EMCORE (EMKR) 10-Q 14 Aug 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Jun. 30, 2024	Aug. 12, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-36632
Entity Registrant Name	EMCORE Corporation
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-2746503
Entity Address, Address Line One	450 Clark Drive,
Entity Address, City or Town	Budd Lake
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07828
City Area Code	626
Local Phone Number	293-3400
Title of 12(b) Security	Common stock, no par value
Trading Symbol	EMKR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,066,620
Entity Central Index Key	0000808326
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--09-30
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Current assets:
Cash and cash equivalents	$ 8,477	$ 26,211
Restricted cash	495	495
Accounts receivable, net of allowances for credit losses of $309 and $356, respectively	14,531	15,575
Contract assets	8,063	8,402
Inventory	29,205	28,905
Prepaid expenses	6,640	4,612
Other current assets	318	922
Assets held for sale	0	7,264
Total current assets	67,729	92,386
Property, plant, and equipment, net	8,969	15,517
Operating lease right-of-use assets	18,836	21,564
Other intangible assets, net	10,772	12,245
Other non-current assets	2,135	2,201
Total assets	108,441	143,913
Current liabilities:
Accounts payable	10,016	9,683
Accrued expenses and other current liabilities	7,821	8,471
Contract liabilities	891	1,630
Financing payable	888	460
Loan payable - current	852	852
Operating lease liabilities - current	3,056	3,033
Liabilities held for sale	0	4,662
Total current liabilities	23,524	28,791
Line of credit	0	6,418
Loan payable - non-current	7,548	3,330
Operating lease liabilities - non-current	18,641	20,882
Asset retirement obligations	4,376	4,194
Warrant liability and other long-term liabilities (Note 10)	2,087	8
Total liabilities	56,176	63,623
Commitments and contingencies
Shareholders’ equity:
Common stock, no par value, 100,000 shares authorized; 9,755 shares issued and 9,064 shares outstanding as of June 30, 2024; 8,401 shares issued and 7,711 shares outstanding as of September 30, 2023	825,226	825,119
Treasury stock at cost; 691 shares as of June 30, 2024 and September 30, 2023	(47,721)	(47,721)
Accumulated other comprehensive income	350	350
Accumulated deficit	(725,590)	(697,458)
Total shareholders’ equity	52,265	80,290
Total liabilities and shareholders’ equity	$ 108,441	$ 143,913

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Statement of Financial Position [Abstract]
Accounts receivable, net of credit loss	$ 309	$ 356
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	9,755,000	8,401,000
Common stock, shares outstanding (in shares)	9,064,000	7,711,000
Treasury stock at cost (in shares)	691,000	691,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 20,435	$ 26,718	$ 64,192	$ 70,947
Cost of revenue	15,422	19,458	49,844	54,447
Gross profit	5,013	7,260	14,348	16,500
Operating expense:
Selling, general, and administrative	4,624	5,714	17,270	24,092
Research and development	3,530	4,345	10,865	13,442
Restructuring	1,347	0	1,347	0
Severance	1,856	11	3,086	27
Impairment	2,919	0	3,007	0
Gain on sale of assets	0	0	(31)	(1,147)
Total operating expense	14,276	10,070	35,544	36,414
Operating loss	(9,263)	(2,810)	(21,196)	(19,914)
Other expense:
Loss on extinguishment of debt and change in fair value of warrant liability (Notes 10 and 13)	(2,087)	0	(2,087)	0
Interest expense, net	(179)	(194)	(255)	(604)
Other (expense) income	(16)	4	(31)	128
Total other expense	(2,282)	(190)	(2,373)	(476)
Loss from continuing operations before income tax expense	(11,545)	(3,000)	(23,569)	(20,390)
Income tax expense from continuing operations	0	(28)	(114)	(176)
Net loss from continuing operations	(11,545)	(3,028)	(23,683)	(20,566)
Loss from discontinued operations	(2,413)	(6,829)	(4,449)	(13,212)
Net loss	$ (13,958)	$ (9,857)	$ (28,132)	$ (33,778)
Per share data:
Net loss on continuing operations per share, basic (in dollars per share)	$ (1.27)	$ (0.56)	$ (2.63)	$ (4.52)
Net loss from continuing operations per share, diluted (in dollars per share)	(1.27)	(0.56)	(2.63)	(4.52)
Net loss on discontinued operations per share, basic (in dollars per share)	(0.27)	(1.27)	(0.49)	(2.90)
Net loss on discontinued operations per share, diluted (in dollars per share)	(0.27)	(1.27)	(0.49)	(2.90)
Net loss per share, basic (in dollars per share)	(1.54)	(1.83)	(3.12)	(7.42)
Net loss per share, diluted (in dollars per share)	$ (1.54)	$ (1.83)	$ (3.12)	$ (7.42)
Weighted-average number of shares outstanding, basic (in shares)	9,044	5,393	9,006	4,555
Weighted-average number of shares outstanding, diluted (in shares)	9,044	5,393	9,006	4,555

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Accumulated other comprehensive income, beginning and end of period	Accumulated deficit
Beginning balance (in shares) at Sep. 30, 2022		3,759
Shares of common stock
Stock-based compensation (in shares)		111
Sale of common stock (in shares)		1,545
Ending balance (in shares) at Jun. 30, 2023		5,415
Balance, beginning of period at Sep. 30, 2022		$ 787,347	$ (47,721)	$ 1,301	$ (622,099)
Shares of common stock
Stock-based compensation		4,982
Tax withholding paid on behalf of employees for stock-based awards		(161)
Sale of common stock		15,437
Pension adjustment				79
Net loss	$ (33,778)				(33,778)
Balance, end of period at Jun. 30, 2023	105,387	$ 807,605	(47,721)	1,380	(655,877)
Beginning balance (in shares) at Mar. 31, 2023		5,388
Shares of common stock
Stock-based compensation (in shares)		27
Ending balance (in shares) at Jun. 30, 2023		5,415
Balance, beginning of period at Mar. 31, 2023		$ 806,100	(47,721)	1,246	(646,020)
Shares of common stock
Stock-based compensation		1,713
Tax withholding paid on behalf of employees for stock-based awards		(17)
Sale of common stock		(191)
Pension adjustment				134
Net loss	(9,857)				(9,857)
Balance, end of period at Jun. 30, 2023	$ 105,387	$ 807,605	(47,721)	1,380	(655,877)
Beginning balance (in shares) at Sep. 30, 2023	7,711	7,711
Shares of common stock
Stock-based compensation (in shares)		1,353
Ending balance (in shares) at Jun. 30, 2024	9,064	9,064
Balance, beginning of period at Sep. 30, 2023		$ 825,119	(47,721)	350	(697,458)
Shares of common stock
Stock-based compensation		149
Stock issuance costs		(18)
Tax withholding paid on behalf of employees for stock-based awards		(24)
Net loss	$ (28,132)				(28,132)
Balance, end of period at Jun. 30, 2024	$ 52,265	$ 825,226	(47,721)	350	(725,590)
Beginning balance (in shares) at Mar. 31, 2024		8,204
Shares of common stock
Stock-based compensation (in shares)		860
Ending balance (in shares) at Jun. 30, 2024	9,064	9,064
Balance, beginning of period at Mar. 31, 2024		$ 826,338	(47,721)	350	(711,632)
Shares of common stock
Stock-based compensation		(1,112)
Net loss	$ (13,958)				(13,958)
Balance, end of period at Jun. 30, 2024	$ 52,265	$ 825,226	$ (47,721)	$ 350	$ (725,590)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (28,132)	$ (33,778)
Less: Loss from discontinued operations, net of tax	(4,449)	(13,212)
Loss from continuing operations, net of tax	(23,683)	(20,566)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	4,384	5,687
Stock-based compensation expense	149	4,982
Provision adjustment related to credit loss	(8)	151
Provision adjustment related to product warranty	(424)	27
Gain on sale of assets	(31)	(1,147)
Impairment charge	3,007	0
Loss on extinguishment of debt and change in fair value of warrant liability	2,087	0
Other	62	(159)
Total non-cash adjustments	9,226	9,541
Changes in operating assets and liabilities:
Accounts receivable and contract assets, net	1,383	(4,109)
Inventory	(300)	(278)
Other assets	(1,343)	(8,055)
Accounts payable	358	(43)
Financing payable	1,589	0
Contract liabilities	(1,739)	(3,462)
Operating lease liabilities	(66)	(3,913)
Accrued expenses and other liabilities	(225)	539
Total change in operating assets and liabilities	(343)	(19,321)
Net cash used in operating activities - continuing operations	(14,800)	(30,346)
Net cash provided by operating activities - discontinued operations	148	6,012
Net cash used in operating activities	(14,652)	(24,334)
Cash flows from investing activities:
Purchase of property, plant, and equipment	(372)	(1,895)
Proceeds from disposal of property, plant, and equipment	31	10,915
Proceeds from deposit on disposition of assets held for sale	1,000	0
Deposit on purchases of property, plant, and equipment	(276)	0
Acquisition of assets, net of cash	0	(3,225)
Net cash provided by investing activities	383	5,795
Cash flows from financing activities:
Payments towards financing arrangement	(1,161)	0
Proceeds from borrowings from line of credit	0	393
Payments towards line of credit	(1,836)	(3,439)
Payments towards note payable	(426)	(426)
Payments of issuance costs related to sales of common stock	(18)	0
Taxes paid related to net share settlement of equity awards	(24)	(161)
Proceeds from sale of common stock	0	15,436
Net cash (used in) provided by financing activities	(3,465)	11,803
Effect of exchange rate changes provided by foreign currency	0	1,206
Net decrease in cash, cash equivalents, and restricted cash	(17,734)	(5,530)
Cash, cash equivalents, and restricted cash at beginning of period	26,706	25,619
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations, Ending Balance	$ 8,972	$ 20,089

Description of Business

Description of Business	9 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business EMCORE Corporation, together with its subsidiaries (referred to herein as the “Company,” “we,” “our,” or “EMCORE”), is a leading provider of sensors and navigation systems for the aerospace and defense market. Over the last five years, we have expanded our scale and portfolio of inertial sensor products through the acquisitions of Systron Donner Inertial, Inc. (“SDI”) in June 2019, the Space and Navigation business of L3Harris Technologies, Inc. (“S&N”) in April 2022, and the FOG and Inertial Navigation Systems business of KVH Industries, Inc. (“EMCORE Chicago”) in August 2022. Our multi-year transition from a broadband company to an inertial navigation company has now been completed following the sales of (i) our cable TV, wireless, sensing and defense optoelectronics business lines and (ii) our chips business line and indium phosphide wafer fabrication operations. We have fully vertically-integrated manufacturing capability at our facilities in Budd Lake, NJ, Concord, CA, and Tinley Park, IL (the “Tinley Park Facility”). These facilities support our manufacturing strategy for Fiber Optic Gyroscope (“FOG”), Ring Laser Gyro (“RLG”), Photonic Integrated Chip (“PIC”), and Quartz Micro Electro-Mechanical System (“QMEMS”) products for inertial navigation. Our manufacturing facilities maintain ISO 9001 quality management certification, and we are AS9100 aerospace quality certified at our facilities in Concord, CA, and Budd Lake, NJ. Our best-in-class components and systems support a broad array of inertial navigation applications. Our operations include wafer fabrication (lithium niobate and quartz), device design and production, fiber optic module and subsystem design and manufacture, and PIC-based and QMEMS-based component design and manufacture. Many of our manufacturing operations are computer-monitored or controlled to enhance production output and statistical control. Our manufacturing processes involve extensive quality assurance systems and performance testing. We have one reporting segment, Inertial Navigation, whose product technology categories include: (a) FOG, (b) QMEMS, and (c) RLG, in each case which serves the aerospace and defense market.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim information, and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all information and notes required by U.S. GAAP for annual financial statements. In our opinion, the interim financial statements reflect all adjustments that are necessary to provide a fair presentation of the financial results for the interim periods presented. Operating results for interim periods are not necessarily indicative of results that may be expected for an entire fiscal year. The condensed consolidated balance sheet as of September 30, 2023 has been derived from the audited consolidated financial statements as of such date. For a more complete understanding of our business, financial position, operating results, cash flows, risk factors, and other matters, please refer to our Annual Report on Form 10-K for the fiscal year ended September 30, 2023. Going Concern These condensed consolidated financial statements have been prepared in accordance with U.S. GAAP assuming we will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about our ability to continue as a going concern exists. We have recently experienced losses from our operations and used a significant amount of cash, amounting to a net loss of $14.0 million and $28.1 million for the three and nine months ended June 30, 2024, respectively, and net cash outflows from continuing operations of $14.8 million for the nine months ended June 30, 2024. We expect to continue to incur losses and use cash in our operations in the near term. As a result of our recent cash outflows, we have taken actions to manage our liquidity and plan to continue to do so. As of June 30, 2024, our cash and cash equivalents totaled $9.0 million, including restricted cash of $0.5 million and cash in escrow of $0.7 million. In April 2023, we initiated a restructuring program that included the strategic shutdown of our Broadband business segment (including our cable TV, wireless, sensing and chips product lines) and the discontinuance of our defense optoelectronics product line (the “April 2023 Restructuring”). Our Board of Directors performed a thorough review of a number of factors including the competitive landscape, declining revenue and gross profit of these discontinued businesses, the current and expected profitability of these discontinued businesses, our cost structure, and our strategic focus on our Inertial Navigation business segment, and concluded that these discontinued businesses were non-strategic, unsustainable, and could not be restructured in a way that would have allowed us to achieve profitable growth and cash preservation. During the quarter ended September 30, 2023, the Broadband business segment and defense optoelectronics product line were considered as held for sale based upon the existence at such time of an executed non-binding letter of intent with respect to the PF Transaction (as defined below) and in consideration of ongoing negotiations for the sale of the chips business. Given the then-prospective sale of the Broadband business segment and defense optoelectronics product line we identified these asset groups as discontinued operations during the quarter ended September 30, 2023. We discontinued operations of our chips business and indium phosphide wafer fabrication facility during the quarter ended September 30, 2023, consummated the PF Transaction during the three months ended December 31, 2023 and consummated the Chips Transaction on April 30, 2024. In May 2024, we initiated a restructuring program that includes the full closure of our Alhambra, CA facility, headcount reductions and additional reductions in operating expenses (the “May 2024 Restructuring”). Our Board of Directors performed a thorough review of a number of factors including our competitive landscape, expected revenue and profitability, and cost structure, and concluded that our then-current structure and operations would not allow us to achieve profitable growth and cash generation. We expect the full closure of the Alhambra facility to be completed during the quarter ending September 30, 2024. Primarily as a result of these restructurings, we (i) have eliminated approximately 200 positions across all locations, collectively representing approximately 50% of our total workforce prior to such reductions, and (ii) consolidated facility space by shutting down our operations at the Alhambra facility (including sublease of three of the five buildings in Alhambra pursuant to the Chips Transaction and PF Transaction) and seeking to sublease the remaining available space in such facility, transferred our manufacturing support and engineering center in China to PF pursuant to the PF Transaction, and plan to relocate personnel in Concord, California to the operations area from the adjacent office building, collectively representing an approximately 35% reduction in the aggregate square footage occupied by our facilities. One-time employee severance and termination costs related to the May 2024 Restructuring of approximately $1.9 million and $3.1 million were incurred during the three and nine months ended June 30, 2024. For the three months ended June 30, 2024, we also incurred $1.3 million of restructuring expense including $0.8 million in impairment of the Alhambra inventory, $0.3 million of impairment of the Alhambra manufacturing execution software and hardware system, and $0.2 million in costs to tear-down, pack and move equipment out of the Alhambra facility. We are evaluating the sufficiency of our existing balances of cash and cash equivalents and cash flows from operations, together with additional actions we could take including further expense reductions and/or potentially raising capital through additional debt or equity issuances, or from the potential monetization of certain assets. However, we may not be successful in executing on our plans to manage our liquidity, including recognizing the expected benefits from our previously announced restructuring program, or raising additional funds if we elect to do so, and as a result substantial doubt about our ability to continue as a going concern exists. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, as of the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reported period. Such estimates include accounts receivable, inventories, long-lived assets, product warranty liabilities, legal contingencies, bonus accruals, income taxes, equity-based instruments, restructuring related accruals, asset retirement obligations, and pension obligation, as well as the evaluation associated with the Company's assessment of its ability to continue as a going concern. We develop estimates based on historical experience and on various assumptions about the future that are believed to be reasonable based on the best information available to us. Our reported financial position or results of operations may be materially different under changed conditions or when using different estimates and assumptions, particularly with respect to significant accounting policies. In the event that estimates or assumptions prove to differ from actual results, adjustments are made in subsequent periods to reflect more current information.

Cash, Cash Equivalents, and Res

Cash, Cash Equivalents, and Restricted Cash	9 Months Ended
	Jun. 30, 2024
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited condensed consolidated statements of cash flows: (in thousands) June 30, 2024 September 30, 2023 Cash $ 3,319 $ 4,332 Cash in escrow 749 — Cash in government money market funds 4,409 21,879 Restricted cash 495 495 Total cash, cash equivalents, and restricted cash $ 8,972 $ 26,706

Assets and Liabilities Held for

Assets and Liabilities Held for Sale and Discontinued Operations	9 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Assets and Liabilities Held for Sale and Discontinued Operations	Assets and Liabilities Held for Sale and Discontinued Operations In April 2023, we initiated a restructuring program that includes the strategic shutdown of our Broadband business segment (including our cable TV, wireless, sensing and chips product lines) and the discontinuance of our defense optoelectronics product line. During the quarter ended September 30, 2023, the Broadband business segment and defense optoelectronics product line were considered as held for sale based upon (i) the existence of an executed non-binding letter of intent entered into between us and Photonics Foundries, Inc., a Delaware corporation (“PF”) to sell our Broadband business segment (other than our chips business line) and our defense optoelectronics product line and (ii) in consideration of ongoing negotiations for the sale of the chips business line. In October 2023, the Company entered into an Asset Purchase Agreement, by and among the Company, PF, and Ortel LLC, a Delaware limited liability company and wholly owned subsidiary of PF (the “Buyer”), pursuant to which (i) the Company agreed to transfer to the Buyer, and Buyer agreed to assume, substantially all of the assets and liabilities primarily related to the Company’s cable TV, wireless, sensing and defense optoelectronics business lines (the “Businesses”), including with respect to employees, contracts, intellectual property and inventory, and (ii) Buyer agreed to provide a limited license back to the Company of patents being sold to the Buyer (the “PF Transaction”). The Transaction excluded the Company’s chip business, indium phosphide wafer fabrication facilities and all assets not primarily related to the Businesses. The signing and closing of the PF Transaction occurred simultaneously, except with respect to the assets of the Company located in China. In November 2023, the Company transferred to the Buyer, and the Buyer assumed, substantially all of the assets and liabilities of each of the Company’s subsidiaries in China. In connection with the PF Transaction, the parties entered a transition services agreement pursuant to which the Company is providing certain migration and transition services to facilitate an orderly transaction of the operation of the Businesses to the Buyer in the 12-month period following consummation of the PF Transaction, and the Company and the Buyer entered into a sublease pursuant to which the Company is subleasing to the Buyer one of the Company’s buildings (occupying approximately 12,500 square feet) at its Alhambra, California facility for the 12-month period immediately following the closing of the PF Transaction without payment of rent. With respect to the Buyer’s assumption of our manufacturing agreement with our electronics manufacturing services (“EMS”) provider for our cable TV products, the Company (i) made a payment to the EMS provider in the amount of approximately $0.4 million immediately prior to the closing of the transaction and (ii) provided a guaranty of PF’s and the Buyer’s obligations with respect to payment of certain long-term liabilities that were originally agreed to and set forth in the manufacturing agreement and assigned to PF and the Buyer in the PF Transaction, in an aggregate amount expected to equal up to approximately $5.5 million, approximately $4.3 million of which will not become payable, if at all, until January 2026, provided that if such guaranty is exercised by the EMS provider, the Company will have the right to require the Buyer to reassign to the Company all intellectual property assigned to the Buyer in the PF Transaction and the Company will have the right to recover damages from PF and the Buyer. On April 30, 2024, the Company entered into an Asset Purchase Agreement (the “HieFo Purchase Agreement”), with HieFo Corporation, a Delaware corporation (“HieFo”), pursuant to which the Company agreed to transfer to HieFo substantially all of the assets primarily related to the Company’s discontinued chips business line, including with respect to equipment, contracts, intellectual property and inventory, including without limitation the Company’s indium phosphide wafer fabrication equipment (the “Chips Transaction”), in consideration for a purchase price equal to $2.9 million in cash and assumption by HieFo of certain assumed liabilities, $1.0 million of which was received by the Company in the quarter ended December 31, 2023 in connection with the execution of a non-binding letter of intent related to the Chips Transaction and $1.9 million of which was received by the Company upon closing of the Chips Transaction. The signing and closing of the Chips Transaction occurred simultaneously. In connection with the Chips Transaction, the parties entered a transition services agreement pursuant to which the Company is providing certain migration and transition services to facilitate an orderly transition of the operation of the chips business line to HieFo in consideration for fees payable to the Company for such services as agreed between the Company and HieFo for a period of up to 12 months following consummation of the Chips Transaction, and the Company and HieFo entered into a sublease pursuant to which the Company is subleasing to HieFo (i) initially, all of one building and a portion of a second building (collectively occupying approximately 21,750 square feet) and (ii) beginning January 1, 2026, all of such two buildings (collectively occupying approximately 25,000 square feet) at the Company’s Alhambra, California facility through the remaining term of the Company’s lease of such facility ending September 30, 2031, with a pro rata portion of the rent for such facility being payable to the Company beginning on July 1, 2024. As of September 30, 2023, the Broadband business segment and defense optoelectronics business line were disclosed as held for sale in the consolidated balance sheet. As of June 30, 2024, there were no assets or liabilities that were classified as held for sale on the condensed consolidated balance sheets. The following table presents key components of assets and liabilities that were classified as held for sale on the condensed consolidated balance sheets as of September 30, 2023: (in thousands) Cash $ 81 Accounts receivable, net of credit loss of $0 974 Inventory, net 10,063 Other current assets 1,154 Property, plant, and equipment, net 4,131 Operating lease right-of-use assets 56 Total assets 16,459 Remeasurement of assets 9,195 Assets held for sale $ 7,264 Accounts payable $ 1,854 Accrued expenses and other current liabilities 1,697 Operating lease liabilities - current 22 Operating lease liabilities - non-current 36 Other comprehensive income 1,053 Total liabilities 4,662 Liabilities held for sale $ 4,662 For the three and nine months ended June 30, 2024 and 2023, the results of the Broadband business segment, defense optoelectronics business, and chips business line were disclosed as discontinued operations in the condensed consolidated statements of operations. For the nine months ended June 30, 2024, the selling costs were $0.3 million, respectively. The following table presents key components of net loss that were classified as discontinued operations on the condensed consolidated statements of operations: Three Months Ended June 30, Nine Months Ended June 30, (in thousands) 2024 2023 2024 2023 Revenue $ — $ (20) $ 216 $ 7,524 Cost of Revenue 161 3,739 2,163 13,753 Gross Profit (161) (3,759) (1,947) (6,229) Selling, general, and administrative — 739 250 2,255 Research and development — 826 — 2,877 Severance — 1,827 — 2,269 Other income — (322) — (418) Loss on sale of assets 1,207 — 1,207 — Impairment of fixed assets 1,045 — 1,045 — Loss from discontinued operations $ (2,413) $ (6,829) $ (4,449) $ (13,212)

Inventory

Inventory	9 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventory	Inventory The components of inventory consisted of the following: (in thousands) June 30, 2024 September 30, 2023 Raw materials $ 14,640 $ 14,503 Work in-process 10,816 9,766 Finished goods 3,749 4,636 Inventory $ 29,205 $ 28,905 In May 2024, we initiated the May 2024 Restructuring. Due to the exit of our Alhambra facility we expensed $0.8 million of the Alhambra inventory, net to restructuring expense in the condensed consolidated statements of operations.

Property, Plant, and Equipment,

Property, Plant, and Equipment, net	9 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Plant, and Equipment, net	Property, Plant, and Equipment, net The components of property, plant, and equipment, net consisted of the following: (in thousands) June 30, 2024 September 30, 2023 Equipment $ 31,889 $ 31,658 Furniture and fixtures 1,576 1,576 Computer hardware and software 3,638 3,220 Leasehold improvements 4,510 9,442 Construction in progress 1,326 2,508 Property, plant, and equipment, gross 42,939 48,404 Accumulated depreciation (33,970) (32,887) Property, plant, and equipment, net $ 8,969 $ 15,517 Depreciation expense totaled $0.7 million and $2.7 million during the three and nine months ended June 30, 2024, respectively. During the nine months ended June 30, 2024, we sold certain equipment and recorded a gain on sale of assets of $31 thousand. During the nine months ended June 30, 2023, the Company consummated the sale of the real property interests in the Tinley Park Facility to 8400 W 185TH STREET INVESTORS, LLC, resulting in a gain on sale of assets of $1.2 million. As of June 30, 2024 and September 30, 2023, all of our long-lived assets were located in the United States. ASC 360 requires review of long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In May 2024, we initiated the May 2024 Restructuring. Due to the announcement of exiting the entirety of our Alhambra facility, as of May 1, 2024, we compared the carrying amount of the ROU assets for such leases to the future net undiscounted cash flows expected to be generated by the assets. This resulted in an ROU asset impairment of $0.5 million. We also impaired $2.4 million of leasehold improvements, net related to the Alhambra facility. We expensed $0.3 million of computer hardware and software and $0.2 million of costs related to moving equipment to our remaining facilities to restructuring expense in the condensed consolidated statements of operations.

Intangible Assets

Intangible Assets	9 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets arose from the acquisition of SDI in fiscal year 2019 and the acquisitions of S&N and EMCORE Chicago in fiscal year 2022. Definite-lived intangible assets are amortized on a straight-line basis over the estimated useful life of: (a) 7.0 years for patents, (b) 8.0 years for customer relationships, and (c) 2.0-8.0 years for technology. Trademarks are indefinite-lived. The following table summarizes changes in intangible assets, net: (in thousands) June 30, 2024 September 30, 2023 Balance at beginning of period $ 12,245 $ 14,790 Changes from acquisition — 1,470 Write off due to impairment — (2,125) Amortization (1,473) (1,890) Balance at end of period $ 10,772 $ 12,245 The weighted average remaining useful lives by definite-lived intangible asset category are as follows: June 30, 2024 (in thousands, except weighted average remaining life) Weighted Average Remaining Life (in years) Gross Carrying Amount Accumulated Amortization Net Book Value Technology 6.3 $ 16,901 $ (10,560) $ 6,341 Customer relationships 6.0 4,690 (1,114) 3,576 Definite-lived intangible assets total $ 21,591 $ (11,674) $ 9,917 As of June 30, 2024, the value of trademarks was approximately $0.9 million. September 30, 2023 (in thousands, except weighted average remaining life) Weighted Average Remaining Life (in years) Gross Carrying Amount Accumulated Amortization Net Book Value Technology 6.5 $ 16,901 $ (9,527) $ 7,374 Customer relationships 6.9 4,690 (674) 4,016 Definite-lived intangible assets total $ 21,591 $ (10,201) $ 11,390 As of September 30, 2023, the value of trademarks was approximately $0.9 million. Estimated future amortization expense for intangible assets recorded by the Company as of June 30, 2024 is as follows: (in thousands) Amount 2024 $ 482 2025 1,929 2026 1,527 2027 1,504 2028 1,491 Thereafter 2,984 Total amortization expense $ 9,917 ASC 360 requires review of long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In May 2024, we initiated the May 2024 Restructuring which led to impairment of leasehold improvements and ROU assets related to the Alhambra facility. These were triggering events that led the Company to perform an ASC 360 analysis as of May 1, 2024 on the remaining long-lived assets. Recoverability of the long-lived assets, including the intangible assets detailed above, was measured by comparing the carrying value of the asset group to the future net undiscounted cash flows expected to be generated by the asset groups. The comparison indicated that the carrying value was recoverable and no further impairment to long-lived assets was recorded. See Note 6 - Property, Pl ant , and Equipment, net.

Benefit Plans

Benefit Plans	9 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Benefit Plans	Benefit Plans We assumed a defined benefit pension plan (the “Pension Plan”) on April 29, 2022 as a result of the acquisition of S&N. The Pension Plan was frozen to new hires as of March 31, 2007 and employees hired on or after April 1, 2007 are not eligible to participate in the Pension Plan. On July 1, 2022, the Pension Plan was amended to freeze benefit plan accruals for participants. As a result of the freeze, a curtailment was triggered and a restatement of the benefit obligation and plan assets occurred, although no gain or loss resulted. The annual measurement date for the Pension Plan is September 30. Benefits are based on years of credited service at retirement. Annual contributions to the Pension Plan are not less than the minimum funding standards outlined in the Employee Retirement Income Security Act of 1974, as amended. We maintain the Pension Plan with the goal of ensuring that it is adequately funded to meet its future obligations. We did not make any contributions to the Pension Plan during the three and nine months ended June 30, 2024 and do not anticipate making any contributions for the remainder of the fiscal year ending September 30, 2024. The components of net periodic pension cost are as follows: Three Months Ended June 30, Nine Months Ended June 30, (in thousands) 2024 2023 2024 2023 Service cost $ 26 $ 26 $ 78 $ 78 Interest cost 92 93 276 279 Expected return on plan assets (76) (84) (228) (252) Net periodic pension cost $ 42 $ 35 $ 126 $ 105 The service cost component of total pension expense is included as a component of cost of revenue on the condensed consolidated statements of operations for the three and nine months ended June 30, 2024 and 2023. The interest cost and expected return on plan assets’ components of total pension expense are included as components of other expense on the condensed consolidated statements of operations for the three and nine months ended June 30, 2024 and 2023. Net pension asset is included as a component of other non-current assets on the condensed consolidated balance sheets as of June 30, 2024 and September 30, 2023. As of June 30, 2024, the Pension Plan assets consist of cash and cash equivalents, and we manage a liability-driven investment strategy intended to maintain fully-funded status. 401(k) Plan We have a savings plan that qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code. Under this savings plan, participating employees may defer a portion of their pretax earnings up to the Internal Revenue Service annual contribution limit. Our matching contribution in cash for the three and nine months ended June 30, 2024, was $0.3 million and $0.9 million, respectively. Our matching contribution in cash for the three and nine months ended June 30, 2023 was $0.4 million and $1.0 million, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities The components of accrued expenses and other current liabilities consisted of the following: (in thousands) June 30, 2024 September 30, 2023 Compensation $ 5,304 $ 5,980 Warranty 534 864 Commissions 66 468 Professional fees 1,108 493 Other 809 666 Accrued expenses and other current liabilities $ 7,821 $ 8,471 The changes in product warranty accruals consisted of the following: (in thousands) June 30, 2024 September 30, 2023 Balance at beginning of period $ 864 $ 911 Provision for product warranty expense 94 120 Adjustments and utilization of warranty accrual (424) (167) Balance at end of period $ 534 $ 864 The changes in severance accruals consisted of the following: (in thousands) June 30, 2024 Balance at beginning of period $ 64 Additions to accrual for severance expense 3,234 Severance expense paid (1,516) Balance at end of period $ 1,782

Credit Agreement

Credit Agreement	9 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Credit Agreement	Credit Agreement Wingspire/Hale Credit Agreement On August 9, 2022, EMCORE and S&N, our wholly-owned subsidiary, entered into that certain Credit Agreement with the lenders party thereto and Wingspire Capital LLC (“Wingspire”), as administrative agent for the lenders, as amended pursuant to that First Amendment to Credit Agreement dated as of October 25, 2022, among EMCORE and S&N, EMCORE Chicago, our wholly-owned subsidiary (together with the Company and S&N, the “Borrowers”), the lenders party thereto and Wingspire, to add EMCORE Chicago as a Borrower and include certain of its assets in the borrowing base (as amended, the “Credit Agreement”). The Credit Agreement provided for two credit facilities: (a) an asset-based revolving credit facility in an aggregate principal amount of up to $40.0 million, subject to a borrowing base consisting of eligible accounts receivable and eligible inventory (subject to certain reserves), and (b) a term loan facility in an aggregate principal amount of approximately $6.0 million. On April 29, 2024, Wingspire, HCP-FVU, LLC, HCP Fund V-FVU, LLC and Bessel Holdings LLC (each an affiliate of Hale Capital Management, L.P. and collectively, “Hale” or “New Lenders”), and HCP-FVU, LLC, as administrative agent for New Lenders (in such capacity, the “Successor Agent”) entered into an Assignment Agreement (the “Assignment Agreement”) pursuant to which Hale acquired all of the Wingspire’s interest in the credit facilities extended by Wingspire to the Company pursuant to the Credit Agreement and all of the Loan Documents (as defined in the Credit Agreement) and any other documents, instruments, certificates, financing statements and agreements relating to the Credit Agreement. In connection with the Assignment Agreement, the Company entered into a Forbearance Agreement and Second Amendment to Credit Agreement with S&N and EMCORE Chicago, Hale, and the Successor Agent dated April 29, 2024 (the “Forbearance Agreement”). Under the terms of the Forbearance Agreement, Hale agreed: (i) not to accelerate the obligations or exercise other default remedies under the Credit Agreement and related documents; (ii) not to enforce any of the provisions or terms of the Credit Agreement and the related collateral documents relating to the occurrence of one or more cash dominion trigger events; and (iii) to direct the Successor Agent not to accelerate the obligations, exercise default remedies or take any such enforcement action or enforcement of provisions under the Credit Agreement and related documents during the period (the “Forbearance Period”) beginning on April 29, 2024 through the earliest of: (i) May 31, 2024; (ii) the date that any breach or default occurs or is determined to have occurred under the Credit Agreement or any other related document, including the Forbearance Agreement; and (iii) the date that the Company initiates any judicial, administrative or arbitration proceeding against Hale or the Successor Agent. The Forbearance Agreement also amended the Credit Agreement, to, among other things, set a fixed interest rate of 12% per annum (with an additional 6% upon the occurrence and during the continuance of an event of default, which shall not apply during the Forbearance Period to any of the events of default as to which the forbearance applies) on each loan. The Forbearance Agreement reduced the aggregate principal amount that we could draw under the revolving credit facility from $40.0 million to $4.6 million, subject to a borrowing base consisting of eligible accounts receivable, eligible inventory and eligible equipment (subject to certain reserves). The Forbearance Agreement also provided that the Company could elect to pay all or a portion of the interest that would accrue under the Credit Agreement as payment-in-kind, which would allow the Company to increase the principal balance of the Loans due and payable upon maturity, rather than making interest payment in cash. In addition, the Forbearance Agreement provided for certain financial covenants, loosened the circumstances under which the Borrowers would have to comply with a fixed charge coverage ratio, and eliminated all restrictions relating to cash dominion. On April 29, 2024, in consideration of the Forbearance Agreement, the Company issued to the Successor Agent a warrant (the “Warrant”) to purchase an aggregate of 1,810,528 (post-reverse split) shares of the Company’s common stock at an exercise price of $2.73 per share. The Warrant is exercisable, at any time and from time to time, for 10 years following the Issuance Date. The company accounted for the Warrant in accordance with ASC 815-40 “Derivatives and Hedging - Contract in Entity's Own Equity” and ASC 470-50 “Debt - Modifications and extinguishments”. As there are provisions in the Warrant agreement that indicate that neither of the two criteria necessary for equity classification are met, the Company recorded the Warrant’s fair value using the Black-Scholes valuation method on date of issuance of approximately $5.1 million as a non-current liability in the condensed consolidated balance sheet. As the Company was legally released as the primary obligor by Wingspire and there is no continuing debt to Wingspire, a corresponding value of $5.1 million was recorded as loss on extinguishment of debt in the condensed consolidated statement of operations. The Company has and will continue to subsequently remeasure the fair value of the Warrant each reporting period as long as the warrant contract remains classified as a liability with changes in the fair value reported in the caption “Loss on extinguishment of debt and change in fair value of warrant liability” on the condensed consolidated statements of operations. We believe that the assumptions used in the calculations of fair value of the warrant liability represent the best estimates of fair value. As of June 30, 2024, using the Black-Scholes valuation method, the fair value of the Warrant was recorded as a $2.1 million non-current liability in the condensed consolidated balance sheet and for the three and nine months ended June 30, 2024 the corresponding next expense of $2.1 million is included in“Loss on extinguishment of debt and change in fair value of warrant liability” in the condensed consolidated statements of operation. See Note 13 - Equity for further discussion of the Warrant. The proceeds of the loans made under the Credit Agreement may be used for general corporate purposes. The maturity date for borrowings under the Credit Agreement was August 8, 2026. The Credit Agreement contained representations and warranties, affirmative and negative covenants that are generally customary for credit facilities of this type. Among others, the Credit Agreement contained various covenants that, subject to agreed-upon exceptions, limit the Borrowers’ and their respective subsidiaries’ ability to incur indebtedness, grant liens, enter into sale and leaseback transactions, enter into swap agreements, make loans, acquisitions and investments, change the nature of their business, acquire or sell assets, or consolidate or merge with or into other persons or entities, declare or pay dividends or make other restricted payments, enter into transactions with affiliates, enter into burdensome agreements, change fiscal year, amend organizational documents, and use proceeds to fund any activities of or business with any person that is the subject of governmental sanctions. In addition, the Credit Agreement required that, for any period commencing upon the occurrence of an event of default and until such time as no event of default shall be continuing, the Borrowers satisfy a consolidated fixed charge coverage ratio of not less than 1.10:1.00 based on a trailing 12-month period at the end of each month. The Credit Agreement also included customary events of default, the occurrence of which, following any applicable grace period, would permit Hale or Successor Agent to, among other things, declare the principal, accrued interest and other obligations of the Borrowers under the Credit Agreement to be immediately due and payable, and exercise rights and remedies available to the lenders under the Credit Agreement or applicable law or equity. In connection with the Credit Agreement, the Borrowers entered into a pledge and security agreement pursuant to which the obligations under the Credit Agreement were secured on a senior secured basis (subject to permitted liens) by substantially all assets of the Borrowers and substantially all assets of any future guarantors. As of June 30, 2024, an aggregate principal amount of $8.4 million was outstanding pursuant to the Credit Agreement and we believe we were in compliance with all covenants. As of September 30, 2023, an aggregate principal amount of $6.4 million was outstanding pursuant to the revolving credit facility and an aggregate principal amount of $4.2 million was outstanding pursuant to the term loan facility. Our future term loan repayments as of June 30, 2024 are as follows: (in thousands) Amount Remainder of fiscal 2024 $ 355 2025 852 2026 7,193 Total loan payments $ 8,400 On June 14, 2024, the Company received a written notice (the “June 14 Notice”) from HCP-FVU, LLC, as Successor Agent, under the Credit Agreement, that an alleged event of default had occurred. The June 14 Notice specified that in the Successor Agent’s view, certain defaults occurred under the Credit Agreement due to the Borrowers’ failure to: (i) provide a consolidated balance sheet of the Company and its subsidiaries together without a “going concern” or like qualification or exception, (ii) deliver a compliance certificate with financial reporting along with concurrent analysis, (iii) deliver notice to the New Lenders as to election to pay all or a portion of interest as PIK interest prior to the payment deadlines of May 1, 2024 and June 1, 2024, and (iv) provide certain projections as required under the Credit Agreement. As a result of these alleged defaults, the June 14 Notice stated that the Successor Agent was exercising its right to accrue interest at the default rate of 18% beginning May 1, 2024 and that the Borrowers were required to appoint a Chief Restructuring Officer in accordance with the terms of the Credit Agreement, the selection of whom was subject to the consent of the New Lenders. On June 21, 2024, the Company received a subsequent written notice (the “June 21 Notice”) from the Successor Agent in which the Successor Agent stated that it would not be accelerating the amounts owed under the Credit Agreement nor taking any remedies afforded to it under the Credit Agreement other than accruing interest at the default rate of 18% for the seven-day period beginning June 21, 2024. The June 21 Notice further stated that the Successor Agent was not waiving any New Lenders’ rights or remedy available under the Credit Agreement. On July 3, 2024, the Company received a written notice (the “July 3 Notice”, and together with the June 14 Notice and the June 21 Notice, the “Default Notices”) from the Successor Agent that an alleged Event of Default (as defined in the Credit Agreement) had occurred due to the Borrowers’ failure to (i) comply with certain covenants set forth in the Forbearance Agreement, and (ii) deliver to the Successor Agent and New Lenders material sufficient to determine whether the Borrowers are in compliance with certain covenants set forth in the Forbearance Agreement. In the July 3 Notice, the Successor Agent stated that the loans under the Credit Agreement would continue to accrue interest at the default rate of 18% due to the additional default alleged in the July 3 Notice. The July 3 Notice further stated that the Successor Agent was not waiving any of New Lenders’ rights or remedy available under the Credit Agreement. The Company responded to the June 14 Notice advising the Successor Agent that the Company believed that no default or event of default under the Credit Agreement existed in connection with the alleged defaults described in the June 14 Notice. On August 5, 2024, we voluntarily prepaid approximately $9.4 million to repay in full all amounts outstanding and payable under the Credit Agreement, resulting in termination of the Credit Agreement. See Note 15 – Subsequent Even t .

Income and Other Taxes

Income and Other Taxes	9 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income and Other Taxes	Income and Other Taxes During the nine months ended June 30, 2024, the Company recorded an income tax expense of $114 thousand composed primarily of state tax expense and the effective tax rate on continuing operations was 0.5%. During the three and nine months ended June 30, 2023, the Company recorded an income tax expense of $28 thousand and $176 thousand, respectively, composed primarily of state tax expense and tax expense generated from the tax amortization on acquired indefinitely lived assets. For the three and nine months ended June 30, 2023, the effective tax rate on continuing operations was 0.9%. The Company uses estimates to forecast the results from continuing operations for the current fiscal year as well as permanent differences between book and tax accounting. We have not provided for income taxes on non-U.S. subsidiaries’ undistributed earnings as of June 30, 2024 because we plan to indefinitely reinvest the unremitted earnings of our non-U.S. subsidiaries and all of our non-U.S. subsidiaries historically have negative earnings and profits. All deferred tax assets have a full valuation allowance as of June 30, 2024. On a quarterly basis, the Company evaluates the positive and negative evidence to assess whether the more-likely-than-not criteria has been satisfied in determining whether there will be further adjustments to the valuation allowance. As of June 30, 2024 and September 30, 2023, we did not accrue any significant uncertain tax benefit, interest, or penalties as tax liabilities on our condensed consolidated balance sheets. During the three and nine months ended June 30, 2024 and 2023, there were no material increases or decreases in unrecognized tax benefits.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases Operating lease liabilities and expected cash inflows from signed subleases as of June 30, 2024 and September 30, 2023 were as follows: (in thousands) June 30, 2024 September 30, 2023 2024 $ 1,168 $ 4,614 2025 4,137 4,137 2026 3,072 3,072 2027 2,757 2,757 2028 2,830 2,830 Thereafter 22,179 22,179 Total lease payments $ 36,143 $ 39,589 Less imputed interest (14,446) (15,674) Total operating lease liabilities $ 21,697 $ 23,915 Amount of expected cash inflow from signed subleases $ 2,875 $ — Indemnifications We have agreed to indemnify certain customers against claims of infringement of intellectual property rights of others in our sales contracts with these customers. Historically, we have not paid any claims under these customer indemnification obligations. We enter into indemnification agreements with each of our directors and executive officers pursuant to which we agree to indemnify them for certain potential expenses and liabilities arising from their status as a director or executive officer of the Company. We maintain directors and executive officers’ insurance, which covers certain liabilities relating to our obligation to indemnify our directors and executive officers in certain circumstances. It is not possible to determine the aggregate maximum potential loss under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular claim. Legal Proceedings We are subject to various legal proceedings, claims, and litigation, either asserted or unasserted, that arise in the ordinary course of business. The outcome of these matters is currently not determinable and we are unable to estimate a range of loss, should a loss occur, from these proceedings. The ultimate outcome of legal proceedings involves judgments, estimates, and inherent uncertainties and the results of these matters cannot be predicted with certainty. Professional legal fees are expensed when incurred. We accrue for contingent losses when such losses are probable and reasonably estimable. In the event that estimates or assumptions prove to differ from actual results, adjustments are made in subsequent periods to reflect more current information. Should we fail to prevail in any legal matter, or should several legal matters be resolved against the Company in the same reporting period, then the financial results of that particular reporting period could be materially affected. Intellectual Property Lawsuits We protect our proprietary technology by applying for patents where appropriate and, in other cases, by preserving the technology, related know-how, and information as trade secrets. The success and competitive position of our product lines are impacted by our ability to obtain intellectual property protection for our research and development efforts. We have, from time to time, exchanged correspondence with third parties regarding the assertion of patent or other intellectual property rights in connection with certain of our products and processes. Resilience Litigation In February 2021, Resilience Capital (“Resilience”) filed a complaint against us with the Delaware Chancery Court containing claims arising from the February 2020 sale of SDI’s real property (the “Concord Property Sale”) located in Concord, California (the “Concord Real Property”) to Eagle Rock Holdings, LP (“Buyer”) and that certain Single-Tenant Triple Net Lease, dated as of February 10, 2020, entered into by and between SDI and the Buyer, pursuant to which SDI leased from the Buyer the Concord Real Property for a 15-year term. The Resilience complaint seeks, among other items, (a) a declaration that the Concord Property Sale included a non-cash component, (b) a decree requiring us and Resilience to follow the appraisal requirements set forth in that certain Purchase and Sale Agreement (the “SDI Purchase Agreement”), dated as of June 7, 2019, by and among the Company, The Resilience Fund IV, L.P., The Resilience Fund IV-A, L.P., Aerospace Newco Holdings, Inc. and Ember Acquisition Sub, Inc., (c) recovery of Resilience’s costs and expenses, and (d) pre- and post-judgment interest. In April 2021, we filed with the Delaware Chancery Court our answer to the Resilience complaint and counterclaims against Resilience, in which we are seeking, among other items, (a) dismissal of the Resilience complaint and/or granting of judgment in favor of EMCORE with respect to the Resilience complaint, (b) entering final judgment against Resilience awarding damages to us for Resilience’s fraud and breaches of the SDI Purchase Agreement in an amount to be proven at trial and not less than $1,565,000, (c) a judicial determination of the respective rights and duties of us and Resilience under the SDI Purchase Agreement, (d) an award to us of costs and expenses, and (e) pre- and post-judgment interest. In April 2023, the Company and Resilience entered into a Settlement and Release Agreement (the “Resilience Settlement Agreement”). The material financial terms of the Resilience Settlement Agreement required (i) a payment of $500,000 by the Company to Resilience, which payment was made by the Company during the three months ended June 30, 2023, (ii) an appraisal of the Concord Real Property as of January 2, 2020, which resulted in a further payment obligation by us in an amount equal to approximately $1.3 million, which payment was made by us during the three months ending December 31, 2023, and (iii) a mutual release of all claims, including claims arising under the SDI Purchase Agreement, and a dismissal of the litigation by all parties. In April 2023, the underwriters of the representation and warranty insurance policies the Company acquired in connection with the SDI Purchase Agreement agreed to pay the Company $1.15 million within 15 business days in exchange for a release of any and all claims under the policies. We received payment during the three months ended June 30, 2023.

Equity

Equity	9 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Equity	Equity Reverse Stock Split On March 15, 2024, the Company’s shareholders approved an amendment to the Company’s certificate of incorporation to effect a reverse split of the Company’s outstanding stock at a ratio ranging from 5:1 to 12:1 at the sole discretion of the Board of Directors of the Company. On March 15, 2024, the Board of Directors approved a reverse split and set a reverse stock split ratio of 10:1 for the Company's outstanding share of the Company's common stock. The reverse stock split was effective on April 1, 2024. As of the effective time of the reverse split, every 10 issued and outstanding shares of the Company’s common stock was automatically reclassified into one issued and outstanding share of the Company’s common stock, with any fractional shares being rounded up to the next whole share. Proportionate adjustments were made to the number of shares of common stock underlying the Company’s outstanding equity awards, warrants, the number of shares issuable under its equity incentive plans and other existing agreements, as well as the exercise or conversion price, as applicable. Hale Warrant On April 29, 2024 (the “Issuance Date”), in consideration of the Forbearance Agreement, the Company issued to Successor Agent the Warrant to purchase an aggregate of 1,810,528 (post-reverse split) shares of the Company’s common stock at an exercise price of $2.73 per share. The Warrant is exercisable, at any time and from time to time, for 10 years following the Issuance Date. Under the terms of the Warrant, the Company has a right to force the Holder to exercise the Warrant under certain Forced Exercise Conditions (as defined in the Warrant) and issue a replacement warrant, and the Holder has a right to require the Company to purchase the unexercised portion of the Warrant under certain circumstances, including upon a Fundamental Transaction (as defined in the Warrant). If the Company is required to purchase the unexercised portion of the Warrant, the Company may elect to pay such repurchase price in the form of an unsecured promissory note. The Warrant provides for certain adjustments to the exercise price and the number of shares issuable upon exercise of the Warrant in certain circumstances, including a full-ratchet anti-dilution adjustment in connection with certain issuances of Common Stock and convertible securities by the Company below the then current exercise price of the Warrant. The Company also agreed to register for resale with the SEC the shares issuable upon exercise of the Warrant. The Warrant contains restrictions on the Holder’s ability to exercise the Warrant, such that the Holder shall not be entitled to exercise the Warrant if the total number of shares of Common Stock then beneficially owned by the Holder, and its affiliates and any other persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s other ownership of the Company’s Common Stock, exceeds 4.999% of the total number of issued and outstanding shares of Common Stock of the Company (the “Threshold Percentage”). However, the Holder has the right at any time and from time to time, to increase the Threshold Percentage to 9.999%. Additionally, the Holder shall not have the right to exercise the Warrant if the total number of shares of Common Stock then beneficially owned by the Holder, and its affiliates and any other persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s other ownership of the Company’s Common Stock, exceeds 19.99%, unless shareholder approval is obtained by the Company, as may be required by the applicable rules and regulations of the Nasdaq Stock Market or any such other exchange on which the Company’s shares are then listed, or unless such shareholder approval requirement has been waived by the Nasdaq Stock Market. Notwithstanding anything to the contrary in the Warrant, the sum of the number of shares of Common Stock that may be issued under the Warrant is limited to 19.99% of the Company’s outstanding shares of Common Stock as of the issuance date of the Warrant (the “Exchange Cap”), unless shareholder approval is obtained by the Company to issue more than the Exchange Cap, as may be required by the applicable rules and regulations of the Nasdaq Stock Market or any such other exchange on which the Company’s shares are then listed, or unless such shareholder approval requirement has been waived by the Nasdaq Stock Market. The initial fair value of the warrant of $5.1 million was estimated using the Black-Scholes valuation method and was recorded as a long-term liability on the condensed consolidated balance sheet. The change in fair value of the warrant liability using the Black-Scholes valuation method through the end of the quarter ended June 30, 2024 was $3.0 million resulting in a net $2.1 million expense for the three and nine months ended June 30, 2024 and is included in the condensed consolidated statements of operations on the line item captioned “Loss on extinguishment of debt and change in fair value of warrant liability.” See Note 10 - Credit Agreement . Equity Plans We provide long-term incentives to eligible officers, directors, and employees in the form of equity-based awards. We maintain four equity incentive compensation plans, collectively described as our “Equity Plans”: (a) the 2010 Equity Incentive Plan (the “2010 Plan”), (b) the 2012 Equity Incentive Plan (the “2012 Plan”), (c) the Amended and Restated 2019 Equity Incentive Plan (the “2019 Plan”), and (d) the 2022 New Employee Inducement Plan. We issue new shares of common stock to satisfy awards granted under our Equity Plans. In December 2023, our Board of Directors approved an amendment to the 2019 Plan, which, following shareholder approval at our 2024 annual meeting of shareholders in March 2024, increased the maximum number of shares of the Company’s common stock that may be issued or transferred pursuant to awards under the 2019 Plan by an additional 0.8 million shares. Stock-Based Compensation The following table sets forth stock-based compensation expense by award type: Three Months Ended June 30, Nine Months Ended June 30, (in thousands) 2024 2023 2024 2023 RSUs $ 172 $ 1,113 $ 1,161 $ 2,869 PSUs (1,216) 517 (1,094) 1,818 Outside director equity awards and fees in common stock (68) 83 82 295 Total stock-based compensation expense $ (1,112) $ 1,713 $ 149 $ 4,982 The following table sets forth stock-based compensation expense by expense type: Three Months Ended June 30, Nine Months Ended June 30, (in thousands) 2024 2023 2024 2023 Cost of revenue $ 70 $ 436 $ 57 $ 1,154 Selling, general, and administrative (1,254) 980 (266) 3,006 Research and development 72 297 358 822 Total stock-based compensation expense $ (1,112) $ 1,713 $ 149 $ 4,982 On May 7, 2024, a total of 51,862 unvested restricted stock units (“RSUs”) and 62,251 unvested performance stock units (“PSUs”) previously awarded to our former CEO, Jeffrey Rittichier, were terminated pursuant to the terms of our 2019 Plan and corresponding award agreements in connection with Mr. Rittichier’s termination of employment with the Company. In addition, 66,830 unvested RSUs previously awarded to non-executive employees were terminated pursuant to the terms of our 2019 Plan and the corresponding award agreements in connection with termination of the applicable non-executive employee’s service with the Company during the three-month period ended June 30, 2024. These terminations resulted in an aggregate reversal of stock-based compensation of $1.5 million, respectively, for the nine months ended June 30, 2024. On June 14, 2024, the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) approved the award of an aggregate of 527,600 RSUs under the 2019 Plan to certain executive officers (excluding Mr. Matthew Vargas, the Company’s Interim CEO and VP, Sales) and non-executive employees. All such awards will vest as to 1/3 of the underlying shares on each of the first three Loss Per Share The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended June 30, Nine Months Ended June 30, (in thousands, except per share data) 2024 2023 2024 2023 Numerator Net loss from continuing operations $ (11,545) $ (3,028) $ (23,683) $ (20,566) Loss from discontinued operations $ (2,413) $ (6,829) $ (4,449) $ (13,212) Net loss $ (13,958) $ (9,857) $ (28,132) $ (33,778) Denominator Weighted average number of shares outstanding - basic reflective of reverse stock split effective April 1, 2024 9,044 5,393 9,006 4,555 Effect of dilutive securities Common shares underlying the warrant — — — — Stock options — — — — PSUs, RSUs, and restricted stock — — — — Weighted average number of shares outstanding - diluted reflective of reverse stock split effective April 1, 2024 9,044 5,393 9,006 4,555 Net loss from continuing operations per share, basic and diluted $ (1.27) $ (0.56) $ (2.63) $ (4.52) Loss from discontinued operations per share, basic and diluted $ (0.27) $ (1.27) $ (0.49) $ (2.90) Net loss per share, basic and diluted $ (1.54) $ (1.83) $ (3.12) $ (7.42) Weighted average antidilutive options, unvested RSUs and RSAs, unvested PSUs and common shares underlying warrants excluded from the computation reflective of reverse stock split effective April 1, 2024 348 382 369 253 Basic earnings per share (“EPS”) is computed by dividing net (loss) income for the period by the weighted-average number of common stock outstanding during the period. The weighted-average number of common stock outstanding includes the 1,190,000 pre-funded warrants discussed below in “Public Offerings”. Diluted EPS is computed by dividing net (loss) income for the period by the weighted average number of common stock outstanding during the period, plus the dilutive effect of outstanding RSUs, PSUs, stock options and common shares underlying warrants as applicable pursuant to the treasury stock method. Certain of the Company's outstanding share-based awards, noted in the table above, were excluded because they were anti-dilutive, but they could become dilutive in the future. The anti-dilutive stock options, shares of outstanding and unvested restricted stock and common shares underlying warrants were excluded from the computation of earnings per share for the three and nine months ended June 30, 2024 and 2023 due to the Company incurring a net loss for such period. Public Offerings On August 23, 2023, we closed our offering of 2,260,000 shares of our common stock at a price of $5.00 per share, and, to certain investors, pre-funded warrants (each, a “Pre-Funded Warrant”) to purchase 1,190,000 shares of our common stock at a price of $4.99999990 for each pre-funded warrant (which represents the per share public offering price for our common stock in such offering less the $0.0000001 per share exercise price for each such Pre-Funded Warrant), resulting in net proceeds to us from the offering, after deducting the placement agent commissions and other offering expenses, of approximately $15.6 million. The shares were sold by us pursuant to an Underwriting Agreement, dated as of August 17, 2023, between us and the Craig-Hallum Capital Group LLC as the sole managing underwriter. In the quarter ended March 31, 2024, certain holders of Pre-Funded Warrants exercised such warrants, resulting in the issuance to such holders of an aggregate amount of 400,000 shares of Common Stock, and in the quarter ended June 30, 2024, certain holders of Pre-Funded Warrants exercised such warrants, resulting in the issuance to such holders an aggregate amount of 790,000 shares of common stock. As of June 30, 2024, no Pre-Funded Warrants remained outstanding. On February 17, 2023, we closed our offering of 1,545,455 shares of our common stock at a price of $11.00 per share, resulting in net proceeds to us from the offering, after deducting the placement agent commissions and other offering expenses, of $15.4 million. The shares were sold by us pursuant to a Securities Purchase Agreement, dated as of February 17, 2023, between the Company and each purchaser named in the signature pages thereto and a Placement Agency Agreement, dated as of February 15, 2023, by and between the Company and A.G.P./Alliance Global Partners. Future Issuances Common stock reserved for future issuances as of June 30, 2024 was as follows: Amount Exercise of outstanding stock options 632 Unvested RSUs 927,985 Unvested PSUs (at 100% maximum payout) 120,054 Issuance of stock-based awards under the Equity Plans 42,666 Purchases under the officer and director share purchase plan 8,874 Total reserved 1,100,211

Reportable Segment and Revenue

Reportable Segment and Revenue Information	9 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Reportable Segment and Revenue Information	Reportable Segment and Revenue Information Reportable Segment Concurrent with the discontinuance of the Broadband business segment and defense optoelectronics product line during the quarter ended September 30, 2023, the Company only has one reportable segment, Inertial Navigation, for which financial information is available and upon which operating results are evaluated by the chief operating decision maker, the Chief Executive Officer, to assess performance and to allocate resources. Timing of Revenue Revenue is classified by timing of recognition as presented below: Three Months Ended June 30, Nine Months Ended June 30, (in thousands) 2024 2023 2024 2023 Trade revenue (recognized at a point in time) $ 16,370 $ 18,808 $ 49,786 $ 51,319 Contract revenue (recognized over time) 4,065 7,910 14,406 19,628 Total revenue $ 20,435 $ 26,718 $ 64,192 $ 70,947 Geographical Concentration Revenue is classified by geographic area based on our customers’ billing addresses as presented below: Three Months Ended June 30, Nine Months Ended June 30, (in thousands) 2024 2023 2024 2023 United States and Canada $ 15,920 $ 22,031 $ 47,930 $ 56,783 Asia 1,520 2,412 5,512 5,315 Europe 2,995 1,345 8,568 6,775 Other — 930 2,182 2,074 Total revenue $ 20,435 $ 26,718 $ 64,192 $ 70,947 Customer Concentration Portions of the Company’s sales are concentrated among a limited number of customers. Significant customers are defined as customers representing greater than 10% of consolidated revenue. Revenue from two significant customers represented an aggregate of 38% and two significant customers represented 30% of our consolidated revenue for the three and nine months ended June 30, 2024, respectively, and revenue from two significant customers represented an aggregate of 40% and 39% of our consolidated revenue for the three and nine months ended June 30, 2023, respectively.
Reportable Segment and Revenue Information	Reportable Segment and Revenue Information Reportable Segment Concurrent with the discontinuance of the Broadband business segment and defense optoelectronics product line during the quarter ended September 30, 2023, the Company only has one reportable segment, Inertial Navigation, for which financial information is available and upon which operating results are evaluated by the chief operating decision maker, the Chief Executive Officer, to assess performance and to allocate resources. Timing of Revenue Revenue is classified by timing of recognition as presented below: Three Months Ended June 30, Nine Months Ended June 30, (in thousands) 2024 2023 2024 2023 Trade revenue (recognized at a point in time) $ 16,370 $ 18,808 $ 49,786 $ 51,319 Contract revenue (recognized over time) 4,065 7,910 14,406 19,628 Total revenue $ 20,435 $ 26,718 $ 64,192 $ 70,947 Geographical Concentration Revenue is classified by geographic area based on our customers’ billing addresses as presented below: Three Months Ended June 30, Nine Months Ended June 30, (in thousands) 2024 2023 2024 2023 United States and Canada $ 15,920 $ 22,031 $ 47,930 $ 56,783 Asia 1,520 2,412 5,512 5,315 Europe 2,995 1,345 8,568 6,775 Other — 930 2,182 2,074 Total revenue $ 20,435 $ 26,718 $ 64,192 $ 70,947 Customer Concentration Portions of the Company’s sales are concentrated among a limited number of customers. Significant customers are defined as customers representing greater than 10% of consolidated revenue. Revenue from two significant customers represented an aggregate of 38% and two significant customers represented 30% of our consolidated revenue for the three and nine months ended June 30, 2024, respectively, and revenue from two significant customers represented an aggregate of 40% and 39% of our consolidated revenue for the three and nine months ended June 30, 2023, respectively.

Subsequent Event

Subsequent Event	9 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Repayment and Termination of Credit Agreement On August 5, 2024, we voluntarily prepaid approximately $9.4 million to repay (with effect as of August 8, 2024) (the “Repayment”) in full all amounts outstanding and payable under the Credit Agreement. In connection with the termination of the Credit Agreement, the total amount repaid by the Company of approximately $9.4 million consisted of approximately $8.5 million of principal, approximately $0.8 million of accrued interest, including interest that would have accrued through the one-year anniversary of the Forbearance Agreement, approximately $0.1 million of prepayment premium and approximately $0.1 million of customary expenses of the Successor Agent and the Lenders. As a result of the Repayment, all of the Obligations (as defined in the Credit Agreement) are and shall be deemed satisfied in full and the Credit Agreement, the other Loan Documents (as defined in the Credit Agreement) and any other documents, instruments, certificates, financing statements, and agreements related to the Credit Agreement terminate (collectively, the “Financing Documents”). As a result of the termination of the Credit Agreement, the Successor Agent, the Lenders and their respective participants, if any, shall have no further commitment to provide loans or other financial accommodations under the Credit Agreement or any of the other Loan Documents. We have received confirmation (in the form of a customary payoff letter) of such termination from the Successor Agent on behalf of the Lenders.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (13,958)	$ (9,857)	$ (28,132)	$ (33,778)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim information, and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all information and notes required by U.S. GAAP for annual financial statements. In our opinion, the interim financial statements reflect all adjustments that are necessary to provide a fair presentation of the financial results for the interim periods presented. Operating results for interim periods are not necessarily indicative of results that may be expected for an entire fiscal year. The condensed consolidated balance sheet as of September 30, 2023 has been derived from the audited consolidated financial statements as of such date. For a more complete understanding of our business, financial position, operating results, cash flows, risk factors, and other matters, please refer to our Annual Report on Form 10-K for the fiscal year ended September 30, 2023.
Going Concern	Going Concern These condensed consolidated financial statements have been prepared in accordance with U.S. GAAP assuming we will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about our ability to continue as a going concern exists. We have recently experienced losses from our operations and used a significant amount of cash, amounting to a net loss of $14.0 million and $28.1 million for the three and nine months ended June 30, 2024, respectively, and net cash outflows from continuing operations of $14.8 million for the nine months ended June 30, 2024. We expect to continue to incur losses and use cash in our operations in the near term. As a result of our recent cash outflows, we have taken actions to manage our liquidity and plan to continue to do so. As of June 30, 2024, our cash and cash equivalents totaled $9.0 million, including restricted cash of $0.5 million and cash in escrow of $0.7 million. In April 2023, we initiated a restructuring program that included the strategic shutdown of our Broadband business segment (including our cable TV, wireless, sensing and chips product lines) and the discontinuance of our defense optoelectronics product line (the “April 2023 Restructuring”). Our Board of Directors performed a thorough review of a number of factors including the competitive landscape, declining revenue and gross profit of these discontinued businesses, the current and expected profitability of these discontinued businesses, our cost structure, and our strategic focus on our Inertial Navigation business segment, and concluded that these discontinued businesses were non-strategic, unsustainable, and could not be restructured in a way that would have allowed us to achieve profitable growth and cash preservation. During the quarter ended September 30, 2023, the Broadband business segment and defense optoelectronics product line were considered as held for sale based upon the existence at such time of an executed non-binding letter of intent with respect to the PF Transaction (as defined below) and in consideration of ongoing negotiations for the sale of the chips business. Given the then-prospective sale of the Broadband business segment and defense optoelectronics product line we identified these asset groups as discontinued operations during the quarter ended September 30, 2023. We discontinued operations of our chips business and indium phosphide wafer fabrication facility during the quarter ended September 30, 2023, consummated the PF Transaction during the three months ended December 31, 2023 and consummated the Chips Transaction on April 30, 2024. In May 2024, we initiated a restructuring program that includes the full closure of our Alhambra, CA facility, headcount reductions and additional reductions in operating expenses (the “May 2024 Restructuring”). Our Board of Directors performed a thorough review of a number of factors including our competitive landscape, expected revenue and profitability, and cost structure, and concluded that our then-current structure and operations would not allow us to achieve profitable growth and cash generation. We expect the full closure of the Alhambra facility to be completed during the quarter ending September 30, 2024. Primarily as a result of these restructurings, we (i) have eliminated approximately 200 positions across all locations, collectively representing approximately 50% of our total workforce prior to such reductions, and (ii) consolidated facility space by shutting down our operations at the Alhambra facility (including sublease of three of the five buildings in Alhambra pursuant to the Chips Transaction and PF Transaction) and seeking to sublease the remaining available space in such facility, transferred our manufacturing support and engineering center in China to PF pursuant to the PF Transaction, and plan to relocate personnel in Concord, California to the operations area from the adjacent office building, collectively representing an approximately 35% reduction in the aggregate square footage occupied by our facilities. One-time employee severance and termination costs related to the May 2024 Restructuring of approximately $1.9 million and $3.1 million were incurred during the three and nine months ended June 30, 2024. For the three months ended June 30, 2024, we also incurred $1.3 million of restructuring expense including $0.8 million in impairment of the Alhambra inventory, $0.3 million of impairment of the Alhambra manufacturing execution software and hardware system, and $0.2 million in costs to tear-down, pack and move equipment out of the Alhambra facility. We are evaluating the sufficiency of our existing balances of cash and cash equivalents and cash flows from operations, together with additional actions we could take including further expense reductions and/or potentially raising capital through additional debt or equity issuances, or from the potential monetization of certain assets. However, we may not be successful in executing on our plans to manage our liquidity, including recognizing the expected benefits from our previously announced restructuring program, or raising additional funds if we elect to do so, and as a result substantial doubt about our ability to continue as a going concern exists.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, as of the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reported period. Such estimates include accounts receivable, inventories, long-lived assets, product warranty liabilities, legal contingencies, bonus accruals, income taxes, equity-based instruments, restructuring related accruals, asset retirement obligations, and pension obligation, as well as the evaluation associated with the Company's assessment of its ability to continue as a going concern. We develop estimates based on historical experience and on various assumptions about the future that are believed to be reasonable based on the best information available to us. Our reported financial position or results of operations may be materially different under changed conditions or when using different estimates and assumptions, particularly with respect to significant accounting policies. In the event that estimates or assumptions prove to differ from actual results, adjustments are made in subsequent periods to reflect more current information.
Legal Proceedings	Professional legal fees are expensed when incurred. We accrue for contingent losses when such losses are probable and reasonably estimable.

Cash, Cash Equivalents, and R_2

Cash, Cash Equivalents, and Restricted Cash (Tables)	9 Months Ended
	Jun. 30, 2024
Cash and Cash Equivalents [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited condensed consolidated statements of cash flows: (in thousands) June 30, 2024 September 30, 2023 Cash $ 3,319 $ 4,332 Cash in escrow 749 — Cash in government money market funds 4,409 21,879 Restricted cash 495 495 Total cash, cash equivalents, and restricted cash $ 8,972 $ 26,706
Schedule of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited condensed consolidated statements of cash flows: (in thousands) June 30, 2024 September 30, 2023 Cash $ 3,319 $ 4,332 Cash in escrow 749 — Cash in government money market funds 4,409 21,879 Restricted cash 495 495 Total cash, cash equivalents, and restricted cash $ 8,972 $ 26,706

Assets and Liabilities Held f_2

Assets and Liabilities Held for Sale and Discontinued Operations (Tables)	9 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups, Including Discontinued Operations	The following table presents key components of assets and liabilities that were classified as held for sale on the condensed consolidated balance sheets as of September 30, 2023: (in thousands) Cash $ 81 Accounts receivable, net of credit loss of $0 974 Inventory, net 10,063 Other current assets 1,154 Property, plant, and equipment, net 4,131 Operating lease right-of-use assets 56 Total assets 16,459 Remeasurement of assets 9,195 Assets held for sale $ 7,264 Accounts payable $ 1,854 Accrued expenses and other current liabilities 1,697 Operating lease liabilities - current 22 Operating lease liabilities - non-current 36 Other comprehensive income 1,053 Total liabilities 4,662 Liabilities held for sale $ 4,662 The following table presents key components of net loss that were classified as discontinued operations on the condensed consolidated statements of operations: Three Months Ended June 30, Nine Months Ended June 30, (in thousands) 2024 2023 2024 2023 Revenue $ — $ (20) $ 216 $ 7,524 Cost of Revenue 161 3,739 2,163 13,753 Gross Profit (161) (3,759) (1,947) (6,229) Selling, general, and administrative — 739 250 2,255 Research and development — 826 — 2,877 Severance — 1,827 — 2,269 Other income — (322) — (418) Loss on sale of assets 1,207 — 1,207 — Impairment of fixed assets 1,045 — 1,045 — Loss from discontinued operations $ (2,413) $ (6,829) $ (4,449) $ (13,212)

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	The components of inventory consisted of the following: (in thousands) June 30, 2024 September 30, 2023 Raw materials $ 14,640 $ 14,503 Work in-process 10,816 9,766 Finished goods 3,749 4,636 Inventory $ 29,205 $ 28,905

Property, Plant, and Equipmen_2

Property, Plant, and Equipment, net (Tables)	9 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	The components of property, plant, and equipment, net consisted of the following: (in thousands) June 30, 2024 September 30, 2023 Equipment $ 31,889 $ 31,658 Furniture and fixtures 1,576 1,576 Computer hardware and software 3,638 3,220 Leasehold improvements 4,510 9,442 Construction in progress 1,326 2,508 Property, plant, and equipment, gross 42,939 48,404 Accumulated depreciation (33,970) (32,887) Property, plant, and equipment, net $ 8,969 $ 15,517

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Intangible Assets	The following table summarizes changes in intangible assets, net: (in thousands) June 30, 2024 September 30, 2023 Balance at beginning of period $ 12,245 $ 14,790 Changes from acquisition — 1,470 Write off due to impairment — (2,125) Amortization (1,473) (1,890) Balance at end of period $ 10,772 $ 12,245
Schedule of Weighted Average Remaining Useful Lives by Definite-lived Intangible Asset	The weighted average remaining useful lives by definite-lived intangible asset category are as follows: June 30, 2024 (in thousands, except weighted average remaining life) Weighted Average Remaining Life (in years) Gross Carrying Amount Accumulated Amortization Net Book Value Technology 6.3 $ 16,901 $ (10,560) $ 6,341 Customer relationships 6.0 4,690 (1,114) 3,576 Definite-lived intangible assets total $ 21,591 $ (11,674) $ 9,917 September 30, 2023 (in thousands, except weighted average remaining life) Weighted Average Remaining Life (in years) Gross Carrying Amount Accumulated Amortization Net Book Value Technology 6.5 $ 16,901 $ (9,527) $ 7,374 Customer relationships 6.9 4,690 (674) 4,016 Definite-lived intangible assets total $ 21,591 $ (10,201) $ 11,390
Schedule of Future Amortization Expense for Intangible Assets	Estimated future amortization expense for intangible assets recorded by the Company as of June 30, 2024 is as follows: (in thousands) Amount 2024 $ 482 2025 1,929 2026 1,527 2027 1,504 2028 1,491 Thereafter 2,984 Total amortization expense $ 9,917

Benefit Plans (Tables)

Benefit Plans (Tables)	9 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Schedule of Components of Pension Expense	The components of net periodic pension cost are as follows: Three Months Ended June 30, Nine Months Ended June 30, (in thousands) 2024 2023 2024 2023 Service cost $ 26 $ 26 $ 78 $ 78 Interest cost 92 93 276 279 Expected return on plan assets (76) (84) (228) (252) Net periodic pension cost $ 42 $ 35 $ 126 $ 105

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Schedule of Components of Accrued Expenses and Other Current Liabilities	The components of accrued expenses and other current liabilities consisted of the following: (in thousands) June 30, 2024 September 30, 2023 Compensation $ 5,304 $ 5,980 Warranty 534 864 Commissions 66 468 Professional fees 1,108 493 Other 809 666 Accrued expenses and other current liabilities $ 7,821 $ 8,471
Schedule of Product Warranty Liability	The changes in product warranty accruals consisted of the following: (in thousands) June 30, 2024 September 30, 2023 Balance at beginning of period $ 864 $ 911 Provision for product warranty expense 94 120 Adjustments and utilization of warranty accrual (424) (167) Balance at end of period $ 534 $ 864
Schedule of Severance Accruals	The changes in severance accruals consisted of the following: (in thousands) June 30, 2024 Balance at beginning of period $ 64 Additions to accrual for severance expense 3,234 Severance expense paid (1,516) Balance at end of period $ 1,782

Credit Agreement (Tables)

Credit Agreement (Tables)	9 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Future Loan Repayments	Our future term loan repayments as of June 30, 2024 are as follows: (in thousands) Amount Remainder of fiscal 2024 $ 355 2025 852 2026 7,193 Total loan payments $ 8,400

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	9 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Operating Lease Liabilities	Operating lease liabilities and expected cash inflows from signed subleases as of June 30, 2024 and September 30, 2023 were as follows: (in thousands) June 30, 2024 September 30, 2023 2024 $ 1,168 $ 4,614 2025 4,137 4,137 2026 3,072 3,072 2027 2,757 2,757 2028 2,830 2,830 Thereafter 22,179 22,179 Total lease payments $ 36,143 $ 39,589 Less imputed interest (14,446) (15,674) Total operating lease liabilities $ 21,697 $ 23,915 Amount of expected cash inflow from signed subleases $ 2,875 $ —

Equity (Tables)

Equity (Tables)	9 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Stock-based Compensation Expense - By Award Type	The following table sets forth stock-based compensation expense by award type: Three Months Ended June 30, Nine Months Ended June 30, (in thousands) 2024 2023 2024 2023 RSUs $ 172 $ 1,113 $ 1,161 $ 2,869 PSUs (1,216) 517 (1,094) 1,818 Outside director equity awards and fees in common stock (68) 83 82 295 Total stock-based compensation expense $ (1,112) $ 1,713 $ 149 $ 4,982
Schedule of Stock-based Compensation Expense - By Expense Type	The following table sets forth stock-based compensation expense by expense type: Three Months Ended June 30, Nine Months Ended June 30, (in thousands) 2024 2023 2024 2023 Cost of revenue $ 70 $ 436 $ 57 $ 1,154 Selling, general, and administrative (1,254) 980 (266) 3,006 Research and development 72 297 358 822 Total stock-based compensation expense $ (1,112) $ 1,713 $ 149 $ 4,982
Schedule of (Loss) Income Per Share	The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended June 30, Nine Months Ended June 30, (in thousands, except per share data) 2024 2023 2024 2023 Numerator Net loss from continuing operations $ (11,545) $ (3,028) $ (23,683) $ (20,566) Loss from discontinued operations $ (2,413) $ (6,829) $ (4,449) $ (13,212) Net loss $ (13,958) $ (9,857) $ (28,132) $ (33,778) Denominator Weighted average number of shares outstanding - basic reflective of reverse stock split effective April 1, 2024 9,044 5,393 9,006 4,555 Effect of dilutive securities Common shares underlying the warrant — — — — Stock options — — — — PSUs, RSUs, and restricted stock — — — — Weighted average number of shares outstanding - diluted reflective of reverse stock split effective April 1, 2024 9,044 5,393 9,006 4,555 Net loss from continuing operations per share, basic and diluted $ (1.27) $ (0.56) $ (2.63) $ (4.52) Loss from discontinued operations per share, basic and diluted $ (0.27) $ (1.27) $ (0.49) $ (2.90) Net loss per share, basic and diluted $ (1.54) $ (1.83) $ (3.12) $ (7.42) Weighted average antidilutive options, unvested RSUs and RSAs, unvested PSUs and common shares underlying warrants excluded from the computation reflective of reverse stock split effective April 1, 2024 348 382 369 253
Schedule of Common Stock Reserved for Future Issuances	Common stock reserved for future issuances as of June 30, 2024 was as follows: Amount Exercise of outstanding stock options 632 Unvested RSUs 927,985 Unvested PSUs (at 100% maximum payout) 120,054 Issuance of stock-based awards under the Equity Plans 42,666 Purchases under the officer and director share purchase plan 8,874 Total reserved 1,100,211

Reportable Segment and Revenu_2

Reportable Segment and Revenue Information (Tables)	9 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Revenue by Geographic Region	Revenue is classified by timing of recognition as presented below: Three Months Ended June 30, Nine Months Ended June 30, (in thousands) 2024 2023 2024 2023 Trade revenue (recognized at a point in time) $ 16,370 $ 18,808 $ 49,786 $ 51,319 Contract revenue (recognized over time) 4,065 7,910 14,406 19,628 Total revenue $ 20,435 $ 26,718 $ 64,192 $ 70,947 Geographical Concentration Revenue is classified by geographic area based on our customers’ billing addresses as presented below: Three Months Ended June 30, Nine Months Ended June 30, (in thousands) 2024 2023 2024 2023 United States and Canada $ 15,920 $ 22,031 $ 47,930 $ 56,783 Asia 1,520 2,412 5,512 5,315 Europe 2,995 1,345 8,568 6,775 Other — 930 2,182 2,074 Total revenue $ 20,435 $ 26,718 $ 64,192 $ 70,947

Description of Business (Detail

Description of Business (Details) - segment	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Portfolio acquisition years		5 years
Number of reporting segments	1	1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2024 USD ($) sublease position building	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Net loss		$ 13,958	$ 9,857	$ 28,132	$ 33,778
Net cash used in operating activities - continuing operations				(14,800)	(30,346)
Cash and cash equivalents		8,972		8,972		$ 26,706
Restricted cash		495		495		495
Cash in escrow		749		749		$ 0
Number of positions | position	200
Number of positions eliminated percent	50%
Restructuring and related cost, number of office locations eliminated | sublease	3
Restructuring and related cost, number of office locations prior to restructuring | building	5
Restructuring and related cost, office area eliminated, period percent	0.35
Severance		1,856	11	3,086	27
Restructuring		1,347	$ 0	$ 1,347	$ 0
Inventory Impairment
Restructuring Cost and Reserve [Line Items]
Restructuring	$ 800	800
Execution System Impairment
Restructuring Cost and Reserve [Line Items]
Restructuring	300	300
Equipment Relocation Costs
Restructuring Cost and Reserve [Line Items]
Restructuring	$ 200	$ 200

Cash, Cash Equivalents, and R_3

Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Cash and Cash Equivalents [Abstract]
Cash	$ 3,319	$ 4,332
Cash in escrow	749	0
Cash in government money market funds	4,409	21,879
Restricted cash	495	495
Total cash, cash equivalents, and restricted cash	$ 8,972	$ 26,706

Assets and Liabilities Held f_3

Assets and Liabilities Held for Sale and Discontinued Operations - Narratives (Details) $ in Millions		1 Months Ended		3 Months Ended	9 Months Ended
	Oct. 11, 2023	Apr. 30, 2024 USD ($) ft²	Oct. 31, 2023 USD ($) ft²	Dec. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2025 ft²
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Agreement term	12 months		12 months
Sublease area | ft²		21,750	12,500
Sublease term			12 months
Payment prior to closing			$ 0.4
Aggregate amount			5.5
Deferred amount			$ 4.3
Consideration amount		$ 2.9
Liabilities held for sale		$ 1.9		$ 1
Selling cost					$ 0.3
Subsequent Event | Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sublease area | ft²						25,000

Assets and Liabilities Held f_4

Assets and Liabilities Held for Sale and Discontinued Operations - Schedule of Components of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Cash		$ 81
Accounts receivable, net of credit loss of $0		974
Inventory, net		10,063
Other current assets		1,154
Property, plant, and equipment, net		4,131
Operating lease right-of-use assets		56
Total assets		16,459
Remeasurement of assets		9,195
Assets held for sale		7,264
Accounts payable		1,854
Accrued expenses and other current liabilities		1,697
Operating lease liabilities - current		22
Operating lease liabilities - non-current		36
Other comprehensive income		1,053
Total liabilities		4,662
Liabilities held for sale		4,662
Credit losses	$ 0	$ 0

Discontinued Operations - Sched

Discontinued Operations - Schedule of Components of Net (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Revenue	$ 0	$ (20)	$ 216	$ 7,524
Cost of Revenue	161	3,739	2,163	13,753
Gross Profit	(161)	(3,759)	(1,947)	(6,229)
Selling, general, and administrative	0	739	250	2,255
Research and development	0	826	0	2,877
Severance	0	1,827	0	2,269
Other income	0	(322)	0	(418)
Loss on sale of assets	1,207	0	1,207	0
Impairment of fixed assets	1,045	0	1,045	0
Loss from discontinued operations	$ (2,413)	$ (6,829)	$ (4,449)	$ (13,212)

Inventory - Schedule of Compone

Inventory - Schedule of Components of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 14,640	$ 14,503
Work in-process	10,816	9,766
Finished goods	3,749	4,636
Inventory	$ 29,205	$ 28,905

Inventory - Narrative (Details)

Inventory - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring		$ 1,347	$ 0	$ 1,347	$ 0
Inventory Impairment
Restructuring Cost and Reserve [Line Items]
Restructuring	$ 800	$ 800

Property, Plant, and Equipmen_3

Property, Plant, and Equipment, net - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 42,939	$ 48,404
Accumulated depreciation	(33,970)	(32,887)
Property, plant, and equipment, net	8,969	15,517
Equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	31,889	31,658
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	1,576	1,576
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	3,638	3,220
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	4,510	9,442
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 1,326	$ 2,508

Property, Plant, and Equipmen_4

Property, Plant, and Equipment, net - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense		$ 700		$ 2,700
Loss on sale of assets		0	$ 0	31	$ 1,147
Impairment of long-lived assets to be disposed of	$ 2,400
Operating lease, impairment loss	500
Restructuring		1,347	$ 0	$ 1,347	0
Execution System Impairment
Property, Plant and Equipment [Line Items]
Restructuring	300	300
Equipment Relocation Costs
Property, Plant and Equipment [Line Items]
Restructuring	$ 200	$ 200
Tinley Park
Property, Plant and Equipment [Line Items]
Loss on sale of assets					$ 1,200

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2023
Trademarks
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 0.9	$ 0.9
Patents
Finite-Lived Intangible Assets [Line Items]
Intangible assets useful life (in years)	7 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets useful life (in years)	8 years
Technology | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets useful life (in years)	2 years
Technology | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets useful life (in years)	8 years

Intangible Assets - Schedule of

Intangible Assets - Schedule of Changes in Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Roll Forward]
Beginning balance, intangible asset	$ 12,245	$ 14,790
Changes from acquisition	0	1,470
Write off due to impairment	0	(2,125)
Amortization	(1,473)	(1,890)
Ending balance, intangible asset	$ 10,772	$ 12,245

Intangible Assets- Schedule of

Intangible Assets- Schedule of Weighted Average Remaining Useful Lives by Definite-lived Intangible Asset (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 21,591	$ 21,591
Accumulated Amortization	(11,674)	(10,201)
Net Book Value	$ 9,917	$ 11,390
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (in years)	6 years 3 months 18 days	6 years 6 months
Gross Carrying Amount	$ 16,901	$ 16,901
Accumulated Amortization	(10,560)	(9,527)
Net Book Value	$ 6,341	$ 7,374
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (in years)	6 years	6 years 10 months 24 days
Gross Carrying Amount	$ 4,690	$ 4,690
Accumulated Amortization	(1,114)	(674)
Net Book Value	$ 3,576	$ 4,016

Intangible Assets - Schedule _2

Intangible Assets - Schedule of Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 482
2025	1,929
2026	1,527
2027	1,504
2028	1,491
Thereafter	2,984
Net Book Value	$ 9,917	$ 11,390

Benefit Plans - Schedule of Com

Benefit Plans - Schedule of Components of Pension Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Service cost	$ 26	$ 26	$ 78	$ 78
Interest cost	92	93	276	279
Expected return on plan assets	(76)	(84)	(228)	(252)
Net periodic pension cost	$ 42	$ 35	$ 126	$ 105

Benefit Plans - Narrative (Deta

Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Matching contribution	$ 0.3	$ 0.4	$ 0.9	$ 1

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Components of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Payables and Accruals [Abstract]
Compensation	$ 5,304	$ 5,980
Warranty	534	864
Commissions	66	468
Professional fees	1,108	493
Other	809	666
Accrued expenses and other current liabilities	$ 7,821	$ 8,471

Accrued Expenses and Other Cu_4

Accrued Expenses and Other Current Liabilities - Schedule of Product Warranty Accruals (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 864	$ 911
Provision for product warranty expense	94	120
Adjustments and utilization of warranty accrual	(424)	(167)
Balance at end of period	$ 534	$ 864

Accrued Expenses and Other Cu_5

Accrued Expenses and Other Current Liabilities - Schedule of Severance Accruals (Details) - Employee Severance $ in Thousands	9 Months Ended
	Jun. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 64
Additions to accrual for severance expense	3,234
Severance expense paid	(1,516)
Balance at end of period	$ 1,782

Credit Agreement - Narrative (D

Credit Agreement - Narrative (Details) $ / shares in Units, $ in Thousands					3 Months Ended	9 Months Ended
	Aug. 05, 2024 USD ($)	Jun. 21, 2024	Apr. 29, 2024 USD ($) $ / shares shares	Aug. 09, 2022 USD ($) creditFacility	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jul. 03, 2024	Jun. 14, 2024	Sep. 30, 2023 USD ($)
Line of Credit Facility [Line Items]
Number of securities called by warrants (in shares) | shares			1,810,528
Exercise price of warrants (in dollars per share) | $ / shares			$ 2.73
Term of warrant			10 years
Warrants and rights outstanding			$ 5,100
Loss on extinguishment of debt and change in fair value of warrant liability			5,100		$ 2,100	$ 2,100
Stock and warrants issued, issuance costs			$ 2,100
Operating lease liabilities - non-current					18,641	18,641			$ 20,882
Common Stock
Line of Credit Facility [Line Items]
Fixed interest rate			12%
Additional interest rate			0.06
New ABL Credit Agreement
Line of Credit Facility [Line Items]
Fixed charge coverage ratio (not less than)				1.10
New ABL Credit Agreement | Subsequent Event
Line of Credit Facility [Line Items]
Repayments of long-term debt	$ 9,400
Secured Debt | New ABL Credit Agreement
Line of Credit Facility [Line Items]
Principal amount				$ 6,000
Revolving Credit Facility | New ABL Credit Agreement
Line of Credit Facility [Line Items]
Borrowing capacity amount			$ 4,600	$ 40,000
Long-term line of credit					$ 8,400	$ 8,400			4,200
Operating lease liabilities - non-current									$ 6,400
Revolving Credit Facility | New ABL Credit Agreement | June 14 Notice
Line of Credit Facility [Line Items]
Debt instrument, default rate, percentage								18%
Revolving Credit Facility | New ABL Credit Agreement | June 21 Notice
Line of Credit Facility [Line Items]
Debt instrument, default rate, percentage		18%
Debt instrument, default rate, period		7 days
Revolving Credit Facility | New ABL Credit Agreement | July 3 Notice | Subsequent Event
Line of Credit Facility [Line Items]
Debt instrument, default rate, percentage							18%
Revolving Credit Facility | Secured Debt
Line of Credit Facility [Line Items]
Number of credit facilities | creditFacility				2

Credit Agreements - Schedule of

Credit Agreements - Schedule of Future Loan Repayments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Disclosure [Abstract]
Remainder of fiscal 2024	$ 355
2025	852
2026	7,193
Total loan payments	$ 8,400

Income and Other Taxes (Details

Income and Other Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 0	$ 28,000	$ 114,000	$ 176,000
Effective tax rate on continuing operations		0.90%	0.50%	0.90%
Interest and penalties accrued as tax liabilities	0		$ 0		$ 0
Uncertain tax reserve, period increase (decrease)	$ 0	$ 0	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Remainder of fiscal year	$ 1,168
Year one	4,137	$ 4,614
Year two	3,072	4,137
Year three	2,757	3,072
Year four	2,830	2,757
Year five		2,830
After year four	22,179
After year five		22,179
Total lease payments	36,143	39,589
Less imputed interest	(14,446)	(15,674)
Total operating lease liabilities	21,697	23,915
Amount of expected cash inflow from signed subleases	$ 2,875	$ 0

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) $ in Thousands	1 Months Ended		3 Months Ended
	Apr. 30, 2023 USD ($) businessDay	Apr. 30, 2021 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Feb. 10, 2020
Resilience Litigation
Loss Contingencies [Line Items]
Payments for legal settlements			$ 1,300	$ 500
Resilience Litigation | Resilience Capital
Loss Contingencies [Line Items]
Damages sought value (not less than)		$ 1,565
Resilience Litigation | Concord Property
Loss Contingencies [Line Items]
Lease length in years					15 years
Beazley Settlement Agreement
Loss Contingencies [Line Items]
Litigation settlement, amount awarded from other party	$ 1,150
Litigation settlement, business days, required payment | businessDay	15

Equity - Narrative (Details)

Equity - Narrative (Details) $ / shares in Units, $ in Millions							1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 14, 2024 shares	May 07, 2024 shares	Apr. 29, 2024 USD ($) $ / shares shares	Mar. 15, 2024	Aug. 23, 2023 USD ($) $ / shares shares	Feb. 17, 2023 USD ($) $ / shares shares	Dec. 31, 2023 shares	Jun. 30, 2024 USD ($) plan shares	Mar. 31, 2024 shares	Jun. 30, 2024 USD ($) plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of securities called by warrants (in shares)			1,810,528
Exercise price of warrants (in dollars per share) | $ / shares			$ 2.73
Term of warrant			10 years
Threshold percentage one			0.04999
Threshold percentage two			0.09999
Threshold percentage three			0.1999
Threshold percentage four			0.1999
Warrants and rights outstanding | $			$ 5.1
Fair value adjustment of warrants | $								$ 3
Loss on extinguishment of debt and change in fair value of warrant liability | $			$ 5.1					$ 2.1		$ 2.1
Number of equity incentive compensation plans maintained by the company | plan								4		4
Share-based payment arrangement, reversal of expense | $										$ 1.5
Sale of stock, price per share (USD per share) | $ / shares					$ 0.00
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	527,600
Share based compensation arrangement by share-based payment award, award vesting period	3 years
RSUs | Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, award vesting rights, percentage	33.33%
RSUs | Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, award vesting rights, percentage	33.33%
RSUs | Share-Based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, award vesting rights, percentage	33.33%
Former CEO | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Terminated in period (in shares)		51,862
Former CEO | PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Terminated in period (in shares)		62,251,000
Non-Executive Employee | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Terminated in period (in shares)		66,830
CEO | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	215,517
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reverse stock split				10
Sale of stock, number of shares issued in transaction (in shares)					1,190,000
Sale of stock, price per share (USD per share) | $ / shares					$ 4.99999990
Common Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential reverse stock split ratio				5
Common Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential reverse stock split ratio				12
Common Stock | IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, number of shares issued in transaction (in shares)					2,260,000	1,545,455
Sale of stock, price per share (USD per share) | $ / shares					$ 5	$ 11
Gross proceeds from issuance, initial public offering | $					$ 15.6	$ 15.4
Common Stock Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, number of shares issued in transaction (in shares)								790,000	400,000
2019 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional number of shares authorized for the plan (in shares)							800,000

Equity - Schedule of Stock-base

Equity - Schedule of Stock-based Compensation Expense - by Award Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ (1,112)	$ 1,713	$ 149	$ 4,982
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	172	1,113	1,161	2,869
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	(1,216)	517	(1,094)	1,818
Outside director equity awards and fees in common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ (68)	$ 83	$ 82	$ 295

Equity - Schedule of Stock-ba_2

Equity - Schedule of Stock-based Compensation Expense - by Expense Category (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ (1,112)	$ 1,713	$ 149	$ 4,982
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	70	436	57	1,154
Selling, general, and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	(1,254)	980	(266)	3,006
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 72	$ 297	$ 358	$ 822

Equity - Schedule of (Loss) Inc

Equity - Schedule of (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator
Net loss from continuing operations	$ (11,545)	$ (3,028)	$ (23,683)	$ (20,566)
Loss from discontinued operations	(2,413)	(6,829)	(4,449)	(13,212)
Net loss	$ (13,958)	$ (9,857)	$ (28,132)	$ (33,778)
Denominator
Weighted average number of shares outstanding - basic reflective of reverse stock split effective April 1, 2024 (in shares)	9,044	5,393	9,006	4,555
Effect of dilutive securities
Weighted average number of shares outstanding - diluted reflective of reverse stock split effective April 1, 2024 (in shares) (in shares)	9,044	5,393	9,006	4,555
Net loss from continuing operations per share, basic (in dollars per share)	$ (1.27)	$ (0.56)	$ (2.63)	$ (4.52)
Net loss from continuing operations per share, diluted (in dollars per share)	(1.27)	(0.56)	(2.63)	(4.52)
Loss from discontinued operations per share, basic (in dollars per share)	(0.27)	(1.27)	(0.49)	(2.90)
Loss from discontinued operations per share, diluted (in dollars per share)	(0.27)	(1.27)	(0.49)	(2.90)
Net loss per share, basic (in dollars per share)	(1.54)	(1.83)	(3.12)	(7.42)
Net loss per share, diluted (in dollars per share)	$ (1.54)	$ (1.83)	$ (3.12)	$ (7.42)
Weighted average antidilutive options, unvested RSUs and RSAs, unvested PSUs and common shares underlying warrants excluded from the computation reflective of reverse stock split effective April 1, 2024 (in shares)	348	382	369	253
Common shares underlying the warrant
Effect of dilutive securities
Dilutive options outstanding, unvested stock units and unvested stock awards (in shares)	0	0	0	0
Stock options
Effect of dilutive securities
Dilutive options outstanding, unvested stock units and unvested stock awards (in shares)	0	0	0	0
PSUs, RSUs, and restricted stock
Effect of dilutive securities
Dilutive options outstanding, unvested stock units and unvested stock awards (in shares)	0	0	0	0

Equity - Schedule of Common Sto

Equity - Schedule of Common Stock Reserved for Future Issuances (Details)	Jun. 30, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	1,100,211
Exercise of outstanding stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	632
Unvested RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	927,985
Unvested PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	120,054
Unvested award potential, percentage	100%
Issuance of stock-based awards under the Equity Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	42,666
Purchases under the officer and director share purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	8,874

Reportable Segment and Revenu_3

Reportable Segment and Revenue Information - Narrative (Details) - segment	3 Months Ended			9 Months Ended
	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of reporting segments		1		1
Sales Revenue, Segment | Customer Concentration Risk | Two Significant Customers
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Concentration risk, percentage	38%		40%	30%	39%

Reportable Segment and Revenu_4

Reportable Segment and Revenue Information - Schedule of Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 20,435	$ 26,718	$ 64,192	$ 70,947
United States and Canada
Segment Reporting Information [Line Items]
Total revenue	15,920	22,031	47,930	56,783
Asia
Segment Reporting Information [Line Items]
Total revenue	1,520	2,412	5,512	5,315
Europe
Segment Reporting Information [Line Items]
Total revenue	2,995	1,345	8,568	6,775
Other
Segment Reporting Information [Line Items]
Total revenue	0	930	2,182	2,074
Trade revenue (recognized at a point in time)
Segment Reporting Information [Line Items]
Total revenue	16,370	18,808	49,786	51,319
Contract revenue (recognized over time)
Segment Reporting Information [Line Items]
Total revenue	$ 4,065	$ 7,910	$ 14,406	$ 19,628

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - New ABL Credit Agreement - USD ($) $ in Millions	Aug. 05, 2024	Aug. 12, 2024
Subsequent Event [Line Items]
Repayments of long-term debt	$ 9.4
Debt instrument, repaid, principal	8.5
Debt instrument, repaid, interest	0.8
Payment for debt extinguishment or debt prepayment cost	$ 0.1
Debt instrument, fee amount		$ 0.1