Investment Thesis
Aeluma is a pre-revenue semiconductor company with severely negative profitability metrics and significant operating losses despite 407% revenue growth. While the company maintains a strong balance sheet with $38.6M cash and minimal debt, the substantial operating losses (-$3.7M), negative operating margin (-138.8%), and persistent negative free cash flow (-$1.3M) indicate the company is in a capital-intensive development phase burning cash rapidly. Without clear path to profitability or positive cash generation, the company faces extended losses that will consume its cash reserves.
ALMU Strengths
- Exceptional revenue growth of 407.6% YoY demonstrates strong market demand and business traction
- Fortress balance sheet with $38.6M cash, minimal debt ($296.5K), and debt-to-equity of 0.01x provides substantial runway
- Excellent liquidity position with 48.80x current ratio provides operational flexibility
ALMU Risks
- Severe operating losses of -$3.7M with operating margin of -138.8% indicates unsustainable cost structure relative to revenue
- Negative free cash flow of -$1.3M with -49.2% FCF margin means company is burning cash despite revenue growth
- No gross margin data available suggests potential product cost issues; negative net margin of -125.9% indicates every dollar of revenue generates losses
- Cash runway at current burn rate (~$1.3M annually in FCF) would deplete reserves in ~30 years, but accelerating growth could increase burn significantly
Key Metrics to Watch
- Gross margin achievement and trend - critical to understanding unit economics
- Path to operating profitability timeline and specific cost reduction initiatives
- Free cash flow burn rate relative to revenue growth - sustainability of current cash position
- Operating expense ratio trend - ability to achieve scale economies as revenue grows
ALMU Financial Metrics
ALMU Profitability Ratios
ALMU Balance Sheet & Liquidity
ALMU 5-Year Financial Trend
5-Year Trend Summary: Aeluma, Inc.'s revenue has grown significantly by 2,313% over the 5-year period, indicating strong business expansion. The most recent EPS of $-0.37 indicates the company is currently unprofitable.
ALMU Growth Metrics (YoY)
ALMU Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q2 2026 | $1.3M | -$1.9M | $-0.11 |
| Q1 2026 | $481.0K | -$730.0K | $-0.06 |
| Q3 2025 | $343.9K | -$962.7K | $-0.08 |
| Q2 2025 | $263.0K | -$1.1M | $-0.09 |
| Q1 2025 | $32.4K | -$729.6K | $-0.06 |
| Q3 2024 | $343.9K | -$962.7K | $-0.08 |
| Q2 2024 | $263.0K | -$1.1M | $-0.09 |
| Q1 2024 | $32.4K | -$1.5M | $-0.12 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
ALMU Capital Allocation
ALMU SEC Filings
Access official SEC EDGAR filings for Aeluma, Inc. (CIK: 0001828805)