Executive Summary

Q4 FY2025 revenue was $1.317M, up sharply year over year and modestly above Wall Street consensus; GAAP EPS was ($0.05) while non-GAAP EPS was ($0.01) . Consensus for Q4 2025 was Revenue $1.235M* and Primary EPS ($0.015), implying a revenue beat and mixed EPS outcome versus GAAP, but roughly in line on non-GAAP.
Momentum continued with six FY2025 R&D contracts (two in Q4), NASA/DOE/U.S. Navy programs, and a manufacturing breakthrough with Thorlabs .
Balance sheet strengthened: $15.7M cash and no debt at 6/30/25; added to Russell 3000 and MSCI Global Micro Cap indices; appointed veteran CFO Christopher Stewart .
FY2026 revenue guidance initiated at $4.0–$6.0M, following FY2025 revenue of $4.665M against prior guidance of $4.4–$4.6M . Stock reaction catalysts include the Q4 revenue beat, new FY2026 guide, index inclusions, and ongoing contract momentum . Values from S&P Global marked with *.

What Went Well and What Went Wrong

What Went Well

Record revenue trajectory: Q4 FY2025 revenue of $1.317M, primarily from R&D contracts, up from $279k YoY and broadly consistent with Q3 .
Operating improvements: Year-over-year non-GAAP metrics improved; FY2025 Adjusted EBITDA was $186k vs ($3.487M) prior year, driven by increased R&D contract revenue .
Strategic wins and visibility: NASA, U.S. Navy, and DOE contract wins; uplist to Russell 3000 and MSCI Micro Cap; manufacturing breakthrough with Thorlabs. “Our transformative semiconductor technology uniquely positions us to address critical needs in several fast-growing market verticals…” — CEO Jonathan Klamkin .

What Went Wrong

GAAP profitability: Q4 GAAP net loss of ($859k) with GAAP EPS ($0.05), reversing Q3’s GAAP net income (benefited by non-cash derivative revaluation) .
Operating loss increased sequentially: Q4 loss from operations ($969k) vs ($832k) in Q3, reflecting higher OpEx and COGS in the quarter .
Revenue mix concentration: Revenue primarily from R&D contracts, with limited disclosed commercial product revenue, which may constrain margin scalability near-term .

Financial Results

Quarterly Performance (YoY and QoQ)

Metric	Q4 2024	Q2 2025	Q3 2025	Q4 2025
Revenue ($USD Thousands)	$279	$1,613	$1,255	$1,317
GAAP EPS ($) - Basic	($0.08)	($0.24)	$0.12	($0.05)
Non-GAAP EPS ($) - Basic	($0.07)	$0.04	$0.00	($0.01)
Adjusted EBITDA ($USD Thousands)	($718)	$648	$109	($113)
Loss from Operations ($USD Thousands)	($989)	$390	($831)	($969)
Adjusted EBITDA Margin (%)	(257.0%)	40.2%	8.7%	(8.6%)

Notes: Non-GAAP EPS rounded per company presentation; margin % calculated from cited revenue and Adjusted EBITDA sources.

“Vs Estimates” Comparison (Q4 FY2025)

Metric	Consensus (Q4 2025)	Actual (Q4 2025)	Outcome
Revenue ($USD)	$1,235,000*	$1,316,780*	Beat*
Primary EPS ($)	($0.015)*	($0.010)*	In line to slight beat*

Values retrieved from S&P Global.*

FY2025 Summary

Metric	FY 2024	FY 2025
Revenue ($USD Thousands)	$919	$4,665
GAAP Net Income (Loss) ($USD Thousands)	($4,562)	($3,022)
Adjusted EBITDA ($USD Thousands)	($3,487)	$186
Cash & Cash Equivalents ($USD Thousands, 6/30)	$1,291	$3,628
Certificate of Deposit ($USD Thousands, 6/30)	$0	$12,112
Total Cash + CD ($USD Thousands, 6/30)	$1,291	$15,740

Segment/KPI Notes

Revenue: Primarily from R&D contracts (no segment breakdown disclosed) .
Book value per share: $1.13 at Q4 FY2025 .
Cash position: $15.7M total cash and CDs; no debt disclosed .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY2025	$4.4–$4.6M (raised in Q2)	Actual: $4.665M	Achieved vs guidance
Revenue	FY2026	N/A	$4.0–$6.0M	New

No explicit guidance disclosed for margins, OpEx, OI&E, tax rate, or dividends in Q4 materials .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q4 FY2025)	Trend
AI/Technology initiatives	Quantum dot photonic circuits; silicon photonics; Optica role; SPIE showcases	Manufacturing breakthrough with Thorlabs; targeting AI infrastructure and co-packaged optics	Strengthening technical validation and ecosystem ties
Government contracts	NASA contract; negotiating additional development contracts	U.S. Navy (2 contracts), NASA (nonlinear optical materials), DOE (low-cost photodetectors)	Broadening agency engagements across use-cases
Manufacturing readiness	NSTC membership (CHIPS Act); cleanroom/rapid prototyping	Higher outsourced wafer productivity; expanded validation; supply chain partnerships	Scaling readiness and qualification
Capital/Index visibility	Oversubscribed offering; NASDAQ uplist; ~$17M raised	Russell 3000 and MSCI Global Micro Cap additions	Increasing institutional visibility
Leadership	NVIDIA finance leader to Board	CFO Christopher Stewart appointed (Aug 4, 2025)	Reinforcing finance leadership for scaling
Revenue mix	R&D-driven revenue expansion	Revenue primarily from R&D contracts in Q4/FY	Continued reliance on R&D contracts near-term

Management Commentary

“Our transformative semiconductor technology uniquely positions us to address critical needs in several fast-growing market verticals, including AI infrastructure, defense and aerospace, mobile and consumer electronics, and quantum computing.” — Jonathan Klamkin, Ph.D., Founder & CEO .
“With a strong balance sheet and positive trends in our target verticals, we believe that fiscal 2026 will be a year of significant progress executing our go-to-market strategy…” .
Strategic priorities for FY2026 include new contracts (3–7), team expansion, enhanced manufacturing readiness, and pipeline/customer engagements .

Q&A Highlights

No ALMU Q4 FY2025 call transcript with Q&A was available in the document set; the company scheduled its call and webcast for Sept 9, 2025 . We rely on press-release disclosures for clarifications.
Management attributed the sequential swing from Q3 GAAP net income to Q4 GAAP net loss primarily to the absence of a $2.6M non-cash derivative gain recognized in Q3; Q4 also had higher operating expenses .
Non-GAAP reconciliation excludes stock-based comp, amortization of discount on convertible notes, and changes in derivative fair value; Adjusted EBITDA also adjusts for D&A and interest income .

Estimates Context

Q4 FY2025: Revenue came in at $1.3168M vs consensus $1.235M*, a beat; Primary EPS was ($0.010)* vs ($0.015)* consensus, near inline to slight beat*. Values retrieved from S&P Global.*
Q3 FY2025 actuals in S&P Global reflect revenue of $1.254966M*; GAAP EPS and non-GAAP EPS comparisons should be anchored to company-reported metrics; consensus EPS series may reflect differing EPS definitions.*

Key Takeaways for Investors

Revenue beat in Q4 alongside strong FY2025 revenue delivery ($4.665M) suggests execution momentum in contracts and R&D programs; near-term growth guided at $4.0–$6.0M for FY2026 .
Profitability remains sensitive to non-cash derivative revaluation effects; GAAP results can swing materially QoQ absent these gains; non-GAAP/Adjusted EBITDA provide better view of core operations .
Strategic wins with NASA, U.S. Navy, DOE and partnership with Thorlabs expand technical validation and end-markets (AI infrastructure, defense/aerospace, quantum), supporting a commercialization narrative .
Strengthened balance sheet ($15.7M cash/CDs, no debt) and index inclusions (Russell 3000, MSCI Micro Cap) may broaden investor base and support access to capital .
FY2026 priorities (3–7 new development contracts, team expansion, manufacturing qualification) are key milestones to monitor for scaling revenue mix from R&D contracts to commercial offerings .
Watch operating expense trajectory and COGS as programs transition; operating loss widened sequentially in Q4 despite solid revenue, highlighting the importance of cost discipline and mix improvement .
Near-term trading: revenue beat and new guidance could be positive catalysts; medium-term thesis hinges on converting technical wins into recurring commercial revenue and maintaining capital-light scalability .