Short answer
Aeluma, Inc. (ALMU) filed its fiscal 2026 10-K annual report with the SEC on Sep 16, 2026. It reported revenue of $4M (−4.4% year over year) and net income of −$9M.
- Top risk flagged: Regulatory risk: Uncertain execution and milestone-based funding under CHIPS and Science Act via US Dept. of Commerce could restrict operations and impose substantial business terms
FY2026 key financial metrics · XBRL
- Revenue
- $4M
- −4.4% YoY
- Net income
- −$9M
- −203.1% YoY
- Operating margin
- -228.3%
- −182.4 pp YoY
- EPS (diluted)
- −$0.52
- −126.1% YoY
- ROE
- -16.1%
- +0.8 pp YoY
- Operating cash flow
- −$3M
- −184.5% YoY
Source: XBRL data from the Aeluma, Inc. (ALMU) FY2026 10-K on SEC EDGAR. USD.
Aeluma, Inc. FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Develops high-performance compound semiconductor photonic and electronic technologies for communications and sensing across telecom, AI datacom, defense, and quantum markets
- New in 2026: Expanded internal wafer test and prototyping capabilities, acquired automated wafer probers and packaging equipment, established new wafer production partnerships with Tower Semiconductor and Sumitomo Chemical
- Strategic shift: Transitioning from predominantly R&D-stage to early commercialization with initial commercial sales orders and expanded government and commercial customer engagements
- Notable metric: Employee count at 27 as of June 30, 2026, all U.S.-based; facility lease extended through March 2031 to support growth
- Unique fact: Joined Midwest Microelectronics Consortium in 2026 to support domestic manufacturing transition and expanded marketing in quantum photonics and compound semiconductor sectors
Management Discussion & Analysis
- Revenue $4.5M, down 4% YoY from $4.7M; $4.3M from government contracts in 2026 vs $4.4M in 2025
- Operating expenses $14.6M, up 115% YoY from $6.8M, driven by materials and higher personnel costs
- Net loss $9.2M vs $3.0M in prior year; no income tax expense recorded for either year
- Cash $56.0M at June 30, 2026 vs $15.7M prior year, boosted by $43.5M net proceeds from public offerings
- Operating cash used $3.3M in 2026 vs $1.1M 2025; financing cash inflow $44.2M mainly from equity offerings
- Management monitoring capital, considering further financing; $30M CHIPS Act award pending govt approval and due diligence
Risk Factors
- Regulatory risk: Uncertain execution and milestone-based funding under CHIPS and Science Act via US Dept. of Commerce could restrict operations and impose substantial business terms
- Geopolitical/macro risk: Supply chain exposure to critical raw materials (indium, gallium, arsenic) from China; export controls, sanctions, and trade restrictions could limit sales and increase costs
- Operational/supply chain risk: Dependence on limited third-party wafer foundries and manufacturers with potential capacity constraints or delivery delays could disrupt production and shipments
- Competitive risk: Larger semiconductor competitors with greater R&D budgets and resources may develop superior or substitute technologies, threatening Aeluma’s market share and margins
- Financial/structural risk: Material weakness in internal control over financial reporting due to insufficient qualified accounting personnel risks material misstatements and investor confidence decline
Generated from the filing text; verify against the original. How to read a 10-K
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