Aeluma, Inc. — First Quarter Fiscal 2027 Earnings Summary

Financial Performance:

• Revenue for the quarter ended September 30, 2026, was $0.6 million, a decrease from $1.4 million in the first quarter of fiscal 2026.
• Net loss was $3.8 million, or ($0.19) per basic and diluted share, compared to a net loss of $1.5 million, or ($0.09) per share, in the same period last year.
• Adjusted EBITDA loss was $2.7 million, compared to an adjusted EBITDA loss of $0.4 million in the prior year period.
• Cash and cash equivalents totaled $53.9 million at September 30, 2026, down from $56.0 million at June 30, 2026.
• Total assets were $58.5 million at September 30, 2026, compared to $60.7 million at June 30, 2026.
• Total liabilities were $3.8 million at September 30, 2026, compared to $3.7 million at June 30, 2026.
• Stockholders' equity was $54.7 million at September 30, 2026, compared to $56.9 million at June 30, 2026.
• Net cash used in operating activities was $1.7 million for the three months ended September 30, 2026, compared to $0.8 million in the same period in 2025.
• Net cash used in investing activities was $0.3 million for the three months ended September 30, 2026, compared to $0.2 million in the prior year period.
• Net cash provided by financing activities was $0.1 million for the three months ended September 30, 2026, compared to $23.4 million in the prior year period.

Guidance and Future Outlook:

• CEO Jonathan Klamkin stated that the U.S. AI infrastructure buildout is expected to reach an aggregate investment of $10.3 trillion by 2032.
• Customer discussions involve potentially high-volume demand to support the AI infrastructure buildout from 2028 through 2032.
• The company remains focused on technology and product development for AI Datacom opportunities throughout fiscal 2027.
• Aeluma is negotiating with the U.S. Department of Commerce CHIPS R&D Office for up to $30 million in proposed funding for the development and commercialization of photonics for AI and Advanced Computing.

Business Segments and Product Lines:

• Revenue was generated primarily from R&D contracts.
• Advanced development is underway for high-speed photodetectors and quantum dot lasers.
• Aeluma finalized a purchase agreement with Aixtron for a new 200 mm capable MOCVD system to expand manufacturing capacity and accelerate development for non-indium-phosphide photonics.
• The company is leveraging capabilities with supply chain partners such as Sumitomo Chemical Advanced Technologies to ready technology in a production environment.
• Customer engagements have expanded in Datacom and other markets regarding product opportunities and non-recurring engineering investments.

Market and Competitive Landscape:

• Demand for photonic components includes lasers, modulators, photodetectors, and photonic integrated circuits (PICs).
• The market faces supply chain constraints, specifically regarding indium phosphide substrate production and wafer fab capacity.
• Aeluma differentiates its strategy by leveraging gallium arsenide or silicon substrates and existing fabs qualified for large-volume markets, rather than relying on constrained indium phosphide supply chains.
• Applications for Aeluma's technology include mobile, AI, defense and aerospace, robotics, automotive, AR/VR, and quantum.

Risks and Challenges:

• The press release notes that actual results may differ materially from forward-looking statements due to known and unknown risks, uncertainties, and assumptions.
• Specific risks include the difficulty or impossibility of predicting market position, product development, manufacturing, sales, and partner relations.
• Supply chain constraints in indium phosphide substrate production and wafer fab capacity are identified as market challenges.

Management Commentary and Tone:

• CEO Jonathan Klamkin expressed confidence in the vast opportunities for photonics, spanning scale-up and scale-out AI architectures in data centers.
• Management highlighted that Aeluma's high-speed photodetectors and quantum dot lasers continue to attract customer attention.
• The tone indicates a focus on transitioning technology from development to production environments through strategic partnerships and manufacturing capacity investments.

Other Key Points:

• Aeluma's 2026 Annual Meeting of Stockholders was held virtually on November 19, 2026.
• Stockholders of record as of September 23, 2026, were entitled to vote.
• The company operates state-of-the-art R&D and manufacturing capabilities for semiconductor wafer production, quick-turn chip fabrication, rapid prototyping, test, and validation.
• Aeluma partners with production-scale fabrication foundries, packaging, and integration companies.