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EMCORE (EMKR) investor relations material
EMCORE Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Completed transition to a pure-play inertial navigation company after divesting broadband, optoelectronics, and chips businesses.
Entered into a definitive merger agreement with Velocity One Holdings, LP; shareholders to receive $3.10 per share in cash.
Significant restructuring in 2023 and 2024, including facility closures and workforce reduction by 50%.
Gross profit margins improved significantly to 32% from 21% in the prior quarter, driven by restructuring and favorable revenue mix.
Backlog remains strong, supporting future business stability.
Financial highlights
Revenue for Q1 FY2025 was $19.3M, down 20% year-over-year and sequentially from $21.7M in 4Q24.
Gross margin improved to 36% year-over-year and 32% sequentially.
GAAP net loss from continuing operations was $5.5M, or $0.60 per share.
Non-GAAP net income from continuing operations was $0.5M, or $0.05 per share.
Adjusted EBITDA was $1.1M (5.5% of revenue), up from negative $0.4M in 4Q24.
Outlook and guidance
Management anticipates sufficient liquidity for at least 12 months, but substantial doubt about going concern remains.
Merger expected to close in Q2 2025, after which shares will be delisted from Nasdaq.
Further cost reductions and/or capital raises may be necessary if liquidity actions are unsuccessful.
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