10-Q Filing

EMCORE CORP CIK: 808326 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001558370-20-000645`
Period End Date	20191231
Filing Date	20200210
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	emkr-20191231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 36 Cash Flow Statement 60 Stockholders Equity 12

Balance Sheet 73 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$148.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$258.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$21.57M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.36M	USD	Point-in-time
Common stock, no par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$403.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$11.00K	USD	Point-in-time
Common stock, no par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$30.00K	USD	Point-in-time
Accounts receivable, net of allowance of $258 and $148, respectively	`AccountsReceivableNetCurrent`	$18.50M	USD	Point-in-time
Accounts receivable, net of allowance of $258 and $148, respectively	`AccountsReceivableNetCurrent`	$19.28M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$1.62M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$1.05M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	35.80M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	35.86M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	28.89M	shares	Point-in-time
Inventory	`InventoryCurrent`	$24.05M	USD	Point-in-time
Inventory	`InventoryCurrent`	$25.09M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	28.95M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.39M	USD	Point-in-time
Treasury stock, shares held (in shares)	`TreasuryStockShares`	6.91M	shares	Point-in-time
Treasury stock, shares held (in shares)	`TreasuryStockShares`	6.91M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.98M	USD	Point-in-time
Assets held for sale	`AssetsHeldForSaleNotPartOfDisposalGroup`	-	USD	Point-in-time
Assets held for sale	`AssetsHeldForSaleNotPartOfDisposalGroup`	$1.68M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$71.97M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$68.05M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$34.00M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$37.22M	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`	-	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$4.59M	USD	Point-in-time
Other intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$239.00K	USD	Point-in-time
Other intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$229.00K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$62.00K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$62.00K	USD	Point-in-time
Total assets	`Assets`	$109.56M	USD	Point-in-time
Total assets	`Assets`	$106.99M	USD	Point-in-time
Borrowings from credit facility	`LinesOfCreditCurrent`	$4.46M	USD	Point-in-time
Borrowings from credit facility	`LinesOfCreditCurrent`	$5.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.80M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.70M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$14.52M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$8.93M	USD	Point-in-time
Operating lease liabilities - current	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Operating lease liabilities - current	`OperatingLeaseLiabilityCurrent`	$823.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$25.01M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$30.72M	USD	Point-in-time
Operating lease liabilities - non-current	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Operating lease liabilities - non-current	`OperatingLeaseLiabilityNoncurrent`	$3.88M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$1.89M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$1.90M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$73.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$207.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$32.82M	USD	Point-in-time
Total liabilities	`Liabilities`	$30.86M	USD	Point-in-time
Commitments and contingencies (Note 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, no par value, 50,000 shares authorized; 35,858 shares issued and 28,948 shares outstanding as of December 31, 2019; 35,803 shares issued and 28,893 shares outstanding as of September 30, 2019	`CommonStockValue`	$739.93M	USD	Point-in-time
Common stock, no par value, 50,000 shares authorized; 35,858 shares issued and 28,948 shares outstanding as of December 31, 2019; 35,803 shares issued and 28,893 shares outstanding as of September 30, 2019	`CommonStockValue`	$740.68M	USD	Point-in-time
Treasury stock at cost; 6,910 shares	`TreasuryStockValue`	$47.72M	USD	Point-in-time
Treasury stock at cost; 6,910 shares	`TreasuryStockValue`	$47.72M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$950.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$914.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-616.41M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-617.74M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$76.13M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$76.75M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$106.99M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$109.56M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$24.00M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$25.48M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$18.01M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$18.19M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.81M	USD	1 Quarter
Gross profit	`GrossProfit`	$7.47M	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$7.59M	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$5.89M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.64M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.02M	USD	1 Quarter
Gain on sale of assets	`GainsLossesOnSalesOfAssets`	-	USD	1 Quarter
Gain on sale of assets	`GainsLossesOnSalesOfAssets`	$1.60M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$11.61M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$8.93M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.45M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-5.80M	USD	1 Quarter
Interest (expense) income, net	`InterestIncomeExpenseNet`	$-15.00K	USD	1 Quarter
Interest (expense) income, net	`InterestIncomeExpenseNet`	$267.00K	USD	1 Quarter
Foreign exchange gain	`ForeignCurrencyTransactionGainLossBeforeTax`	$147.00K	USD	1 Quarter
Foreign exchange gain	`ForeignCurrencyTransactionGainLossBeforeTax`	$14.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$281.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$132.00K	USD	1 Quarter
Loss before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.32M	USD	1 Quarter
Loss before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.52M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$15.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$14.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.33M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.54M	USD	1 Quarter
Foreign exchange translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-36.00K	USD	1 Quarter
Foreign exchange translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$14.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.37M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.52M	USD	1 Quarter
Net loss per basic and diluted share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	1 Quarter
Net loss per basic and diluted share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.20	USD	1 Quarter
Weighted-average number of basic and diluted shares outstanding (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	28.83M	shares	1 Quarter
Weighted-average number of basic and diluted shares outstanding (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	27.53M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-1.33M	USD	1 Quarter
Net loss	`ProfitLoss`	$-5.54M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$1.98M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$1.59M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$801.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$425.00K	USD	1 Quarter
Provision adjustments related to doubtful accounts	`ProvisionForDoubtfulAccounts`	$111.00K	USD	1 Quarter
Provision adjustments related to doubtful accounts	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Provision adjustments related to product warranty	`ProductWarrantyExpense`	$49.00K	USD	1 Quarter
Provision adjustments related to product warranty	`ProductWarrantyExpense`	$56.00K	USD	1 Quarter
Net gain on disposal of equipment	`GainLossOnDispositionOfAssets`	$1.60M	USD	1 Quarter
Net gain on disposal of equipment	`GainLossOnDispositionOfAssets`	-	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$259.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-28.00K	USD	1 Quarter
Total non-cash adjustments	`AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$1.08M	USD	1 Quarter
Total non-cash adjustments	`AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$2.10M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-911.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.45M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$902.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-392.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$436.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.81M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$794.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.06M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.36M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.76M	USD	1 Quarter
Total change in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$5.72M	USD	1 Quarter
Total change in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$-566.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.98M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.87M	USD	1 Quarter
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.88M	USD	1 Quarter
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.51M	USD	1 Quarter
Proceeds from disposal of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Proceeds from disposal of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.95M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.88M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$441.00K	USD	1 Quarter
Net payments on credit facilities	`RepaymentsOfLinesOfCredit`	$1.04M	USD	1 Quarter
Net payments on credit facilities	`RepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$150.00K	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$47.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.08M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-150.00K	USD	1 Quarter
Effect of exchange rate changes provided by foreign currency	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$32.00K	USD	1 Quarter
Effect of exchange rate changes provided by foreign currency	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-3.00K	USD	1 Quarter
Net decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-5.90M	USD	1 Quarter
Net decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-6.59M	USD	1 Quarter
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.39M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.98M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$63.20M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$57.30M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.39M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.98M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$63.20M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$57.30M	USD	Point-in-time
Cash paid during the period for interest	`InterestPaidNet`	$47.00K	USD	1 Quarter
Cash paid during the period for interest	`InterestPaidNet`	$25.00K	USD	1 Quarter
Cash paid during the period for income taxes	`IncomeTaxesPaid`	$2.00K	USD	1 Quarter
Cash paid during the period for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Changes in accounts payable related to purchases of equipment	`IncreaseDecreaseInAccountsPayableRelatedToPropertyAndEquipmentPurchases`	$-410.00K	USD	1 Quarter
Changes in accounts payable related to purchases of equipment	`IncreaseDecreaseInAccountsPayableRelatedToPropertyAndEquipmentPurchases`	$-725.00K	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Beginning balance (in shares)	`CommonStockSharesOutstanding`	28.89M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	28.95M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	28.89M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	28.95M	shares	Point-in-time
Balance, beginning of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$76.13M	USD	Point-in-time
Balance, beginning of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$101.56M	USD	Point-in-time
Translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-36.00K	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$14.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.33M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.54M	USD	1 Quarter
Balance, end of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$76.13M	USD	Point-in-time
Balance, end of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$101.56M	USD	Point-in-time

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