Core Insights - The article highlights Richard Prati's extensive experience in equity analysis and investment, emphasizing his nearly 40 years in the field and 20 years on Wall Street, including co-founding American Technology Research and selling it in 2008 [1]. Group 1 - Richard Prati has nearly 40 years of equity analysis and investment experience [1] - He spent nearly 20 years on Wall Street in various positions [1] - He co-founded American Technology Research and sold the company in 2008 [1]

Core Insights - Aeluma, Inc. is a semiconductor company focused on high-performance technologies for various sectors including mobile, AI, defense, aerospace, robotics, automotive, AR/VR, and quantum computing [1][4] - The company will participate in a fireside chat on December 18, 2025, hosted by Benchmark Company [1] - Aeluma has filed a new patent application for volume manufacturing of compound semiconductor photonics, enhancing its intellectual property portfolio [3] Company Overview - Aeluma specializes in high-performance photonic and electronic technologies that are scalable, combining compound semiconductors with mass market microelectronics [4] - The company is headquartered in Goleta, California, and has advanced R&D and manufacturing capabilities for semiconductor wafer production and quick-turn chip fabrication [4] - Aeluma collaborates with production-scale fabrication foundries and integration companies to support its manufacturing processes [4] Recent Developments - Aeluma joined the MMEC, a hub for microelectronics innovation under the Department of War's Microelectronics Commons Program [3] - The company secured a contract with NASA to utilize its scalable semiconductor platform for low size, weight, and power quantum systems [3]

Core Insights - Aeluma, Inc. has expanded its intellectual property portfolio to 35 issued and pending patents, enhancing its heterogeneous integration platform for semiconductor manufacturing [1][2][3] Group 1: Patent Application and Technology - The latest patent application focuses on volume manufacturing of compound semiconductor photonics for various applications, including mobile and consumer electronics [2] - This new patent complements existing patents related to 3D imaging sensors and large-format imagers for defense systems, reinforcing Aeluma's proprietary technology [2][3] - The company's patent portfolio is designed to protect the entire commercialization lifecycle, covering heterogeneous integration and manufacturing processes for target markets such as mobile, AI, and defense [3] Group 2: Commercialization Strategy - Intellectual property development is crucial for Aeluma as it approaches commercialization, with ongoing evaluations from customers for potential technology integration [3] - The company maintains trade secrets related to its manufacturing processes, which are essential for scaling high-performance semiconductors [3] Group 3: Company Overview - Aeluma specializes in high-performance photonic and electronic technologies, combining compound semiconductors with scalable manufacturing for mass-market microelectronics [4] - The company operates advanced R&D and manufacturing facilities in Goleta, California, and collaborates with production-scale fabrication foundries [4]

Core Insights - Aeluma, Inc. is a semiconductor company focused on high-performance, scalable technologies for various applications including mobile, AI, defense, aerospace, robotics, automotive, AR/VR, and quantum computing [1][3] Company Overview - Aeluma operates a proprietary platform that integrates compound semiconductors with scalable manufacturing for mass market microelectronics, enabling volume production and large-scale integration [3] - The company is headquartered in Goleta, California, and has advanced R&D and manufacturing capabilities for semiconductor wafer production, quick-turn chip fabrication, rapid prototyping, and testing [3] - Aeluma collaborates with production-scale fabrication foundries, packaging, and integration companies to enhance its manufacturing capabilities [3] Upcoming Events - Aeluma's CEO Jonathan Klamkin and CFO Christopher Stewart will participate in the Northland Growth Conference on December 16, 2025, through virtual one-on-ones and small group meetings [1]

Core Insights - Aeluma, Inc. (ALMU) is a micro-cap company in the semiconductor industry with a market capitalization of approximately $250 million, demonstrating strong alpha generation this year [1] Company Overview - Aeluma, Inc. is categorized as a micro-cap stock, indicating its smaller size relative to larger companies in the market [1] - The company has shown solid performance in terms of returns, outperforming the average returns of micro-cap stocks [1]

Core Insights - Aeluma, Inc. has joined the Midwest Microelectronics Consortium (MMEC) to enhance its role in the U.S. microelectronics sector, focusing on high-performance technologies for various applications including AI and defense [1][2] - The MMEC is part of the Microelectronics Commons, a national network aimed at transitioning critical technologies from research to domestic manufacturing, aligning with Aeluma's goals to address technology challenges in the semiconductor ecosystem [2] Company Overview - Aeluma specializes in scalable semiconductor photonics and electronic technologies, combining compound semiconductors with advanced manufacturing processes for mass market applications [3] - The company operates R&D and manufacturing facilities in Goleta, California, and collaborates with foundries and integration companies to support its production capabilities [3]

Financial Data and Key Metrics Changes - Revenue for Q1 Fiscal 2026 was $1.4 million, up from $481,000 a year ago and $1.3 million in the prior quarter [10] - GAAP net loss for the quarter was $1.5 million, or $0.09 per share, compared to a net loss of $730,000, or $0.06 per share in Q1 of last year [10] - Non-GAAP net loss was $437,000, or $0.03 per share, versus a net loss of $550,000, or $0.04 per share in the first quarter last year [11] - Cash and cash equivalents at the end of the quarter were $38.1 million, with no long-term debt [11] Business Line Data and Key Metrics Changes - The company is focusing on high-performance semiconductor photonics, including high-speed transceiver components and high-power quantum dot lasers [3][4] - A new contract with NASA was signed to leverage the scalable semiconductor platform for quantum applications [6] Market Data and Key Metrics Changes - The market for optical component technologies and AI infrastructure is projected to be several billion dollars within a few years [4] - Demand for semiconductors in U.S. markets is at an all-time high, with supply chain issues affecting traditional manufacturing processes [3] Company Strategy and Development Direction - Aeluma is transitioning to commercial-scale production of high-performance semiconductors to meet the growing demand for AI infrastructure [3] - The company aims to increase manufacturing readiness and has increased wafer fabrication levels at foundry partners nearly fivefold [7][8] - Strategic priorities include transitioning from R&D revenue to initial commercial product revenue [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growing demand for high-performance semiconductor technology in key target markets [15] - The company is focused on solidifying relationships with prospective customers and preparing for initial commercial product revenue during the fiscal year [27] Other Important Information - Aeluma completed an oversubscribed capital raise, strengthening its balance sheet and boosting cash to $38 million [6] - The company is actively recruiting to fill key roles in business development, manufacturing, and operations [8] Q&A Session Summary Question: Update on customer engagements - Management reported continued progress in defense, aerospace, and AI infrastructure engagements, with notable achievements including sample deliveries [20][21] Question: Timeline for standing up fabs - The timeline for volume production depends on specific volume and market vertical, but current capacity can support reasonable volumes in defense and aerospace [22][23] Question: Market size for transceiver components - Management highlighted growing interest in high-performance technology for higher-speed transceivers, with potential for good margins [24][25] Question: Timeline for design wins or qualifications - The goal is to achieve initial commercial product revenue during the fiscal year, with ongoing efforts to solidify customer relationships [26][28] Question: Balance sheet and cash flow position - Management believes the current cash position is sufficient to reach initial revenue, but future investments may be needed for rapid growth [29] Question: Impact of government shutdown - The government shutdown has caused some delays in contract execution, but it has not significantly impacted the company's operations [42][43] Question: Updates on fab relationships - No new fab partners were formally added, but the company has increased wafer runs at existing fabs [45]

Financial Data and Key Metrics Changes - For Q1 Fiscal Year 2026, revenue was reported at $1.4 million, a significant increase from $481,000 in the same quarter last year and slightly up from $1.3 million in the previous quarter [10] - GAAP net loss for the quarter was $1.5 million, or $0.09 per share, compared to a net loss of $730,000, or $0.06 per share in Q1 of last year [10] - Non-GAAP net loss was $437,000, or $0.03 per share, an improvement from a loss of $550,000, or $0.04 per share in the first quarter last year [11] - The company ended the quarter with $38.1 million in cash and cash equivalents, with no long-term debt [11] Business Line Data and Key Metrics Changes - The company has fast-tracked the transition to commercial-scale production of high-performance semiconductors, particularly for AI infrastructure [3][4] - Aeluma signed a new contract with NASA to leverage its scalable semiconductor platform for quantum applications, reflecting its dual-use technology approach [6] Market Data and Key Metrics Changes - The market for optical component technologies and AI infrastructure is projected to be several billion dollars within a few years, indicating strong growth potential [4] - Demand for semiconductors in the U.S. is at an all-time high, with supply chain issues affecting traditional manufacturing methods [4] Company Strategy and Development Direction - Aeluma aims to transition from R&D revenue to initial commercial product revenue, with a revenue expectation of $4 million to $6 million for fiscal 2026 [12][13] - The company is focusing on increasing manufacturing readiness and has increased wafer fabrication levels at foundry partners nearly fivefold [8] - Aeluma is strategically selective in bidding on projects that align with its commercial target markets, particularly in defense, aerospace, and AI infrastructure [13][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growing demand for high-performance semiconductor technology and the company's ability to deliver at scale [15] - The company is preparing for a transition to commercialization, with a focus on solidifying relationships with prospective customers and delivering samples for evaluation [27][28] Other Important Information - Aeluma completed an oversubscribed capital raise, boosting its cash position to $38 million and strengthening its no-debt balance sheet [5] - The company is actively recruiting key personnel to support its growth initiatives and manufacturing readiness [8] Q&A Session Summary Question: Update on customer engagements - Management reported continued progress in defense, aerospace, and AI infrastructure engagements, with notable achievements including sample deliveries and custom work [20][21] Question: Timeline for standing up fabs - The timeline for volume production depends on specific market verticals, but the company is currently running more wafers through fab partners and can support reasonable volumes for defense and aerospace [22][23] Question: Market sizing for transceiver components - Management highlighted strong interest in high-performance technology for higher-speed transceivers, with potential for good margins in this market [24][25] Question: Timeline for design wins or qualifications - The goal is to achieve initial commercial product revenue during the fiscal year, with ongoing efforts to solidify customer relationships and deliver samples [26][28] Question: Cash flow position - Management believes the current cash position is sufficient to reach initial revenue, but future investments may be needed to support rapid growth [29] Question: Impact of government shutdown - The government shutdown has caused some delays in contract execution, but it has not significantly impacted the company's reliance on government funding [42][43] Question: Updates on fab relationships - No new fab partners were formally added, but the company has increased wafer runs at existing fabs and is working on supply chain integration [45][46]

Financial Data and Key Metrics Changes - For Q1 fiscal 2026, revenue was reported at $1.4 million, a significant increase from $481,000 in the same quarter last year and slightly up from $1.3 million in the previous quarter [10] - GAAP net loss for the quarter was $1.5 million, or $0.09 per share, compared to a net loss of $730,000, or $0.06 per share in Q1 of last year [10] - Non-GAAP net loss was $437,000, or $0.03 per share, an improvement from a loss of $550,000, or $0.04 per share in the first quarter last year [11] - The company ended the quarter with $38.1 million in cash and cash equivalents, with no long-term debt [11] Business Line Data and Key Metrics Changes - The company has seen continued revenue growth from government and commercial contracts, reflecting a solid quarter [10] - Aeluma signed a new contract with NASA, leveraging its scalable semiconductor platform for quantum applications, indicating a focus on dual-use technology [6][12] Market Data and Key Metrics Changes - The market for optical component technologies and AI infrastructure is projected to be several billion dollars within a few years, highlighting significant growth potential [5] - Demand for semiconductors in the U.S. is at an all-time high, with supply chain issues affecting traditional manufacturing methods [5] Company Strategy and Development Direction - Aeluma is fast-tracking the transition to commercial-scale production of high-performance semiconductors, focusing on optical interconnects and AI infrastructure [4] - The company aims to transition from R&D revenue to initial commercial product revenue, with a revenue expectation of $4 million to $6 million for fiscal 2026 [12] - Aeluma is strategically selective in bidding on projects that align with its commercial target markets, focusing on larger-scale opportunities [42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet growing demand for high-performance semiconductor components, particularly in AI and defense sectors [9] - The company is preparing for a significant inflection point in the semiconductor industry, with plans to increase spending on growth initiatives [13] Other Important Information - Aeluma completed an oversubscribed capital raise, strengthening its balance sheet and boosting cash reserves to $38 million [6] - The company has increased wafer fabrication levels at its foundry partners nearly fivefold, enhancing manufacturing readiness [8] Q&A Session Summary Question: Update on customer engagements - Management reported continued progress in defense, aerospace, and AI infrastructure engagements, with notable achievements in sample deliveries and custom work [20] Question: Timeline for volume production readiness - Management indicated that the timeline for volume production depends on specific market verticals and qualification requirements, but they are currently capable of supporting reasonable volumes [22] Question: Market size for transceiver components - Management highlighted growing interest in high-performance technology for higher-speed transceivers, with potential for good margins in this market [24] Question: Transition to commercialization - The goal is to achieve initial commercial product revenue during the fiscal year, with ongoing efforts to solidify customer relationships and deliver samples [28] Question: Impact of government shutdown - Management acknowledged some delays in contract execution due to the government shutdown but emphasized that it has not significantly impacted their operations [44] Question: Update on fab relationships - While no new fab partners were formally added, the company has increased the number of runs at existing fabs and is working on supply chain integration [47]

Financial Performance - Revenue for the three months ended September 30, 2025, increased by $904 thousand, or 187.9%, to $1.4 million, with $1.34 million from government contracts[97] - Operating expenses rose by $1.8 million, or 146.9%, to $3.0 million for the same period, primarily due to increased material purchases and higher compensation costs[98] - Net loss for the three months ended September 30, 2025, was $1.5 million, compared to a net loss of $730 thousand for the same period in 2024, reflecting a 104.3% increase in losses[97] - Cash, cash equivalents, and certificates of deposit totaled $38.1 million as of September 30, 2025, up from $15.7 million as of June 30, 2025, primarily due to net proceeds from public offerings[101] - Working capital increased to $39.5 million as of September 30, 2025, compared to $16.6 million as of June 30, 2025, driven by a $22.9 million increase in current assets[105] - Net cash provided by financing activities was $23.4 million for the three months ended September 30, 2025, compared to $3.1 million for the same period in 2024[109] - Net cash used in operating activities decreased by 12.5% to $815 thousand for the three months ended September 30, 2025, from $931 thousand in 2024[107] Funding and Contracts - Aeluma raised gross proceeds of $13.8 million from a public offering on March 26, 2025, and $25.4 million from a public offering on September 22, 2025[80][89] - Aeluma received a contract with NASA in September 2025 to develop next-generation quantum computing and sensing systems, which could accelerate commercialization efforts[68] - Aeluma's contract with the U.S. Navy in June 2025 is valued at up to $1.3 million for developing high-speed photodetectors for government and commercial applications[70] - Aeluma's September 2025 public offering included a 30-day option for underwriters to purchase an additional 255,000 shares, which was exercised in full[82] - The net proceeds from the September offering are intended for business development, scaling manufacturing operations, and general corporate purposes[84] Technology and Operations - The company operates in a 9,000 sq. ft. facility with state-of-the-art R&D and manufacturing capabilities, and has commenced a new five-year lease to support anticipated growth[65] - Aeluma's technology targets various applications including mobile, automotive, AI, defense, and quantum computing, with a focus on scalable and cost-effective semiconductor solutions[66] - The company has extensive patent protection and trade secrets related to its materials and manufacturing technology, enhancing its competitive position in the market[65] - Aeluma's technology is based on heterogeneous integration of compound semiconductor materials, enabling large-scale manufacturing suited for mass markets[87] - The company has generated revenue through various customer and government contracts, including small-volume orders and R&D projects, while continuing to expand its business development efforts[88] Future Outlook - The company intends to use net proceeds from offerings to support operational growth, product development, and general corporate purposes[103] - The company has alleviated substantial doubt about its ability to continue as a going concern for at least the next twelve months following successful public offerings[102] - The company may pursue additional financing opportunities to support long-term growth initiatives or respond to market changes[104]