EMCORE Corporation (Nasdaq: EMKR), the world’s largest independent
provider of inertial navigation solutions to the aerospace and
defense industry, today announced results for the fiscal 2023
second quarter (2Q23) ended March 31, 2023. Management will
host a conference call to discuss 2Q23 financial and business
results today at 5:00 p.m. Eastern Time (ET).
For 2Q23, EMCORE’s consolidated revenue was $26.8 million,
comprised of $25.2 million from the Aerospace and Defense (A&D)
segment, of which $24.3 million was inertial navigation, and $1.6
million from the Broadband segment. Net loss was $12.2 million and
$8.3 million on a GAAP and non-GAAP basis, respectively. Adjusted
EBITDA was negative $6.5 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.
“EMCORE has entered the final phase of its restructuring as a
pure play inertial navigation solutions provider to the A&D
market. In 2Q23, our inertial navigation revenue grew 21% to $24.3
million compared to 1Q23 and included strong performances from our
Tinley Park, Budd Lake, and Alhambra FOG operations,” said Jeff
Rittichier, President and Chief Executive Officer of EMCORE. “Going
forward, we anticipate revenue for the June quarter to be in the
range of $25 million to $27 million, including approximately $1
million of non-inertial navigation revenue. In addition, we are
working with our Broadband and Defense Optoelectronic customers on
last time buys, which currently are expected to total approximately
$10 million over the next few quarters.”
Consolidated Results
|
Three Months Ended |
|
|
Mar 31, 2023 |
Dec 31, 2022 |
+increase/ -decrease |
|
2Q23 |
1Q23 |
Revenue |
$26.8M |
$25.0M |
+$1.8M |
Gross margin |
14% |
12% |
+2% |
Operating expenses |
$15.8M |
$14.6M |
+$1.2M |
Operating margin |
(45%) |
(46%) |
+1% |
Net loss |
($12.2M) |
($11.7M) |
-$0.5M |
Net loss per share diluted |
($0.27) |
($0.31) |
+$0.04 |
Non-GAAP gross margin (a) |
16% |
15% |
+1% |
Non-GAAP operating expenses (a) |
$12.4M |
$11.8M |
+$0.6M |
Non-GAAP operating margin (a) |
(30%) |
(32%) |
+2% |
Non-GAAP net loss (a) |
($8.3M) |
($8.2M) |
-$0.1M |
Non-GAAP net loss per share diluted (a) |
($0.18) |
($0.22) |
+$0.03 |
Adjusted EBITDA |
($6.5M) |
($6.5M) |
$—M |
Ending cash and cash equivalents |
$24.8M |
$24.2M |
+$0.6M |
Line of credit and loan payable |
$12.0M |
$12.3M |
-$0.3M |
(a) 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
For 2Q23, A&D’s sequential-quarter revenue
increase was driven by inertial navigation, which grew to $24.3
million, an increase of $4.3 million or 21%. This was slightly
offset by a drop in sales of defense optoelectronics. A&D’s
gross margin increase was driven primarily by the higher revenue.
R&D expense increased sequentially due to increased project
material spend.
|
Three Months Ended |
|
|
Mar 31, 2023 |
Dec 31, 2022 |
+increase/ -decrease |
|
2Q23 |
1Q23 |
A&D segment revenue |
$25.2M |
$21.7M |
+$3.5M |
A&D segment gross margin |
22% |
19% |
+3% |
A&D segment R&D expense |
$5.3M |
$4.3M |
+$1.0M |
A&D segment gross profit less R&D expense |
$0.3M |
($0.2M) |
+$0.5M |
Non-GAAP A&D segment gross margin (a) |
24% |
22% |
+2% |
Non-GAAP A&D segment R&D expense (a) |
$5.1M |
$4.2M |
+$0.9M |
Non-GAAP A&D segment gross profit less R&D expense (a) |
$0.9M |
$0.6M |
+$0.3M |
(a) 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
For 2Q23, Broadband’s sequential-quarter revenue
decrease was primarily due to lower sales of CATV, wireless, and
sensing products, partly offset by higher Chips revenue.
Broadband’s gross margin decline was due primarily to the lower
revenue. R&D expense decreased sequentially due to lower net
expense on Chips development.
|
Three Months Ended |
|
|
Mar 31, 2023 |
Dec 31, 2022 |
+increase/ -decrease |
|
2Q23 |
1Q23 |
Broadband segment revenue |
$1.6M |
$3.3M |
-$1.7M |
Broadband segment gross margin |
(112%) |
(32%) |
-80% |
Broadband segment R&D expense |
$0.5M |
$1.0M |
-$0.5M |
Broadband segment gross profit less R&D expense |
($2.3M) |
($2.1M) |
-$0.2M |
Non-GAAP Broadband segment gross margin (a) |
(104%) |
(27%) |
-77% |
Non-GAAP Broadband segment R&D expense (a) |
$0.5M |
$0.9M |
-$0.4M |
Non-GAAP Broadband segment gross profit less R&D expense
(a) |
($2.1M) |
($1.8M) |
-$0.3M |
(a) 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 third quarter (3Q23)
ending June 30, 2023 to be in the range of $25 million to $27
million, including approximately $1 million of non-inertial
navigation revenue.
Conference Call
The Company will discuss its financial results on Thursday,
May 4, 2023 at 5:00 p.m. ET (2:00 p.m. PT). To participate in
the conference call, click on the following link (ten minutes prior
to the call) to register:
https://register.vevent.com/register/BI69d5a1a2ca3b400c91ffdf33c57d4202.
Once registered, participants will have the option of: 1) dialing
in from their phone (using their PIN); or 2) clicking the “Call Me”
option to receive an automated call directly to their phone. The
call will be webcast live via the Company's website at
https://investor.emcore.com. A webcast will be available for replay
following the conclusion of the call.
About EMCORE
EMCORE Corporation is a leading provider of inertial navigation
products for the aerospace and defense markets. We leverage
industry-leading Photonic Integrated Chip (PIC), Quartz MEMS, and
Lithium Niobate 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,
Concord, CA, and Tinley Park, IL. 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.
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. The
Company has, regardless of result, applied consistent rationale and
methods when presenting supplemental non-GAAP measures.
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.
An example of one item that regularly meets one or more of these
characteristics is stock-based compensation. There are also, from
time-to-time, other examples such as litigation-related expenses
(only after a legal matter has turned into active litigation) or
acquisition-related costs. 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
expected revenue for 3Q23, 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 the development of new
products, future growth, 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) any
disruptions to our operations as a result of our restructuring
activities; (b) risks related to costs and expenses incurred in
connection with restructuring activities and anticipated
operational costs savings arising from the restructuring actions;
(c) risks related to the loss of personnel; (d) risks related to
customer and vendor relationships and contractual obligations with
respect to the shutdown of the Broadband business segment and the
discontinuance of its defense optoelectronics product line; (e)
risks and uncertainties related to our current expectations with
respect to potential revenues arising from last time buys by our
Broadband and Defense Optoelectronics customers; (f) risks related
to the closing of the manufacturing support and engineering center
in China; (g) the rapidly evolving markets for the Company's
products and uncertainty regarding the development of these
markets; (h) 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; (i) delays and other difficulties in
commercializing new products; (j) 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; (k) uncertainties
concerning the availability and cost of commodity materials and
specialized product components that we do not make internally; (l)
actions by competitors; (m) risks and uncertainties related to
applicable laws and regulations; (n) acquisition-related risks,
including that (i) the revenues and net operating results obtained
from our recent acquisitions may not meet our expectations, (ii)
the costs and cash expenditures for integration of our recent
acquisitions may be higher than expected, (iii) we may not
recognize the anticipated synergies from our recent acquisitions,
(iv) there could be losses and liabilities arising from these
acquisitions 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; (o) risks related
to our ability to obtain capital; (p) the effect of component
shortages and any alternatives thereto; (q) risks and uncertainties
related to manufacturing and production capacity; (r) risks related
to the conversion of order backlog into product revenue; and (r)
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, 2022, 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 Balance
Sheets(unaudited)
|
March 31, |
|
September 30, |
(in thousands) |
2023 |
|
2022 |
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
24,348 |
|
|
$ |
25,625 |
|
Restricted cash |
|
495 |
|
|
|
520 |
|
Accounts receivable, net of credit loss of $396 and $337,
respectively |
|
22,579 |
|
|
|
18,073 |
|
Contract assets |
|
7,414 |
|
|
|
4,560 |
|
Inventory |
|
40,086 |
|
|
|
37,035 |
|
Prepaid expenses |
|
3,734 |
|
|
|
4,061 |
|
Other current assets |
|
2,074 |
|
|
|
3,063 |
|
Total current assets |
|
100,730 |
|
|
|
92,937 |
|
Property, plant, and
equipment, net |
|
26,325 |
|
|
|
37,867 |
|
Goodwill |
|
16,422 |
|
|
|
17,894 |
|
Operating lease right-of-use
assets |
|
27,239 |
|
|
|
23,243 |
|
Other intangible assets,
net |
|
14,947 |
|
|
|
14,790 |
|
Other non-current assets |
|
2,408 |
|
|
|
2,351 |
|
Total assets |
$ |
188,071 |
|
|
$ |
189,082 |
|
LIABILITIES and SHAREHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts payable |
$ |
14,141 |
|
|
$ |
12,729 |
|
Accrued expenses and other current liabilities |
|
11,877 |
|
|
|
8,124 |
|
Contract liabilities |
|
4,247 |
|
|
|
5,300 |
|
Loan payable - current |
|
852 |
|
|
|
852 |
|
Operating lease liabilities - current |
|
2,647 |
|
|
|
2,213 |
|
Total current liabilities |
|
33,764 |
|
|
|
29,218 |
|
Line of credit |
|
6,553 |
|
|
|
9,599 |
|
Loan payable -
non-current |
|
4,616 |
|
|
|
5,042 |
|
Operating lease liabilities -
non-current |
|
25,434 |
|
|
|
21,625 |
|
Asset retirement
obligations |
|
4,091 |
|
|
|
4,664 |
|
Other long-term
liabilities |
|
8 |
|
|
|
106 |
|
Total liabilities |
|
74,466 |
|
|
|
70,254 |
|
Commitments and
contingencies |
|
|
|
Shareholders’
equity: |
|
|
|
Common stock, no par value, 100,000 shares authorized; 60,790
shares issued and 53,884 shares outstanding as of March 31, 2023;
44,497 shares issued and 37,591 shares outstanding as of September
30, 2022 |
|
806,100 |
|
|
|
787,347 |
|
Treasury stock at cost; 6,906 shares as of March 31, 2023 and
September 30, 2022 |
|
(47,721 |
) |
|
|
(47,721 |
) |
Accumulated other comprehensive income |
|
1,246 |
|
|
|
1,301 |
|
Accumulated deficit |
|
(646,020 |
) |
|
|
(622,099 |
) |
Total shareholders’ equity |
|
113,605 |
|
|
|
118,828 |
|
Total liabilities and shareholders’ equity |
$ |
188,071 |
|
|
$ |
189,082 |
|
EMCORE
CORPORATIONCondensed Consolidated Statements of
Operations and Comprehensive
Loss(unaudited)
|
Three Months Ended March 31, |
|
Six Months Ended March 31, |
(in thousands, except for per share data) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
$ |
26,820 |
|
|
$ |
32,650 |
|
|
$ |
51,773 |
|
|
$ |
74,886 |
|
Cost of revenue |
|
23,109 |
|
|
|
23,633 |
|
|
|
45,003 |
|
|
|
50,072 |
|
Gross profit |
|
3,711 |
|
|
|
9,017 |
|
|
|
6,770 |
|
|
|
24,814 |
|
Operating
expense: |
|
|
|
|
|
|
|
Selling, general, and administrative |
|
9,951 |
|
|
|
7,563 |
|
|
|
19,895 |
|
|
|
14,750 |
|
Research and development |
|
5,797 |
|
|
|
4,535 |
|
|
|
11,148 |
|
|
|
9,162 |
|
Severance |
|
(17 |
) |
|
|
20 |
|
|
|
458 |
|
|
|
1,318 |
|
Loss (gain) on sale of assets |
|
24 |
|
|
|
(788 |
) |
|
|
(1,147 |
) |
|
|
(601 |
) |
Total operating expense |
|
15,755 |
|
|
|
11,330 |
|
|
|
30,354 |
|
|
|
24,629 |
|
Operating (loss) income |
|
(12,044 |
) |
|
|
(2,313 |
) |
|
|
(23,584 |
) |
|
|
185 |
|
Other (expense)
income: |
|
|
|
|
|
|
|
Interest expense, net |
|
(222 |
) |
|
|
(12 |
) |
|
|
(463 |
) |
|
|
(23 |
) |
Foreign exchange gain (loss) |
|
46 |
|
|
|
(17 |
) |
|
|
121 |
|
|
|
25 |
|
Other income |
|
46 |
|
|
|
— |
|
|
|
153 |
|
|
|
— |
|
Total other (expense) income |
|
(130 |
) |
|
|
(29 |
) |
|
|
(189 |
) |
|
|
2 |
|
(Loss) income before income tax (expense) benefit |
|
(12,174 |
) |
|
|
(2,342 |
) |
|
|
(23,773 |
) |
|
|
187 |
|
Income tax (expense)
benefit |
|
(54 |
) |
|
|
117 |
|
|
|
(148 |
) |
|
|
2 |
|
Net (loss) income |
$ |
(12,228 |
) |
|
$ |
(2,225 |
) |
|
$ |
(23,921 |
) |
|
$ |
189 |
|
Foreign exchange translation
adjustment |
|
8 |
|
|
|
2 |
|
|
|
55 |
|
|
|
22 |
|
Comprehensive (loss)
income |
$ |
(12,220 |
) |
|
$ |
(2,223 |
) |
|
$ |
(23,866 |
) |
|
$ |
211 |
|
Per share
data: |
|
|
|
|
|
|
|
Net (loss) income per basic
share |
$ |
(0.27 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.58 |
) |
|
$ |
0.01 |
|
Weighted-average number of
basic shares outstanding |
|
45,240 |
|
|
|
37,217 |
|
|
|
41,356 |
|
|
|
37,082 |
|
Net (loss) income per diluted
share |
$ |
(0.27 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.58 |
) |
|
$ |
0.01 |
|
Weighted-average number of
diluted shares outstanding |
|
45,240 |
|
|
|
37,217 |
|
|
|
41,356 |
|
|
|
38,384 |
|
EMCORE
CORPORATIONReconciliations of GAAP to Non-GAAP
Financial
Measures(unaudited)
|
Three Months Ended |
|
Mar 31, 2023 |
|
Dec 31, 2022 |
(in thousands, except for
percentages) |
2Q23 |
|
1Q23 |
Gross profit |
$ |
3,711 |
|
|
$ |
3,059 |
|
Gross margin |
|
14 |
% |
|
|
12 |
% |
Stock-based compensation
expense |
|
331 |
|
|
|
387 |
|
Asset retirement obligation
accretion |
|
(18 |
) |
|
|
51 |
|
Amortization of intangible
assets |
|
287 |
|
|
|
326 |
|
Non-GAAP gross
profit |
$ |
4,311 |
|
|
$ |
3,823 |
|
Non-GAAP gross margin |
|
16 |
% |
|
|
15 |
% |
|
Three Months Ended |
|
Mar 31, 2023 |
|
Dec 31, 2022 |
(in thousands) |
2Q23 |
|
1Q23 |
Operating expense |
$ |
15,755 |
|
|
$ |
14,599 |
|
Stock-based compensation
expense |
|
(1,204 |
) |
|
|
(1,347 |
) |
Severance expense |
|
17 |
|
|
|
(475 |
) |
(Loss) gain on sale of
assets |
|
(24 |
) |
|
|
1,171 |
|
Transition-related expense |
|
(1,264 |
) |
|
|
(2,060 |
) |
Litigation-related expense |
|
(884 |
) |
|
|
(105 |
) |
Non-GAAP operating
expense |
$ |
12,396 |
|
|
$ |
11,783 |
|
|
Three Months Ended |
|
Mar 31, 2023 |
|
Dec 31, 2022 |
(in thousands, except for
percentages) |
2Q23 |
|
1Q23 |
Operating profit |
$ |
(12,044 |
) |
|
$ |
(11,540 |
) |
Operating margin |
|
(45 |
%) |
|
|
(46 |
%) |
Stock-based compensation
expense |
|
1,535 |
|
|
|
1,734 |
|
Asset retirement obligation
accretion |
|
(18 |
) |
|
|
51 |
|
Amortization of acquired
intangibles |
|
287 |
|
|
|
326 |
|
Severance expense |
|
(17 |
) |
|
|
475 |
|
Loss (gain) on sale of
assets |
|
24 |
|
|
|
(1,171 |
) |
Transition-related
expense |
|
1,264 |
|
|
|
2,060 |
|
Litigation-related
expense |
|
884 |
|
|
|
105 |
|
Non-GAAP operating
profit |
$ |
(8,085 |
) |
|
$ |
(7,960 |
) |
Non-GAAP operating margin |
|
(30 |
%) |
|
|
(32 |
%) |
Depreciation expense |
|
1,566 |
|
|
|
1,450 |
|
Adjusted
EBITDA |
$ |
(6,519 |
) |
|
$ |
(6,510 |
) |
Adjusted EBITDA % |
|
(24 |
%) |
|
|
(26 |
%) |
|
Three Months Ended |
|
Mar 31, 2023 |
|
Dec 31, 2022 |
(in thousands, except for per
share data and percentages) |
2Q23 |
|
1Q23 |
Net loss |
$ |
(12,228 |
) |
|
$ |
(11,693 |
) |
Net loss per share basic and
diluted |
$ |
(0.27 |
) |
|
$ |
(0.31 |
) |
Stock-based compensation
expense |
|
1,535 |
|
|
|
1,734 |
|
Asset retirement obligation
accretion |
|
(18 |
) |
|
|
51 |
|
Amortization of intangible
assets |
|
287 |
|
|
|
326 |
|
Severance expense |
|
(17 |
) |
|
|
475 |
|
Loss (gain) on sale of
assets |
|
24 |
|
|
|
(1,171 |
) |
Transition-related
expense |
|
1,264 |
|
|
|
2,060 |
|
Litigation-related
expense |
|
884 |
|
|
|
105 |
|
Other income |
|
(46 |
) |
|
|
(107 |
) |
Foreign exchange (gain)
loss |
|
(46 |
) |
|
|
(75 |
) |
Income tax expense
(benefit) |
|
54 |
|
|
|
94 |
|
Non-GAAP net
loss |
$ |
(8,307 |
) |
|
$ |
(8,201 |
) |
Non-GAAP net loss per share
basic and diluted |
$ |
(0.18 |
) |
|
$ |
(0.22 |
) |
Interest expense, net |
|
222 |
|
|
|
241 |
|
Depreciation expense |
|
1,566 |
|
|
|
1,450 |
|
Adjusted
EBITDA |
$ |
(6,519 |
) |
|
$ |
(6,510 |
) |
Adjusted EBITDA % |
|
(24 |
%) |
|
|
(26 |
%) |
|
Three Months Ended |
|
|
Three Months Ended |
(in thousands,
except for percentages) |
Mar 31, 2023 |
|
Dec 31, 2022 |
|
|
Mar 31, 2023 |
|
Dec 31, 2022 |
2Q23 |
|
1Q23 |
|
|
2Q23 |
|
1Q23 |
Aerospace and
Defense |
|
|
|
|
Broadband |
|
|
|
Gross profit |
$ |
5,515 |
|
|
$ |
4,108 |
|
|
Gross profit |
$ |
(1,804 |
) |
|
$ |
(1,049 |
) |
Gross margin |
|
22 |
% |
|
|
19 |
% |
|
Gross margin |
|
(112 |
%) |
|
|
(32 |
%) |
Stock-based compensation
expense |
|
249 |
|
|
|
273 |
|
|
Stock-based compensation expense |
|
82 |
|
|
|
114 |
|
Asset retirement obligation
accretion |
|
(30 |
) |
|
|
39 |
|
|
Asset retirement obligation accretion |
|
12 |
|
|
|
12 |
|
Amortization of intangible
assets |
|
254 |
|
|
|
293 |
|
|
Amortization of intangible assets |
|
33 |
|
|
|
33 |
|
Non-GAAP gross
profit |
$ |
5,988 |
|
|
$ |
4,713 |
|
|
Non-GAAP gross profit |
$ |
(1,677 |
) |
|
$ |
(890 |
) |
Non-GAAP gross margin |
|
24 |
% |
|
|
22 |
% |
|
Non-GAAP gross margin |
|
(104 |
%) |
|
(27) % |
|
|
|
|
|
|
|
|
|
R&D
expense |
$ |
5,253 |
|
|
$ |
4,349 |
|
|
R&D expense |
$ |
544 |
|
|
$ |
1,002 |
|
Stock-based compensation
expense |
|
(176 |
) |
|
|
(193 |
) |
|
Stock-based compensation expense |
|
(77 |
) |
|
|
(79 |
) |
Non-GAAP R&D
expense |
$ |
5,077 |
|
|
$ |
4,156 |
|
|
Non-GAAP R&D expense |
$ |
467 |
|
|
$ |
923 |
|
Non-GAAP
profit |
$ |
911 |
|
|
$ |
557 |
|
|
Non-GAAP profit |
$ |
(2,144 |
) |
|
$ |
(1,813 |
) |
Contact:EMCORE CorporationTom Minichiello(626)
293-3400investor@emcore.com
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