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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.
EMCORE Corporation (Nasdaq: EMKR) has announced a significant restructuring program aimed at streamlining operations. The company will terminate its Broadband business segment and defense optoelectronics product line. This decision follows extensive discussions to divest non-strategic units. EMCORE plans to reduce annual costs by approximately $12 million and cut the workforce by about 100 employees, primarily in Alhambra and China. The restructuring is expected to be finalized by September 30, 2023, and will involve downsizing its Alhambra campus. This move signifies EMCORE's commitment to focusing on its core inertial navigation business, leveraging its advanced technologies such as QMEMS and Lithium Niobate chips.
EMCORE Corporation (Nasdaq: EMKR) announced a public offering pricing of 15,454,546 shares of its common stock at $1.10 per share, aiming for gross proceeds of approximately $17 million. The offering is expected to close around February 17, 2023, pending customary conditions. A.G.P./Alliance Global Partners serves as the sole placement agent. The offering relates to a previously effective shelf registration statement with the SEC. This release emphasizes that it does not constitute an offer to sell or solicit an offer to buy these securities.
EMCORE Corporation (Nasdaq: EMKR) announced a public offering of its common stock, with all shares being offered by the company. This offering is subject to market conditions, and the exact size and terms are not guaranteed. The offering is being facilitated by A.G.P./Alliance Global Partners as the sole placement agent. A shelf registration statement for the shares was previously filed and became effective on May 20, 2021. EMCORE emphasizes that this press release does not constitute an offer to sell securities where such offers would be unlawful. Forward-looking statements regarding the timing and completion of the offering are included but subject to uncertainties.
EMCORE Corporation (Nasdaq: EMKR) announced its participation in the Cowen 44th Annual Aerospace/Defense & Industrials Conference, scheduled for February 16, 2023, at 11:30 AM ET. Management will present insights into the company’s advanced mixed-signal products, catering to aerospace, defense, communications, and sensing markets. A live webcast of the presentation will be accessible via here, with a replay available post-event at this link. EMCORE specializes in high-quality components and systems, boasting ISO 9001 and AS9100 certifications across its manufacturing facilities, located in California, New Jersey, and Illinois.
EMCORE Corporation (Nasdaq: EMKR) announced its fiscal 2023 first quarter results, reporting consolidated revenue of $25.0 million, down from $25.6 million in the previous quarter. The net loss was $11.7 million, with an adjusted EBITDA of negative $6.5 million. The Aerospace and Defense (A&D) segment generated $21.7 million in revenue, accounting for 87% of total revenue, with a gross margin of 22%. The company anticipates revenue for 2Q23 to range between $27 million and $29 million. Despite challenges, management aims to enhance cash flow and simplify operations while divesting non-strategic product lines.
EMCORE Corporation (Nasdaq: EMKR) will announce its fiscal 2023 first-quarter results on February 8, 2023, after market close. A conference call led by President & CEO Jeff Rittichier and CFO Tom Minichiello will commence at 5:00 p.m. ET to discuss the results and current business conditions. Interested participants are invited to register through a provided link to join the call via phone or a web interface. EMCORE specializes in advanced mixed-signal products for aerospace, defense, communications, and sensing markets, with manufacturing facilities in several locations across the U.S.
EMCORE Corporation (Nasdaq: EMKR) will present at the 25th Annual Needham Growth Conference on January 10, 2023, at 8:45 AM ET. A live webcast of the presentation can be accessed at this link, with replays available afterward on their investor site. EMCORE specializes in advanced mixed-signal products for aerospace, defense, and communications. They leverage technologies like Photonic Integrated Chips and maintain manufacturing capabilities across multiple U.S. locations, all certified under ISO 9001 and AS9100 standards.
EMCORE Corporation (EMKR) reported its 4Q22 results, revealing consolidated revenues of $25.6 million, with $21.0 million from Aerospace and Defense (A&D) and $4.6 million from Broadband. The company faced a net loss of $16.9 million and a negative adjusted EBITDA of $9.4 million. The A&D segment saw revenue growth due to the acquisition of Inertial Navigation product lines, but gross margin decreased to 4%. The Broadband segment revenue fell by $5.7 million, primarily due to a decline in CATV revenue. Future revenue guidance for Q1 FY2023 is projected between $25 million and $27 million.
EMCORE Corporation (Nasdaq: EMKR) has successfully completed the sale and leaseback of its Tinley Park, IL facility, as per a Purchase and Sale Agreement signed on November 1, 2022. This transaction has generated $10.3 million in net cash proceeds for the company. EMCORE is notable for its advanced mixed-signal products that cater to aerospace & defense, communications, and sensing markets. The company emphasizes its commitment to quality with ISO 9001 and AS9100 certifications in its manufacturing facilities.
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