Aeluma’s patented silicon-based photonics platform offers asymmetric AI-datacom upside, but the $11.60 stock remains a highly speculative bet on commercial qualification, funding, and eventual volume production.
Aeluma Inc is an early-stage, specialized semiconductor and optoelectronic technology company focused on developing cutting-edge sensing, communication, and artificial intelligence (AI) datacom solutions [cite: 1]. The company operates a proprietary heterogeneous integration manufacturing platform designed to combine high-performance compound semiconductor materials with large-diameter silicon substrates commonly utilized in mass-market microelectronics fabrication [cite: 1, 2].
The primary business model of Aeluma currently generates revenue through government-funded research and development (R&D) contracts [cite: 3, 4]. For the fiscal year ended June 30, 2026, more than 95% of total revenue was derived from these government contracts, while commercial product and service revenue remained in its infancy [cite: 4, 5]. Geographically, the operations, assets, and customer base of the company are concentrated entirely within the United States [cite: 6, 7]. Key customers include major government agencies and federally funded research bodies, such as NASA, the U.S. Navy, the State University of New York (SUNY), and the Office of the Secretary of Defense [cite: 4, 8].
Aeluma's core product portfolio centers around its LINX high-speed photodetectors and Quasar quantum dot lasers manufactured on its non-indium phosphide (non-InP) technology platform [cite: 3]. The target end markets for these technologies are vast, spanning AI data center connectivity, mobile devices, automotive LiDAR, aerospace and defense, robotics, and quantum computing [cite: 2, 9]. Customers choose Aeluma over alternative options because of its unique manufacturing scaling approach [cite: 1]. Standard high-performance optical chips are traditionally manufactured on expensive, brittle, and small-diameter Indium Phosphide (InP) substrates (typically limited to 2-inch to 4-inch, or occasionally 6-inch diameters) [cite: 10, 11]. Aeluma’s platform enables the direct placement of compound semiconductor layers onto large-diameter silicon substrates (such as 8-inch or 12-inch wafers) [cite: 9, 10]. This provides a massive theoretical cost and scale advantage, delivering up to 16 times the wafer area of conventional architectures and allowing integration directly into existing commercial microelectronics fabrication lines [cite: 2, 10].
The economic and strategic viability of Aeluma relies on its ability to transition from a government-sponsored research lab into a high-volume commercial semiconductor supplier [cite: 12, 13].
The primary hardware assets commercialized by the company include:
* LINX Photodetectors: High-speed, high-sensitivity photodetectors designed to receive ultra-fast optical signals in AI data center networks [cite: 3]. Grown on silicon, these photodetectors bypass the cost structure of conventional InP detectors [cite: 3, 10].
* Quasar Lasers: Quantum dot lasers grown on non-InP substrates, providing the light source required for optical transceivers and advanced co-packaged optics architectures [cite: 3].
* Heterogeneous Integration Services: Non-recurring engineering (NRE) and wafer-level fabrication services designed to assist systems integrators and device developers in porting compound semiconductor designs to silicon [cite: 14, 15].
Aeluma’s competitive advantage, or moat, is currently in its developmental phase and is comprised of the following components:
* Intellectual Property (IP): The company possesses an IP portfolio of 29 issued and pending patents, supplemented by highly guarded trade secrets including proprietary process recipes, specific layer structures, and chip designs [cite: 15, 16, 17]. This proprietary "know-how" of bonding InGaAs on silicon without structural defects acts as a high barrier to entry [cite: 11, 17].
* High Switching Costs: The integration of novel optoelectronic components into custom optical transceivers or LiDAR systems requires extensive technical qualification and co-design [cite: 5, 14]. Once a tier-1 customer qualifies an Aeluma component, the design-in cycle creates high switching costs due to the multi-year engineering cycles required to source an alternative.
* Ecosystem Partnerships: Strategic relationships with industry leaders, such as Tower Semiconductor and Sumitomo Chemical Advanced Technologies, embed Aeluma's manufacturing flow into established, high-volume production foundries [cite: 14, 18].
According to disclosures in the company's annual proxy statements, based on third-party market research and internal assumptions, Aeluma estimates its Serviceable Addressable Market (SAM) could reach $4.9 billion by 2030, growing at a 47% compound annual growth rate (CAGR) from $1.0 billion in 2026 [cite: 19]. The near-term focus is centered on the AI DataCom connectivity market [cite: 3]. Data center capital expenditure is forecasted by Dell'Oro Group to reach $1.8 trillion by 2030, with approximately 10% to 15% ($180 billion to $270 billion) of that budget projected to be allocated specifically to high-performance photonics [cite: 3, 20].
The competitive landscape is bifurcated between traditional compound semiconductor manufacturers and emerging silicon photonics startups. Traditional providers, such as Coherent, Lumentum, and MACOM, utilize conventional InP and Gallium Arsenide (GaAs) fabrication methods. While these competitors have proven volume, reliability, and established customer relationships, their cost structures remain bound to smaller wafer sizes. Emerging silicon photonics players integrate optics on silicon but often struggle with the efficiency of the light sources (lasers).
Aeluma positions itself as a hybrid bridge, utilizing silicon-compatible manufacturing to bond high-performance compound lasers and detectors onto larger wafers [cite: 1]. At present, Aeluma is holding its ground in the R&D segment but has not yet gained market share in the commercial high-volume production segment [cite: 12, 14].
Aeluma’s financial profile reflects a business undergoing a strategic pivot, characterized by flat research revenues, widening net losses, and a fortified balance sheet designed to fund capital expenditure [cite: 3, 12].
The company reported its audited fiscal fourth quarter and full fiscal year 2026 financial results on September 16, 2026 [cite: 4, 21].
| Metric | Q4 FY 2026 | Q4 FY 2025 | YoY Change (%) | Full Year FY 2026 | Full Year FY 2025 | YoY Change (%) |
|---|---|---|---|---|---|---|
| Revenue | $582,000 [cite: 3, 14] | $1,317,000 [cite: 14] | -55.8% [cite: 14] | $4,515,000 [cite: 5] | $4,719,000 [cite: 5] | -4.3% [cite: 5] |
| Gross Profit | $149,000 [cite: 14] | $538,000 [cite: 14] | -72.3% [cite: 14] | $2,059,000 [cite: 5, 14] | $3,614,000 [cite: 5, 14] | -43.0% [cite: 5, 14] |
| Operating Loss | $(4,372,000) [cite: 14] | $(969,000) [cite: 14] | Loss Widened [cite: 14] | $(10,185,000) [cite: 5] | $(2,139,000) [cite: 5] | Loss Widened [cite: 5] |
| GAAP Net Loss | $(4,013,000) [cite: 14] | $(859,000) [cite: 14] | Loss Widened [cite: 14] | $(9,159,000) [cite: 5] | $(3,022,000) [cite: 5] | +203.1% [cite: 5] |
| Diluted EPS | $(0.22) [cite: 14] | $(0.05) [cite: 14] | Loss Widened [cite: 14] | $(0.52) [cite: 5] | $(0.23) [cite: 5] | Loss Widened [cite: 5] |
Aeluma’s fourth-quarter revenue of $582,000 significantly missed Wall Street consensus expectations of $1.38 million by approximately 57.8% [cite: 12, 13]. The top-line shortfall was driven by delays in executing government contracts due to administrative hurdles, such as government shutdowns, which postponed the start of several core projects [cite: 2, 10].
The company did not provide formal, quantitative revenue guidance for the upcoming fiscal year 2027 [cite: 3]. However, management noted that it has booked approximately $2.3 million in government contract revenue for fiscal 2027, with an additional $2.0 million in active pipeline opportunities under discussion [cite: 3]. For the full fiscal year 2026, the company had previously narrowed its revenue guidance to a range of $4.2 million to $4.6 million (down from the initial $4.0 million to $6.0 million range), meaning the final annual revenue of $4.515 million landed near the midpoint of this updated, narrower outlook [cite: 2, 3].
Management's commentary focused heavily on the commercialization of its AI DataCom platform [cite: 3]. Key operational developments highlighted include:
* Manufacturing Expansion: Aeluma expects to execute fiscal 2027 capital expenditures of $10 million to $12 million [cite: 3]. This cash will be primarily allocated to the procurement of two state-of-the-art AIXTRON G10 MOCVD (Metal-Organic Chemical Vapor Deposition) reactors to expand its non-InP wafer platform capacity [cite: 3].
* NRE Discussions: The company is actively negotiating multi-million-dollar non-recurring engineering (NRE) contracts with prospective tier-1 AI data center customers, aiming to transition them from experimental sampling into commercial integration [cite: 14, 18].
* The CHIPS Act LOI: A major milestone was the signing of a non-binding Letter of Intent (LOI) with the U.S. Department of Commerce's CHIPS R&D Office for up to $30 million in funding [cite: 4, 22]. This proposed funding is subject to due diligence and milestone definitions, under which Aeluma will issue unregistered equity to the government equivalent to the final award amount [cite: 4, 22].
* Team and Leadership Expansion: Grew the internal team from 14 to over 30 people [cite: 14, 18]. Key technical additions include the appointment of Jason Taylor (formerly of Intel, Kyocera, and Lumileds) as Senior Director of Program and Project Management, bringing over three decades of semiconductor scaling experience [cite: 16].
Following the earnings release after the market closed on September 16, 2026, the stock reacted sharply to the 58% top-line quarterly miss and widening GAAP losses [cite: 12, 13]. Shares fell 13.63% in after-hours trading, dropping to $11.60 from a regular session close of $13.43 [cite: 12, 13]. Prior to this announcement, analyst sentiment was highly optimistic, with consensus ratings indicating a Buy rating and average 12-month targets around $30.50 [cite: 9, 23].
Because Aeluma is fundamentally a pre-commercial business, traditional trailing valuation multiples are less informative [cite: 24]. As of September 11, 2026, there were 19,265,671 shares of common stock outstanding [cite: 5]. Based on a post-earnings share price of $11.60, the implied market capitalization is $223.48 million [cite: 5, 25]. Accounting for cash and cash equivalents of $56.01 million [cite: 7] and zero reported debt [cite: 3], the enterprise value (EV) is $167.47 million [cite: 7, 25].
This yields the following valuation multiples:
* Trailing Price-to-Sales (P/S): $50.1\times$ (relative to FY26 revenue of $4.46 million) [cite: 4, 25].
* Price-to-Book (P/B): $3.9\times$ (relative to FY26 stockholders' equity of $56.93 million) [cite: 7, 25].
This premium valuation indicates that the market is valuing Aeluma as an option on the AI datacom market, rather than as an active, operating semiconductor supplier [cite: 12]. To justify this valuation, the company's 5-year sales growth must compound at an exponential rate, transitioning from the current $4.5 million R&D baseline to a commercial scale exceeding $50 million annually.
| Balance Sheet Item | June 30, 2026 (USD in thousands) | June 30, 2025 (USD in thousands) | YoY Change (%) |
|---|---|---|---|
| Cash and Cash Equivalents [cite: 7] | $56,010 | $3,628 | +1,443.8% |
| Certificates of Deposit [cite: 5, 7] | $0 | $12,112 | -100.0% |
| Accounts Receivable [cite: 5] | $320* | $962 | -66.7% |
| Prepaids & Other Current Assets [cite: 5] | $965 | $633 | +52.4% |
| Total Current Assets [cite: 5] | $57,311 | $17,335 | +230.6% |
| Property & Equipment, net [cite: 5] | $1,416 | $1,218 | +16.3% |
| Right of Use Asset [cite: 5] | $1,916 | $836 | +129.2% |
| Other Assets [cite: 5] | $21 | $17 | +23.5% |
| Total Assets [cite: 5] | $60,664 | $19,406 | +212.6% |
| Current Liabilities [cite: 5] | $1,890 | $705 | +168.1% |
| Long-term Lease Liabilities [cite: 5] | $1,842 | $803 | +129.4% |
| Total Liabilities [cite: 5] | $3,732 | $1,508 | +147.5% |
| Stockholders' Equity [cite: 7] | $56,932 | $17,898 | +218.1% |
*Calculated based on changes in operating cash flow adjustments and previous period balances [cite: 5].
Investing in Aeluma involves substantial risk, primarily stemming from its early-stage operational status, high dependencies, and macro factors [cite: 7].
The primary risk is that the technology remains trapped in the R&D and sampling phase [cite: 12, 13]. Transitioning to high-volume manufacturing requires precise tool calibration, repeatable yield rates, and alignment with foundry partners [cite: 5]. Standard industry qualification cycles for novel optoelectronic devices are long (12 to 24 months) and do not guarantee volume orders [cite: 5, 7].
Furthermore, management's disclosure of a material weakness in its internal control over financial reporting represents a significant operational risk [cite: 7]. This deficiency stems from an insufficient number of internal accounting personnel with the requisite technical accounting expertise to evaluate non-routine and complex transactions [cite: 7]. If unaddressed, this could lead to financial restatements and erode investor confidence [cite: 26].
The photonics and optical transceiver markets are characterized by intense R&D and rapid technical iteration [cite: 5]. If a competitor develops a highly efficient, direct-growth silicon laser that does not require Aeluma's heterogeneous integration, or if co-packaged copper architectures solve intermediate data center bottlenecks, Aeluma's platform could be bypassed.
In fiscal year 2026, all of Aeluma's revenue was derived from US government contracts, with two specific agencies accounting for 59% and 14% of revenue, respectively [cite: 7]. At fiscal year-end, 100% of the accounts receivable were outstanding from just four government customers [cite: 7]. This makes the company highly vulnerable to federal budget cycles, government shutdowns, and policy shifts [cite: 2].
While the $30 million Letter of Intent (LOI) under the CHIPS and Science Act provides significant non-dilutive backing, it is non-binding and contingent on rigorous milestones and regulatory approvals [cite: 4, 22]. Under the proposed terms, Aeluma will also have to issue unregistered equity to the government, diluting existing shareholders [cite: 4, 22].
With cash of $56 million, the company appears well-funded [cite: 3]. However, budgeted fiscal 2027 capital expenditures of $10 million to $12 million, combined with an operating cash burn that reached $3.27 million in fiscal 2026, will rapidly deplete these reserves if commercial revenue is delayed [cite: 3, 5]. Any delay in revenue scaling will necessitate further dilutive equity offerings via its active ATM shelf facility [cite: 3, 27].
Aeluma relies on capital markets to fund its pre-revenue operational deficits [cite: 27]. A high interest rate environment or macroeconomic slowdown that compresses technology sector valuations would raise Aeluma’s cost of capital, making future equity dilution more punitive to current shareholders.
The following analysis projects three distinct 5-year fundamental trajectories for Aeluma, utilizing a post-earnings current share price of $11.60 USD as the starting baseline [cite: 25].
The terminal valuation of the stock is modeled as:
$\text{Future Share Price} = \frac{\text{Projected Revenue} \times \text{P/S Multiple}}{\text{Projected Shares Outstanding}}$ [cite: 25]
The total return and compounded annual growth rate (CAGR) are calculated as:
$\text{Total Return} = \frac{\text{Future Share Price}}{\text{Current Share Price}} - 1$ [cite: 25]
$\text{CAGR} = \left(\frac{\text{Future Share Price}}{\text{Current Share Price}}\right)^{0.2} - 1$ [cite: 25]
The company fails to secure commercial volume contracts for its AI datacom platform [cite: 12, 13]. Government contract awards slow down due to federal budget cuts [cite: 7]. The company faces unexpected technical bottlenecks in qualifying its MOCVD reactors, resulting in poor wafer yield rates. To survive, Aeluma is forced to exhaustively utilize its at-the-market (ATM) equity program, significantly diluting the share count from 19.27 million to 30.00 million shares [cite: 5, 7, 25].
* Year 5 Revenue: $10.0 million USD (limited to residual R&D and small-batch custom prototyping) [cite: 25].
* Net Margin: -20.0% (continuing losses of $2.0 million USD) [cite: 25].
* Exit Multiple: $5.0\times$ Price-to-Sales, reflecting a distressed, stagnant R&D firm [cite: 25].
* Projected Market Cap: $50.0 million USD [cite: 25].
* Projected Share Price: $1.67 USD [cite: 25].
* 5-Year Total Return: -85.60% (CAGR of -32.13%) [cite: 25].
Aeluma successfully qualifies its G10 MOCVD reactors and transitions its experimental sampling programs into commercial NRE agreements [cite: 3, 14]. It begins supplying photodetectors and lasers in moderate volumes to at least two tier-1 optical transceiver manufacturers or LiDAR providers [cite: 3, 15]. Growth is steady but faces competitive pricing pressure from established silicon photonics players. To support working capital and tool expansions, intermediate dilution occurs, raising the share count to 25.00 million shares [cite: 25].
* Year 5 Revenue: $60.0 million USD [cite: 25].
* Net Margin: 15.0% (Net Income of $9.0 million USD) [cite: 25].
* Exit Multiple: $5.0\times$ Price-to-Sales (or $33.3\times$ Price-to-Earnings), in-line with specialty semiconductor peers [cite: 25].
* Projected Market Cap: $300.0 million USD [cite: 25].
* Projected Share Price: $12.00 USD [cite: 25].
* 5-Year Total Return: 3.45% (CAGR of 0.68%) [cite: 25].
Aeluma becomes a key supplier to the rapidly expanding AI data center connectivity market [cite: 3]. The heterogeneous non-InP platform is widely adopted as the industry standard, enabling co-packaged optics at a fraction of the cost of legacy platforms [cite: 3, 10]. The $30 million CHIPS Act funding is fully unlocked, which, along with operating cash flow, limits dilutive ATM needs, holding the share count at 23.00 million [cite: 4, 22, 25].
* Year 5 Revenue: $150.0 million USD [cite: 25].
* Net Margin: 25.0% (Net Income of $37.5 million USD, reflecting high-margin manufacturing IP licensing and proprietary product sales) [cite: 25].
* Exit Multiple: $8.0\times$ Price-to-Sales (or $32.0\times$ Price-to-Earnings), reflecting premium growth and standard-setting optical technology [cite: 25].
* Projected Market Cap: $1.20 billion USD [cite: 25].
* Projected Share Price: $52.17 USD [cite: 25].
* 5-Year Total Return: 349.74% (CAGR of 35.08%) [cite: 25].
$\text{Weighted Target Price} = (1.67 \times 0.25) + (12.00 \times 0.55) + (52.17 \times 0.20) = 0.4175 + 6.60 + 10.434 = 17.45 \text{ USD}$ [cite: 25]
| Scenario | Revenue Year 5 (USD) | Margin / Earnings Assumption | Valuation Multiple Assumption | Current Share Price (USD) | Implied Future Share Price (USD) | 5-Year Total Return | Annualized Return (CAGR) | Probability |
|---|---|---|---|---|---|---|---|---|
| Low Case | $10M | -20.0% Net Margin | $5.0\times$ P/S | $11.60 | $1.67 | -85.60% | -32.13% | 25% |
| Base Case | $60M | 15.0% Net Margin | $5.0\times$ P/S | $11.60 | $12.00 | 3.45% | 0.68% | 55% |
| High Case | $150M | 25.0% Net Margin | $8.0\times$ P/S | $11.60 | $52.17 | 349.74% | 35.08% | 20% |
| Weighted | — | — | — | $11.60 | $17.45 | 50.43% | 8.51% | 100% |
HIGH-RISK ASYMMETRIC OPTIONALITY
To evaluate the operational quality and long-term viability of Aeluma, the company has been graded on ten key performance metrics on a 1–10 scale.
The executive leadership team, led by Founder and CEO Dr. Jonathan Klamkin, holds a meaningful stake in the company, which aligns their long-term interests with those of public shareholders [cite: 22, 28]. Dr. Klamkin historically held roughly 15.4% of the common stock [cite: 28]. However, recent insider transactions require monitoring [cite: 22]. Over the past six months, Dr. Klamkin sold 80,000 shares (and gifted 40,000 shares) [cite: 8, 22], and Director Steven DenBaars sold 50,000 shares under Rule 10b5-1 trading plans [cite: 8, 22]. While pre-arranged, consistent insider sales reduce overall management alignment indicators.
The current quality of revenue is weak, as it is almost entirely comprised of government R&D and defense contracts rather than recurring, commercial, high-margin product revenues [cite: 3, 4]. This results in significant quarterly volatility and exposes the top-line performance to government policy, budget delays, and contract execution hurdles [cite: 2, 7].
Aeluma is an early-stage niche player with highly competitive technology but zero commercial market share [cite: 12, 14]. It is currently in a holding position as it attempts to qualify its platform with transceivers and Tier-1 suppliers [cite: 14, 15]. The company has not yet proven it can win high-volume manufacturing market share from entrenched legacy suppliers.
The secular growth outlook is exceptional, driven by the massive expansion of optical interconnects within AI hyperscale data centers [cite: 3, 20]. If Aeluma’s non-InP platform succeeds in scaling, the addressable opportunity within a $4.9 billion 2030 SAM and a $180B+ optical connectivity spend provides a highly attractive growth runaway [cite: 3, 19].
With $56.0 million in cash and cash equivalents and zero debt as of June 30, 2026, the company's near-term balance sheet strength is excellent [cite: 3, 7]. This cash runway, fortified by $20.1 million in net proceeds raised through its ATM program during Q4 FY26, provides a solid buffer to execute capital expenditures and technical pivots [cite: 3, 29].
The long-term durability of the business is subject to key manufacturing choke points [cite: 5]. Aeluma is structurally dependent on third-party foundries (e.g., Tower Semiconductor) for production-scale packaging and integration [cite: 5, 14]. Should access to these partner fabs be constrained or pricing terms deteriorate, Aeluma’s economic model would face severe stress.
The deployment of capital is aggressive but necessary [cite: 3]. Utilizing dilutive ATM proceeds to fund the purchase of two state-of-the-art MOCVD tools ($10 million to $12 million CapEx) is a high-risk, high-reward move [cite: 3, 29]. If these tools drive commercial customer qualification, the allocation will have been highly effective; if the tools sit underutilized, it will have severely destroyed shareholder value.
Wall Street analysts covering the stock maintain an optimistic stance, highlighting a consensus Buy rating with targets ranging between $23.00 and $31.00 [cite: 9, 23]. These targets reflect high conviction in the proprietary technology but underwrite a very high-growth commercial scenario that has yet to play out in the fundamentals [cite: 23, 27].
The company is deeply unprofitable and losses are widening [cite: 3, 12]. In fiscal year 2026, the GAAP net loss reached $9.16 million (widening by 203% YoY) as R&D and general administrative expenses doubled to support headcount additions and strategic scaling [cite: 3, 4, 5]. Profitability is unlikely to be achieved within the next three fiscal years.
As a young public entity, the company has a limited historical track record of generating shareholder value through operational execution. Its financial history is characterized by flat, contract-dependent revenues, rising losses, and constant reliance on dilutive public offerings and ATM programs to stay capitalized [cite: 3, 4, 27].
SPECULATIVE TECHNOLOGY BET
The investment thesis for Aeluma rests on a high-stakes transition from a government contract shop to an AI hardware component supplier [cite: 12].
On one hand, the company possesses unique, patented technology capable of integrating high-performance optical layers directly onto large-diameter silicon substrates [cite: 1, 2]. This heterogeneous approach could disrupt the standard optical transceiver supply chain by removing the high cost and scaling limitations of traditional Indium Phosphide wafers [cite: 1, 10]. The massive macro tailwinds of AI data center buildouts, paired with a potential $30 million CHIPS Act funding agreement and a debt-free, cash-rich balance sheet of $56 million, provide Aeluma with the tools necessary to target this multi-billion dollar opportunity [cite: 3, 4, 22].
On the other hand, Aeluma remains highly speculative [cite: 10]. The fourth-quarter fiscal 2026 revenue of $582,000 missed Wall Street estimates by nearly 58%, and annual revenues are flat to declining [cite: 3, 12]. The company continues to operate at a loss with high customer concentration, relying entirely on government R&D budgets [cite: 7]. The disclosure of a material weakness in its internal accounting controls adds execution risk [cite: 7].
Key near-term catalysts to monitor include the official closing of the $30 million CHIPS Act funding [cite: 4, 22], the physical delivery, installation, and qualification of the AIXTRON G10 MOCVD reactors [cite: 3], and the formal signing of non-recurring engineering (NRE) contracts with tier-1 commercial datacom clients [cite: 14, 18].
The current post-earnings valuation of $11.60 per share reflects an intermediate, consolidated price that balances these massive asymmetric upsides against severe commercial execution and dilutive risks [cite: 25].
HIGHLY SPECULATIVE PIVOT
The stock is currently consolidating following a correction of more than 40% from its speculative peak of $31.79 reached in May 2026 [cite: 30, 31]. While Aeluma's 50-day moving average crossed below its 200-day moving average on August 26, 2026, signaling a technical downward trend [cite: 24, 32], the stock has formed a technical base above its long-term 200-day moving average [cite: 30]. This technical setup, combined with a high short interest of approximately 26%, suggests significant short-squeeze optionality on any positive news flow regarding commercial NRE signings or the finalization of the $30 million CHIPS Act award [cite: 22, 30].
CONSOLIDATING AMID TRANSITION
View Aeluma, Inc. (ALMU) stock page
Loading the interactive version of this report…