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.

This has placed an historic demand on high-performance photonics for interconnects, and the supply chain wasn't prepared. Second, although efforts are being made to transition to 6-inch indium phosphide, many claim this won't provide sufficient supply to meet market demand. Suppliers are sold out for years with only limited increase in capacity expected in the near term, and geopolitics adding a degree of uncertainty. We attracted strategic government and commercial partners, and we grew our talented team to continue building traction across AI, mobile, defense and aerospace, and other key markets.

The industry is hungry for a solution to address near-term demand and supply chain constraints and to enable future generation integrated microsystems such as co-packaged optics or CPO. They are taking measures to address near-term needs while also anticipating massive future growth opportunities. The growing demand for 200G per lane transceivers and the transition to 400G per lane provide opportunities for Aeluma's high-speed InGaAs photodiodes. The interest in quantum dot lasers has surged for their potential to improve power handling, increase reliability, and eliminate optical isolators.

What went well
  • Aeluma met its stated fiscal 2026 goal of winning three to seven new development contracts, securing six contracts to date totaling well over $5 million in non-dilutive funding.
  • The company announced manufacturing partnerships with Tower Semiconductor (a pure-play foundry with a 200mm California fab) and Sumitomo Chemical Advanced Technologies for scaling wafer production across multiple markets.
  • Management reported sharply accelerating AI-datacenter interest after the OFC conference, positioning Aeluma's non-indium-phosphide high-speed InGaAs photodiodes and MOCVD quantum dot lasers to address industry-wide indium-phosphide substrate and laser shortages.
  • The customer pipeline grew from about 20 engagements to upwards of 30, with more than 15 new engagements, many stemming from AI datacom.
  • The company ended the quarter with a strong balance sheet of $37.8 million in cash and no long-term debt, and established a $50 million ATM facility (from existing shelf capacity, no shares sold) as a prudent, flexible financing option.
  • Management highlighted that its quantum dot laser opportunity had pulled in as customer interest surged, and that Aeluma is the first company to offer higher-throughput MOCVD (versus MBE) quantum dot lasers.
What went wrong
  • Aeluma narrowed and effectively lowered its full-year revenue guidance to $4.2-$4.6 million from $4-$6 million, citing delays in executing and starting several government contracts, including shutdown-related delays.
  • Revenue slipped to $1.2 million, down year over year and sequentially, and the GAAP net loss was $1.8 million ($0.10 per share) versus net income of $1.5 million a year earlier (which had included a one-time $2.3 million derivative gain).
  • The adjusted EBITDA loss of $911,000 was roughly in line with the prior quarter but a sharp reversal from a $109,000 gain a year earlier, as employee and R&D spending continued to rise.
  • Cash declined $792,000 sequentially on higher hiring and R&D investment, and management expects spending to keep increasing.
  • The company remained pre-qualification with customers - not yet fully qualified by any specific customer - and some revenue from the six new contracts is expected to slip into fiscal 2027.

More on Aeluma, Inc.

Reported 2026-05-13 · figures from the Aeluma, Inc. Q3 2026 earnings call.

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