Aeluma, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsAeluma, Inc. is an early-stage semiconductor company developing compound semiconductor-based photodetectors and photonic devices for sensing, communication, and computing, with a focus on manufacturing scalability.
What they do
Aeluma develops high-performance optoelectronic and electronic devices using compound semiconductor materials on large-diameter substrates, aiming for cost-effective production. The company operates a 9,000 sq. ft. R&D/manufacturing cleanroom in Goleta, California, and partners with foundries and packaging companies. Applications include mobile, AI, defense & aerospace, communication, AR/VR, and quantum computing. Revenue is primarily derived from R&D contracts, with no volume production yet.
Revenue drivers
- Government R&D contracts — Primary revenue source; contracts with NASA, DARPA, Department of Energy, and U.S. Navy, including an $11.7 million DARPA contract and a $1.3 million Navy contract.
- Commercial development engagements — Six new development engagements totaling $5 million in fiscal 2026, with recent contracts for quantum dot lasers and materials.
- Potential product sales — Photodetectors and photodetector arrays for imaging in mobile devices; not yet in volume production.
Recent performance
For Q3 fiscal 2026 (ended March 31, 2026), revenue was $1.2 million, down from $1.3 million in Q3 2025 and flat sequentially. GAAP net loss was $1.8 million, or $0.10 per share, compared to a net gain of $1.5 million in Q3 2025 (which included a one-time $2.3 million derivative gain). Adjusted EBITDA loss was $911 thousand. Cash and equivalents were $37.8 million as of March 31, 2026. Full-year fiscal 2025 revenue was $4.7 million with a net loss of $3.0 million.
Strategy
Management aims to leverage industry constraints on indium phosphide technology to drive adoption of Aeluma's platform, particularly for AI datacom, defense, and quantum applications. The company is expanding through manufacturing partnerships with Tower Semiconductor and Sumitomo Chemical Advanced Technologies, senior hires, and continued R&D contracts. Aeluma also filed a $100 million shelf registration for capital flexibility. The focus is on scaling towards commercialization with targeted development engagements.
Risks
- Early stage, no volume production — The company is not in volume production and lacks operating history, making revenue unpredictable and profitability uncertain.
- Dependence on government contracts — Revenue relies heavily on R&D contracts from agencies like DARPA and NASA, which are subject to milestones and appropriation risks.
- Cash burn and capital needs — Despite $37.8 million cash, the company has sustained net losses and negative operating cash flows, requiring future funding to continue operations.
- Competitive and technological changes — The semiconductor market is intensely competitive with rapidly changing technology, and Aeluma's compound semiconductor approach may not achieve market acceptance.
Outlook
Management is optimistic about near-term supply gaps in photonics driven by AI data center buildout. The company has met its fiscal 2026 objective of 3-7 new contracts, with six totaling $5 million. They expect to continue scaling through manufacturing partnerships and expand across mobile, defense, and quantum applications. However, no specific forward-looking financial guidance is provided.