EMCORE (EMKR) 10-Q 14 Feb 25 2025 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Dec. 31, 2024	Feb. 11, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 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	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,080,833
Entity Central Index Key	0000808326
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--09-30
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Current assets:
Cash and cash equivalents	$ 8,480	$ 10,291
Restricted cash	495	495
Accounts receivable, net of allowances for credit losses of $41 and $173, respectively	14,654	14,342
Contract assets	560	1,182
Inventory	26,017	25,065
Prepaid expenses	3,604	3,504
Other current assets	128	137
Total current assets	53,938	55,016
Property, plant, and equipment, net	7,298	7,868
Operating lease right-of-use assets	17,367	18,094
Other intangible assets, net	9,807	10,289
Other non-current assets	2,659	2,646
Total assets	91,069	93,913
Current liabilities:
Accounts payable	8,037	8,563
Accrued expenses and other current liabilities	6,095	5,220
Contract liabilities	2,483	1,424
Financing payable	148	587
Operating lease liabilities - current	2,298	2,668
Total current liabilities	19,061	18,462
Operating lease liabilities - non-current	17,843	18,247
Asset retirement obligations	2,398	2,378
Warrant liability (Note 10)	6,606	4,660
Total liabilities	45,908	43,747
Commitments and contingencies (Note 12)
Shareholders’ equity:
Common stock, no par value, 100,000 shares authorized; 9,771 shares issued and 9,081 shares outstanding as of December 31, 2024; 9,764 shares issued and 9,703 shares outstanding as of September 30, 2024	826,131	825,625
Treasury stock at cost; 691 shares as of December 31, 2024 and September 30, 2024	(47,721)	(47,721)
Accumulated other comprehensive income	958	958
Accumulated deficit	(734,207)	(728,696)
Total shareholders’ equity	45,161	50,166
Total liabilities and shareholders’ equity	$ 91,069	$ 93,913

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Statement of Financial Position [Abstract]
Accounts receivable, net of credit loss	$ 41	$ 173
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)	9,771,000	9,764,000
Common stock, shares outstanding (in shares)	9,081,000	9,703,000
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
	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 19,305	$ 24,123
Cost of revenue	13,036	18,035
Gross profit	6,269	6,088
Operating expense:
Selling, general, and administrative	7,171	6,609
Research and development	1,631	3,609
Restructuring	928	0
Severance	19	211
Gain on sale of assets	0	(31)
Total operating expense	9,749	10,398
Operating loss	(3,480)	(4,310)
Other expense:
Change in Fair value of warrant liability	(1,946)	0
Interest expense, net	0	(9)
Other income (expense)	7	(16)
Total other expense	(1,939)	(25)
Loss from continuing operations before income tax expense	(5,419)	(4,335)
Income tax expense from continuing operations	(42)	(28)
Net loss from continuing operations	(5,461)	(4,363)
Loss from discontinued operations	(50)	(1,316)
Net loss	$ (5,511)	$ (5,679)
Per share data:
Net loss on continuing operations per share, basic (in dollars per share)	$ (0.60)	$ (0.49)
Net loss from continuing operations per share, diluted (in dollars per share)	(0.60)	(0.49)
Net loss on discontinued operations per share, basic (in dollars per share)	(0.01)	(0.15)
Net loss on discontinued operations per share, diluted (in dollars per share)	(0.01)	(0.15)
Net loss per share, basic (in dollars per share)	(0.61)	(0.64)
Net loss per share, diluted (in dollars per share)	$ (0.61)	$ (0.64)
Weighted-average number of shares outstanding, basic (in shares)	9,068	8,899
Weighted-average number of shares outstanding, diluted (in shares)	9,068	8,899

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, 2023		7,711
Shares of common stock
Stock-based compensation (in shares)		20
Ending balance (in shares) at Dec. 31, 2023		7,731
Balance, beginning of period at Sep. 30, 2023		$ 825,119	$ (47,721)	$ 350	$ (697,458)
Shares of common stock
Stock-based compensation		848
Stock issuance costs		(18)
Tax withholding paid on behalf of employees for stock-based awards		(1)
Net loss	$ (5,679)				(5,679)
Balance, end of period at Dec. 31, 2023	$ 75,440	$ 825,948	(47,721)	350	(703,137)
Beginning balance (in shares) at Sep. 30, 2024	9,703	9,073
Shares of common stock
Stock-based compensation (in shares)		8
Ending balance (in shares) at Dec. 31, 2024	9,081	9,081
Balance, beginning of period at Sep. 30, 2024		$ 825,625	(47,721)	958	(728,696)
Shares of common stock
Stock-based compensation		506
Stock issuance costs		0
Tax withholding paid on behalf of employees for stock-based awards		0
Net loss	$ (5,511)				(5,511)
Balance, end of period at Dec. 31, 2024	$ 45,161	$ 826,131	$ (47,721)	$ 958	$ (734,207)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (5,511)	$ (5,679)
Less: Loss from discontinued operations, net of tax	(50)	(1,316)
Loss from continuing operations, net of tax	(5,461)	(4,363)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	1,072	1,457
Stock-based compensation expense	506	848
Provision adjustment related to credit loss	12	0
Provision adjustment related to product warranty	25	(71)
Gain on sale of assets	0	(31)
Change in Fair value of warrant liability	1,946	0
Total non-cash adjustments	3,561	2,203
Changes in operating assets and liabilities:
Accounts receivable and contract assets, net	298	(238)
Inventory	(953)	(3,049)
Other assets	(103)	985
Accounts payable	(483)	2,887
Financing payable	(439)	(276)
Contract liabilities	1,059	479
Operating lease liabilities	(47)	(735)
Accrued expenses and other liabilities	807	(14)
Total change in operating assets and liabilities	139	39
Net cash used in operating activities - continuing operations	(1,761)	(2,121)
Net used in operating activities - discontinued operations	(50)	(2,229)
Net cash used in operating activities	(1,811)	(4,350)
Cash flows from investing activities:
Purchase of property, plant, and equipment	0	(214)
Proceeds from disposal of property, plant, and equipment	0	32
Proceeds from deposit on disposition of assets held for sale	0	1,000
Net cash provided by investing activities	0	818
Cash flows from financing activities:
Payments towards line of credit	0	(1,768)
Payments towards note payable	0	(213)
Payments of issuance costs related to sales of common stock	0	(18)
Taxes paid related to net share settlement of equity awards	0	(1)
Net cash used in financing activities	0	(2,000)
Net decrease in cash, cash equivalents, and restricted cash	(1,811)	(5,532)
Cash, cash equivalents, and restricted cash at beginning of period	10,786	26,706
Cash, cash equivalents, and restricted cash at end of period	8,975	21,174
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest	0	274
NON-CASH INVESTING AND FINANCING ACTIVITIES
Changes in accounts payable related to purchases of equipment	$ 0	$ (214)

Description of Business

Description of Business	3 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business We are a leading provider of sensors and navigation systems for the aerospace and defense market. We leverage industry-leading Photonic Integrated Chip (“PIC”) and Quartz Micro Electro-Mechanical System (“QMEMS”) chip-level technology to deliver state-of-the-art component and system-level products across our end-market applications. Over the last six years, EMCORE has expanded its scope and portfolio of inertial sensor products through the acquisitions of Systron Donner Inertial, Inc. (“SDI”) in June 2019, the Space and Navigation (“S&N”) business of L3Harris Technologies, Inc. (“L3Harris”) in April 2022, and the Fiber Optic Gyroscope (“FOG”) and Inertial Navigation Systems business (“EMCORE Chicago”) of KVH Industries, Inc. 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 in October 2023 and (ii) our chips business line and indium phosphide wafer fabrication operations in April 2024. We have fully vertically-integrated manufacturing capability at our facilities in Budd Lake, NJ, Concord, CA (the “Concord Facility”), and Tinley Park, IL. These facilities support our manufacturing strategy for FOG, Ring Laser Gyro (“RLG”), PIC, and 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 quartz wafer fabrication, 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Dec. 31, 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, 2024 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, 2024. Going Concern Basis 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 $5.5 million and net cash outflows from continuing operations of $1.8 million for the three months ended December 31, 2024. As a result of our recent cash outflows, we have taken actions to manage our liquidity and will need to continue to manage our liquidity. As of December 31, 2024, our cash, cash equivalents and restricted cash totaled $9.0 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 included the full closure of our Alhambra, CA facility (the “Alhambra 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. The full closure of the Alhambra Facility was completed during the quarter ended September 30, 2024 and was not considered a part of our previously identified and reported discontinued operations, as these actions were part of a consolidation and expense reduction program. Primarily as a result of these restructurings, we (i) 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 at the Alhambra Facility pursuant to the Chips Transaction and PF Transaction and the additional sublease of another building to other third parties) and are seeking to sublease the remaining available space in such facility, transferred our manufacturing support and engineering center in China to PF (as defined below) pursuant to the PF Transaction, and plan to relocate personnel at the Concord Facility to the operations area from the adjacent office building, collectively representing an approximately 35% reduction in the aggregate square footage occupied by our facilities. During the three months ended December 31, 2024, we incurred $0.9 million of restructuring expense. 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 executed restructuring programs, 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, 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	3 Months Ended
	Dec. 31, 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) December 31, 2024 September 30, 2024 Cash $ 8,459 $ 10,265 Cash in money market funds 21 26 Restricted cash 495 495 Total cash, cash equivalents, and restricted cash $ 8,975 $ 10,786

Aerosphere Power Merger Agreeme

Aerosphere Power Merger Agreement	3 Months Ended
	Dec. 31, 2024
Business Combinations [Abstract]
Aerosphere Power Merger Agreement	Aerosphere Power Merger Agreement On November 7, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Velocity One Holdings, LP, a Delaware limited partnership (“Parent”), Aerosphere Power Inc., a New Jersey corporation that, at the effective time of the Merger (as defined below) will be an indirect wholly-owned subsidiary of Parent (“Parent Group Member”), and Velocity Merger Sub, Inc., a New Jersey corporation that, at the effective time of the Merger will be an indirect wholly owned subsidiary of Parent (“Merger Sub”). The Merger Agreement provides that, subject to the terms and conditions set forth in the Merger Agreement, Merger Sub will merge with and into the Company (the “Merger”), with the Company surviving the Merger and becoming an indirect wholly owned subsidiary of Parent (the “Proposed Transaction”). Our Board of Directors unanimously (i) determined that the transactions contemplated by the Merger Agreement, including the Merger, are advisable, fair to, and in the best interests of the Company and our shareholders; (ii) approved the Merger Agreement and the transactions contemplated by the Merger Agreement; and (iii) recommended that our shareholders vote to adopt and approve the Merger Agreement and the Merger. Under the Merger Agreement, at the effective time of the Merger, each issued and outstanding share of common stock, no par value, of the Company (subject to certain exceptions set forth in the Merger Agreement) will be converted into the right to receive $3.10 per share (the “Merger Consideration”) in cash, without interest, subject to any withholding taxes. Immediately prior to the effective time of the Merger: • each outstanding restricted stock unit award subject to time-based vesting restrictions, whether vested or unvested, that is outstanding under any of the Company’s 2010 Equity Incentive Plan (the “2010 Plan”), 2012 Equity Incentive Plan, Amended and Restated 2019 Equity Incentive Plan (the “2019 Plan”), 2022 New Employee Inducement Plan, Officer and Director Share Purchase Plan, Directors’ Compensation Policy, and Short-Term Incentive Plan, in each case, as amended (each a “Company Equity Plan”) will be canceled in consideration for the right to receive a lump sum cash payment (less any applicable tax withholdings) equal to the product obtained by multiplying (1) the amount of the Merger Consideration by (2) the total number of shares of the Company’s common stock represented by such restricted stock unit award subject to time-based vesting restrictions; • each outstanding restricted stock unit award subject to performance vesting conditions that is outstanding under any Company Equity Plan (a) to the extent not vested, will be deemed to have satisfied such performance vesting conditions at 100% of target and will have any time-based vesting conditions waived, and (b) will be canceled in consideration for the right to receive a lump sum cash payment (less any applicable tax withholdings) equal to the product obtained by multiplying (1) the amount of the Merger Consideration by (2) the total number of shares of the Company’s common stock represented by such restricted stock unit award subject to performance vesting conditions; and • each outstanding stock option of the Company (if any), whether vested or unvested, will be canceled and converted into the right to receive (without interest) a lump sum cash payment (less applicable tax withholdings) equal to the product obtained by multiplying (1) the excess, if any, of the amount of the Merger Consideration over the per share exercise price of such stock option by (2) the total number of shares of the Company’s common stock underlying such stock option. Any stock option, whether vested or unvested, for which the per share exercise price attributable to such stock option is equal to or greater than the Merger Consideration will be canceled as of the effective time of the Merger for no consideration. There are currently no awards outstanding under the 2010 Plan and the 2012 Equity Incentive Plan, nor are there expected to be any awards outstanding under these plans prior to or at the closing of the Merger. Consummation of the Merger is subject to the satisfaction or waiver of customary closing conditions, including: (1) the accuracy of the representations and warranties contained in the Merger Agreement, subject to certain customary materiality qualifications, as of the date of the Merger Agreement and as of the closing of the Proposed Transaction, and performance in all material respects of all obligations, and compliance in all material respects with the agreements and covenants, contained in the Merger Agreement, (2) approval by our shareholders of the Merger Agreement and the transactions contemplated by the Merger Agreement, (3) the absence of any laws or orders by a governmental entity having jurisdiction over any party to the Merger Agreement that make illegal, enjoin, or prohibit consummation of the Merger or the transactions contemplated by the Merger Agreement, and (4) the absence of a Company Material Adverse Effect (as defined in the Merger Agreement) between the date of the Merger Agreement and the closing of the Merger.

Inventory

Inventory	3 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
Inventory	Inventory The components of inventory consisted of the following: (in thousands) December 31, 2024 September 30, 2024 Raw materials $ 17,121 $ 15,770 Work in-process 6,180 6,954 Finished goods 2,716 2,341 Inventory $ 26,017 $ 25,065

Property, Plant, and Equipment,

Property, Plant, and Equipment, net	3 Months Ended
	Dec. 31, 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) December 31, 2024 September 30, 2024 Equipment $ 11,848 $ 11,848 Furniture and fixtures 313 313 Computer hardware and software 2,811 2,780 Leasehold improvements 96 96 Construction in progress 458 490 Property, plant, and equipment, gross 15,526 15,527 Accumulated depreciation (8,228) (7,659) Property, plant, and equipment, net $ 7,298 $ 7,868 Depreciation expense totaled $0.6 million and $0.9 million during the three months ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and September 30, 2024, all of our long-lived assets were located in the United States.

Intangible Assets

Intangible Assets	3 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets 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. A certain Company trademark is indefinite-lived. The following table summarizes changes in intangible assets, net: (in thousands) December 31, 2024 September 30, 2024 Balance at beginning of period $ 10,289 $ 12,245 Amortization (482) (1,956) Balance at end of period $ 9,807 $ 10,289 The weighted average remaining useful lives by definite-lived intangible asset category are as follows: December 31, 2024 (in thousands, except weighted average remaining life) Weighted Average Remaining Life (in years) Gross Carrying Amount Accumulated Amortization Net Book Value Technology 5.5 $ 16,901 $ (11,232) $ 5,669 Customer relationships 5.6 4,690 (1,407) 3,283 Definite-lived intangible assets total $ 21,591 $ (12,639) $ 8,952 As of December 31, 2024, the value of trademarks was approximately $0.9 million. September 30, 2024 (in thousands, except weighted average remaining life) Weighted Average Remaining Life (in years) Gross Carrying Amount Accumulated Amortization Net Book Value Technology 5.7 $ 16,901 $ (10,896) $ 6,005 Customer relationships 5.9 4,690 (1,261) 3,429 Definite-lived intangible assets total $ 21,591 $ (12,157) $ 9,434 As of September 30, 2024, the value of trademarks was approximately $0.9 million. Estimated future amortization expense for intangible assets recorded by the Company as of December 31, 2024 is as follows: (in thousands) Amount 2025 $ 1,447 2026 1,527 2027 1,504 2028 1,491 2029 1,474 Thereafter 1,509 Total amortization expense $ 8,952

Benefit Plans

Benefit Plans	3 Months Ended
	Dec. 31, 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 months ended December 31, 2024 and do not anticipate making any contributions for the remainder of the fiscal year ending September 30, 2025. The components of net periodic pension cost are as follows: Three Months Ended December 31, (in thousands) 2024 2023 Service (income) cost $ (7) $ 26 Interest cost 78 92 Expected return on plan assets (84) (76) Net periodic pension (income) cost $ (13) $ 42 The service (income) cost component of total pension (income) cost is included as a component of cost of revenue on the condensed consolidated statements of operations for the three months ended December 31, 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 months ended December 31, 2024 and 2023. Net pension asset is included as a component of other non-current assets on the condensed consolidated balance sheets as of December 31, 2024 and September 30, 2024. As of December 31, 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

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Dec. 31, 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) December 31, 2024 September 30, 2024 Compensation $ 3,050 $ 3,129 Warranty 711 675 Professional fees 1,820 605 Other 514 811 Accrued expenses and other current liabilities $ 6,095 $ 5,220 The changes in product warranty accruals consisted of the following: (in thousands) December 31, 2024 September 30, 2024 Balance at beginning of period $ 675 $ 864 Provision for product warranty expense 25 130 Adjustments and utilization of warranty accrual 11 (319) Balance at end of period $ 711 $ 675 The changes in severance accruals consisted of the following: (in thousands) December 31, 2024 September 30, 2024 Balance at beginning of period $ 758 $ 64 Additions to accrual for severance expense 19 2,919 Severance expense paid (346) (2,225) Balance at end of period $ 431 $ 758 Severance is accrued on our condensed consolidated balance sheets under accrued expenses and other current liabilities under compensation. The changes in restructuring accruals consisted of the following: (in thousands) December 31, 2024 September 30, 2024 Balance at beginning of period $ 77 $ — Additions to accrual for restructuring expense 928 2,219 Restructuring expense paid (928) (2,142) Balance at end of period $ 77 $ 77 Restructuring is accrued on our condensed consolidated balance sheets under accrued expenses and other current liabilities under other.

Credit Agreement

Credit Agreement	3 Months Ended
	Dec. 31, 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 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 (the “Issuance Date”), 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. Under the terms of the Warrant, we have a right to force Successor Agent to exercise the Warrant under certain Forced Exercise Conditions (as defined in the Warrant) and issue a replacement warrant, and Successor Agent has a right to require us to purchase the unexercised portion of the Warrant under certain circumstances, including upon a Fundamental Transaction (as defined in the Warrant). If we are required to purchase the unexercised portion of the Warrant, we may elect to pay such repurchase price in the form of an unsecured promissory note. 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 remains classified as a liability with changes in the fair value reported in “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 December 31, 2024, using the Monte Carlo simulation valuation method, the fair value of the Warrant using Level 3 inputs was recorded at a $6.6 million non-current liability in the condensed consolidated balance sheet and for the three months ended December 31, 2024, the corresponding net increase in fair value of $1.9 million for the quarter is included in “Change in Fair value of warrant liability” in the condensed consolidated statements of operations. See Note 13 - Equity for further discussion of the Warrant. 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. 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.

Income and Other Taxes

Income and Other Taxes	3 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income and Other Taxes	Income and Other Taxes During the three months ended December 31, 2024 and 2023, the Company recorded an income tax expense of $42 thousand and $28 thousand, respectively, comprised primarily of state tax expense. For the three months ended December 31, 2024 and 2023, the effective tax rate on continuing operations was 0.8% and 0.9%, respectively. 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. All deferred tax assets have a full valuation allowance as of December 31, 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 December 31, 2024 and September 30, 2024, we did not accrue any significant uncertain tax benefit, interest, or penalties as tax liabilities on our condensed consolidated balance sheets. During the three months ended December 31, 2024 and 2023, there were no material increases or decreases in unrecognized tax benefits.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Dec. 31, 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 December 31, 2024 and September 30, 2024 were as follows: (in thousands) December 31, 2024 September 30, 2024 2025 $ 2,957 $ 4,124 2026 3,072 3,072 2027 2,757 2,757 2028 2,830 2,830 2029 2,906 2,906 Thereafter 19,273 19,273 Total lease payments 33,795 34,962 Less imputed interest (13,654) (14,046) Total operating lease liabilities $ 20,141 $ 20,916 We have entered into subleases with various third parties for portions of certain of our facilities. Aggregate sublease income pursuant to such subleases is expected to be approximately $0.6 million in the fiscal year ending September 30, 2025, approximately $1.0 million in the fiscal year ending September 30, 2026, and approximately $0.9 million in each of the fiscal years ending September 30, 2027 through September 30, 2031 . 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 director and officer 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. Merger Litigation Following the announcement of the Proposed Transaction, four purported shareholders of the Company filed complaints alleging that the proxy statement for the Special Meeting of the Company’s shareholders omitted or misstated material information with respect to the Proposed Transaction and seeking corrective disclosures and other equitable and legal relief. The complaints are entitled Whitten v. EMCORE Corporation, et al. , No. 2:25-cv-00455-CAS-BFM (C.D. Cal. filed Jan. 17, 2025); Stevens v. EMCORE Corporation, et al. , No. 650719/2025 (N.Y. Sup. Ct. filed Feb. 6, 2025); Wright v. EMCORE Corporation, et al. , No. 650725/2025 (N.Y. Sup. Ct. filed Feb. 6, 2025); and Paskowitz v. EMCORE Corporation, et al., No. 1:25-cv-00820 (E.D.N.Y. filed Feb. 13, 2025) (the “Complaints”). Eleven other purported shareholders of EMCORE have sent demand letters to the Company making allegations and demands similar to those in the Complaints. It is possible that other complaints will be filed or demand letters received. While we believe resolution of the claims brought against us, both individually and in the aggregate, will not have a material adverse impact on our financial condition or results of operations, litigation of this nature is inherently unpredictable. Our views on these legal proceedings may change in the future. We intend to vigorously defend against these actions and ultimately believe that we should prevail. 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 the ability to obtain intellectual property protection for 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.

Equity

Equity	3 Months Ended
	Dec. 31, 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 Successor Agent to exercise the Warrant under certain Forced Exercise Conditions (as defined in the Warrant) and issue a replacement warrant, and the Successor Agent 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 Successor Agent’s ability to exercise the Warrant, such that the Successor Agent shall not be entitled to exercise the Warrant if the total number of shares of common stock then beneficially owned by the Successor Agent, and its affiliates and any other persons whose beneficial ownership of common stock would be aggregated with the Successor Agent’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 Successor Agent has the right at any time and from time to time, to increase the Threshold Percentage to 9.999%. Additionally, the Successor Agent shall not have the right to exercise the Warrant if the total number of shares of common stock then beneficially owned by the Successor Agent , and its affiliates and any other persons whose beneficial ownership of common stock would be aggregated with the Successor Agent’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 Nasdaq or any such other exchange on which the Company’s shares are then listed, or unless such shareholder approval requirement has been waived by Nasdaq. 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 Nasdaq or any such other exchange on which the Company’s shares are then listed, or unless such shareholder approval requirement has been waived by Nasdaq. 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. See Note 10 - Credit Agreement for further information. The change in Fair value of warrant liability using the Monte Carlo simulation valuation consisted of the following: (in thousands) December 31, 2024 Balance at beginning of period $ 4,660 Change in Fair Value 1,946 Balance at end of period $ 6,606 The change in fair value of the warrant liability using the Monte Carlo simulation valuation method for the three months ended December 31, 2024 is included in the condensed consolidated statements of operations on the line item captioned “Change in Fair value of warrant liability”. Equity Plans We provide long-term incentives to eligible officers, directors, and employees in the form of equity-based awards. We maintain three equity incentive compensation plans, collectively described as our “Equity Plans”: (a) the 2010 Plan, (b) the 2019 Plan, and (c) 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 December 31, (in thousands) 2024 2023 RSUs $ 297 $ 519 PSUs 117 245 Outside director equity awards and fees in common stock 92 84 Total stock-based compensation expense $ 506 $ 848 The following table sets forth stock-based compensation expense by expense type: Three Months Ended December 31, (in thousands) 2024 2023 Cost of revenue $ 120 $ 329 Selling, general, and administrative 328 375 Research and development 58 144 Total stock-based compensation expense $ 506 $ 848 Loss Per Share The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended December 31, (in thousands, except per share data) 2024 2023 Numerator Net loss from continuing operations $ (5,461) $ (4,363) Loss from discontinued operations $ (50) $ (1,316) Net loss $ (5,511) $ (5,679) Denominator Weighted average number of shares outstanding - basic reflective of reverse stock split effective April 1, 2024 9,068 8,899 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 9,068 8,899 Net loss from continuing operations per share, basic and diluted $ (0.60) $ (0.49) Loss from discontinued operations per share, basic and diluted $ (0.01) $ (0.15) Net loss per share, basic and diluted $ (0.61) $ (0.64) 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 760 375 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 restricted stock units (“RSUs”), performance-based restricted stock units (“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 months ended December 31, 2024 and 2023 due to the Company incurring a net loss for such period. Future Issuances Common stock reserved for future issuances as of December 31, 2024 was as follows: Amount Unvested RSUs 987,209 Unvested PSUs (at 100% maximum payout) 48,966 Issuance of stock-based awards under the Equity Plans 280,726 Purchases under the officer and director share purchase plan 8,874 Total reserved 1,325,775

Reportable Segment and Revenue

Reportable Segment and Revenue Information	3 Months Ended
	Dec. 31, 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 December 31, (in thousands) 2024 2023 Trade revenue (recognized at a point in time) $ 17,472 $ 17,373 Contract revenue (recognized over time) 1,833 6,750 Total revenue $ 19,305 $ 24,123 Geographical Concentration Revenue is classified by geographic area based on our customers’ billing addresses as presented below: Three Months Ended December 31, (in thousands) 2024 2023 United States and Canada $ 13,870 $ 16,393 Asia 936 2,979 Europe 4,489 3,432 Other 10 1,319 Total revenue $ 19,305 $ 24,123 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 and two significant customers represented an aggregate of 32% and 30% of our consolidated revenue for the three months ended December 31, 2024 and 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 December 31, (in thousands) 2024 2023 Trade revenue (recognized at a point in time) $ 17,472 $ 17,373 Contract revenue (recognized over time) 1,833 6,750 Total revenue $ 19,305 $ 24,123 Geographical Concentration Revenue is classified by geographic area based on our customers’ billing addresses as presented below: Three Months Ended December 31, (in thousands) 2024 2023 United States and Canada $ 13,870 $ 16,393 Asia 936 2,979 Europe 4,489 3,432 Other 10 1,319 Total revenue $ 19,305 $ 24,123 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 and two significant customers represented an aggregate of 32% and 30% of our consolidated revenue for the three months ended December 31, 2024 and 2023, respectively.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (5,511)	$ (5,679)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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)	3 Months Ended
	Dec. 31, 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, 2024 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, 2024.
Going Concern Basis	Going Concern Basis 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 $5.5 million and net cash outflows from continuing operations of $1.8 million for the three months ended December 31, 2024. As a result of our recent cash outflows, we have taken actions to manage our liquidity and will need to continue to manage our liquidity. As of December 31, 2024, our cash, cash equivalents and restricted cash totaled $9.0 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 included the full closure of our Alhambra, CA facility (the “Alhambra 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. The full closure of the Alhambra Facility was completed during the quarter ended September 30, 2024 and was not considered a part of our previously identified and reported discontinued operations, as these actions were part of a consolidation and expense reduction program. Primarily as a result of these restructurings, we (i) 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 at the Alhambra Facility pursuant to the Chips Transaction and PF Transaction and the additional sublease of another building to other third parties) and are seeking to sublease the remaining available space in such facility, transferred our manufacturing support and engineering center in China to PF (as defined below) pursuant to the PF Transaction, and plan to relocate personnel at the Concord Facility to the operations area from the adjacent office building, collectively representing an approximately 35% reduction in the aggregate square footage occupied by our facilities. During the three months ended December 31, 2024, we incurred $0.9 million of restructuring expense. 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 executed restructuring programs, 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, 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 R_2

Cash, Cash Equivalents, and Restricted Cash (Tables)	3 Months Ended
	Dec. 31, 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) December 31, 2024 September 30, 2024 Cash $ 8,459 $ 10,265 Cash in money market funds 21 26 Restricted cash 495 495 Total cash, cash equivalents, and restricted cash $ 8,975 $ 10,786
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) December 31, 2024 September 30, 2024 Cash $ 8,459 $ 10,265 Cash in money market funds 21 26 Restricted cash 495 495 Total cash, cash equivalents, and restricted cash $ 8,975 $ 10,786

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	The components of inventory consisted of the following: (in thousands) December 31, 2024 September 30, 2024 Raw materials $ 17,121 $ 15,770 Work in-process 6,180 6,954 Finished goods 2,716 2,341 Inventory $ 26,017 $ 25,065

Property, Plant, and Equipmen_2

Property, Plant, and Equipment, net (Tables)	3 Months Ended
	Dec. 31, 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) December 31, 2024 September 30, 2024 Equipment $ 11,848 $ 11,848 Furniture and fixtures 313 313 Computer hardware and software 2,811 2,780 Leasehold improvements 96 96 Construction in progress 458 490 Property, plant, and equipment, gross 15,526 15,527 Accumulated depreciation (8,228) (7,659) Property, plant, and equipment, net $ 7,298 $ 7,868

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Intangible Assets	The following table summarizes changes in intangible assets, net: (in thousands) December 31, 2024 September 30, 2024 Balance at beginning of period $ 10,289 $ 12,245 Amortization (482) (1,956) Balance at end of period $ 9,807 $ 10,289
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: December 31, 2024 (in thousands, except weighted average remaining life) Weighted Average Remaining Life (in years) Gross Carrying Amount Accumulated Amortization Net Book Value Technology 5.5 $ 16,901 $ (11,232) $ 5,669 Customer relationships 5.6 4,690 (1,407) 3,283 Definite-lived intangible assets total $ 21,591 $ (12,639) $ 8,952 September 30, 2024 (in thousands, except weighted average remaining life) Weighted Average Remaining Life (in years) Gross Carrying Amount Accumulated Amortization Net Book Value Technology 5.7 $ 16,901 $ (10,896) $ 6,005 Customer relationships 5.9 4,690 (1,261) 3,429 Definite-lived intangible assets total $ 21,591 $ (12,157) $ 9,434
Schedule of Future Amortization Expense for Intangible Assets	Estimated future amortization expense for intangible assets recorded by the Company as of December 31, 2024 is as follows: (in thousands) Amount 2025 $ 1,447 2026 1,527 2027 1,504 2028 1,491 2029 1,474 Thereafter 1,509 Total amortization expense $ 8,952

Benefit Plans (Tables)

Benefit Plans (Tables)	3 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Schedule of Components of Pension Expense	The components of net periodic pension cost are as follows: Three Months Ended December 31, (in thousands) 2024 2023 Service (income) cost $ (7) $ 26 Interest cost 78 92 Expected return on plan assets (84) (76) Net periodic pension (income) cost $ (13) $ 42

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Dec. 31, 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) December 31, 2024 September 30, 2024 Compensation $ 3,050 $ 3,129 Warranty 711 675 Professional fees 1,820 605 Other 514 811 Accrued expenses and other current liabilities $ 6,095 $ 5,220
Schedule of Product Warranty Liability	The changes in product warranty accruals consisted of the following: (in thousands) December 31, 2024 September 30, 2024 Balance at beginning of period $ 675 $ 864 Provision for product warranty expense 25 130 Adjustments and utilization of warranty accrual 11 (319) Balance at end of period $ 711 $ 675
Schedule of Severance And Restructuring Accruals	The changes in severance accruals consisted of the following: (in thousands) December 31, 2024 September 30, 2024 Balance at beginning of period $ 758 $ 64 Additions to accrual for severance expense 19 2,919 Severance expense paid (346) (2,225) Balance at end of period $ 431 $ 758 The changes in restructuring accruals consisted of the following: (in thousands) December 31, 2024 September 30, 2024 Balance at beginning of period $ 77 $ — Additions to accrual for restructuring expense 928 2,219 Restructuring expense paid (928) (2,142) Balance at end of period $ 77 $ 77

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Operating Lease Liabilities	Operating lease liabilities and expected cash inflows from signed subleases as of December 31, 2024 and September 30, 2024 were as follows: (in thousands) December 31, 2024 September 30, 2024 2025 $ 2,957 $ 4,124 2026 3,072 3,072 2027 2,757 2,757 2028 2,830 2,830 2029 2,906 2,906 Thereafter 19,273 19,273 Total lease payments 33,795 34,962 Less imputed interest (13,654) (14,046) Total operating lease liabilities $ 20,141 $ 20,916

Equity (Tables)

Equity (Tables)	3 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Fair Value of the Warrant Liability	The change in Fair value of warrant liability using the Monte Carlo simulation valuation consisted of the following: (in thousands) December 31, 2024 Balance at beginning of period $ 4,660 Change in Fair Value 1,946 Balance at end of period $ 6,606
Schedule of Stock-based Compensation Expense - By Award Type	The following table sets forth stock-based compensation expense by award type: Three Months Ended December 31, (in thousands) 2024 2023 RSUs $ 297 $ 519 PSUs 117 245 Outside director equity awards and fees in common stock 92 84 Total stock-based compensation expense $ 506 $ 848
Schedule of Stock-based Compensation Expense - By Expense Type	The following table sets forth stock-based compensation expense by expense type: Three Months Ended December 31, (in thousands) 2024 2023 Cost of revenue $ 120 $ 329 Selling, general, and administrative 328 375 Research and development 58 144 Total stock-based compensation expense $ 506 $ 848
Schedule of (Loss) Income Per Share	The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended December 31, (in thousands, except per share data) 2024 2023 Numerator Net loss from continuing operations $ (5,461) $ (4,363) Loss from discontinued operations $ (50) $ (1,316) Net loss $ (5,511) $ (5,679) Denominator Weighted average number of shares outstanding - basic reflective of reverse stock split effective April 1, 2024 9,068 8,899 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 9,068 8,899 Net loss from continuing operations per share, basic and diluted $ (0.60) $ (0.49) Loss from discontinued operations per share, basic and diluted $ (0.01) $ (0.15) Net loss per share, basic and diluted $ (0.61) $ (0.64) 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 760 375
Schedule of Common Stock Reserved for Future Issuances	Common stock reserved for future issuances as of December 31, 2024 was as follows: Amount Unvested RSUs 987,209 Unvested PSUs (at 100% maximum payout) 48,966 Issuance of stock-based awards under the Equity Plans 280,726 Purchases under the officer and director share purchase plan 8,874 Total reserved 1,325,775

Reportable Segment and Revenu_2

Reportable Segment and Revenue Information (Tables)	3 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Revenue by Geographic Region	Revenue is classified by timing of recognition as presented below: Three Months Ended December 31, (in thousands) 2024 2023 Trade revenue (recognized at a point in time) $ 17,472 $ 17,373 Contract revenue (recognized over time) 1,833 6,750 Total revenue $ 19,305 $ 24,123 Geographical Concentration Revenue is classified by geographic area based on our customers’ billing addresses as presented below: Three Months Ended December 31, (in thousands) 2024 2023 United States and Canada $ 13,870 $ 16,393 Asia 936 2,979 Europe 4,489 3,432 Other 10 1,319 Total revenue $ 19,305 $ 24,123

Description of Business (Detail

Description of Business (Details)	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Portfolio acquisition years	6 years

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	1 Months Ended	3 Months Ended
	May 31, 2024 building sublease position	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)
Accounting Policies [Abstract]
Net loss		$ 5,511	$ 5,679
Net cash used in operating activities - continuing operations		1,761	2,121
Cash and cash equivalents		8,975		$ 10,786
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
Restructuring		$ 928	$ 0

Cash, Cash Equivalents, and R_3

Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Cash and Cash Equivalents [Abstract]
Cash	$ 8,459	$ 10,265
Cash in money market funds	21	26
Restricted cash	495	495
Total cash, cash equivalents, and restricted cash	$ 8,975	$ 10,786

Aerosphere Power Merger Agree_2

Aerosphere Power Merger Agreement (Details) - Aerosphere Power Inc. - Velocity One Holdings, LP	Nov. 07, 2024 $ / shares
Business Acquisition [Line Items]
Share price (in dollars per share)	$ 3.10
Award vesting rights deemed satisfied, percentage	1

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 17,121	$ 15,770
Work in-process	6,180	6,954
Finished goods	2,716	2,341
Inventory	$ 26,017	$ 25,065

Property, Plant, and Equipmen_3

Property, Plant, and Equipment, net - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 15,526	$ 15,527
Accumulated depreciation	(8,228)	(7,659)
Property, plant, and equipment, net	7,298	7,868
Equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	11,848	11,848
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	313	313
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	2,811	2,780
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	96	96
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 458	$ 490

Property, Plant, and Equipmen_4

Property, Plant, and Equipment, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 0.6	$ 0.9

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
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	3 Months Ended	6 Months Ended
	Dec. 31, 2024	Mar. 31, 2024
Finite-Lived Intangible Assets [Roll Forward]
Balance at beginning of period	$ 10,289	$ 12,245
Amortization	(482)	$ (1,956)
Balance at end of period	$ 9,807

Intangible Assets- Schedule of

Intangible Assets- Schedule of Weighted Average Remaining Useful Lives by Definite-lived Intangible Asset (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 21,591	$ 21,591
Accumulated Amortization	(12,639)	(12,157)
Net Book Value	$ 8,952	$ 9,434
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (in years)	5 years 6 months	5 years 8 months 12 days
Gross Carrying Amount	$ 16,901	$ 16,901
Accumulated Amortization	(11,232)	(10,896)
Net Book Value	$ 5,669	$ 6,005
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (in years)	5 years 7 months 6 days	5 years 10 months 24 days
Gross Carrying Amount	$ 4,690	$ 4,690
Accumulated Amortization	(1,407)	(1,261)
Net Book Value	$ 3,283	$ 3,429

Intangible Assets - Schedule _2

Intangible Assets - Schedule of Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 1,447
2026	1,527
2027	1,504
2028	1,491
2029	1,474
Thereafter	1,509
Net Book Value	$ 8,952	$ 9,434

Benefit Plans - Schedule of Com

Benefit Plans - Schedule of Components of Pension Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Service (income) cost	$ (7)	$ 26
Interest cost	78	92
Expected return on plan assets	(84)	(76)
Net periodic pension (income) cost	$ (13)	$ 42

Benefit Plans - Narrative (Deta

Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Matching contribution	$ 0.2	$ 0.3

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	Dec. 31, 2024	Sep. 30, 2024
Payables and Accruals [Abstract]
Compensation	$ 3,050	$ 3,129
Warranty	711	675
Professional fees	1,820	605
Other	514	811
Accrued expenses and other current liabilities	$ 6,095	$ 5,220

Accrued Expenses and Other Cu_4

Accrued Expenses and Other Current Liabilities - Schedule of Product Warranty Accruals (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Sep. 30, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 675
Provision for product warranty expense	25	$ 130
Adjustments and utilization of warranty accrual	11	(319)
Balance at end of period	$ 711	$ 864

Accrued Expenses and Other Cu_5

Accrued Expenses and Other Current Liabilities - Schedule of Severance Accruals (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 77	$ 0
Additions to accrual for severance expense	928	2,219
Severance expense paid	(928)	(2,142)
Balance at end of period	77	77
Employee Severance
Restructuring Reserve [Roll Forward]
Balance at beginning of period	758	64
Additions to accrual for severance expense	19	2,919
Severance expense paid	(346)	(2,225)
Balance at end of period	$ 431	$ 758

Credit Agreement - Narrative (D

Credit Agreement - Narrative (Details) $ / shares in Units, $ in Thousands			3 Months Ended
	Aug. 05, 2024 USD ($)	Apr. 29, 2024 USD ($) $ / shares shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Aug. 12, 2024 USD ($)	Aug. 09, 2022 USD ($) segment
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
Warrant liability			$ 6,606		$ 4,660
Change in Fair value of warrant liability			$ 1,946	$ 0
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]
Repayments of long-term debt	$ 9,400
Debt instrument, repaid, principal	8,500
Debt instrument, repaid, interest	800
Payment for debt extinguishment or debt prepayment cost	$ 100
Debt instrument, fee amount						$ 100
Revolving Credit Facility | Secured Debt
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
Revolving Credit Facility | Secured Debt
Line of Credit Facility [Line Items]
Number of credit facilities | segment							2

Income and Other Taxes (Details

Income and Other Taxes (Details) - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income tax expense	$ 42,000	$ 28,000
Effective tax rate on continuing operations	0.80%	0.90%
Interest and penalties accrued as tax liabilities	$ 0		$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Remainder of fiscal year	$ 2,957
Year one	3,072	$ 4,124
Year two	2,757	3,072
Year three	2,830	2,757
Year four	2,906	2,830
Year five		2,906
Thereafter	19,273
Thereafter		19,273
Total lease payments	33,795	34,962
Less imputed interest	(13,654)	(14,046)
Total operating lease liabilities	$ 20,141	$ 20,916

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2024 claim	Sep. 30, 2031 USD ($)	Sep. 30, 2030 USD ($)	Sep. 30, 2029 USD ($)	Sep. 30, 2028 USD ($)	Sep. 30, 2027 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)
Merger Litigation
Loss Contingencies [Line Items]
New claims filed	4
Additional new claims filed	11
Forecast
Loss Contingencies [Line Items]
Sublease income | $		$ 0.9	$ 0.9	$ 0.9	$ 0.9	$ 0.9	$ 1	$ 0.6

Equity - Narrative (Details)

Equity - Narrative (Details) $ / shares in Units, $ in Millions					1 Months Ended
	Jun. 14, 2024	Apr. 29, 2024 USD ($) $ / shares shares	Mar. 15, 2024	Aug. 23, 2023 shares	Dec. 31, 2023 shares	Dec. 31, 2024 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
Number of equity incentive compensation plans maintained by the company | plan						3
RSUs | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, award vesting rights, percentage	33.33%
RSUs | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, award vesting rights, percentage	33.33%
RSUs | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, award vesting rights, percentage	33.33%
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
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
Minimum | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential reverse stock split ratio			5
Maximum | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential reverse stock split ratio			12

Equity - Schedule of Fair Value

Equity - Schedule of Fair Value of the Warrant Liability (Details) - Common shares underlying the warrant $ in Thousands	3 Months Ended
	Dec. 31, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 4,660
Change in Fair Value	1,946
Balance at end of period	$ 6,606

Equity - Schedule of Stock-base

Equity - Schedule of Stock-based Compensation Expense - by Award Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 506	$ 848
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	297	519
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	117	245
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	$ 92	$ 84

Equity - Schedule of Stock-ba_2

Equity - Schedule of Stock-based Compensation Expense - by Expense Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 506	$ 848
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	120	329
Selling, general, and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	328	375
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 58	$ 144

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
	Dec. 31, 2024	Dec. 31, 2023
Numerator
Net loss from continuing operations	$ (5,461)	$ (4,363)
Loss from discontinued operations	(50)	(1,316)
Net loss	$ (5,511)	$ (5,679)
Denominator
Weighted average number of shares outstanding - basic reflective of reverse stock split effective April 1, 2024 (in shares)	9,068	8,899
Effect of dilutive securities
Weighted average number of shares outstanding - diluted reflective of reverse stock split effective April 1, 2024 (in shares) (in shares)	9,068	8,899
Net loss from continuing operations per share, basic (in dollars per share)	$ (0.60)	$ (0.49)
Net loss from continuing operations per share, diluted (in dollars per share)	(0.60)	(0.49)
Loss from discontinued operations per share, basic (in dollars per share)	(0.01)	(0.15)
Loss from discontinued operations per share, diluted (in dollars per share)	(0.01)	(0.15)
Net loss per share, basic (in dollars per share)	(0.61)	(0.64)
Net loss per share, diluted (in dollars per share)	$ (0.61)	$ (0.64)
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)	760	375
Common shares underlying the warrant
Effect of dilutive securities
Dilutive options outstanding, unvested stock units and unvested stock awards (in shares)	0	0
Stock options
Effect of dilutive securities
Dilutive options outstanding, unvested stock units and unvested stock awards (in shares)	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

Equity - Schedule of Common Sto

Equity - Schedule of Common Stock Reserved for Future Issuances (Details)	Dec. 31, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	1,325,775
Unvested RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	987,209
Unvested PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	48,966
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)	280,726
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
	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of reporting segments		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	32%		30%

Reportable Segment and Revenu_4

Reportable Segment and Revenue Information - Schedule of Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 19,305	$ 24,123
United States and Canada
Segment Reporting Information [Line Items]
Total revenue	13,870	16,393
Asia
Segment Reporting Information [Line Items]
Total revenue	936	2,979
Europe
Segment Reporting Information [Line Items]
Total revenue	4,489	3,432
Other
Segment Reporting Information [Line Items]
Total revenue	10	1,319
Trade revenue (recognized at a point in time)
Segment Reporting Information [Line Items]
Total revenue	17,472	17,373
Contract revenue (recognized over time)
Segment Reporting Information [Line Items]
Total revenue	$ 1,833	$ 6,750