EMCORE Corporation is a leading provider of sensors for navigation in the aerospace and defense market as well as a manufacturer of lasers and optical subsystems for use in the CATV industry.

Acquisition of L3Harris Space & Navigation Business

expenses, of approximately $33.1 million. The shares were sold by us pursuant to an underwriting agreement with Cowen and Company, LLC, dated February 10, 2021.

Comparison of Results of Operations

For the three months ended June 30, 2022, our Broadband revenue decreased $20.1 million, or 66.2%, compared to the same period in the prior year, primarily due to a $20.4 million decrease in CATV Lasers and Transmitters revenue due to decreased customer demand, resulting from inventory build up in the channel, an impact from the COVID-19 pandemic.

(Gain) Loss on Sale of Assets

Gain on Extinguishment of Debt

During the three and nine months ended June 30, 2021, we recorded a gain on extinguishment of debt of $6.6 million related to the forgiveness in full of our PPP Loan, including accrued interest.

During the nine months ended June 30, 2021, interest income (expense), net totaled $0.5 million primarily driven by $0.6 million of reversed interest expense related to the release of the uncertain tax reserves.

We have taken a number of actions to continue to support our operations and meet our obligations, including:

•On August 9, 2022, the Company entered into the Credit Agreement with Wingspire. See caption "New ABL Credit Agreement" under Note 14 - Subsequent Events.

Net cash provided by operating activities $ 8,149 $ 6,729

For the nine months ended June 30, 2022, our operating activities provided cash of $8.1 million. Improvements in our working capital components were partly offset by our net loss.

For the nine months ended June 30, 2021, our operating activities provided cash of $6.7 million, driven by our net income of $20.6 million, and positive adjustments for non-cash charges of $6.4 million offset by changes in our working capital components of $20.2 million. Non-cash charges primarily consisted of depreciation and amortization expense of $3.1 million and stock-based compensation expense of $3.0 million.

Accounts Payable The fluctuation of our accounts payable balances is primarily driven by changes in inventory purchases as well as changes related to the timing of actual payments to vendors.

Net cash used in investing activities $ (4,362) $ (2,422)

For the nine months ended June 30, 2021, our investing activities used cash of $2.4 million due to capital-related expenditures.

Critical Accounting Policies and Estimates

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