Here are 1-3 brief analogies for Aeluma (ALMU):

• The Intel of optical networking.
• Broadcom for high-speed optical components.

• Silicon Photonics Transceivers: High-speed optical modules used in data centers and telecommunication networks to convert electrical signals to optical signals and vice-versa for data transmission.
• Silicon Photonics Engines: Advanced integrated circuits leveraging silicon photonics technology to provide high-bandwidth connectivity and processing for applications like AI/ML workloads.

Aeluma (ALMU) primarily sells its advanced silicon photonics products and integrated laser solutions to other companies (B2B customers). Their technology is critical for high-performance applications such as artificial intelligence/machine learning (AI/ML), high-performance computing (HPC), and data center infrastructure.

According to Aeluma's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, the company reported significant customer concentration:

• For the year ended December 31, 2023, one major customer accounted for approximately 78% of total revenue.

While Aeluma's SEC filings indicate a highly concentrated customer base with a single dominant customer in 2023, the specific name of this customer is not disclosed in publicly available documents. In the specialized B2B technology sector, particularly for component and subsystem suppliers, direct customer names are frequently kept confidential for competitive and strategic reasons.

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Jonathan Klamkin, Ph.D. CEO and Director

Jonathan Klamkin is the CEO and Director of Aeluma, a position he has held since February 2019. He is also a Professor of Electrical and Computer Engineering at the University of California, Santa Barbara, a role he has maintained since 2015, where his research focuses on integrated photonics and optoelectronics. Prior to his tenure at Aeluma, Dr. Klamkin was an optoelectronic device design and test engineer at BinOptics Corp., a laser diode manufacturer that was acquired by Macom in 2015. He also held positions at MIT Lincoln Laboratory and Boston University.

Christopher Stewart CFO

Christopher Stewart serves as the CFO of Aeluma, bringing over 20 years of financial leadership experience in public and high-growth companies. Most recently, he was the CFO at LeddarTech Holdings Inc., an AI-driven software company he helped lead through its public market debut. His previous roles include serving as CFO of Bionano Genomics, Inc., where the company achieved a 62% compound annual revenue growth during his time. Mr. Stewart also held senior financial leadership positions at Maxwell Technologies, which was acquired by Tesla, and Entropic Communications, which was acquired by Maxlinear. He also worked at Intel.

Matthew Dummer, Ph.D. Director of Technology

Matthew Dummer is the Director of Technology at Aeluma, with over 20 years of experience in optoelectronic device design and manufacturing. He oversees a team responsible for new technology development, IP strategy, and scalable production solutions. Before joining Aeluma, Dr. Dummer was a Principal Scientist at Vixar Inc., a vertical cavity surface emitting laser (VCSEL) manufacturer. Following Vixar's acquisition by Osram Opto-Semiconductors (now ams-Osram) in 2018, he successfully led the commercialization and mass production of high-efficiency multijunction VCSELs for 3D sensing and LiDAR.

The key risks to Aeluma's (ALMU) business are primarily rooted in its early-stage development, funding requirements, and customer concentration.

1. Unprofitability and Early-Stage Operations: Aeluma is characterized as a speculative, early-stage enterprise that has not yet achieved profitability at the operating or net income levels. The company is expected to continue experiencing net losses and negative cash flows from operations, with consensus not anticipating a positive bottom line even by the end of fiscal year 2027. This lack of sustained profitability makes it difficult to evaluate its long-term business prospects and creates uncertainty regarding its ability to successfully offer, market, and distribute its products or services.
2. Dilution Risk: To fund its operations and transition to commercialization, Aeluma has a Shelf S3 registration worth $100 million, a portion of which has already been utilized through the issuance of new shares. With a significant portion of this capital yet to be used, existing shareholders face the risk of substantial further dilution of their holdings as the company continues to raise capital.
3. Customer Concentration: Aeluma faces significant risk due to its high reliance on a very limited number of customers. In 2025, a substantial 71% of the company's revenue was derived from just one customer. The potential loss of this key customer could have a severe adverse impact on Aeluma's revenue generation and overall financial stability.

• Intensifying Vertical Integration and Ecosystem Dominance by Large Semiconductor & Network Giants: Aeluma operates in a market increasingly influenced by major players like Broadcom, Intel, and Marvell. These companies possess immense financial resources, established customer relationships with hyperscale data centers (Google, Amazon, Microsoft, Meta), and often their own manufacturing capabilities. As demand for high-speed optical interconnects, particularly for AI applications, escalates, these giants are increasingly pursuing vertical integration, developing comprehensive solutions from chips to networking systems. This trend allows them to offer "one-stop shop" solutions and co-develop technologies directly with large customers, potentially locking Aeluma out of significant market share opportunities. The shift towards co-packaged optics (CPO) further amplifies this threat, as it requires deeper system-level integration that favors companies with broad portfolios and ecosystem control.

• Risk of Disruptive Alternative Photonic Platforms or Manufacturing Paradigms: While Aeluma's core technology leverages silicon photonics and its POET Optical Interposer platform, the broader integrated photonics industry is highly dynamic. Significant research and development continue in alternative material systems and integration approaches, such as Indium Phosphide (InP) on silicon, thin-film Lithium Niobate (TFLN), or other novel photonic materials. Should a competing platform emerge that offers fundamentally superior performance (e.g., lower power consumption, higher speed, better thermal management, or lower manufacturing cost) for future generations of optical transceivers and interconnects, it could erode Aeluma's competitive advantage. The rapid pace of innovation means that a paradigm shift in photonic integration could materialize, challenging the current silicon photonics-centric approach.

Aeluma (ALMU) is poised for future revenue growth over the next 2-3 years, driven by several key factors:

1. Expansion into High-Growth Markets with Advanced Semiconductor Products: Aeluma is strategically targeting rapidly expanding sectors, including AI infrastructure, defense and aerospace, mobile electronics, automotive, augmented/virtual reality (AR/VR), and quantum computing. The company's innovative InGaAs-on-Silicon technology and advancements in quantum dot photonic integrated circuits and InGaAs LiDAR sensors are crucial for capturing market share in these areas.
2. Securing and Expanding Government and Commercial R&D Contracts: A substantial portion of Aeluma's revenue growth is anticipated from securing new and extending existing research and development contracts. The company has successfully partnered with government agencies such as NASA, the U.S. Navy, the Department of Energy, and DARPA, along with commercial collaborators. These contracts provide non-dilutive funding and accelerate the development and commercialization of next-generation technologies.
3. Scaling and Commercialization of Proprietary Manufacturing Technology: Aeluma's proprietary platform, which integrates high-performance compound semiconductors with scalable, cost-effective silicon manufacturing, is designed for mass-market applications. The company is actively enhancing manufacturing readiness and expanding its business development efforts to translate these technological advantages into volume production and broad market adoption.
4. Growth of Recently Launched or Advanced Products, Particularly InGaAs LiDAR Sensors: Aeluma identifies InGaAs LiDAR sensors as an immediate and significant market opportunity. The company anticipates capturing a substantial revenue share in this segment by 2030, highlighting it as a key product for future growth.

Share Repurchases

• Aeluma has not disclosed any share repurchase programs or significant share repurchases over the last 3-5 years. The company's 10-K filings indicate no issuer purchases of equity securities.

Share Issuance

• In September 2025, Aeluma completed a public offering, issuing 1,955,000 shares of common stock at $13.00 per share, which generated approximately $25.4 million in gross proceeds. The proceeds are intended to fund business development, advance manufacturing processes, and for general working capital.
• In March 2025, the company closed an underwritten public offering of 2,628,571 shares at $5.25 per share, including a fully exercised over-allotment option, raising approximately $13.8 million in gross proceeds. These funds were also earmarked for expanding business development, advancing manufacturing processes for commercialization, and working capital. This offering facilitated Aeluma's uplisting to Nasdaq.
• Between August 2024 and September 2024, Aeluma issued convertible promissory notes totaling $3.1 million (or $3.145 million) to accredited investors. These notes are convertible into common stock upon certain events and mature in June 2026. Separately, between December 2022 and May 2023, Aeluma issued 2,017,498 shares of common stock at $3.00 per share through private placement transactions, resulting in aggregate gross proceeds of $6,052,500.

Capital Expenditures

• In October 2025, Aeluma acquired significant capital equipment assets, including automated and semi-automated wafer probers, backend packaging and prototyping equipment, and test and validation instruments, to enhance its prototyping and wafer-scale testing capabilities. This investment supports the company's go-to-market strategy by improving manufacturing processes for key markets such as defense, aerospace, and consumer electronics.
• For the last 12 months prior to November 2025, capital expenditures were reported as -$161,000.
• Historically, Aeluma has financed its operations and capital expenditures primarily through equity issuances and cash generated from operations, with management anticipating further significant expenditures for business development and expansion.