Aeluma, Inc.

Aeluma, Inc. develops high-performance semiconductor and optoelectronic devices for sensing, communication, and computing applications. The company’s core technical differentiator is its ability to build compound-semiconductor devices on large-diameter substrates used in mass-market microelectronics, which is intended to lower cost while preserving performance. Its current commercial focus includes photodetectors and photodetector arrays for imaging, along with related devices such as lasers, transistors, and solar cells. Aeluma is still in an early commercialization phase, with revenue coming from small-volume chip and wafer sales, engineering samples, and government-funded R&D work rather than high-volume production.

−37,0 %

59,6 %

−64,8 %

+407,6 %

24.59

24.59

— Aeluma, Inc.
%
Photodetectors and imaging devices45% Compound-semiconductor photodetectors and arrays used in mobile imaging and sensing applications.
Wafers and engineering samples20% Development wafers and sample chips delivered for customer evaluation and qualification.
Government and R&D contracts30% Contracted research and development work, including programs with U.S. government agencies.
Other optoelectronic and electronic devices5% Adjacencies such as lasers, transistors, and solar cells that leverage the same materials platform.

Aeluma sells to a mix of prospective commercial customers, strategic partners, and government agencies...

  • Mobile and consumer electronics OEMsprimary

    Buy photodetectors and imaging-related devices for smartphones and consumer sensing applications because the technology can improve performance while fitting mass-market manufacturing economics.

  • System integrators and Tier-1 suppliersprimary

    Evaluate wafers, samples, and device components for integration into larger sensor or module assemblies, often as part of qualification programs.

  • Government and defense agenciessecondary

    Fund R&D contracts and prototype work for sensing, communication, and advanced electronics applications where performance and reliability matter.

  • Semiconductor and packaging partnerssecondary

    Work with Aeluma on fabrication, packaging, and scale-up to support commercialization and manufacturing readiness.

  • Emerging advanced-technology customersemerging

    Customers in AI, AR/VR, automotive, and quantum computing that may adopt the platform for specialized sensing or computing use cases.

Aeluma is headquartered in Goleta, California, and its core R&D and manufacturing activities are centered there...

  • •Headquartered in Goleta, California
  • •R&D and small-volume manufacturing are performed in a 9,000 sq. ft. facility
  • •Cleanroom and prototyping capability support device development and sampling
  • •Uses external foundries and packaging partners for production-scale steps
  • •Revenue disclosure is not broken out by country in the provided excerpts
  • •U.S. government contracts are a meaningful part of current revenue

Aeluma’s strategy is to convert its materials platform into commercial products that can scale into mass-market...

01
Customer qualification and conversion to production ordersshort-term

The company’s current revenue depends on evaluations and small-volume shipments, so converting engagements into repeat orders is essential for scaling.

02
Partnership expansion across the semiconductor ecosystemmedium-term

Aeluma relies on external foundries, packaging companies, and system partners to commercialize and manufacture at scale.

03
Scale manufacturing capabilitymedium-term

The company’s value proposition depends on proving that its compound-semiconductor approach can be manufactured cost-effectively on large-diameter substrates.

04
Broaden end-market adoptionlong-term

Serving multiple verticals can reduce concentration risk and increase the chance that the platform finds a high-volume use case.

Aeluma is an early-stage semiconductor company with limited operating history, so its business model remains unproven...

high

Early-stage commercialization risk

The company is not yet in volume production and has limited operating history, making future demand and profitability uncertain.

Scope
Overall business model and revenue conversion
Materiality
high
high

Customer qualification and adoption delays

Customers may require lengthy and expensive qualification processes before placing orders, and there is no assurance evaluations will convert to sales.

Scope
Commercial pipeline
Materiality
high
high

Customer concentration

The company may depend on relatively few customers, so losing one or more could materially reduce revenue.

Scope
Revenue base
Materiality
high
high

Third-party manufacturing dependence

Aeluma relies on external foundries and packaging companies, which can introduce delays, cost inflation, and quality issues.

Scope
Supply chain and production
Materiality
high
medium

Government contract and funding variability

A meaningful portion of revenue comes from government contracts, which can be timing-sensitive and subject to procurement changes.

Scope
Revenue timing
Materiality
medium
Revenue recognition for samples, wafers, and R&D contracts
Reported revenue and gross margin
Government contract accounting
Quarterly revenue volatility
Derivative liabilities
Net income and EPS
Convertible note discount amortization
Interest expense and net loss
Stock-based compensation
Operating expenses and dilution

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: 11/08/2026