EMCORE CORP

CIK:0000808326|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 19,305	$ 24,123
Cost of revenue	13,036	18,035
Gross profit	6,269	6,088
Operating expense:
Selling, general, and administrative	7,171	6,609
Research and development	1,631	3,609
Restructuring	928	0
Severance	19	211
Gain on sale of assets	0	(31)
Total operating expense	9,749	10,398
Operating loss	(3,480)	(4,310)
Other expense:
Change in Fair value of warrant liability	(1,946)	0
Interest expense, net	0	(9)
Other income (expense)	7	(16)
Total other expense	(1,939)	(25)
Loss from continuing operations before income tax expense	(5,419)	(4,335)
Income tax expense from continuing operations	(42)	(28)
Net loss from continuing operations	(5,461)	(4,363)
Loss from discontinued operations	(50)	(1,316)
Net loss	$ (5,511)	$ (5,679)
Per share data:
Net loss on continuing operations per share, basic (in dollars per share)	$ (0.60)	$ (0.49)
Net loss from continuing operations per share, diluted (in dollars per share)	(0.60)	(0.49)
Net loss on discontinued operations per share, basic (in dollars per share)	(0.01)	(0.15)
Net loss on discontinued operations per share, diluted (in dollars per share)	(0.01)	(0.15)
Net loss per share, basic (in dollars per share)	(0.61)	(0.64)
Net loss per share, diluted (in dollars per share)	$ (0.61)	$ (0.64)
Weighted-average number of shares outstanding, basic (in shares)	9,068	8,899
Weighted-average number of shares outstanding, diluted (in shares)	9,068	8,899

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (5,511)	$ (5,679)
Less: Loss from discontinued operations, net of tax	(50)	(1,316)
Loss from continuing operations, net of tax	(5,461)	(4,363)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	1,072	1,457
Stock-based compensation expense	506	848
Provision adjustment related to credit loss	12	0
Provision adjustment related to product warranty	25	(71)
Gain on sale of assets	0	(31)
Change in Fair value of warrant liability	1,946	0
Total non-cash adjustments	3,561	2,203
Changes in operating assets and liabilities:
Accounts receivable and contract assets, net	298	(238)
Inventory	(953)	(3,049)
Other assets	(103)	985
Accounts payable	(483)	2,887
Financing payable	(439)	(276)
Contract liabilities	1,059	479
Operating lease liabilities	(47)	(735)
Accrued expenses and other liabilities	807	(14)
Total change in operating assets and liabilities	139	39
Net cash used in operating activities - continuing operations	(1,761)	(2,121)
Net used in operating activities - discontinued operations	(50)	(2,229)
Net cash used in operating activities	(1,811)	(4,350)
Cash flows from investing activities:
Purchase of property, plant, and equipment	0	(214)
Proceeds from disposal of property, plant, and equipment	0	32
Proceeds from deposit on disposition of assets held for sale	0	1,000
Net cash provided by investing activities	0	818
Cash flows from financing activities:
Payments towards line of credit	0	(1,768)
Payments towards note payable	0	(213)
Payments of issuance costs related to sales of common stock	0	(18)
Taxes paid related to net share settlement of equity awards	0	(1)
Net cash used in financing activities	0	(2,000)
Net decrease in cash, cash equivalents, and restricted cash	(1,811)	(5,532)
Cash, cash equivalents, and restricted cash at beginning of period	10,786	26,706
Cash, cash equivalents, and restricted cash at end of period	8,975	21,174
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest	0	274
NON-CASH INVESTING AND FINANCING ACTIVITIES
Changes in accounts payable related to purchases of equipment	$ 0	$ (214)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Current assets:
Cash and cash equivalents	$ 8,480	$ 10,291
Restricted cash	495	495
Accounts receivable, net of allowances for credit losses of $41 and $173, respectively	14,654	14,342
Contract assets	560	1,182
Inventory	26,017	25,065
Prepaid expenses	3,604	3,504
Other current assets	128	137
Total current assets	53,938	55,016
Property, plant, and equipment, net	7,298	7,868
Operating lease right-of-use assets	17,367	18,094
Other intangible assets, net	9,807	10,289
Other non-current assets	2,659	2,646
Total assets	91,069	93,913
Current liabilities:
Accounts payable	8,037	8,563
Accrued expenses and other current liabilities	6,095	5,220
Contract liabilities	2,483	1,424
Financing payable	148	587
Operating lease liabilities - current	2,298	2,668
Total current liabilities	19,061	18,462
Operating lease liabilities - non-current	17,843	18,247
Asset retirement obligations	2,398	2,378
Warrant liability (Note 10)	6,606	4,660
Total liabilities	45,908	43,747
Commitments and contingencies (Note 12)
Shareholders’ equity:
Common stock, no par value, 100,000 shares authorized; 9,771 shares issued and 9,081 shares outstanding as of December 31, 2024; 9,764 shares issued and 9,703 shares outstanding as of September 30, 2024	826,131	825,625
Treasury stock at cost; 691 shares as of December 31, 2024 and September 30, 2024	(47,721)	(47,721)
Accumulated other comprehensive income	958	958
Accumulated deficit	(734,207)	(728,696)
Total shareholders’ equity	45,161	50,166
Total liabilities and shareholders’ equity	$ 91,069	$ 93,913