Strong Momentum in FY2025 Paves the Way for FY2026 Execution
Aeluma, Inc. (NASDAQ:ALMU), a next-generation semiconductor innovator, continued its strategic progression in fiscal year 2025, achieving key milestones across manufacturing, commercialization, and market visibility. The company’s differentiated semiconductor platform is well-positioned to serve high-demand verticals such as artificial intelligence (AI) infrastructure, defense and aerospace, mobile and consumer electronics, and quantum computing.
With the successful uplisting to Nasdaq, Aeluma gained increased visibility and credibility in the capital markets. Backed by a robust intellectual property portfolio, U.S.-based semiconductor manufacturing capability, and a capital-efficient production model, the company remains on track to unlock value in critical, fast-growing sectors.
FY2025 Highlights: Financial Strength and Operational Execution
- Six R&D Contracts Secured: Aeluma secured six research and development contracts during FY2025, including two in the fourth quarter, which contribute non-dilutive capital and expand its strategic relationships.
- Solid Financial Position: The company ended FY2025 with $15.7 million in cash and zero debt, supporting its ongoing investments without shareholder dilution.
- Revenue Acceleration: Q4 FY2025 revenue rose to $1.3 million, up significantly from $279,000 in Q4 FY2024 and flat sequentially compared to Q3 FY2025. Revenue was primarily driven by R&D contract activity.
- Improving Profitability Metrics: Adjusted EBITDA loss narrowed to $113,000 in Q4 FY2025, from a $718,000 loss in the prior year, reflecting improved cost efficiency. While down from a $109,000 gain in Q3 FY2025, the company continues to operate with disciplined financial management.
FY2026 Outlook: Focused Execution to Drive Shareholder Value
For fiscal year 2026, Aeluma projects revenue in the range of $4.0 million to $6.0 million, reflecting continued traction in securing commercial and government contracts.
Key strategic priorities include:
- New Development Contracts: Targeting 3 to 7 new R&D agreements to further support innovation and provide non-dilutive funding.
- Manufacturing Scale-Up: Enhancing wafer manufacturing efficiency through outsourced partnerships and expanding testing and validation capabilities.
- Technology Qualification & Market Entry: Advancing qualifications for critical industries and building a broader customer pipeline through increased engagement efforts.
- Supply Chain Expansion: Strengthening partnerships across the value chain to support scalable production.
Stock Perspective: Buy Rating Supported by Growth Catalysts
We initiate/maintain a Buy rating on the company’s stock at the closing price of USD 16.85 per share as on 2 October 2025. This rating is based on its strong financial footing, expanding R&D revenue base, and unique positioning in high-growth semiconductor markets. Key growth drivers include:
- Secular tailwinds in AI, defense, and quantum computing
- Capital-light manufacturing enabling scalable growth without heavy capex
- Non-dilutive funding through strategic contracts
- Visibility boost from Nasdaq uplisting and increased investor awareness
With meaningful catalysts on the horizon and an innovative technology stack tailored to next-gen applications, Aeluma is poised for long-term value creation.
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