10-Q Filing

EMCORE CORP CIK: 808326 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001558370-21-000775`
Period End Date	20201231
Filing Date	20210205
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	tmb-20201231x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 40 Cash Flow Statement 60 Stockholders Equity 12

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$227.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$234.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$30.39M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$31.12M	USD	Point-in-time
Common stock, no par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$148.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$38.00K	USD	Point-in-time
Common stock, no par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Accounts receivable, net of allowance of $234 and $227, respectively	`AccountsReceivableNetCurrent`	$27.28M	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
Accounts receivable, net of allowance of $234 and $227, respectively	`AccountsReceivableNetCurrent`	$25.32M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$582.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	36.46M	shares	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$1.57M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	36.69M	shares	Point-in-time
Inventory	`InventoryCurrent`	$27.86M	USD	Point-in-time
Inventory	`InventoryCurrent`	$25.52M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	29.78M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	29.55M	shares	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`	$4.28M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.59M	USD	Point-in-time
Assets held for sale	`AssetsHeldForSaleNotPartOfDisposalGroup`	$1.57M	USD	Point-in-time
Assets held for sale	`AssetsHeldForSaleNotPartOfDisposalGroup`	$1.66M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$90.11M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$92.81M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$21.05M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$20.56M	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`	$14.57M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$14.26M	USD	Point-in-time
Other intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$193.00K	USD	Point-in-time
Other intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$202.00K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$229.00K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$242.00K	USD	Point-in-time
Total assets	`Assets`	$128.13M	USD	Point-in-time
Total assets	`Assets`	$126.24M	USD	Point-in-time
PPP liability - current	`PaycheckProtectionProgramLiabilityCurrent`	$1.09M	USD	Point-in-time
PPP liability - current	`PaycheckProtectionProgramLiabilityCurrent`	-	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$16.48M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$17.16M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$11.58M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$9.65M	USD	Point-in-time
Operating lease liabilities - current	`OperatingLeaseLiabilityCurrent`	$992.00K	USD	Point-in-time
Operating lease liabilities - current	`OperatingLeaseLiabilityCurrent`	$979.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$29.05M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$28.88M	USD	Point-in-time
PPP liability - non-current	`PaycheckProtectionProgramLiabilityNoncurrent`	$6.49M	USD	Point-in-time
PPP liability - non-current	`PaycheckProtectionProgramLiabilityNoncurrent`	$5.39M	USD	Point-in-time
Operating lease liabilities - non-current	`OperatingLeaseLiabilityNoncurrent`	$13.73M	USD	Point-in-time
Operating lease liabilities - non-current	`OperatingLeaseLiabilityNoncurrent`	$13.48M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$2.04M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$2.02M	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`	$50.59M	USD	Point-in-time
Total liabilities	`Liabilities`	$52.09M	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, no par value, 50,000 shares authorized; 36,693 shares issued and 29,783 shares outstanding as of December 31, 2020; 36,461 shares issued and 29,551 shares outstanding as of September 30, 2020	`CommonStockValue`	$744.36M	USD	Point-in-time
Common stock, no par value, 50,000 shares authorized; 36,693 shares issued and 29,783 shares outstanding as of December 31, 2020; 36,461 shares issued and 29,551 shares outstanding as of September 30, 2020	`CommonStockValue`	$745.19M	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`	$918.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$908.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-620.84M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-623.41M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$77.53M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$74.15M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$126.24M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$128.13M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$25.48M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$33.43M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$20.85M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$18.01M	USD	1 Quarter
Gross profit	`GrossProfit`	$7.47M	USD	1 Quarter
Gross profit	`GrossProfit`	$12.57M	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$5.89M	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$5.80M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.64M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.30M	USD	1 Quarter
Gain on sale of assets	`GainsLossesOnSalesOfAssets`	$29.00K	USD	1 Quarter
Gain on sale of assets	`GainsLossesOnSalesOfAssets`	$1.60M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$10.06M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$8.93M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-1.45M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$2.51M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-15.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-49.00K	USD	1 Quarter
Foreign exchange gain	`ForeignCurrencyTransactionGainLossBeforeTax`	$237.00K	USD	1 Quarter
Foreign exchange gain	`ForeignCurrencyTransactionGainLossBeforeTax`	$147.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$132.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$188.00K	USD	1 Quarter
Income (loss) before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.69M	USD	1 Quarter
Income (loss) before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.32M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$126.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$14.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-1.33M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.57M	USD	1 Quarter
Foreign exchange translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-36.00K	USD	1 Quarter
Foreign exchange translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-10.00K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-1.37M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$2.56M	USD	1 Quarter
Net income (loss) per basic share	`EarningsPerShareBasic`	$0.09	USD	1 Quarter
Net income (loss) per basic share	`EarningsPerShareBasic`	$-0.05	USD	1 Quarter
Weighted-average number of basic shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	29.50M	shares	1 Quarter
Weighted-average number of basic shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	28.83M	shares	1 Quarter
Net income (loss) per diluted share	`EarningsPerShareDiluted`	$-0.05	USD	1 Quarter
Net income (loss) per diluted share	`EarningsPerShareDiluted`	$0.08	USD	1 Quarter
Weighted-average number of diluted shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	28.83M	shares	1 Quarter
Weighted-average number of diluted shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	30.38M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$-1.33M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$2.57M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$1.00M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$1.98M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$903.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$801.00K	USD	1 Quarter
Provision adjustments related to credit loss	`ProvisionForLoanLeaseAndOtherLosses`	$6.00K	USD	1 Quarter
Provision adjustments related to credit loss	`ProvisionForLoanLeaseAndOtherLosses`	$111.00K	USD	1 Quarter
Provision adjustments related to product warranty	`ProductWarrantyExpense`	$171.00K	USD	1 Quarter
Provision adjustments related to product warranty	`ProductWarrantyExpense`	$49.00K	USD	1 Quarter
Gain on disposal of property, plant and equipment	`GainLossOnDispositionOfAssets`	$29.00K	USD	1 Quarter
Gain on disposal of property, plant and equipment	`GainLossOnDispositionOfAssets`	$1.60M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$290.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$259.00K	USD	1 Quarter
Total non-cash adjustments	`AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$1.08M	USD	1 Quarter
Total non-cash adjustments	`AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$1.77M	USD	1 Quarter
Accounts receivable and contract assets	`IncreaseDecreaseInAccountsReceivable`	$970.00K	USD	1 Quarter
Accounts receivable and contract assets	`IncreaseDecreaseInAccountsReceivable`	$1.45M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$2.00M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$902.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.69M	USD	1 Quarter
Other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.81M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$794.00K	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`	$-1.36M	USD	1 Quarter
Total change in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$5.72M	USD	1 Quarter
Total change in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$2.81M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.98M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.53M	USD	1 Quarter
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$870.00K	USD	1 Quarter
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.51M	USD	1 Quarter
Proceeds from disposal of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.95M	USD	1 Quarter
Proceeds from disposal of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$441.00K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-870.00K	USD	1 Quarter
Net payments on credit facilities	`RepaymentsOfLinesOfCredit`	$1.04M	USD	1 Quarter
Net payments on credit facilities	`RepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Proceeds from exercise of equity awards	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$8.00K	USD	1 Quarter
Proceeds from exercise of equity awards	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	-	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$47.00K	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$83.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-75.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.08M	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`	$39.00K	USD	1 Quarter
Net increase (decrease) in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-6.59M	USD	1 Quarter
Net increase (decrease) in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$620.00K	USD	1 Quarter
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`	$30.54M	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`	$15.39M	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`	$30.54M	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`	$15.39M	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`	$15.00K	USD	1 Quarter
Changes in accounts payable related to purchases of equipment	`IncreaseDecreaseInAccountsPayableRelatedToPropertyAndEquipmentPurchases`	$-725.00K	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`	29.78M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	29.55M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	29.78M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	29.55M	shares	Point-in-time
Balance, beginning of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$76.13M	USD	Point-in-time
Balance, beginning of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$77.53M	USD	Point-in-time
Translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-36.00K	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-10.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.33M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$2.57M	USD	1 Quarter
Balance, end of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$76.13M	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.