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EMCORE Corporation (Nasdaq: EMKR) is a leading provider of advanced mixed-signal optics products and inertial navigation systems tailored for both high-speed communication networks and cutting-edge defense applications. With core technologies rooted in Photonic Integrated Chips (PIC), Quartz MEMS, and Lithium Niobate, EMCORE offers a comprehensive range of optical chips, components, subsystems, and system-level products that bolster the capabilities of broadband and wireless providers, as well as defense systems.
Recently, EMCORE has undergone significant restructuring to focus solely on its inertial navigation business, culminating in the completion of the sale of its Broadband segment product lines and Defense Optoelectronics products to Ortel LLC, a subsidiary of Photonics Foundries, Inc. This strategic shift positions EMCORE as a pure-play supplier of state-of-the-art inertial navigation solutions serving the aerospace and defense markets.
EMCORE's product portfolio includes Fiber Optic Gyros (FOG), Quartz MEMS (QMEMS), and Ring Laser Gyros (RLG), offering unmatched accuracy and reliability in navigation and sensing applications. These products are critical for various sectors, including telecommunications, satellite communications, navigation systems, and military communications.
Headquartered in Alhambra, California, with additional facilities in Budd Lake, New Jersey; Concord, California; and Tinley Park, Illinois, EMCORE maintains a robust vertically-integrated manufacturing capability. All of its sites are ISO 9001 certified for quality management, with its aerospace facilities also meeting AS9100 certification standards.
EMCORE has also entered into a long-term supply partnership with Kratos Unmanned Aerial Systems to deliver its flagship Quartz MEMS Inertial Measurement Units for several advanced defense programs, including the XQ-58 Valkyrie. This collaboration underscores EMCORE's pivotal role in enhancing the effectiveness and reliability of unmanned aerial systems for the U.S. military.
Financially, EMCORE has shown resilience through its transition. The company reported consolidated revenues of $26.8 million for 4Q23, despite facing challenges such as export license timing issues and PCB material shortages. EMCORE continues to focus on revenue growth in its inertial navigation segment, with projected revenues of $26-$28 million for 1Q24.
Given its strategic pivot and robust technological portfolio, EMCORE is well-positioned to drive innovation and value in the aerospace and defense sectors. For more details, visit their official website at www.emcore.com.
Velocity One has signed a merger agreement to acquire EMCORE (EMKR) for $3.10 per share in cash, with backing from Charlesbank Capital Partners. The transaction, unanimously approved by EMCORE's board, will make EMCORE a wholly owned subsidiary of Velocity One. This merger combines EMCORE's inertial navigation solutions with Velocity One's existing portfolio, which includes Cartridge Actuated Devices and Aerosphere Power. The strategic combination aims to strengthen relationships across U.S. and NATO defense programs, with a focus on optimizing efficiency and profitability in aerospace and defense manufacturing.
EMCORE (Nasdaq: EMKR), the world's largest independent provider of inertial navigation solutions for aerospace and defense, has received an unsolicited, non-binding proposal from Mobix Labs, Inc. The proposal aims to acquire all of EMCORE's outstanding shares for $3.80 per share in cash.
EMCORE's Board of Directors is evaluating various strategic and financial options to enhance shareholder value. The board, along with management and financial and legal advisors, will carefully review Mobix's proposal to determine the best course of action for the company and its shareholders.
EMCORE has stated it will not provide further comments or public updates regarding potential transactions unless required by law or regulatory bodies. The company emphasizes that there is no assurance that any transaction will be completed at the proposed price or with any third party.
Mobix Labs (Nasdaq: MOBX) has submitted a non-binding proposal to acquire EMCORE (Nasdaq: EMKR) for $3.80 per share in cash. This offer represents a 200% premium over EMCORE's stock price as of September 27, 2024. EMCORE, the world's largest independent provider of inertial navigation solutions for aerospace and defense, reported 115% revenue growth to $97 million in fiscal year 2023.
Mobix Labs CEO Fabian Battaglia stated that this acquisition would provide significant value for EMCORE shareholders and accelerate Mobix's growth in critical markets. The proposal has the support of Mobix Labs' Board of Directors, which includes industry veterans James Peterson and David Aldrich. The transaction is subject to EMCORE Board approval, a definitive agreement, and any required shareholder approval.
EMCORE (Nasdaq: EMKR) reported its fiscal 2024 third quarter results, showing strong revenue of $20.4 million, driven by record shipments from Concord and solid performance at Tinley Park. The company saw improved gross margin of 25%, up 8% from the previous quarter. However, EMCORE faced a net loss on continuing operations of $14.5 million, or $1.60 per share.
Restructuring efforts are yielding results, with lower non-GAAP operating expenses and reduced cash use. The company anticipates Q4 revenue between $20-22 million with ongoing cost reductions. EMCORE ended the quarter with $9.0 million in cash and cash equivalents and $8.4 million in credit line and loan payable.
EMCORE (Nasdaq: EMKR), the world's largest independent provider of inertial navigation solutions for aerospace and defense, will announce its fiscal 2024 third-quarter results on August 6, 2024, after market close. The company will host a conference call on August 7, 2024, at 8:00 a.m. ET to discuss the results.
Interim CEO Matt Vargas and CFO Tom Minichiello will provide an overview and conduct a Q&A session. The call will be available toll-free in the U.S. and Canada at 800-715-9871, and internationally at +1 646-307-1963 (passcode: 5757406). A live webcast will be accessible via EMCORE's investor website, with a replay available following the call.
EMCORE's Chief Scientist Sergey Zotov will present a talk at the Joint Navigation Conference (JNC) on June 3, 2024, at 4:45 p.m. The presentation, titled 'Unveiling the Nuances: A Detailed Journey from Tactical to High-End Navigation-Grade MEMS Accelerometers at EMCORE,' will explore the company’s advancements in reducing accelerometer noise (VRW) to 0.1 µg/√Hz and achieving high navigation-grade performance. EMCORE is a leading provider of inertial navigation solutions in aerospace and defense, known for its quartz MEMS-based inertial sensors and IMUs. The talk will highlight EMCORE's methods for achieving high-end performance and overcoming residual impairments in accelerometers. Additionally, EMCORE will showcase its navigation and inertial sensing products, including the TAC-450 series, TACNAV 3D, and TAC-440 MEMS IMU, at JNC in booth #315 on June 4-5.
EMCORE (Nasdaq: EMKR) has announced significant restructuring measures, including a 40% reduction in workforce and the closure of its Alhambra, CA site. These actions are part of a broader plan to reduce annual operating costs, with expected savings of $17 million. The Alhambra site is set to close by the end of the fourth fiscal quarter, September 30, 2024. Restructuring charges will be recorded in the third fiscal quarter ending June 30, 2024. The company aims to achieve adjusted cash flow break-even by the end of September 2024.
EMCORE (Nasdaq: EMKR) reported lower-than-expected revenue in the fiscal 2024 second quarter, leading to decreased profit margins. The company announced the sale of its Chips business and Alhambra InP wafer fab assets, debt restructuring, and cost reduction measures. The financial results showed a decline in revenue, gross margin, and net loss on continuing operations. CEO Jeff Rittichier has left the company, with the Board initiating a search for a new CEO. Despite the disappointing results, the Board remains committed to the Aerospace & Defense strategy.
EMCORE (Nasdaq: EMKR) will announce its fiscal 2024 second-quarter results on May 8, 2024, after the market close. The company is the largest independent provider of inertial navigation solutions to the aerospace and defense industry. The conference call will include discussions by President & Chief Executive Officer Jeff Rittichier and Chief Financial Officer Tom Minichiello.
EMCORE announced the sale of its Chips business and InP wafer fabrication operations for $2.92 million to HieFo The transaction included the transfer of assets related to the non-core business line, providing immediate cash and a positive financial outcome for EMCORE.
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