Overview

Aeluma is a transformative semiconductor company that specializes in developing high-performance optoelectronic and electronic devices for a wide range of applications, including mobile, automotive, AI, defense & aerospace, communication, AR/VR, high-performance computing, and quantum computing. The company has pioneered a technique to produce semiconductor materials and chips using high-performance compound semiconductors on large diameter substrates, enabling cost-effective manufacturing of high-performance photodetectors and photodetector arrays for imaging applications.

Recent Government Contracts

Aeluma has won two significant government contracts in the past year:

1. In September 2024, Aeluma was awarded an $11.717 million DARPA contract to develop heterogeneous integration technology compatible with leading edge and future advanced-node semiconductors for applications in AI, mobile devices, and 5G/6G.

2. In April 2025, Aeluma received a contract from the U.S. Department of Energy to develop commercially viable, low-cost shortwave infrared (SWIR) photodetectors, which will accelerate the commercialization of Aeluma’s wafer-scale platform for high-sensitivity, energy-efficient photodetector sensors.

Private Placements and Conversion of Notes

Between August 2024 and August 2024, Aeluma issued $3.145 million in convertible promissory notes to 10 accredited investors. In March 2025, certain holders elected to convert their notes at the applicable ceiling price of $3.50 per share, resulting in the issuance of 898,573 shares of common stock.

Public Offering of Common Stock

On March 26, 2025, Aeluma entered into an Underwriting Agreement with Craig-Hallum Capital Group LLC to conduct a public offering of 2,285,714 shares of its common stock at a price of $5.25 per share, raising total gross proceeds of $13.8 million. The company also granted the underwriter a 30-day option to purchase up to an additional 342,857 shares, which was exercised in full.

Executive Officer Announcements

Effective March 18, 2025, Mr. James Seo agreed to serve as Aeluma’s interim Chief Financial Officer/Principal Accounting Officer until the company hires a full-time CFO.

Plan of Operations

Aeluma’s technology is based on the heterogeneous integration of compound semiconductor materials on large-diameter substrates, such as silicon, which enables subsequent device fabrication and manufacturing in large-scale environments suitable for mass markets. The company will continue to develop its technology, including novel materials and devices, and focus on manufacturing high-performance semiconductor technologies that scale for mass markets. Aeluma operates R&D and manufacturing facilities in Goleta, California, and has developed relationships with volume fabrication foundries and packaging partners to support its commercialization efforts.

Limited Operating History

Aeluma has a limited operating history, and its future success is subject to numerous uncertainties and risks inherent in the development of a new business. While the company’s recent public offering has alleviated substantial doubt about its ability to continue as a going concern, it continues to face risks typical of early-stage companies, including limited capital resources, operational and financial challenges, and uncertainty in product development.

Results of Operations

Aeluma’s revenue increased significantly from $639,286 in the nine months ended March 31, 2024, to $3,348,220 in the same period of 2025, primarily driven by growth in government contracts. Operating expenses also increased by 7.3% during this period, primarily due to higher salaries and employee benefits. The company reported a net loss of $2,163,550 for the nine months ended March 31, 2025, compared to a net loss of $3,573,480 in the same period of 2024, representing a 39.5% improvement.

Liquidity and Capital Resources

As of March 31, 2025, Aeluma had cash, cash equivalents, and a certificate of deposit totaling $15,865,659, compared to $1,291,072 as of June 30, 2024. The increase was primarily attributable to the net proceeds from the company’s public offering, which generated $12.6 million in net proceeds. With the successful completion of the offering, Aeluma believes that substantial doubt about its ability to continue as a going concern has been alleviated for at least the next twelve months.

The company intends to use the net proceeds from the offering to support operational growth, invest in product development, and fund working capital and general corporate purposes. Based on its current operating plan, Aeluma believes that its existing cash, cash equivalents, and certificate of deposit, combined with projected revenues and cost management strategies, will be sufficient to meet its working capital and capital expenditure requirements for at least the next twelve months.

Critical Accounting Policies

During the three and nine months ended March 31, 2025, there were no significant changes in Aeluma’s critical accounting policies.