Aeluma Signs CHIPS Letter of Intent for Up to $30 Million
The photonics semiconductor company closed fiscal 2026 with $56.0 million in cash after a $20.1 million at-the-market raise and a $4.0 million fourth-quarter net loss.
Aeluma, Inc. (ALMU), a semiconductor company specializing in high-performance photonics for AI, mobile, defense, and quantum, signed a letter of intent with the Department of Commerce CHIPS R&D Office for up to $30 million to develop and commercialize photonics for AI and advanced computing. The company said the award remains subject to definitive agreement negotiations.
Founder and CEO Jonathan Klamkin said the company is transitioning from early-stage R&D government contracts to a focus on scale and commercialization, and that fiscal 2027 will center on technology and product development and expanding customer engagements. He said Aeluma is in discussions with several prospective customers in the AI datacom industry, negotiating non-recurring engineering agreements that could support its go-to-market strategy.
Revenue in the quarter ended June 30, 2026, was $0.6 million, down from $1.2 million in the prior quarter, after a near-flat sequential move from $1.3 million in the second quarter. The company said the revenue was primarily from R&D contracts. Net loss widened to $4.0 million, or ($0.22) a share, from $1.8 million, or ($0.10) a share, in the prior quarter. Adjusted EBITDA loss widened to $2.9 million from a $0.9 million loss.
Research and development expense rose to $2.3 million from $0.9 million in the prior quarter. General and administrative expense rose to $2.2 million from $1.6 million. Cost of revenue fell to $0.4 million from $0.8 million.
Cash and cash equivalents totaled $56.0 million at June 30, 2026, up from $37.8 million at March 31, 2026, after $20.1 million of net proceeds from the original issuance of 830,484 shares at an average price of $24.87 under an at-the-market program. The company said the cash is intended to support equipment and capabilities investments, team growth, and other commercialization efforts.
Aeluma executed six new contracts totaling $5.3 million in value, including awards from NASA and the U.S. Navy, after six contracts totaling $5 million in the prior quarter. The company said the programs accelerate development of photodetector, laser, and quantum technologies. It also said it advanced customer discussions to multi-million-dollar NRE negotiations focused on photonics for AI datacom.
The team grew from 14 to more than 30 people during fiscal 2026. The company said it added a vice president of engineering, a senior director of program and project management, and other hires. It is procuring additional MOCVD tools for increased wafer production capacity on its non-indium-phosphide platforms and executed a new strategic agreement with Sumitomo Chemical Advanced Technologies to expand the relationship and increase wafer capacity. Partnerships with Tower Semiconductor and Sumitomo were framed as positioning Aeluma for qualification and scaling.
For the full year ended June 30, 2026, revenue was $4.5 million, compared with $4.7 million in the prior year, and was primarily from government R&D contracts. Net loss was $9.2 million, or ($0.52) a share, compared with $3.0 million, or ($0.23) a share, in the prior year. Adjusted EBITDA swung to a $5.2 million loss from a $0.2 million gain. The company said the increase in net loss and adjusted negative EBITDA primarily reflected investments in strategic new hires and manufacturing readiness. Full-year research and development expense was $4.7 million, compared with $1.3 million in the prior year. General and administrative expense was $7.1 million, compared with $3.6 million. Cost of revenue was $2.9 million, compared with $1.9 million.
Klamkin said the company believes it is timely to make these investments given the projected scale of its market opportunities and that customers are aligned with its strategy. He said the CHIPS R&D funding, subject to definitive agreement, could accelerate the commercialization timeline. The board set November 19, 2026, as the date of the next annual meeting of stockholders.