Aeluma ended its fiscal fourth quarter with $56 million in cash and cash equivalents, up sharply from $37.8 million in the previous quarter, giving the semiconductor company additional resources to expand manufacturing capacity, product development and commercialization efforts across AI datacom and advanced computing.
The company raised $20.1 million in net proceeds during the quarter through its at-the-market offering program, issuing 830,484 shares at an average price of $24.87.
Aeluma reported fourth-quarter fiscal 2026 revenue of $582,000, compared with $1.22 million in the preceding quarter and $1.32 million a year earlier. Revenue continued to be primarily generated from research and development contracts as the company works to transition toward commercial semiconductor and photonics opportunities.
The quarter reflected a significant increase in investment as Aeluma prepares its technology and manufacturing infrastructure for a larger commercial market.
Research and development expenses increased to $2.27 million from $882,000 in the third quarter and $165,000 a year earlier, while general and administrative expenses rose to $2.25 million from $1.63 million sequentially.
Total operating expenses were $4.95 million compared with $3.35 million in the prior quarter.
The increased spending contributed to a fourth-quarter net loss of $4.01 million, or $0.22 per share, compared with a $1.8 million loss, or $0.10 per share, in the preceding quarter.
Adjusted EBITDA loss was $2.94 million compared with $911,000 in the third quarter. Non-GAAP net loss was $2.71 million, or $0.15 per share.
Aeluma said the higher expense base reflects investments in strategic hiring and manufacturing readiness rather than a pullback in its development plans.
The company more than doubled its workforce during fiscal 2026, growing from 14 employees to more than 30, and added senior engineering and program-management executives to support product development and its go-to-market strategy.
Aeluma is also procuring additional MOCVD equipment intended to increase wafer-production capacity for its non-indium-phosphide semiconductor platforms.
At the same time, the company has strengthened relationships with Tower Semiconductor and Sumitomo Chemical Advanced Technologies as it prepares for qualification and larger-scale manufacturing.
Customer activity is also progressing beyond early R&D work.
Aeluma said it advanced discussions with prospective customers into negotiations for multimillion-dollar non-recurring engineering agreements focused on photonics for AI datacom. The company also executed six new contracts totaling $5.3 million, including awards from NASA and the U.S. Navy.
Management’s near-term product focus includes scalable high-speed photodetectors and quantum-dot lasers for AI data center applications, where rapidly increasing computing requirements are driving demand for higher-bandwidth optical connectivity.
Aeluma is also pursuing up to $30 million in potential funding from the U.S. Department of Commerce CHIPS R&D Office after signing a letter of intent covering development and commercialization of photonics technologies for AI and advanced computing.
The potential funding remains subject to definitive agreement negotiations, but management believes it could accelerate the company’s commercialization timeline.
Aeluma’s balance sheet gives it substantially more flexibility to pursue those investments.
Total assets increased to $60.7 million as of June 30 from $19.4 million a year earlier, while stockholders’ equity rose to $56.9 million from $17.9 million. Total liabilities were approximately $3.7 million.
For the full fiscal year, Aeluma generated $4.46 million in revenue compared with $4.67 million in fiscal 2025.
The full-year net loss was $9.16 million, compared with $3.02 million the previous year, reflecting the company’s accelerated investment in personnel, manufacturing capabilities and commercialization.
Aeluma used $3.27 million of cash in operating activities during fiscal 2026 while receiving $44.18 million from financing activities, leaving the company with a significantly stronger cash position entering fiscal 2027.
Management expects the coming fiscal year to focus heavily on technology development, expanding customer engagements, increasing wafer-production capacity and converting AI datacom discussions into commercial programs.
The combination of a $56 million cash position, expanding manufacturing infrastructure, prospective CHIPS funding and multimillion-dollar customer discussions gives Aeluma a larger financial and operational foundation as it moves from primarily government-funded R&D toward commercial AI photonics markets.
KEY QUOTES:
“After establishing a foundation for commercialization in fiscal 2026 that included more than doubling the size of our team, establishing strategic manufacturing partnerships, and bolstering cash, the Company is transitioning from early-stage R&D Government contracts to a focus on scale and commercialization.”
“Fiscal 2027 will focus on technology and product development, and expanding our customer engagements. We are in discussions with several important prospective customers in the AI datacom industry, negotiating NRE agreements that could support our go-to-market strategy.”
Jonathan Klamkin, Ph.D., Founder and CEO of Aeluma
