Aeluma, Inc.

Fiscal third-quarter revenue was $1.2 million versus $1.3 million in the third quarter of last year and $1.3 million in the second quarter of fiscal 2026. GAAP net loss was $1.8 million, or $0.10 per basic and diluted share, versus net income of $1.5 million, or $0.12 per share, in the prior-year period and a net loss of $1.9 million, or $0.11 per share, in the prior quarter. Non-GAAP net loss was $701,000, or $0.04 per share, compared with breakeven a year ago and a loss of $797,000, also $0.04 per share, last quarter. Adjusted EBITDA loss was $911,000, versus a gain of $109,000 in the same period last year. The company ended the quarter with $37.8 million in cash and cash equivalents and no long-term debt, and cash declined $792,000 from the December quarter. Full-year revenue guidance was lowered and narrowed to $4.2 million-$4.6 million from $4 million-$6 million, primarily due to delays in the start of several government programs; management said most or all of the shortfall is timing-related and expects the revenue to shift into fiscal 2027.

CEO Jonathan Klamkin framed the quarter around accelerating demand for alternatives to indium phosphide in AI datacom and other markets, especially as hyperscaler data center spending drives shortages in lasers, substrates, and capacity. He said Aeluma’s non-indium phosphide platform is positioned to address near-term supply gaps and longer-term architecture changes, including co-packaged optics and new photodiode and laser formats. His tone was confident and strategic, emphasizing that the company is gaining traction, broadening customer engagements, and moving closer to commercialization.

CFO Christopher Stewart focused on the quarter’s financial performance and balance sheet, highlighting $1.2 million of revenue, $1.8 million GAAP net loss, $701,000 non-GAAP net loss, and $37.8 million in cash with no long-term debt. He said cash declined $792,000 sequentially because of higher spending on new hires and R&D, and that spending should increase further as the company adds resources to pursue the commercial pipeline. Stewart also explained that the company created an ATM by allocating $50 million of existing shelf capacity, but has not sold any shares through it, and he stressed disciplined, capital-efficient execution.

Analysts pressed management on whether AI datacom demand could translate into near-term wins, how quickly mobile SWIR adoption could happen, and whether the recent Tower and Sumitomo partnerships map to specific markets. Klamkin said the company is well positioned for both short-term component supply gaps and longer-term technology transitions, but would not give a specific mobile timeline; he said the market increasingly accepts InGaAs as the best SWIR performance option. On partnerships and scale, he said Sumitomo is mainly for wafer production and Tower can support multiple markets, but actual ramp timing depends on customer qualification requirements and customer profile.