Aeluma Inc(ALMU) - 2025 Q4 - Annual Results

Executive Summary Management Commentary Aeluma's CEO highlighted significant FY2025 momentum and strategic positioning for substantial FY2026 progress - Aeluma built momentum in FY2025 with increased manufacturing readiness, commercialization traction, and elevated market visibility after its Nasdaq uplist[2] - The company's semiconductor technology addresses critical needs in AI infrastructure, defense and aerospace, mobile and consumer electronics, and quantum computing[2] - Fiscal 2026 is expected to be a year of significant progress in executing go-to-market strategy and creating long-term value[2] Recent Company Highlights Aeluma achieved key FY2025 milestones, including R&D contract wins, a manufacturing breakthrough, and a strong financial position - Secured six R&D contracts in fiscal year 2025, including two in the fourth quarter[3] - Key contract wins include NASA for quantum computing, U.S. Navy for submarine imaging sensors and optical interconnects, and Department of Energy for photodetector sensors[3] - Unveiled a manufacturing breakthrough in collaboration with Thorlabs, applicable to quantum computing and communication systems[3] - Closed FY2025 with a strong financial position: $15.7 million in cash and no debt[3] - Added to the Russell 3000 Index (effective June 30, 2025) and the MSCI Global Micro Cap Index (effective August 26, 2025)[3] - Appointed Christopher Stewart as CFO, effective August 4, 2025, bringing over 20 years of financial leadership experience[3] Financial Performance Fiscal Q4 2025 Financial Results Aeluma reported significant Q4 2025 revenue growth from R&D contracts, with improved GAAP net loss and Adjusted EBITDA loss | Metric | Q4 2025 (in thousands) | Q4 2024 (in thousands) | Q3 2025 (in thousands) | | :------------------- | :--------------------- | :--------------------- | :--------------------- | | Revenue | $1,300 | $279 | $1,300 | | GAAP Net Loss | $859 | $988 | ($1,500 income) | | Adjusted EBITDA Loss | $113 | $718 | ($109 gain) | - Revenue in Q4 2025 was primarily from R&D contracts[7] - GAAP net income decreased from the prior quarter primarily due to a $2.6 million non-cash gain in fair value of derivative liabilities recorded in Q3 2025[7] Full Fiscal Year 2025 Financial Results Aeluma achieved substantial FY2025 revenue growth, improved GAAP net loss and Adjusted EBITDA, and ended with strong cash | Metric | FY 2025 (in thousands) | FY 2024 (in thousands) | | :------------------- | :--------------------- | :--------------------- | | Full Year Revenue | $4,700 | $919 | | GAAP Net Loss | $3,000 | $4,600 | | Adjusted EBITDA | $186 | ($3,500 loss) | - 2025 revenue was primarily from R&D contracts[7] - GAAP and non-GAAP net loss, and adjusted EBITDA all improved year over year primarily due to increased revenue from R&D contracts[7] - Cash and cash equivalents totaled $15.7 million at June 30, 2025, compared to $1.3 million as of June 30, 2024[7] Outlook and Strategic Priorities Fiscal Year 2026 Guidance Aeluma provided its revenue guidance for fiscal year 2026, projecting continued growth - Aeluma expects revenue for the full fiscal year 2026 to be in the range of $4.0 million to $6.0 million[6] Strategic Priorities for FY2026 Aeluma's FY2026 strategic priorities focus on new contracts, team expansion, manufacturing, and go-to-market traction - New Contract Wins: Target three to seven new development contracts to provide non-dilutive funding for R&D and grow partnership opportunities[7] - Team Expansion: Addition of business development and go-to-market teams, expanded technical leadership and staff, and an expansion of operations team[7] - Enhanced Manufacturing Readiness: Focus on higher levels of outsourced wafer manufacturing productivity, expanded test and validation capabilities, technology qualification for targeted industries, and expanded supply chain partnerships[7] - Go-to-Market Traction: Continued progress on opportunities in targeted commercial markets and increasing the number of customer engagements in the pipeline[7] Note about Non-GAAP Financial Measures Non-GAAP Financial Measures Explanation This section clarifies non-GAAP financial measures for supplemental investor insight into performance and core operations - Non-GAAP financial measures are presented as supplemental information to management and investors, not as a substitute for GAAP[8] - Non-GAAP net income (loss) excludes stock-based compensation, amortization of discount on convertible notes, and changes in fair value of derivative liabilities[12] - Adjusted EBITDA is defined as non-GAAP net income (loss) plus depreciation and amortization expenses, less interest income[12] - A reconciliation between GAAP and non-GAAP financial results is provided in the financial statements portion of the press release[9] Company Information About Aeluma, Inc. Aeluma, Inc. is a transformative semiconductor company specializing in high-performance photonic and electronic technologies - Aeluma is a transformative semiconductor company specializing in high-performance photonic and electronic technologies that scale[11] - The company's proprietary platform combines compound semiconductors with scalable manufacturing for mass market microelectronics, enabling volume production and large-scale integration[11] - Applications for Aeluma's technology include mobile, AI, defense and aerospace, robotics, automotive, AR/VR, and quantum[11] - Headquartered in Goleta, California, Aeluma operates state-of-the-art R&D and manufacturing capabilities and partners with production-scale fabrication foundries[11] Forward-Looking Statements This section cautions that non-historical statements are forward-looking, subject to risks, and actual results may differ - All statements not historical are forward-looking, based on current expectations, estimates, and projections[10] - Forward-looking statements involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict[10] - Actual results may differ materially from those in forward-looking statements due to various factors, including those described in SEC filings[10] - The Company undertakes no obligation to revise or update information in this release to reflect future events or circumstances[10] Contact Information This section provides contact details for Aeluma, Inc. and its investor relations team - Company Contact: Aeluma, Inc., (805) 351-2707, info@aeluma.com[12] - Investor Contact: Financial Profiles, Inc., Tony Rossi (310) 622-8221, Jeff Haas (310) 622-8240, ir@aeluma.com[12] Consolidated Financial Statements Consolidated Balance Sheets The Consolidated Balance Sheets show Aeluma's FY2025 financial position, with significant increases in total assets and equity | ($ in thousands) | June 30, 2025 | June 30, 2024 | | :--------------------------------- | :------------ | :------------ | | Cash and cash equivalents | $3,628 | $1,291 | | Certificate of deposit | $12,112 | - | | Total current assets | $17,335 | $1,393 | | Total assets | $19,406 | $3,844 | | Total liabilities | $1,508 | $1,568 | | Total stockholders' equity | $17,898 | $2,276 | Consolidated Statements of Operations The Consolidated Statements of Operations show Aeluma's financial performance for Q4 and FY2025, with substantial revenue growth and reduced net loss | ($ in thousands, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Twelve Months Ended June 30, 2025 | Twelve Months Ended June 30, 2024 | | :-------------------------------------- | :------------------------------- | :------------------------------- | :-------------------------------- | :-------------------------------- | | Revenue | $1,317 | $279 | $4,665 | $919 | | Loss from operations | $(969) | $(989) | $(2,142) | $(4,563) | | Net income (loss) | $(859) | $(988) | $(3,022) | $(4,562) | | Net income (loss) per share: Basic | $(0.05) | $(0.08) | $(0.23) | $(0.37) | Reconciliation of GAAP and Non-GAAP Financial Measures This reconciliation details adjustments from GAAP net income (loss) to Non-GAAP net income (loss) and Adjusted EBITDA | ($ in thousands, except per share data) | Twelve Months Ended June 30, 2025 | Twelve Months Ended June 30, 2024 | | :-------------------------------------- | :-------------------------------- | :-------------------------------- | | GAAP net income (loss) | $(3,022) | $(4,562) | | Total adjustments to GAAP net income (loss) | $2,906 | $765 | | Non-GAAP net income (loss) | $(116) | $(3,797) | | Adjusted EBITDA | $186 | $(3,487) | - Key non-GAAP adjustments include stock-based compensation, amortization of discount on convertible notes, and changes in fair value of derivative liabilities[19] Consolidated Statements of Cash Flows The Consolidated Statements of Cash Flows show a significant FY2025 increase in cash, driven by financing activities | ($ in thousands) | Twelve Months Ended June 30, 2025 | Twelve Months Ended June 30, 2024 | | :-------------------------------------- | :-------------------------------- | :-------------------------------- | | Net cash used in operating activities | $(1,148) | $(3,455) | | Net cash used in investing activities | $(161) | $(322) | | Net cash provided by (used in) financing activities | $15,758 | $(4) | | Net change in cash and cash equivalents, and certificate of deposit | $14,449 | $(3,781) | | Cash and cash equivalents, and certificate of deposit, end of period | $15,740 | $1,291 | - Financing activities provided significant cash, including $3,145 thousand from convertible notes issuance and $12,588 thousand from a public offering[22]