Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission File Number 001-36632 EMCORE Corporation (Exact name of registrant as specified in its charter) New Jersey 22-2746503 ( j p or ...

EMCORE Corporation (NASDAQ:EMKR) Q1 2021 Earnings Conference Call February 4, 2021 8:00 AM ET Company Participants Tom Minichiello - CFO Jeff Rittichier - President & CEO Conference Call Participants Jaeson Schmidt - Lake Street Tim Savageaux - Northland Securities Operator Good day and welcome to the EMCORE First Quarter 2021 Earnings Conference Call. Today's conference is being recorded. All participants are in a listen-only mode. [Operator Instructions]. At this time, I would like to turn the conference ...

Table of Contents Title of Each Class Trading Symbol Name of Each Exchange on Which Registered Common stock, no par value EMKR The Nasdaq Stock Market LLC (Nasdaq Global Market) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ...

EMCORE Corporation (NASDAQ:EMKR) Q4 2020 Earnings Conference Call December 1, 2020 8:00 AM ET Company Participants Tom Minichiello - CFO Jeff Rittichier - CEO Conference Call Participants Jaeson Schmidt - Lake Street Dave Kang - B. Riley Tim Savageaux - Northland Capital Operator Good day and welcome to the EMCORE Fourth Quarter 2020 Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Tom Minichiello, EMCORE Chief Financial Officer. Sir, please g ...

EMCORE Corp (NASDAQ:EMKR) Q3 2020 Earnings Conference Call August 6, 2020 8:00 AM ET Company Participants Erica Mannion - Sapphire Investor Relations Jeffrey Rittichier - CEO, President & Director Thomas Minichiello - CFO Conference Call Participants Jaeson Schmidt - Lake Street Capital Markets Tim Savageaux - Northland Capital Markets Dave Kang - B. Riley FBR, Inc. Operator Ladies and gentlemen, thank you for standing by and welcome to the EMCORE Corporation Fiscal Third Quarter 2020 Earnings Conference Ca ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission File Number 001-36632 EMCORE Corporation (Exact name of registrant as specified in its charter) New Jersey 22-2746503 ( j p organi ...

EMCORE Corp (NASDAQ:EMKR) Q2 2020 Earnings Conference Call May 7, 2020 8:00 AM ET Company Participants Erica Mannion - Sapphire Investor Relations Jeffrey Rittichier - CEO, President & Director Thomas Minichiello - CFO Conference Call Participants Jaeson Schmidt - Lake Street Capital Markets Timothy Savageaux - Northland Capital Markets Ku Kang - B. Riley FBR, Inc. Operator Thank you, gentlemen. Thank you for standing by, and welcome to the EMCORE Corporation Fiscal Second Quarter 2020 Earnings Conference ...

Part I: Financial Information This section provides unaudited financial statements and management's analysis for the period ended March 31, 2020 [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited financial statements show revenue growth from the SDI acquisition, continued net losses, increased assets from new lease standards, and negative operating cash flow [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Revenue increased for both three and six-month periods, reaching $23.9 million and $49.3 million respectively, while net losses persisted but narrowed for the six-month period Consolidated Statement of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended Mar 31, 2020 | Three Months Ended Mar 31, 2019 | Six Months Ended Mar 31, 2020 | Six Months Ended Mar 31, 2019 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $23,850 | $21,745 | $49,332 | $45,746 | | **Gross Profit** | $6,427 | $5,809 | $13,901 | $11,617 | | **Operating Loss** | $(4,981) | $(5,507) | $(6,434) | $(11,311) | | **Net Loss** | $(5,081) | $(4,994) | $(6,416) | $(10,532) | | **Net Loss Per Share** | $(0.18) | $(0.18) | $(0.22) | $(0.38) | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $110.9 million due to new lease accounting, while total liabilities rose and shareholders' equity decreased Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2020 | September 30, 2019 | | :--- | :--- | :--- | | Cash and cash equivalents | $22,030 | $21,574 | | Total current assets | $74,312 | $71,969 | | Property, plant, and equipment, net | $20,894 | $37,223 | | **Total Assets** | **$110,914** | **$109,562** | | Total current liabilities | $21,870 | $30,719 | | **Total Liabilities** | **$38,101** | **$32,816** | | **Total Shareholders' Equity** | **$72,813** | **$76,746** | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating activities used $7.5 million in cash, while investing activities provided $12.5 million, primarily from asset sales, leading to a net cash increase Consolidated Statement of Cash Flows Highlights (in thousands) | Cash Flow Activity | Six Months Ended Mar 31, 2020 | Six Months Ended Mar 31, 2019 | | :--- | :--- | :--- | | Net cash used in operating activities | $(7,528) | $(7,061) | | Net cash provided by (used in) investing activities | $12,486 | $(5,576) | | Net cash (used in) provided by financing activities | $(4,853) | $44 | | **Net increase (decrease) in cash** | **$113** | **$(12,558)** | [Notes to our Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20our%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the SDI acquisition, segment reorganization, a sale-leaseback transaction, and the subsequent receipt of a $6.5 million PPP loan - The company completed the acquisition of Systron Donner Inertial, Inc. (SDI) on June 7, 2019, for a total purchase price of approximately **$25.0 million**; SDI contributed **$14.4 million** in net revenue and a net loss of **$0.8 million** for the six months ended March 31, 2020[42](index=42&type=chunk)[43](index=43&type=chunk) - On February 10, 2020, the company completed a sale and leaseback of its Concord, California property, receiving net proceeds of **$12.8 million** and recognizing a gain of approximately **$0.3 million**[59](index=59&type=chunk) - Effective in fiscal year 2020, the company has two reportable segments: Aerospace and Defense, and Broadband; for the six months ended March 31, 2020, Aerospace and Defense revenue was **$26.7 million**, and Broadband revenue was **$22.6 million**[97](index=97&type=chunk)[100](index=100&type=chunk) - Subsequent to the quarter end, on May 3, 2020, the company received a loan of approximately **$6.5 million** under the Paycheck Protection Program (PPP)[105](index=105&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses revenue growth driven by Aerospace and Defense, offset by Broadband declines, COVID-19 impacts, strategic initiatives, and liquidity assessment [Business Overview and Recent Developments](index=29&type=section&id=Business%20Overview%20and%20Recent%20Developments) The company's segments face COVID-19 disruptions, while it integrates the SDI acquisition, completed a sale-leaseback, and transitions CATV manufacturing to a contract model - The COVID-19 pandemic has disrupted global supply chains and logistics, causing some delays in Aerospace and Defense product shipments in late Q2 2020 and delaying the transfer of CATV manufacturing equipment to Hytera in Thailand[113](index=113&type=chunk)[116](index=116&type=chunk)[118](index=118&type=chunk) - As part of a move to a variable cost model, the company entered an agreement to sell CATV manufacturing equipment to Hytera for approximately **$5.54 million** and entered a five-year contract manufacturing agreement with them[123](index=123&type=chunk)[125](index=125&type=chunk) - The company completed a sale and leaseback of its Concord, CA real estate on February 10, 2020, for a total purchase price of **$13.2 million**, receiving net proceeds of **$12.8 million**[127](index=127&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Total revenue increased for both three and six-month periods, driven by Aerospace and Defense growth offsetting Broadband declines, with improved six-month operating loss Revenue by Segment - Three Months Ended March 31 (in thousands) | Segment | 2020 | 2019 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Aerospace and Defense | $13,013 | $6,872 | $6,141 | 89.4% | | Broadband | $10,837 | $14,873 | $(4,036) | -27.1% | | **Total Revenue** | **$23,850** | **$21,745** | **$2,105** | **9.7%** | - The increase in Aerospace and Defense revenue for the three months ended March 31, 2020, was primarily driven by **$6.3 million** in revenue from the acquired SDI business[135](index=135&type=chunk) Revenue by Segment - Six Months Ended March 31 (in thousands) | Segment | 2020 | 2019 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Aerospace and Defense | $26,717 | $11,012 | $15,705 | 142.6% | | Broadband | $22,615 | $34,734 | $(12,119) | -34.9% | | **Total Revenue** | **$49,332** | **$45,746** | **$3,586** | **7.8%** | - SG&A expense for the six months ended March 31, 2020 decreased by **10.7%** YoY to **$13.0 million**, primarily due to lower attorneys' fees and litigation costs[155](index=155&type=chunk)[165](index=165&type=chunk) [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains $22.1 million in cash and $52.4 million in working capital, with investing activities providing cash, and sufficient liquidity for the next twelve months - As of March 31, 2020, the company held **$22.1 million** in cash and cash equivalents and had net working capital of approximately **$52.4 million**[177](index=177&type=chunk) Cash Flow Summary - Six Months Ended March 31 (in thousands) | Activity | 2020 | 2019 | | :--- | :--- | :--- | | Net cash used in operating activities | $(7,528) | $(7,061) | | Net cash provided by (used in) investing activities | $12,486 | $(5,576) | | Net cash (used in) provided by financing activities | $(4,853) | $44 | - The company has a credit facility with Wells Fargo providing a revolving line of up to **$15.0 million**, maturing in November 2021, with **$8.0 million** available for borrowing as of May 4, 2020[178](index=178&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces market risks from foreign currency, interest rates, and increased credit market volatility due to the COVID-19 pandemic - The company is exposed to foreign currency risk due to its operations in China, where the functional currency is the Yuan Renminbi, and does not currently hedge this exposure[200](index=200&type=chunk)[204](index=204&type=chunk)[205](index=205&type=chunk) - Interest rate risk is considered insignificant, as a hypothetical 50 basis point increase would not materially impact interest expense[206](index=206&type=chunk) - The COVID-19 pandemic has led to disruption and volatility in global capital markets, potentially impacting the company's future access to capital[208](index=208&type=chunk) [Item 4. Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective, and the company is integrating internal controls of the acquired SDI business - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2020[209](index=209&type=chunk)[211](index=211&type=chunk) - The company is reviewing and integrating the internal controls of Systron Donner Inertial, Inc. (SDI), acquired on June 7, 2019[212](index=212&type=chunk) Part II: Other Information This section provides information on legal proceedings, risk factors, and exhibits filed with the report [Item 1. Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, notably resolving an arbitration and patent claims with Phoenix Navigation Components, LLC - Details regarding legal proceedings are disclosed in Note 13 to the condensed consolidated financial statements[214](index=214&type=chunk) - In October 2019, the company paid approximately **$4.5 million** to Phoenix Navigation Components, LLC to satisfy an arbitration award for damages, attorneys' fees, and interest[86](index=86&type=chunk) - In December 2019, the company settled remaining patent claims with Phoenix for a total of **$0.4 million**, payable in installments through July 2020[87](index=87&type=chunk) [Item 1A. Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors) The company identifies the COVID-19 pandemic as a significant risk, potentially impacting operations, supply chain, customer demand, and capital access - The COVID-19 pandemic is identified as a major risk factor with uncertain and potentially material adverse effects on the business[216](index=216&type=chunk)[217](index=217&type=chunk) - Key COVID-19 related risks include: - **Supply Chain Disruption**: Many suppliers have ceased or limited operations, and shortages in air freight capacity have made procurement more difficult and costly[220](index=220&type=chunk) - **Operational Impact**: Facility closures or work slowdowns could occur, and facilities are not operating at full staffing, potentially delaying deliveries[223](index=223&type=chunk) - **Customer Demand**: The company could see reduced customer orders, and delays in inspection, acceptance, and payment from customers[224](index=224&type=chunk) - **Capital Markets**: Disruption and volatility in global capital markets could impact future capital resources and liquidity[225](index=225&type=chunk) [Item 6. Exhibits](index=50&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed, including agreements for acquisitions, asset sales, leases, the PPP loan, and CEO/CFO certifications - The exhibits filed with this report include key agreements such as the Asset Purchase Agreement with Hytera, the Sale and Leaseback agreement for the Concord property, and the Paycheck Protection Program Promissory Note[227](index=227&type=chunk)

Table of Contents FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2019 or ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission File Number 001‑36632 emcore® EMCORE Corporation (Exact name of registrant as specified in its charter) | --- | --- | |----------------------------------------------------------------|-------------- ...

Financial Data and Key Metrics Changes - Revenue for Q1 2020 was $25.5 million, an increase of $1.2 million or 5% compared to $24.3 million in Q4 2019 [31] - Non-GAAP gross margin rose to 30%, up from 19% in the previous quarter, driven by cost improvements and a favorable product mix [11][33] - Non-GAAP operating loss improved to $1.8 million from $7.7 million in the prior quarter, with adjusted EBITDA turning positive at $200,000 compared to negative $5.7 million [37] Business Line Data and Key Metrics Changes - Aerospace and Defense (A&D) accounted for 54% of revenue, while Broadband accounted for 46% [10] - Within A&D, Defense Optoelectronics revenue increased by double digits, and Quartz MEMS revenue also grew sequentially, although FOG revenue decreased [32] - Broadband revenue increased due to higher sales across all product lines, including cable TV, chips, and wireless [32] Market Data and Key Metrics Changes - Demand for Cable Television products improved sequentially but remained lower due to ongoing softness in MSO spending [18] - The company expects a typical seasonal decline of 15% to 20% in Cable Television revenue in the March quarter [42] - Demand for other broadband products, notably chips and wireless, grew quarter-over-quarter, albeit from low volumes [19] Company Strategy and Development Direction - The company is focused on cost-cutting initiatives and improving operational efficiency, with a new restructuring plan expected to save $4 million annually [38] - Transition to EMS manufacturing with Hytera is on schedule, with the first laser module manufacturing line installed [21] - The company aims to achieve sustained positive EBITDA starting in Q3 2020, followed by profitable top-line growth as new programs in Aerospace and Defense begin production [25] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding production in Asia but acknowledged the fluid and unpredictable situation due to the coronavirus outbreak [28] - Revenue guidance for Q2 is expected to be in the range of $23 million to $25 million, slightly down from Q1 [28] - The company is taking a conservative view on revenue due to potential impacts from travel restrictions and supply chain disruptions related to the coronavirus [26][27] Other Important Information - Cash totaled $15.4 million at December 31, 2019, down from $22 million at September 30, 2019, with cash used during Q1 primarily for litigation and business operations [39] - A sale leaseback transaction for the Concord facility is expected to close on February 10, netting approximately $12.8 million in cash proceeds [40] Q&A Session Summary Question: Clarification on cable business decline - Management confirmed that historically, Q1 sees a decline in cable business due to seasonal trends, typically between 10% to 20% [42] Question: Impact of coronavirus on business - Management indicated that travel restrictions from China could affect operations and timelines, but all personnel are currently healthy [43][44] Question: Future operating expenses outlook - Management expects to maintain current operating expenses around $9.4 million in the short term, with potential reductions in the back half of the fiscal year [46][47] Question: Drivers of top-line guidance - Management clarified that the defense business is not impacted by the coronavirus, with cable TV being the primary concern for revenue softness [50][51] Question: Gross margin expectations for the future - Management anticipates maintaining or improving gross margins in the back half of the fiscal year, with expectations of reaching 30% or higher [63][64]