Exhibit 99.3

With respect to our inertial navigation product line, our management estimates that (i) programs currently in production or awarded with leading prime contractors world-wide will result in approximately $605 million of lifetime contract value and (ii) we have identified an additional approximately $300 million of potential new opportunities. Based on industry reports, we believe the estimated global market size for high- end inertial sensors in 2021 was over $3 billion.

Non-GAAP Financial Measures

We conform to U.S. Generally Accepted Accounting Principles (“GAAP”) in the preparation of our financial statements. We have presented below certain supplemental non-GAAP measures for gross profit, gross profit margin and adjusted EBITDA for our Inertial Navigation product line and our Broadband and Defense Optoelectronics product lines for the fiscal quarters ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022, March 31, 2023 and June 30, 2023.

Management believes these supplemental non-GAAP measures reflect our core ongoing operating performance and facilitates comparisons across reporting periods. We use these measures when evaluating its financial results and for planning and forecasting of future periods. We believe that these supplemental non-GAAP measures are also useful to investors in assessing our operating performance. While we believe in the usefulness of these supplemental non-GAAP measures, there are limitations. Our non-GAAP measures may not be reported by other companies in our industry and/or may not be directly comparable to similarly titled measures of other companies due to potential differences in calculation. We compensate for these limitations by using these non-GAAP measures as a supplement to GAAP and by providing the reconciliations to the most comparable GAAP measure.

Non-GAAP measures are not in accordance with or an alternative to GAAP, nor are they meant to be considered in isolation or as a substitute for comparable GAAP measures. We have, regardless of result, applied consistent rationale, methods and adjustments when presenting supplemental non-GAAP measures and reconciling non-GAAP measures to the most directly comparable GAAP measure.

Our disclosures of these measures should be read only in conjunction with the section of this prospectus supplement titled “Risk Factors” as well as the risks and uncertainties set forth in “Risk Factors” in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, in the section of this prospectus supplement titled “Forward-Looking Statements”, and our consolidated financial statements and related notes incorporated by reference in this registration statement. Non-GAAP measures should not be viewed as a substitute for our GAAP results.

EMCORE GAAP to Non-GAAP Reconciliations

Inertial Navigation GAAP to Non-GAAP Reconciliations

Broadband and Defense Optoelectronics GAAP to Non-GAAP Reconciliations