EMCORE Awarded Long-Term Contract by Raytheon to Supply High-Performance Fiber Optic Gyroscopes for Optical Targeting Systems

The 4-Year Contract is Valued at Over $18 Million

ALHAMBRA, Calif., Sept. 17, 2018 (GLOBE NEWSWIRE) -- EMCORE Corporation (NASDAQ: EMKR), a leading provider of advanced Mixed-Signal Optics products that provide the foundation for today’s high-speed communication network infrastructures and leading-edge defense systems, announced today that it has been awarded a long-term contract valued at over $18 million over a 4-year period to supply high-performance Fiber Optic Gyroscope (FOG) modules to Raytheon for use in airborne optical targeting systems. EMCORE has previously delivered over 1,000 units of its custom designed, closed-loop, single-axis FOGs to Raytheon and will ship additional units this year and over the remaining term of the agreement.

The FOG modules to be delivered are EMCORE’s tethered gyros with separate electronics and sensor modules to accommodate the widest variety of installation parameters. The performance specifications of these FOGs are ideal for platform stabilization in camera systems used for optical targeting in aircraft, Unmanned Aerial Vehicles (UAVs) and gun systems.

“With our latest advancements in integrated FOG optics and electronics, EMCORE has been able to achieve cost and performance standards that meet the demanding requirements of our most important customers,” said David Faulkner, EMCORE’s Vice President and General Manager of Aerospace & Defense. “We are extremely pleased to be awarded this contract by Raytheon to supply our latest generation, high-performance FOGs for their important programs,” added Mr. Faulkner.

About EMCORE
EMCORE Corporation is a leading provider of advanced Mixed-Signal Optics products that provide the foundation for today’s high-speed communication network infrastructures and leading-edge defense systems. Our optical chips, components, subsystems and systems enable broadband and wireless providers to continually enhance their network capacity, speed and coverage to advance the free flow of information that empowers the lives of millions of people daily. The Mixed-Signal Optics technology at the heart of our broadband transmission products is shared with our fiber optic gyros and military communications links to provide the aerospace and defense markets state-of-the-art systems that keep us safe in an increasingly unpredictable world. EMCORE’s performance-leading optical components and systems serve a broad array of applications including cable television, fiber-to-the-premise networks, telecommunications, data centers, wireless infrastructure, satellite RF fiber links, navigation systems and military communications. EMCORE has fully vertically-integrated manufacturing capability through its world-class Indium Phosphide (InP) wafer fabrication facility at our headquarters in Alhambra, California, and is ISO 9001 certified in Alhambra and at our facility in Beijing, China. For more information, please visit www.emcore.com.

Forward-looking statements:

The information provided herein may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include statements regarding EMCORE's plans, strategies, business prospects, growth opportunities, changes and trends in our business and expansion into new markets. These forward-looking statements are based on management's current expectations, estimates, forecasts and projections about EMCORE and are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated in the forward-looking statements, including without limitation, the following: (a) the rapidly evolving markets for EMCORE's products and uncertainty regarding the development of these markets; (b) EMCORE's historical dependence on sales to a limited number of customers and fluctuations in the mix of products and customers in any period; (c) delays and other difficulties in commercializing new products; (d) the failure of new products: (i) to perform as expected without material defects, (ii) to be manufactured at acceptable volumes, yields, and cost, (iii) to be qualified and accepted by our customers, and (iv) to successfully compete with products offered by our competitors; (e) uncertainties concerning the availability and cost of commodity materials and specialized product components that we do not make internally; (f) actions by competitors; and (g) other risks and uncertainties discussed under Item 1A - Risk Factors in our Annual Report on Form 10-K for the fiscal year ended September 30, 2017, as updated by our subsequent periodic reports. Forward-looking statements contained in this press release are made only as of the date hereof, and EMCORE undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

EMCORE Corporation

David Faulkner
Vice President & General Manager,
Navigation and Defense Products
(626) 293-3698
David_Faulkner@emcore.com

Media
Joel Counter
Manager, Corporate & Marketing Communications
(626) 999-7017
media@emcore.com

Investor

Erica Mannion
Sapphire Investor Relations, LLC
(617) 542-6180
investor@emcore.com

Released September 17, 2018