Aeluma, Inc. — Fiscal Year 2026 Earnings Summary

Financial Performance

• Q4 2026 revenue was $0.6 million, down from $1.3 million in Q4 2025.
• Full year 2026 revenue was $4.5 million, down from $4.7 million in the prior year.
• Q4 2026 net loss was $4.0 million ($0.22 per share), compared to a net loss of $0.9 million ($0.05 per share) in Q4 2025.
• Full year 2026 net loss was $9.2 million ($0.52 per share), compared to a net loss of $3.0 million ($0.23 per share) in the prior year.
• Q4 2026 Adjusted EBITDA loss was $2.9 million, compared to a loss of $0.1 million in the same period last year.
• Full year 2026 Adjusted EBITDA loss was $5.2 million, compared to a gain of $0.2 million in the prior year.
• Cash and cash equivalents totaled $56.0 million at June 30, 2026, up from $37.8 million in the prior quarter.
• Total current assets were $57.3 million at June 30, 2026, compared to $17.3 million at June 30, 2025.
• Total stockholders' equity was $56.9 million at June 30, 2026, compared to $17.9 million at June 30, 2025.
• Net cash used in operating activities for the twelve months ended June 30, 2026, was $3.3 million, compared to $1.1 million in the prior year.
• Net cash provided by financing activities for the twelve months ended June 30, 2026, was $44.2 million, compared to $15.8 million in the prior year.
• Stock-based compensation expense for the twelve months ended June 30, 2026, was $4.5 million, up from $1.9 million in the prior year.

Guidance and Future Outlook

• Fiscal 2027 will focus on technology and product development, expanding customer engagements, and growing the team.
• The company is in discussions with several prospective customers in the AI datacom industry regarding NRE agreements to support its go-to-market strategy.
• Management plans to add MOCVD wafer production capacity to support non-InP platforms.
• The CHIPS R&D funding, subject to definitive agreement negotiations, could accelerate the commercialization timeline.
• Management anticipates the Data Center IT Semiconductors and Components market will surpass $1.8 trillion in 2030.

Business Segments and Product Lines

• Revenue is primarily derived from government R&D contracts.
• Executed six new contracts totaling $5.3 million in value, including awards from NASA and the U.S. Navy.
• Advanced customer discussions for multi-million-dollar non-recurring engineering (NRE) negotiations focused on photonics for AI datacom.
• Product development focus includes scalable high-speed photodetectors and quantum dot lasers.
• Procuring additional MOCVD tools to increase wafer production capacity for non-indium-phosphide (non-InP) platforms.
• Strengthened relationships with Tower Semiconductor and Sumitomo Chemical Advanced Technologies to position for qualification and scaling.

Market and Competitive Landscape

• The AI Datacom opportunity has grown significantly, with market analysts projecting the Data Center IT Semiconductors and Components market will surpass $1.8 trillion in 2030.
• Photonic interconnects are identified as an important part of data center investments.
• The company specializes in high-performance, scalable technologies for AI, mobile, consumer, defense, aerospace, and quantum applications.

Risks and Challenges

• The company has a history of losses and limited operating history, with no assurance of achieving or sustaining profitability.
• Uncertainty exists regarding whether the U.S. Department of Commerce will enter into definitive award documents for the proposed CHIPS funding or if Aeluma will receive any portion of the funding.
• Risks include competitive, technological, and market risks affecting the adoption of semiconductor and photonics products.
• Potential dilutive effects from the issuance of common stock to the U.S. Department of Commerce and impacts of an equity stake by the U.S. government.
• Risks associated with the ability to satisfy applicable milestones associated with the proposed funding.
• General economic, geopolitical, and supply-chain conditions affecting the semiconductor industry.

Management Commentary and Tone

• CEO Jonathan Klamkin stated the company is transitioning from early-stage R&D government contracts to a focus on scale and commercialization.
• Management highlighted the establishment of a foundation for commercialization in fiscal 2026, including doubling the team size, establishing strategic manufacturing partnerships, and bolstering cash.
• Dr. Klamkin noted that customers are aligned with the company's strategy regarding the projected scale of market opportunities.
• The tone reflects a strategic shift toward commercialization and scaling, supported by new partnerships and funding opportunities.

Other Key Points

• Signed a Letter of Intent (LOI) with the Department of Commerce CHIPS R&D Office for up to $30 million for the development and commercialization of photonics for AI and Advanced Computing.
• Raised $20.1 million in net proceeds from the issuance of 830,484 shares at an average price of $24.87 under its existing at-the-market offering program.
• Expanded the team from 14 to more than 30 people, adding key leadership roles including a Vice President of Engineering and Senior Director of Program and Project Management.
• The Annual Meeting of Stockholders is scheduled for November 19, 2026.
• 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.