EMCORE : Corporate Investor Presentation January 2023

Aerospace & Defense

Investor Presentation

NASDAQ: EMKR

Broadband

January 10, 2023

Safe Harbor Statement

Forward-Looking Statements:

This presentation contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Statements concerning future matters such as demand for our products, industry and market conditions, the development of new products, enhancements or technologies, sales levels, expense levels and other statements regarding matters that are not historical are forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including without limitation, the following: (a) the rapidly evolving markets for the Company's products and uncertainty regarding the development of these markets; (b) the Company'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 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; (g) acquisition-related risks, including that

1. the revenues and net operating results obtained from our recent acquisitions may not meet our expectations, (ii) the costs and cash expenditures for integration of our recent acquisitions may be higher than expected, (iii) we may not recognize the anticipated synergies from our recent acquisitions, (iv) there could be losses and liabilities arising from these acquisitions that we will not be able to recover from any source, and (v) we may not realize sufficient scale from these acquisitions and will need to take additional steps, including making additional acquisitions, to achieve our growth objectives for this product line; (h) risks related to our ability to obtain capital; (i) uncertainties regarding the effects of the COVID-19 pandemic, the length of time it will take for the COVID-19 pandemic to subside, and the impact of measures intended to reduce its spread on our business and operations, which is evolving and beyond our control; (j) the effect of component shortages and any alternatives thereto; (k) risks and uncertainties related to manufacturing and production capacity and expansion plans related thereto; (l) risks related to the conversion of order backlog into product revenue; and (m) 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, 2022, as updated by our subsequent periodic reports. All forward-looking statements are made as of the date hereof, based on information available to us as of the date hereof, and subsequent facts or circumstances may contradict, obviate, undermine, or otherwise fail to support or substantiate such statements. We do not intend to update any forward-looking statement to reflect subsequent events or circumstances, except as required by law or regulation.

Non-GAAP Financial Measures:

This presentation includes non-GAAP financial measures where indicated. The Company reports its financial results in accordance with GAAP. Additionally, the Company supplements reported GAAP financials with non-GAAP measures which are included in related press releases and reports furnished to the SEC, copies of which are available at the Company's website: http://www.EMCORE.com or the SEC's website at: http://www.sec.gov. These non-GAAP financial measures complement the Company's consolidated financial statements presented in accordance with GAAP. However, these non-GAAP financial measures are not intended to supersede or replace the Company's US GAAP results. These non-GAAP measures are presented in part to enhance the understanding of the Company's historical financial performance and comparability between reporting periods. The Company believes the non-GAAP presentation, when shown in conjunction with the corresponding GAAP measures, provide relevant and useful information to analysts, investors, management and other interested parties. These non-GAAP measures are not in accordance with, or an alternative for measures prepared in accordance with GAAP, and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP. These measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures.

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Company Overview

EMCORE is the world's largest independent inertial navigation solutions

provider, building advanced optical semiconductors and systems that reside at the heart of today's leading-edge aerospace & defense platforms

US-based indium phosphide (InP) semiconductor Wafer Fabrication and Quartz MEMS (QMEMS) facilities

Business Units serving customers with excellence:

Aerospace & Defense

• Inertial Navigation - QMEMS, Fiber Optic Gyro (FOG), Ring-Laser Gyro (RLG), and TACNAV products
• Defense Optoelectronics

Broadband

• Cable TV Optical Components
• Data Center Chips
• Sensing products

Founded in 1984, IPO in 1993
Alhambra, CA (HQ):		Concord, CA:
Wafer Fab, FOG, Defense-		QMEMS
Opto, Broadband, Admin		(acquired June 2019)
Budd Lake, NJ:		Tinley Park, IL:
FOG and RLG		FOG and TACNAV
(acquired April 2022)		(acquired August 2022)

Revenue, quarter ended 9/30/22 (fiscal 4Q)	$25.6M
Revenue, fiscal year ended 9/30/22	$124.1M
Cash at 9/30/22	$26.1M
Debt at 9/30/22	$15.5M
Tangible Book Value at 9/30/22	$88.4M
Market Capitalization 12/31/22	$36.2M
Shares Outstanding 12/31/22	37.6M
Closing Share Price 12/31/22	$0.9625

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Investment Thesis: Emcore is now an A&D business

Transformation - from optical components to the cyclical CATV market to the world's largest independent inertial navigation provider with revenue and earnings stability

Adjusted EBITDA Breakeven - expected with quarterly revenue growth, driven by

A&D programs already won, into the low-to-mid $30M and GM in the mid 30% range

Improved Visibility and Predictability - from six weeks average backlog in CATV to six months and growing

Extend Operating Leverage - consolidate QMEMS fab, fully utilize Alhambra facility with existing programs, transition Budd Lake to engineering facility

Generate Superior Long-termMargins - combine operating leverage from A&D and

Chips with long term program wins.

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Aerospace and Defense - Inertial Navigation

$3B+ Global Inertial Navigation Market in 2019 (a)

FOG & TACNAV (Tinley Park) and QMEMS (Concord)

• Tactical-grade performance while also excelling in harsh environments (EMCORE is one of only two QMEMS gyro suppliers worldwide)
• Common applications - platform stabilization, torpedo guidance, flight control systems, smart bombs, oil & gas

EMCORE's FOG (Alhambra)

$410M

Commercial

Grade

(e.g., industrial robots)

Many

Suppliers

$820M

Tactical

Grade

(e.g., platform stabilization)

Few

Competitors

$928M

Navigation

Grade

(e.g., unmanned vehicles)

Two Primary Competitors

$941M

Strategic

Grade

(e.g., nuclear weapons)

Highly

Specialized

• Proprietary FOGs enable superior tactical and navigation grade performance with existing pricing and form factors
• Common applications - unmanned vehicles, missile targeting, submarine sensors, dismounted soldier systems (geo-compassing/north-finding)

Space & Navigation FOGs and RLGs (Budd Lake)

❯ Recent acquisition expands product suite across

tactical, navigation, and strategic grades

❯ Common applications - space launch vehicles, satellites,

EMCORE's Total Addressable Market (TAM) is $2.7B

artillery rockets, classified reconnaissance platforms

(a) Source: Yole High End Inertial Sensors Market Research Report 2020

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