EMCORE : Reports Fiscal 2021 Fourth Quarter and Year End Results - Form 8-K
November 30, 2021 at 04:11 pm EST
Share
EMCORE Reports Fiscal 2021 Fourth Quarter and Year End Results
ALHAMBRA, CA, November 30, 2021 (GLOBE NEWSWIRE) - 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 2021 fourth quarter (4Q21) and full fiscal year (FY21) ended September 30, 2021. Management will host a conference call to discuss financial and business results tomorrow, Wednesday, December 1, 2021, at 8:00 AM Eastern Time (ET).
For 4Q21, consolidated revenue was $44.0 million, comprised of $11.7 million from the Aerospace and Defense (A&D) segment and $32.2 million from the Broadband segment. Net income was $5.1 million and $6.8 million on a GAAP and non-GAAP basis, respectively. Adjusted EBITDA was $7.8 million.
For FY21, consolidated revenue was $158.4 million, comprised of $50.8 million from the A&D segment and $107.6 million from the Broadband segment. Net income was $25.6 million and $24.0 million on a GAAP and non-GAAP basis, respectively. Adjusted EBITDA was $28.1 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 delivered record-setting financial performance in the fiscal fourth quarter and for the full fiscal year 2021 despite headwinds from semiconductor shortages and supply chain problems. Strong demand from our Broadband customers and solid execution by the Emcore operating team combined to showcase the operating leverage in our business. For FY21, revenue was up 44%, gross margin expanded to 39%, and net income was 16% of revenue," said Jeff Rittichier, Chief Executive Officer of EMCORE. "While the global pandemic impacted our A&D results in FY21, we made strong progress with the development and integration of new products for the navigation market and in strengthening our sales and marketing team. Now that our A&D customers are returning to more normal working environments, we expect significant growth from this segment in FY22."
Consolidated Results
Three Months Ended
Sep 30, 2021
Jun 30, 2021
+increase/
-decrease
4Q21
3Q21
Revenue
$44.0M
$42.7M
+$1.3M
Gross Margin
39%
40%
-1%
Operating Expenses
$11.6M
$10.8M
+$0.8M
Operating Margin
13%
15%
-2%
Net Income (1)
$5.1M
$13.6M
-$8.5M
Earnings Per Share Diluted (1)
$0.13
$0.35
-$0.22
Non-GAAP Gross Margin (2)
39%
41%
-2%
Non-GAAP Operating Expenses (2)
$10.5M
$9.6M
+0.9M
Non-GAAP Operating Margin (2)
16%
19%
-3%
Non-GAAP Net Income (2)
$6.8M
$7.9M
-$1.1M
Non-GAAP Earnings Per Share Diluted (2)
$0.17
$0.20
-$0.03
Adjusted EBITDA
$7.8M
$8.9M
-$1.1M
Ending Cash and Cash Equivalents
$71.7M
$68.3M
+$3.4M
(1) 3Q21 includes $7.4M of non-recurring gains related to extinguishment of debt and expiring tax-related liabilities.
(2) 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.
Twelve Months Ended
Sep 30, 2021
Sep 30, 2020
+increase/
-decrease
FY21
FY20
Revenue
$158.4M
$110.1M
+$48.3M
Gross Margin
39%
32%
+7%
Operating Expenses
$42.5M
$42.6M
-$0.1M
Operating Margin
12%
(6%)
+18%
Net Income (Loss) (1)
$25.6M
($7.0M)
+$32.6M
Earnings (Loss) Per Share Diluted (1)
$0.72
($0.24)
+$0.96
Non-GAAP Gross Margin (2)
39%
33%
+6%
Non-GAAP Operating Expenses (2)
$38.2M
$39.7M
-1.5M
Non-GAAP Operating Margin (2)
15%
(3%)
+18%
Non-GAAP Net Income (Loss) (2)
$24.0M
(3.5M)
+$27.5M
Non-GAAP Earnings (Loss) Per Share Diluted (2)
$0.67
($0.12)
+$0.79
Adjusted EBITDA
$28.1M
$2.1M
+$26.0M
Ending Cash and Cash Equivalents
$71.7M
$30.5M
+$41.2M
Loan Payable
$-
$6.5M
-$6.5M
(1) FY21 includes $7.4M of non-recurring gains related to extinguishment of debt and expiring tax-related liabilities.
(2) 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 4Q21, A&D's sequential-quarter revenue decrease was due to lower sales of QMEMS and Defense Optoelectronics products, partially offset by higher FOG revenue. The lower A&D gross margin was primarily due to lower QMEMS margins. Research and development (R&D) expense increased primarily due to lower customer-funded R&D and increased project material costs. For FY21, A&D's revenue decrease was due to lower Navigation revenue (QMEMS and FOG) and lower sales of Defense Optoelectronics products. The lower A&D gross margin was primarily due to the revenue decrease. The reduced R&D expense was primarily attributable to our FOG product line.
Three Months Ended
Sep 30, 2021
Jun 30, 2021
+increase/
-decrease
4Q21
3Q21
A&D Segment Revenue (1)
$11.7M
$12.3M
-$0.6M
A&D Segment Gross Margin
17%
31%
-14%
A&D Segment R&D Expense
$4.2M
$3.6M
+$0.6M
A&D Segment Profit (1)
($2.2M)
$0.3M
-$2.5M
Non-GAAP A&D Segment Gross Margin (2)
18%
33%
-15%
Non-GAAP A&D Segment R&D Expense (2)
$4.0M
$3.5M
+$0.5M
Non-GAAP A&D Segment Profit
($2.0M)
$0.6M
-$2.6M
(1) Individual components may not sum to the total of reported consolidated amounts due to rounding.
(2) 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.
Twelve Months Ended
Sep 30, 2021
Sep 30, 2020
+increase/
-decrease
FY21
FY20
A&D Segment Revenue (1)
$50.8M
$55.2M
-$4.4M
A&D Segment Gross Margin
27%
30%
-3%
A&D Segment R&D Expense
$14.6M
$17.5M
-$2.9M
A&D Segment Profit (1)
($0.9M)
($0.7M)
-$0.2M
Non-GAAP A&D Segment Gross Margin (2)
28%
31%
-3%
Non-GAAP A&D Segment R&D Expense (2)
$14.1M
$15.6M
-$1.5M
Non-GAAP A&D Segment Profit
$0.1M
$1.6M
-$1.5M
(1) Individual components may not sum to the total of reported consolidated amounts due to rounding.
(2) 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 4Q21 and FY21, Broadband's revenue increase was driven by record sales of Cable TV products, which also drove better gross margins. For 4Q21, the R&D expense decrease when compared to 3Q21 was primarily attributable to our Cable TV product line. For FY21, R&D expense was flat when compared to FY20.
Three Months Ended
Sep 30, 2021
Jun 30, 2021
+increase/
-decrease
4Q21
3Q21
Broadband Segment Revenue (1)
$32.2M
$30.3M
+$1.9M
Broadband Segment Gross Margin
47%
44%
+3%
Broadband Segment R&D Expense
$0.7M
$0.9M
-$0.2M
Broadband Segment Profit (1)
$14.4M
$12.5M
+$1.9M
Non-GAAP Broadband Segment Gross Margin (2)
47%
44%
+3%
Non-GAAP Broadband Segment R&D Expense (2)
$0.6M
$0.8M
-$0.2M
Non-GAAP Broadband Segment Profit
$14.6M
$12.6M
+$2.0M
(1) Individual components may not sum to the total of reported consolidated amounts due to rounding.
(2) 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.
Twelve Months Ended
Sep 30, 2021
Sep 30, 2020
+increase/
-decrease
FY21
FY20
Broadband Segment Revenue (1)
$107.6M
$54.9M
+$52.7M
Broadband Segment Gross Margin
44%
34%
+10%
Broadband Segment R&D Expense
$2.8M
$2.8M
$-M
Broadband Segment Profit (1)
$45.0M
$16.1M
+$28.9M
Non-GAAP Broadband Segment Gross Margin (2)
45%
35%
+10%
Non-GAAP Broadband Segment R&D Expense (2)
$2.5M
$2.5M
$-M
Non-GAAP Broadband Segment Profit
$45.6M
$16.6M
+$29.0M
(1) Individual components may not sum to the total of reported consolidated amounts due to rounding.
(2) 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 2022 first quarter ending December 31, 2021 to be in the range of $41 million to $43 million.
Conference Call
The Company will discuss its financial results on December 1, 2021 at 8:00 a.m. ET (5:00 a.m. PT). The call will be available, live, to interested parties by dialing 877-614-0009. For international callers, please dial +1 786-460-7199. The conference passcode number is 5156156. The call will be webcast live via the Company's website at http://www.emcore.com. A webcast will be available for replay beginning Wednesday, December 1, 2021 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 center. We leverage industry-leading 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 wafer fabrication facility in Alhambra, CA, and Quartz MEMS manufacturing facility in Concord, CA. Our manufacturing facilities maintain ISO 9001 quality management certification, and we are AS9100 aerospace quality certified at our facility in 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 profit margin, operating expenses, research and development expenses, operating profit, operating profit margin, net income, and earnings per share, 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 our growth expectations in the A&D segment, statements about our 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 projected financial results, the development of new products, 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 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 acquisition of the Systron Donner Inertial ("SDI") business may not meet our expectations, (ii) there could be losses and liabilities arising from the acquisition of SDI that we will not be able to recover from any source, and (iii) we may not realize sufficient scale in our navigation systems product line from the SDI acquisition 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) risks related to the transition of certain of our manufacturing operations from our Beijing facility to a contract manufacturer's facility; (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, 2020, 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 Statement of Operations and Comprehensive Income (Loss)
(in thousands, except for per share data)
(unaudited)
For the three months ended September 30,
For the fiscal year ended September 30,
2021
2020
2021
2020
Revenue
$
43,954
$
33,530
$
158,444
$
110,128
Cost of revenue
26,897
21,067
96,956
74,546
Gross profit
17,057
12,463
61,488
35,582
Operating expense:
Selling, general, and administrative
6,603
5,669
24,544
24,631
Research and development
4,881
6,236
17,448
20,269
Loss (gain) on sale of assets
76
(55)
515
(2,284)
Total operating expense
11,560
11,850
42,507
42,616
Operating income (loss)
5,497
613
18,981
(7,034)
Other (expense) income:
Gain on extinguishment of debt
-
-
6,561
-
Interest (expense) income, net
(15)
(50)
466
(104)
Foreign exchange (loss) gain
(49)
227
207
198
Total other (expense) income
(64)
177
7,234
94
Income (loss) before income tax expense
5,433
790
26,215
(6,940)
Income tax expense
(358)
(87)
(572)
(60)
Net income (loss)
$
5,075
$
703
$
25,643
$
(7,000)
Foreign exchange translation adjustment
(205)
(27)
(231)
(32)
Comprehensive income (loss)
$
4,870
$
676
$
25,412
$
(7,032)
Per share data
Net income (loss) per basic share
$
0.14
$
0.02
$
0.75
$
(0.24)
Weighted-average number of basic shares outstanding
36,845
29,386
34,020
29,136
Net income (loss) per diluted share
$
0.13
$
0.02
$
0.72
$
(0.24)
Weighted-average number of diluted shares outstanding
38,993
29,386
35,789
29,136
EMCORE CORPORATION
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
As of September 30
2021
2020
ASSETS
Current assets:
Cash and cash equivalents
$
71,621
$
30,390
Restricted cash
61
148
Accounts receivable, net of credit loss of $260 and $227, respectively
31,849
25,324
Contract assets
361
1,566
Inventory
32,309
25,525
Prepaid expenses and other current assets
6,877
5,589
Assets held for sale
1,241
1,568
Total current assets
144,319
90,110
Property, plant, and equipment, net
22,544
21,052
Goodwill
69
69
Operating lease right-of-use assets
13,489
14,566
Other intangible assets, net
167
202
Other non-current assets
225
242
Total assets
$
180,813
$
126,241
LIABILITIES and SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
16,686
$
16,484
Accrued expenses and other current liabilities
9,936
11,577
Operating lease liabilities - current
1,198
992
Total current liabilities
27,820
29,053
PPP liability - non-current
-
6,488
Operating lease liabilities - non-current
12,684
13,735
Asset retirement obligations
2,049
2,022
Other long-term liabilities
794
794
Total liabilities
43,347
52,092
Commitments and contingencies
Shareholders' equity:
Common stock, no par value, 50,000 shares authorized; 43,890 shares issued and 36,984 shares outstanding as of September 30, 2021; 36,461 shares issued and 29,551 shares outstanding as of September 30, 2020
782,266
744,361
Treasury stock at cost; 6,906 shares as of September 30, 2021 and 6,910 shares as of September 30, 2020
(47,721)
(47,721)
Accumulated other comprehensive income
687
918
Accumulated deficit
(597,766)
(623,409)
Total shareholders' equity
137,466
74,149
Total liabilities and shareholders' equity
$
180,813
$
126,241
EMCORE CORPORATION
Reconciliations of GAAP to Non-GAAP Financial Measures
Three Months Ended
Twelve Months Ended
Sep 30, 2021
Jun 30, 2021
Sep 30, 2021
Sep 30, 2020
4Q21
3Q21
FY21
FY20
Gross Profit
$
17,057
$
17,225
$
61,488
$
35,582
Gross Margin
39%
40%
39%
32%
Adjustments:
Stock-based compensation expense
204
220
767
692
Asset retirement obligation accretion
9
11
48
32
Amortization of acquired intangibles
9
9
36
36
Total adjustments
222
240
851
760
Non-GAAP Gross Profit
$
17,279
$
17,465
$
62,339
$
36,342
Non-GAAP Gross Margin
39%
41%
39%
33%
Three Months Ended
Twelve Months Ended
Sep 30, 2021
Jun 30, 2021
Sep 30, 2021
Sep 30, 2020
4Q21
3Q21
FY21
FY20
Operating Expenses
$
11,560
$
10,831
$
42,507
$
42,616
Stock-based compensation expense
(966)
(956)
(3,413)
(2,824)
Acquisition related expenses
-
-
-
(45)
Severance and restructuring charges
-
-
(55)
(407)
CATV transition - severance charge
-
-
-
(224)
CATV transition - (loss) gain on sale of assets
(76)
(250)
(133)
1,950
(Loss) gain on sale of assets
-
-
(382)
334
Litigation-related expenses
(58)
(70)
(297)
(1,705)
Non-GAAP Operating Expenses
$
10,460
$
9,555
$
38,227
$
39,695
Three Months Ended
Twelve Months Ended
Sep 30, 2021
Jun 30, 2021
Sep 30, 2021
Sep 30, 2020
4Q21
3Q21
FY21
FY20
Operating Profit
$
5,497
$
6,394
$
18,981
$
(7,034)
Operating Margin
13%
15%
12%
(6%)
Adjustments:
Stock-based compensation expense
1,170
1,176
4,180
3,516
Asset retirement obligation accretion
9
11
48
32
Acquisition related expenses
-
-
-
45
Amortization of acquired intangibles
9
9
36
36
Severance and restructuring charges
-
-
55
407
CATV transition - severance charge
-
-
-
224
CATV transition - loss (gain) on sale of assets
76
250
133
(1,950)
Loss (gain) on sale of assets
-
-
382
(334)
Litigation-related expenses
58
70
297
1,705
Total adjustments
1,322
1,516
5,131
3,681
Non-GAAP Operating Profit
6,819
7,910
24,112
(3,353)
Non-GAAP Operating Margin
16%
19%
15%
(3%)
Depreciation expense
990
1,016
3,978
5,416
Adjusted EBITDA
$
7,809
$
8,926
$
28,090
$
2,063
Adjusted EBITDA %
18%
21%
18%
2%
Three Months Ended
Twelve Months Ended
Sep 30, 2021
Jun 30, 2021
Sep 30, 2021
Sep 30, 2020
4Q21
3Q21
FY21
FY20
Net Income (Loss)
$
5,075
$
13,615
$
25,643
$
(7,000)
Earnings (Loss) Per Share Basic
0.14
0.37
0.75
(0.24)
Earnings (Loss) Per Share Diluted
0.13
0.35
0.72
(0.24)
Non-recurring gains, tax effected:
Gain on extinguishment of debt
-
(6,417)
(6,417)
-
Release of uncertain tax reserve and related interest
-
(1,007)
(1,007)
-
Total non-recurring gains, tax effected
-
(7,424)
(7,424)
-
Net Income (Loss), excluding non-recurring gains tax effected
$
5,075
$
6,191
$
18,219
$
(7,000)
Earnings (Loss) Per Share Basic, excluding non-recurring gains tax effected
0.14
0.17
0.54
(0.24)
Earnings (Loss) Per Share Diluted, excluding non-recurring gains tax effected
0.13
0.16
0.51
(0.24)
Adjustments:
Stock-based compensation expense
1,170
1,176
4,180
3,516
Asset retirement obligation accretion
9
11
48
32
Acquisition-related expenses
-
-
-
45
Amortization of acquired intangibles
9
9
36
36
Severance and restructuring charges
-
-
55
407
CATV transition - severance charge
-
-
-
224
CATV transition - loss (gain) on sale of assets
76
250
133
(1,950)
Litigation-related expenses
58
70
297
1,705
Loss (gain) on sale of assets
-
-
382
(334)
Foreign exchange loss (gain)
49
(87)
(207)
(198)
Income tax expense
358
265
831
60
Total adjustments
1,729
1,694
5,755
3,543
Non-GAAP Net Income (Loss)
6,804
7,885
23,974
(3,457)
Non-GAAP Earnings (Loss) Per Share Basic
0.18
0.21
0.70
(0.12)
Non-GAAP Earnings (Loss) Per Share Diluted
0.17
0.20
0.67
(0.12)
Interest expense, net
15
25
138
104
Depreciation expense
990
1,016
3,978
5,416
Adjusted EBITDA
$
7,809
$
8,926
$
28,090
$
2,063
Adjusted EBITDA %
18
%
21
%
18
%
2
%
Three Months Ended
Three Months Ended
Sep 30, 2021
Jun 30, 2021
Sep 30, 2021
Jun 30, 2021
4Q21
3Q21
4Q21
3Q21
Aerospace and Defense
Broadband
Gross Profit
$
1,959
$
3,872
Gross Profit
$
15,098
$
13,353
Gross Margin
17
%
31
%
Gross Margin
47
%
44
%
Adjustments:
Adjustments:
Stock-based compensation
118
129
Stock-based compensation
86
91
Asset retirement obligation accretion
-
-
Asset retirement obligation accretion
9
11
Amortization of acquired intangibles
9
9
Amortization of acquired intangibles
-
-
Total adjustments
127
138
Total adjustments
95
102
Non-GAAP Gross Profit
$
2,086
$
4,010
Non-GAAP Gross Profit
$
15,193
$
13,455
Non-GAAP Gross Margin
18
%
33
%
Non-GAAP Gross Margin
47
%
44
%
R&D Expenses
$
4,175
$
3,598
R&D Expenses
$
706
$
902
Stock-based compensation
(131)
(139)
Stock-based compensation
(76)
(65)
Non-GAAP R&D Expenses
$
4,044
$
3,459
Non-GAAP R&D Expenses
$
630
$
837
Twelve Months Ended
Twelve Months Ended
Sep 30, 2021
Sep 30, 2020
Sep 30, 2021
Sep 30, 2020
FY21
FY20
FY21
FY20
Aerospace and Defense
Broadband
Gross Profit
$
13,705
$
16,729
Gross Profit
$
47,783
$
18,853
Gross Margin
27
%
30
%
Gross Margin
44
%
34
%
Adjustments:
Adjustments:
Stock-based compensation
458
466
Stock-based compensation
308
226
Asset retirement obligation accretion
-
-
Asset retirement obligation accretion
48
32
Amortization of acquired intangibles
36
36
Amortization of acquired intangibles
-
-
Total adjustments
494
502
Total adjustments
356
258
Non-GAAP Gross Profit
$
14,199
$
17,231
Non-GAAP Gross Profit
$
48,139
$
19,111
Non-GAAP Gross Margin
28
%
31
%
Non-GAAP Gross Margin
45
%
35
%
R&D Expenses
$
14,616
$
17,469
R&D Expenses
$
2,832
$
2,800
Stock-based compensation
(529)
(374)
Stock-based compensation
(295)
(295)
Litigation-related expenses
-
(1,464)
Litigation-related expenses
-
-
Non-GAAP R&D Expenses
$
14,087
$
15,631
Non-GAAP R&D Expenses
$
2,537
$
2,505
Contact:
EMCORE Corporation
Tom Minichiello
(626) 293-3400
investor@emcore.com
Attachments
Original Link
Original Document
Permalink
Disclaimer
Emcore Corporation published this content on 30 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2021 21:10:06 UTC.
EMCORE Corporation is a provider of inertial navigation products for the aerospace and defense markets. The Company leverages Photonic Integrated Chip (PIC), Quartz MEMS, and Lithium Niobate chip-level technology to deliver component and system-level products across its end-market applications. Its operations include device design and production, fiber optic module and subsystem design and manufacture, and PIC-based and QMEMS-based component design and manufacture. The Company operates through the Inertial Navigation segment, whose product technology categories include FOG, QMEMS, and RLG, in each case, which serves the aerospace and defense market. Its FOG products range from tactical to navigation grade gyros, inertial measurement units (IMU) and inertial navigation systems (INS). Its QMEMS gyroscopes, accelerometers, IMUs, and INS products deliver size, weight, and power (SWaP) performance and cost advantages over alternative technologies.