EMCORE Restructuring Update: Personnel Reduction and Alhambra Closure

Core Viewpoint - EMCORE Corporation is implementing significant personnel and expense reduction actions, including the closure of its Alhambra, CA site, to achieve adjusted cash flow break even by September 30, 2024 [1][2][3] Group 1: Personnel and Cost Reductions - The planned personnel reductions are expected to save approximately $17 million annually and will affect about 40% of EMCORE's workforce [2] - The closure of the Alhambra site is anticipated to be completed by the fourth fiscal quarter ending September 30, 2024, with restructuring charges to be finalized in the third fiscal quarter ending June 30, 2024 [2][3] Group 2: Strategic Importance - The actions taken are described as critical initial steps to position EMCORE for future success and to enable the execution of its current and planned business base [3] - The leadership team expresses gratitude towards affected employees, indicating a focus on maintaining morale during the restructuring process [3] Group 3: Company Overview - EMCORE Corporation is a leading provider of inertial navigation products for the aerospace and defense markets, utilizing advanced technologies such as Photonic Integrated Chip (PIC) and Quartz MEMS [4] - The company maintains vertically-integrated manufacturing capabilities across its facilities in Budd Lake, NJ, Concord, CA, and Tinley Park, IL, with relevant quality management certifications [4]