Aeluma
Aeluma's revenue fell 4.4% to $4 million in fiscal 2026. Its operating margin was −228.3%, down from −45.9% a year earlier. Free cash flow was −$4 million. The diluted share count rose 34.1%.
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
Charts show fiscal years, from the 10-K filings.
What Aeluma does
Aeluma develops light-based chip technology for communications and sensing. Its products include photodetectors, which sense near-infrared and shortwave infrared light, and lasers and optical amplifiers built on quantum dot technology. It aims to sell to makers of AI data center networking gear, mobile and consumer devices, defense and aerospace systems, and quantum technology.
Aeluma makes its materials on large silicon and gallium arsenide wafers, which fit the factories that build mainstream microelectronics. It does its materials growth, prototyping and testing in a cleanroom in Goleta, California, and uses outside foundries, including Tower Semiconductor and Sumitomo Chemical Advanced Technologies, for wafer production.
The company says it is moving from mainly research and development toward selling products. Its revenue now comes mostly from U.S. government development contracts, plus small commercial orders for wafers, chips, engineering samples and engineering services. It says customers usually test and qualify a new part for a long time before ordering volume. It competes with large image-sensor makers such as Sony and Samsung and with makers of conventional infrared sensors such as Hamamatsu and Teledyne FLIR.
Its biggest risks, as it describes them
- It is early-stage and not yet in volume production for any product, with continuing net losses.
- Its revenue depends heavily on U.S. federal government contracts.
- It depends on a few customers and on outside manufacturers for parts of its production.
- It may need more money, which could dilute shareholders or be unavailable on good terms.
- It reported material weaknesses in its internal control over financial reporting.
Income statement
Aeluma lost money in fiscal 2026: a net loss of $9 million.
Returns on capital
Balance sheet
Five years at a glance
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | 4 | 5 | 1 | 4 | 56 |
| Debt incl. finance leases | 0 | 0 | — | — | — |
| Net debt (negative means net cash) | −3 | −5 | — | — | — |
| Net debt to EBITDA | — | — | — | — | — |
| Debt to equity | 0.1x | 0.1x | — | — | — |
| Interest coverage | — | — | — | — | — |
| Current ratio | 11.9x | 7.0x | 2.2x | 24.6x | 30.3x |
| Quick ratio | 11.9x | 7.0x | 2.2x | 24.6x | 30.3x |
Cash flow
Projections
Project Aeluma's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.
Insider trades
No officer, director or 10% owner of Aeluma reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.
Indicators
Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.
| Indicator | FY24 | FY25 | FY26 |
|---|---|---|---|
| Piotroski F-score | — | — | — |
| Rule of 40 | −35.7% | 379.6% | −92.1% |
| Altman Z'' | −16.70 | 14.55 | 19.50 |
| Accruals ratio | −20.1% | −16.1% | −14.7% |
The nine F-score tests
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | Fail | Fail | Fail |
| Cash from operations is positive | Fail | Fail | Fail |
| Return on assets rose | Pass | Fail | Pass |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | Fail | Pass | Pass |
| Share count didn't rise | Fail | Fail | Fail |
| Gross margin rose | Fail | Pass | Fail |
| Revenue rose relative to assets | Pass | Pass | Fail |
| F-score | — | — | — |
Compare
Put Aeluma side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Aeluma | FY26 | −4.4% | −228.3% | −87.7% | — | — | — | |
| GSI Technology | FY26 | 22.4% | −69.6% | −65.3% | — | — | — | Compare |
| NVE | FY26 | 1.8% | 60.5% | 55.0% | — | — | — | Compare |
| Blaize | FY25 | 2,386.0% | −268.8% | −192.9% | — | — | — | Compare |
| Navitas Semiconductor | FY25 | −44.9% | −234.7% | −96.6% | −36.3% | — | 1 | Compare |
6 years of figures
| Fiscal year | FY20 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | — | — | 0 | 1 | 5 | 4 |
| Revenue growth | — | — | — | 375.3% | 407.6% | −4.4% |
| Gross profit | — | — | 0 | 0 | 3 | 2 |
| Research and development | — | 1 | 2 | 2 | 1 | 5 |
| Operating income | — | −4 | −6 | −5 | −2 | −10 |
| Net income | −0 | −4 | −5 | −5 | −3 | −9 |
| Diluted EPS (US$) | −0.02 | −0.32 | −0.47 | −0.37 | −0.23 | −0.52 |
| Diluted shares (millions) | 1 | 11 | 11 | 12 | 13 | 18 |
| Cash flow | ||||||
| Cash from operations | −0 | −2 | −4 | −4 | −1 | −3 |
| Capital expenditure | 0 | 0 | 1 | 0 | 0 | 1 |
| Free cash flow | −0 | −3 | −4 | −4 | −1 | −4 |
| Dividends paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share buybacks | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-based compensation | — | 0 | 0 | 1 | 2 | 4 |
| Balance sheet at fiscal year end | ||||||
| Cash and short-term investments | 0 | 4 | 5 | 1 | 4 | 56 |
| Debt incl. finance leases | — | 0 | 0 | — | — | — |
| Total assets | 0 | 6 | 7 | 4 | 19 | 61 |
| Total liabilities | 0 | 1 | 1 | 2 | 2 | 4 |
| Shareholders' equity | 0 | 5 | 6 | 2 | 18 | 57 |
| Margins and ratios | ||||||
| Gross margin | — | — | 43.4% | 32.6% | 59.6% | 35.2% |
| Operating margin | — | — | −2,849.8% | −496.5% | −45.9% | −228.3% |
| Net margin | — | — | −2,782.5% | −496.4% | −64.8% | −205.3% |
| Free cash flow margin | — | — | −2,186.8% | −411.0% | −28.1% | −87.7% |
| Rule of 40 (growth + FCF margin) | — | — | — | −35.7% | 379.6% | −92.1% |
| Return on capital | — | — | −276.1% | — | — | — |
| Return on equity | — | — | −96.0% | −108.8% | −30.0% | −24.5% |
| Return on assets | — | — | −82.2% | −82.9% | −26.0% | −22.9% |
| Net debt to EBITDA | — | — | — | — | — | — |