Earnings call transcript Q1 2023

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Operator

Good day and thank you for standing by. Welcome to the EMCORE Corporation Fiscal 2023 First Quarter Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation there will be a question-and-answer session. [Operator Instructions]. today's being that advised be conference recorded. is Please

hand over Chief to would Officer. now speaker conference to like Minichiello, I your the today, Financial Tom

Tom Minichiello

Thank our The news our we welcome issued EMCORE's you, is everyone emcore.com. release XXXX call posted afternoon on fiscal results. to discuss site and to quarter first this afternoon, Web good conference and

update financial our and begin with will and this On business I by Executive highlights. Chief taking call, our Jeff Rittichier, Officer, you will conclude we'll then discussion results, EMCORE's of on President questions. the

Act would we begin, statements to Before Section Act of the that of information meaning Exchange and the herein we XXA forward-looking XXXX. like include XXXX remind the Securities XXE of you may of of provided Section within the

are about current include These prospects strategies, future operate. business. largely projections about affecting our which in statements and statements and Such and and forward-looking in based we results, and plans, on events future the expectations trends business the trends the business markets changes about forward-looking projections statements

cautions that levels or or relate of uncertainties, events by different known performance the unknown, or implied expressed future financial industry risks actual cause to to are performance any and both these statements subject Management or and and business, those our in to and future of economic forward-looking activity, forward-looking results, from may that other materially business achievements statements. be

our the business, to report no forward-looking to and obligation are SEC's on update on applicable XX-K. sec.gov., company statements these rely not to consider in to or company's expectations, Risk The the statements caution in statements We Form associated except the as to entitled by on law sections at regulation. such results required changes the the or located actual annual filings included and to any Factors company's conform which these assumes with including the also you statements website and in available risks uncertainties

The call this core which operating are to meaningful to the included and during to believe made provide facilitates comparisons information be measures will comparable the measures references supplemental non-GAAP performance across we investors. measures, company's non-GAAP addition, review the In non-GAAP, and GAAP these these reflect financial management ongoing explanation periods. as our as reconciliation most and reporting news of release. measures measures well in encouraged to Investors both

that, I'll over Jeff. With turn the now to call

Jeff Rittichier

for represented television XX% operating and XX% the million, and were through continued good $XX X% Tom, company's the the work you, everyone. generating loss million. transformation, than & it $XX.X challenges of a There strategic continued broadband Aerospace EMCORE's GAAP of an Aerospace significant Thank revenue transformation cable came such less revenue. encouraging QX coming business of in operating from fiscal a Only Defense. to was improvements with afternoon, Defense business. & into from QX Consolidated as

XX% However, EBITDA from with at operating million start million million. Defense higher gross & inertial that was negative$X.X significant margin, QX's our color by provide improvement saying margins non-GAAP out loss to I Aerospace that. will improved $X but and than on showed Tom adjusted navigation $X.X non-GAAP will negative

to from to pointed we had the move last our announced the that out and platform that changed publicly transmitters. head-end allowing has they cable Prisma Cisco, much of that Not In forward. industry entire respect glut inventory call, technology II with ATX the television licensed technology

the improvement do encouraging within short-term long-term, some we ATX's although over see opportunity our be customer underlying demand, we for of not catalyst in the do signs an base. positions inventory to Although continues entry see any improved

projections. in to antenna to as were and their QX silicon availability still meet distributed chips Semiconductor down systems wireless for able customers continued not transceivers to shipments and to enough internal broadband get tamp ship our within

get to we customers traction engagements what with with continued and planned additional chip business in in December, growth Consistent said shipments. form in of the our

steeper a in get Going summer we the during see stage much chip the to ramp expect business, forward setting the FY a the stronger bit 'XX. for

I'd our made comments our the to last in was To Consistent several a to about which like EMCORE divest complete cable objectives, lines. I nonstrategic from parties increasingly with in statement our broadband, call return point product was with these television interested incongruent with discussions strategic conclude to direction. my -- the is

alternatives. exploring also are other strategic We

demand the GPS navigation In QX, denial, Aerospace continues inertial demand in seeing now for to in we're such as products will build was book-to-bill to the comments approximately by begin & X.X. our in real-world Turning my Defense. for particular, I In Ukraine. & increased AMPV Defense stating nicely. our experiencing Aerospace situations

were supplier and our bookings platforms, [indiscernible] X strong in ESCRIBANO's stemming programs. from position both for International GUARDIAN turret-based

We the also vehicle Middle East long armored large-scale received for interest dormant in programs. navigation additional

XX side business, critical Mark On such by Torpedo in next-generation expertise heavyweight our lightweight programs the are leveraging naval and as the of our supporting we torpedo platforms. XX and

X.X order continues a a in rewarded precision-guided to of in programs earlier, we better overall was program gain Chicago's follow-on mentioned I than all four branches stronger munition with markets. key international that for in the momentum that actually Finally, service. book-to-bill visibility

The In has on low of track seeing of of area search of initial production indicator in This key particular, a benefit focus leading this of wins across important multiple in design services growth. become is infrared program long-term and stand of [ph] terms key phase, into and to signs our rate programs applications their a timing. the we're CAPTURE, acceleration production. LRIP

shipments of critical meet TAIMU and March build part will multiple the quarter As in the design launch the December, Budd is December for begin are launch qualification flight are -- boost These has schedule for Launch and vehicles, stage measurement Alliance. team to to for Concord targets two to and the measurement while primary and critical used started it the of the inertial Centaur in as the in be volumes and in systems inertial to navigation validation BoRG. projected United units teams Vulcan space The efforts unit for two greater control I stated navigation. extended validation continues shipment quarter. of BoRG design TAIMU the programs for Atlas- support allow and engineering Lake for

Critical met well few Alhambra. milestones the for product of as over builds months the in next as TAIMU must be beginning

and late $XX production, margins. to to calendar in calendar is builds When complete also enable expectation these significantly revenue million produce$XX in to expected million Our contribute to per 'XX. year to qualification year full to expected launches the significant products volume hit in gross year are and they're

QMEMS and We in major QMEMS QMEMS bounce I the guided back precision steady revenue of suffered test expecting to December orders a along for munitions our problems late of in record, stream from mentioned March we're quarter. programs from some unexpected that earlier. saw set with order the

largest bullish are PGMs are to on market navigation be segment applications. in before, FY expected said 'XX. inertial significant these area a We in and EMCORE we've As for remain of the growth

to on is I'd provide move I integration, on Before guidance, an which area of update to like focus. a key

and the to navigation common cost space the made today, within exit and running the agreement now system rest enable has This LXHarris's part EMCORE of of of ERP the a that transition was the will services us of is IT from As transaction. systems. cutover

into the Chicago integrate we've MES upgrades will and we for EMCORE Island it to and out services. in exit the and to for Ultimately, the the and us ERP more will inventory. already other make our processes, transition Alhambra facilities efficient costs help complete after this expect improve expecting building. lower floor out of in We began team Rhode shop control quarter, engineering Camstar complete moved are KVH the We the transition June but rolling

now Turning quarter. the to guidance for current

production increased offset within We are and to driven $XX are expecting This the million Chicago by be that be for Concord. in to will see navigation inertial $XX by million will in weakness cable growth, television expecting some range quarter. the and continued March Consequently, we revenue largely wireless. partially

With that, to the turn will over back Tom. call I

Tom Minichiello

was XQ Consolidated quarter. when prior Defense, Aerospace you, Defense revenue coming broadband. segment increase XX% $XX.X with $XXX,XXX was XX% from Thank to million, and & Jeff. a & compared $XX million, the for Aerospace from revenue fiscal

portfolio as the quarter Lake the quarter. Tinley well. despite of full of and for the QMEMS operation NAV A&D performed another achieved space growth in acquired the during included line, This that sequential that quarter posted results product and solid rest in first operation navigation delays the was Budd shipping the inertial prior A&D Park our for quarter

prior the line in product FOG the along Additionally, quarter. Alhambra, over with Optoelectronics, both increased Defense

perspective when down the to million $XX.X of was optical the $X.X million, a was to $XX sequential March million cycle, year a quarter, revenue and $X.X to and transmitters TV the cable some the compared looking $X.X quarter cable quarter Broadband of this current back the revenue ago product in just XXXXquarter. million severity into on decrease due market. sales add million drop To sold in TV infrastructure lasers further

cycle mentioned call, than years. are deeper affected TV revenue nonrecurring was As next-generation cable engineering this Broadband on around by XX at also last a last in the has our NRE experienced with chip development. lower company in time revenue least we associated or much the down

the focus by: of margins margin turn operations rebounded be on gross to acquired resulted with results, Tinley which revenue charges and operating the Concord segment, yields in Let overall basis. for an valuation the in cost of of for the very me now consolidated driven and non-GAAP the site. margin inventory our gross under prior to A&D recently Lake; XX%, will better c, QMEMS Conversely, rest return fixed a one-time historical the higher a, Budd Broadband in Park XX%. absorption of to at level manufacturing combined QMEMS b, quarter; gross low the the

in Operating $XX.X the expenses quarter. million overall at million lower-than-anticipated in December compared in came quarter the prior to$XX.X

added be XQ. NAV costs, were a project-related tend we full the business, results for than to quarter-to-quarter in lower average R&D which While quarter of uneven inertial

a last momentous profile. has rapid mentioned call, to EMCORE As revenue our the undergone change during and

half 'XX, of fiscal and fourth of couple in Broadband accounted of completely flipped Aerospace During has later of to the from of coming XX% of 'XX just quarter first quarter & this the quarters and business, 'XX, for over revenue Defense. fiscal XX% a first fiscal

with substantially TV better-positioned and than navigation market. the is expanded customer marketplace a products, for larger more a and reach of cyclical growth company now The stable portfolio inertial cable broader-based highly higher in

and the line. still compared prior quarter changes quarter, results top reflected was the size swift and fiscal the the While of mix XQ December to significant better the to

loss per EBITDA $X.X or million loss $X.XX was Net million compared operating share quarter. in to the compared improved $X.X Adjusted the or million negative million. $XX.X million share in to $X quarter per $X.XX prior XQ was before. to$XX.X

million GAAP of as minute. $XX.X loss part This book to XQ of costs of the over charges $X.X obtained with associated share. transaction net results Fiscal and KVH. million severance from $XXX,XXX Tinley Shifting a the a $X.X was asset acquisition sale inertial of or $X.XX gain million, per the property for acquisition-related Park included navigation

balance at million XX used $XX.X million $X.X reduction $XX.X to and a the the in million decrease $X.X of net million million $X.X compared and regular the fund $XXX,XXX Tinley net activities, of cash million $X,XXX December balance We of these Turning XX. sheet. of consisting to financing The proceeds from of service in costs $XX.X loan Offsetting for sale $X.X CapEx. had cash property. acquisition-related cash consisted received leaseback business at million costs. September debt to used million was uses for for operations, Park $X.X

to Before like to presentation further February Aerospace/Defense with in-person be and plan in on and Cowen including Virginia, event. Q&A, prior Conference the that we investor providing Jeff get both meetings. to on everyone Thursday, share & details We a at I Industrials Arlington, to XX, the the planned I'd

And up we for opening now with that, questions. the call your are

Operator

Our you. Shannon Richard [Operator first question comes with Craig-Hallum. Instructions] from Thank

may You proceed.

Richard Shannon

and Jeff Thanks for questions. my hi, Tom. Well, taking

be here. first Tom my for couple will think I probably more

know same margin it gross actually high have up but like December the dramatically gross leverage. quarter down going is interesting revenues here gross or down on seems and it expected. that I seems know at results like million and It looking went I the you below amount. negative what margins, and seems down, almost Just high $X.X hot -- would profit pretty I it's broadband

understand dynamic? that that what temporary? was Or help there? So on can us going Is you

Tom Minichiello

sort the the of disjointment little costs the referring Well, the the absorption bit quarter, revenue. that not production activity of during -- a based to is of on why there reason was are a you're

absorption lower revenue though in quarter. Richard, So as in the was under even was fab, quarter with not was quarter, as before, we the it the this the this low had

we went the So asking that but does And did for about. X.X. go then that gap accounts for think revenue that -- we accounts X.X to I -- you're have -- -- from

that obviously factor well. So a is as

Richard Shannon

have fall Okay. into does I from activity going later these referring The questions in are will here? forward. in you're quarter bottom at levels a levels the of to, gross a I But that couple or guess December activity improving not? margin

Tom Minichiello

Say again. it

Richard Shannon

the even for activity referred December, lower margin. in levels gross being driver to those You are

here we levels activity later? those and are in So into bottomed as not necessarily March December get out or

Tom Minichiello

bottomed has Likely out.

Richard Shannon

on helpful. broadband right? the That's quarter quarter. coming Obviously, to at A look could dynamics here, in the sure Excellent. make your Okay. here. couple I March I'm reading the just how be some if down A&D. the of in that comments? interpret I just growth to wondering Is even nice right that questions want flat, way to I'm right got

Tom Minichiello

It's around December going maybe to quarter, mean where -- some I is stay changes. the small where right just we Richard. in it

Jeff Rittichier

There's no directions. catalyst either it in to move

Tom Minichiello

Yes. Yes.

similar. to look going it's very So

Richard Shannon

I what sure. That's Okay. make to I figured. just want

should want if here about gross great here. in talked we the draw as in levels business out coming broadband margins through the forward, But bottoming be conclusions going on you about activity would that you So QX, March look you into think some let's the forward March in quarter, to here. just dig

growing nice fall margins has A&D, which You're in through here. a

So XX%. about how ago talked goal X to do about getting gross weeks call, we we for margins your earnings think a this last you in talked quarter? about of When

help number so what this we how down thinking Or And quarter? be margins you should about? gross peg for thinking that that's if kind wondering the you're of do I'm us

Tom Minichiello

Yes.

going XX% at expect will facilities. growth number Things other in the you're it, the Concord. the some the segment also similar. March to expectation in is we will other said, in that The consolidated, a like just look The costs margin. look getting extra That's -- overall, in help top see good Broadband it volume A&D think in referring better Richard. our to and But I line to that way to alone some overhead quarter. of are absorb is

can are about somewhere a do to that, that the margin would between we XX, could well call that And if we business the come probably of it, to for get the you execute that see get going and very mix A&D margin, consolidated out middle XX do somewhere that towards a quarter. in The think XX% gross we and the range. we math,

Richard Shannon

very Okay. is That helpful.

jump I couple of a queue back will Just the questions, in here.

timing not just of kind kind see the we partner I of something including topic about from a get this. here, I here? Jeff. Just And think for this to think of know there divestiture your talk customer and But guess touching potential comments have on the end quickly of How please. you, you here? on might question any two-part you're with mentioned businesses for thoughts, I proceeds let's going should may outcome, strategic we what about about start a eventual one. Jeff,

Jeff Rittichier

Yes.

way parties depends think looking now, of is likely more somewhere the be we within a reasonable with of be long end, and how the toward it. a could I But scenario quarter right It are could sooner. just think I where that's takes. due the that diligence on at

got down, some is looking gross before clarify obsolete and little was thing. business I happen one TV again. was the unusually wouldn't E&O, it down thing to bit to expect just dragged at other that And That I that did other sat thing excess part done margins. large, the their a of have just cable The we that

months say, quite back is way but your So looking yes, reasonable at of it. -- probably -- X I the would original within question, to a

Richard Shannon

be just just TV elements or this Broadband is the to And Okay. clear of that, segment? other Jeff, cable business the contemplating on

Jeff Rittichier

as are There other well. pieces

Richard Shannon

jump me, out for question I line. last One of Perfect. will Okay.

that? process a you getting think you're the of that think applications, on what's going customers, get of the Maybe chip How well thought new your engagements some those quarter et as when that on we here. expectation of mentioned I as about ramp kind we about you fiscal can might hit types kind summer. pieces. business customers have and can it as about this 'XX per I Let's about here, cetera, you talk of many into revenues two guess talk or

Jeff Rittichier

Yes.

shipping, So not. and are at look some chips the customers some are the number if of custom engagements, you a total took for

or I and the with say has into of about There I even I X customer us, and more these there's that. seems Again, think, programs say is would are space. can't are possibly one that programs what telecom all data that multiple -- X than right. targeted center

And doing A&D. so over design they they than really don't common -- manufacturing are really what other an things we expertise don't assets, have and the over -- in impact

I the 'XX, going or you And absorption. have $X 'XX significant will right? range, exit and from the into million products can getting we look As million that of a those a at sort on pretty $X into think quarter impact revenue

Richard Shannon

look jump We Jeff. I Thank back Excellent. in much, will forward you to seeing Okay. so queue. that. the

Jeff Rittichier

Sure.

Operator

Our next Tim question comes with Northland. from Savageaux

You may proceed.

Tim Savageaux

afternoon. Hi, good

Jeff Rittichier

Hi, Tim.

Tim Savageaux

question in least you measure the came acquisition look side, of there than OpEx? of lower The kind a revenue? is But here. bit know expense that of what And expected operating I up with you if at here nicely ramp on outlook integration. some hang have maybe don't I do forward forward, to as about or level synergy or kind this OpEx little that's for around heading anomalous anything

Tom Minichiello

where this into a to finished. steady you go OpEx, bit will except is of -- pretty like be we Tim, we certain tends is materially get higher items in line most the The used project uneven. costs, R&D Probably than little that

cover to NRE there's Sometimes it.

isn't. there Sometimes

that rest of all of the and very So move salaries kind around those steady. that's really people The quarter-to-quarter. the it the makes thing and from are costs

go you to back And even a average I to benefit a also if action it reduction But a they little maybe the XX%. the because bit last up the of of average, quarter recall, are a because quarter, below just of they in say, well that this go up would the we I force. little few last weeks if We in will of is likely little XX% only got you're were a the in see bounce likely we over mean to, quarter. announced early what back be materials -- December. So bit took range higher. we to

get quarter XX quarter. and OpEx We cost around that, a per that both in keep should goods and of of right the will number OpEx, the in full sold

Jeff Rittichier

Yes. only the land. in wildcard nonrecurring is Tim, this pointed as contracts Tom where the engineering out,

as In to an cost just which movement in Sometimes depending out goods. on dollars other those cases, see the OpEx. R&D, get in built those down deliverables, against record offset case a we’ve of you'll through

there, So in -- the enough start move and NRE around. there's it numbers could to

So don't some be surprised reason, for if little looks it better. a

I of where think this. spirit with Tom captured are we the headed

now bringing run fair systems headcount. bit few we -- are way we especially a of finish we But work. going the to get Operationally, out here there, out synergies as come we've synergies most works. -- more are the the improvements in of manufacturing might and most operation of some from of those the A and

probably So there. continue you'll see will improvement from that but it summer, in an in starting the and COGS

Tim Savageaux

do more we result this Jeff, inventory a And are the increased that Charter you real it. you side, moving assume -- could And signs We've should if with situation. what back some the some or to year referencing into major big see signs of over network upgrade regard in I to on strong what of cycle you're be out? operators of Broadband doing, that's in those improvement a obviously, and terms playing kind of investment mentioned how Got of specific the finish improvement? here activity, of some signs on seen time. you pretty wonder

Jeff Rittichier

what that, EMLs, primarily just and the touched which instead fact the there consumed it, think and are is called DFBs. is that linear of glut MSOs those that we using primary were on evidence out transmitters those Charter, see changing Tim, I that part other by actually of are you are of -- the

So that's part of it.

that lot of other plan OEMs find a inventory when misforecast channel that the you've the had The one you the is thing is things of bit. a

it's odd And good so that you a wavelengths on idea going. where the and going to see are pretty what's really you can based start have ordered,

call. that's that those the I are the So signs mentioned -- in

Tim Savageaux

Thanks, one more for and me.

that X.X higher wonder thus grow And to December think if order this from certain in mentioned to the you're whether sequentially I quarter? for and seeing book-to-bill you throughout A&D you an what you year? on a A&D areas. flow perspective I relatively robust comment expect in you revenue quarter the continue order and can far enable

Jeff Rittichier

Yes.

was based with come point it what inertial And And board, these times. program expecting in across in telling weeks that's are some bit. but north months. that are on report at at quarter based significantly really again, little current oftentimes made And timings, a look the to of it's expect down backlog maddening just So greater the build way. backlog, good us, X are cable, the worth the NAV program I a of the the now, We X June be offices one. and in we larger our on still in than it and may performance that programs. to to better. leading is I've something running it see of see it's starting we quarter, we And

is visibility EMCORE period. So the kind different. X this We at visibility for COVID is didn't exception have in we in the than except months visibility during TV norm any that the expect rather of cable A&D. And time dramatically

Tim Savageaux

Got much. it. very Thanks

Operator

you. Thank

question Cowen. comes from Paul next Our with Silverstein

may You proceed.

Paul Silverstein

fine a guys. did Richard Thanks, answered. [Indiscernible] job.

Tom Minichiello

Paul. Hi,

Jeff Rittichier

Paul. Hey,

Operator

Thank Craig-Hallum. Instructions] you. Shannon question Richard from Our comes [Operator next with

proceed. may You

Richard Shannon

response guys. about year. programs. -- and about taking remarks about products. it Talk of more of products, of the a about rather QMEMS your last follow-ups Tim's another your on I about some throughout on kind mostly from the and these some and Maybe to product-by-product BoRG prepared comments some TAIMU from taken way, than think basis Hey, you're Jeff here me. of growth your Two question I want and taking follow-up rest thinking

bit kind you products how Can break there? you and can quarters scenario us even, put a quarter things those do you little you of help fit the we of kind us those where get Broadly the or into fit I get ultimately together speaking, where growth might guess? more see to carefully, into outsized some

Jeff Rittichier

is that one low the want Sure. Well, in to XXs called we've XX-XX low point points is it, I to again, which get and revenue order we gross have the made the margin in the of in to EBITDA. I think, XXs

call forecasted you So Jeff, XX we say, okay? and you go let's that range, going take the Okay, need X just it, the it, midpoint where another you’re get of to

In my prepared And just that that's itself, all X TAIMU comments, revenue one quarter, million program. just year. provide to mentioned and $XX I $XX a of per is by worth million could -- so there's my that

are there that. search up track with Raytheon So are seeing and branches own pushes for for in programs like by programs other of their Lockheed which service infrared ramping we're products other

We see of part gunner sites forward. regarding MX a are tank, work with starting which to start the commander we to AXC Abrams the are move

programs ramp. interesting the that at need Richard, won to, years for we the is it's ago so we've to we say, really thing, is X were And us different this compared where point

program So on this wins. getting case speculative qualified then production. where executing things and It's a low isn't production, on into it's really go-gets initial of rate

revenue. part to the your question the that's answer about So of first

again, Getting is that into always sensitive. we the talked that are volume the there's question about -- about gross margin, we've thing

also occur primarily, areas And those in -- get business. they absorption absorption these under the but are under the with we in assembly fab charges so within hit the charge and

without product story. change go even overhead, we margins the the a to as material, of without up ramp sales price even of in period, right, bill generating up production this change end So a start of the and absorption,

most there's was fine. was A&D. look business not So if the P&L write-off. some stuff There was yes, current in in it again, really you And much quarter, at we cable of -- there the the in decided TV scrap of to

I get think we've largely the problem got takes to up is margin fundamentals and gross itself. care execute and of on all do volume the the

Richard Shannon

of TAIMU point, to Maybe a -- about of breakeven of Jeff. quick it understanding talked fiscal kind something here saying terms out size, you on in that that call, here. be of Is kind year. early last 'XX the calendar helpful, maybe going more was [indiscernible] that way you I stood next the a to especially the the all story. topic follow-up gap in my the X breakeven guess was in That's

us So each other am I assume a got smaller gap calendar that of I up individually would kind whereas story, there, helps misunderstanding 'XX this? is of drivers, maybe more we've TAIMU or

Jeff Rittichier

Yes.

Richard, and overhead quite because has what there's of some well purchasing big that of activity we not for, it's happen, is to up on it, example, a materials, production albeit get with So ramp revenue for to that prior material to white, a top in black rate some recognize which just actually happening.

signs that March. start before a delivery will see of So units you'll you to ramp see per the little the of actual And quarter. multiple of bit in

no things time steady to you, no a So this were telling and the that hey, to going needle step in between XX, XX programs able program. now hockey are TAIMU there terms [indiscernible] I'm is given But stick. going the are -- improvement. Those new for is quarter, on other in It's we you're where out there function. see to continue okay? ship to infrared orders the are of that There ramps Mark move ramps on search the munitions track, and

about book-to-bill going out X.X, the and the to and forward. there's talked no we But error. high you be an because it's to is us quality get I we example ULA this And mean, the We for hyper us when get thing with giving We needing of is, on door a and launch room reality going expecting this production degree that I done the are TAIMU so very use rates definitive. expecting, know I to some say to as color know what done. are. when get

close the in And see and to believe bit the that growth. you're programs other between just TAIMU forecasted, The of quarter, are And on signs gap. continued to there we've of But cake. ultimately be that's icing to going the we we will continue a what now then, said.

Richard Shannon

trading Okay. the stock That's at in year, dilutive My are it's for both people great for quick think I you. past capital all the explanation. about been of detail, Jeff. a question at valuation That’s Thanks low, fair worried recent a fairly The last the raise. and enough. that

the a about should don't talked You some yield that. path We've of of got timing I amount and money. potential breakeven. divestiture that potential to how speculate on know

being things You're is. you with are what what raise you But capital equity get us odds self-funded think not external so of to tell do the to know, going to having breakeven? you versus the that that

Jeff Rittichier

bottom really what where down the But on that see hand, get that the And today. longs can Street that may or way need think problem Yes. on thing this if deep thinks. I don't raise. this to on with Wall we that sure Obviously, see we the something levels, our view out. we I thing not are That's say, we a a I so say, there's are, other value to are on funded we is hand, make are look if we well, that, there's have can thesis investment play way the there at the you well, comment capital one on a at,

And something so probably I not today. comfortable feel on it's commenting

Richard Shannon

is fair enough. That Okay.

that. think want your best hear to we’ve Just guess, I heard and

for all I the Jeff. me. That’s appreciate So all answers,

Operator

the I'd This like remarks. any you. concludes Rittichier now turn closing over Jeff to Thank Q&A for the to call session. back

Jeff Rittichier

company of want I you as as you as And us for absolute efforts I business. recognize all dogged want thanking joining the the Aerospace team reinvent in And for thank do, their perseverance interest all close an to Defense today. Well, just we your by and to & for I EMCORE. usually

Operator

you Thank for concludes today's you. That call. participating. Thank conference

now may You disconnect.

EMCORE (EMKR) 8 Feb 232023 Q1 Earnings call transcript