GOLETA, California, May 13, 2026, 15:05 (PDT)
Aeluma Inc. shares slid late Wednesday after the semiconductor maker trimmed its revenue forecast for fiscal 2026 and posted a third-quarter loss of $1.8 million. The Goleta, California firm reported $1.2 million in revenue for the quarter ended March 31, a slight dip from the same period last year.
Shares finished the session up 16.2% at $31.49, but once the results landed, the stock dropped 16.3% to $26.35 after hours. The whiplash put investors in a bind—on one hand, a louder pitch for its AI-supply-chain edge; on the other, tighter sales guidance for the near term.
Timing is key here. As AI data centers demand ever-faster connections between chips and servers, photonics — components that transmit data using light — is taking on a bigger role. Aeluma claims its method attaches compound semiconductors to the larger wafers common in mainstream chip production, leveraging a process called heterogeneous integration.
Founder and CEO Jonathan Klamkin put it bluntly in the company’s release: “The massive AI data center buildout is outpacing the scale of the photonics supply chain.” Aeluma’s technology, he said, is drawing customer interest to address “near-term supply gaps” as well as future expansion. Aeluma, Inc.
Financials are still limited in scale. For the quarter, Aeluma posted revenue of $1.22 million, alongside a GAAP net loss of $1.8 million, or 10 cents per share. Adjusted EBITDA loss came in at $911,000. That figure, a non-GAAP metric, excludes interest, taxes, depreciation, and amortization; companies like Aeluma sometimes make further adjustments, including expenses like stock-based compensation.
As of March 31, cash and cash equivalents totaled $37.8 million, slipping from $38.6 million three months earlier. The company lists its common stock on the Nasdaq Capital Market with the ticker ALMU.
Revenue landed below the $1.35 million consensus noted by The Fly, but the non-GAAP loss per share came in line with the predicted four cents. That could be driving some of the post-market pullback, following the earlier move higher.
Aeluma trimmed its full-year revenue outlook, now expecting $4.2 million to $4.6 million, tighter than the earlier $4 million to $6 million range. Blame slower contract signings, government shutdowns, and other snags that have bumped the kickoff for multiple projects.
The numbers spell it out: revenue climbed 16% to $3.9 million for the first nine months, yet operating expenses surged—more than doubling to $9.7 million. Out of total revenue, government contracts brought in $3.8 million, while just $41,000 came from other products and services.
Aeluma has been stacking up non-dilutive funding—capital that doesn’t mean new shares hit the market. The company reported six new development deals totaling $5 million, with over $4 million coming from U.S. government contracts tied to quantum materials and lasers. There’s also a NASA award for work on integrated quantum dot lasers, compact lasers under research for robust, high-power optical links.
Competition in the sector keeps intensifying—and costs are climbing. Back in March, Nvidia unveiled plans to put $2 billion apiece into Lumentum and Coherent, both heavyweight players in optical tech, locking in both supply commitments and priority access to advanced laser and optical-networking gear. Aeluma doesn’t play at that scale, but it’s chasing the same choke point: expanding optical power for AI infrastructure.
Manufacturing sits at the center of it all. Aeluma has highlighted partnerships with Tower Semiconductor and Sumitomo Chemical Advanced Technologies as it moves to ramp up wafer production and fabrication. Tower’s Edward Preisler called Aeluma’s tech a path to building lasers on bigger silicon wafers. Over at Sumitomo, Ken Campman noted a sharp rise in demand for lasers and detectors.
But so far, commercial traction is limited. Aeluma’s 10-Q notes the company is still operating in the development phase and hasn’t recorded meaningful revenue from commercial product sales yet. On the call, Klamkin acknowledged customer-specific qualifications are incomplete, saying Aeluma is “not fully qualified by a specific customer” as of now. SEC
The immediate puzzle is simple enough: can Aeluma turn engineering samples, work with government, and ongoing partner discussions into customer wins before ramping up spending? Executives are set to meet with investors at conferences in Los Angeles, London, and at a Northland event in the coming month.
