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 non-GAAP financial measures to the most directly comparable GAAP measures is included in the earnings press release and SEC filings.
Bouch is the perfect fit for Aeluma at this stage when we are receiving increasing requests for quotation and have begun taking sales orders. While initial orders are relatively small in value, this marks an important milestone toward broader market adoption. Bouch has a track record of taking technology to product, driving market adoption, and growing revenue. These other key appointments have strengthened our manufacturing partner relationships as we increase operations with foundries.
We will continue to expand the team and also evaluate strategic opportunities to accelerate our growth. Importantly, this independent validation enhances our credibility and relevance across multiple high-growth markets. Our government R&D contracts were the principal source of revenue for the quarter. As we have discussed previously, quarter-to-quarter revenue can vary based on the timing of meeting program milestones.
What went well
- Aeluma began taking initial sales orders and reported a rising number of requests for price quotations, marking an important first step toward commercial adoption as customer conversations shifted from interest to pricing and planning.
- The company hired semiconductor-photonics veteran Bouch Nassar (three decades at JDS Uniphase/Lumentum, SCD USA and Princeton Lightwave) as Senior Vice President of Business Development and Product to lead go-to-market.
- The GAAP net loss narrowed to $1.9 million from $2.9 million a year earlier, and the company ended the quarter with a strengthened balance sheet of $38.6 million in cash (up $425,000, partly from $690,000 of warrant exercises) and no long-term debt.
- Aeluma secured additional non-dilutive contract funding, including a NASA quantum-photonics award and funding to integrate quantum dot lasers into AIM Photonics' 300mm silicon-photonics platform.
- External validation grew: the company was named a 2025 LEAP Award winner for its wafer-scale SWIR photodetector platform, joined the Department of Defense's Midwest Microelectronics Consortium, and expanded its patent portfolio to 35 issued and pending patents.
- Management cited strong momentum across its three near-term markets - AI/data-center, mobile (SWIR sensors) and defense - noting mobile OEMs are positioning their supply chains to adopt SWIR.
What went wrong
- Revenue declined both year over year (to $1.3 million from $1.6 million) and sequentially (from $1.4 million), reflecting the milestone-driven timing of government R&D contracts.
- The adjusted EBITDA loss widened to $917,000 from $450,000 in the prior quarter and a $647,000 gain a year earlier, on higher salaries, stock-based compensation and R&D-related expense.
- Initial sales orders were explicitly described as small in value, and the company did not raise its full-year revenue guidance of $4-$6 million.
- Management declined to disclose the end markets, customers or product details behind the initial orders, or to commit to a timeline for SWIR adoption in mobile.
- The company remained pre-commercial at scale, still in evaluation and feasibility with customers and reliant on non-dilutive government funding to advance its technology.
Reported 2026-02-11 · figures from the Aeluma, Inc. Q2 2026 earnings call.