About EMCORE

EMCORE Corporation and its subsidiaries (EMCORE) provide sensors and navigation systems for the aerospace and defense market. The company's operations include wafer fabrication (lithium niobate and quartz), device design and production, fiber optic module and subsystem design and manufacture, and Photonic Integrated Chip (PIC)-based and Quartz Micro Electro-Mechanical System (QMEMS)-based component design and manufacture. Many of the company's manufacturing operations are computer-monitored or controlled to enhance production output and statistical control. Its manufacturing processes involve extensive quality assurance systems and performance testing. Principal Products and Markets The company has one reporting segment, Inertial Navigation, whose product technology categories include: Fiber Optic Gyroscope (FOG), QMEMS, and Ring Laser Gyro (RLG), in each case which serve the aerospace and defense market. The company, through its vertically-integrated infrastructure, has adapted the same technologies, chip designs, and production assets applicable to its former cable TV products to its closed-loop FOG products. EMCORE's patented PIC significantly advances FOG technology in the company's open-loop FOG products with a planar optical chip that replaces individual fiber optic components for easy integration and outstanding repeatability unit-to-unit. The company's SDI QMEMS technology uses an one-piece, inertial sensing element to measure angular rotational velocity and is micro-machined using sophisticated photolithographic processes which are at the forefront of Micro Electro Mechanical System (MEMS) technology. The company's advanced RLG technology delivers high performance, reliability, and quality pointing and position capability for land navigation; and is deployed on key programs, including the Multiple Launch Rocket System (MLRS) and High-Mobility Artillery Rocket System (HIMARS). These technologies have broad applications within the aerospace and defense markets for high-value-added products for land, sea, air, and space navigation. FOG: The company's FOG technologies have received multiple U.S. patents and have been qualified for several key military programs for applications, including unmanned aerial systems, line-of-site stabilization, aviation, and aeronautics. Its FOG products range from tactical to navigation grade gyros, inertial measurement units (IMU) and inertial navigation systems (INS) where performance specifications improve depending on the grade, giving customers the flexibility to choose the product and performance level that best meets their application. The company's FOG-based IMUs can deliver performance up to strategic grade and along with its INS provide compelling size, weight, and power (SWaP) performance compared to competing units and legacy designs to deliver high precision and better performance in compact, portable form factors. QMEMS: The company's QMEMS gyroscopes, accelerometers, IMUs, and INS products deliver SWaP performance and cost advantages over alternative technologies. With its experience in these technologies, the company is developing leading-edge disciplines, which are enabling advanced performance capabilities in mission-critical applications worldwide. The company's QMEMS products have no moving parts, no friction, no known modes of wear out, and require no recalibration or rebuilding. They deliver industry-leading reliability under demanding conditions through dedicated engineering technology and manufacturing operations excellence. The company's QMEMS products provide precision system solutions and establish high standards for price and/or performance characteristics across guidance, navigation, control, pointing, and stabilization applications in commercial and military aircraft, unmanned autonomous vehicles, land vehicles, precision-guided weapons, and industrial and marine platforms. RLG: The company's line of INS includes the advanced RLG-based products of Space and Navigation business of L3Harris Technologies, Inc. (S&N), which provide increased performance, reliability, and quality pointing and position capability for land navigation systems, including Artillery/Radar Positioning and Pointing Systems and Battlefield/Artillery Survey Systems. Partnered with the U.S. Army and deployed on key programs, including the MLRS and HIMARS, the company's combat-proven precision RLG product family delivers mission-critical information, such as survey, pointing, and position to the U.S. military for precise, indirect mass fire, and counter-fire operations. Strategic Plan The company's strategy is to continue pioneering development of inertial sensing and navigation systems serving the aerospace and defense market. Distribution Methods The company sells products worldwide through multiple channels made up of its direct sales force, application engineers, third-party sales representatives, and distributors. As a result, the company develops strategic and long-lasting customer relationships with tailored products and services. The company uses a variety of marketing methods, including its website and e-marketing, participation at trade shows, press releases and media relations, selective advertising, and social media. Customers The company's major customers include L3 Harris and Lockheed Martin, each of whom represented greater than 10% of consolidated revenue in the year ended September 30, 2023. Patents and Trademarks As of September 30, 2023, the company held approximately 35 U.S. patents and approximately 33 foreign patents and approximately 31 additional patent applications are pending. The issued patents cover various products in the major markets it serves. The company's U.S. patents will expire on varying dates between 2023 and 2039. The company also registers its trademarks in the United States and other key international markets where it does business. Acquisitions On April 29, 2022, the company completed the acquisition of the L3Harris Technologies, Inc. (L3H) Space and Navigation business (S&N). On August 9, 2022, the company completed the acquisition of the KVH Industries, Inc. (KVH) FOG and Inertial Navigation Systems business (EMCORE Chicago). Divestiture During the quarter ended September 30, 2023, the company sold its cable TV, wireless, sensing, and defense optoelectronics business lines, and shutdown its chips business line and indium phosphide wafer fabrication operations. Governmental Regulations The company is subject to rules promulgated by the Securities and Exchange Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding the use of 'conflict minerals'. History EMCORE Corporation was founded in 1984 as a New Jersey corporation. The company was incorporated in 1986.