EMCORE Corporation (NASDAQ:EMKR) Q4 2023 Earnings Call Transcript

Brian Kinstlinger: Great. Thanks for taking my question. If I heard you correctly, I think you said three contracts you have that kind of offset $10 million of the $14 million of revenue that was expected for the payment cancellation. Could you help tell us which three contracts those are, if you’re able to? And then the second part of that question, whether you are or not, were those contracts previously in the backlog or they’re expected to get into the backlog in the short term?

Jeffrey Rittichier: So I already did tell you why, when we talked about Mark 48 production doubling in the year, right, so that’s one of them. The other two, we did not name, but when I say high confidence programs, they are things that we have made and shipped before, four specific programs, and orders are being worked up inside of the system or being — we just got additional volume that’s going to come with that. So I’d rather not name the other two. It’s a competitive world out there. But when we say high confidence orders, that’s what we made, things we’re already doing.

Brian Kinstlinger: So one essentially is booked and in the backlog and the other two, some sort of negotiation in business development do you think are highly likely. Is that accurate?

Jeffrey Rittichier: Not quite. So what I said was that we’ve been notified by the Navy that we are going to be ramping doubling production for the Mark 48 program in fiscal calendar ’24. And so we expect to get an order from them early in the year. With that said, we’ve got a bunch of other open orders with them. So it’s not like it’s really going to slow us down at all, but we haven’t actually booked the order. So that’s the only point of clarification.

Brian Kinstlinger: Right. Understood. Thank you.

Operator: Thank you. I’m showing no further questions at this time. I’d like to turn the call back over to Jeff Rittichier for any closing remarks.

Jeffrey Rittichier: Thank you. Thank you all for your interest in EMCORE. I also want to recognize the team for completing the restructuring plan we announced in April, positioning EMCORE as a pure-play aerospace and defense business. Thanks, again and happy holidays.

Operator: Thank you. Ladies and gentlemen, this does conclude today’s conference. Thank you all for participating. You may now disconnect. Have a great day.