EMCORE CEO departs, Q2 revenue miss and $7.8M net loss, restructuring initiated

EMCORE CORP

CEO Jeff Rittichier departed May 7; Matthew Vargas appointed interim CEO, Tom Minichiello interim Principal Executive Officer.
Q2 revenue $19.6M (down from $24.1M QoQ); gross margin 17% (down from 25%).
Net loss from continuing ops $7.8M ($0.09/share) vs $4.4M prior quarter.
Sold Chips business & Alhambra wafer fab assets for $2.92M; restructured debt with Hale Capital.
Board formed Restructuring Committee targeting break-even adjusted operating cash flow by September 2024 quarter.

item 2.02 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Jeffrey Rittichier

Chief Executive Officer

EMCORE CORP

Effective: 2024-05-07
Successor: Matthew Vargas
Filed: May 8, 2024, 7:59 PM ET

Effective on May 7, 2024, Jeffrey Rittichier departed as Chief Executive Officer, Principal Executive Officer and director of the Company.

Appointed (interim)

Matthew Vargas

interim Chief Executive Officer

EMCORE CORP

Effective: 2024-05-08
Filed: May 8, 2024, 7:59 PM ET

Effective on May 8, 2024, the Company appointed Matthew Vargas, the Company’s current VP, Sales, as interim Chief Executive Officer.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

EMCORE CORP reported financial results for second fiscal quarter ended March 31, 2024.

Period: second fiscal quarter ended March 31, 2024
Result: reported results

Exact text from the filing

On May 8, 2024, EMCORE Corporation (the “Company”) issued a press release disclosing its financial results for its second fiscal quarter ended March 31, 2024.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Jeffrey Rittichier departed as Chief Executive Officer at EMCORE CORP.

Action: departed
Role: Chief Executive Officer

Exact text from the filing

Effective on May 7, 2024, Jeffrey Rittichier departed as Chief Executive Officer, Principal Executive Officer and director of the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Matthew Vargas was appointed as interim Chief Executive Officer at EMCORE CORP.

Action: appointed
Role: interim Chief Executive Officer

Exact text from the filing

Effective on May 8, 2024, the Company appointed Matthew Vargas, the Company’s current VP, Sales, as interim Chief Executive Officer.

View on SEC.gov

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Source: SEC EDGAR

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