Aeluma Announces First Quarter Fiscal 2026 Financial Results

Rhea-AI Summary

Aeluma (NASDAQ: ALMU) reported Q1 fiscal 2026 results for the quarter ended Sept 30, 2025, highlighting execution on strategic priorities and stronger liquidity.

Key figures: Revenue $1.4M (Q1 FY25: $0.481M), GAAP net loss $1.5M or ($0.09) per share, Adjusted EBITDA loss $0.45M, and cash $38.1M at Sept 30, 2025. Company expects full-year 2026 revenue of $4.0M–$6.0M. Operational highlights include a new R&D contract with NASA, nearly five-fold increase in outsourced wafer fabrication, equipment purchases for in-house test capacity, new hires in manufacturing/engineering, and two recently filed nonprovisional patents (34 issued/pending).

Positive

• Revenue increased to $1.4M (+191% YoY)
• Cash balance of $38.1M at Sept 30, 2025 (up from $15.7M)
• Outsourced wafer fabrication increased nearly five-fold
• Company set FY2026 revenue guidance $4.0M–$6.0M
• Executed a new R&D contract with NASA

Negative

• GAAP net loss widened to $1.5M in Q1 FY2026
• Net loss increase driven by higher salaries and stock-based compensation
• Adjusted EBITDA loss widened vs prior quarter to $0.45M

Insights

Financial Strategist

Stronger cash runway and revenue growth offset higher operating costs; guidance implies continued investment-led scaling in fiscal 2026.

Revenue rose to $1.4 million in fiscal Q1 from $481 thousand year-over-year and remained slightly above the prior quarter, driven by R&D contracts. The quarter closed with a materially larger cash balance of $38.1 million and no long-term debt, which materially extends operating flexibility versus the prior quarter cash of $15.7 million. Adjusted EBITDA loss narrowed slightly year-over-year to $450 thousand, showing operating performance near prior levels despite higher headcount costs.

Risks and dependencies include elevated GAAP net loss of $1.5 million driven by increased salaries and stock-based compensation, and the plan to convert R&D contract momentum into commercial revenue to meet full-year guidance of $4.0 million to $6.0 million. Watch near-term indicators: quarterly revenue trends, burn rate relative to the $38.1 million cash balance, and the announced target of securing 3 to 7 new development contracts during fiscal 2026.

Operations and Manufacturing Expert

Significant manufacturing ramping steps and talent hires support commercialization, while contract wins boost validation pathways.

The company increased outsourced wafer fabrication nearly five-fold and added in-house test and validation assets, indicating active efforts to raise manufacturing readiness for photonic semiconductor products. New hires in supply chain and technology enablement strengthen the organization to qualify outsourced processes and scale production workflows.

Key operational dependencies include successful qualification of outsourced wafers and monetization of newly filed patent assets. Monitor milestones tied to the new NASA R&D contract and progress on qualifying outsourced production processes over the next several quarters to assess whether manufacturing investments convert into scalable revenue.

Execution on Strategic Priorities Positions Aeluma for Future Growth

GOLETA, Calif., Nov. 12, 2025 (GLOBE NEWSWIRE) -- Aeluma, Inc. (NASDAQ: ALMU) (“Aeluma” or the “Company”), a transformative semiconductor company specializing in high-performance and scalable technologies, today reported financial results for its first quarter of fiscal 2026 ended September 30, 2025.

Management Commentary

“We had another strong quarter executing on our strategic priorities including bolstering our balance sheet with a capital raise to accelerate growth, adding key talent throughout the organization, increasing our manufacturing readiness, and advancing towards commercialization,” said Jonathan Klamkin, Ph.D., Founder and CEO of Aeluma. “In this quarter, we also initiated a new contract with NASA, met several milestones for existing contracts, and made continued progress on customer engagements. The rapid acceleration of AI is driving unprecedented demand for optical component technologies, and we are uncovering greater opportunity aligned with our offerings and product roadmap. As we progress in fiscal 2026 with a solid financial position and positive trends in our target market verticals, our focus is on executing our go-to-market strategy to drive long-term shareholder value.”

Recent Company Highlights

• Strong Financial Position: Closed fiscal Q1 2026 with $38 million in cash and no long-term debt.
• New Contract with NASA: Executed one new R&D contract related to quantum. New contract to leverage Aeluma’s scalable semiconductor platform to provide a path to low size, weight and power quantum systems for space applications.
• Increased Manufacturing Readiness: Increased outsourced wafer fabrication activities nearly five-fold. Acquired key equipment assets to increase in-house test and validation capacity for qualifying outsourced wafer production processes.
• New Hires: Attracted highly experienced and accomplished professionals to fill key manufacturing and engineering positions including Director of Supply Chain Manufacturing and Director of Technology Enablement.
• Intellectual Property: Recently filed two nonprovisional patent applications for core innovations. One relates to scalable, large-diameter wafer manufacturing for photonic components, and the other to large-format imaging sensors. Brings total issued and pending patents to 34.

Fiscal Q1 2026 Financial Results

• Revenue was $1.4 million compared to $481 thousand in the first quarter of 2024, and $1.3 million in the fourth quarter of 2025. Revenue in the quarter was primarily from R&D contracts.
• GAAP net loss was $1.5 million, or ($0.09) per basic and diluted share, compared to a net loss of $730 thousand, or ($0.06) per basic and diluted share, for the same period last year and net loss of $859 thousand, or ($0.05) per basic and diluted share, in the prior quarter.
• GAAP net loss increased from the prior quarter primarily due to higher salaries, stock-based compensation and employee benefits driven by new employees hires to support the expansion of the business and scaling of operations.
• Adjusted EBITDA loss was $450 thousand, compared to a loss of $457 thousand in the same period last year, and a loss of $113 thousand in the prior quarter.
• Cash and cash equivalents totaled $38.1 million at September 30, 2025, compared to $15.7 million as of June 30, 2025.
  

Fiscal Year 2026 Guidance and Strategic Priorities

For the full fiscal year of 2026, based on current and anticipated market conditions, Aeluma continues to expect revenue in a range of $4.0 million to $6.0 million. The Company’s strategic priorities for 2026 include:

• New Contract Wins: Three to seven new development contracts, which provide non-dilutive funding for R&D investments and the growth of partnership opportunities.
• Team Expansion: Growth of our business development and go-to-market team, technical leadership and staff, and operations team.
• Enhanced Manufacturing Readiness: Higher levels of outsourced wafer manufacturing productivity, expanded test and validation capabilities, technology qualification for targeted industries, and expanded supply chain partnerships.
• Go-to-Market Traction: Continued progress on opportunities in target commercial markets and increasing the number of customer engagements in the pipeline. Immediate near-term focus on defense and aerospace, and photonics for AI infrastructure driving our product roadmap.

Conference Call and Webcast

Aeluma will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time on November 12, 2025, to discuss the Company’s financial results and business outlook. Interested participants may access the conference the call by dialing (877) 317-6789 (domestic) or (412) 317-6789 (international) and referencing “Aeluma.”

A live webcast of the call will be available on the “Investors” section of Aeluma’s website and can also be accessed by clicking here. A replay of the conference call will be available on Aeluma’s website shortly after the call concludes.

Note about Non-GAAP Financial Measures

This press release includes and makes reference to certain non-GAAP financial measures. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Aeluma believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to the Company's financial condition and results of operations. Aeluma believes that these non-GAAP financial measures provide additional insight into Aeluma's ongoing performance and core operational activities and has chosen to provide these measures for more consistent and meaningful comparison between periods. These measures should only be used to evaluate Aeluma's results of operations in conjunction with the corresponding GAAP measures. The non-GAAP results exclude the effect of stock-based compensation, depreciation and amortization.

This press release includes non-GAAP financial measures, including:

• Non-GAAP net income (loss), which is defined as GAAP net income (loss) plus stock-based compensation expenses, amortization of discount on convertible notes, and changes in fair value of derivative liabilities; and
• Adjusted EBITDA, defined as non-GAAP net income (loss) plus depreciation and amortization expenses, less interest income.

A reconciliation between GAAP and non-GAAP financial results is provided in the financial statements portion of this press release.

Forward-Looking Statements

All statements in this press release that are not historical are forward-looking statements, including, among other things, statements relating to the Company's expectations regarding its market position and market opportunity, expectations and plans as to its product development, manufacturing and sales, and relations with its partners and investors. These statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expect,” “intend,” “plan,” “project,” “believe,” “estimate,” and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the Company's control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.

About Aeluma, Inc.

Aeluma (NASDAQ: ALMU) is a transformative semiconductor company specializing in high-performance photonic and electronic technologies that scale. The company’s proprietary platform combines compound semiconductors with scalable manufacturing used for mass market microelectronics to enable volume production and large-scale integration. Applications for Aeluma’s technology include mobile, AI, defense and aerospace, robotics, automotive, AR/VR, and quantum. Headquartered in Goleta, California, Aeluma operates state-of-the-art R&D and manufacturing capabilities for semiconductor wafer production, quick-turn chip fabrication, rapid prototyping, test and validation. Aeluma also partners with production-scale fabrication foundries, packaging, and integration companies. For more information, visit www.aeluma.com.

Company:

Aeluma, Inc.
(805) 351-2707
info@aeluma.com

Investor Contact:

Financial Profiles, Inc.
Moira Conlon & Tony Rossi
(310) 622-8221
ir@aeluma.com

Aeluma, Inc. and Subsidiary Consolidated Balance Sheets
($ in thousands)		September 30, 2025 (unaudited)				June 30, 2025
Assets
Current assets:
Cash and cash equivalents		$	25,920			$	3,628
Certificate of deposit			12,227				12,112
Accounts receivable			1,248				962
Deferred compensation			-				-
Prepaids and other current assets			829				633
Total current assets			40,224				17,335
Property and equipment:
Equipment			1,902				1,692
Leasehold improvements			547				547
Accumulated depreciation			(1,122	)			(1,021	)
Property and equipment, net			1,327				1,218
Right of use asset - operating			1,078				836
Other assets			24				17
Total assets		$	42,653			$	19,406
Liabilities and stockholders' equity
Current liabilities:
Accounts payable		$	273			$	361
Accrued expenses and other current liabilities			306				206
Lease liability - operating, current portion			189				138
Derivative liabilities			-				-
Total current liabilities			768				705
Lease liability - operating, long-term portion			992				803
Convertible notes			-				-
Total liabilities			1,760				1,508
Commitments and contingencies			-				-
Stockholders’ equity:
Preferred stock			-				-
Common stock			2				2
Additional paid-in capital			59,030				34,542
Accumulated deficit			(18,139	)			(16,646	)
Total stockholders’ equity			40,893				17,898
Total liabilities and stockholders’ equity		$	42,653			$	19,406

Aeluma, Inc. and Subsidiary Consolidated Statements of Operations (unaudited)
		Three Months Ended
($ in thousands, except per share data)		September 30, 2025				June 30, 2025				September 30, 2024
Revenue		$	1,385			$	1,317			$	481
Operating expenses:
Cost of revenue			701				779				315
Research and development			606				165				401
General and administrative			1,686				1,342				496
Total operating expenses			2,993				2,286				1,212
Loss from operations			(1,608	)			(969	)			(731	)
Other income (expense):
Interest income			115				110				-
Amortization of discount on convertible notes			-				-				(145	)
Changes in fair value of derivative liabilities			-				-				146
Total other income, net			115				110				1
Loss before income tax expense			(1,493	)			(859	)			(730	)
Income tax expense			-				-				-
Net loss		$	(1,493	)		$	(859	)		$	(730	)
Net loss per share – basic and diluted		$	(0.09	)		$	(0.05	)		$	(0.06	)
Weighted average common shares outstanding – basic and diluted			16,141,153				15,824,222				12,178,424
Book value per share		$	2.53			$	1.13			$	0.14

Aeluma, Inc. and Subsidiary Reconciliation of GAAP and Non-GAAP Financial Measures (unaudited)
		Three Months Ended
($ in thousands, except per share data)		September 30, 2025				June 30, 2025				September 30, 2024
GAAP net loss		$	(1,493	)		$	(859	)		$	(730	)
Non-GAAP adjustments:
Stock-based compensation			1,056				744				167
Consulting and advisory - restricted stock award			-				3				7
Amortization of discount on convertible notes			-				-				145
Changes in fair value of derivative liabilities			-				-				(146	)
Total adjustments to GAAP net loss			1,056				747				173
Non-GAAP net loss		$	(437	)		$	(112	)		$	(557	)
Depreciation & amortization			102				109				100
Interest income			(115	)			(110	)			-
Adjusted EBITDA		$	(450	)		$	(113	)		$	(457	)
GAAP net loss per share – basic and diluted		$	(0.09	)		$	(0.05	)		$	(0.06	)
Non-GAAP adjustments			0.06				0.04				0.02
Non-GAAP net loss per share – basic and diluted		$	(0.03	)		$	(0.01	)		$	(0.04	)

Aeluma, Inc. and Subsidiary Consolidated Statements of Cash Flows (unaudited)
		Three Months Ended September 30,
($ in thousands)		2025				2024
Operating activities:
Net loss		$	(1,493	)		$	(730	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of deferred compensation			-				7
Stock-based compensation expense			1,056				167
Depreciation and amortization expense			102				100
Amortization of discount on convertible notes			-				145
Changes in fair value of derivative liabilities			-				(146	)
Changes in operating assets and liabilities:
Accounts receivable			(286	)			(262	)
Prepaids and other current assets			(196	)			(167	)
Other assets			(8	)				-
Accounts payable			(88	)			(79	)
Accrued expenses and other current liabilities			98				34
Net cash used in operating activities			(815	)			(931	)
Investing activities:
Purchase of equipment			(210	)			(2	)
Net cash used in investing activities			(210	)			(2	)
Financing activities:
Proceeds from stock option exercise			47				-
Proceeds from convertible notes issuance			-				3,145
Proceeds from public offering, net of offering costs			23,385				-
Net cash provided by financing activities			23,432				3,145
Net change in cash and cash equivalents, and certificate of deposit			22,407				2,212
Cash and cash equivalents, and certificate of deposit, beginning of period			15,740				1,291
Cash and cash equivalents, and certificate of deposit, end of period		$	38,147			$	3,503
Supplemental non-cash disclosures:
Right of use asset - operating obtained in exchange for lease liability - operating		$	274				-

FAQ

What were Aeluma's Q1 FY2026 revenue and cash balances (ALMU)?

Q1 FY2026 revenue was $1.4M and cash and cash equivalents were $38.1M as of Sept 30, 2025.

How much did Aeluma (ALMU) report for GAAP net loss in Q1 FY2026?

Aeluma reported a GAAP net loss of $1.5M, or ($0.09) per basic and diluted share, for Q1 FY2026.

What FY2026 revenue guidance did Aeluma (ALMU) provide on Nov 12, 2025?

The company affirmed full-year FY2026 revenue guidance in the range of $4.0M to $6.0M.

What operational progress did Aeluma (ALMU) announce in Q1 FY2026?

Aeluma announced a new R&D contract with NASA, nearly five-fold increase in outsourced wafer fabrication, equipment purchases for test capacity, and two new nonprovisional patent filings.

Why did Aeluma's (ALMU) net loss increase in Q1 FY2026?

Management attributed the higher net loss primarily to increased salaries, stock-based compensation, and employee benefits from new hires to scale operations.