EMCORE to cut workforce due to liquidity issues

Facebook
Twitter
LinkedIn
Reddit
Email

Loss-making EMCORE Corporation said in an SEC filing that it is planning a sweeping range of cost-cutting measures and refinancing moves to improve the company’s financial liquidity. A workforce reduction will be made to lower operating costs, though how deep the cuts will be was not disclosed.

EMCORE is also selling non-core equity interests to boost its cash position as well as seeking a minority share sale in its photovoltaics business before its actual spin-off, which was announced earlier last year.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

EMCORE also said that it would be liquefying remaining auction rate securities, which were approximately US$3 million, according to comments made in EMCORE’s 3Q08 financial conference call. The company will also attempt to sell other assets, though these were not specified.

In 2008, EMCORE acquired Intel Corporation’s Optical Platform Division for $85 million to boost its position in the fiber optics industry. EMCORE has also suffered from major order cancellations in its CPV business in 2008.

Read Next

September 19, 2025
Australia has committed to cutting greenhouse gas emissions by 62-70% below 2005 levels by 2035, Prime Minister Anthony Albanese announced on Thursday (18 September).
September 18, 2025
CERC is finalising guidelines for virtual power purchase agreements (vPPAs) to unlock financing for over 40GW of uncontracted renewable capacity.
September 18, 2025
The capacity of virtual power plants in operation in North America has reached 37.5GW, a 13.7% year-on-year growth, according to Wood Mackenzie.
September 18, 2025
The Canadian Renewable Energy Association (CanREA) has forecast that Canada will add between 17GW and 26GW of solar PV over the next decade.
September 18, 2025
Researchers have called for enhanced international standards to detect ultraviolet-induced degradation (UVID) in PV modules after identifying “severe” levels of the problem in operational n-type panels.             
September 18, 2025
Indian PV makers have welcomed the government’s plan to add solar wafers to its ALMM List-III from June 2028.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA