EMCORE Reports Fiscal 2024 Third Quarter Results
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) ha riportato i risultati del terzo trimestre fiscale 2024, evidenziando un forte fatturato di 20,4 milioni di dollari, sostenuto da spedizioni record da Concord e da una buona performance a Tinley Park. L'azienda ha registrato un margine lordo migliorato del 25%, in aumento dell'8% rispetto al trimestre precedente. Tuttavia, EMCORE ha subito una perdita netta dalle operazioni continuative di 14,5 milioni di dollari, ovvero 1,60 dollari per azione.
Le misure di ristrutturazione stanno dando risultati, con spese operative non GAAP inferiori e un uso di cassa ridotto. L'azienda prevede un fatturato per il quarto trimestre tra 20 e 22 milioni di dollari con costanti riduzioni dei costi. EMCORE ha concluso il trimestre con 9,0 milioni di dollari in cassa e equivalenti e 8,4 milioni di dollari in linee di credito e debito.
EMCORE (Nasdaq: EMKR) informó sobre los resultados de su tercer trimestre fiscal 2024, mostrando fuertes ingresos de 20,4 millones de dólares, impulsados por envíos récord desde Concord y un sólido desempeño en Tinley Park. La compañía vio un margen bruto mejorado del 25%, un aumento del 8% respecto al trimestre anterior. Sin embargo, EMCORE enfrentó una pérdida neta en operaciones continuas de 14,5 millones de dólares, o 1,60 dólares por acción.
Los esfuerzos de reestructuración están dando resultados, con gastos operativos no GAAP más bajos y un uso reducido de efectivo. La empresa anticipa ingresos del cuarto trimestre entre 20 y 22 millones de dólares con continuas reducciones de costos. EMCORE terminó el trimestre con 9,0 millones de dólares en efectivo y equivalentes y 8,4 millones de dólares en líneas de crédito y préstamos por pagar.
EMCORE (Nasdaq: EMKR)는 2024 회계연도 3분기 실적을 발표하며 2040만 달러의 강력한 매출을 기록했다고 밝혔습니다. 이는 Concord의 기록적인 선적과 Tinley Park의 견조한 성과에 힘입은 것입니다. 회사는 25%의 개선된 총마진을 기록했으며, 이는 이전 분기 대비 8% 증가한 수치입니다. 그러나 EMCORE는 계속 운영에서 1450만 달러의 순손실, 즉 주당 1.60 달러의 손실을 보았습니다.
구조 조정 노력의 성과가 나타나고 있으며, 비 GAAP 운영비용 절감과 현금 사용 감소가 이루어지고 있습니다. 이 회사는 4분기 매출이 2000만에서 2200만 달러 사이에 이를 것으로 예상하고 있으며, 지속적인 비용 절감이 이루어질 것으로 보입니다. EMCORE는 분기를 마무리하며 900만 달러의 현금 및 현금성 자산과 840만 달러의 신용 한도 및 변제할 대출을 보유하고 있습니다.
EMCORE (Nasdaq: EMKR) a publié ses résultats pour le troisième trimestre de l'exercice 2024, affichant des revenus solides de 20,4 millions de dollars, soutenus par des expéditions record de Concord et une performance solide à Tinley Park. L'entreprise a vu une marge brute améliorée de 25%, en hausse de 8% par rapport au trimestre précédent. Cependant, EMCORE a subi une perte nette sur les opérations continues de 14,5 millions de dollars, soit 1,60 dollar par action.
Les efforts de restructuration portent leurs fruits, avec des dépenses d'exploitation non-GAAP réduites et une utilisation de liquidités limitée. La société prévoit des revenus pour le quatrième trimestre compris entre 20 et 22 millions de dollars avec des réductions de coûts continues. EMCORE a terminé le trimestre avec 9,0 millions de dollars en liquidités et équivalents et 8,4 millions de dollars en lignes de crédit et prêts à rembourser.
EMCORE (Nasdaq: EMKR) hat seine Ergebnisse für das dritte Quartal des Geschäftsjahres 2024 veröffentlicht, mit starken Einnahmen von 20,4 Millionen Dollar, die durch Rekordlieferungen aus Concord und eine solide Leistung in Tinley Park unterstützt wurden. Das Unternehmen verzeichnete eine verbesserte Bruttomarge von 25%, ein Anstieg von 8% im Vergleich zum vorherigen Quartal. EMCORE erlitt jedoch einen Nettoverlust aus fortgeführten Betrieben von 14,5 Millionen Dollar, oder 1,60 Dollar pro Aktie.
Die Restrukturierungsmaßnahmen zeigen Wirkung, mit geringeren nicht-GAAP-Betriebskosten und reduziertem Cash-Einsatz. Das Unternehmen erwartet Umsätze im vierten Quartal zwischen 20 und 22 Millionen Dollar bei fortlaufenden Kostensenkungen. EMCORE schloss das Quartal mit 9,0 Millionen Dollar in bar und Baräquivalenten sowie 8,4 Millionen Dollar in Kreditlinien und Schulden ab.
- Revenue increased to $20.4 million, up $0.8 million from previous quarter
- Gross margin improved to 25%, a 9% increase quarter-over-quarter
- Non-GAAP operating expenses decreased by $0.7 million
- Non-GAAP net loss on continuing operations improved by $2.6 million
- Adjusted EBITDA improved by $2.2 million
- Net loss on continuing operations increased to $14.5 million, up $6.7 million from previous quarter
- Operating expenses increased by $3.4 million, including $4.3 million in restructuring and asset impairment charges
- Cash and cash equivalents decreased by $3.0 million to $9.0 million
Insights
EMCORE's Q3 FY2024 results show mixed signals. Revenue increased to
Positively, gross margin improved significantly from
The guidance for Q4 revenue of
EMCORE's position as the "world's largest independent provider of inertial navigation solutions to the aerospace and defense industry" is noteworthy. The record high shipments from their Concord site suggest growing demand in this sector.
However, the company's financial struggles amid a seemingly favorable market position raise questions about its competitive edge or operational efficiency. The ongoing restructuring and cost-reduction efforts are critical for EMCORE to capitalize on its market opportunity.
The strong bookings mentioned for the upcoming quarter are a positive indicator of future demand. Investors should monitor whether EMCORE can translate this into sustainable revenue growth and, more importantly, profitability in the coming quarters.
BUDD LAKE, NJ, Aug. 06, 2024 (GLOBE NEWSWIRE) -- 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 2024 third quarter (3Q24) ended June 30, 2024. Management will host a conference call to discuss 3Q24 financial and business results on August 7, 2024 at 8:00 a.m. Eastern Time (ET).
“Revenue came in strong at
| Three Months Ended | |||
| Jun 30, 2024 | Mar 31, 2024 | +increase/ | |
| 3Q24 | 2Q24 | -decrease | |
| Revenue | + | ||
| Gross margin | + | ||
| Operating expenses (a) | + | ||
| Net loss on continuing operations | ( | ( | - |
| Net loss on continuing operations per share, basic and diluted | ( | ( | - |
| Non-GAAP gross margin (b) | + | ||
| Non-GAAP operating expenses (b) | - | ||
| Non-GAAP net loss on continuing operations (b) | ( | ( | + |
| Non-GAAP net loss on continuing operations per share, basic and diluted (a) | ( | ( | + |
| Adjusted EBITDA | ( | ( | + |
| Ending cash and cash equivalents | - | ||
| Line of credit and loan payable | + | ||
| (a) 3Q24 includes restructuring and asset impairment charges totaling (b) 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. | |||
Conference Call
The Company will host a conference call to discuss its financial results on Wednesday, August 7, 2024 at 8:00 a.m. ET (5:00 a.m. PT). The call will be available, live, to interested parties. In the U.S. and Canada, call toll-free by dialing 800-715-9871. For international callers, please dial +1 646-307-1963. The conference passcode number is 5757406. The call will be webcast live via the Company’s investor website at https://investor.emcore.com. Please go to the site beforehand to register and download any necessary software. Or, go directly to https://event.choruscall.com/mediaframe/webcast.html?webcastid=aKN7qMUF a few minutes before the start of the call. The webcast will be available on the Company’s website for replay beginning Wednesday, August 7, 2024, 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 Budd Lake, NJ, Concord, CA, and Tinley Park, IL. Our manufacturing facilities all 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 https://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, including for gross profit, gross margin, operating expenses, 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 facilitate 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: (a) they are unusual and the Company does not expect them to recur in the ordinary course of its business, (b) they do not involve the expenditure of cash, (c) they are unrelated to the ongoing operation of the business in the ordinary course, or (d) their magnitude and timing is largely outside of the Company’s control. All of these items meet one or more of the characteristics listed above. The criteria that must be met for litigation-related expense to qualify as a non-GAAP measure is that it must be directly connected to active litigation that the Company infrequently encounters and is unrelated to the ongoing operations of the business in the ordinary course. All legal expenses related to the ordinary course of business are included in the non-GAAP results consistently for all reporting periods. The Company has, for all reporting periods disclosed in this press release, applied consistent rationale, method, and adjustments in reconciling non-GAAP measures to the most directly comparable GAAP measure, reflecting the Company’s core ongoing operating performance and facilitating comparisons across reporting periods that the Company uses when evaluating its financial results, planning and forecasting future periods, and that are useful to investors in assessing our performance.
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 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, business outlook including expected revenue for 4Q24, our strategy and focus, goals of our restructuring committee, 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) risks related to our ability to obtain capital and the terms of any financing transaction that may be available to us, if at all, and our ability to manage existing cash resources for operations; (b) risks related to the Company’s restructuring activities, including costs and expenses incurred in connection with such activities and anticipated operational and cash cost savings, including with respect to gross margin and operating expenses arising from the restructuring actions; (c) risks related to the Company’s compliance with the terms of the Forbearance Agreement with Hale Capital, including, potential consequences of failure to comply and third party costs incurred by the Company related to the Forbearance Agreement; (d) risks related to the loss of personnel, including changes in management; (e) risks related to the conversion of order backlog into product revenue and the timing thereof; (f) risks related to the recent sale of our Chips business and Alhambra InP wafer fab assets, including without limitation (i) the failure to achieve or fully realize the anticipated benefits of the transaction, (ii) third party costs incurred by the Company related to the transaction, and (iii) risks associated with liabilities related to the transaction that were retained by the Company in transaction; (g) risks related to the recent sale of our Broadband and defense optoelectronics businesses, including without limitation (i) the failure to fully realize the anticipated benefits of such transaction, (ii) third party costs incurred by the Company related to any such transaction, (iii) risks associated with liabilities related to the transaction that were retained by the Company, and (iv) risks and uncertainties related to the transfer to the buyer of our manufacturing support and engineering center in China; (h) rapidly evolving markets for the Company’s products and uncertainty regarding the development of these markets; (i) 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; (j) delays and other difficulties in commercializing new products; (k) 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; (l) uncertainties concerning the availability and cost of commodity materials and specialized product components that we do not make internally; (m) actions by competitors; (n) risks and uncertainties related to the outcome of legal proceedings; (o) risks and uncertainties related to applicable laws and regulations; (p) 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, may take longer than expected to implement and may result in fewer efficiencies and improvements to the operation of our business and our financial results than currently 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; and (q) 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, 2023, 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 CORPORATION Condensed Consolidated Balance Sheets (unaudited) | |||||||
| June 30, | September 30, | ||||||
| (in thousands) | 2024 | 2023 | |||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 8,477 | $ | 26,211 | |||
| Restricted cash | 495 | 495 | |||||
| Accounts receivable, net of credit loss of | 14,531 | 15,575 | |||||
| Contract assets | 8,063 | 8,402 | |||||
| Inventory | 29,205 | 28,905 | |||||
| Prepaid expenses | 6,640 | 4,612 | |||||
| Other current assets | 318 | 922 | |||||
| Assets held for sale | — | 7,264 | |||||
| Total current assets | 67,729 | 92,386 | |||||
| Property, plant, and equipment, net | 8,969 | 15,517 | |||||
| Operating lease right-of-use assets | 18,836 | 21,564 | |||||
| Other intangible assets, net | 10,772 | 12,245 | |||||
| Other non-current assets | 2,135 | 2,201 | |||||
| Total assets | $ | 108,441 | $ | 143,913 | |||
| LIABILITIES and SHAREHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 10,016 | $ | 9,683 | |||
| Accrued expenses and other current liabilities | 7,821 | 8,471 | |||||
| Contract liabilities | 891 | 1,630 | |||||
| Financing payable | 888 | 460 | |||||
| Loan payable - current | 852 | 852 | |||||
| Operating lease liabilities - current | 3,056 | 3,033 | |||||
| Liabilities held for sale | — | 4,662 | |||||
| Total current liabilities | 23,524 | 28,791 | |||||
| Line of credit | — | 6,418 | |||||
| Loan payable - non-current | 7,548 | 3,330 | |||||
| Operating lease liabilities - non-current | 18,641 | 20,882 | |||||
| Asset retirement obligations | 4,376 | 4,194 | |||||
| Other long-term liabilities | — | 8 | |||||
| Total liabilities | 54,089 | 63,623 | |||||
| Commitments and contingencies | |||||||
| Shareholders’ equity: | |||||||
| Common stock, no par value, 100,000 shares authorized; 9,755 shares issued and 9,064 shares outstanding as of June 30, 2024; 8,401 shares issued and 7,711 shares outstanding as of September 30, 2023 | 830,295 | 825,119 | |||||
| Treasury stock at cost; 691 shares as of June 30, 2024 and September 30, 2023 | (47,721 | ) | (47,721 | ) | |||
| Accumulated other comprehensive income | 350 | 350 | |||||
| Accumulated deficit | (728,572 | ) | (697,458 | ) | |||
| Total shareholders’ equity | 54,352 | 80,290 | |||||
| Total liabilities and shareholders’ equity | $ | 108,441 | $ | 143,913 | |||
| EMCORE CORPORATION Condensed Consolidated Statements of Operations (unaudited) | |||||||||||||||
| Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
| (in thousands, except for per share data) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Revenue | $ | 20,435 | $ | 26,718 | $ | 64,192 | $ | 70,947 | |||||||
| Cost of revenue | 15,422 | 19,458 | 49,844 | 54,447 | |||||||||||
| Gross profit | 5,013 | 7,260 | 14,348 | 16,500 | |||||||||||
| Operating expense: | |||||||||||||||
| Selling, general, and administrative | 4,624 | 5,714 | 17,270 | 24,092 | |||||||||||
| Research and development | 3,530 | 4,345 | 10,865 | 13,442 | |||||||||||
| Restructuring | 1,347 | — | 1,347 | — | |||||||||||
| Severance | 1,856 | 11 | 3,086 | 27 | |||||||||||
| Impairment | 2,919 | — | 3,007 | — | |||||||||||
| Gain on sale of assets | — | — | (31 | ) | (1,147 | ) | |||||||||
| Total operating expense | 14,276 | 10,070 | 35,544 | 36,414 | |||||||||||
| Operating loss | (9,263 | ) | (2,810 | ) | (21,196 | ) | (19,914 | ) | |||||||
| Other expense: | |||||||||||||||
| Loss on extinguishment of debt | (5,069 | ) | — | (5,069 | ) | — | |||||||||
| Interest expense, net | (179 | ) | (194 | ) | (255 | ) | (604 | ) | |||||||
| Other (expense) income | (16 | ) | 4 | (31 | ) | 128 | |||||||||
| Total other expense | (5,264 | ) | (190 | ) | (5,355 | ) | (476 | ) | |||||||
| Loss from continuing operations before income tax expense | (14,527 | ) | (3,000 | ) | (26,551 | ) | (20,390 | ) | |||||||
| Income tax expense from continuing operations | — | (28 | ) | (114 | ) | (176 | ) | ||||||||
| Net loss from continuing operations | $ | (14,527 | ) | $ | (3,028 | ) | $ | (26,665 | ) | $ | (20,566 | ) | |||
| Loss from discontinued operations | $ | (2,413 | ) | $ | (6,829 | ) | $ | (4,449 | ) | $ | (13,212 | ) | |||
| Net loss | $ | (16,940 | ) | $ | (9,857 | ) | $ | (31,114 | ) | $ | (33,778 | ) | |||
| Per share data: | |||||||||||||||
| Net loss on continuing operations per share, basic and diluted | $ | (1.60 | ) | $ | (0.56 | ) | $ | (2.96 | ) | $ | (4.52 | ) | |||
| Net loss on discontinued operations per share, basic and diluted | $ | (0.27 | ) | $ | (1.27 | ) | $ | (0.49 | ) | $ | (2.90 | ) | |||
| Net loss per share, basic and diluted | $ | (1.87 | ) | $ | (1.83 | ) | $ | (3.45 | ) | $ | (7.42 | ) | |||
| Weighted-average number of shares outstanding, basic and diluted | 9,044 | 5,393 | 9,006 | 4,555 | |||||||||||
| EMCORE CORPORATION Reconciliations of GAAP to Non-GAAP Financial Measures (unaudited) | |||||||
| Three Months Ended | |||||||
| Jun 30, 2024 | Mar 31, 2024 | ||||||
| (in thousands, except for percentages) | 3Q24 | 2Q24 | |||||
| Gross profit | $ | 5,013 | $ | 3,247 | |||
| Gross margin | 25 | % | 17 | % | |||
| Stock-based compensation expense | 70 | (341 | ) | ||||
| Asset retirement obligation accretion | 61 | 61 | |||||
| Intangible asset amortization | 486 | 494 | |||||
| Compensation accrual adjustment | (806 | ) | (599 | ) | |||
| Non-GAAP gross profit | $ | 4,824 | $ | 2,862 | |||
| Non-GAAP gross margin | 24 | % | 15 | % | |||
| Three Months Ended | |||||||
| Jun 30, 2024 | Mar 31, 2024 | ||||||
| (in thousands) | 3Q24 | 2Q24 | |||||
| Operating expense | $ | 14,276 | $ | 10,870 | |||
| Stock-based compensation expense | 1,182 | (754 | ) | ||||
| Impairment expense | (2,919 | ) | (88 | ) | |||
| Severance expense | (1,856 | ) | (1,019 | ) | |||
| Restructuring expense | (1,347 | ) | — | ||||
| Compensation accrual adjustment | 506 | 874 | |||||
| Transition/M&A-related expense | (615 | ) | (98 | ) | |||
| Litigation-related expense | (156 | ) | — | ||||
| Non-GAAP operating expense | $ | 9,071 | $ | 9,785 | |||
| Three Months Ended | |||||||
| Jun 30, 2024 | Mar 31, 2024 | ||||||
| (in thousands, except for per share data and percentages) | 3Q24 | 2Q24 | |||||
| Net loss from continuing operations | $ | (14,527 | ) | $ | (7,775 | ) | |
| Net loss from continuing operations per share, basic and diluted | $ | (1.60 | ) | $ | (0.87 | ) | |
| Stock-based compensation expense | (1,112 | ) | 413 | ||||
| Asset retirement obligation accretion | 61 | 61 | |||||
| Intangible asset amortization | 486 | 494 | |||||
| Impairment expense | 2,919 | 88 | |||||
| Severance expense | 1,856 | 1,019 | |||||
| Restructuring expense | 1,347 | — | |||||
| Compensation accrual adjustment | (1,312 | ) | (1,473 | ) | |||
| Transition/M&A-related expense | 615 | 98 | |||||
| Litigation-related expense | 156 | — | |||||
| Loss on extinguishment of debt | 5,069 | — | |||||
| Other (income) expense | 16 | (1 | ) | ||||
| Income tax expense | — | 86 | |||||
| Non-GAAP net loss from continuing operations | $ | (4,426 | ) | $ | (6,990 | ) | |
| Non-GAAP net loss from continuing operations per share, basic and diluted | $ | (0.49 | ) | $ | (0.78 | ) | |
| Interest expense, net | 179 | 67 | |||||
| Depreciation expense | 670 | 1,154 | |||||
| Adjusted EBITDA | $ | (3,577 | ) | $ | (5,769 | ) | |
| Adjusted EBITDA % | (18 | %) | (29 | %) | |||
Contact:
EMCORE Corporation
Tom Minichiello
Chief Financial Officer
investor@emcore.com
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