Aeluma Inc
aeluma.comAeluma 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.
Products & 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).
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.
Customers & 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.
Geographic Exposure
Operations based near Santa Barbara, California. No international revenue breakdown disclosed in the filing excerpts.
Source: SEC 10-K, filed 2025-09-09
Financial Snapshot
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