Aeluma Inc(ALMU) - 2026 Q2 - Quarterly Report

Revenue and Income - Revenue for the six months ended December 31, 2025, increased by $564 thousand, or 27%, to $2.7 million, with $2.6 million from government contracts[83] - Other income improved to $343 thousand for the six months ended December 31, 2025, compared to a loss of $3.3 million in the same period of 2024[85] - The net loss for the six months ended December 31, 2025, was $3.3 million, slightly improved from a net loss of $3.6 million in 2024[92] Operating Expenses - Operating expenses rose by $3.9 million, or 161%, to $6.3 million for the same period, primarily due to increased material purchases and higher compensation costs[84] - Non-cash stock-based compensation expense was $2.1 million for the six months ended December 31, 2025[92] - The company’s depreciation and amortization expense was $210 thousand for the six months ended December 31, 2025[92] Cash and Working Capital - As of December 31, 2025, cash, cash equivalents, and certificates of deposit totaled $38.6 million, up from $15.7 million as of June 30, 2025, largely due to net proceeds from public offerings[87] - Net working capital increased to $39.4 million as of December 31, 2025, compared to $16.6 million at June 30, 2025, driven by a $22.9 million rise in current assets[91] - Net cash used in operating activities was $1.1 million for the six months ended December 31, 2025, a decrease of 20% from $1.3 million in 2024[92] Financing Activities - The company completed two public offerings in March 2025 and September 2025, raising net proceeds of $12.6 million and $23.4 million, respectively[70] - The company received $23.4 million from a public offering, net of offering costs, during the six months ended December 31, 2025[94] - Net cash provided by financing activities surged to $24.1 million in 2025, compared to $3.1 million in 2024, marking a 668% increase[94] Operational Growth and Development - The company has a state-of-the-art R&D/manufacturing facility and has increased headcount by eight qualified personnel to support operational growth[66] - The company continues to perform under existing government contracts, including those with NASA and the U.S. Navy, which are significant revenue sources[69] - The company plans to use proceeds from offerings to support operational growth, product development, and working capital needs[89] - The company has alleviated substantial doubt about its ability to continue as a going concern following the successful completion of public offerings[88] Cash Flow and Investment - Net cash used in investing activities increased significantly to $241 thousand in 2025 from $41 thousand in 2024, representing a 488% increase[93] - The company experienced a decrease in accounts payable of $177 thousand in 2025, compared to a decrease of $134 thousand in 2024[92] Accounting and Risk - Critical accounting estimates may significantly impact the carrying value of assets and liabilities, as noted in the financial statements[95] - No market risk disclosures were applicable for the reporting period[96]