Aeluma 2026 Q1 Earnings Revenue Surges 187.9% but Net Loss Widens

Aeluma (ALMU) reported Q1 2026 earnings on Nov 12, 2025, with revenue exceeding expectations by $0.12 million. While the company maintained its $4–6 million annual revenue guidance, net losses expanded significantly, underscoring ongoing operational challenges despite strong top-line growth.

Revenue

Aeluma’s total revenue surged to $1.39 million in Q1 2026, a 187.9% increase from $481,000 in Q1 2025. This growth was driven by government R&D contracts, including a new NASA deal, and scaled production efforts.

Earnings/Net Income

The company’s losses deepened, with a net loss of $1.49 million (104.5% wider than $730,000 in Q1 2025) and a per-share loss of $0.09, a 50% deterioration year-over-year. Aeluma’s non-GAAP net loss of $0.03 per share aligned with expectations, but GAAP results highlighted elevated operating costs tied to expansion. Aeluma’s losses widened, with a 104.5% increase in net loss to $1.49 million, indicating continued financial challenges.

Post-Earnings Price Action Review

Aeluma’s stock has faced downward pressure, with a 3.04% drop in the latest trading day, 9.88% weekly decline, and 19.35% monthly loss. However, historical backtests suggest a strategy of buying shares on revenue-announcement dates and holding for 30 days could yield positive returns. Over 36 months, this approach generated a cumulative 15.5% return, peaking at 24.5% during the backtest period (Figure 1). This indicates potential short-term price appreciation following earnings releases.

CEO Commentary

CEO Jonathan Klamkin emphasized Aeluma’s focus on AI infrastructure, commercial-scale semiconductor photonics, and U.S.-based manufacturing. Key priorities include scaling wafer production fivefold, securing R&D contracts (e.g., NASA), and strengthening supply chains. With $38 million in post-fundraising cash, Klamkin expressed confidence in meeting commercialization goals for AI, defense, and aerospace markets.

Guidance

CFO Christopher Stewart reiterated FY2026 revenue guidance of $4–6 million, driven by R&D contracts and a transition to commercial product revenue. The company’s $38.1 million cash balance is expected to fund growth initiatives, including manufacturing expansion and talent recruitment, while maintaining a cash runway for commercialization.

Additional News

Aeluma’s recent 10-Q filing detailed a 187.5% revenue increase to $1.38 million, driven by government contracts. The company secured a NASA deal for quantum computing and U.S. Navy contracts for photodetectors, while expanding its Goleta facility to support growth. Aeluma also raised $38.1 million in capital, strengthening liquidity. Strategic partnerships, including the SPIE conference collaboration with Thorlabs, aim to accelerate market adoption.

Earnings Call Highlights

CEO Klamkin highlighted Aeluma’s cost-effective manufacturing platform, which reduces reliance on indium phosphide substrates. CFO Stewart noted adjusted EBITDA of -$450K, reflecting investment in production scaling. Analysts questioned supply chain risks and market saturation, but Klamkin emphasized confidence in commercial revenue by fiscal 2026.

Risks and Outlook

Aeluma faces challenges including supply chain disruptions, macroeconomic pressures, and regulatory hurdles in defense/aerospace. However, its $38.1 million cash balance and strategic contracts position it to advance commercialization, with key milestones tied to NASA R&D and outsourced wafer qualification.

Investor Considerations

While Aeluma’s revenue growth outpaces expectations, its widening net loss and volatile stock price suggest caution. The company’s focus on AI infrastructure and scalable photonics could drive long-term value if commercialization timelines align with market demand.