These risks and uncertainties are detailed in the earnings press release issued today, along with the reports filed with the U.S. These reports, along with today's earnings release, can be found under the investor section of our website. Throughout the discussion, the company will refer to non-GAAP financial measures, including EBITDA and adjusted EBITDA. A reconciliation of our non-GAAP financial measures to the most directly comparable GAAP measures is included in our earnings press release and SEC filings.

Its rapid acceleration is driving unprecedented demand for optical component technologies for AI infrastructure. Aeluma's technology also applies to other high-growth market verticals, including defense and aerospace, mobile and consumer electronics, industrial and robotics, to name a few. As we navigate a period of unprecedented demand, customer opportunities continue to expand, fueling our go-to-market plan. To begin, we completed an oversubscribed capital raise which strengthened our no-debt balance sheet and boosted our cash to $38 million.

With this strong financial position, plus the revenue generated from R&D contracts, we continue to execute our strategic priorities and accelerate our transition to commercialization. On the latter, we recently inked an amazing deal to acquire significant capital equipment assets from a major components and solutions provider at nearly one cent on the dollar. The demand for high-performance semiconductor components continues to rise, especially for photonic technologies supporting the adoption of AI. We are pleased to report another solid quarter of revenue from our government and commercial contracts.

What went well
  • First-quarter revenue rose to $1.4 million from $481,000 a year earlier, and the company again hit all of its planned contract milestones, extending its delivery track record.
  • A follow-on public offering of 1.955 million shares raised $23.4 million in net proceeds, more than doubling cash to $38.1 million with no long-term debt.
  • Aeluma increased wafer-fabrication levels at its foundry partners nearly fivefold and invested in wafer-scale test capabilities, including acquiring significant capital equipment from a major provider at nearly one cent on the dollar.
  • The company signed a new NASA contract to leverage its scalable semiconductor platform for quantum applications, providing non-dilutive R&D funding.
  • Management reported growing customer interest, especially in optical components for AI infrastructure, and filled key roles including Director of Supply Chain Manufacturing and Director of Technology Enablement.
  • Aeluma announced it would present its scalable photonics platform (with Thorlabs) at SPIE Photonics West in January and host a booth to meet existing and prospective customers.
What went wrong
  • GAAP net loss widened to $1.5 million ($0.09 per share) from an $859,000 loss in the prior quarter, primarily on higher payroll and stock-based compensation, and adjusted EBITDA loss increased to $450,000 from $113,000 sequentially.
  • Full fiscal 2026 revenue expectations remained at roughly $4 million, implying little year-over-year growth as the company prioritizes commercialization readiness over contract revenue.
  • The company had still not converted engagements into commercial orders, with the goal of reaching only 'initial commercial product revenue' sometime during the fiscal year and no volume or pricing visibility offered.
  • A U.S. government shutdown and budget slowdown were causing delays and, in some cases, cancellation or reformatting of programs Aeluma had bid on, though management said it was not relying on those bids.
  • Management signaled spending and cash burn would drift up through the year as it invests in production, business development, manufacturing and operations teams.

More on Aeluma, Inc.

Reported 2025-11-12 · figures from the Aeluma, Inc. Q1 2026 earnings call.

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