Aeluma (ALMU)
Market Price (11/5/2026): $7.1 | Market Cap: $137.1 MilSector: Information Technology | Industry: Semiconductors
Aeluma (ALMU)
Market Price (11/5/2026): $7.1Market Cap: $137.1 MilSector: Information TechnologyIndustry: Semiconductors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -40% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -61% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -10 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -228% Expensive valuation multiplesP/SPrice/Sales ratio is 30x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.4%, Rev Chg QQuarterly Revenue Change % is -56% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 101% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -73%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -88% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -12% High stock price volatilityVol 12M is 116% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 21% Key risksALMU key risks include [1] its sustained unprofitability as an early-stage enterprise, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -40% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -61% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -10 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -228% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 30x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.4%, Rev Chg QQuarterly Revenue Change % is -56% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 101% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -73%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -88% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -12% |
| High stock price volatilityVol 12M is 116% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 21% |
| Key risksALMU key risks include [1] its sustained unprofitability as an early-stage enterprise, Show more. |
Qualitative Assessment
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Aeluma (ALMU) stock has lost about 55% since 7/31/2026 because of the following key factors:
1. Aeluma reported significantly disappointing fiscal Q4 2026 financial results. On September 16, 2026, Aeluma announced that its revenue for fiscal Q4 2026, which ended June 30, 2026, plummeted 56% year-over-year to just $0.6 million. The company's GAAP net loss also widened substantially to $4.0 million, or ($0.22) per basic and diluted share, compared to a net loss of $0.9 million, or ($0.05) per basic and diluted share, in the same period last year. For the full fiscal year 2026, total revenue decreased 4.4% to $4.46 million, while GAAP net losses more than tripled to $9.16 million.
2. The company initiated a strategic pivot from government R&D funding towards commercial AI datacom opportunities, impacting near-term revenue. Aeluma's management indicated that the weak Q4 FY2026 performance was partly due to a deliberate redirection of resources away from government R&D contracts, which previously provided consistent revenue, to focus on securing larger, but more speculative, commercial AI datacom engagements. This strategic shift has introduced increased execution risks and delays in revenue realization, as the company works towards qualifying and commercializing products in new markets.
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Aeluma (ALMU) stock has lost about 55% since 7/31/2026 because of the following key factors:
1. Aeluma reported significantly disappointing fiscal Q4 2026 financial results. On September 16, 2026, Aeluma announced that its revenue for fiscal Q4 2026, which ended June 30, 2026, plummeted 56% year-over-year to just $0.6 million. The company's GAAP net loss also widened substantially to $4.0 million, or ($0.22) per basic and diluted share, compared to a net loss of $0.9 million, or ($0.05) per basic and diluted share, in the same period last year. For the full fiscal year 2026, total revenue decreased 4.4% to $4.46 million, while GAAP net losses more than tripled to $9.16 million.
2. The company initiated a strategic pivot from government R&D funding towards commercial AI datacom opportunities, impacting near-term revenue. Aeluma's management indicated that the weak Q4 FY2026 performance was partly due to a deliberate redirection of resources away from government R&D contracts, which previously provided consistent revenue, to focus on securing larger, but more speculative, commercial AI datacom engagements. This strategic shift has introduced increased execution risks and delays in revenue realization, as the company works towards qualifying and commercializing products in new markets.
3. Aeluma did not provide financial guidance for fiscal year 2027. Alongside the weak Q4 FY2026 results, Aeluma withheld its financial outlook for the upcoming fiscal year 2027. This absence of guidance created significant uncertainty for investors regarding the company's anticipated revenue, profitability, and overall operational trajectory as it navigates its strategic shift, contributing to negative market sentiment.
4. Analyst ratings and price targets were adjusted downwards. Following the release of the Q4 FY2026 results, at least one analyst, Freedom Broker, maintained a "Buy" rating but reduced its price target for ALMU from $30 to $25 on September 17, 2026. Furthermore, by October 29, 2026, at least two analysts downgraded Aeluma's stock in the preceding month, reflecting a tempering of expectations and increased concern over the company's financial performance and future outlook.
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Stock Movement Drivers
Fundamental Drivers
The -55.2% change in ALMU stock from 7/31/2026 to 11/4/2026 was primarily driven by a -46.2% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.20 | 7.26 | -55.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5 | 4 | -14.1% |
| P/S Multiple | 56.3 | 30.3 | -46.2% |
| Shares Outstanding (Mil) | 18 | 19 | -2.9% |
| Cumulative Contribution | -55.2% |
Market Drivers
7/31/2026 to 11/4/2026| Return | Correlation | |
|---|---|---|
| ALMU | -55.2% | |
| Market (SPY) | 2.6% | 37.0% |
| Sector (XLK) | 0.7% | 53.5% |
Fundamental Drivers
The -68.8% change in ALMU stock from 4/30/2026 to 11/4/2026 was primarily driven by a -62.0% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.29 | 7.26 | -68.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5 | 4 | -14.7% |
| P/S Multiple | 79.6 | 30.3 | -62.0% |
| Shares Outstanding (Mil) | 18 | 19 | -3.9% |
| Cumulative Contribution | -68.8% |
Market Drivers
4/30/2026 to 11/4/2026| Return | Correlation | |
|---|---|---|
| ALMU | -68.8% | |
| Market (SPY) | 7.0% | 37.0% |
| Sector (XLK) | 10.8% | 52.4% |
Fundamental Drivers
The -55.5% change in ALMU stock from 10/31/2025 to 11/4/2026 was primarily driven by a -45.3% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.31 | 7.26 | -55.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5 | 4 | -4.4% |
| P/S Multiple | 55.3 | 30.3 | -45.3% |
| Shares Outstanding (Mil) | 16 | 19 | -15.0% |
| Cumulative Contribution | -55.5% |
Market Drivers
10/31/2025 to 11/4/2026| Return | Correlation | |
|---|---|---|
| ALMU | -55.5% | |
| Market (SPY) | 13.4% | 34.6% |
| Sector (XLK) | 17.9% | 43.4% |
Fundamental Drivers
The 119.5% change in ALMU stock from 10/31/2023 to 11/4/2026 was primarily driven by a 2207.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.31 | 7.26 | 119.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 4 | 2207.3% |
| P/S Multiple | 215.0 | 30.3 | -85.9% |
| Shares Outstanding (Mil) | 13 | 19 | -32.4% |
| Cumulative Contribution | 119.5% |
Market Drivers
10/31/2023 to 11/4/2026| Return | Correlation | |
|---|---|---|
| ALMU | 119.5% | |
| Market (SPY) | 89.7% | 20.8% |
| Sector (XLK) | 119.1% | 24.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ALMU Return | - | 5% | 38% | 164% | 124% | -58% | 263% |
| Peers Return | 32% | -34% | 23% | 51% | 225% | 59% | 730% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| ALMU Win Rate | - | 50% | 50% | 67% | 67% | 18% | |
| Peers Win Rate | 63% | 38% | 57% | 60% | 62% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| ALMU Max Drawdown | - | - | -50% | -37% | -50% | -79% | |
| Peers Max Drawdown | -34% | -48% | -43% | -37% | -49% | -51% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: LITE, COHR, ON, AXTI, AVGO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/4/2026 (YTD)
How Low Can It Go
| Event | ALMU | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -43.0% | -9.5% |
| % Gain to Breakeven | 75.5% | 10.5% |
| Time to Breakeven | 84 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.0% | -6.7% |
| % Gain to Breakeven | 49.3% | 7.1% |
| Time to Breakeven | 3 days | 31 days |
In The Past
Aeluma's stock fell -5.9% during the 2025 US Tariff Shock. Such a loss loss requires a 6.3% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | ALMU | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -43.0% | -9.5% |
| % Gain to Breakeven | 75.5% | 10.5% |
| Time to Breakeven | 84 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -33.0% | -6.7% |
| % Gain to Breakeven | 49.3% | 7.1% |
| Time to Breakeven | 3 days | 31 days |
In The Past
Aeluma's stock fell -5.9% during the 2025 US Tariff Shock. Such a loss loss requires a 6.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Aeluma (ALMU)
Aeluma, Inc. develops and manufactures advanced optoelectronic and electronic devices. The company specializes in producing semiconductor materials and chips, leveraging compound semiconductors on diameter substrates. These components are essential building blocks for a wide array of mass-market microelectronics.
Aeluma's product offerings include critical components such as laser emitters, transistors for integrated circuits, quantum photonic circuits, and solar cells. These devices are engineered to deliver high performance for demanding applications across various sectors.
The company serves a broad range of high-growth industries, providing its technology for use in mobile devices, automotive systems, artificial intelligence (AI), defense and aerospace, communications infrastructure, augmented reality/virtual reality (AR/VR), and high-performance computing (HPC) applications.
AI Analysis | Feedback
Here are 1-3 brief analogies for Aeluma (ALMU):
- Like a specialized Corning, but instead of advanced glass, Aeluma creates the foundational compound semiconductor materials and chips that power a wide range of cutting-edge tech, from AI to AR/VR.
- Imagine an Intel for next-generation microelectronics, but specializing in compound semiconductors for advanced optoelectronic and electronic devices in applications like mobile, automotive, and AI.
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- Semiconductor Materials and Chips: Fundamental components manufactured from compound semiconductors used in a wide range of microelectronic devices.
- Laser Emitters: Devices that produce and emit laser light for various applications.
- Transistors for Integrated Circuits: Electronic components that amplify or switch electronic signals and electrical power within integrated circuits.
- Quantum Photonic Circuits: Advanced circuits utilizing photons to perform computational or communication functions.
- Solar Cells: Devices that convert light energy directly into electrical energy through the photovoltaic effect.
AI Analysis | Feedback
Aeluma, Inc. (ALMU) primarily sells its semiconductor materials and chips to other companies, operating on a business-to-business (B2B) model. The provided background information does not explicitly list the names of its major customer companies.
However, based on the applications for which Aeluma's devices are used, its customer base likely includes manufacturers and developers in the following sectors:
- Companies producing mobile devices
- Automotive electronics manufacturers
- Developers of AI hardware
- Defense and aerospace contractors
- Communication infrastructure providers
- Manufacturers of Augmented Reality (AR) and Virtual Reality (VR) devices
- Developers and providers of High-Performance Computing (HPC) solutions
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Jonathan Klamkin, Ph.D., CEO and Director
Jonathan Klamkin is the founder and CEO of Aeluma. He is also a Professor of Electrical and Computer Engineering at the University of California, Santa Barbara, a position he has held since 2015, where his group conducts research in integrated photonics and optoelectronics. Prior to 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. Dr. Klamkin holds a Bachelor of Science in Electrical and Computer Engineering from Cornell University and a Master of Science and Ph.D. in Materials from the University of California, Santa Barbara. He is the recipient of numerous awards, including the NASA Young Faculty Award, the DARPA Young Faculty Award, and the DARPA Director's Fellowship.
Christopher Stewart, CFO
Christopher Stewart joined Aeluma as Chief Financial Officer in August 2025, bringing over 20 years of financial leadership experience in public and high-growth companies. Most recently, he served as CFO at LeddarTech Holdings Inc., an AI-driven software company that he helped lead through a public market debut. His previous roles include CFO of Bionano Genomics, Inc., where the company achieved 62% compound annual revenue growth during his tenure, and senior financial leadership positions at Maxwell Technologies (acquired by Tesla), Entropic Communications (acquired by Maxlinear), and Intel. Mr. Stewart holds a B.S. in Business Administration from the University of Southern California and an M.B.A. from Carnegie Mellon University.
Bouchaib Nessar, M.S., SVP of Business Development and Product
Bouchaib Nessar, also known as Bouch, serves as the Senior Vice President of Business Development and Product at Aeluma, bringing three decades of experience in commercializing semiconductor photonics solutions. His expertise spans optical networking, data centers, sensing, and quantum applications. At Aeluma, he is responsible for leading go-to-market efforts in data center interconnects for AI infrastructure, imaging sensors for mobile and consumer electronics, and high-performance semiconductor photonics for defense and aerospace. Prior to Aeluma, as VP of Business Development at SCD. USA, he led a strategic transformation that elevated the business to one of the largest suppliers of infrared sensors for defense and commercial markets in the United States. He also held a leadership tenure at Princeton Lightwave, where he spearheaded the commercial launch of lasers, quantum sensors, and biomedical detectors. Mr. Nessar holds a Physics-Engineering degree from Centrale Méditerranée, France.
Christiane Poblenz, Ph.D., VP of Materials Operations
Christiane Poblenz was appointed Vice President of Materials Operations in March 2026 and has 25 years of experience in epitaxial materials development for semiconductor laser technologies. She joined Aeluma after a 17-year career at Kyocera SLDLaser, Inc., formerly Soraa Laser Diode Inc. At Kyocera SLDLaser, she most recently served as Senior Director of Epitaxy and led epitaxy operations and engineering through multiple stages of company growth, including scaling epitaxy from development to automotive-qualified production and through the company's acquisition by Kyocera Corporation in 2021. Dr. Poblenz holds a Ph.D. in Materials from the University of California, Santa Barbara.
Matthew Dummer, Ph.D., Director of Technology
Matthew Dummer, as Director of Technology, has over 20 years of experience in optoelectronic device design and manufacturing. He oversees a team of engineers responsible for new technology development, intellectual property strategy, and scalable production solutions. Before joining Aeluma, Dr. Dummer was a Principal Scientist with Vixar Inc., a vertical cavity surface emitting laser (VCSEL) manufacturer, where he developed sensor products for consumer, industrial, and biomedical markets.
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Risk of rapid technological obsolescence and intense competition: Aeluma operates in highly dynamic optoelectronic and electronic device markets, including AI, AR/VR, and automotive, characterized by rapid technological advancements and intense competition from established players and emerging technologies. The company's reliance on compound semiconductors requires continuous, significant investment in research and development to remain competitive, and failure to innovate or gain widespread market acceptance against alternative solutions could quickly render its offerings obsolete.
High capital expenditure and manufacturing complexities inherent in compound semiconductor production: Developing and manufacturing advanced compound semiconductor materials and chips on specialized substrates is a capital-intensive process requiring substantial ongoing investment in research, development, and advanced manufacturing facilities. As a relatively young company, securing sufficient funding and successfully managing the complexities of scaling production, maintaining high yield rates, and ensuring efficient manufacturing processes are critical challenges that could impact its financial performance and ability to meet demand.
Challenges in achieving widespread market adoption and securing key design wins: Aeluma targets a broad range of demanding applications across diverse sectors such as mobile, automotive, defense, and HPC. Successfully penetrating these markets requires overcoming significant barriers to entry, including stringent qualification processes, long design cycles, and establishing credibility with major customers. Failure to secure key design wins and achieve significant market adoption for its specialized devices could severely limit revenue growth and profitability.
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AI Analysis | Feedback
Aeluma, Inc. (ALMU) develops optoelectronic and electronic devices, manufacturing semiconductor materials and chips using compound semiconductors. The company's products are utilized across various sectors, including mobile, automotive, AI, defense and aerospace, communication, AR/VR, HPC, laser emitters, transistors for integrated circuits, quantum photonic circuits, and solar cells.
The addressable markets for Aeluma's main products and services are substantial and span several key global industries:
- Optoelectronic Devices: The global optoelectronics market was valued at approximately USD 53.37 billion in 2025 and is projected to reach USD 95.67 billion by 2034, growing at a CAGR of 6.70% between 2026-2034. Another estimate places the global market at USD 71.38 billion in 2025, expected to reach USD 104.29 billion by 2032 with a CAGR of 5.56%. Asia-Pacific held the largest market share in 2025 (56.81%).
- Electronic Devices/Consumer Electronics: The global consumer electronics market was valued at USD 949.7 billion in 2024 and is projected to grow to USD 1.25 trillion by 2034, at a CAGR of 2.8% (2025-2034). Another report estimates the global market at USD 864.73 billion in 2025, projected to reach USD 1.76 trillion by 2034. Asia Pacific held the largest share in 2025.
- Compound Semiconductors: The global compound semiconductor market size was valued at approximately USD 44.86 billion in 2024 and is expected to grow to USD 81.1 billion by 2033, with a CAGR of 6.8% (2026–2033). Another source states the global market at USD 122.8 billion in 2024, forecasted to reach USD 177.0 billion by 2033, exhibiting a CAGR of 4.1% (2025-2033). Asia-Pacific dominates this market. The U.S. market for compound semiconductors is projected to reach USD 8.54 billion by 2026.
- Automotive Electronics: The global automotive electronics market size was valued at USD 307.61 billion in 2025 and is predicted to increase to approximately USD 647.43 billion by 2034, expanding at a CAGR of 8.62% (2025-2034). Another report estimates the global market at USD 362.4 billion in 2025, reaching USD 608.3 billion by 2034, with a CAGR of 5.74% (2026-2034). Asia Pacific led the market with a 42% share in 2024. The U.S. market is projected to reach USD 37.1 billion by 2026.
- AI Chips: The global artificial intelligence (AI) chip market size was estimated at USD 94.44 billion in 2025 and is predicted to increase to approximately USD 1,104.68 billion by 2035, representing a CAGR of 27.88% (2026 to 2035). Another source indicates the global AI chipset market was valued at USD 73.24 billion in 2024 and is expected to reach USD 558.18 billion by 2032, at a CAGR of 28.9%. North America, specifically the U.S., held the largest revenue share in the AI chipset market in 2024 due to strong R&D capabilities.
- Defense and Aerospace Electronics: The global aerospace-defense electronics market size was approximately USD 145.7 billion in 2023 and is projected to reach USD 258.3 billion by 2032, growing at a CAGR of 6.4%. The global defense electronics market size was valued at USD 178.34 billion in 2025 and is expected to reach USD 234.48 billion by 2030, reflecting a 5.63% CAGR. North America holds a significant share in this market.
- Communication Devices: The global communication device market size is projected to reach USD 1,298.5 billion by 2032 from USD 765.5 billion in 2023, exhibiting a CAGR of 6.9%. The next-generation communication devices market was valued at USD 340,269.15 million in 2025 and is expected to increase to USD 1,586,532.16 million by 2032, growing at a CAGR of 24.6%. Asia Pacific dominates the communication device market.
- AR/VR (Augmented Reality/Virtual Reality): The global augmented reality and virtual reality market size is calculated at USD 75.18 billion in 2025 and is predicted to increase to approximately USD 693.01 billion by 2035, expanding at a CAGR of 24.87% (2026 to 2035). Another source indicates the global AR/VR/MR market size was valued at USD 58.98 billion in 2024 and is poised to grow to USD 1149.84 billion by 2033, growing at a CAGR of 39.1% (2026–2033). North America accounts for 34% of the global market.
- High-Performance Computing (HPC): The global high-performance computing (HPC) market size was valued at USD 59.33 billion in 2025 and is projected to grow to USD 128.84 billion by 2034, exhibiting a CAGR of 9.00%. Another report shows the market size at USD 44.3 billion in 2024, forecasted to reach USD 65.8 billion by 2033, exhibiting a CAGR of 4.5% (2025-2033). North America dominates the market, holding over 40.3% share in 2024.
- Solar Cells: The global solar cell market size was valued at USD 175.15 billion in 2025 and is predicted to increase to approximately USD 837.99 billion by 2035, expanding at a CAGR of 16.95% (2026 to 2035). Another estimate for the global solar cells market size was USD 158.82 billion in 2025, set to exceed USD 750.47 billion by 2035, expanding at over 16.8% CAGR (2026-2035). Asia Pacific led the global market with the highest market share of 48% in 2025. The U.S. solar cells market size suppressed USD 910 million in 2024.
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Aeluma, Inc. (ALMU) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:
- Transition to Commercial Product Revenue: Aeluma is strategically shifting its focus from primarily research and development (R&D) contracts to generating initial commercial product revenue. This transition is a central theme for the company's fiscal year 2026 and beyond. The company has stated its intent to move from exclusively R&D revenue to initial commercial product revenue, supported by a successful capital raise.
- Expansion into High-Growth Target Markets: The company is actively pursuing opportunities in several high-growth markets. These include AI infrastructure, defense and aerospace, mobile (particularly with SWIR sensors and 3D imaging technology), and quantum photonics. Aeluma is prioritizing immediate near-term opportunities in defense and aerospace, and photonics for AI infrastructure.
- Securing New Government and Commercial Contracts: Aeluma's strategic priorities for fiscal year 2026 include securing three to seven new development contracts. These contracts are crucial for providing non-dilutive funding for R&D investments and fostering partnership opportunities. Recent contract wins with organizations like NASA and the U.S. Navy highlight this ongoing effort.
- Enhanced Manufacturing Readiness and Scale-up: The company is focused on increasing its manufacturing capabilities through higher levels of outsourced wafer manufacturing productivity, expanded test and validation, technology qualification for targeted industries, and strengthening supply chain partnerships. This scale-up in wafer fabrication with foundry partners, which has increased nearly fivefold, is intended to meet growing demand, particularly in AI infrastructure and defense.
- Strengthening and Expanding Intellectual Property: Aeluma continues to expand its intellectual property portfolio, which currently includes 35 issued and pending patents. This strategic development of patents, covering areas such as volume manufacturing of compound semiconductor photonics, 3D imaging sensors, and large-format imagers, helps to protect its proprietary technology and build a competitive advantage in its target commercial sectors.
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Share Issuance
- In March 2025, Aeluma completed a public offering of 2,285,714 shares of common stock at $5.25 per share, generating approximately $12 million in gross proceeds.
- In September 2025, the company priced an underwritten public offering of 1,700,000 shares of its common stock at $13.00 per share, expecting gross proceeds of approximately $22.1 million.
- As of November 2025, Aeluma had utilized approximately $25.4 million from a $100 million shelf registration statement by issuing 1.95 million shares.
Inbound Investments
- Aeluma ended fiscal Q1 2026 (September 30, 2025) with $38.1 million in cash and cash equivalents, which increased to $38.6 million by December 31, 2025, with no long-term debt.
- The company secured new, non-dilutive R&D contracts with organizations such as NASA and the US Navy in fiscal 2026, contributing to its funding and strategic development.
- Several institutional investors, including Vanguard Group Inc., Polar Asset Management Partners Inc., Millennium Management LLC, and BlackRock, Inc., significantly increased their holdings in Aeluma's stock during Q3 and Q4 2025.
Capital Expenditures
- Aeluma's capital expenditures for fiscal year 2025 amounted to $161,000, representing a 50% decrease from the $322,000 recorded in fiscal year 2024.
- The company's capital expenditures reached their highest value in the past five years during fiscal year 2023, totaling $590,043.
- Aeluma has focused capital on advancing its manufacturing processes, increasing outsourced wafer fabrication activities, and acquiring key equipment to enhance in-house test and validation capacity in preparation for commercialization.
Peer Outperformance in Semiconductors
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 10 | 17.2% | 109.4% | 187.6% | FLEX 488% · TTMI 419% · JBL 311% |
| Technology Distributors | 9 | 52.3% | 67.5% | 72.9% | AVT 148% · SNX 123% · CNXN 99% |
| Electronic Components | 24 | 16.4% | 69.6% | 35.2% | CLS 2134% · BELFA 1016% · APH 318% |
| Communications Equipment | 36 | 8.7% | 75.7% | 31.6% | LITE 609% · AAOI 586% · ANET 445% |
| Semiconductor Materials & Equipment | 28 | 42.7% | 55.4% | 31.5% | AXTI 418% · LRCX 289% · KLAC 284% |
| Electronic Equipment & Instruments | 27 | -2.2% | 28.0% | 4.3% | PI 130% · OSIS 116% · CXT 71% |
| Semiconductors ← | 55 | 2.3% | 45.5% | 1.3% | MU 1027% · NVDA 575% · AVGO 548% |
| Technology Hardware, Storage & Peripherals | 21 | 7.9% | 85.9% | -14.2% | WDC 691% · DELL 652% · STX 574% |
| Internet Services & Infrastructure | 6 | 3.5% | 45.5% | -20.9% | GDDY 58% · VRSN 40% · DOCN -20% |
| IT Consulting & Other Services | 30 | -18.2% | 1.2% | -26.5% | APLD 303% · IBM 155% · GIB -8% |
| Application Software | 126 | -9.9% | -6.3% | -50.0% | PLTR 549% · AGYS 157% · FROG 144% |
| Systems Software | 70 | -8.4% | 24.1% | -51.9% | ZETA 255% · CRWD 245% · CVLT 146% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Would You Still Hold Aeluma Stock If It Fell Another 30%? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 129.21 |
| Mkt Cap | 32.0 |
| Rev LTM | 5,056 |
| Op Inc LTM | 888 |
| FCF LTM | 176 |
| FCF 3Y Avg | 29 |
| CFO LTM | 520 |
| CFO 3Y Avg | 405 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 34.2% |
| Rev Chg 3Y Avg | 24.3% |
| Rev Chg Q | 59.6% |
| QoQ Delta Rev Chg LTM | 12.9% |
| Op Inc Chg LTM | 76.8% |
| Op Inc Chg 3Y Avg | 14.9% |
| Op Mgn LTM | 15.9% |
| Op Mgn 3Y Avg | 2.6% |
| QoQ Delta Op Mgn LTM | 2.9% |
| CFO/Rev LTM | 13.4% |
| CFO/Rev 3Y Avg | 10.3% |
| FCF/Rev LTM | -2.5% |
| FCF/Rev 3Y Avg | -1.4% |
Price Behavior
| Market Price | $7.26 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 11/16/2022 | |
| Distance from 52W High | -76.9% | |
| 50 Days | 200 Days | |
| DMA Price | $11.17 | $16.45 |
| DMA Trend | down | down |
| Distance from DMA | -35.0% | -55.9% |
| 3M | 1YR | |
| Volatility | 81.4% | 116.0% |
| Downside Capture | 574.77 | 478.49 |
| Upside Capture | 108.63 | 334.49 |
| Correlation (S&P 500) | 36.4% | 35.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.39 | 2.59 | 3.20 | 3.43 | 3.21 | 1.66 |
| Up Beta | 2.74 | -0.74 | 2.94 | 1.97 | 1.30 | 0.88 |
| Down Beta | 1.92 | 5.29 | 4.79 | 1.59 | 2.87 | 2.26 |
| Up Capture | 143% | 31% | 89% | 393% | 1001% | 869% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 7 | 17 | 25 | 52 | 117 | 327 |
| Down Capture | 666% | 367% | 393% | 301% | 188% | 112% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 15 | 26 | 39 | 74 | 133 | 361 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ALMU | |
|---|---|---|---|---|
| ALMU | -55.8% | 116.0% | -0.19 | - |
| Sector ETF (XLK) | 17.5% | 27.3% | 0.56 | 43.4% |
| Equity (SPY) | 13.2% | 12.9% | 0.68 | 34.6% |
| Gold (GLD) | 1.0% | 28.8% | 0.03 | 14.5% |
| Commodities (DBC) | 35.9% | 21.2% | 1.34 | 7.7% |
| Real Estate (VNQ) | 14.3% | 14.1% | 0.70 | -5.2% |
| Bitcoin (BTCUSD) | -28.2% | 43.4% | -0.65 | 22.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ALMU | |
|---|---|---|---|---|
| ALMU | 40.8% | 126.7% | 1.00 | - |
| Sector ETF (XLK) | 18.1% | 26.2% | 0.62 | 24.0% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 21.4% |
| Gold (GLD) | 17.3% | 19.1% | 0.73 | 9.5% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 7.5% |
| Real Estate (VNQ) | 1.8% | 18.9% | -0.01 | 6.8% |
| Bitcoin (BTCUSD) | 5.5% | 51.5% | 0.29 | 15.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ALMU | |
|---|---|---|---|---|
| ALMU | 18.7% | 126.7% | 1.00 | - |
| Sector ETF (XLK) | 23.4% | 25.2% | 0.85 | 24.0% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 21.4% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 9.5% |
| Commodities (DBC) | 7.4% | 18.1% | 0.33 | 7.5% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 6.8% |
| Bitcoin (BTCUSD) | 61.0% | 66.2% | 1.01 | 15.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/22/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/16/2026 | -14.0% | -1.9% | -34.1% |
| 5/13/2026 | -15.4% | -33.5% | -20.0% |
| 2/11/2026 | 1.0% | -4.3% | -11.1% |
| 11/12/2025 | -2.4% | -10.9% | 26.0% |
| 9/9/2025 | -27.5% | -6.0% | -1.9% |
| 5/7/2025 | 7.2% | 2.3% | 61.6% |
| 2/10/2025 | -0.7% | -8.9% | -8.1% |
| 11/8/2024 | 9.8% | 3.2% | 15.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 3 | 5 |
| # Negative | 5 | 8 | 6 |
| Median Positive | 7.0% | 3.2% | 25.7% |
| Median Negative | -14.0% | -7.4% | -9.6% |
| Max Positive | 9.8% | 29.0% | 61.6% |
| Max Negative | -27.5% | -33.5% | -34.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/16/2026 | -14.0% | -1.9% | -34.1% |
| 5/13/2026 | -15.4% | -33.5% | -20.0% |
| 2/11/2026 | 1.0% | -4.3% | -11.1% |
| 11/12/2025 | -2.4% | -10.9% | 26.0% |
| 9/9/2025 | -27.5% | -6.0% | -1.9% |
| 5/7/2025 | 7.2% | 2.3% | 61.6% |
| 2/10/2025 | -0.7% | -8.9% | -8.1% |
| 11/8/2024 | 9.8% | 3.2% | 15.9% |
| 5/10/2024 | 6.9% | 29.0% | 25.7% |
| 2/12/2024 | 7.8% | -4.7% | -3.1% |
| 11/9/2023 | 0.0% | -10.0% | 16.4% |
| SUMMARY STATS | |||
| # Positive | 6 | 3 | 5 |
| # Negative | 5 | 8 | 6 |
| Median Positive | 7.0% | 3.2% | 25.7% |
| Median Negative | -14.0% | -7.4% | -9.6% |
| Max Positive | 9.8% | 29.0% | 61.6% |
| Max Negative | -27.5% | -33.5% | -34.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 09/16/2026 | 10-K |
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-Q |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 09/09/2025 | 10-K |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-Q |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 09/27/2024 | 10-K |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-Q |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 09/25/2023 | 10-K |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 02/13/2023 | 10-Q |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 09/16/2026 | 10-K |
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-Q |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 09/09/2025 | 10-K |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-Q |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 09/27/2024 | 10-K |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-Q |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 09/25/2023 | 10-K |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 02/13/2023 | 10-Q |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 09/28/2022 | 10-K |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 02/15/2022 | 10-Q |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 09/27/2021 | 10-KT |
Insider Activity
Updated 10/14/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Klamkin, Jonathan | Chief Executive Officer | Family Trust | Sell | 10142026 | 10.53 | 100,000 | 1,053,430 | 11,872,103 | Form |
| 2 | Klamkin, Jonathan | Chief Executive Officer | Family Trust | Sell | 9232026 | 13.35 | 100,000 | 1,335,320 | 16,384,310 | Form |
| 3 | Denbaars, Steven | Direct | Sell | 8282026 | 13.82 | 12,500 | 172,698 | 4,769,339 | Form | |
| 4 | Denbaars, Steven | Direct | Sell | 8282026 | 13.84 | 12,500 | 173,044 | 4,951,945 | Form | |
| 5 | Klamkin, Jonathan | Chief Executive Officer | Direct | Sell | 8052026 | 16.73 | 20,000 | 334,641 | 40,207 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Klamkin, Jonathan | Chief Executive Officer | Family Trust | Sell | 10142026 | 10.53 | 100,000 | 1,053,430 | 11,872,103 | Form |
| 2 | Klamkin, Jonathan | Chief Executive Officer | Family Trust | Sell | 9232026 | 13.35 | 100,000 | 1,335,320 | 16,384,310 | Form |
| 3 | Denbaars, Steven | Direct | Sell | 8282026 | 13.82 | 12,500 | 172,698 | 4,769,339 | Form | |
| 4 | Denbaars, Steven | Direct | Sell | 8282026 | 13.84 | 12,500 | 173,044 | 4,951,945 | Form | |
| 5 | Klamkin, Jonathan | Chief Executive Officer | Direct | Sell | 8052026 | 16.73 | 20,000 | 334,641 | 40,207 | Form |
| 6 | Klamkin, Jonathan | Chief Executive Officer | Direct | Sell | 7022026 | 21.08 | 20,000 | 421,668 | 50,663 | Form |
| 7 | Klamkin, Jonathan | Chief Executive Officer | Direct | Sell | 6032026 | 25.03 | 20,000 | 500,661 | 60,154 | Form |
| 8 | Denbaars, Steven | Direct | Sell | 5212026 | 20.46 | 12,500 | 255,797 | 7,575,876 | Form | |
| 9 | Denbaars, Steven | Direct | Sell | 5212026 | 19.99 | 12,500 | 249,833 | 7,649,066 | Form | |
| 10 | Klamkin, Jonathan | Chief Executive Officer | Direct | Sell | 5052026 | 24.96 | 20,000 | 499,272 | 59,988 | Form |
| 11 | Klamkin, Jonathan | Chief Executive Officer | Direct | Sell | 4032026 | 13.10 | 20,000 | 261,950 | 18,459,590 | Form |
| 12 | Klamkin, Jonathan | Chief Executive Officer | Direct | Sell | 3062026 | 18.05 | 50,000 | 902,600 | 25,803,484 | Form |
| 13 | Denbaars, Steven | Direct | Sell | 2272026 | 15.85 | 12,500 | 198,094 | 6,102,682 | Form | |
| 14 | Denbaars, Steven | Direct | Sell | 2272026 | 17.58 | 12,500 | 219,766 | 6,990,114 | Form | |
| 15 | Tompkins, Mark N | Direct | Sell | 2052026 | 14.71 | 34,500 | 507,653 | 26,346,301 | Form | |
| 16 | Tompkins, Mark N | Direct | Sell | 2022026 | 15.74 | 37,500 | 590,250 | 28,725,311 | Form | |
| 17 | Tompkins, Mark N | Direct | Sell | 2022026 | 15.91 | 25,000 | 397,826 | 29,637,867 | Form | |
| 18 | Tompkins, Mark N | Direct | Sell | 2022026 | 16.82 | 32,500 | 546,508 | 31,739,315 | Form | |
| 19 | Tompkins, Mark N | Direct | Sell | 1222026 | 18.07 | 30,000 | 542,231 | 34,702,575 | Form | |
| 20 | Tompkins, Mark N | Direct | Sell | 1222026 | 18.82 | 45,000 | 846,819 | 36,695,249 | Form | |
| 21 | Tompkins, Mark N | Direct | Sell | 1222026 | 20.69 | 30,000 | 620,617 | 41,270,780 | Form | |
| 22 | McCarthy, Lee | Direct | Sell | 1022026 | 0.01 | 649,570 | 3,962 | 5,962 | Form | |
| 23 | Tompkins, Mark N | Direct | Sell | 12292025 | 17.79 | 30,000 | 533,645 | 36,020,794 | Form | |
| 24 | Tompkins, Mark N | Direct | Sell | 12292025 | 16.05 | 15,000 | 240,750 | 32,982,557 | Form | |
| 25 | Tompkins, Mark N | Direct | Sell | 12292025 | 14.87 | 15,000 | 223,050 | 30,780,722 | Form | |
| 26 | Tompkins, Mark N | Direct | Sell | 12222025 | 14.83 | 35,000 | 519,050 | 30,920,372 | Form | |
| 27 | Tompkins, Mark N | Direct | Sell | 12222025 | 14.70 | 30,000 | 441,000 | 31,163,824 | Form | |
| 28 | Tompkins, Mark N | Direct | Sell | 12222025 | 14.37 | 20,000 | 287,400 | 30,895,328 | Form | |
| 29 | Tompkins, Mark N | Direct | Sell | 12112025 | 17.49 | 20,000 | 349,800 | 37,953,090 | Form | |
| 30 | Tompkins, Mark N | Direct | Sell | 12112025 | 16.82 | 30,000 | 504,523 | 36,829,987 | Form | |
| 31 | Tompkins, Mark N | Direct | Sell | 12092025 | 16.06 | 40,000 | 642,420 | 35,654,119 | Form | |
| 32 | Tompkins, Mark N | Direct | Sell | 12092025 | 16.14 | 30,000 | 484,196 | 36,475,882 | Form | |
| 33 | Tompkins, Mark N | Direct | Sell | 12092025 | 16.03 | 30,000 | 480,980 | 36,714,614 | Form | |
| 34 | Tompkins, Mark N | Direct | Sell | 10212025 | 16.39 | 37,500 | 614,625 | 38,024,603 | Form | |
| 35 | Tompkins, Mark N | Direct | Sell | 10212025 | 16.93 | 40,000 | 677,294 | 39,917,833 | Form | |
| 36 | Tompkins, Mark N | Direct | Sell | 10172025 | 19.29 | 25,000 | 482,251 | 46,247,639 | Form | |
| 37 | Tompkins, Mark N | Direct | Sell | 10172025 | 20.59 | 40,000 | 823,424 | 49,868,345 | Form | |
| 38 | Tompkins, Mark N | Direct | Sell | 10142025 | 19.86 | 36,855 | 731,940 | 48,905,012 | Form | |
| 39 | Tompkins, Mark N | Direct | Sell | 10142025 | 16.98 | 35,331 | 599,747 | 42,426,584 | Form | |
| 40 | Tompkins, Mark N | Direct | Sell | 10142025 | 16.67 | 35,000 | 583,471 | 42,254,557 | Form | |
| 41 | Tompkins, Mark N | Direct | Sell | 10092025 | 16.56 | 36,908 | 611,168 | 42,551,841 | Form | |
| 42 | Tompkins, Mark N | Direct | Sell | 10092025 | 17.47 | 35,000 | 611,576 | 45,546,371 | Form | |
| 43 | Tompkins, Mark N | Direct | Sell | 10092025 | 17.75 | 35,000 | 621,268 | 46,889,469 | Form | |
| 44 | Tompkins, Mark N | Direct | Sell | 10062025 | 18.70 | 63,604 | 1,189,395 | 50,052,083 | Form | |
| 45 | Tompkins, Mark N | Direct | Sell | 10062025 | 17.57 | 31,147 | 547,136 | 48,134,813 | Form | |
| 46 | Tompkins, Mark N | Direct | Sell | 10062025 | 17.10 | 35,000 | 598,558 | 47,394,355 | Form | |
| 47 | Tompkins, Mark N | Direct | Sell | 10012025 | 16.87 | 50,500 | 851,688 | 47,329,104 | Form | |
| 48 | Tompkins, Mark N | Direct | Sell | 10012025 | 16.19 | 33,580 | 543,596 | 46,246,698 | Form | |
| 49 | Tompkins, Mark N | Direct | Sell | 10012025 | 17.57 | 25,000 | 439,359 | 50,804,554 | Form |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductors Resources |
| EE Times |
| Semiconductor Engineering |
| Semiconductor Digest |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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