Start here if you're new
what it is
Aeluma makes photonic and semiconductor parts for phones, defense gear, cars, AI, and quantum systems.
how it gets paid
Last year Aeluma made $5M in revenue. wafer production platform was the main engine at $2.0M, or 40% of sales.
why it's growing
Revenue grew 407.6% last year. EDGAR shows revenue up 109% vs. prior year.
what just happened
Revenue hit $3M, and EPS landed at -$0.20.
At a glance
n/a balance sheet
-$0.23 fy2025 eps est
$5M fy2025 rev est
45.9% operating margin
~$267M market cap
What they do
Aeluma makes photonic and semiconductor parts for phones, defense gear, cars, AI, and quantum systems.
They have 35 issued and pending patents and only 12 employees. That is a tiny team guarding a very specific chip process. You are not paying for scale. You are paying for specialized chip materials and manufacturing that can serve mobile, AI, defense, and quantum work.
How they make money
$5M
annual revenue · their business grew +407.6% last year
wafer production platform
$2.0M
quick-turn chip fabrication
$1.25M
rapid prototyping
$1.0M
test and validation
$0.75M
The products that matter
photonics chip platform
Photonic Integrated Circuits
core technology · no material product revenue yet
This is the commercial story. It is also the part of the story that has not shown up in a big way on the income statement yet. The market is paying for what these chips could earn, not what they are earning today.
early-stage
target end markets
Defense & Automotive Sensors
future commercialization focus
These are credible markets to chase. They are not the same thing as shipped volume. Until revenue stops looking like prototype work, you should treat those end markets as opportunity, not evidence.
future demand
Key numbers
$38.6M
cash
That is the cushion between a science project and a real company.
35
patents
That is the moat in one number.
$1M
long debt
The balance sheet is light on leverage, so losses matter more than debt.
45.9%
op margin
Every $100 in sales loses about $46 before taxes and interest.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $1M (0% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ALMU right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $3M, and EPS landed at -$0.20.
EDGAR shows revenue up 109% vs. prior year. still has FY2025 EPS at -$0.23, so the growth is real and the profits are not there yet.
$3.0M
revenue
-$0.20
eps
109%
revenue vs. last year
revenue growth
The 109% revenue jump matters because a $3M quarter is still tiny, but it doubled the business from last year.
source: company earnings report, 2026
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What could go wrong
Aeluma does not need a normal semiconductor setback to hurt you. It needs one very specific miss: commercial product revenue failing to show up on the fiscal 2026 timeline. When the revenue base is only about $5M, delay is not a footnote. It is the story.
med
commercialization delay
Management is targeting initial commercial product revenue in fiscal 2026, but the current reported business is still just $1.3M last quarter.
If that launch slips, the stock keeps carrying a future revenue multiple on a present-tense business that remains tiny.
med
expectation gap
Analyst consensus expects FY2026 revenue of $100.5M while the current annual revenue base is about $5M.
That is roughly a 20x jump embedded in the narrative. The stock does not need perfection, but it does need visible proof fast.
med
current revenue contraction
Q2 FY2026 revenue fell 21.1% from the $1.6M reported in the same quarter last year.
When your revenue base is this small, even a few hundred thousand dollars matters. A soft quarter can become the entire equity story very quickly.
med
insider selling signal
The CEO sold 50,000 shares in March 2026 while still retaining over 1.4M shares.
This is not a full exit. But on a thinly followed small cap, any insider sale becomes part of the trust equation you are underwriting.
Until product revenue shows up, nearly all of the valuation rests on turning a roughly $5M revenue base into something far larger.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q3 FY2026 earnings report
scheduled for May 7, 2026. the number that matters is simple: does revenue move off the $1.3M level or not.
trend
first commercial product revenue
management is targeting initial commercial product revenue in fiscal 2026. that milestone is the line between a story stock and an operating business.
metric
cash versus sales
$38.6M in cash buys time. if revenue stays flat while cash steps down, your risk/reward changes fast.
risk
consensus reality check
FY2026 revenue expectations at $100.5M leave very little room for a slow rollout. watch for any reset between management commentary and that number.
Analyst rankings
coverage depth
thin
in human-speak, there is not enough ranking coverage here to let Wall Street do the thinking for you.
eps view
-$0.23
the available estimate still points to losses. translation: analysts expect spending to show up before profits do.
revenue view
$100.5M
that consensus figure sits dramatically above the current ~$5M revenue base. read it less as comfort and more as a reminder of how much growth the story is asking for.
source: institutional data
Institutional activity
institutional ownership data for ALMU is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$15
current price
n/a
target midpoint · n/a from current
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