10-Q Filing

EMCORE CORP CIK: 808326 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0000808326-22-000008`
Period End Date	20211231
Filing Date	20220209
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	emkr-20211231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 42 Cash Flow Statement 58 Stockholders Equity 12

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Allowance for credit loss	`AllowanceForDoubtfulAccountsReceivableCurrent`	$425.00K	USD	Point-in-time
Allowance for credit loss	`AllowanceForDoubtfulAccountsReceivableCurrent`	$260.00K	USD	Point-in-time
Common stock, no par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Common stock, no par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$71.62M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$74.90M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	43.89M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$61.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	44.18M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$1.06M	USD	Point-in-time
Accounts receivable, net of credit loss of $425 and $260, respectively	`AccountsReceivableNetCurrent`	$32.38M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	36.98M	shares	Point-in-time
Accounts receivable, net of credit loss of $425 and $260, respectively	`AccountsReceivableNetCurrent`	$31.85M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	37.27M	shares	Point-in-time
Treasury stock, shares held (in shares)	`TreasuryStockShares`	6.91M	shares	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$238.00K	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$361.00K	USD	Point-in-time
Treasury stock, shares held (in shares)	`TreasuryStockShares`	6.91M	shares	Point-in-time
Inventory	`InventoryCurrent`	$32.31M	USD	Point-in-time
Inventory	`InventoryCurrent`	$31.28M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$7.05M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.88M	USD	Point-in-time
Assets held for sale	`AssetsHeldForSaleNotPartOfDisposalGroup`	$1.24M	USD	Point-in-time
Assets held for sale	`AssetsHeldForSaleNotPartOfDisposalGroup`	$1.05M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$147.96M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$144.32M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$22.54M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$23.22M	USD	Point-in-time
Goodwill	`Goodwill`	$69.00K	USD	Point-in-time
Goodwill	`Goodwill`	$69.00K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$13.49M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$20.14M	USD	Point-in-time
Other intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$161.00K	USD	Point-in-time
Other intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$167.00K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$213.00K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$225.00K	USD	Point-in-time
Total assets	`Assets`	$191.76M	USD	Point-in-time
Total assets	`Assets`	$180.81M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$17.03M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$16.69M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$10.34M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$9.94M	USD	Point-in-time
Operating lease liabilities - current	`OperatingLeaseLiabilityCurrent`	$941.00K	USD	Point-in-time
Operating lease liabilities - current	`OperatingLeaseLiabilityCurrent`	$1.20M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$27.82M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$28.32M	USD	Point-in-time
Operating lease liabilities - non-current	`OperatingLeaseLiabilityNoncurrent`	$19.63M	USD	Point-in-time
Operating lease liabilities - non-current	`OperatingLeaseLiabilityNoncurrent`	$12.68M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$2.06M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$2.05M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$794.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$794.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$43.35M	USD	Point-in-time
Total liabilities	`Liabilities`	$50.80M	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, no par value, 50,000 shares authorized; 44,181 shares issued and 37,275 shares outstanding as of December 31, 2021; 43,890 shares issued and 36,984 shares outstanding as of September 30, 2021	`CommonStockValue`	$783.33M	USD	Point-in-time
Common stock, no par value, 50,000 shares authorized; 44,181 shares issued and 37,275 shares outstanding as of December 31, 2021; 43,890 shares issued and 36,984 shares outstanding as of September 30, 2021	`CommonStockValue`	$782.27M	USD	Point-in-time
Treasury stock at cost; 6,906 shares as of December 31, 2021 and September 30, 2021	`TreasuryStockValue`	$47.72M	USD	Point-in-time
Treasury stock at cost; 6,906 shares as of December 31, 2021 and September 30, 2021	`TreasuryStockValue`	$47.72M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$687.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$707.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-597.77M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-595.35M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$140.96M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$137.47M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$191.76M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$180.81M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$33.43M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$42.24M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$20.85M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$26.44M	USD	1 Quarter
Gross profit	`GrossProfit`	$12.57M	USD	1 Quarter
Gross profit	`GrossProfit`	$15.80M	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$5.76M	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$7.19M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.63M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.30M	USD	1 Quarter
Restructuring charge	`RestructuringCharges`	$41.00K	USD	1 Quarter
Restructuring charge	`RestructuringCharges`	$1.30M	USD	1 Quarter
Loss (gain) on sale of assets	`GainsLossesOnSalesOfAssets`	$-187.00K	USD	1 Quarter
Loss (gain) on sale of assets	`GainsLossesOnSalesOfAssets`	$29.00K	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$10.06M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$13.30M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$2.51M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$2.50M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-49.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-11.00K	USD	1 Quarter
Foreign exchange gain	`ForeignCurrencyTransactionGainLossBeforeTax`	$237.00K	USD	1 Quarter
Foreign exchange gain	`ForeignCurrencyTransactionGainLossBeforeTax`	$42.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$31.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$188.00K	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.69M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.53M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$126.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$115.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.41M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.57M	USD	1 Quarter
Foreign exchange translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$20.00K	USD	1 Quarter
Foreign exchange translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-10.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$2.56M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$2.43M	USD	1 Quarter
Net income per basic share (in dollars per share)	`EarningsPerShareBasic`	$0.09	USD	1 Quarter
Net income per basic share (in dollars per share)	`EarningsPerShareBasic`	$0.07	USD	1 Quarter
Weighted-average number of basic shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	36.95M	shares	1 Quarter
Weighted-average number of basic shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	29.50M	shares	1 Quarter
Net income per diluted share (in dollars per share)	`EarningsPerShareDiluted`	$0.06	USD	1 Quarter
Net income per diluted share (in dollars per share)	`EarningsPerShareDiluted`	$0.08	USD	1 Quarter
Weighted-average number of diluted shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	30.38M	shares	1 Quarter
Weighted-average number of diluted shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	39.03M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$2.41M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.57M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$1.01M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$1.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.09M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$903.00K	USD	1 Quarter
Provision adjustments related to credit loss	`ProvisionForLoanLeaseAndOtherLosses`	$6.00K	USD	1 Quarter
Provision adjustments related to credit loss	`ProvisionForLoanLeaseAndOtherLosses`	$165.00K	USD	1 Quarter
Provision adjustments related to product warranty	`ProductWarrantyExpense`	$171.00K	USD	1 Quarter
Provision adjustments related to product warranty	`ProductWarrantyExpense`	$77.00K	USD	1 Quarter
Loss (gain) on disposal of property, plant, and equipment	`GainLossOnDispositionOfAssets`	$29.00K	USD	1 Quarter
Loss (gain) on disposal of property, plant, and equipment	`GainLossOnDispositionOfAssets`	$-187.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$60.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$290.00K	USD	1 Quarter
Total non-cash adjustments	`AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$1.77M	USD	1 Quarter
Total non-cash adjustments	`AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$2.47M	USD	1 Quarter
Accounts receivable and contract assets	`IncreaseDecreaseInAccountsReceivable`	$575.00K	USD	1 Quarter
Accounts receivable and contract assets	`IncreaseDecreaseInAccountsReceivable`	$970.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-1.13M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$2.00M	USD	1 Quarter
Other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.69M	USD	1 Quarter
Other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$6.77M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$546.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$836.00K	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-2.37M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$7.01M	USD	1 Quarter
Total change in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$2.81M	USD	1 Quarter
Total change in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$-1.33M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.21M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.53M	USD	1 Quarter
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.95M	USD	1 Quarter
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$870.00K	USD	1 Quarter
Proceeds from disposal of property, plant, and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Proceeds from disposal of property, plant, and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$10.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-870.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.94M	USD	1 Quarter
Proceeds from employee stock purchase plan and equity awards	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$29.00K	USD	1 Quarter
Proceeds from employee stock purchase plan and equity awards	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$8.00K	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$83.00K	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$54.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-25.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-75.00K	USD	1 Quarter
Effect of exchange rate changes provided by foreign currency	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.00K	USD	1 Quarter
Effect of exchange rate changes provided by foreign currency	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$39.00K	USD	1 Quarter
Net increase in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$620.00K	USD	1 Quarter
Net increase in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.28M	USD	1 Quarter
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$75.96M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$30.54M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$31.16M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$71.68M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$75.96M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$30.54M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$31.16M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$71.68M	USD	Point-in-time
Cash paid during the period for interest	`InterestPaidNet`	$15.00K	USD	1 Quarter
Cash paid during the period for interest	`InterestPaidNet`	$15.00K	USD	1 Quarter
Changes in accounts payable related to purchases of equipment	`IncreaseDecreaseInAccountsPayableRelatedToPropertyAndEquipmentPurchases`	$-285.00K	USD	1 Quarter
Changes in accounts payable related to purchases of equipment	`IncreaseDecreaseInAccountsPayableRelatedToPropertyAndEquipmentPurchases`	$-350.00K	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Beginning balance (in shares)	`CommonStockSharesOutstanding`	36.98M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	37.27M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	36.98M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	37.27M	shares	Point-in-time
Balance, beginning of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$140.96M	USD	Point-in-time
Balance, beginning of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$77.53M	USD	Point-in-time
Translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$20.00K	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-10.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.41M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.57M	USD	1 Quarter
Balance, end of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$140.96M	USD	Point-in-time
Balance, end of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$77.53M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.