Aeluma Inc(US:ALMU)2025-09-09 21:01Revenue and Contracts - Revenue for the fiscal year ended June 30, 2025, increased by $3.7 million to $4.7 million, with $4.4 million from government contracts and $266 thousand from commercial product and service contracts [225]. - For the fiscal year ended June 30, 2025, revenue was $4.7 million, a significant increase from $919 thousand in 2024, representing a growth of 408% [252]. - The company was awarded six government contracts totaling $13.8 million for the provision of services and delivery of materials during the fiscal year ended June 30, 2025 [278]. - A contract with NASA was received in August 2024 to develop quantum dot photonic integrated circuits for next-generation space applications [200]. - A contract with the U.S. Department of Energy was awarded in April 2025 to develop commercially viable, low-cost shortwave infrared photodetectors [202]. - As of June 30, 2025, total remaining performance obligations under all obligated government contracts amounted to $10.2 million [280]. Financial Performance - The net loss for the fiscal year ended June 30, 2025, was $3.0 million, a reduction of 33.8% compared to a net loss of $4.6 million in the previous year [225]. - The company reported a net loss of $3.0 million for the fiscal year ended June 30, 2025, an improvement from a net loss of $4.6 million in 2024 [252]. - The net loss for the year ended June 30, 2025, was $3.022 million, compared to a net loss of $4.562 million in 2024, indicating an improvement of 34% [252]. - The company’s accumulated deficit increased to $16.646 million in 2025 from $13.624 million in 2024, reflecting a deterioration of 22% [254]. - The company has a limited operating history and continues to face risks typical of early-stage companies, despite alleviating substantial doubt about its ability to continue as a going concern [216][230]. Cash and Assets - Cash, cash equivalents, and certificates of deposit totaled $15.7 million as of June 30, 2025, compared to $1.3 million as of June 30, 2024, largely due to net proceeds from a public offering [229]. - Total current assets rose to $17.3 million as of June 30, 2025, up from $1.4 million in 2024, driven by a $14.4 million increase in cash and cash equivalents [233]. - The company had total assets of $19.4 million as of June 30, 2025, compared to $3.8 million in 2024 [250]. - As of June 30, 2025, working capital increased to $16.6 million from $766 thousand as of June 30, 2024, primarily due to a $15.9 million increase in current assets [233]. Financing Activities - The company completed a public offering on March 26, 2025, raising gross proceeds of $13.8 million, with net proceeds of $12.6 million after underwriting discounts and offering expenses [211]. - Net cash provided by financing activities was $15.8 million for the fiscal year ended June 30, 2025, compared to a net cash used of $4 thousand in 2024 [236]. - The Company issued convertible promissory notes totaling $3.1 million, convertible into common stock at a price not lower than 85% of the 5-day VWAP, with a ceiling price of $3.50 per share [291]. - The Company issued 898,573 shares of Common Stock in exchange for $3.1 million in outstanding principal under convertible notes, resulting in no further obligations under the converted notes [294]. - The public offering on March 26, 2025, resulted in gross proceeds of $13.8 million, with net proceeds of $12.6 million intended for business development and scaling manufacturing operations [302]. Operating Expenses - Operating expenses rose by $1.3 million, or 24.2%, to $6.8 million for the fiscal year ended June 30, 2025, primarily due to increased material purchases and higher compensation costs [226]. - Operating expenses for 2025 totaled $6.807 million, up from $5.482 million in 2024, reflecting an increase of 24% [252]. - Stock-based compensation expense for the fiscal year ended June 30, 2025, was $1.893 million, up from $732 thousand in the previous year [256]. - Research and development expenses decreased to $1.295 million in 2025 from $2.507 million in 2024, a reduction of 48% [252]. Stock and Equity - Stockholders' equity increased to $17.9 million as of June 30, 2025, from $2.3 million in 2024, reflecting a significant increase in additional paid-in capital [250]. - The Company has authorized a total of 50 million shares of common stock and 10 million shares of preferred stock, with no preferred shares issued as of June 30, 2025 [296]. - The Company reported a total of 15,864,630 shares outstanding as of June 30, 2025, an increase from 12,178,424 shares in 2024, representing a growth of 30% [254]. - The Company granted stock options of 78,000 to consultants and 723,354 to employees and board members for the fiscal year ended June 30, 2025 [307]. - The Company issued warrants to purchase up to 131,427 shares at an exercise price of $6.04 per share in connection with a public offering completed on March 26, 2025 [312]. Future Outlook and Strategy - The company aims to manufacture high-performance semiconductor technologies that scale for mass markets, focusing on R&D and partnerships with fabrication foundries [215]. - The company plans to use net proceeds from the Offering to support operational growth and invest in product development [231]. - The company may pursue additional financing opportunities to support long-term growth initiatives [232]. - The Company has net operating loss carryforwards that may offset future taxable income, with a valuation allowance due to realization uncertainty [285]. - The Company is currently evaluating the impact of ASU No. 2023-09 on income tax disclosures, effective for fiscal years beginning after December 15, 2024 [289].