10-Q · May 13, 2026
Aeluma Inc. reported Q3 fiscal 2026 results with revenues of $1.22 million, missing estimates of $1.35 million, while EPS matched expectations at -$0.04. The company narrowed its fiscal year 2026 revenue guidance to…
Earnings analysis · 10-K
ALMU earnings analysis
Filed September 16, 2026 · Our reading of the company's report
The latest report
Aeluma remains a development-stage photonics company with a potentially differentiated materials and manufacturing platform, government contract activity and $56.0 million of liquidity. However, fiscal 2026 revenue fell…
Read full summary
Aeluma remains a development-stage photonics company with a potentially differentiated materials and manufacturing platform, government contract activity and $56.0 million of liquidity. However, fiscal 2026 revenue fell 4% while operating expenses rose 115%, driving a $9.159 million net loss and an approximately negative 228.4% operating margin. The company also disclosed a material weakness in financial controls, significant customer concentration and continued reliance on equity financing, while the proposed $30 million CHIPS award remains conditional and potentially dilutive.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.52
- Segment
- Single operating and reportable segment: photonic and electronic technologies; fiscal 2026 revenue was $4.461 million, including $4.3 million from government contracts and $183 thousand from other products and services.
What stood out
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Proprietary Photonics Platform and Broad Roadmap
Aeluma describes a proprietary platform combining compound semiconductor materials with large-diameter substrates for photodetectors, arrays, lasers, optical amplifiers and other photonic devices serving communications, AI datacom, defense, aerospace and sensing markets.
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Government Contract Pipeline Expanded
The company entered into six new government customer contracts during fiscal 2026, including NASA, the State University of New York and the Office of the Secretary of Defense. Remaining performance obligations under obligated government contracts were approximately $5.4 million, with an additional $5.7 million of contingent obligations.
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Strong Near-Term Liquidity
Cash, cash equivalents and a certificate of deposit increased to $56.0 million at June 30, 2026 from $15.7 million a year earlier, primarily due to $43.5 million of net proceeds from public offerings. Management stated that available liquidity and ATM capacity should fund operations and capital expenditures for the next twelve months and beyond.
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Potential CHIPS Act Support
The proposed CHIPS Act award could provide up to $30 million to support R&D of Aeluma’s non-InP semiconductor manufacturing platform. The filing states that, upon final documentation, equity securities would be issued to the Department of Commerce with an aggregate value equal to the award amount.
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Government Revenue Base
Government-contract revenue remained the core business, contributing $4.3 million of the $4.461 million fiscal 2026 revenue, while remaining performance obligations totaled approximately $5.4 million under obligated contracts.
What to watch
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Losses and Operating Leverage Deteriorated
Revenue declined 4% to $4.461 million from $4.665 million, while operating expenses increased 115% to $14.647 million. The company reported a $9.159 million net loss versus $3.022 million in fiscal 2025, and operating margin was approximately negative 228.4% based on the reported $10.186 million operating loss.
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Material Weakness in Financial Controls
Management concluded that disclosure controls and internal control over financial reporting were not effective as of June 30, 2026 because of insufficient technical accounting personnel and difficulty evaluating and recording complex, non-routine transactions. The company classified this deficiency as a material weakness and has engaged a third-party firm for remediation.
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High Customer Concentration
Two customers represented 59% and 14% of fiscal 2026 revenue, and 100% of accounts receivable was attributable to four customers, including government agencies. This concentration creates material dependence on a limited number of contracts and government customers.
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Ongoing Financing and Dilution Risk
The company has raised approximately $60 million through public offerings since March 2025 and had $29.3 million of remaining capacity under its $50 million ATM program. Shares outstanding increased from 15.86 million at June 30, 2025 to 19.26 million at June 30, 2026, while the potential $30 million CHIPS award would require issuing equity securities with an aggregate value equal to the award amount.
Management's outlook
No quantitative fiscal 2027 revenue or EPS guidance is provided in the 10-K. The CHIPS Act letter of intent contemplates up to $30 million of funding, but remains subject to due diligence, government approvals, and definitive award documents.
Earlier filings 4
10-Q · February 11, 2026
Aeluma reported quarterly revenue of $1,272,000 (down $340,000 or 21.1% vs $1,612,000 a year ago) and GAAP net loss of $1,853,000 (loss per share $0.11). Liquidity materially improved after equity raises — cash and cash…
10-K · September 9, 2025
Aeluma positions itself as a wafer-scale heterogeneous integration semiconductor company targeting high-performance photodetectors for markets including mobile, defense, AI and quantum. The 10-K emphasizes recent…
10-Q · February 11, 2025
Aeluma reported a sharp revenue pickup to $1,612,519 for the three months ended December 31, 2024 (vs. $262,992 in the prior-year quarter) driven primarily by government contracts, producing gross profit of $1,027,970…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.