Selected Quarterly Financial Information (unaudited)

The following tables present our unaudited consolidated results of operations for the eight most recently ended quarters. We believe that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts below to present fairly the selected quarterly information when read in conjunction with the consolidated financial statements and notes included elsewhere in this Annual Report. Our results from operations vary substantially from quarter to quarter. Accordingly, the operating results for a quarter are not necessarily indicative of results for any subsequent quarter or for the full year. We have experienced and expect to continue to experience significant fluctuations in quarterly results.

EMCORE CORPORATION

Quarterly Consolidated Statements of Operations

For the Fiscal Year Ended September 30, 2017

(in thousands, except income per share)

(unaudited)



	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,
	2016			2017			2017			2017
Revenue	$	30,176		$	32,591		$	30,952		$	29,176
Cost of revenue	20,133			21,553			20,110			18,565
Gross profit	10,043			11,038			10,842			10,611
Operating expense (income):
Selling, general, and administrative	5,578			5,672			5,815			5,181
Research and development	2,199			3,141			3,340			3,862
Impairments	—			468			—			38
Gain from change in estimate on ARO obligation	—			—			—			(45		)
Gain on sale of assets	—			—			(322		)	(134		)
Total operating expense	7,777			9,281			8,833			8,902
Operating income	2,266			1,757			2,009			1,709
Other income (expense):
Interest income, net	23			46			77			99
Foreign exchange (loss) gain	(403		)	44			53			388
Other income	—			—			316			—
Total other (expense) income	(380		)	90			446			487
Income from continuing operations before income tax (expense) benefit	1,886			1,847			2,455			2,196
Income tax (expense) benefit	(120		)	8			(19		)	(32		)
Income from continuing operations	1,766			1,855			2,436			2,164
Loss from discontinued operations, net of tax	(9		)	(7		)	(11		)	41
Net income	$	1,757		$	1,848		$	2,425		$	2,205
Per share data:
Net income per basic share:
Continuing operations	$	0.07		$	0.07		$	0.09		$	0.08
Discontinued operations	0.00			0.00			0.00			0.00
Net income per basic share	$	0.07		$	0.07		$	0.09		$	0.08
Net income per diluted share:
Continuing operations	$	0.07		$	0.07		$	0.09		$	0.08
Discontinued operations	0.00			0.00			0.00			0.00
Net income per diluted share	$	0.07		$	0.07		$	0.09		$	0.08
Weighted-average number of basic shares outstanding	26,279			26,622			26,833			26,904
Weighted-average number of diluted shares outstanding	27,039			27,585			27,816			27,768

EMCORE CORPORATION

Quarterly Consolidated Statements of Operations

For the Fiscal Year Ended September 30, 2016

(in thousands, except income per share)

(unaudited)



	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,
	2015			2016			2016			2016
Revenue	$	22,490		$	21,532		$	22,376		$	25,600
Cost of revenue	15,089			14,510			14,964			16,481
Gross profit	7,401			7,022			7,412			9,119
Operating expense (income):
Selling, general, and administrative	4,821			4,825			6,125			4,963
Research and development	2,560			2,564			2,405			2,392
Recovery of previously incurred litigation related fees and expenses from arbitration award	—			—			(2,599		)	—
Gain on sale of assets	—			—			(41		)	—
Total operating expense	7,381			7,389			5,890			7,355
Operating income (loss)	20			(367		)	1,522			1,764
Other income (expense):
Interest (expense) income, net	(17		)	25			32			48
Foreign exchange (loss) gain	(135		)	25			(201		)	(83		)
Total other (expense) income	(152		)	50			(169		)	(35		)
Loss from continuing operations before income tax (expense) benefit	(132		)	(317		)	1,353			1,729
Income tax (expense) benefit	(2		)	155			(175		)	8
(Loss) income from continuing operations	(134		)	(162		)	1,178			1,737
Income from discontinued operations, net of tax	$	1,121		$	4,144		$	123		$	259
Net income	$	987		$	3,982		$	1,301		$	1,996
Per share data:
Net income (loss) per basic share:
Continuing operations	$	0.00		$	(0.01	)	$	0.05		$	0.07
Discontinued operations	0.04			0.16			0.00			0.01
Net income per basic share	$	0.04		$	0.15		$	0.05		$	0.08
Net income (loss) per diluted share:
Continuing operations	$	0.00		$	(0.01	)	$	0.05		$	0.06
Discontinued operations	0.04			0.16			0.00			0.01
Net income per diluted share	$	0.04		$	0.15		$	0.05		$	0.07
Weighted-average number of basic shares outstanding	25,697			25,942			26,103			26,177
Weighted-average number of diluted shares outstanding	25,697			25,942			26,269			26,674