Aeluma, Inc. (ALMU) AI Stock Analysis

• Market Cap: $331.39M
• Dividend Yield: N/A
• Average Volume (3M): 493.81K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.44
• Revenue Growth: 307.44%
• EPS Growth: 14.77%
• Country: US
• Employees: 11
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): -0.04
• Shares Outstanding: 18,049,307
• 10 Day Avg. Volume: 624,025
• 30 Day Avg. Volume: 493,814
• PEG Ratio: 1.89
• Price to Book (P/B): 12.04
• Price to Sales (P/S): 46.21
• P/FCF Ratio: -164.68
• Enterprise Value/Market Cap: 0.56
• Enterprise Value/Revenue: 35.40
• Enterprise Value/Gross Profit: 70.55
• Enterprise Value/Ebitda: -91.04
• 1Y Price Target: $25.50
• Price Target Upside: 38.89% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): -0.19
• Revenue Forecast (FY): $5.52M

• Rating: 49 Neutral
• Price Target: $15.50 ▼(-15.58% Downside)
• Action: Reiterated Date: 03/06/26
• Date: Action: Reiterated 03/06/26

The score is held back primarily by heavy ongoing losses and persistent negative cash flow despite strong gross margins and a low-debt balance sheet. Technically, the stock is trading below major moving averages, while valuation is not supportive given the negative P/E tied to unprofitable earnings.

Positive Factors

Business model / market focus

Aeluma’s strategy to integrate high-performance compound semiconductors onto silicon targets large, structural end markets (HPC, communications, sensing). Combining device performance with silicon-scale manufacturing is a durable competitive angle that can enable cost-effective volume adoption across multiple growth markets.

High gross margins

Sustained ~59% gross margins indicate attractive unit economics for Aeluma’s products. High product-level margins provide room to invest in R&D and scaling while preserving the possibility of moving to operating profitability if fixed costs and SG&A scale more moderately as revenue grows.

Conservative leverage / balance sheet flexibility

Aeluma’s very low debt load reduces refinancing and solvency risk, giving management flexibility to fund development or capital spending without heavy interest burdens. The stronger equity base and asset growth improve the capital cushion, supporting durable operational resilience during commercialization.

Negative Factors

Large operating losses

Deep TTM operating and net losses show the cost base far exceeds current revenues, a structural impediment to self-sustaining operations. Unless revenue growth accelerates materially or operating costs are restructured, the company will continue to rely on external funding to bridge the gap for the foreseeable months.

Negative cash generation / burn

Persistent negative operating and free cash flow indicate the business is not yet self-funding and remains dependent on financing. Although burn improved versus earlier years, TTM free cash flow deteriorated versus the prior period (free cash flow growth -34%), creating a durable constraint on runway and strategic optionality.

Revenue volatility & negative returns

While annual revenue scaled from under $1M to $4.7M, recent TTM decline and negative returns on equity signal uneven demand or execution risk. Volatile top-line growth combined with negative ROE suggests capital deployed has yet to generate sustainable returns, challenging the path to durable profitability.

Aeluma, Inc. Business Overview & Revenue Model

Company Description

Aeluma, Inc. develops optoelectronic devices for sensing and communications applications. It manufactures devices using compound semiconductor materials on diameter silicon wafers that are used to manufacture mass market microelectronics. The company was incorporated in 2019 and is headquartered in Goleta, California.

How the Company Makes Money

Aeluma, Inc. generates revenue through a combination of subscription-based software services, licensing of its proprietary technology, and consulting services. The primary revenue stream comes from subscription fees charged to businesses that utilize its AI and machine learning platforms for data analytics. Additionally, Aeluma earns income through licensing agreements with other companies that wish to integrate its technology into their own products. The company also offers consulting services, helping clients implement AI solutions tailored to their specific needs, which contributes to its revenue. Strategic partnerships with technology firms and industry leaders further bolster its earnings by expanding market reach and enhancing product offerings.

Aeluma, Inc. Financial Statement Overview

Summary

Strong gross margins (~59%) and a low-debt balance sheet (debt-to-equity ~0.03 TTM) support financial flexibility, but profitability and cash self-funding are still distant. TTM operating and net margins are deeply negative (about -89% and -68%), and operating/free cash flow remain negative with some recent volatility.

Income Statement

Revenue has scaled sharply versus earlier years (annual revenue rose from under $1M in 2024 to $4.7M in 2025 annual), and gross margin is strong at ~59% in both 2025 annual and TTM (Trailing-Twelve-Months), signaling good product economics. However, operating losses remain heavy (TTM operating margin about -89% and net margin about -68%), indicating the cost base is still far ahead of current revenue. TTM revenue decline (-6.1%) also suggests growth is not yet steady.

Balance Sheet

The balance sheet looks conservatively levered, with low debt relative to equity (debt-to-equity ~0.03 in TTM and ~0.05 in 2025 annual), which reduces refinancing and solvency risk. Equity and assets increased meaningfully versus 2024, improving the capital cushion. The key weakness is ongoing losses driving negative returns on shareholders’ capital (return on equity remains negative in all periods shown), so book strength depends on continued funding and eventual operating improvement.

Cash Flow

Cash generation is still negative: operating cash flow and free cash flow are both negative in TTM (about -$0.7M and -$0.8M, respectively) and also negative in recent annual periods, reflecting continued cash burn. While burn has improved substantially compared with 2023–2024 levels, TTM free cash flow deteriorated versus the prior period (free cash flow growth -34%), pointing to volatility. A mitigating factor is that free cash flow is less negative than net income in TTM, suggesting meaningful non-cash charges, but the business is not yet self-funding.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Dec 2020
Income Statement
Total Revenue	5.23M	4.67M	919.00K	193.34K	0.00	0.00
Gross Profit	2.62M	2.78M	300.00K	83.94K	0.00	0.00
EBITDA	-2.03M	-1.89M	-4.25M	-5.30M	-3.63M	-11.67K
Net Income	-2.74M	-3.02M	-4.56M	-5.38M	-3.45M	-13.47K
Balance Sheet
Total Assets	42.57M	19.41M	3.84M	7.16M	5.93M	9.08M
Cash, Cash Equivalents and Short-Term Investments	38.57M	15.74M	1.29M	5.07M	3.74M	6.79M
Total Debt	1.13M	941.00K	1.07M	458.66K	615.69K	767.60K
Total Liabilities	1.77M	1.51M	1.57M	1.05M	831.14K	897.56K
Stockholders Equity	40.80M	17.90M	2.28M	6.11M	5.10M	8.19M
Cash Flow
Free Cash Flow	-1.24M	-1.31M	-3.78M	-4.31M	-3.21M	-107.61K
Operating Cash Flow	-882.00K	-1.15M	-3.46M	-3.64M	-2.25M	-1.38K
Investing Cash Flow	-361.00K	-161.00K	-322.00K	-672.54K	-955.67K	-106.23K
Financing Cash Flow	36.75M	15.76M	-4.00K	5.64M	161.93K	145.70K

Aeluma, Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 18.36
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ALMU, the sentiment is Negative. The current price of 18.36 is above the 20-day moving average (MA) of 16.21, above the 50-day MA of 17.48, and above the 200-day MA of 17.05, indicating a bearish trend. The MACD of 0.14 indicates Negative momentum. The RSI at 46.08 is Neutral, neither overbought nor oversold. The STOCH value of 47.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ALMU.

Aeluma, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NVEC	81 Outperform	$330.09M	21.20	23.36%	6.28%	-9.48%	-14.28%
MRAM	62 Neutral	$246.62M	-357.39	-0.91%	―	-0.41%	-134.49%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
ATOM	55 Neutral	$185.35M	-3.38	-116.86%	―	-94.26%	3.20%
AXTI	52 Neutral	$2.31B	-33.79	-9.12%	―	-4.54%	-119.39%
ALMU	49 Neutral	$331.39M	-41.41	-13.80%	―	307.44%	14.77%
VLN	48 Neutral	$147.41M	-4.64	-25.50%	―	7.53%	-15.00%

Aeluma, Inc. Corporate Events

Aeluma Shareholders Reelect Directors and Confirm Auditors

On January 15, 2026, Aeluma, Inc. held its 2025 Annual General Meeting of shareholders, where 9,892,101 shares of common stock, representing 55.4% of the voting power eligible to vote, were present in person or by proxy, establishing a quorum. At the meeting, shareholders re-elected Class I directors Steven P. DenBaars and John Paglia to three-year terms on the board of directors and approved the re-appointment of Rose, Snyder & Jacobs LLP as the company’s independent auditors for the fiscal year ending June 30, 2026, with authorization for the board to set their remuneration, reinforcing continuity in both governance and auditing oversight.

The most recent analyst rating on (ALMU) stock is a Buy with a $24.00 price target. To see the full list of analyst forecasts on Aeluma, Inc. stock, see the ALMU Stock Forecast page.