Aeluma Q4 FY2026 Earnings: Revenue Falls as Commercialization Spending Widens Losses

Aeluma (NASDAQ: ALMU) reported Q4 FY2026 revenue of $582,000 for the quarter ended June 30, 2026, down about 56% from $1.317 million a year earlier, while its GAAP basic and diluted loss per share widened to $0.22 from $0.05. Net loss reached $4.013 million as research and development and general and administrative spending increased, although equity financing lifted quarter-end cash to $56.0 million.

Core Earnings Data

Revenue, which remained primarily derived from R&D contracts, declined by $735,000 year over year. Cost of revenue fell at a slower rate than revenue, reducing gross profit to approximately $149,000 and compressing the gross margin by about 15 percentage points.

Operating expenses increased to $4.954 million from $2.286 million. R&D expense rose to $2.274 million from $165,000, while general and administrative expense increased to $2.247 million from $1.342 million, causing both GAAP and adjusted losses to widen.

Gross profit and gross margin are calculated from reported revenue and cost of revenue.

Contract Pipeline and Manufacturing Expansion

Aeluma’s current revenue base remains tied largely to government R&D programs rather than scaled commercial product sales. During FY2026, the company executed six new contracts with a combined value of $5.3 million, including awards from NASA and the U.S. Navy covering photodetector, laser, and quantum technologies.

The company also advanced prospective AI datacom customers into negotiations for multi-million-dollar non-recurring engineering agreements. These discussions may support commercialization, but the release did not identify signed NRE agreements or associated revenue.

To prepare for higher production volumes, Aeluma is procuring additional MOCVD equipment for its non-indium-phosphide platforms. It also expanded relationships with Tower Semiconductor and Sumitomo Chemical Advanced Technologies. Its workforce grew from 14 to more than 30 people, contributing to the increase in operating expenses.

Commercialization Spending Widened Losses While Financing Lifted Cash

The balance-sheet improvement came from financing rather than profitable operations. Aeluma raised $20.1 million in net proceeds during the quarter by issuing 830,484 shares through its at-the-market program at an average price of $24.87. Cash consequently increased from $37.8 million in the prior quarter to $56.0 million at June 30.

For the full fiscal year, operating cash outflow increased to $3.266 million from $1.148 million, while equipment purchases rose to $646,000 from $161,000. Financing activities provided $44.178 million, covering the operating and investment outflows and accounting for the increase in liquidity.

Stock-based compensation also affected the relationship between GAAP and adjusted results. The quarter’s $1.308 million adjustment from GAAP net loss to non-GAAP net loss consisted entirely of stock-based compensation. Non-GAAP net loss was therefore $2.705 million, compared with the GAAP loss of $4.013 million.

For FY2026 as a whole, revenue declined about 4% to $4.461 million from $4.665 million. Net loss widened to $9.159 million from $3.022 million, and adjusted EBITDA moved to a $5.216 million loss from a $186,000 gain. Management attributed the annual increase in losses primarily to strategic hiring and manufacturing-readiness investments.

CHIPS Funding Remains a Conditional Commercialization Driver

Aeluma signed a letter of intent with the Department of Commerce’s CHIPS R&D Office for potential funding of up to $30 million. The proposed funding is intended to support the development and commercialization of photonics for AI and advanced computing.

The letter of intent is not a definitive award. Its timing, final amount, terms, and availability remain subject to definitive agreement negotiations and applicable milestones. Management said the funding could accelerate commercialization, while identifying high-speed photodetectors and quantum dot lasers as near-term development priorities for AI datacom.

For FY2027, management plans to focus on technology and product development, additional customer engagement, team expansion, and greater wafer capacity. The company did not provide quantitative revenue or earnings guidance.

Recent Insider Transactions

The supplied six-month aggregate data categorized 1,626,995 shares across four transactions as purchases and 150,000 shares across seven transactions as sales, resulting in reported net purchases of 1,476,995 shares. Total insider holdings were listed at 3.04 million shares.

The 10 most recent individual reports consisted of six direct sales and four indirect stock gifts. The Value column below reproduces the reported transaction value; share quantities were not provided for these individual entries.

Risks Investors Should Monitor

• Limited and concentrated revenue: Quarterly revenue declined sharply and remained primarily dependent on government R&D contracts. Prospective commercial NRE agreements were still under negotiation.
• Higher spending and continuing losses: Aeluma is investing in personnel, product development, and manufacturing capacity before establishing scaled commercial revenue, increasing operating losses and cash requirements.
• Conditional CHIPS funding: The letter of intent does not guarantee that a definitive agreement will be completed or that Aeluma will receive the full proposed amount.
• Equity dilution: The company’s cash position was strengthened through share issuance, including 830,484 shares sold under the ATM program during the quarter.
• Commercialization execution: Future progress depends on customer conversion, technology qualification, manufacturing partnerships, and successful expansion of wafer capacity.

Summary

Aeluma’s Q4 FY2026 results reflected a transition from early-stage R&D programs toward a more expensive commercialization phase. Revenue fell while hiring, R&D, and manufacturing-readiness spending widened losses, but equity financing provided a substantially larger cash balance. The main issues ahead are whether customer negotiations convert into commercial agreements, whether manufacturing investments support qualification and scale, and whether the conditional CHIPS funding proceeds to a definitive award.