Emcore Stock Price, News & Analysis

EMCORE Corporation (Nasdaq: EMKR) has announced a significant restructuring program aimed at streamlining operations. The company will terminate its Broadband business segment and defense optoelectronics product line. This decision follows extensive discussions to divest non-strategic units. EMCORE plans to reduce annual costs by approximately $12 million and cut the workforce by about 100 employees, primarily in Alhambra and China. The restructuring is expected to be finalized by September 30, 2023, and will involve downsizing its Alhambra campus. This move signifies EMCORE's commitment to focusing on its core inertial navigation business, leveraging its advanced technologies such as QMEMS and Lithium Niobate chips.

EMCORE Corporation (Nasdaq: EMKR) announced a public offering pricing of 15,454,546 shares of its common stock at $1.10 per share, aiming for gross proceeds of approximately $17 million. The offering is expected to close around February 17, 2023, pending customary conditions. A.G.P./Alliance Global Partners serves as the sole placement agent. The offering relates to a previously effective shelf registration statement with the SEC. This release emphasizes that it does not constitute an offer to sell or solicit an offer to buy these securities.

EMCORE Corporation (Nasdaq: EMKR) announced a public offering of its common stock, with all shares being offered by the company. This offering is subject to market conditions, and the exact size and terms are not guaranteed. The offering is being facilitated by A.G.P./Alliance Global Partners as the sole placement agent. A shelf registration statement for the shares was previously filed and became effective on May 20, 2021. EMCORE emphasizes that this press release does not constitute an offer to sell securities where such offers would be unlawful. Forward-looking statements regarding the timing and completion of the offering are included but subject to uncertainties.

EMCORE Corporation (Nasdaq: EMKR) announced its participation in the Cowen 44th Annual Aerospace/Defense & Industrials Conference, scheduled for February 16, 2023, at 11:30 AM ET. Management will present insights into the company’s advanced mixed-signal products, catering to aerospace, defense, communications, and sensing markets. A live webcast of the presentation will be accessible via here, with a replay available post-event at this link. EMCORE specializes in high-quality components and systems, boasting ISO 9001 and AS9100 certifications across its manufacturing facilities, located in California, New Jersey, and Illinois.

EMCORE Corporation (Nasdaq: EMKR) announced its fiscal 2023 first quarter results, reporting consolidated revenue of $25.0 million, down from $25.6 million in the previous quarter. The net loss was $11.7 million, with an adjusted EBITDA of negative $6.5 million. The Aerospace and Defense (A&D) segment generated $21.7 million in revenue, accounting for 87% of total revenue, with a gross margin of 22%. The company anticipates revenue for 2Q23 to range between $27 million and $29 million. Despite challenges, management aims to enhance cash flow and simplify operations while divesting non-strategic product lines.

EMCORE Corporation (Nasdaq: EMKR) will announce its fiscal 2023 first-quarter results on February 8, 2023, after market close. A conference call led by President & CEO Jeff Rittichier and CFO Tom Minichiello will commence at 5:00 p.m. ET to discuss the results and current business conditions. Interested participants are invited to register through a provided link to join the call via phone or a web interface. EMCORE specializes in advanced mixed-signal products for aerospace, defense, communications, and sensing markets, with manufacturing facilities in several locations across the U.S.