Aeluma Reports $1.6M Revenue Growth, $2.9M Net Loss in Latest Quarter

Aeluma, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending December 31, 2024. The company generated revenue of $1.6 million for the three months ended December 31, 2024, a substantial increase from $263,000 in the same period last year. For the six months ending December 31, 2024, total revenue reached $2.1 million, compared to $295,000 for the same period in 2023. This growth was primarily driven by government contracts, which accounted for approximately 92% of total revenue during the six-month period.

Despite the increase in revenue, Aeluma reported a net loss of $2.9 million for the three months ended December 31, 2024, compared to a loss of $1.1 million in the prior year. For the six-month period, the net loss was $3.6 million, up from $2.6 million in the same timeframe in 2023. The increase in losses was attributed to higher operating expenses, which totaled $2.4 million for the six months ended December 31, 2024, down from $2.9 million in the previous year, indicating a 16.2% reduction in costs.

In terms of strategic developments, Aeluma secured a significant DARPA contract worth $11.7 million in September 2024, aimed at developing advanced semiconductor technologies. The company also raised $3.1 million through the issuance of convertible promissory notes between August and September 2024, which are set to mature in June 2026. This funding is crucial for supporting ongoing research and development efforts and operational expenses.

Operationally, Aeluma's cash and cash equivalents increased to $3.1 million as of December 31, 2024, up from $1.3 million at the end of June 2024. The company reported a working capital of $4.0 million, a significant rise from $766,000 in the previous period. The total current assets also saw a notable increase, reaching $4.5 million, primarily due to a rise in accounts receivable. However, the company continues to face challenges, with an accumulated deficit of $17.2 million as of December 31, 2024.

Looking ahead, Aeluma's management has indicated that additional capital will be necessary to sustain operations and achieve profitability. The company plans to continue its focus on expanding its business development efforts and enhancing its manufacturing capabilities. However, the ability to secure future financing remains uncertain, and management has acknowledged the risks associated with its ongoing operations and the need for further funding to support its strategic initiatives.