Aeluma, Inc.

The grade, in three tenses

Headline 4.5 out of ten, 8 of 9 metrics filed and 1 estimated: past 4.3 out of ten, present 4.0 out of ten, future 5.4 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 3.5 out of ten. 4 warning events since 2020; the latest 2022-02-14. 35th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 6.1 out of ten. +184.6% a year over 4 filed years; profitable in 0 of 4. 61st percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 2.0 out of ten. CrossAssetData estimate 2.0/10, confidence 35 of 100 (one part). 20th percentile among 94 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
• Financial health (present): 3.5 out of ten. ROE -16%: lost 16¢ per shareholder dollar. Leverage 6%: owes 6¢ per asset dollar. 35th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 3.9 out of ten. bottom 39% of 97 in its family; net margin -205.3%. 39th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 5.0 out of ten. bottom 50% of 66 in its family for leadership; chief executive since 2021. 50th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 6.1 out of ten. top 39% of 94 in its family for room to expand. 61st percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 5.6 out of ten. top 44% of 93 in its family for growth drivers. 56th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 3.8 out of ten. bottom 38% of 88 in its family for expectations against reality. 38th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-09-16 for the period ended 2026-06-30 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-05-13 for the period ended 2026-03-31 (on EDGAR). Newest results release: Form 8-K filed 2026-09-16 (on EDGAR). Newest filing: Form 4, 2026-10-01. Filings on record since 2020. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-09-16.

The people

Jonathan Klamkin, age 46, has been president, chief executive and chairman of the board since the merger was completed in 2021. He has led the operating business, Biond Photonics, now Aeluma Operating Co., since it was founded in 2019, and since 2015 he has also been a professor of electrical and computer engineering at the University of California, Santa Barbara, where his group works on integrated photonics and optoelectronics for communications and sensing. Earlier, from 2001 to 2002, he worked at BinOptics Corp., a laser diode maker later bought by MACOM. On the insider record this site holds he has filed as an officer and a director since 2021. [1, 2, 3, 4]

Christopher Stewart, age 58, has been chief financial officer since August 2025. He was finance chief of LeddarTech Holdings Inc. from September 2023 to June 2025 and of Bionano Genomics, Inc. from 2020 to September 2023, and before that held roles at Maxwell Technologies, Entropic Communications and Intel Corporation. The seat has changed hands: on the insider record Lee McCarthy filed as chief financial officer and chief operating officer, and as an officer and a director, from 2021, and Stewart first filed in 2025. [5, 6, 4]

The proxy statement says the board has five members. Steven P. DenBaars, a distinguished professor of materials and of electrical and computer engineering at the University of California Santa Barbara, has sat on the operating company's board since June 5, 2021; he co-founded Nitres Inc. in 1996, bought by Cree Inc. in May 2000, and SLD Laser in 2013, bought by Kyocera Corporation in 2021. John Paglia has chaired the audit committee since November 30, 2021. Craig Ensley chairs the compensation committee and has built and led semiconductor businesses in analog and digital signal processing, sensors, communications and consumer products. Michael Byron, a director since February 24, 2025, retired as vice president of finance operations and systems at NVIDIA Corporation in December 2024, having joined it in 2002 and served 22 years, including as vice president and chief accounting officer from 2011 to 2019. [7, 8, 9, 10, 11, 12]

At June 30, 2026 Aeluma had 27 employees, of whom 24 were full time, and all of them lived in the United States. None of the employees or contractors is covered by a collective bargaining agreement. The insider record reaches back to 2020; the person on it with the most filings, 16, is Mark N. Tompkins, who first filed in that year. [13, 14, 4]

How it operates

Aeluma develops photonic and electronic technologies for communications and sensing, aimed at telecom, artificial intelligence data centers, mobile devices, defense and aerospace, robotics, cars, augmented and virtual reality, and quantum uses. Its platform combines compound semiconductor materials, meaning semiconductors made of more than one element rather than silicon alone, with large-diameter substrates, so that the equipment built for high-volume silicon microelectronics can be used. The work so far is photodetectors and photodetector arrays, which turn light into an electrical signal and can see near-infrared and shortwave infrared light, together with lasers and optical amplifiers based on quantum dots. [15, 16, 17]

By its own account the company is moving from a business that was mostly research and development toward selling products, and its revenue today consists of government development contracts, with commercial development and product revenue only beginning. It has delivered wafers, chips and engineering samples, performed non-recurring engineering projects, and begun accepting first commercial orders, which it describes as relatively small; commercial customers generally require extensive evaluation and qualification before committing to production volumes. The selling cycle it describes runs from technical evaluation and prototype delivery through reliability testing, manufacturing qualification and design in, to approval by the end customer. [18, 19, 20]

The buyers and prospective buyers it names are United States government agencies and contractors, semiconductor and optical component companies, system integrators, module manufacturers, Tier-1 suppliers, and makers of mobile and consumer electronics, data center and communications equipment, defense and aerospace systems and quantum technologies. In practice the paying customers are all public bodies: in the year to June 30, 2026 two customers accounted for 59% and 14% of revenue, in the year before one accounted for 71%, and the filing says all customers have been government agencies. Four customers, government agencies among them, owed the whole of the accounts receivable balance at the end of the year. [21, 22, 23]

Aeluma makes some things itself and hires out the rest. Its own research, development and manufacturing site is about 9,000 square feet and holds a cleanroom and equipment for epitaxy wafer production, process development, prototyping and wafer-scale testing; the lease runs through March 2031, and it rents about 2,400 square feet of offices nearby. For scale it uses outside foundries, wafer suppliers, packaging companies, test providers and integration partners, and during fiscal 2026 it announced relationships with Tower Semiconductor and Sumitomo Chemical Advanced Technologies for wafer production and fabrication. It calls this a capital-efficient model: keep the materials, processes and know-how in house, buy production scale from qualified outsiders. [24, 25, 26, 27]

The business spends more than it takes in and is funded by selling shares. It says it raised about $60 million through public offerings from March 2025 to the date of the report and set up an at-the-market program to sell up to $50 million of common stock, of which $29.3 million of capacity remained. At June 30, 2026 it held $56.0 million in cash, cash equivalents and a certificate of deposit, against $15.7 million a year earlier; on the record this site holds the business owns 60.7 million dollars and owes 3.7 million. Operations used $3.3 million of cash in the year against a net loss of $9.2 million, the gap resting mainly on $4.5 million of stock-based compensation, which costs no cash. [28, 29, 30, 31, 32]

The specifics

The technology is heterogeneous integration: combining materials with different physical properties within a single semiconductor platform. Aeluma grows compound semiconductor materials on large-diameter substrates such as silicon and gallium arsenide, which are compatible with the manufacturing infrastructure used for mainstream microelectronics. The point is reach. Silicon image sensors are cheap and made in volume but lose sensitivity at longer near-infrared wavelengths and stop absorbing near 1,100 nanometers, while standard indium gallium arsenide devices work across roughly 900 to 1,700 nanometers. Conventional indium gallium arsenide photodetectors are made on relatively small indium phosphide substrates, commonly in the two to four inch range; making them on large substrates is the company's argument for more devices per wafer and access to wafer-scale integration and packaging. [33, 34, 35]

It protects the work with a portfolio of approximately 36 issued and pending patents, covering heterogeneous integration of compound semiconductor materials on large-diameter substrates, scalable manufacturing processes, photodetectors and imaging arrays, three-dimensional sensing, quantum dot lasers and system integration, and it has filed trademark applications for the name Aeluma and the slogan Sensing Reimagined. Important aspects of its device designs and manufacturing processes, it says, may be protected as trade secrets rather than disclosed in patent applications. [36, 37, 38]

The competition is large and long established. In imaging and sensing the silicon CMOS image sensor suppliers it names are Sony, Samsung, OmniVision, onsemi, STMicroelectronics, Panasonic, Canon and SK hynix, and the traditional indium gallium arsenide sensor suppliers Hamamatsu, Sumitomo, Teledyne FLIR and Excelitas. In lasers and optical communications it competes with established suppliers of indium phosphide, gallium arsenide and other compound semiconductor lasers, with vertically integrated optical component manufacturers and with silicon photonics companies; in quantum photonics with approaches built on lithium niobate, aluminum nitride, barium titanate, silicon and silicon nitride. The filing is candid that its own potential advantages have not yet been demonstrated in large-volume commercial production. [35, 39, 40]

Aeluma was incorporated in Delaware on August 21, 2020 under the name Parc Investments, Inc., and the name was changed to Aeluma, Inc. in June 2021, the year the merger with the operating business was completed; the insider record's first filings, in 2020, come from that earlier shell. The books carry a flaw the company has disclosed: management concluded that at June 30, 2026 internal control over financial reporting was not effective, because there were too few people with the technical accounting skill to evaluate, account for and properly record certain non-routine and complex transactions. Management says the financial statements nevertheless present the position, results and cash flows fairly in all material respects, and that it has increased accounting resources, hired a full-time chief financial officer and engaged an outside firm to help remediate the weakness. [41, 1, 42, 43, 44, 4]

What drives growth, line by line

Revenue slipped in the year to June 30, 2026: down $204 thousand to $4.5 million, from $4.7 million. On the record this site holds that is a fall of 4.4% after two years of sharp growth, from 193.3 thousand in 2023 to 919.0 thousand in 2024 and 4.7 million in 2025. [45, 46]

Government contracts. Nearly all of it: $4.3 million of the $4.5 million, against $4.4 million of $4.7 million the year before. During the year the company entered six new government customer contracts, among them with NASA, the State University of New York and the Office of the Secretary of Defense, and continued to perform under existing contracts with the U.S. Navy and the U.S. Defense Advanced Research Projects Agency, which it says contributed significantly to revenue during the year. The new awards were much smaller than the year before: six contracts of $5.3 million, against six totaling $13.8 million in the year to June 30, 2025. At the end of the year $5.4 million of performance obligations remained under all obligated government contracts, with a further $5.7 million contingent. [45, 47, 48, 49, 50]

Other products and services. The commercial side is still small: $183 thousand in the year to June 30, 2026, against $266 thousand the year before. The company says customer and partner engagement increased across AI data center communications, mobile and consumer electronics, defense and aerospace, and quantum applications, that it began receiving requests for quotations and accepting initial commercial sales orders, and that those orders have been relatively small and may not lead to production orders. [45, 51]

What comes next, in the company's own words: its operating priorities are to advance product development, complete customer and manufacturing qualifications, deliver on existing commercial and government contracts, increase manufacturing readiness, and convert qualified customer engagements into recurring product revenue. It has also signed a letter of intent for up to $30 million of proposed funding under the CHIPS Act, administered by the U.S. Department of Commerce, to support research and development of its scalable, non-indium-phosphide semiconductor manufacturing platform for photonics. The award is not settled: it depends on further due diligence, approvals inside the government and the negotiation and execution of definitive award documents, and on signing those the company would issue equity securities to the Department of Commerce with an aggregate value equal to the award amount. [52, 53, 54, 55]

What the desk infers (inferred, not filed)

• The customer behind 59% of the year's revenue is most likely the U.S. Defense Advanced Research Projects Agency or the U.S. Navy, the two continuing programs the filing singles out. Because: Two customers supplied 59% and 14% of revenue in the year to June 30, 2026, and the filing says all customers have been government agencies. [22] The filing names contracts with the U.S. Navy and the U.S. Defense Advanced Research Projects Agency as existing ones it continued to perform, and says they contributed significantly to revenue during the year. [47] The contracts with NASA, the State University of New York and the Office of the Secretary of Defense are described as newly entered during the year, and the year's new awards came to $5.3 million against $13.8 million the year before. [47, 48, 49] Confidence 60 of 100. Wrong if: A government award record or a later filing that names a different agency as the source of most of the year's revenue.
• On this year's record Aeluma is a government research contractor trying to become a component supplier, not yet a component supplier with government work alongside. Because: Government contracts brought $4.3 million of the $4.5 million of revenue; other products and services brought $183 thousand. [45] All customers have been government agencies. [22] The company describes itself as transitioning from a predominantly research and development stage business toward commercialization, with revenue that currently consists of government development contracts. [18] Its initial commercial orders are relatively small, may not lead to production orders, and buyers evaluate at length before committing to production volumes. [19, 51] Confidence 88 of 100. Wrong if: A year in which revenue from other products and services passes revenue from government contracts, or in which a customer that is not a government agency passes a tenth of revenue.
• Any real volume would have to be made by somebody else: the company's own plant is a 9,000 square foot development site staffed by 27 people, so the outside foundries, Tower Semiconductor and Sumitomo Chemical Advanced Technologies among them, are the only route to production. Because: The principal research, development and manufacturing facility is approximately 9,000 square feet and is used for epitaxy wafer production, process development, prototyping and wafer-scale testing. [24] The company had 27 employees at June 30, 2026, of whom 24 were full time. [13] It expects to subcontract wafer fabrication to third-party suppliers including foundries, and expects to be a relatively small customer compared with larger semiconductor companies. [56] It says these external capabilities are important to its ability to qualify manufacturing processes and increase production capacity if substantial customer demand develops, and that certain critical foundry processes may be available from only a limited number of suppliers. [26, 57] Confidence 80 of 100. Wrong if: A filing showing the company building or operating its own volume production line, or reporting commercial production volumes made in its own facility.

Sources

1. Aeluma, Inc., Form 10-K filed 2026-09-16: “Jonathan Klamkin, Ph.D., age 46, has served as our President and Chief Executive Officer and Chairman of our Board of Directors since the merger was completed in 2021. He has served as the Chief Executive Officer and a member of the Board of Directors of Biond Photonics, Inc. (now our wholly owned subsidiary, Aeluma Operating Co.) since its founding in 2019.”
2. Aeluma, Inc., Form 10-K filed 2026-09-16: “He also has served as a Professor of Electrical and Computer Engineering at the University of California, Santa Barbara, since 2015, where his group conducts pioneering research in integrated photonics and optoelectronics for communications and sensing applications.”
3. Aeluma, Inc., Form 10-K filed 2026-09-16: “From 2001 to 2002, Dr. Klamkin was an employee with BinOptics Corp., a laser diode manufacturer later acquired by MACOM.”
4. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
5. Aeluma, Inc., Form 10-K filed 2026-09-16: “Christopher Stewart, age 58, has served as our Chief Financial Officer since August 2025. From September 2023 to June 2025, he was the Chief Financial Officer for LeddarTech Holdings Inc., an AI-driven software company that he led through a transition into a publicly traded company. From 2020 to September 2023, he was the Chief Financial Officer of Bionano Genomics, Inc., a provider of genome analysis solutions.”
6. Aeluma, Inc., Form 10-K filed 2026-09-16: “Mr. Stewart also previously held leadership roles at Maxwell Technologies (later acquired by Tesla), Entropic Communications (later acquired by Maxlinear), and Intel Corporation.”
7. Aeluma, Inc., Form DEF 14A filed 2025-12-02: “The Board of Directors currently consists of five members.”
8. Aeluma, Inc., Form DEF 14A filed 2025-12-02: “Steven P. DenBaars serves as one of our directors. Steven has been on Biond Photonics’ (now Aeluma’s) Board of Directors since June 5, 2021. He is a Distinguished Professor of Materials and Electrical and Computer Engineering at the University of California Santa Barbara”
9. Aeluma, Inc., Form DEF 14A filed 2025-12-02: “In 1996, he Co-founded Nitres Inc., which was acquired by Cree Inc. in May 2000. In 2013, he Co-Founded SLD Laser, and helped build the company to over 150 employees before being acquired by Kyocera Corporation in 2021.”
10. Aeluma, Inc., Form DEF 14A filed 2025-12-02: “John Paglia has served as one of our directors and the chair of the audit committee since November 30, 2021.”
11. Aeluma, Inc., Form DEF 14A filed 2025-12-02: “Craig Ensley serves as one of our directors and chairs the compensation committee. Craig Ensley has built and led global semiconductor businesses in Analog & DSP, MEMS & Sensors, Communications (RF/Wireless, Optical, and Wired), and Consumer.”
12. Aeluma, Inc., Form DEF 14A filed 2025-12-02: “Byron has served as one of our directors since February 24, 2025, and is a member of the audit committee and the compensation committee. Mr. Byron retired as Vice President of Finance Operations & Systems at NVIDIA Corporation in December 2024. He originally joined NVIDIA in 2002, served in various finance and accounting leadership positions over 22 years, including as Vice President and Chief Accounting Officer from 2011 to 2019”
13. Aeluma, Inc., Form 10-K filed 2026-09-16: “At June 30, 2026, Aeluma had 27 employees, of whom 24 were full-time employees. All employees reside in the United States of America.”
14. Aeluma, Inc., Form 10-K filed 2026-09-16: “None of our employees or contractors is subject to a collective bargaining agreement.”
15. Aeluma, Inc., Form 10-K filed 2026-09-16: “develops high-performance photonic and electronic technologies for communications and sensing in telecom, artificial intelligence (“AI”) datacom, mobile, defense and aerospace, robotics, automotive, augmented reality/virtual reality (“AR/VR”), and quantum applications.”
16. Aeluma, Inc., Form 10-K filed 2026-09-16: “Our proprietary platform combines compound semiconductor materials with large-diameter substrates to leverage manufacturing infrastructure used in high-volume microelectronics. Our technology and product development activities have focused on photodetectors, photodetector arrays, lasers, optical amplifiers, and other technologies.”
17. Aeluma, Inc., Form 10-K filed 2026-09-16: “Our photodetectors and photodetector arrays can detect near-infrared (“NIR”) and shortwave infrared (“SWIR”) light. Our lasers and optical amplifiers are primarily based on quantum dot technology.”
18. Aeluma, Inc., Form 10-K filed 2026-09-16: “We are transitioning from a predominantly R&D-stage business toward commercialization. Our revenue currently consists of government development contracts, with emerging commercial development and product revenue. We have delivered wafers, chips, and engineering samples, performed non-recurring engineering projects, and have begun accepting initial commercial sales orders.”
19. Aeluma, Inc., Form 10-K filed 2026-09-16: “These initial commercial orders have been relatively small, and commercial customers generally require extensive evaluation and qualification before committing to production volumes.”
20. Aeluma, Inc., Form 10-K filed 2026-09-16: “The sales cycle for semiconductor components can be lengthy and may include technical evaluation, prototype delivery, reliability testing, manufacturing qualification, system design in, and end customer approval.”
21. Aeluma, Inc., Form 10-K filed 2026-09-16: “Our customers and prospective customers include U.S. Government agencies and contractors, semiconductor and optical component companies, system integrators, module manufacturers, Tier-1 suppliers, and manufacturers of mobile and consumer electronics, data center and communications equipment, defense and aerospace systems, and quantum technologies.”
22. Aeluma, Inc., Form 10-K filed 2026-09-16: “For the fiscal year ended June 30, 2026, 59% and 14% of the Company’s revenue was derived from two customers and, for the fiscal year ended June 30, 2025, 71% of the Company’s revenue was derived from one customer. All customers have been government agencies.”
23. Aeluma, Inc., Form 10-K filed 2026-09-16: “As of June 30, 2026, 100% of the Company’s accounts receivable balance was attributable to four customers, including government agencies.”
24. Aeluma, Inc., Form 10-K filed 2026-09-16: “Our principal research and development (“R&D”) and manufacturing facility is approximately 9,000 square feet and includes a cleanroom and equipment used for epitaxy wafer production, process development, prototyping, wafer-scale testing, and validation.”
25. Aeluma, Inc., Form 10-K filed 2026-09-16: “We have extended the lease for our principal facility through March 2031 to support anticipated growth, and we also lease approximately 2,400 square feet of additional office space near our headquarters.”
26. Aeluma, Inc., Form 10-K filed 2026-09-16: “We have relationships with production-scale foundries and other supply-chain partners, including relationships announced during fiscal year 2026 with Tower Semiconductor and Sumitomo Chemical Advanced Technologies for wafer production and fabrication. We expect these external capabilities to be important to our ability to qualify manufacturing processes and increase production capacity if substantial customer demand develops.”
27. Aeluma, Inc., Form 10-K filed 2026-09-16: “We leverage a capital-efficient manufacturing model that combines internal materials production, process-development, prototyping, and test capabilities with external fabrication, packaging, and integration.”
28. Aeluma, Inc., Form 10-K filed 2026-09-16: “We have raised approximately $60 million through public offerings from March 2025 to date. We have also established an at-the-market offering program to sell up to $50 million of common stock, pursuant to which we have $29.3 million in remaining capacity.”
29. Aeluma, Inc., Form 10-K filed 2026-09-16: “As of June 30, 2026, we had cash, cash equivalents, and a certificate of deposit totaling $56.0 million, compared to $15.7 million as of June 30, 2025.”
30. Aeluma, Inc., Form 10-K filed 2026-09-16: “Net cash used in our operating activities was $3.3 million and $1.1 million for the fiscal year ended June 30, 2026 and 2025, respectively.”
31. Aeluma, Inc., Form 10-K filed 2026-09-16: “the net cash used in operating activities primarily resulted from a net loss of $9.2 million and an increase in prepaids and other current assets of $332 thousand, primarily offset by non-cash stock-based compensation expense of $4.5 million”
32. The record on this page: the balance sheet (EDGAR's company facts)
33. Aeluma, Inc., Form 10-K filed 2026-09-16: “Our technology is based on heterogeneous integration, which combines materials with different physical properties within a single semiconductor platform. We synthesize compound semiconductor materials on large-diameter substrates, such as silicon and gallium arsenide (“GaAs”), which are compatible with manufacturing infrastructure used for mainstream microelectronics.”
34. Aeluma, Inc., Form 10-K filed 2026-09-16: “Silicon image sensors generally offer low-cost and high-volume manufacturing but have declining sensitivity at longer NIR wavelengths and an absorption cutoff near 1,100 nanometers. Standard InGaAs devices commonly operate across approximately 900 to 1,700 nanometers, with extended-wavelength material systems capable of detecting longer wavelengths.”
35. Aeluma, Inc., Form 10-K filed 2026-09-16: “Major suppliers include Sony, Samsung, OmniVision, onsemi, STMicroelectronics, Panasonic, Canon, SK hynix, and others. Traditional InGaAs sensor suppliers include Hamamatsu, Sumitomo, Teledyne FLIR, Excelitas, and others. Conventional InGaAs photodetectors are generally manufactured on relatively small InP substrates, commonly in the two- to four-inch range.”
36. Aeluma, Inc., Form 10-K filed 2026-09-16: “Our portfolio includes approximately 36 issued and pending patents. Our patents and applications cover areas that include heterogeneous integration of compound semiconductor materials on large-diameter substrates, scalable manufacturing processes, photodetectors and imaging arrays, photonic components, three-dimensional sensing, large-format imaging, quantum dot lasers, high-performance semiconductor electronic device platforms, and system integration.”
37. Aeluma, Inc., Form 10-K filed 2026-09-16: “We have filed trademark applications for the name “Aeluma” and the slogan “Sensing Reimagined.””
38. Aeluma, Inc., Form 10-K filed 2026-09-16: “Important aspects of our device designs and manufacturing processes may be protected as trade secrets rather than disclosed in patent applications.”
39. Aeluma, Inc., Form 10-K filed 2026-09-16: “In lasers and optical communications, we compete with established suppliers of InP, GaAs, and other compound semiconductor lasers, vertically integrated optical component manufacturers, silicon photonics companies, and emerging providers of integrated light sources. In quantum photonics, our technologies may compete with solutions based on lithium niobate, aluminum nitride, barium titanate, silicon, silicon nitride, and other materials, as well as with alternative system architectures.”
40. Aeluma, Inc., Form 10-K filed 2026-09-16: “These potential advantages have not yet been demonstrated in large-volume commercial production.”
41. Aeluma, Inc., Form 10-K filed 2026-09-16: “Aeluma was incorporated in Delaware on August 21, 2020, under the name Parc Investments, Inc.; the name was changed to Aeluma, Inc. in June 2021.”
42. Aeluma, Inc., Form 10-K filed 2026-09-16: “management concluded that, as of June 30, 2026, our internal control over financial reporting was not effective due to an insufficient number of personnel with appropriate technical accounting personnel with the effective control disciplines and to evaluate, account for, and properly record certain non-routine and complex transactions.”
43. Aeluma, Inc., Form 10-K filed 2026-09-16: “Notwithstanding the material weakness described above, management believes the consolidated financial statements included in this report fairly present, in all material respects, our financial position, results of operations, and cash flows for the periods presented in conformity with GAAP.”
44. Aeluma, Inc., Form 10-K filed 2026-09-16: “Management has initiated corrective actions and procedures to remediate the identified material weakness, including increasing accounting resources, enhancing the review and oversight of significant and non-routine transactions, and further developing and formalizing our internal control framework. During the fiscal year ended June 30, 2026, these efforts were further strengthened through the hiring of a full-time Chief Financial Officer”
45. Aeluma, Inc., Form 10-K filed 2026-09-16: “Revenue decreased $204 thousand to $4.5 million, of which $4.3 million was derived from government contracts and $183 thousand from other products and services for the fiscal year ended June 30, 2026. Revenue was $4.7 million, of which $4.4 million was derived from government contracts and $266 thousand from other products and services, for the same period of 2025.”
46. The record on this page: the filed annual figures (EDGAR's company facts)
47. Aeluma, Inc., Form 10-K filed 2026-09-16: “During the fiscal year ended June 30, 2026, we entered into six new government customer contracts, including with NASA, the State University of New York, and the Office of the Secretary of Defense. We also continued to perform under existing customer contracts, including contracts with the U.S. Navy and U.S. Defense Advanced Research Projects Agency, which contributed significantly to our revenue during the year.”
48. Aeluma, Inc., Form 10-K filed 2026-09-16: “the Company was awarded six government contracts of $5.3 million for the provision of services and delivery of materials.”
49. Aeluma, Inc., Form 10-K filed 2026-09-16: “For the fiscal year ended June 30, 2025, the Company was awarded six government contracts totaling $13.8 million.”
50. Aeluma, Inc., Form 10-K filed 2026-09-16: “As of June 30, 2026, total remaining performance obligations under all obligated government contracts amounted to approximately $5.4 million with an additional $5.7 million of continent obligations.”
51. Aeluma, Inc., Form 10-K filed 2026-09-16: “During fiscal year 2026, we experienced increased customer and partner engagement across AI data center communications, mobile and consumer electronics, defense and aerospace, and quantum applications. We began receiving requests for price quotations and accepting initial commercial sales orders. These orders have been relatively small and may not lead to production orders.”
52. Aeluma, Inc., Form 10-K filed 2026-09-16: “Our operating priorities are to advance product development, complete customer and manufacturing qualifications, deliver on existing commercial and government contracts, increase manufacturing readiness, and convert qualified customer engagements into recurring product revenue.”
53. Aeluma, Inc., Form 10-K filed 2026-09-16: “we have signed a letter of intent for up to $30 million of proposed funding under the CHIPS Act, which is administered by the U.S. Department of Commerce. The award would support R&D of our scalable, non-InP semiconductor manufacturing platform for photonics, an important technology for the U.S. economy and national security.”
54. Aeluma, Inc., Form 10-K filed 2026-09-16: “The award remains subject to the completion of further due diligence, required approvals, including internal approvals of the U.S. Government, and the parties’ negotiation and execution of definitive award documents.”
55. Aeluma, Inc., Form 10-K filed 2026-09-16: “In connection with executing final award documents, We would issue equity securities to the U.S. Department of Commerce with an aggregate value equal to the award amount.”
56. Aeluma, Inc., Form 10-K filed 2026-09-16: “We expect to subcontract wafer fabrication services to third-party suppliers, including foundries. These suppliers also offer such services to other companies, and we expect to be a relatively small customer compared to larger semiconductor companies.”
57. Aeluma, Inc., Form 10-K filed 2026-09-16: “Additionally, certain foundry processes critical to our products may only be available from a limited number of suppliers, creating concentration risk.”

Who runs it

Klamkin, Jonathan (Chief Executive Officer); Stewart, Christopher P. (Chief Financial Officer); Mccarthy, Lee (CFO, COO); Byron, Michael (director); Denbaars, Steven (director); Ensley, Craig H (director); Paglia, John Kenneth (director); Tompkins, Mark N. (director). 8 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-10-01.

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