EMCORE Awarded $4.1 Million Supplemental Contract from Raytheon Intelligence & Space for High-Performance Fiber Optic Gyroscopes

ALHAMBRA, CA, July 21, 2021 (GLOBE NEWSWIRE) -- EMCORE Corporation (Nasdaq: EMKR), a leading provider of advanced mixed-signal products that serve the aerospace and defense and broadband communications markets, announced today that it has been awarded a $4.1 million supplement to its long-term Fiber Optic Gyroscope contract with Raytheon Intelligence & Space. Under the supplemental contract, EMCORE will supply high-performance FOG modules for use in airborne optical targeting systems. EMCORE has delivered over 1,200 units of its custom-designed, closed-loop FOGs to Raytheon Intelligence & Space and expects to deliver the additional units for this add-on contract through February 2022.

In 2018, EMCORE was awarded a long-term contract by Raytheon Company valued at more than $18 million for custom, single-axis tethered FOGs with separate electronics and sensor modules that 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 aircrafts, unmanned aerial vehicles, and gun systems.

“This supplemental contract with one of our most important customers demonstrates the strength of our partnership with Raytheon Intelligence & Space,” said David Wojciechowski, vice president of sales, marketing and business development for EMCORE. “We are extremely pleased to be a supplier to Raytheon for these unique, high-performance FOGs for their important programs.”
                
About EMCORE
EMCORE Corporation is a leading provider of advanced mixed-signal products that serve the aerospace & defense and broadband communications markets. Our best-in-class components and systems support a broad array of applications including navigation and inertial sensing, defense optoelectronics, broadband transport, 5G wireless infrastructure, optical sensing, and cloud data centers. We leverage industry-leading Quartz MEMS, Lithium Niobate, and Indium Phosphide chip-level technology to deliver state-of-the-art component and system-level products across our end-market applications. EMCORE has vertically integrated manufacturing capability at its wafer fabrication facility in Alhambra, CA, and Quartz MEMS manufacturing facility in Concord, CA. Our manufacturing facilities maintain ISO 9001 quality management certification, and we are AS9100 aerospace quality certified at our facility in Concord. For further information about EMCORE, please visit http://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) uncertainties regarding the effects of the COVID-19 pandemic and the impact of measures intended to reduce its spread on our business and operations, which is evolving and beyond our control; (b) the rapidly evolving markets for EMCORE's products and uncertainty regarding the development of these markets; (c) EMCORE's historical dependence on sales to a limited number of customers and fluctuations in the mix of products and customers in any period; (d) delays and other difficulties in commercializing new products; (e) 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; (f) uncertainties concerning the availability and cost of commodity materials and specialized product components that we do not make internally; (g) actions by competitors; and (h) 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, 2020, 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 Wojciechowski
Vice President of Sales, Marketing and Business Development
(626) 293-3715
davewojo@emcore.com

Investor
Tom Minichiello
Chief Financial Officer
(626) 293-3400
investor@emcore.com

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

Released July 21, 2021