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, 2019

(in thousands, except income per share)

(unaudited)



	For the Three Months ended
	December 31,			March 31,			June 30,			September 30,
	2018			2019			2019			2019
Revenue	$	24,001		$	21,745		$	17,219		$	24,300
Cost of revenue	18,193			15,936			13,515			24,532
Gross profit	5,808			5,809			3,704			(232		)
Operating expense (income):
Selling, general, and administrative	7,593			6,996			9,288			8,217
Research and development	4,019			4,360			4,629			6,435
Gain from change in estimate on ARO obligation	—			(40		)	—			26
Gain on sale of assets	—			—			—			(302		)
Total operating expense	11,612			11,316			13,917			14,376
Operating loss	(5,804		)	(5,507		)	(10,213		)	(14,608		)
Other income (expense):
Interest income, net	267			224			99			39
Foreign exchange gain (loss)	14			304			(349		)	(396		)
Other income	—			—			—			—
Total other income (expense)	281			528			(250		)	(357		)
Loss from operations before income tax expense	(5,523		)	(4,979		)	(10,463		)	(14,965		)
Income tax expense	(15		)	(15		)	(14		)	(10		)
Net loss	$	(5,538	)	$	(4,994	)	$	(10,477	)	$	(14,975	)
Per share data:
Net loss per basic and diluted share	$	(0.20	)	$	(0.18	)	$	(0.37	)	$	(0.52	)
Weighted-average number of basic and diluted shares outstanding	27,534			27,652			28,005			28,734

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 operations before income tax benefit (expense)	(415		)	(3,240		)	(8,414		)	(5,833		)
Income tax benefit (expense)	333			169			—			(53		)
Net loss	$	(82	)	$	(3,071	)	$	(8,414	)	$	(5,886	)
Per share data:
Net loss per basic and 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