EMCORE Reports Fiscal 2024 Second Quarter Results
May 08, 2024
EMCORE Reports Fiscal 2024 Second Quarter Results
EMCORE Corporation

BUDD LAKE, NJ, May 08, 2024 (GLOBE NEWSWIRE) – EMCORE Corporation (Nasdaq: EMKR), the world’s largest independent provider of inertial navigation solutions to the aerospace and defense industry, today announced results for the fiscal 2024 second quarter (2Q24) ended March 31, 2024. Management will host a conference call to discuss 2Q24 financial and business results on May 8, 2024 at 5:00 p.m. Eastern Time (ET).

“Lower-than-expected revenue in the March quarter was primarily due to product shipment delays and declining revenue from our Budd Lake site. The lower top-line negatively impacted 2Q24 profit margins,” said Tom Minichiello, Chief Financial Officer of EMCORE. “With regard to cash and liquidity, we announced last week the $2.92 million sale of our Chips business and Alhambra InP wafer fab assets, a restructuring of our debt resulting from Hale Capital’s acquisition of our credit facility, and formation of a Board of Director Restructuring Committee with authority to direct management to make cost reductions aimed at achieving at least break-even adjusted operating cash flow on a quarterly basis beginning with the September 2024 quarter.”
Three Months Ended Mar 31, 2024
2Q24		 Dec 31, 2023
1Q24		 Change
Revenue$19.6M$24.1M–$4.5M
Gross margin17%25%–8%
Operating expenses$10.9M$10.4M+$0.5M
Net loss (GAAP)($7.8M)($4.4M)–$3.4M
Adjusted EBITDA($5.8M)($1.7M)–$4.1M
Cash & Equivalents$12.0M$21.2M–$9.2M

The company expects Q3 revenues of approximately $19–21 million. CEO Jeff Rittichier departed effective immediately; Chair Cletus Glasener noted that the Board will take necessary actions in support of their aerospace & defense strategy.

They will host a conference call on May 8 at 5 p.m. ET. U.S./Canada: 800‑715‑9871; International: +1 646‑307‑1963; passcode: 4386861. A webcast is available via the EMCORE investor site.

About EMCORE: EMCORE Corporation is a leading provider of inertial navigation products with vertically-integrated manufacturing facilities in Alhambra, Budd Lake, Concord, and Tinley Park. The company is ISO‑9001 and AS9100 certified.

Forward‑Looking Statements: This release contains forward-looking statements subject to risks. Please refer to the full press release for further details.

Scroll to Top