Cover
Cover - shares | 9 Months Ended | |
Jun. 30, 2021 | Aug. 02, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-36632 | |
Entity Registrant Name | EMCORE Corp | |
Entity Incorporation, State or Country Code | NJ | |
Entity Tax Identification Number | 22-2746503 | |
Entity Address, Address Line One | 2015 W. Chestnut Street | |
Entity Address, City or Town | Alhambra | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91803 | |
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 | 36,884,544 | |
Entity Central Index Key | 0000808326 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --09-30 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 42,658 | $ 27,266 | $ 114,490 | $ 76,598 |
Cost of revenue | 25,433 | 18,048 | 70,059 | 53,479 |
Gross profit | 17,225 | 9,218 | 44,431 | 23,119 |
Operating expense: | ||||
Selling, general, and administrative | 6,081 | 5,936 | 17,941 | 18,962 |
Research and development | 4,500 | 4,807 | 12,567 | 14,033 |
Loss (gain) on sale of assets | 250 | (312) | 439 | (2,229) |
Total operating expense | 10,831 | 10,431 | 30,947 | 30,766 |
Operating income (loss) | 6,394 | (1,213) | 13,484 | (7,647) |
Other income (expense): | ||||
Gain on extinguishment of debt | 6,561 | 0 | 6,561 | 0 |
Interest income (expense), net | 579 | (40) | 481 | (54) |
Foreign exchange gain (loss) | 87 | (20) | 256 | (29) |
Total other income (expense) | 7,227 | (60) | 7,298 | (83) |
Income (loss) before income tax (expense) benefit | 13,621 | (1,273) | 20,782 | (7,730) |
Income tax (expense) benefit | (6) | (14) | (214) | 27 |
Net income (loss) | 13,615 | (1,287) | 20,568 | (7,703) |
Foreign exchange translation adjustment | (5) | 2 | (26) | (5) |
Comprehensive income (loss) | $ 13,610 | $ (1,285) | $ 20,542 | $ (7,708) |
Per share data | ||||
Net income (loss) per basic share (in dollars per share) | $ 0.37 | $ (0.04) | $ 0.62 | $ (0.27) |
Weighted-average number of basic shares outstanding (in shares) | 36,768 | 29,295 | 33,069 | 29,052 |
Net income (loss) per diluted share (in dollars per share) | $ 0.35 | $ (0.04) | $ 0.59 | $ (0.27) |
Weighted-average number of diluted shares outstanding (in shares) | 38,893 | 29,295 | 34,777 | 29,052 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 67,191 | $ 30,390 |
Restricted cash | 1,106 | 148 |
Accounts receivable, net of credit loss of $192 and $227, respectively | 31,536 | 25,324 |
Contract assets | 220 | 1,566 |
Inventory | 33,362 | 25,525 |
Prepaid expenses and other current assets | 6,295 | 5,589 |
Assets held for sale | 1,404 | 1,568 |
Total current assets | 141,114 | 90,110 |
Property, plant, and equipment, net | 21,847 | 21,052 |
Goodwill | 69 | 69 |
Operating lease right-of-use assets | 13,744 | 14,566 |
Other intangible assets, net | 175 | 202 |
Other non-current assets | 243 | 242 |
Total assets | 177,192 | 126,241 |
Current liabilities: | ||
Accounts payable | 19,184 | 16,484 |
Accrued expenses and other current liabilities | 9,961 | 11,577 |
Operating lease liabilities - current | 1,153 | 992 |
Total current liabilities | 30,298 | 29,053 |
PPP liability - non-current | 0 | 6,488 |
Operating lease liabilities - non-current | 12,954 | 13,735 |
Asset retirement obligations | 2,040 | 2,022 |
Other long-term liabilities | 794 | 794 |
Total liabilities | 46,086 | 52,092 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Common stock, no par value, 50,000 shares authorized; 43,787 shares issued and 36,881 shares outstanding as of June 30, 2021; 36,461 shares issued and 29,551 shares outstanding as of September 30, 2020 | 780,776 | 744,361 |
Treasury stock at cost; 6,906 shares as of June 30, 2021 and 6,910 shares as of September 30, 2020 | (47,721) | (47,721) |
Accumulated other comprehensive income | 892 | 918 |
Accumulated deficit | (602,841) | (623,409) |
Total shareholders’ equity | 131,106 | 74,149 |
Total liabilities and shareholders’ equity | $ 177,192 | $ 126,241 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Accounts receivable: | ||
Allowance for doubtful accounts | $ 192 | $ 227 |
Shareholders’ equity: | ||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 43,787,000 | 36,461,000 |
Common stock, shares outstanding (in shares) | 36,881,000 | 29,551,000 |
Treasury stock, shares held (in shares) | 6,906,000 | 6,910,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Treasury Stock | Accumulated Other Comprehensive Income | Accumulated Deficit |
Beginning balance (in shares) at Sep. 30, 2019 | 28,893 | ||||
Shares of Common Stock | |||||
Stock-based compensation (in shares) | 283 | ||||
Stock option exercises (in shares) | 1 | ||||
Issuance of restricted stock units (in shares) | 116 | ||||
Issuance of common stock - ESPP (in shares) | 115 | ||||
Sale of common stock (in shares) | 0 | ||||
Ending balance (in shares) at Jun. 30, 2020 | 29,408 | ||||
Balance, beginning of period at Sep. 30, 2019 | $ 739,926 | $ (47,721) | $ 950 | $ (616,409) | |
Shares of Common Stock | |||||
Stock-based compensation | 2,625 | ||||
Stock option exercises | 2 | ||||
Tax withholding paid on behalf of employees for stock-based awards | (82) | ||||
Issuance of restricted stock units | 410 | ||||
Issuance of common stock - ESPP | 279 | ||||
Sale of common stock, net of offering costs | 0 | ||||
Translation adjustment | $ (5) | (5) | |||
Net income (loss) | (7,703) | (7,703) | |||
Balance, end of period at Jun. 30, 2020 | 72,272 | $ 743,160 | (47,721) | 945 | (624,112) |
Beginning balance (in shares) at Mar. 31, 2020 | 29,291 | ||||
Shares of Common Stock | |||||
Stock-based compensation (in shares) | 117 | ||||
Stock option exercises (in shares) | 0 | ||||
Issuance of restricted stock units (in shares) | 0 | ||||
Issuance of common stock - ESPP (in shares) | 0 | ||||
Sale of common stock (in shares) | 0 | ||||
Ending balance (in shares) at Jun. 30, 2020 | 29,408 | ||||
Balance, beginning of period at Mar. 31, 2020 | $ 742,416 | (47,721) | 943 | (622,825) | |
Shares of Common Stock | |||||
Stock-based compensation | 779 | ||||
Stock option exercises | 0 | ||||
Tax withholding paid on behalf of employees for stock-based awards | (35) | ||||
Issuance of restricted stock units | 0 | ||||
Issuance of common stock - ESPP | 0 | ||||
Sale of common stock, net of offering costs | 0 | ||||
Translation adjustment | 2 | 2 | |||
Net income (loss) | (1,287) | (1,287) | |||
Balance, end of period at Jun. 30, 2020 | $ 72,272 | $ 743,160 | (47,721) | 945 | (624,112) |
Beginning balance (in shares) at Sep. 30, 2020 | 29,551 | 29,551 | |||
Shares of Common Stock | |||||
Stock-based compensation (in shares) | 534 | ||||
Stock option exercises (in shares) | 15 | ||||
Issuance of restricted stock units (in shares) | 0 | ||||
Issuance of common stock - ESPP (in shares) | 126 | ||||
Sale of common stock (in shares) | 6,655 | ||||
Ending balance (in shares) at Jun. 30, 2021 | 36,881 | 36,881 | |||
Balance, beginning of period at Sep. 30, 2020 | $ 744,361 | (47,721) | 918 | (623,409) | |
Shares of Common Stock | |||||
Stock-based compensation | 3,010 | ||||
Stock option exercises | 77 | ||||
Tax withholding paid on behalf of employees for stock-based awards | (195) | ||||
Issuance of restricted stock units | 0 | ||||
Issuance of common stock - ESPP | 382 | ||||
Sale of common stock, net of offering costs | 33,141 | ||||
Translation adjustment | $ (26) | (26) | |||
Net income (loss) | 20,568 | 20,568 | |||
Balance, end of period at Jun. 30, 2021 | $ 131,106 | $ 780,776 | (47,721) | 892 | (602,841) |
Beginning balance (in shares) at Mar. 31, 2021 | 36,775 | ||||
Shares of Common Stock | |||||
Stock-based compensation (in shares) | 101 | ||||
Stock option exercises (in shares) | 5 | ||||
Issuance of restricted stock units (in shares) | 0 | ||||
Issuance of common stock - ESPP (in shares) | 0 | ||||
Sale of common stock (in shares) | 0 | ||||
Ending balance (in shares) at Jun. 30, 2021 | 36,881 | 36,881 | |||
Balance, beginning of period at Mar. 31, 2021 | $ 779,681 | (47,721) | 897 | (616,456) | |
Shares of Common Stock | |||||
Stock-based compensation | 1,176 | ||||
Stock option exercises | 31 | ||||
Tax withholding paid on behalf of employees for stock-based awards | (112) | ||||
Issuance of restricted stock units | 0 | ||||
Issuance of common stock - ESPP | 0 | ||||
Sale of common stock, net of offering costs | 0 | ||||
Translation adjustment | $ (5) | (5) | |||
Net income (loss) | 13,615 | 13,615 | |||
Balance, end of period at Jun. 30, 2021 | $ 131,106 | $ 780,776 | $ (47,721) | $ 892 | $ (602,841) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 20,568 | $ (7,703) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization expense | 3,053 | 4,359 |
Stock-based compensation expense | 3,010 | 2,625 |
Provision adjustments related to credit loss | (35) | 188 |
Provision adjustments related to product warranty | 313 | 178 |
Loss (gain) on disposal of property, plant and equipment | 439 | (2,229) |
Issuance of restricted stock units | 0 | 410 |
Other | (396) | (113) |
Total non-cash adjustments | 6,384 | 5,418 |
Changes in operating assets and liabilities: | ||
Accounts receivable and contract assets | (4,827) | (2,566) |
Inventory | (7,395) | (293) |
Other assets | (345) | (13,706) |
Accounts payable | 1,423 | 2,738 |
Accrued expenses and other current liabilities | (9,079) | 10,707 |
Total change in operating assets and liabilities | (20,223) | (3,120) |
Net cash provided by (used in) operating activities | 6,729 | (5,405) |
Cash flows from investing activities: | ||
Purchase of equipment | (3,004) | (3,391) |
Proceeds from disposal of property, plant and equipment | 582 | 15,300 |
Net cash (used in) provided by investing activities | (2,422) | 11,909 |
Cash flows from financing activities: | ||
Net payments on credit facilities | 0 | (5,497) |
Proceeds from PPP loan | 0 | 6,488 |
Proceeds from employee stock purchase plan and equity awards | 451 | 281 |
Proceeds from sale of common stock | 35,937 | 0 |
Issuance cost associated with sale of common stock | (2,796) | 0 |
Taxes paid related to net share settlement of equity awards | (195) | (82) |
Net cash provided by financing activities | 33,397 | 1,190 |
Effect of exchange rate changes provided by foreign currency | 55 | 11 |
Net increase in cash, cash equivalents and restricted cash | 37,759 | 7,705 |
Cash, cash equivalents and restricted cash at beginning of period | 30,538 | 21,977 |
Cash, cash equivalents and restricted cash at end of period | 68,297 | 29,682 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash paid during the period for interest | 46 | 98 |
Cash paid during the period for income taxes | 547 | 60 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Changes in accounts payable related to purchases of equipment | $ 1,026 | $ (357) |
Description of Business
Description of Business | 9 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of BusinessEMCORE Corporation (referred to herein, together with its subsidiaries, as the “Company,” “we,” “our,” or “EMCORE”) was established in 1984 as a New Jersey corporation. The Company became publicly traded in 1997 and is listed on The Nasdaq Stock Market under the ticker symbol EMKR. EMCORE is a leading provider of sensors for navigation in the Aerospace and Defense market as well as a manufacturer of lasers and optical subsystems for use in the cable TV industry. EMCORE pioneered the linear fiber optic transmission technology that enabled the world’s first delivery of Cable TV (“CATV”) directly on fiber, and today is a leading provider of advanced Mixed-Signal Optics products that enable communications systems and service providers to meet growing demand for increased bandwidth and connectivity. The Mixed-Signal Optics technology at the heart of our broadband communications products is shared with our fiber optic gyros and inertial sensors to provide the aerospace and defense markets with state-of-the-art navigation systems technology. With the acquisition of Systron Donner Inertial, Inc. (“SDI”), a navigation systems provider with a scalable, chip-based platform for higher volume gyro applications utilizing Quartz MEMS technology, in June 2019, EMCORE further expanded its portfolio of gyros and inertial sensors with SDI’s quartz MEMS gyro and accelerometer technology. EMCORE has fully vertically-integrated manufacturing capability through our indium phosphide compound semiconductor wafer fabrication facility at our headquarters in Alhambra, CA, and through our quartz processing and sensor manufacturing facility in Concord, CA. These facilities support EMCORE’s vertically-integrated manufacturing strategy for quartz and fiber optic gyro products, for navigation systems, and for our chip, laser, transmitter, and receiver products for broadband applications. With both analog and digital circuits on multiple chips, or even a single chip, the value of Mixed-Signal device solutions is often substantially greater than traditional digital applications and requires a specialized expertise held by EMCORE which is unique in the optics industry. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Jun. 30, 2021 | |
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, which are all normal recurring 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, 2020 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, 2020. Significant Accounting Policies and Estimates There have been no material changes in our critical accounting policies and estimates from those disclosed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2020. There have been no significant changes to our accounting policies during the nine months ended June 30, 2021. 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 financial statements, and the reported amounts of revenue and expenses during the reported period. If these estimates differ significantly from actual results, the impact to the condensed consolidated financial statements may be material. Recently Adopted Accounting Pronouncements We recently adopted the following accounting standards, which had the following impacts on our consolidated financial statements: • In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes the way entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net earnings. The new standard was effective for our fiscal year beginning October 1, 2020. The adoption of this standard did not have a material impact on the condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted We are evaluating the following accounting standards and their impacts on our consolidated financial statements: • In March 2020, the FASB issued ASU 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistent application. The new standard is effective for annual periods beginning after December 15, 2020, including interim periods within those annual periods. The new standard will be effective for our fiscal year beginning October 1, 2021 and early adoption is permitted. The Company is currently evaluating the new guidance to determine the impact it may have on its condensed consolidated financial statements and related disclosures. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 9 Months Ended |
Jun. 30, 2021 | |
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 consolidated balance sheets that sum to the total of the same amounts shown in the unaudited statements of consolidated cash flows: As of (in thousands) June 30, 2021 September 30, 2020 Cash $ 12,121 $ 11,325 Cash equivalents 55,070 19,065 Restricted cash 1,106 148 Total cash, cash equivalents and restricted cash $ 68,297 $ 30,538 The Company’s restricted cash includes cash balances which are legally or contractually restricted in use. The Company’s restricted cash is included in current assets as of June 30, 2021 and September 30, 2020. |
Fair Value Accounting
Fair Value Accounting | 9 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting | Fair Value Accounting Accounting Standards Codification Topic 820 (“ASC 820”), Fair Value Measurement, establishes a valuation hierarchy for disclosure of the inputs to valuation techniques used to measure fair value. This standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: • Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the assets or liabilities, either directly or indirectly, through market corroboration, for substantially the full term of the financial instrument. • Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets or liabilities at fair value. Classification of an asset or liability within this hierarchy is determined based on the lowest level input that is significant to the fair value measurement. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. Cash consists primarily of bank deposits or highly liquid short-term investments with a maturity of three months or less at the time of purchase. Restricted cash represents temporarily restricted deposits held as compensating balances against short-term borrowing arrangements. Cash, cash equivalents and restricted cash are based on Level 1 measurements. The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, contract assets, other current assets, and accounts payable approximate fair value because of the short maturity of these instruments. |
Accounts Receivable
Accounts Receivable | 9 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts ReceivableThe components of accounts receivable consisted of the following: As of (in thousands) June 30, 2021 September 30, 2020 Accounts receivable, gross $ 31,728 $ 25,551 Allowance for credit loss (192) (227) Accounts receivable, net $ 31,536 $ 25,324 The allowance for credit loss is based on the age of receivables and a specific identification of receivables considered at risk of collection. |
Inventory
Inventory | 9 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory The components of inventory consisted of the following: As of (in thousands) June 30, 2021 September 30, 2020 Raw materials $ 16,729 $ 13,354 Work in-process 11,066 8,381 Finished goods 5,567 3,790 Inventory balance at end of period $ 33,362 $ 25,525 |
Property, Plant, and Equipment,
Property, Plant, and Equipment, net | 9 Months Ended |
Jun. 30, 2021 | |
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: As of (in thousands) June 30, 2021 September 30, 2020 Equipment $ 36,778 $ 35,218 Furniture and fixtures 1,125 1,125 Computer hardware and software 3,585 3,473 Leasehold improvements 6,616 3,169 Construction in progress 8,893 10,301 Property, plant, and equipment, gross $ 56,997 $ 53,286 Accumulated depreciation (35,150) (32,234) Property, plant, and equipment, net $ 21,847 $ 21,052 During the three and nine months ended June 30, 2021, the Company sold certain equipment and recognized a loss on sale of assets of $0.3 million and $0.4 million, respectively. In addition, in the fiscal year ended September 30, 2020, the Company entered into agreements to sell additional equipment and these assets were reclassified to assets held for sale. The balance as of June 30, 2021 and September 30, 2020 was $1.4 million and $1.6 million, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Jun. 30, 2021 | |
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: As of (in thousands) June 30, 2021 September 30, 2020 Compensation $ 7,146 $ 6,916 Warranty 1,062 803 Legal expenses and other professional fees 127 211 Contract liabilities 399 502 Income and other taxes 150 1,265 Severance and restructuring accruals — 17 Other 1,077 1,863 Accrued expenses and other current liabilities $ 9,961 $ 11,577 |
Credit Facilities and Debt
Credit Facilities and Debt | 9 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Credit Facilities and Debt | Credit Facility and Debt Credit Facility On November 11, 2010, we entered into a Credit and Security Agreement (as amended to date, the “Credit Facility”) with Wells Fargo Bank, N.A. The Credit Facility is secured by the Company’s assets and is subject to a borrowing base formula based on the Company’s eligible accounts receivable, inventory, and machinery and equipment accounts. The Credit Facility matures in November 2021 and currently provides us with a revolving credit line of up to $15.0 million, subject to a borrowing base formula, that can be used for working capital requirements, letters of credit, acquisitions, and other general corporate purposes subject to a requirement, for certain specific uses, that the Company has liquidity of at least $25.0 million after such use. The Credit Facility requires us to maintain (a) liquidity of at least $10.0 million and (b) excess availability of at least $1.0 million. As of June 30, 2021, there was no amount outstanding under this Credit Facility and the Company was in compliance with all financial covenants. Also, as of June 30, 2021, the Credit Facility had $0.5 million reserved for one outstanding stand-by letter of credit and $13.4 million available for borrowing. Debt On May 3, 2020, we entered into a Paycheck Protection Program Promissory Note and Agreement with Wells Fargo Bank, N.A. (the "Lender") under the Paycheck Protection Program (“PPP”) established under the Coronavirus Aid, Relief and Economic Security Act and administered by the U.S. Small Business Administration (the “SBA”) to receive loan proceeds of $6.5 million (the “PPP Loan”), which the Company received on May 6, 2020. We applied for forgiveness of the PPP Loan during the three months ended March 31, 2021 and effective June 15, 2021, the SBA approved our PPP Loan forgiveness application for the entire PPP Loan balance of $6.5 million, including all accrued interest thereon. The remaining PPP Loan balance was zero as of June 30, 2021. The Company recorded the gain on debt extinguishment in other income (expense) in the statements of operations and comprehensive income (loss). |
Income and Other Taxes
Income and Other Taxes | 9 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income and Other Taxes | Income and Other Taxes During the three months ended June 30, 2021 and 2020, the Company recorded an income tax (expense) of $(6) thousand and $(14) thousand, respectively. Income tax (expense) for the three months ended June 30, 2021 and 2020 is composed primarily of state tax (expense) which is driven the State of California's temporary suspension of net operating loss ("NOL") utilization. The income tax (expense) for the three months ended June 30, 2021 was offset by the release of uncertain tax reserves. During the nine months ended June 30, 2021 and 2020, the Company recorded income tax (expense) of $(214) thousand and income tax benefit of $27 thousand, respectively. Income tax (expense) for the nine months ended June 30, 2021 is composed primarily of state tax (expense). The increase in income tax (expense) is driven by the State of California’s temporary suspension of NOL utilization, reduced by the release of uncertain tax reserve. For each of the three months ended June 30, 2021 and 2020 the effective tax rate on continuing operations was 0.0%. For the nine months ended June 30, 2021 and 2020, the effective tax rate on continuing operations was 1.0% and 0.0%, respectively. The increased tax rate for the nine months ended June 30, 2021 is primarily driven by the State of California’s temporary suspension of NOL utilization, reduced by the release of uncertain tax reserve. The Company uses estimates to forecast the results from continuing operations for the current fiscal year as well as permanent differences between book and tax accounting. We have not provided for income taxes on non-U.S. subsidiaries’ undistributed earnings as of June 30, 2021 because we plan to indefinitely reinvest the unremitted earnings of our non-U.S. subsidiaries and all of our non-U.S. subsidiaries historically have negative earnings and profits. All deferred tax assets have a full valuation allowance at June 30, 2021. 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. During each of the three and nine months ended June 30, 2021, we released the uncertain tax reserve of $0.4 million and related interest expense of $0.6 million. As of September 30, 2020, we had $0.4 million of uncertain tax benefit reserved and $0.6 million of interest and penalties accrued for as tax liabilities on our balance sheet. Interest that is accrued on tax liabilities is recorded within interest expense on the condensed consolidated statements of operations. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Indemnifications We have agreed to indemnify certain customers against claims of infringement of intellectual property rights of others in our sales contracts with these customers. Historically, we have not paid any claims under these customer indemnification obligations. We enter into indemnification agreements with each of our directors and executive officers pursuant to which we agree to indemnify them for certain potential expenses and liabilities arising from their status as a director or executive officer of the Company. We maintain directors and officers insurance, which may cover certain liabilities arising from our obligation to indemnify our directors and executive officers in certain circumstances. It is not possible to determine the aggregate maximum potential loss under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular claim. Legal Proceedings We are subject to various legal proceedings, claims, and litigation, either asserted or unasserted, that arise in the ordinary course of business. The outcome of these matters is currently not determinable and we are unable to estimate a range of loss, should a loss occur, from these proceedings. The ultimate outcome of legal proceedings involves judgments, estimates and inherent uncertainties and the results of these matters cannot be predicted with certainty. Professional legal fees are expensed when incurred. We accrue for contingent losses when such losses are probable and reasonably estimable. In the event that estimates or assumptions prove to differ from actual results, adjustments are made in subsequent periods to reflect more current information. Should we fail to prevail in any legal matter or should several legal matters be resolved against the Company in the same reporting period, then the financial results of that particular reporting period could be materially affected. Intellectual Property Lawsuits We protect our proprietary technology by applying for patents where appropriate and, in other cases, by preserving the technology, related know-how and information as trade secrets. The success and competitive position of our product lines are impacted by our ability to obtain intellectual property protection for our research and development efforts. We have, from time to time, exchanged correspondence with third parties regarding the assertion of patent or other intellectual property rights in connection with certain of our products and processes. Resilience Litigation In February 2021, Resilience Capital (“Resilience”) filed a complaint against us with the Delaware Chancery Court containing claims arising from the February 2020 sale of SDI’s real property (the “Concord Property Sale”) located in Concord, California (the “Concord Real Property”) to Eagle Rock Holdings, LP (“Buyer”) and that certain Single-Tenant Triple Net Lease, dated as of February 10, 2020, entered into by and between SDI and the Buyer, pursuant to which SDI leased from the Buyer the Concord Real Property for a 15 year term. The Resilience complaint seeks, among other items, (i) a declaration that the Concord Property Sale included a non-cash component; (ii) a decree requiring us and Resilience to follow the appraisal requirements set forth in that certain Purchase and Sale Agreement (the "SDI Purchase Agreement"), dated as of June 7, 2019, by and among the Company, The Resilience Fund IV, L.P., The Resilience Fund IV-A, L.P., Aerospace Newco Holdings, Inc. and Ember Acquisition Sub, Inc.; (iii) recovery of Resilience’s costs and expenses; and (iv) pre- and post-judgment interest. In April 2021, we filed with the Delaware Chancery Court our answer to the Resilience complaint and counterclaims against Resilience, in which we are seeking, among other items, (i) dismissal of the Resilience complaint and/or granting of judgment in favor of EMCORE with respect to the Resilience complaint, (ii) entering final judgment against Resilience awarding damages to us for Resilience’s fraud and breaches of the SDI Purchase Agreement in an amount to be proven at trial and not less than $1,565,000, (iii) a judicial determination of the respective rights and duties of us and Resilience under the SDI Purchase Agreement, (iv) an award to us of costs and expenses and (v) pre- and post-judgment interest. We believe that the claims made by Resilience in its complaint are without merit and we intend to vigorously defend ourselves against them. |
Equity
Equity | 9 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Equity | Equity 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”: • the 2010 Equity Incentive Plan, • the 2012 Equity Incentive Plan, and • the 2019 Equity Incentive Plan. We issue new shares of common stock to satisfy awards issued under our Equity Plans. In March 2021, our shareholders approved the Amended and Restated EMCORE Corporation 2019 Equity Incentive Plan, which was adopted by the Company’s Board of Directors in December 2020 and increased the maximum number of shares of the Company’s common stock that may be issued or transferred pursuant to awards under the 2019 Equity Incentive Plan by an additional 2,138,000 shares. Stock-Based Compensation The effect of recording stock-based compensation expense was as follows: By Award Type For the three months ended June 30, For the nine months ended June 30, (in thousands) 2021 2020 2021 2020 Employee stock options $ 1 $ 4 $ 3 $ 13 Restricted stock units and awards 573 403 1,505 1,331 Performance stock units and awards 403 255 989 910 Employee stock purchase plan 85 52 258 145 Outside director equity awards and fees in common stock 114 65 255 226 Total stock-based compensation expense $ 1,176 $ 779 $ 3,010 $ 2,625 By Expense Type For the three months ended June 30, For the nine months ended June 30, (in thousands) 2021 2020 2021 2020 Cost of revenue $ 220 $ 166 $ 564 $ 504 Selling, general, and administrative 752 488 1,830 1,564 Research and development 204 125 616 557 Total stock-based compensation expense $ 1,176 $ 779 $ 3,010 $ 2,625 401(k) Plan We have a savings plan that qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code. Under this savings plan, participating employees may defer a portion of their pretax earnings, up to the Internal Revenue Service annual contribution limit. Since June 2015, all employer contributions are made in cash. During each of the three months ended June 30, 2021 and 2020, our matching contribution in cash was $0.2 million. During the nine months ended June 30, 2021 and 2020, our matching contribution in cash was $0.8 million and $0.7 million, respectively. Income (Loss) Per Share The following table sets forth the computation of basic and diluted net income (loss) per share: For the three months ended June 30, For the nine months ended June 30, (in thousands, except per share data) 2021 2020 2021 2020 Numerator: Income (Loss) from continuing operations $ 13,615 $ (1,287) $ 20,568 $ (7,703) Undistributed earnings allocated to common stock shareholders for basic and diluted net income (loss) per share 13,615 (1,287) 20,568 (7,703) Denominator: Denominator for basic net income (loss) per share - weighted average shares outstanding 36,768 29,295 33,069 29,052 Denominator for fully diluted net (income) loss per share - weighted average shares outstanding 38,893 29,295 34,777 29,052 Net income (loss) per basic share $ 0.37 $ (0.04) $ 0.62 $ (0.27) Net income (loss) per fully diluted share $ 0.35 $ (0.04) $ 0.59 $ (0.27) Weighted average antidilutive options, unvested restricted stock units and awards, unvested performance stock units and ESPP shares excluded from the computation 2,138 1,410 1,947 1,316 Basic earnings per share is computed by dividing net income (loss) for the period by the weighted-average number of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income (loss) for the period by the weighted average number of common stock outstanding during the period, plus the dilutive effect of outstanding restricted stock units and awards, performance stock units, stock options, and shares issuable under the employee stock purchase plan as applicable pursuant to the treasury stock method. The anti-dilutive stock options and shares of outstanding and unvested restricted stock were excluded from the computation of net loss per share for the three and nine months ended June 30, 2020 due to the Company incurring a net loss for such periods. Employee Stock Purchase Plan We maintain an Employee Stock Purchase Plan (“ESPP”) which provides employees an opportunity to purchase common stock through payroll deductions. The ESPP is a 6-month duration plan with new participation periods beginning on approximately February 25 and August 26 of each year. The purchase price is set at 85% of the average high and low market price of our common stock on either the first or last trading day of the participation period, whichever is lower, and annual contributions are limited to the lower of 10% of an employee’s compensation or $25,000. Public Offering On February 16, 2021, we closed our offering of 6,655,093 shares of our common stock, which included the full exercise of the underwriters’ option to purchase 868,056 additional shares of common stock, at a price to the public of $5.40 per share, resulting in net proceeds to us from the offering, after deducting the underwriting discounts and commissions and other offering expenses, of approximately $33.1 million. The shares were sold by us pursuant to an underwriting agreement with Cowen and Company, LLC, dated as of February 10, 2021. Future Issuances As of June 30, 2021, we had common stock reserved for the following future issuances: Number of Common Stock Shares Available for Future Issuances Exercise of outstanding stock options 19,869 Unvested restricted stock units and awards 1,851,187 Unvested performance stock units and awards (at 200% maximum payout) 1,934,000 Purchases under the ESPP 186,197 Issuance of stock-based awards under the Equity Plans 1,774,341 Purchases under the officer and director share purchase plan 88,741 Total reserved 5,854,335 |
Segment Data and Related Inform
Segment Data and Related Information | 9 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Data and Related Information | Segment and Revenue Information Reportable Segments Reported below are the Company’s segments for which separate financial information is available and upon which operating results are evaluated by the chief operating decision maker to assess performance and to allocate resources. The Company’s Chief Executive Officer is the chief operating decision maker and he assesses the performance of the operating segments and allocates resources based on segment profits. The Company has determined that it has two reportable segments: (a) Aerospace and Defense and (b) Broadband: • The Aerospace and Defense segment is comprised of two product lines: (i) Navigation and Inertial Sensing; and (ii) Defense Optoelectronics. • The Broadband segment is comprised of three product lines: (i) CATV Lasers and Transmitters; (ii) Chip Devices; and (iii) Other. Information on reportable segments utilized by our chief operating decision maker is as follows: (in thousands) For the three months ended June 30, For the nine months ended June 30, 2021 2020 2021 2020 Revenue: Aerospace and Defense $ 12,327 $ 14,025 $ 39,097 $ 40,742 Broadband 30,331 13,241 75,393 35,856 Total revenue $ 42,658 $ 27,266 $ 114,490 $ 76,598 Segment Profit: Aerospace and Defense gross profit $ 3,872 $ 4,877 $ 11,747 $ 12,209 Aerospace & Defense R&D expense 3,598 3,925 10,441 11,867 Aerospace and Defense segment profit $ 274 $ 952 $ 1,306 $ 342 Broadband gross profit $ 13,353 $ 4,341 $ 32,684 $ 10,910 Broadband R&D expense 902 882 2,126 2,166 Broadband segment profit $ 12,451 $ 3,459 $ 30,558 $ 8,744 Total consolidated segment profit $ 12,725 $ 4,411 $ 31,864 $ 9,086 Unallocated (income) expense: Selling, general and administrative 6,081 5,936 17,941 18,962 Loss (gain) on sale of assets 250 (312) 439 (2,229) Gain on extinguishment of debt (6,561) — (6,561) — Interest (income) expense, net (579) 40 (481) 54 Foreign exchange (gain) loss (87) 20 (256) 29 Total unallocated (income) expense (896) 5,684 11,082 16,816 Income (loss) before income tax expense (benefit) $ 13,621 $ (1,273) $ 20,782 $ (7,730) We do not allocate sales and marketing, general and administrative expenses, or interest expense and interest income to our segments because management does not include the information in its measurement of the performance of the operating segments. Also, a measure of segment assets and liabilities has not been provided to the Company's chief operating decision maker and therefore is not shown above. Geographical Information Revenue The following table sets forth revenue by geographic area based on our customers’ billing address: For the three months ended June 30, For the nine months ended June 30, (in thousands) 2021 2020 2021 2020 United States and Canada $ 37,705 $ 23,209 $ 100,157 $ 63,291 Asia 2,305 2,041 9,475 5,999 Europe 1,603 1,075 2,817 4,480 Other 1,045 941 2,041 2,828 Total revenue $ 42,658 $ 27,266 $ 114,490 $ 76,598 Long-lived Assets Long-lived assets consist of land, building and property, plant, and equipment. As of June 30, 2021 and September 30, 2020, 96% and 97%, respectively, of our long-lived assets were located in the United States. The remaining long-lived assets are primarily located in China. Disaggregated Revenue Revenue is classified based on the product line of business: For the three months ended June 30, For the nine months ended June 30, (in thousands) 2021 % of 2020 % of 2021 % of 2020 % of Navigation and Inertial Sensing $ 9,280 22 % $ 9,861 36 % $ 27,475 24 % $ 28,970 38 % Defense Optoelectronics 3,047 7 4,164 16 11,622 10 11,772 15 CATV Lasers and Transmitters 27,364 64 10,905 40 65,799 57 29,070 38 Chip Devices 819 2 1,443 5 2,403 2 4,033 5 Other 2,148 5 893 3 7,191 6 2,753 4 Total revenue $ 42,658 100 % $ 27,266 100 % $ 114,490 100 % $ 76,598 100 % Revenue by Customers Significant customers are defined as customers representing greater than 10% of our consolidated revenue. Revenue from 2 and 3 of our significant customers represented an aggregate of 62% and 58% of our consolidated revenue for the three months ended June 30, 2021 and 2020, respectively. The percentage from significant customers increased driven by higher Broadband revenue. Revenue from three of our significant customers represented an aggregate of 70% and 55% of our consolidated revenue for the nine months ended June 30, 2021 and 2020, respectively. The percentage from significant customers increased driven by higher Broadband revenue. Significant portions of the Company’s sales are concentrated among a limited number of customers. The duration, severity, and future impact of the COVID-19 pandemic are highly uncertain and could result in significant disruptions to the business operations of the Company’s customers. If one or more of these significant customers significantly decreases their orders for the Company’s products, or if we are unable to deliver finished products to the customer in connection with such orders, the Company’s business could be materially and adversely affected. |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements (Policies) | 9 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [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, which are all normal recurring 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, 2020 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, 2020. |
Significant Accounting Policies and Estimates | Significant Accounting Policies and EstimatesThere have been no material changes in our critical accounting policies and estimates from those disclosed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2020. There have been no significant changes to our accounting policies during the nine months ended June 30, 2021. 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 financial statements, and the reported amounts of revenue and expenses during the reported period. If these estimates differ significantly from actual results, the impact to the condensed consolidated financial statements may be material. |
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements We recently adopted the following accounting standards, which had the following impacts on our consolidated financial statements: • In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes the way entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net earnings. The new standard was effective for our fiscal year beginning October 1, 2020. The adoption of this standard did not have a material impact on the condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted We are evaluating the following accounting standards and their impacts on our consolidated financial statements: • In March 2020, the FASB issued ASU 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistent application. The new standard is effective for annual periods beginning after December 15, 2020, including interim periods within those annual periods. The new standard will be effective for our fiscal year beginning October 1, 2021 and early adoption is permitted. The Company is currently evaluating the new guidance to determine the impact it may have on its condensed consolidated financial statements and related disclosures. |
Fair Value of Financial Instruments | Accounting Standards Codification Topic 820 (“ASC 820”), Fair Value Measurement, establishes a valuation hierarchy for disclosure of the inputs to valuation techniques used to measure fair value. This standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: • Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the assets or liabilities, either directly or indirectly, through market corroboration, for substantially the full term of the financial instrument. • Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets or liabilities at fair value. Classification of an asset or liability within this hierarchy is determined based on the lowest level input that is significant to the fair value measurement. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. |
Cash and Cash Equivalents | Cash consists primarily of bank deposits or highly liquid short-term investments with a maturity of three months or less at the time of purchase. |
Restricted Cash | Restricted cash represents temporarily restricted deposits held as compensating balances against short-term borrowing arrangements. |
Legal Costs | Professional legal fees are expensed when incurred. We accrue for contingent losses when such losses are probable and reasonably estimable. |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the unaudited consolidated balance sheets that sum to the total of the same amounts shown in the unaudited statements of consolidated cash flows: As of (in thousands) June 30, 2021 September 30, 2020 Cash $ 12,121 $ 11,325 Cash equivalents 55,070 19,065 Restricted cash 1,106 148 Total cash, cash equivalents and restricted cash $ 68,297 $ 30,538 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Components of Accounts Receivable | The components of accounts receivable consisted of the following: As of (in thousands) June 30, 2021 September 30, 2020 Accounts receivable, gross $ 31,728 $ 25,551 Allowance for credit loss (192) (227) Accounts receivable, net $ 31,536 $ 25,324 |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The components of inventory consisted of the following: As of (in thousands) June 30, 2021 September 30, 2020 Raw materials $ 16,729 $ 13,354 Work in-process 11,066 8,381 Finished goods 5,567 3,790 Inventory balance at end of period $ 33,362 $ 25,525 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment, net (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The components of property, plant, and equipment, net consisted of the following: As of (in thousands) June 30, 2021 September 30, 2020 Equipment $ 36,778 $ 35,218 Furniture and fixtures 1,125 1,125 Computer hardware and software 3,585 3,473 Leasehold improvements 6,616 3,169 Construction in progress 8,893 10,301 Property, plant, and equipment, gross $ 56,997 $ 53,286 Accumulated depreciation (35,150) (32,234) Property, plant, and equipment, net $ 21,847 $ 21,052 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
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: As of (in thousands) June 30, 2021 September 30, 2020 Compensation $ 7,146 $ 6,916 Warranty 1,062 803 Legal expenses and other professional fees 127 211 Contract liabilities 399 502 Income and other taxes 150 1,265 Severance and restructuring accruals — 17 Other 1,077 1,863 Accrued expenses and other current liabilities $ 9,961 $ 11,577 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Stock-based Compensation Expense - By Award Type | The effect of recording stock-based compensation expense was as follows: By Award Type For the three months ended June 30, For the nine months ended June 30, (in thousands) 2021 2020 2021 2020 Employee stock options $ 1 $ 4 $ 3 $ 13 Restricted stock units and awards 573 403 1,505 1,331 Performance stock units and awards 403 255 989 910 Employee stock purchase plan 85 52 258 145 Outside director equity awards and fees in common stock 114 65 255 226 Total stock-based compensation expense $ 1,176 $ 779 $ 3,010 $ 2,625 |
Schedule of Stock-based Compensation Expense - By Expense Type | By Expense Type For the three months ended June 30, For the nine months ended June 30, (in thousands) 2021 2020 2021 2020 Cost of revenue $ 220 $ 166 $ 564 $ 504 Selling, general, and administrative 752 488 1,830 1,564 Research and development 204 125 616 557 Total stock-based compensation expense $ 1,176 $ 779 $ 3,010 $ 2,625 |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted net income (loss) per share: For the three months ended June 30, For the nine months ended June 30, (in thousands, except per share data) 2021 2020 2021 2020 Numerator: Income (Loss) from continuing operations $ 13,615 $ (1,287) $ 20,568 $ (7,703) Undistributed earnings allocated to common stock shareholders for basic and diluted net income (loss) per share 13,615 (1,287) 20,568 (7,703) Denominator: Denominator for basic net income (loss) per share - weighted average shares outstanding 36,768 29,295 33,069 29,052 Denominator for fully diluted net (income) loss per share - weighted average shares outstanding 38,893 29,295 34,777 29,052 Net income (loss) per basic share $ 0.37 $ (0.04) $ 0.62 $ (0.27) Net income (loss) per fully diluted share $ 0.35 $ (0.04) $ 0.59 $ (0.27) Weighted average antidilutive options, unvested restricted stock units and awards, unvested performance stock units and ESPP shares excluded from the computation 2,138 1,410 1,947 1,316 |
Schedule of Common Stock Reserved for Future Issuances | As of June 30, 2021, we had common stock reserved for the following future issuances: Number of Common Stock Shares Available for Future Issuances Exercise of outstanding stock options 19,869 Unvested restricted stock units and awards 1,851,187 Unvested performance stock units and awards (at 200% maximum payout) 1,934,000 Purchases under the ESPP 186,197 Issuance of stock-based awards under the Equity Plans 1,774,341 Purchases under the officer and director share purchase plan 88,741 Total reserved 5,854,335 |
Segment Data and Related Info_2
Segment Data and Related Information (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segment | Information on reportable segments utilized by our chief operating decision maker is as follows: (in thousands) For the three months ended June 30, For the nine months ended June 30, 2021 2020 2021 2020 Revenue: Aerospace and Defense $ 12,327 $ 14,025 $ 39,097 $ 40,742 Broadband 30,331 13,241 75,393 35,856 Total revenue $ 42,658 $ 27,266 $ 114,490 $ 76,598 Segment Profit: Aerospace and Defense gross profit $ 3,872 $ 4,877 $ 11,747 $ 12,209 Aerospace & Defense R&D expense 3,598 3,925 10,441 11,867 Aerospace and Defense segment profit $ 274 $ 952 $ 1,306 $ 342 Broadband gross profit $ 13,353 $ 4,341 $ 32,684 $ 10,910 Broadband R&D expense 902 882 2,126 2,166 Broadband segment profit $ 12,451 $ 3,459 $ 30,558 $ 8,744 Total consolidated segment profit $ 12,725 $ 4,411 $ 31,864 $ 9,086 Unallocated (income) expense: Selling, general and administrative 6,081 5,936 17,941 18,962 Loss (gain) on sale of assets 250 (312) 439 (2,229) Gain on extinguishment of debt (6,561) — (6,561) — Interest (income) expense, net (579) 40 (481) 54 Foreign exchange (gain) loss (87) 20 (256) 29 Total unallocated (income) expense (896) 5,684 11,082 16,816 Income (loss) before income tax expense (benefit) $ 13,621 $ (1,273) $ 20,782 $ (7,730) |
Schedule of Revenue by Geographic Region | The following table sets forth revenue by geographic area based on our customers’ billing address: For the three months ended June 30, For the nine months ended June 30, (in thousands) 2021 2020 2021 2020 United States and Canada $ 37,705 $ 23,209 $ 100,157 $ 63,291 Asia 2,305 2,041 9,475 5,999 Europe 1,603 1,075 2,817 4,480 Other 1,045 941 2,041 2,828 Total revenue $ 42,658 $ 27,266 $ 114,490 $ 76,598 |
Schedule of Revenue by Major Product Category | Revenue is classified based on the product line of business: For the three months ended June 30, For the nine months ended June 30, (in thousands) 2021 % of 2020 % of 2021 % of 2020 % of Navigation and Inertial Sensing $ 9,280 22 % $ 9,861 36 % $ 27,475 24 % $ 28,970 38 % Defense Optoelectronics 3,047 7 4,164 16 11,622 10 11,772 15 CATV Lasers and Transmitters 27,364 64 10,905 40 65,799 57 29,070 38 Chip Devices 819 2 1,443 5 2,403 2 4,033 5 Other 2,148 5 893 3 7,191 6 2,753 4 Total revenue $ 42,658 100 % $ 27,266 100 % $ 114,490 100 % $ 76,598 100 % |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 |
Cash and Cash Equivalents [Abstract] | ||||
Cash | $ 12,121 | $ 11,325 | ||
Cash equivalents | 55,070 | 19,065 | ||
Restricted cash | 1,106 | 148 | ||
Total cash, cash equivalents and restricted cash | $ 68,297 | $ 30,538 | $ 29,682 | $ 21,977 |
Accounts Receivable - Schedule
Accounts Receivable - Schedule of Components of Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Receivables [Abstract] | ||
Accounts receivable, gross | $ 31,728 | $ 25,551 |
Allowance for credit loss | (192) | (227) |
Accounts receivable, net | $ 31,536 | $ 25,324 |
Inventory - Schedule of Compone
Inventory - Schedule of Components of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 16,729 | $ 13,354 |
Work in-process | 11,066 | 8,381 |
Finished goods | 5,567 | 3,790 |
Inventory balance at end of period | $ 33,362 | $ 25,525 |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment, net - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment, gross | $ 56,997 | $ 56,997 | $ 53,286 |
Accumulated depreciation | (35,150) | (35,150) | (32,234) |
Property, plant, and equipment, net | 21,847 | 21,847 | 21,052 |
Loss on sale of equipment | 300 | 400 | |
Disposal Group, Held-for-sale, Not Discontinued Operations | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment held for sale | 1,400 | 1,400 | 1,600 |
Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment, gross | 36,778 | 36,778 | 35,218 |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment, gross | 1,125 | 1,125 | 1,125 |
Computer hardware and software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment, gross | 3,585 | 3,585 | 3,473 |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment, gross | 6,616 | 6,616 | 3,169 |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment, gross | $ 8,893 | $ 8,893 | $ 10,301 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Payables and Accruals [Abstract] | ||
Compensation | $ 7,146 | $ 6,916 |
Warranty | 1,062 | 803 |
Legal expenses and other professional fees | 127 | 211 |
Contract liabilities | 399 | 502 |
Income and other taxes | 150 | 1,265 |
Severance and restructuring accruals | 0 | 17 |
Other | 1,077 | 1,863 |
Accrued expenses and other current liabilities | $ 9,961 | $ 11,577 |
Credit Facilities and Debt - Na
Credit Facilities and Debt - Narrative (Details) | May 06, 2020USD ($) | Jun. 30, 2021USD ($)credit |
Paycheck Protection Program | ||
Line of Credit Facility [Line Items] | ||
Proceeds from Paycheck Protection Program - CARES Act | $ 6,500,000 | |
PPP loan balance - CARES Act | $ 0 | |
Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Liquidity requirement, minimum after specific uses (at least) | 25,000,000 | |
Liquidity requirement, minimum (at least) | 10,000,000 | |
Excess availability requirement, minimum (at least) | 1,000,000 | |
Long-term line of credit | 0 | |
Standby letters of credit, total amount outstanding | 500,000 | |
Remaining borrowing capacity | 13,400,000 | |
Revolving Credit Facility | Tenth Amendment | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 15,000,000 | |
Revolving Credit Facility | LIBOR Rate Loan | ||
Line of Credit Facility [Line Items] | ||
Number of standby letters of credit outstanding | credit | 1 |
Income and Other Taxes - Narrat
Income and Other Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |||||
Income tax (expense) benefit | $ (6) | $ (14) | $ (214) | $ 27 | |
Effective tax rate on continuing operations | (0.00%) | (0.00%) | (1.00%) | 0.00% | |
Uncertain tax reserve, period increase (decrease) | $ (400) | $ (400) | |||
Uncertain tax reserve release, related interest expense | $ 600 | $ 600 | |||
Uncertain tax benefit reserve | $ 400 | ||||
Interest and penalties accrued as tax liabilities | $ 600 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Resilience Litigation - USD ($) | 1 Months Ended | |
Apr. 30, 2021 | Feb. 10, 2021 | |
Resilience Capital | ||
Loss Contingencies [Line Items] | ||
Damages sought value (not less than) | $ 1,565,000 | |
Concord Property | ||
Loss Contingencies [Line Items] | ||
Lease length in years | 15 years |
Equity - Narrative (Details)
Equity - Narrative (Details) | Feb. 16, 2021USD ($)$ / sharesshares | Mar. 31, 2021shares | Jun. 30, 2021USD ($)plan | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)plan | Jun. 30, 2020USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of equity incentive compensation plans maintained by the company | plan | 3 | 3 | ||||
Matching contribution | $ | $ 200,000 | $ 200,000 | $ 800,000 | $ 700,000 | ||
IPO | Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Sale of stock, number of shares issued in transaction (in shares) | shares | 6,655,093 | |||||
Sale of stock, price per share (USD per share) | $ / shares | $ 5.40 | |||||
Gross proceeds from issuance, initial public offering | $ | $ 33,100,000 | |||||
Over-Allotment Option | Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Sale of stock, number of shares issued in transaction (in shares) | shares | 868,056 | |||||
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) | shares | 2,138,000 | |||||
Employee stock purchase plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
ESPP offering period (months) | 6 months | |||||
Purchase price (as percentage of market price) | 85.00% | |||||
Annual contribution (as percentage of compensation) | 10.00% | |||||
Annual contribution | $ | $ 25,000 |
Equity - Schedule of Stock-base
Equity - Schedule of Stock-based Compensation Expense - by Award Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 1,176 | $ 779 | $ 3,010 | $ 2,625 |
Employee stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 1 | 4 | 3 | 13 |
Restricted stock units and awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 573 | 403 | 1,505 | 1,331 |
Performance stock units and awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 403 | 255 | 989 | 910 |
Employee stock purchase plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 85 | 52 | 258 | 145 |
Outside director equity awards and fees in common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 114 | $ 65 | $ 255 | $ 226 |
Equity - Schedule of Stock-ba_2
Equity - Schedule of Stock-based Compensation Expense - by Expense Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 1,176 | $ 779 | $ 3,010 | $ 2,625 |
Cost of revenue | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 220 | 166 | 564 | 504 |
Selling, general, and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 752 | 488 | 1,830 | 1,564 |
Research and development | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 204 | $ 125 | $ 616 | $ 557 |
Equity - Schedule of Earnings p
Equity - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||
Income (Loss) from continuing operations | $ 13,615 | $ (1,287) | $ 20,568 | $ (7,703) |
Undistributed earnings allocated to common stock shareholders for basic and diluted net income (loss) per share | $ 13,615 | $ (1,287) | $ 20,568 | $ (7,703) |
Denominator: | ||||
Denominator for basic net income (loss) per share - weighted average shares outstanding (in shares) | 36,768 | 29,295 | 33,069 | 29,052 |
Denominator for fully diluted net (income) loss per share - weighted average shares outstanding (in shares) | 38,893 | 29,295 | 34,777 | 29,052 |
Net income (loss) per basic share (in dollars per share) | $ 0.37 | $ (0.04) | $ 0.62 | $ (0.27) |
Net income (loss) per fully diluted share (in dollars per share) | $ 0.35 | $ (0.04) | $ 0.59 | $ (0.27) |
Weighted average antidilutive options, unvested restricted stock units and awards, unvested performance stock units and ESPP shares excluded from the computation (in shares) | 2,138 | 1,410 | 1,947 | 1,316 |
Equity - Schedule of Common Sto
Equity - Schedule of Common Stock Reserved for Future Issuances (Details) | Jun. 30, 2021shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise of outstanding stock options (in shares) | 19,869 |
Purchases under the employee stock purchase plan (in shares) | 186,197 |
Issuance of stock-based awards under the Equity Plans (in shares) | 1,774,341 |
Purchases under the officer and director share purchase plan (in shares) | 88,741 |
Total reserved (in shares) | 5,854,335 |
Restricted stock units and awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted stock units and awards (in shares) | 1,851,187 |
Performance stock units and awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested award potential, percentage | 200.00% |
Unvested performance stock units and awards (in shares) | 1,934,000 |
Segment Data and Related Info_3
Segment Data and Related Information - Narrative (Details) - segment | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of reporting segments | 2 | ||||
Percentage of long-lived assets located in the United States | 96.00% | 96.00% | 97.00% | ||
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 | 62.00% | ||||
Sales Revenue, Segment | Customer Concentration Risk | Three Significant Customers | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Concentration Risk, Percentage | 58.00% | 70.00% | 55.00% |
Segment Data and Related Info_4
Segment Data and Related Information - Schedule of Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 42,658 | $ 27,266 | $ 114,490 | $ 76,598 |
Gross profit | 17,225 | 9,218 | 44,431 | 23,119 |
R&D expense | 4,500 | 4,807 | 12,567 | 14,033 |
Operating income (loss) | 6,394 | (1,213) | 13,484 | (7,647) |
Unallocated (income) expense: | ||||
Selling, general, and administrative | 6,081 | 5,936 | 17,941 | 18,962 |
Loss (gain) on sale of assets | 250 | (312) | 439 | (2,229) |
Gain on extinguishment of debt | (6,561) | 0 | (6,561) | 0 |
Interest (income) expense, net | (579) | 40 | (481) | 54 |
Foreign exchange (gain) loss | (87) | 20 | (256) | 29 |
Total unallocated (income) expense | (896) | 5,684 | 11,082 | 16,816 |
Income (loss) before income tax expense (benefit) | 13,621 | (1,273) | 20,782 | (7,730) |
Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 42,658 | 27,266 | 114,490 | 76,598 |
Operating income (loss) | 12,725 | 4,411 | 31,864 | 9,086 |
Operating segments | Aerospace And Defense | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 12,327 | 14,025 | 39,097 | 40,742 |
Gross profit | 3,872 | 4,877 | 11,747 | 12,209 |
R&D expense | 3,598 | 3,925 | 10,441 | 11,867 |
Operating income (loss) | 274 | 952 | 1,306 | 342 |
Operating segments | Broadband | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 30,331 | 13,241 | 75,393 | 35,856 |
Gross profit | 13,353 | 4,341 | 32,684 | 10,910 |
R&D expense | 902 | 882 | 2,126 | 2,166 |
Operating income (loss) | $ 12,451 | $ 3,459 | $ 30,558 | $ 8,744 |
Segment Data and Related Info_5
Segment Data and Related Information - Schedule of Revenue by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Segment revenue | $ 42,658 | $ 27,266 | $ 114,490 | $ 76,598 |
United States and Canada | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenue | 37,705 | 23,209 | 100,157 | 63,291 |
Asia | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenue | 2,305 | 2,041 | 9,475 | 5,999 |
Europe | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenue | 1,603 | 1,075 | 2,817 | 4,480 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenue | $ 1,045 | $ 941 | $ 2,041 | $ 2,828 |
Segment Data and Related Info_6
Segment Data and Related Information - Revenue by Product (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 42,658 | $ 27,266 | $ 114,490 | $ 76,598 |
Product Concentration Risk | Revenue, Product and Service Benchmark | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Navigation and Inertial Sensing | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 9,280 | $ 9,861 | $ 27,475 | $ 28,970 |
Navigation and Inertial Sensing | Product Concentration Risk | Revenue, Product and Service Benchmark | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration Risk, Percentage | 22.00% | 36.00% | 24.00% | 38.00% |
Defense Optoelectronics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 3,047 | $ 4,164 | $ 11,622 | $ 11,772 |
Defense Optoelectronics | Product Concentration Risk | Revenue, Product and Service Benchmark | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration Risk, Percentage | 7.00% | 16.00% | 10.00% | 15.00% |
CATV Lasers and Transmitters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 27,364 | $ 10,905 | $ 65,799 | $ 29,070 |
CATV Lasers and Transmitters | Product Concentration Risk | Revenue, Product and Service Benchmark | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration Risk, Percentage | 64.00% | 40.00% | 57.00% | 38.00% |
Chip Devices | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 819 | $ 1,443 | $ 2,403 | $ 4,033 |
Chip Devices | Product Concentration Risk | Revenue, Product and Service Benchmark | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration Risk, Percentage | 2.00% | 5.00% | 2.00% | 5.00% |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 2,148 | $ 893 | $ 7,191 | $ 2,753 |
Other | Product Concentration Risk | Revenue, Product and Service Benchmark | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration Risk, Percentage | 5.00% | 3.00% | 6.00% | 4.00% |