Aeluma (NASDAQ:ALMU) used its fiscal second-quarter 2026 earnings call to highlight growing commercial engagement across its target markets—mobile, data centers and defense—while reporting a modest revenue decline that management attributed to the timing of government contract milestones.
Market backdrop and commercialization focus
CEO Jonathan Klamkin opened the call by pointing to what he described as a large and expanding opportunity in data center infrastructure, citing comments he heard at the PIC Summit that the top four hyperscalers invested more than $300 billion in data center capital expenditures in 2025 and that the total is expected to surpass $1 trillion in 2029. Klamkin framed this backdrop as supportive of new technology adoption where higher performance, higher volumes and lower cost are required.
Leadership additions and early sales activity
Aeluma announced the appointment of Bouch Nassar as senior vice president of business development and product. Klamkin said Nassar brings decades of experience in semiconductor photonics and has held roles spanning sales and product leadership, including at JDS Uniphase/Lumentum, as well as leadership positions at SCD USA and Princeton Lightwave. Klamkin said the hire aligns with Aeluma’s stage of development as it receives an increasing number of requests for quotation and has begun taking sales orders.
Management described those initial sales orders as relatively small, but characterized them as an important milestone toward broader adoption. On the call, Klamkin declined to identify specific customers or products, but said pricing activity and requests are coming from multiple markets, including mobile, AI/data centers, defense and quantum.
Technology updates: quantum and data center components
Klamkin highlighted several technology-related developments, including a previously announced NASA win to further invest in Aeluma’s platform for quantum photonics and additional contract funding to integrate quantum dot lasers directly into the AIM Photonics 300 mm silicon photonics platform. He also said the company received several award notices tied to later-stage R&D and “transition opportunities,” which he said reinforced confidence in the technology and expectations for additional contracts during the year.
During the Q&A, management provided more detail on the company’s near-term quantum photonics work. Klamkin said the current focus is primarily on generating photons, with interest from partners in building out a broader platform that could ultimately include generating, routing, processing and detecting photons using Aeluma’s single-photon detector technology. Asked whether the work involves pairs or single photons, Klamkin said “primarily pairs.”
On AI infrastructure, Klamkin said inquiries from that ecosystem are increasing, in part due to supply chain issues and demand outpacing available supply in certain areas. He emphasized near-term opportunities in high-speed detectors, noting the company has developed high-speed detector technology for defense customers and is now receiving interest for “slow and wide” detector arrays as well as very high-speed InGaAs detectors to support applications such as electro-absorption modulated lasers (EMLs) and silicon photonics transceivers. He added that Aeluma is working on detectors targeting 50 and 100 GHz bandwidth and beyond, building on prior work initially developed for 10G and 25G data rates and expanding toward higher-speed applications.
SWIR in mobile: positioning, but no timeline
On the mobile opportunity, Klamkin reiterated that SWIR sensing has long been used in defense, aerospace and industrial applications, but said cost and scalability have limited broader consumer adoption. He cited potential consumer benefits such as low solar interference and improved eye safety. While he did not provide a timeline, Klamkin said the mobile industry is “positioning to adopt SWIR for future-generation products” and that the plan to adopt SWIR for consumer markets is “solidifying,” moving beyond the earlier stage of interest.
Asked about strategic opportunities and routes to market, Klamkin said Aeluma is evaluating multiple paths to adoption across its markets, including manufacturing through supply-chain partners as well as transferring processes to mature manufacturers and licensing. He said different markets may ultimately require different go-to-market approaches.
Financial results and outlook
CFO Christopher Stewart reported second-quarter fiscal 2026 revenue of $1.3 million, compared with $1.6 million in the year-ago quarter and $1.4 million in the prior quarter. Stewart said government R&D contracts were the principal source of revenue and noted that quarterly revenue can vary based on the timing of program milestones. He described these government development programs as strategically important, providing non-dilutive funding and ongoing technical validation with prospective government customers.
GAAP net loss for the quarter was $1.9 million, or $0.11 per basic and diluted share, compared with a net loss of $2.9 million, or $0.24 per share, in the prior-year period, and a net loss of $1.5 million, or $0.09 per share, in the sequential prior quarter. Stewart said the year-over-year improvement was primarily due to a non-recurring $3 million charge related to a change in the fair value of derivative liabilities recorded in the quarter ended Dec. 31, 2024, partially offset by higher compensation and employee-related costs tied to headcount growth. The sequential increase in net loss was attributed to higher R&D expense, partially offset by lower SG&A.
Adjusted EBITDA loss was $917,000, compared with an Adjusted EBITDA gain of $647,000 in the year-ago quarter and an Adjusted EBITDA loss of $450,000 in the prior quarter.
Stewart said Aeluma ended the quarter with $38.6 million in cash and cash equivalents, up $425,000 from the end of the September quarter. He attributed the increase primarily to $690,000 received from warrant exercises tied to the company’s March 2025 NASDAQ uplisting and financing, noting that 124,415 shares were issued in connection with those exercises. Stewart said the company has no long-term debt.
Stewart also noted the company filed a post-effective amendment with the SEC to consolidate several existing S-1 registration statements, adding that no new shares were registered as part of the filing and that the move is intended to streamline reporting and reduce administrative costs.
For fiscal 2026, Aeluma maintained its revenue guidance of $4 million to $6 million. Stewart said execution is progressing in line with plans discussed on prior calls, with strengthened go-to-market and operations teams, ramping fab runs and increasing manufacturing readiness. While management expects near-term revenue from initial product orders to be modest, it described the early order activity as a milestone reflecting rising market interest.
About Aeluma (NASDAQ:ALMU)
Aeluma, Inc develops optoelectronic and electronic devices in the United States. The company manufactures semiconductor materials and chips using compound semiconductors on diameter substrates that are used to manufacture mass market microelectronics. It offers its devices for use in mobile, automotive, AI, defence and aerospace, communication, AR/VR, and HPC applications, as well as laser emitters, transistors for integrated circuits, quantum photonic circuits, and solar cells applications. Aeluma, Inc was formerly known as Parc Investments, Inc and changed its name to Aeluma, Inc June 2021.
