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Aeluma, Inc.
(NASDAQ:ALMU)
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Rating:49Neutral
Price Target:
$7.50
▼(-47.26% Downside)
Action:Reiterated
Date:10/28/26
Overall score reflects weak operating results and ongoing cash burn (despite a relatively strong, low-leverage balance sheet) combined with bearish technicals (price below key moving averages and negative MACD). The earnings call provides partial offset via optimistic commercialization commentary and potential CHIPS support, but limited near-term revenue visibility and higher losses keep the score below average.
Positive Factors
Differentiated wafer-scale photonics platform
Aeluma’s heterogeneous integration approach is designed to combine compound-semiconductor performance with silicon manufacturing scale. That differentiation could support adoption in high-speed photonics and reduce exposure to the volume and scalability limitations associated with conventional indium phosphide platforms.
Negative Factors
Large losses and deteriorating margins
The current revenue base is not yet sufficient to support the company’s expanded operating structure, leaving profitability highly dependent on successful commercialization and scale. Lower gross margins also weaken the near-term earnings model and could make future investment more costly if improvement is delayed.
Read all positive and negative factors
Positive Factors
Negative Factors
Differentiated wafer-scale photonics platform
Aeluma’s heterogeneous integration approach is designed to combine compound-semiconductor performance with silicon manufacturing scale. That differentiation could support adoption in high-speed photonics and reduce exposure to the volume and scalability limitations associated with conventional indium phosphide platforms.
Read all positive factors
Aeluma, Inc. (ALMU) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$145.63M
Dividend YieldN/A
Average Volume (3M)735.02K
Price to Earnings (P/E)―
Beta (1Y)2.33
Revenue Growth-4.37%
EPS Growth-118.50%
CountryUS
Employees26
SectorGeneral
Sector StrengthN/A
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.52
Shares Outstanding19,314,922
10 Day Avg. Volume848,708
30 Day Avg. Volume735,020
Financial Highlights & Ratios
PEG Ratio-0.34
Price to Book (P/B)6.85
Price to Sales (P/S)87.44
P/FCF Ratio-99.71
Enterprise Value/Market Cap2.45
Enterprise Value/Revenue79.98
Enterprise Value/Gross Profit226.96
Enterprise Value/Ebitda-37.99
Forecast
1Y Price Target
$23.50Price Target Upside65.26% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
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
Aeluma generates revenue primarily through activities tied to its semiconductor device development and commercialization efforts. This can include (a) selling prototype or production devices and/or related components, and (b) performing contract r...
Aeluma, Inc. Earnings Call Summary
Earnings Call Date:Sep 16, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call was strongly optimistic about Aeluma's AI datacom opportunity, technology differentiation, customer engagement pipeline, manufacturing scale-up plans and strengthened balance sheet. However, the company remains pre-commercial, with approximately flat annual revenue, substantially higher losses, limited fiscal 2027 revenue visibility and unresolved CHIPS funding terms.Positive Updates
Large and Growing AI Datacom Opportunity
Management said demand for high-performance photonics is at an all-time high, with data center CapEx investments expected to reach $1.8 trillion in 2030, of which approximately 10% to 15% is for photonics.
Negative Updates
Revenue Approximately Flat Year Over Year
Fourth-quarter revenue was $582,000, and full-year fiscal 2026 revenue was $4.5 million, near the high end of the range provided on the Q3 call. Revenue, which primarily reflected government contracts, was approximately flat compared with $4.7 million in fiscal 2025.
Read all updates
Q4-2026 Updates
Positive
Negative
Large and Growing AI Datacom Opportunity
Management said demand for high-performance photonics is at an all-time high, with data center CapEx investments expected to reach $1.8 trillion in 2030, of which approximately 10% to 15% is for photonics.
Read all positive updates
Company Guidance
For fiscal 2027, Aeluma is “not providing official guidance,” but expects to recognize “approximately $2.3 million of currently booked government contract revenue,” with “the potential for an additional $2 million of opportunities under discussion”; prospective commercial NRE programs “may bring additional revenue,” while the CHIPS R&D Office funding is for “up to $30 million” and, if finalized, is “likely to be accounted for as an equity investment” and “not as revenue.” The company anticipates capital expenditures of “approximately $10 million to $12 million,” with the two MOCVD reactors viewed as “more of a onetime thing this year”; it said it “wouldn't expect a big increase in Q1, if any” in OpEx, which will “drift up from there,” and that fiscal 2027’s near-term commercialization focus is AI datacom.Aeluma, Inc. Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
74
Positive
Cash Flow
28
Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.46M | 4.67M | 919.00K | 193.34K | 0.00 |
| Gross Profit | 1.57M | 2.78M | 300.00K | 83.94K | 0.00 |
| EBITDA | -9.73M | -1.89M | -4.25M | -5.30M | -3.63M |
| Net Income | -9.16M | -3.02M | -4.56M | -5.38M | -3.45M |
Balance Sheet | |||||
| Total Assets | 60.66M | 19.41M | 3.84M | 7.16M | 5.93M |
| Cash, Cash Equivalents and Short-Term Investments | 56.01M | 15.74M | 1.29M | 5.07M | 3.74M |
| Total Debt | 2.02M | 941.00K | 1.07M | 458.66K | 615.69K |
| Total Liabilities | 3.73M | 1.51M | 1.57M | 1.05M | 831.14K |
| Stockholders Equity | 56.93M | 17.90M | 2.28M | 6.11M | 5.10M |
Cash Flow | |||||
| Free Cash Flow | -3.91M | -1.31M | -3.78M | -4.31M | -3.21M |
| Operating Cash Flow | -3.27M | -1.15M | -3.46M | -3.64M | -2.25M |
| Investing Cash Flow | -646.00K | -161.00K | -322.00K | -672.54K | -955.67K |
| Financing Cash Flow | 44.18M | 15.76M | -4.00K | 5.64M | 161.93K |
Aeluma, Inc. Technical Analysis
Negative
14.22
Price Trends
11.73
Negative
15.17
Negative
16.72
Negative
Market Momentum
-1.45
Negative
34.58
Neutral
61.38
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ALMU, the sentiment is Negative. The current price of 14.22 is above the 20-day moving average (MA) of 9.46, above the 50-day MA of 11.73, and below the 200-day MA of 16.72, indicating a bearish trend. The MACD of -1.45 indicates Negative momentum. The RSI at 34.58 is Neutral, neither overbought nor oversold. The STOCH value of 61.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ALMU.
Aeluma, Inc. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $375.80M | 20.97 | 30.52% | 5.16% | 24.06% | 29.27% | |
57 Neutral | $3.61B | 117.55 | 5.40% | ― | 89.14% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | $331.40M | -33.97 | -14.09% | ― | 28.74% | -1527.71% | |
53 Neutral | $163.50M | -4.84 | -31.56% | ― | 7.68% | 0.83% | |
49 Neutral | $145.63M | -14.43 | -20.50% | ― | -4.37% | -118.50% | |
46 Neutral | $130.73M | -5.32 | -70.93% | ― | 476.32% | 6.65% |
* General Sector Average
ALMU
Aeluma, Inc.
7.54
-8.77
-53.77%
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MRAM
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VLN
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1.51
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-17.49%
Aeluma, Inc. Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Aeluma CEO Ends Planned Insider Share Sale Program
Positive
Oct 22, 2026
On May 23, 2026, Aeluma, Inc. disclosed that President and Chief Executive Officer Jonathan Klamkin, who also serves as Chairman of the Board, adopted a Rule 10b5-1 trading plan providing for the potential sale of up to 300,000 shares of the compa...
Business Operations and StrategyRegulatory Filings and ComplianceShareholder Meetings
Aeluma, Inc. Eases Shareholder Meeting Quorum Requirements
Neutral
Sep 30, 2026
On September 29, 2026, Aeluma, Inc.’s Board of Directors approved and adopted amended and restated bylaws that lower the quorum requirement for stockholder meetings from a majority to one-third of the voting power of the company’s outs...
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...
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.