The CHIPS LOI for up to $30M is the primary catalyst to watch — if a definitive agreement is reached, it could fund commercialization without dilution. However, the core business is deteriorating with declining revenue and rapidly growing losses. Monitor for definitive CHIPS award documentation and any NRE customer agreements in AI datacom.
Price Chart
Executive Summary
Aeluma reported Q4 FY2026 revenue of $0.6M (down 55.8% YoY from $1.3M) and a GAAP net loss of $4.0M ($-0.22/share), significantly wider than the $0.9M loss a year ago. The headline EPS of $-0.15 (non-GAAP) missed consensus of $-0.07 by 114%. The CHIPS LOI for up to $30M is a major non-dilutive catalyst, but the core business is still pre-commercial with declining R&D contract revenue and rapidly expanding operating losses.
Key Financial Metrics
Key Facts
- Q4 FY2026 revenue fell to $0.6M from $1.3M YoY, a 55.8% decline
- GAAP net loss widened to $4.0M ($-0.22/share) vs $0.9M ($-0.05/share) YoY
- Non-GAAP EPS of $-0.15 missed consensus estimate of $-0.07 by 114%
- Full-year FY2026 revenue was $4.5M vs $4.7M in FY2025, down 4.3%
- Full-year GAAP net loss was $9.2M ($-0.52/share) vs $3.0M ($-0.23/share) in FY2025
- Cash and cash equivalents grew to $56.0M from $37.8M in the prior quarter, bolstered by $20.1M in ATM proceeds
- Signed CHIPS LOI for up to $30M from the Department of Commerce for AI photonics development
- Executed six new contracts totaling $5.3M in value, including NASA and U.S. Navy awards
- Operating cash burn was $3.3M for FY2026 vs $1.1M in FY2025
- Team grew from 14 to over 30 people during fiscal 2026
Financial Impact
Q4 revenue declined 55.8% YoY to $0.6M; net loss widened to $4.0M from $0.9M; non-GAAP EPS miss of 114% vs consensus
Risk Factors
- CHIPS LOI is non-binding and subject to definitive agreement negotiations — funding may not materialize
- Revenue is entirely dependent on government R&D contracts, which are lumpy and subject to delays
- Operating losses are accelerating as the company scales headcount and manufacturing readiness
- ATM program has raised $43.5M in net proceeds over FY2026, creating ongoing dilution risk
- Pre-commercial stage with no product revenue — cash runway dependent on continued equity or grant funding
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-100546 |
| Document: ea0305624-8k_aeluma.htm | 0001213900-26-100546 |
| Document: 0001213900-26-100546-index-headers.html | 0001213900-26-100546 |
| Document: 0001213900-26-100546-index.html | 0001213900-26-100546 |
| Document: 0001213900-26-100546.txt | 0001213900-26-100546 |
| 8-K Data (Synthetic) | 0001213900-26-100546 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 8-K | $7.17 | awaiting T+20 | — | $7.75 (+8.09%) |
Sep 30, 2026 27d ago | DEF 14A | $12.58 | awaiting T+20 | — | $7.75 (−38.39%) |
Sep 16, 2026 5w ago | 8-K | $11.55 $8.85 | ▲ +23.34% | ▲ +24.55% | $7.75 (+32.87%) |
Sep 16, 2026 5w ago | Press Release | $11.55 $8.85 | ▲ +23.34% | ▲ +24.55% | $7.75 (+32.87%) |
Aug 26, 2026 8w ago | 144 | $13.82 $13.61 | ▼ −1.52% | ▼ −2.72% | $7.75 (−43.92%) |
May 19, 2026 23w ago | 144 | $21.94 $24.86 | ▼ −13.33% | ▼ −12.35% | $7.75 (+64.67%) |
May 19, 2026 23w ago | 8-K | $21.94 $24.86 | ▲ +13.33% | ▲ +12.35% | $7.75 (−64.67%) |
May 13, 2026 23w ago | 8-K | $26.65 $25.20 | ▲ +5.44% | ▲ +4.58% | $7.75 (+70.92%) |
May 13, 2026 23w ago | Press Release | $26.65 $25.20 | ▲ +5.44% | ▲ +4.58% | $7.75 (+70.92%) |
Mar 10, 2026 33w ago | Press Release | $15.82 $11.49 | ▼ −27.37% | ▼ −27.22% | $7.75 (−51.01%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers