EMCORE (EMKR) Advances Navigation With PIC Technology Upgrade
EMCORE EMKR recently introduced Photonic Integrated Chip (PIC) technology into their Fiber Optic Gyro ("FOG")-based products, resulting in a significant boost in reliability and simplified integration processes.
EMCORE’s three-year development effort led to the launch of the TAC-450 Inertial Measurement Unit (IMU) series featuring PIC Inside technology. The PIC technology offers enhanced unit-to-unit repeatability, robust durability, exceptional shock and vibration tolerance, and improved optical performance.
EMCORE is now extending an upgrade program to customers with previous-generation open-loop FOG, Inertial Measurement Unit ("IMU"), and Inertial Navigation System ("INS") products, including the DSP-3000 series and DSP-17xx products, with the added benefit of a new one-year warranty on the upgraded optical circuit, demonstrating their commitment to delivering advanced solutions to their clientele.
Expanding Portfolio & Partner Base Aids Growth
EMCORE continues to strengthen its position in navigation technology with the growing adoption of its innovative solutions in the aerospace, defense, and industrial sectors.
EMCORE's recent introduction, the TAC-440, is the world's smallest 1°/hour Inertial Measurement Unit (IMU). It offers superior performance and adaptability for mission-critical aerospace, defense, and industrial applications, leveraging quartz MEMS technology with versatile synchronization options for precise data control.
EMCORE Corporation Price and Consensus
EMCORE Corporation price-consensus-chart | EMCORE Corporation Quote
Moreover, EMCORE's partnership with UR Group to showcase a comprehensive inertial navigation product portfolio represents an innovative approach. The goal of merging FOG, MEMS-based sensors and recent acquisitions is to redefine global navigation solutions with advanced technology and expert support.
In line with its commitment to navigation technology, EMCORE is also streamlining its operations by selling its Defense Optoelectronics and most of its Broadband segment product lines, except chips, to Photonics Foundries, expecting around $6 million in last-time buy revenue. This strategic move aligns with EMCORE's commitment to inertial navigation, ensuring a smooth customer transition and offering new prospects for its dedicated workforce.
For the fourth quarter of fiscal 2023, EMCORE expects total revenues between $25 million and $27 million. The Zacks Consensus Estimate for the current-quarter revenues is pegged at $27.6 million, indicating growth of 7.94%.
Zacks Rank & Stocks to Consider
Currently, EMCORE has a Zacks Rank #3 (Hold).
The company’s shares have declined 50.5% year to date, underperforming the Zacks Computer and Technology sector’s growth of 36.3%.
Dell Technologies DELL, NVIDIA NVDA and Splunk SPLK are a couple of better-ranked stocks that investors can consider in the broader sector, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
DELL, NVDA and SPLK shares have returned 67%, 209.8% and 70.9%, respectively, year-to-date.
Long-term earnings growth rates for Dell Technologies, NVIDIA and Splunk are pegged at 12%,13.5% and 29.55%, respectively.
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