Business Description
Aeluma, Inc. is a US-based semiconductor company that develops high-performance optoelectronic and electronic devices for sensing, communication, and computing applications. The company specializes in manufacturing compound semiconductor materials and chips on large-diameter silicon wafers. Its products, which include shortwave infrared sensors and quantum dot lasers, are utilized across mobile, automotive, artificial intelligence, and defense markets.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 4,665 | 919 | 193 | — |
| Cost of Sales | 1,884 | 619 | 109 | — |
| Gross Profit | 2,781 | 300 | 84 | — |
| Selling, General & Administrative Expenses | 3,628 | 2,356 | 3,062 | 2,670 |
| Research & Development Expenses | 1,295 | 2,507 | 2,532 | 1,064 |
| Operating Profit | (2,142) | (4,563) | (5,510) | (3,734) |
| Interest and Investment Income | 113 | 1 | 1 | 2 |
| Interest Expense | (715) | — | — | — |
| Non-Operating Income | (278) | — | 129 | 280 |
| Total Non-Operating Income | (880) | 1 | 130 | 282 |
| Income Before Provision for Income Taxes | (3,022) | (4,562) | (5,380) | (3,452) |
| Consolidated Net Income | (3,022) | (4,562) | (5,380) | (3,452) |
| Net Income Attributable to Common Shareholders | (3,022) | (4,562) | (5,380) | (3,452) |
| Basic EPS | -0.23 | -0.37 | -0.47 | -0.32 |
| Diluted EPS | -0.23 | -0.37 | -0.47 | -0.32 |
| Basic Weighted Average Shares Outstanding | 13,168 | 12,298 | 11,379 | 10,650 |
| Diluted Weighted Average Shares Outstanding | 13,168 | 12,298 | 11,379 | 10,650 |
| Shares Outstanding | 15,864 | 12,178 | 12,818 | 10,650 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 15,740 | 1,291 | 5,072 | 3,741 |
| Total Cash and Cash Equivalents | 15,740 | 1,291 | 5,072 | 3,741 |
| Accounts Receivable | 962 | 60 | 189 | — |
| Total Trade Receivables | 962 | 60 | 189 | — |
| Other Current Assets | 633 | 42 | 73 | 690 |
| Total Current Assets | 17,335 | 1,393 | 5,334 | 4,431 |
| Net Property, Plant & Equipment | 2,054 | 2,431 | 1,807 | 1,463 |
| Net Intangible Assets | 4 | 7 | 10 | 13 |
| Other Long-Term Assets | 13 | 13 | 13 | 24 |
| Total Assets | 19,406 | 3,844 | 7,164 | 5,931 |
| Accounts Payable | 361 | 317 | 462 | 114 |
| Accrued Expenses | 206 | 181 | 133 | 101 |
| Current Portion of Leases | 138 | 129 | 162 | 157 |
| Total Current Liabilities | 705 | 627 | 757 | 372 |
| Leases | 803 | 941 | 296 | 459 |
| Total Long-Term Liabilities | 803 | 941 | 296 | 459 |
| Total Liabilities | 1,508 | 1,568 | 1,054 | 831 |
| Common Stock | 2 | 1 | 1 | 1 |
| Additional Paid-in Capital | 34,542 | 15,899 | 15,171 | 8,781 |
| Retained Earnings | (16,646) | (13,624) | (9,062) | (3,682) |
| Total Common Shareholders' Equity | 17,898 | 2,276 | 6,110 | 5,100 |
| Total Shareholders' Equity | 17,898 | 2,276 | 6,110 | 5,100 |
| Total Liabilities and Shareholders' Equity | 19,406 | 3,844 | 7,164 | 5,931 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | (3,022) | (4,562) | (5,380) | (3,452) |
| Depreciation & Amortization | 415 | 311 | 206 | 99 |
| Share-Based Compensation Expense | 1,893 | 732 | 448 | 204 |
| Other Adjustments | 1,013 | 33 | 920 | 849 |
| Changes in Trade Receivables | (902) | 129 | (189) | — |
| Changes in Accounts Payable | 44 | (144) | 348 | 46 |
| Changes in Accrued Expenses | 22 | 48 | 0 | 6 |
| Changes in Other Operating Activities | (611) | (2) | 8 | (5) |
| Cash from Operating Activities | (1,148) | (3,455) | (3,638) | (2,253) |
| Capital Expenditure | (161) | (322) | (673) | (956) |
| Cash from Investing Activities | (161) | (322) | (673) | (956) |
| Issuance of Long-Term Debt | 3,145 | — | — | — |
| Net Issuance / (Repayments) of Long-Term Debt | 3,145 | — | — | — |
| Issuance of Common Shares | 12,613 | — | 5,641 | 207 |
| Repurchases of Common Shares | — | (4) | — | — |
| Net Issuance / (Repurchases) of Common Shares | 12,613 | (4) | 5,641 | 207 |
| Other Financing Activities | — | — | — | (45) |
| Cash from Financing Activities | 15,758 | (4) | 5,641 | 162 |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 14,449 | (3,781) | 1,331 | (3,047) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $260M |
| P/E | -71.17x |
| P/S | 55.67x |
| EV/EBITDA | -141.81x |
| Return on Equity | -30.0% |
| Return on Invested Capital | -75.4% |
| Current Ratio | 24.59x |
| Free Cash Flow Margin | -28.1% |
Margins
Gross margin
59.6%
Operating margin
-45.9%
Net margin
-64.8%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q3 2026 | $1M | -2.6% | -173.9% | $-2M |
| Q2 2026 | $1M | -21.1% | -163.6% | $-2M |
| Q1 2026 | $1M | +187.9% | -116.1% | $-2M |
| Q4 2025 | $1M | +370.8% | -74.3% | $-1M |
| Q3 2025 | $1M | — | -66.3% | $-1M |
| Q2 2025 | $2M | — | 24.1% | $0M |
| Q1 2025 | $0M | — | -152.0% | $-1M |
| Q4 2024 | $0M | — | -353.5% | $-1M |
More on Aeluma, Inc.
Figures compiled from public company filings.
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