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Aeluma, Inc.
(NASDAQ:ALMU)
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Rating:48Neutral
Price Target:
$15.00
▲(5.49% Upside)
Action:Reiterated
Date:07/30/26
The score is held down primarily by weak financial performance (sharp TTM revenue decline, very large operating losses, and negative free cash flow) and a clearly bearish technical trend (price below all major moving averages). Offsetting factors include a strong liquidity/capital structure and a more constructive strategic outlook from the latest call and corporate updates (non-dilutive contract wins and potential CHIPS funding), but these are not yet translating into sustainable revenue growth or profitability.
Positive Factors
Strong liquidity & low leverage
Aeluma's sizable cash balance and negligible long-term debt provide multi-quarter runway to fund R&D, hires and scale pilot production without immediate dilution. This financial flexibility reduces short-term solvency risk and enables execution on multi-stage commercialization programs and partnership milestones.
Negative Factors
Sharp revenue decline
Aeluma's steep TTM revenue drop signals commercialization timing issues and near-term demand volatility. Persistent low revenue limits operating leverage, slows margin expansion, and makes multi-quarter progress toward sustainable commercial scale and profitability more uncertain for investors and partners.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong liquidity & low leverage
Aeluma's sizable cash balance and negligible long-term debt provide multi-quarter runway to fund R&D, hires and scale pilot production without immediate dilution. This financial flexibility reduces short-term solvency risk and enables execution on multi-stage commercialization programs and partnership milestones.
Read all positive factors
Aeluma, Inc. (ALMU) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$249.30M
Dividend YieldN/A
Average Volume (3M)484.01K
Price to Earnings (P/E)―
Beta (1Y)2.01
Revenue Growth43.23%
EPS Growth-34.14%
CountryUS
Employees13
SectorGeneral
Sector StrengthN/A
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.34
Shares Outstanding19,265,670
10 Day Avg. Volume435,020
30 Day Avg. Volume484,009
Financial Highlights & Ratios
PEG Ratio1.88
Price to Book (P/B)12.04
Price to Sales (P/S)46.21
P/FCF Ratio-164.68
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.31
Revenue Forecast (FY)$7.09M
Aeluma, Inc. Business Overview & Revenue Model
Company Description
Aeluma, Inc. engineers optoelectronic components primarily for integration into sensing and communication systems. The company fabricates these devices utilizing compound semiconductor materials applied to large-diameter silicon wafers, similar to...
How the Company Makes Money
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Aeluma, Inc. Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Sep 16, 2026
Earnings Call Sentiment Neutral
The call presented a balanced picture: strong technological momentum, expanding commercial interest (notably in AI datacom and SWIR), strategic partnerships and non-dilutive contract wins provide meaningful operational progress and optionality. However, near-term financials are pressured by modest revenue, GAAP losses, negative adjusted EBITDA and timing-related guidance narrowing driven by government contract delays. Customer qualification and scaled production remain future milestones. Given both tangible technical and commercial advances alongside clear financial and timing risks, the overall tone is cautiously optimistic but still early-stage.Positive Updates
Technology Traction and Differentiation
Aeluma is gaining meaningful interest for its non-indium phosphide approach (InGaAs photodiodes on large-diameter substrates and MOCVD quantum dot lasers). Management highlighted strong attention at OFC and positioning at the intersection of compound semiconductors and scalable microelectronics manufacturing.
Negative Updates
Revenue Slightly Declined and Flat Sequentially
Q3 revenue was $1.2 million, down from $1.3 million in the prior-year Q3 and $1.3 million in the prior quarter (approximately -7.7% year-over-year and -7.7% sequential). Government R&D contracts remained the principal source of revenue.
Read all updates
Q3-2026 Updates
Positive
Negative
Technology Traction and Differentiation
Aeluma is gaining meaningful interest for its non-indium phosphide approach (InGaAs photodiodes on large-diameter substrates and MOCVD quantum dot lasers). Management highlighted strong attention at OFC and positioning at the intersection of compound semiconductors and scalable microelectronics manufacturing.
Read all positive updates
Company Guidance
Aeluma updated full‑year revenue guidance to $4.2M–$4.6M (narrowed from $4.0M–$6.0M), citing delays in government contract awards and program start dates that are expected to push some revenue into fiscal 2027; Q3 revenue was $1.2M (vs. $1.3M year‑ago and prior quarter), GAAP net loss was $1.8M (‑$0.10/share), non‑GAAP net loss was $701K (‑$0.04/share), and adjusted EBITDA loss was $911K, while cash and equivalents totaled $37.8M (down $792K from the prior quarter); management noted six new non‑dilutive contracts totaling well over $5M, an ATM allocation of $50M on the existing shelf (no shares sold), and plans to increase spending and R&D as they pursue later‑stage, transition‑oriented government awards and commercial opportunities.Aeluma, Inc. Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
66
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.20M | 4.67M | 919.00K | 193.34K | 0.00 | 0.00 |
| Gross Profit | 2.17M | 2.78M | 300.00K | 83.94K | 0.00 | 0.00 |
| EBITDA | -5.90M | -1.89M | -4.25M | -5.30M | -3.63M | -11.67K |
| Net Income | -6.00M | -3.02M | -4.56M | -5.38M | -3.45M | -13.47K |
Balance Sheet | ||||||
| Total Assets | 42.52M | 19.41M | 3.84M | 7.16M | 5.93M | 9.08M |
| Cash, Cash Equivalents and Short-Term Investments | 37.78M | 15.74M | 1.29M | 5.07M | 3.74M | 6.79M |
| Total Debt | 1.09M | 941.00K | 1.07M | 458.66K | 615.69K | 767.60K |
| Total Liabilities | 2.43M | 1.51M | 1.57M | 1.05M | 831.14K | 897.56K |
| Stockholders Equity | 40.09M | 17.90M | 2.28M | 6.11M | 5.10M | 8.19M |
Cash Flow | ||||||
| Free Cash Flow | -2.22M | -1.31M | -3.78M | -4.31M | -3.21M | -107.61K |
| Operating Cash Flow | -1.71M | -1.15M | -3.46M | -3.64M | -2.25M | -1.38K |
| Investing Cash Flow | -514.83K | -161.00K | -322.00K | -672.54K | -955.67K | -106.23K |
| Financing Cash Flow | 24.14M | 15.76M | -4.00K | 5.64M | 161.93K | 145.70K |
Aeluma, Inc. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $485.65M | 26.99 | 30.53% | 3.98% | 24.07% | 23.86% | |
65 Neutral | $4.04B | 2,579.08 | 1.00% | ― | 45.81% | ― | |
61 Neutral | $398.61M | -151.29 | -3.79% | ― | 20.89% | -240.91% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | $185.16M | -5.48 | -31.56% | ― | 7.68% | 0.83% | |
48 Neutral | $249.30M | -37.32 | -17.19% | ― | 43.23% | -34.14% | |
47 Neutral | $157.66M | -6.12 | -77.91% | ― | 369.39% | 1.34% |
* General Sector Average
ALMU
Aeluma, Inc.
12.94
-5.26
-28.90%
AXTI
AXT
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58.60
1927.63%
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100.40
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4.04
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22.05%
MRAM
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16.37
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VLN
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1.71
-0.24
-12.31%
Aeluma, Inc. Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Aeluma Secures Proposed CHIPS Act Funding Commitment
Positive
Jul 30, 2026
On July 29, 2026, Aeluma, Inc. announced it had signed a Letter of Intent with the U.S. Department of Commerce for up to $30 million in proposed funding under the CHIPS and Science Act. The contemplated award is intended to support research and de...
Business Operations and StrategyProduct-Related Announcements
Aeluma Showcases Breakthrough 300mm Photonics Manufacturing Platform
Positive
May 19, 2026
Aeluma, Inc. is a semiconductor company focused on next-generation photonics, developing indium gallium arsenide (InGaAs) image sensors and high-speed photodiodes for shortwave infrared applications across mobile and consumer electronics, defense ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.