These risks and uncertainties are detailed in the earnings press release issued today, along with the reports filed with the United States Securities and Exchange Commission. These reports, along with today's earnings release, can be found under the Investors section of our website. Throughout the discussion, the company will refer to non-GAAP financial measures, including EBITDA and adjusted EBITDA. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures is included in our earnings press release and SEC filings.
By way of introduction, Chris brings over 20 years of financial leadership experience at high-growth technology companies. Chris has the strategic and financial perspective needed to scale Aeluma through its next stage of growth. These partnerships have brought non-dilutive capital for strategic R&D that has enabled technical feasibility and provided market credibility. To this end, we have attracted significant interest from prospective customers, and our pipeline of opportunity is growing.
We expect our future business development team to advance these engagements across our funnel and to increase the pipeline to approximately double the number of commercial revenue growth opportunities over the next fiscal year. On March 28, we announced both our uplisting to Nasdaq and the closing of an oversubscribed public offering with $13.8 million in gross proceeds to pursue significant growth opportunities we see in commercial markets. With our capital-like manufacturing model, we believe Aeluma is positioned to scale quickly and effectively to address mass market opportunities. Our efforts in fiscal 2026 are aimed at establishing the foundation to transition from R&D revenue to commercial product revenue.
What went well
- Fiscal fourth-quarter revenue reached $1.3 million versus $279,000 a year earlier, and full-year revenue of $4.7 million (up from $919,000 in fiscal 2024) came in slightly above the high end of prior guidance of $4.4-$4.6 million.
- Full-year adjusted EBITDA turned positive at $186,000, a swing from a $3.5 million adjusted EBITDA loss in fiscal 2024, driven primarily by the $3.7 million increase in revenue.
- The company ended the year with a strong balance sheet of $15.7 million in cash and cash equivalents (up from $1.3 million a year earlier) and no debt, with net cash used in operations of only $1.1 million for the year.
- Aeluma completed its uplisting to Nasdaq and an oversubscribed public offering with $13.8 million in gross proceeds, and was subsequently added to the Russell 3000 and MSCI Global Micro Cap indices.
- Management cited 20 active engagements with prospective customers (OEMs, Tier 1/Tier 2 suppliers, system integrators and chip manufacturers) and new government wins with NASA, the U.S. Navy and the Department of Energy, plus a quantum manufacturing breakthrough with Thorlabs on a 300mm-scalable platform.
- New CFO Christopher Stewart joined and appeared on the call, adding financial leadership as the company prepares to scale.
What went wrong
- The fourth quarter posted a GAAP net loss of $859,000 ($0.05 per share) and a non-GAAP net loss of $112,000, and Q4 adjusted EBITDA was a loss of $113,000, down sequentially from a $109,000 gain in the prior quarter.
- Revenue remains almost entirely dependent on milestone-based government and commercial R&D contracts, and management cautioned that the timing of hitting milestones causes quarter-to-quarter revenue variability.
- The company has not yet generated commercial product revenue; all 20 active engagements are still in the early discovery, evaluation and sampling stages, with no design wins or qualification commitments announced.
- Management guided to a gradual increase in cash burn in fiscal 2026 as headcount roughly doubles and wafer-fab spending rises ahead of any commercial revenue.
- Fiscal 2026 revenue guidance of $4-$6 million implies little to no growth over fiscal 2025 at the midpoint, reflecting a deliberate shift of focus and selectivity away from smaller government contracts.
Reported 2025-09-09 · figures from the Aeluma, Inc. Q4 2025 earnings call.