EMCORE Completes Sale of Non-Strategic Product Lines to Photonics Foundries, Inc. - Seite 2

As a result of the transaction, EMCORE expects its last-time-buy revenues to aggregate approximately $7 million, of which $1.3 million was recognized as revenue through June 30, 2023, and the majority of which relates to the Company’s chip business. The portion of the remaining projected last-time buys that were previously announced by EMCORE on May 24, 2023, were transferred to the buyer in connection with the transaction.

For further details of the transaction please reference EMCORE’s Form 8-K filed October 12, 2023.

About EMCORE
EMCORE Corporation is a leading provider of inertial navigation products for the aerospace and defense markets. We leverage industry-leading Photonic Integrated Chip (PIC), Quartz MEMS, and Lithium Niobate chip-level technology to deliver state-of-the-art component and system-level products across our end-market applications. EMCORE has vertically-integrated manufacturing capability at its facilities in Alhambra, CA, Budd Lake, NJ, Concord, CA, and Tinley Park, IL. Our manufacturing facilities all maintain ISO 9001 quality management certification, and we are AS9100 aerospace quality certified at our facilities in Alhambra, Budd Lake, and Concord. For further information about EMCORE, please visit https://www.emcore.com.

Forward-looking statements:
The information provided herein may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include statements regarding EMCORE's plans, strategies, goals and business prospects; the terms and conditions of the transaction; the anticipated benefits to EMCORE of the transaction; and EMCORE’s updated expected revenue pursuant to last-time-buys. These forward-looking statements are based on management's current expectations, estimates, forecasts, and projections about EMCORE and are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated in the forward-looking statements, including without limitation, the following: (a) the risks related to the sale of the Broadband and Defense Optoelectronics business lines, including without limitation the failure to achieve or fully realize the anticipated benefits of the transaction, third-party costs incurred by us related to the transaction, and risks associated with any liabilities related to the transaction or assets or business retained by us in the transaction; (b) any disruptions to our operations as a result of the transaction and/or other restructuring activities; (c) risks related to costs and expenses incurred in connection with restructuring activities and anticipated operational costs savings arising from the restructuring actions; (d) risks related to the loss of personnel; (e) risks related to customer and vendor relationships and contractual obligations with respect to the transaction and/or the shutdown of the Company’s chip business; (f) risks and uncertainties related to the Company’s current expectations with respect to potential revenues arising from last-time buys for sales under the Company’s chip business; (g) risks related to the closing of the Company’s manufacturing support and engineering center in China; (h) actions by competitors; (i) risks and uncertainties related to applicable laws and regulations; and (j) other risks and uncertainties discussed under Item 1A - Risk Factors in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022, as updated by our subsequent periodic reports. Forward-looking statements contained in this press release are made only as of the date hereof, and EMCORE undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law or regulation.