Aeluma Inc (NASDAQ: ALMU) is a semiconductor company that develops and manufactures image sensors and optoelectronic devices using compound semiconductor materials on large-diameter wafers. Revenue comes from government research contracts and, to a lesser extent, product sales, with the company not yet profitable as of fiscal year ended June 30, 2025. Aeluma's core technology targets near-infrared image sensing using indium gallium arsenide (InGaAs) materials on substrates up to 12 inches in diameter, a process the company claims can reduce manufacturing costs relative to traditional InGaAs production while outperforming silicon CMOS sensors in detection sensitivity and wavelength range. In September 2024, Aeluma received an $11.7 million DARPA contract to develop heterogeneous integration technology for nano-scale semiconductors compatible with advanced-node chips, with $6.0 million expected over the first 18 months and $5.7 million contingent on milestones over the following 18 months. The company operates R&D and manufacturing facilities near Santa Barbara, California, and completed a public offering raising $12.6 million in net proceeds during the reported period.
- Revenue model
- Government contract revenue, primarily from a DARPA contract ($11.7 million total, September 2024), structured as milestone-based invoicing. Product and device sales are an additional revenue stream. Revenue increased $3.7 million in fiscal year ended June 30, 2025 versus the prior year period, per the 10-K filed 2025-09-09. The company does not pay dividends and has not achieved profitability.
- Products and services
- Near-infrared image sensors using InGaAs compound semiconductor materials manufactured on large-diameter wafers (up to 12 inches). Additional device types include lasers, transistors, and solar cells. Contract R&D services for heterogeneous integration of nano-scale semiconductors targeting AI, mobile, and 5G/6G wireless applications (DARPA contract, September 2024).
- Customers and end markets
- U.S. government defense and research agencies (DARPA confirmed as a customer). End markets include AI hardware, mobile devices, 5G/6G wireless networking, and specialty imaging applications. Commercial customer details are not disclosed in the filing excerpts.
- Value-chain role
- Vertically involved in semiconductor R&D and manufacturing, including wafer production, chip fabrication, rapid prototyping, test and validation. Partners with production-scale fabrication facilities for volume manufacturing.
- Geographic exposure
- Operations based near Santa Barbara, California. No international revenue breakdown disclosed in the filing excerpts.
- Competitors
- Sony, Samsung, Omnivision, onsemi, STMicroelectronics, Panasonic, Canon, SK Hynix, Hamamatsu, Sumitomo, Teledyne/FLIR, Excelitas
