Aeluma (ALMU) Q4 2026 earnings summary

Executive summary

• Fiscal 2026 focused on accelerating development and commercialization of high-speed photodetectors and quantum dot lasers for the AI datacom market, leveraging proprietary non-indium phosphide substrates to address supply chain constraints and enable scalable manufacturing.

• Advanced customer negotiations for multi-million-dollar non-recurring engineering projects and signed a letter of intent with the Department of Commerce CHIPS R&D Office for up to $30 million to develop and commercialize photonics for AI and advanced computing.

• Team expanded from 14 to over 30, including key leadership hires such as VP of Engineering and Senior Director of Program Management, to drive product development and commercialization.

• Executed six new contracts totaling $5.3 million, including awards from NASA and the U.S. Navy, accelerating photodetector, laser, and quantum technology development.

• Strategic shift from early-stage government funding to commercial revenue, with expanded customer engagements and NRE negotiations in AI datacom.

Financial highlights

• Q4 2026 revenue was $0.6 million, down from $1.3 million in Q4 2025; full-year revenue totaled $4.5 million, nearly flat year-over-year compared to $4.7 million in fiscal 2025.

• GAAP net loss for Q4 was $4.0 million ($0.22/share); full-year net loss was $9.2 million ($0.52/share), up from $3.0 million ($0.23/share) in fiscal 2025.

• Adjusted net loss for Q4 was $2.7 million ($0.15/share); full-year adjusted net loss was $4.6 million ($0.26/share), compared to $116,000 ($0.01/share) in fiscal 2025.

• Adjusted EBITDA was negative $2.9 million for Q4 and negative $5.2 million for the year, reflecting increased headcount and operating expenses.

• Cash and cash equivalents at Q4 end were $56.0 million, up from $37.8 million in March and $15.7 million at June 2025; no debt on the balance sheet.

Outlook and guidance

• Fiscal 2027 focus is on commercialization, with $2.3 million in booked government contract revenue expected and potential for an additional $2 million.

• Several multimillion-dollar NRE agreements with commercial customers are under negotiation, which could add to fiscal 2027 revenue.

• CHIPS R&D funding, if finalized, likely to be accounted for as an equity investment, not revenue, and could accelerate commercialization.

• Anticipated capital expenditures of $10–12 million in fiscal 2027 to expand manufacturing and support commercialization.

• Ongoing investments in manufacturing capacity and team expansion to support commercialization and scaling.