Name: Aeluma, Inc. Q2 2025 Earnings Call
Start: 2025-02-10T00:00:00.000Z

Executive Summary

Record Q2 revenue of $1.61M, up >500% YoY, with positive adjusted EBITDA of $0.65M; full-year FY2025 revenue guidance raised to $4.4–$4.6M (+10%) .
GAAP net loss widened to $(2.90)M (EPS $(0.24)), driven by a $3.00M non-cash change in fair value of derivative liabilities; on a non-GAAP basis, net income was $0.55M .
Cash and equivalents were $3.06M at quarter-end, later rising to $15.9M including a $12.0M CD following NASDAQ uplisting and $13.8M gross offering in March 2025 .
Backlog and government awards strengthened the pipeline (NASA award; prior DoD contract potential >$11.7M); Board augmented with former NVIDIA finance leader Mike Byron to support scaling .
Wall Street consensus via S&P Global was unavailable due to access errors; estimate-based comparisons not provided (SPGI error returned).

What Went Well and What Went Wrong

Record revenue ($1.61M) with >500% YoY growth and positive adjusted EBITDA ($0.65M); CEO: “revenue reaching $1.6 million, driven by strategic execution of government and commercial contracts” .
FY2025 guidance raised to $4.4–$4.6M, reflecting confidence in growth trajectory; Q3 update reaffirmed tracking toward the guidance .
Strategic milestones: NASA contract, AIM Photonics membership, new patents, and leadership/media visibility (Optica role; CEO interview/appearance) supporting commercialization momentum .

GAAP net loss of $(2.90)M vs $(1.13)M YoY, largely due to a $(3.00)M non-cash derivative liability fair value change; operating loss remained at $(0.39)M despite revenue gains .
Sequential cash decline to $3.06M from $3.50M in Q1 FY2025, though later bolstered by uplisting and offering in Q3 FY2025 .
Stockholders’ equity swung to a deficit of $(1.03)M at quarter-end before improving post capital raise .

Metric	Q4 2024 (ended Jun 30, 2024)	Q1 2025 (ended Sep 30, 2024)	Q2 2025 (ended Dec 31, 2024)
Revenue ($USD)	$279,268	$480,735	$1,612,519
Net Income ($USD)	$(987,219)	$(729,619)	$(2,894,824)
Diluted EPS ($USD)	$(0.08)	$(0.06)	$(0.24)
Adjusted EBITDA ($USD)	$(684,965)	$(457,183)	$647,863
Non-GAAP Net Income ($USD)	$(716,422)	$(557,206)	$545,783
Cash and Equivalents ($USD)	$1,291,072	$3,502,520	$3,063,059
Shares Outstanding (Basic)	12,178,424	12,178,424	12,242,481
Consensus Revenue	N/A (SPGI unavailable)	N/A (SPGI unavailable)	N/A (SPGI unavailable)

Notes:

Q2 revenue grew >500% YoY per the company’s press release .
Non-GAAP definitions and reconciliations provided in exhibits; Q2 non-GAAP net income and adjusted EBITDA reflect add-backs of stock-based comp, convertible note amortization, and derivative liability changes .

Metric	Period	Previous Guidance	Current Guidance / Actual	Change
Revenue ($USD)	FY 2025	$4.0–$4.2M	$4.4–$4.6M	Raised 10%
Revenue ($USD)	Q1 FY 2025	$400–$470k	$481k (actual)	Above guidance

Topic	Previous Mentions (Q4 2024)	Previous Mentions (Q1 2025)	Current Period (Q2 2025)	Trend
AI/technology initiatives	Emphasis on AI, mobile, quantum, 5G/6G, biomedical marketing; path to commercialization	Furthered marketing in mobile, quantum, AI, 5G/6G; R&D maturity noted	Advancements in quantum dot photonic circuits; scalable sensing solutions	Expanding tech scope and commercialization readiness
Government contracts	DoD contract potential >$11.7M; won NASA and OSD contracts	DoD program kickoff; delivered samples to defense/aerospace firms	NASA contract announced; strong revenue pipeline	Strengthening award momentum
Supply chain/industry collaborations	N/A explicit	Strengthening strategic supply chain partners	AIM Photonics membership; SPIE Photonics West showcase	Building ecosystem ties
Capital/Listing	Private placements in Aug 2024	Record revenue; balance sheet bolstered via private offerings	N/A in Q2; subsequent NASDAQ uplisting and offering in Q3	Capital base enhanced sequentially
IP/R&D execution	Validated samples; commercialization milestones	R&D maturity enabling broader market disruption	Two new patent filings; technical milestone achieved	Continued IP and R&D progress

“Aeluma’s second-quarter performance underscores the potential for our high-performance semiconductor technologies, with revenue reaching $1.6 million, driven by strategic execution of government and commercial contracts.” — Jonathan Klamkin, Ph.D., Founder and CEO .
Emphasis on leadership in “quantum dot photonic circuits and scalable sensing solutions” for AI, quantum computing, aerospace & defense, AR/VR, automotive, health, and mobile markets .

N/A. No Q2 2025 earnings call transcript was found in the company’s filings catalog for the period queried.

Wall Street consensus estimates (EPS, Revenue, EBITDA) via S&P Global were unavailable due to access errors during retrieval; therefore, estimate-based beat/miss analysis is not provided for Q2 2025.

The company delivered a step-change quarter with revenue at $1.61M and adjusted EBITDA turning positive ($0.65M), supported by execution on government and commercial programs .
FY2025 revenue guidance was raised to $4.4–$4.6M (+10%), and subsequent Q3 commentary indicates tracking to this target, signaling growing confidence and pipeline visibility .
GAAP results remain volatile due to derivative liability fair value marks ($3.00M loss in Q2 vs $2.58M gain in Q3), a key consideration for near-term EPS variability .
Liquidity strengthened post-Q2 with NASDAQ uplisting and $13.8M gross proceeds, boosting cash and CDs to $15.9M by Q3 and supporting commercialization investment .
Strategic positioning improved via NASA award, AIM Photonics membership, and new patents; defense and AI infrastructure remain central demand drivers .
Prior disclosure of a DoD contract with potential >$11.7M underpins medium-term revenue opportunities pending execution and milestones .
Near-term catalysts include contract signings/execution and visibility events (capital markets listing activities already completed; ongoing government/commercial awards) that can influence sentiment and stock reaction .