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Aeluma, Inc. (ALMU)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 FY2025 delivered revenue of $1.255M (up 265% YoY) but down sequentially from a record Q2, while GAAP net income turned positive to $1.461M; non-GAAP net income was $7K, reflecting non-cash derivative liability fair value gains .
  • The company reiterated tracking to meet FY2025 revenue guidance of approximately $4.4–$4.6M; guidance had been raised by ~10% in February (from prior guidance given 9/24/2024) .
  • Capital position strengthened via NASDAQ uplisting and an oversubscribed offering ($13.8M gross; ~$12.7M net), ending Q3 with $15.9M in cash, equivalents, and CDs, supporting commercialization and manufacturing scale-up .
  • Management highlighted growing demand across AI infrastructure and defense/aerospace, and momentum in silicon photonics and quantum-dot lasers; narrative remains constructive on near-term commercialization .

What Went Well and What Went Wrong

What Went Well

  • Record third-quarter revenue growth of 265% YoY driven by government and commercial contracts; “momentum builds with NASDAQ uplisting… and growing demand across AI and defense” .
  • Strong capital execution: uplisting to NASDAQ and oversubscribed offering ($13.8M gross), ending Q3 with $15.9M in cash, equivalents, and CDs to fund scale-up and BD initiatives .
  • Positive GAAP profitability in Q3 ($1.461M), with management pointing to non-cash derivative liability fair value changes as the primary driver of QoQ swing (Q3 +$2.577M vs Q2 -$3.001M) .

What Went Wrong

  • Sequential revenue decline vs Q2 ($1.255M vs $1.613M), and Adjusted EBITDA compressed ($109K vs $648K), reflecting operating loss in Q3 and lower non-GAAP profitability .
  • Core operations still negative on an operating basis in Q3 (EBIT of -$0.831M), indicating commercialization not yet at scale despite backlog and BD progress .
  • Consensus estimates coverage was limited; S&P Global data did not show Q3 consensus EPS or revenue, constraining beat/miss analysis (Values retrieved from S&P Global)*.

Financial Results

MetricQ3 2024Q2 2025Q3 2025
Revenue ($USD)$343,894 $1,612,519 $1,254,966
GAAP Net Income ($USD)$(962,651) $(2,894,824) $1,460,893
GAAP EPS - Basic ($USD)$(0.08) $(0.24) $0.12
GAAP EPS - Diluted ($USD)$(0.08) $(0.24) $0.11
EBIT (Income/Loss from Operations) ($USD)$(962,768) $389,598 $(831,470)
Adjusted EBITDA ($USD)$(684,965) $647,863 $109,252
Non-GAAP Net Income ($USD)$(4,458) $545,783 $6,965

KPIs

KPIQ3 2024Q2 2025Q3 2025
Cash, Equivalents & CDs ($USD)$3,502,520 (cash) $3,063,059 (cash) $15,865,659 (cash+CD)
Shares Outstanding (#)12,178,424 12,242,481 15,795,467
Book Value per Share ($)$0.14 $(0.08) $1.44

Results vs Estimates

MetricQ3 2025 ActualQ3 2025 Consensus (S&P Global)Beat/Miss
Revenue ($USD)$1,254,966 N/A*N/A*
EPS (Diluted, $USD)$0.11 N/A*N/A*

*Values retrieved from S&P Global.

Segment breakdown: Not applicable – the company does not report segment-level financials in the reviewed materials .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Revenue ($USD)FY 2025Prior FY2025 guidance (9/24/2024 baseline; numeric not disclosed in reviewed docs) ~$4.4–$4.6M Raised ~10% on 2/10/2025; maintained/“tracking to meet” on 5/7/2025

No explicit guidance was provided for margins, OpEx, OI&E, tax rate, segments, or dividends in the reviewed Q3 materials .

Earnings Call Themes & Trends

(Company did not have a Q3 FY2025 earnings call transcript in the reviewed catalog; themes derive from management’s press releases.)

TopicPrevious Mentions (Q1 FY2025)Previous Mentions (Q2 FY2025)Current Period (Q3 FY2025)Trend
AI/technology initiatives (quantum-dot lasers, silicon photonics)R&D maturation; broadened verticals; commercialization efforts; supply chain partnerships Quantum-dot photonic ICs; AIM Photonics membership; silicon photonics momentum OFC conference presentation; Laser Focus World feature; NSTC membership; continued AI infrastructure focus Building momentum
Government contracts/backlogDoD program kickoff; backlog growth NASA contract; backlog strengthening DOE contract; “strong revenue backlog” cited Expanding pipeline
Capital markets/liquidityPrivate offerings $3.145M N/ANASDAQ uplisting; oversubscribed offering ($13.8M gross; ~$12.7M net) Liquidity improved
Commercialization/manufacturingPositioning to transition to volume production; partner relationships Focused on scaling business for high-growth markets “Transition to commercialization… near future”; scale manufacturing on large-diameter substrates Closer to commercialization
End markets (defense/aerospace, mobile, automotive, AR/VR, quantum)Targeted verticals noted Aerospace/AI applications; broader agreements Demand “continues to grow” across AI, defense/aero, consumer sensing, quantum, automotive Broadening demand

Management Commentary

  • “We believe that the combination of our successful uplist to NASDAQ, our oversubscribed capital raise, our third-quarter revenue, and our strong revenue backlog poises Aeluma for a strong growth trajectory.” — Jonathan Klamkin, CEO .
  • “Commercial interest in our technology across defense and aerospace, AI infrastructure, consumer sensing, quantum computing, and automotive continues to grow.” — Jonathan Klamkin, CEO .
  • “Our advancements in quantum dot photonic circuits and scalable sensing solutions position us as a leader in next-generation applications across AI, quantum computing, aerospace & defense…” .
  • “We continue to increase revenue through government contracts, small volume orders, sampling, and commercial development programs.” .

Q&A Highlights

No Q3 FY2025 earnings call transcript was found in the reviewed document catalog; therefore, no Q&A highlights or call-based guidance clarifications are available for this quarter.

Estimates Context

  • S&P Global consensus for Q3 FY2025 EPS and revenue was not available in the dataset; only actual revenue was reflected (Values retrieved from S&P Global)*.
  • In the absence of consensus, we benchmark against prior quarter and prior-year performance; the sequential decline and positive GAAP profitability driven by non-cash derivative liability movements suggest analysts may revisit expectations for non-GAAP profitability trajectory vs GAAP volatility .

*Values retrieved from S&P Global.

Key Takeaways for Investors

  • Revenue trajectory remains constructive YoY (+265%), but sequential variability (Q2→Q3) underscores contract timing/scale-up dynamics; focus near term on backlog conversion and operating leverage .
  • Positive GAAP net income was largely driven by non-cash derivative liability fair value gains; core operating line (EBIT) remains negative, emphasizing the importance of commercialization milestones for sustainable profitability .
  • Strengthened liquidity post uplisting and offering ($13.8M gross; ~$12.7M net) provides runway to invest in manufacturing scale and BD; Q3 cash, equivalents & CDs of ~$15.9M are a key buffer .
  • End-market demand signals across AI infrastructure and defense/aerospace are improving, with DOE/NASA and NSTC/AIM Photonics/Optica affiliations validating technical roadmap and ecosystem integration .
  • FY2025 revenue guidance ($4.4–$4.6M) was raised in February and reiterated as “tracking to meet”; watch for execution against this range given Q3’s sequential revenue dip .
  • Near-term trading implications: liquidity and visibility improved post-NASDAQ uplisting; catalysts include contract wins, commercialization announcements, and silicon photonics milestones .
  • Medium-term thesis: if Aeluma converts backlog and scales manufacturing on large-diameter substrates while sustaining government/commercial traction, operating losses should narrow and non-GAAP profitability could stabilize; monitor Adjusted EBITDA and EBIT trends each quarter .