP operating
expense |
$ |
10,539 |
|
|
$ |
10,386 |
|
|
Three Months Ended |
|
Jun 30, 2022 |
|
Mar 31, 2022 |
|
3Q22 |
|
2Q22 |
Operating profit |
$ |
(7,097 |
) |
|
$ |
(2,313 |
) |
Operating
margin |
|
(30 |
%) |
|
|
(7 |
%) |
|
|
|
|
Adjustments: |
|
|
|
Stock-based
compensation expense |
|
1,523 |
|
|
|
1,144 |
|
Asset retirement obligation
accretion |
|
9 |
|
|
|
9 |
|
Amortization of acquired
intangibles |
|
40 |
|
|
|
12 |
|
Severance expense |
|
— |
|
|
|
20 |
|
CATV transition - shutdown
expense |
|
— |
|
|
|
432 |
|
CATV transition - gain on sale
of assets |
|
(1,318 |
) |
|
|
(788 |
) |
Acquisition-related
expense |
|
313 |
|
|
|
456 |
|
Litigation-related
expense |
|
213 |
|
|
|
290 |
|
Total adjustments |
|
780 |
|
|
|
1,575 |
|
|
|
|
|
Non-GAAP operating
profit |
$ |
(6,317 |
) |
|
$ |
(738 |
) |
Non-GAAP operating
margin |
|
(27 |
%) |
|
|
(2 |
%) |
|
|
|
|
Depreciation expense |
|
1,185 |
|
|
|
1,008 |
|
Adjusted
EBITDA |
$ |
(5,132 |
) |
|
$ |
270 |
|
Adjusted EBITDA
% |
|
(22 |
%) |
|
|
1 |
% |
|
Three Months Ended |
|
Jun 30, 2022 |
|
Mar 31, 2022 |
|
3Q22 |
|
2Q22 |
Net loss |
$ |
(7,649 |
) |
|
$ |
(2,225 |
) |
Net loss per share
diluted |
$ |
(0.20 |
) |
|
$ |
(0.06 |
) |
|
|
|
|
Adjustments: |
|
|
|
Stock-based compensation
expense |
|
1,523 |
|
|
|
1,144 |
|
Asset retirement obligation
accretion |
|
9 |
|
|
|
9 |
|
Amortization of intangible
assets |
|
40 |
|
|
|
12 |
|
Severance expense |
|
— |
|
|
|
20 |
|
CATV transition - shutdown
expense |
|
— |
|
|
|
432 |
|
CATV transition - gain on sale
of assets |
|
(1,318 |
) |
|
|
(788 |
) |
Acquisition-related
expense |
|
313 |
|
|
|
456 |
|
Litigation-related
expense |
|
213 |
|
|
|
290 |
|
Acquisition-related pension
expense |
|
349 |
|
|
|
— |
|
Foreign exchange loss |
|
185 |
|
|
|
17 |
|
Income tax expense
(benefit) |
|
27 |
|
|
|
(117 |
) |
Total adjustments |
|
1,341 |
|
|
|
1,475 |
|
|
|
|
|
Non-GAAP net
loss |
$ |
(6,308 |
) |
|
$ |
(750 |
) |
Non-GAAP net loss per
share diluted |
$ |
(0.17 |
) |
|
$ |
(0.02 |
) |
|
|
|
|
Interest (income) expense,
net |
|
(9 |
) |
|
|
12 |
|
Depreciation expense |
|
1,185 |
|
|
|
1,008 |
|
Adjusted
EBITDA |
$ |
(5,132 |
) |
|
$ |
270 |
|
Adjusted EBITDA
% |
|
(22 |
%) |
|
|
1 |
% |
|
Three Months Ended |
|
|
Three Months Ended |
|
Jun 30, 2022 |
|
Mar 31, 2022 |
|
|
Jun 30, 2022 |
|
Mar 31, 2022 |
|
3Q22 |
|
2Q22 |
|
|
3Q22 |
|
2Q22 |
Aerospace and
Defense |
|
|
|
|
Broadband |
|
|
|
Gross profit |
$ |
1,551 |
|
|
$ |
1,233 |
|
|
Gross profit |
$ |
2,347 |
|
|
$ |
7,784 |
|
Gross
margin |
|
12 |
% |
|
|
14 |
% |
|
Gross
margin |
|
23 |
% |
|
|
33 |
% |
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
Adjustments: |
|
|
|
Stock-based compensation
expense |
|
147 |
|
|
|
96 |
|
|
Stock-based compensation
expense |
|
128 |
|
|
|
82 |
|
Asset retirement obligation
accretion |
|
— |
|
|
|
— |
|
|
Asset retirement obligation
accretion |
|
9 |
|
|
|
9 |
|
Amortization of intangible
assets |
|
40 |
|
|
|
12 |
|
|
Amortization of intangible
assets |
|
— |
|
|
|
— |
|
Total adjustments |
|
187 |
|
|
|
108 |
|
|
Total adjustments |
|
137 |
|
|
|
523 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross
profit |
$ |
1,738 |
|
|
$ |
1,341 |
|
|
Non-GAAP gross
profit |
$ |
2,484 |
|
|
$ |
8,307 |
|
Non-GAAP gross
margin |
|
13 |
% |
|
|
15 |
% |
|
Non-GAAP gross
margin |
|
24 |
% |
|
|
35 |
% |
|
|
|
|
|
|
|
|
|
R&D
expense |
$ |
3,834 |
|
|
$ |
4,041 |
|
|
R&D
expense |
$ |
679 |
|
|
$ |
494 |
|
Stock-based compensation
expense |
|
(167 |
) |
|
|
(118 |
) |
|
Stock-based compensation
expense |
|
(80 |
) |
|
|
(67 |
) |
Non-GAAP R&D
expense |
$ |
3,667 |
|
|
$ |
3,923 |
|
|
Non-GAAP R&D
expense |
$ |
599 |
|
|
$ |
427 |
|
Contact:EMCORE CorporationTom Minichiello(626)
293-3400investor@emcore.com
EMCORE (NASDAQ:EMKR)
Historical Stock Chart
From Jun 2024 to Jul 2024
EMCORE (NASDAQ:EMKR)
Historical Stock Chart
From Jul 2023 to Jul 2024