EMCORE makes inertial navigation sensors and systems for the aerospace and defense market. These products measure motion, orientation, and position — telling aircraft, ships, vehicles, guided munitions, and spacecraft where they are and where they're heading. Customers include defense primes and the U.S. military, with Lockheed Martin representing more than 10% of revenue. EMCORE's products span three core technologies: Fiber Optic Gyroscopes (FOG), which use light traveling through fiber optic coils to detect rotation; QMEMS (Quartz MEMS), which use a one-piece quartz sensing element with no moving parts and no known wear-out; and Ring Laser Gyroscopes (RLG), which provide high-accuracy positioning for land navigation systems like HIMARS and MLRS artillery. Products are sold as individual sensors, integrated IMUs (combining multiple sensors), or complete inertial navigation systems. Revenue is driven by unit shipments on active defense programs, product mix, and customer-funded engineering contracts. EMCORE manufactures its own chips at facilities in New Jersey, California, and Illinois, providing component-level differentiation but also creating fixed overhead that weighs on margins when revenue softens. EMCORE completed a transformation from a broadband and cable TV company to a pure-play inertial navigation business, growing through three acquisitions between 2019 and 2022, and finalizing the sale of its legacy businesses in April 2024. The company is currently consolidating facilities and unifying systems across its acquired businesses to reduce costs.