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 2023 first quarter (1Q23) ended December 31, 2022.
Management will host a conference call to discuss 1Q23 financial
and business results today at 5:00 p.m. Eastern Time (ET).
For 1Q23, EMCORE’s consolidated revenue was $25.0 million,
comprised of $21.7 million from the Aerospace and Defense (A&D)
segment and $3.3 million from the Broadband segment. Net loss was
$11.7 million and $8.2 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.
“We made solid progress toward turning EMCORE into a larger and
profitable Inertial Navigation provider to the A&D market. In
1Q23, A&D accounted for 87% of the Company’s revenue and grew
3% sequentially despite delayed customer shipments for QMEMS.
A&D book-to-bill was approximately 1.2, and segment gross
margin rebounded to 22% with our navigation products performing
better than that,” said Jeff Rittichier, President and Chief
Executive Officer of EMCORE. “As we stated over the last couple of
quarters, our recently acquired operations in Budd Lake, NJ and
Tinley Park, IL make EMCORE the world’s largest independent1
Inertial Navigation business and our highest priorities are
simplifying operations, driving growth, and improving cash flow.
Consistent with these objectives, EMCORE is in discussions with
several interested parties to divest our non-strategic product
lines.”
Consolidated Results
|
Three Months Ended |
|
|
Dec 31, 2022 |
Sep 30, 2022 |
+increase/-decrease |
|
1Q23 |
4Q22 |
Revenue |
$25.0M |
$25.6M |
-$0.6M |
Gross
margin |
12% |
4% |
+8% |
Operating
expenses |
$14.6M |
$18.2M |
-$3.6M |
Operating
margin |
(46%) |
(67%) |
+21% |
Net
loss |
($11.7M) |
($16.9M) |
+$5.2M |
Net loss per share diluted |
($0.31) |
($0.45) |
+$0.14 |
Non-GAAP gross margin (a) |
15% |
2% |
+13% |
Non-GAAP
operating expenses (a) |
$11.8M |
$11.2M |
+$0.6M |
Non-GAAP
operating margin (a) |
(32%) |
(42%) |
+10% |
Non-GAAP
net loss (a) |
($8.2M) |
($10.9M) |
+$2.7M |
Non-GAAP net loss per share diluted (a) |
($0.22) |
($0.29) |
+$0.07 |
Adjusted EBITDA |
($6.5M) |
($9.4M) |
+$2.9M |
Ending
cash and cash equivalents |
$24.2M |
$26.1M |
-$1.9M |
Line of credit and loan payable |
$12.3M |
$15.5M |
-$3.2M |
(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. |
_____________________________
1 All sales are to unaffiliated third-party customers.
Aerospace and Defense
Segment
For 1Q23, A&D’s sequential-quarter revenue increase was
driven by solid performances across all product lines, with the
exception of QMEMS which decreased due primarily to customer
shipment delays. A&D segment gross margin rebounded due to the
absence of items that were experienced in the prior quarter related
to QMEMS inventory valuation charges and the transition of newly
acquired operations in Budd Lake, NJ and Tinley Park, IL. R&D
expenses increased sequentially due to a full quarter of results
for the Tinley Park, which was acquired on August 9, 2022.
|
Three Months Ended |
|
|
Dec 31, 2022 |
Sep 30, 2022 |
+increase/-decrease |
|
1Q23 |
4Q22 |
A&D segment revenue |
$21.7M |
$21.0M |
+$0.7M |
A&D
segment gross margin |
19% |
4% |
+15% |
A&D
segment R&D expense |
$4.3M |
$3.5M |
+$0.8M |
A&D segment profit |
($0.2M) |
($2.6M) |
+$2.4M |
Non-GAAP A&D segment gross margin (a) |
22% |
2% |
+20% |
Non-GAAP
A&D segment R&D expense (a) |
$4.2M |
$3.7M |
+$0.5M |
Non-GAAP A&D segment profit (a) |
$0.6M |
($3.3M) |
+$3.9M |
(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 1Q23, Broadband’s sequential-quarter revenue decrease was
primarily due to lower sales of CATV products and Chips. Broadband
segment gross margin declined as a result of the lower revenue and
higher under-absorption of fixed overhead. R&D expenses
decreased due primarily to the CATV and Sensing product lines.
|
Three Months Ended |
|
|
Dec 31, 2022 |
Sep 30, 2022 |
+increase/-decrease |
|
1Q23 |
4Q22 |
Broadband segment revenue |
$3.3M |
$4.6M |
-$1.3M |
Broadband
segment gross margin |
(32%) |
3% |
-35% |
Broadband
segment R&D expense |
$1.0M |
$1.4M |
-$0.4M |
Broadband segment profit |
($2.1M) |
($1.2M) |
-$0.9M |
Non-GAAP Broadband segment gross margin (a) |
(27%) |
1% |
-28% |
Non-GAAP
Broadband segment R&D expense (a) |
$0.9M |
$1.6M |
-$0.7M |
Non-GAAP Broadband segment profit (a) |
($1.8M) |
($1.5M) |
-$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 2Q23 ending March 31, 2023 to be
in the range of $27 million to $29 million.
Conference Call
The Company will discuss its financial results on Wednesday,
February 8, 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/BIab6db815060c490ea029519066ebcd1c.
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 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 Photonic Integrated
Chip (PIC), 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, 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 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 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
expected revenue for 2Q23, 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)
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 businesses 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 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 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, 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)
|
December 31, |
|
September 30, |
(in thousands) |
2022 |
|
2022 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
23,692 |
|
|
$ |
25,625 |
|
Restricted cash |
|
495 |
|
|
|
520 |
|
Accounts receivable, net of credit loss of $361 and $337,
respectively |
|
17,116 |
|
|
|
18,073 |
|
Contract assets |
|
5,570 |
|
|
|
6,846 |
|
Inventory |
|
39,598 |
|
|
|
37,035 |
|
Prepaid expenses |
|
3,374 |
|
|
|
4,061 |
|
Other current assets |
|
2,148 |
|
|
|
3,063 |
|
Total current assets |
|
91,993 |
|
|
|
95,223 |
|
Property, plant, and
equipment, net |
|
27,660 |
|
|
|
37,867 |
|
Goodwill |
|
16,519 |
|
|
|
15,608 |
|
Operating lease right-of-use
assets |
|
27,937 |
|
|
|
23,243 |
|
Other intangible assets,
net |
|
15,234 |
|
|
|
14,790 |
|
Other non-current assets |
|
2,425 |
|
|
|
2,351 |
|
Total assets |
$ |
181,768 |
|
|
$ |
189,082 |
|
LIABILITIES and SHAREHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
12,545 |
|
|
$ |
12,729 |
|
Accrued expenses and other current liabilities |
|
11,197 |
|
|
|
8,124 |
|
Contract liabilities |
|
4,125 |
|
|
|
5,300 |
|
Loan payable - current |
|
852 |
|
|
|
852 |
|
Operating lease liabilities - current |
|
2,530 |
|
|
|
2,213 |
|
Total current liabilities |
|
31,249 |
|
|
|
29,218 |
|
Line of credit |
|
6,638 |
|
|
|
9,599 |
|
Loan payable -
non-current |
|
4,829 |
|
|
|
5,042 |
|
Operating lease liabilities -
non-current |
|
26,121 |
|
|
|
21,625 |
|
Asset retirement
obligations |
|
4,110 |
|
|
|
4,664 |
|
Other long-term
liabilities |
|
— |
|
|
|
106 |
|
Total liabilities |
|
72,947 |
|
|
|
70,254 |
|
Commitments and
contingencies |
|
|
|
Shareholders’ equity: |
|
|
|
Common stock, no par value, 100,000 shares authorized; 44,774
shares issued and 37,868 shares outstanding as of December 31,
2022; 44,497 shares issued and 37,591 shares outstanding as of
September 30, 2022 |
|
789,080 |
|
|
|
787,347 |
|
Treasury stock at cost; 6,906 shares as of December 31, 2022 and
September 30, 2022 |
|
(47,721 |
) |
|
|
(47,721 |
) |
Accumulated other comprehensive income |
|
1,254 |
|
|
|
1,301 |
|
Accumulated deficit |
|
(633,792 |
) |
|
|
(622,099 |
) |
Total shareholders’ equity |
|
108,821 |
|
|
|
118,828 |
|
Total liabilities and shareholders’ equity |
$ |
181,768 |
|
|
$ |
189,082 |
|
EMCORE
CORPORATIONCondensed Consolidated Statements of
Operations and Comprehensive
Loss(unaudited)
|
Three Months Ended December 31, |
(in thousands, except for per
share data) |
2022 |
|
2021 |
Revenue |
$ |
24,953 |
|
|
$ |
42,236 |
|
Cost of revenue |
|
21,894 |
|
|
|
26,439 |
|
Gross profit |
|
3,059 |
|
|
|
15,797 |
|
Operating expense: |
|
|
|
Selling, general, and administrative |
|
9,944 |
|
|
|
7,187 |
|
Research and development |
|
5,351 |
|
|
|
4,627 |
|
Severance |
|
475 |
|
|
|
1,298 |
|
(Gain) loss on sale of assets |
|
(1,171 |
) |
|
|
187 |
|
Total operating expense |
|
14,599 |
|
|
|
13,299 |
|
Operating (loss) income |
|
(11,540 |
) |
|
|
2,498 |
|
Other (expense) income: |
|
|
|
Interest expense, net |
|
(241 |
) |
|
|
(11 |
) |
Foreign exchange gain |
|
75 |
|
|
|
42 |
|
Other income |
|
107 |
|
|
|
— |
|
Total other (expense) income |
|
(59 |
) |
|
|
31 |
|
(Loss) income before income tax expense |
|
(11,599 |
) |
|
|
2,529 |
|
Income tax expense |
|
(94 |
) |
|
|
(115 |
) |
Net (loss) income |
$ |
(11,693 |
) |
|
$ |
2,414 |
|
Foreign exchange translation
adjustment |
|
47 |
|
|
|
20 |
|
Comprehensive (loss)
income |
$ |
(11,646 |
) |
|
$ |
2,434 |
|
Per share
data |
|
|
|
Net (loss) income per basic
share |
$ |
(0.31 |
) |
|
$ |
0.07 |
|
Weighted-average number of
basic shares outstanding |
|
37,557 |
|
|
|
36,950 |
|
Net (loss) income per diluted
share |
$ |
(0.31 |
) |
|
$ |
0.06 |
|
Weighted-average number of
diluted shares outstanding |
|
37,557 |
|
|
|
39,031 |
|
EMCORE
CORPORATIONReconciliations of GAAP to Non-GAAP
Financial Measures(unaudited)
|
Three Months Ended |
|
Dec 31, 2022 |
|
Sep 30, 2022 |
(in thousands, except for
percentages) |
1Q23 |
|
4Q22 |
Gross profit |
$ |
3,059 |
|
$ |
1,006 |
Gross margin |
|
12% |
|
|
4% |
Stock-based compensation
expense |
|
387 |
|
|
348 |
Asset retirement obligation
accretion |
|
51 |
|
|
64 |
Amortization of intangible
assets |
|
326 |
|
|
58 |
Variable compensation accrual
adjustment |
|
— |
|
|
(1,040) |
Non-GAAP gross
profit |
$ |
3,823 |
|
$ |
436 |
Non-GAAP gross margin |
|
15% |
|
|
2% |
|
Three Months Ended |
|
Dec 31, 2022 |
|
Sep 30, 2022 |
(in thousands) |
1Q23 |
|
4Q22 |
Operating expense |
$ |
14,599 |
|
|
$ |
18,246 |
|
Stock-based compensation
expense |
|
(1,347 |
) |
|
|
(1,271 |
) |
Severance expense |
|
(475 |
) |
|
|
(35 |
) |
CATV transition - gain on sale of
assets |
|
— |
|
|
|
767 |
|
Acquisition-related - gain on
sale of assets |
|
1,171 |
|
|
|
— |
|
Acquisition-related expense |
|
(2,060 |
) |
|
|
(5,166 |
) |
Litigation-related expense |
|
(105 |
) |
|
|
(413 |
) |
Variable compensation accrual
adjustment |
|
— |
|
|
|
2,030 |
|
Impairment charge |
|
— |
|
|
|
(2,956 |
) |
Non-GAAP operating
expense |
$ |
11,783 |
|
|
$ |
11,202 |
|
|
Three Months Ended |
|
Dec 31, 2022 |
|
Sep 30, 2022 |
(in thousands, except for
percentages) |
1Q23 |
|
4Q22 |
Operating profit |
$ |
(11,540) |
|
$ |
(17,240) |
Operating margin |
|
(46%) |
|
|
(67%) |
Stock-based compensation
expense |
|
1,734 |
|
|
1,619 |
Asset retirement obligation
accretion |
|
51 |
|
|
64 |
Amortization of acquired
intangibles |
|
326 |
|
|
58 |
Severance expense |
|
475 |
|
|
35 |
CATV transition - gain on sale
of assets |
|
— |
|
|
(766) |
Acquisition-related - gain on
sale of assets |
|
(1,171) |
|
|
— |
Acquisition-related
expense |
|
2,060 |
|
|
5,166 |
Litigation-related
expense |
|
105 |
|
|
413 |
Variable compensation accrual
adjustment |
|
— |
|
|
(3,070) |
Impairment charge |
|
— |
|
|
2,956 |
Non-GAAP operating
profit |
$ |
(7,960) |
|
$ |
(10,765) |
Non-GAAP operating margin |
|
(32%) |
|
|
(42%) |
Depreciation expense |
|
1,450 |
|
|
1,381 |
Adjusted
EBITDA |
$ |
(6,510) |
|
$ |
(9,384) |
Adjusted EBITDA % |
|
(26%) |
|
|
(37%) |
|
Three Months Ended |
|
Dec 31, 2022 |
|
Sep 30, 2022 |
(in thousands, except for per
share data and percentages) |
1Q23 |
|
4Q22 |
Net loss |
$ |
(11,693) |
|
$ |
(16,873) |
Net loss per share basic and
diluted |
$ |
(0.31) |
|
$ |
(0.45) |
Stock-based compensation
expense |
|
1,734 |
|
|
1,619 |
Asset retirement obligation
accretion |
|
51 |
|
|
64 |
Amortization of intangible
assets |
|
326 |
|
|
58 |
Severance expense |
|
475 |
|
|
35 |
CATV transition - gain on sale
of assets |
|
— |
|
|
(766) |
Acquisition-related - gain on
sale of assets |
|
(1,171) |
|
|
— |
Acquisition-related
expense |
|
2,060 |
|
|
5,166 |
Litigation-related
expense |
|
105 |
|
|
413 |
Variable compensation accrual
adjustment |
|
— |
|
|
(3,070) |
Impairment charge |
|
— |
|
|
2,956 |
Other income |
|
(107) |
|
|
(520) |
Foreign exchange (gain)
loss |
|
(75) |
|
|
192 |
Income tax expense
(benefit) |
|
94 |
|
|
(164) |
Non-GAAP net
loss |
$ |
(8,201) |
|
$ |
(10,890) |
Non-GAAP net loss per share
basic and diluted |
$ |
(0.22) |
|
$ |
(0.29) |
Interest expense, net |
|
241 |
|
|
125 |
Depreciation expense |
|
1,450 |
|
|
1,381 |
Adjusted
EBITDA |
$ |
(6,510) |
|
$ |
(9,384) |
Adjusted EBITDA % |
|
(26%) |
|
|
(37%) |
|
Three Months Ended |
|
|
Three Months Ended |
(in thousands,
except for percentages) |
Dec 31, 2022 |
|
Sep 30, 2022 |
|
|
Dec 31, 2022 |
|
Sep 30, 2022 |
1Q23 |
|
4Q22 |
|
|
1Q23 |
|
4Q22 |
Aerospace and
Defense |
|
|
|
|
Broadband |
|
|
|
Gross profit |
$ |
4,108 |
|
|
$ |
889 |
|
|
Gross profit |
$ |
(1,049 |
) |
|
$ |
117 |
|
Gross margin |
|
19 |
% |
|
|
4 |
% |
|
Gross margin |
|
(32 |
%) |
|
|
3 |
% |
Stock-based compensation
expense |
|
273 |
|
|
|
181 |
|
|
Stock-based compensation
expense |
|
114 |
|
|
|
167 |
|
Asset retirement obligation
accretion |
|
39 |
|
|
|
57 |
|
|
Asset retirement obligation
accretion |
|
12 |
|
|
|
7 |
|
Amortization of intangible
assets |
|
293 |
|
|
|
58 |
|
|
Amortization of intangible
assets |
|
33 |
|
|
|
— |
|
Variable compensation accrual
adjustment |
|
— |
|
|
|
(804 |
) |
|
Variable compensation accrual
adjustment |
|
— |
|
|
|
(236 |
) |
Non-GAAP gross
profit |
$ |
4,713 |
|
|
$ |
381 |
|
|
Non-GAAP gross
profit |
$ |
(890 |
) |
|
$ |
55 |
|
Non-GAAP gross margin |
|
22 |
% |
|
|
2 |
% |
|
Non-GAAP gross margin |
|
(27 |
%) |
|
|
1 |
% |
|
|
|
|
|
|
|
|
|
R&D
expense |
$ |
4,349 |
|
|
$ |
3,506 |
|
|
R&D
expense |
$ |
1,002 |
|
|
$ |
1,355 |
|
Stock-based compensation
expense |
|
(193 |
) |
|
|
(170 |
) |
|
Stock-based compensation
expense |
|
(79 |
) |
|
|
(47 |
) |
Variable compensation accrual
adjustment |
|
— |
|
|
|
347 |
|
|
Variable compensation accrual
adjustment |
|
— |
|
|
|
289 |
|
Non-GAAP R&D
expense |
$ |
4,156 |
|
|
$ |
3,683 |
|
|
Non-GAAP R&D
expense |
$ |
923 |
|
|
$ |
1,597 |
|
Non-GAAP
profit |
$ |
557 |
|
|
$ |
(3,302 |
) |
|
Non-GAAP
profit |
$ |
(1,813 |
) |
|
$ |
(1,542 |
) |
Contact:EMCORE CorporationTom Minichiello(626)
293-3400investor@emcore.com
EMCORE (NASDAQ:EMKR)
過去 株価チャート
から 6 2024 まで 7 2024
EMCORE (NASDAQ:EMKR)
過去 株価チャート
から 7 2023 まで 7 2024