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, 2018

(in thousands, except income per share)

(unaudited)



	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,
	2017			2018			2018			2018
Revenue	$	24,036		$	18,623		$	17,717		$	25,241
Cost of revenue	16,122			13,676			16,519			20,813
Gross profit	7,914			4,947			1,198			4,428
Operating expense (income):
Selling, general, and administrative	4,819			5,644			5,237			5,532
Research and development	3,800			3,300			3,915			4,372
Loss from change in estimate on ARO obligation	—			—			—			145
Loss (gain) on sale of assets	107			(68		)	—			(5		)
Total operating expense	8,726			8,876			9,152			10,044
Operating loss	(812		)	(3,929		)	(7,954		)	(5,616		)
Other income (expense):
Interest income, net	111			163			216			243
Foreign exchange gain (loss)	286			526			(676		)	(570		)
Other income	—			—			—			110
Total other income (expense)	397			689			(460		)	(217		)
Loss from continuing operations before income tax (expense) benefit	(415		)	(3,240		)	(8,414		)	(5,833		)
Income tax benefit (expense)	333			169			—			(53		)
Loss from continuing operations	(82		)	(3,071		)	(8,414		)	(5,886		)
Loss from discontinued operations, net of tax	—			—			—			—
Net income	$	(82	)	$	(3,071	)	$	(8,414	)	$	(5,886	)
Per share data:
Net income per basic share:
Continuing operations	$	(0.00	)	$	(0.11	)	$	(0.31	)	$	(0.21	)
Discontinued operations	—			—			—			—
Net income per basic share	$	(0.00	)	$	(0.11	)	$	(0.31	)	$	(0.21	)
Net income per diluted share:
Continuing operations	$	(0.00	)	$	(0.11	)	$	(0.31	)	$	(0.21	)
Discontinued operations	—			—			—			—
Net income per diluted share	$	(0.00	)	$	(0.11	)	$	(0.31	)	$	(0.21	)
Weighted-average number of basic and diluted shares outstanding	27,032			27,197			27,387			27,424

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