The company's capital structure is heavily reliant on external financing, with total assets surging to $42.5 million in 2026Q3 while maintaining a minimal debt-to-equity ratio of 0.03.
Aeluma, Inc. (ALMU) balance sheet — 6-year assets, liabilities & shareholders' equity history
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Dec'20 | Dec'19 |
|---|
| Total Current Assets | 57.31M | 17.34M | 1.39M | 5.33M | 4.43M | 7.47M | 206 |
| Cash & Short-Term Investments | 56.01M | 15.74M | 1.29M | 5.07M | 3.74M | 6.79M | 206 |
| Cash Only | 56.01M | 3.63M | 1.29M | 5.07M | 3.74M | 6.79M | 206 |
| Short-Term Investments | 0 | 12.11M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 340K | 962K | 60K | 189.24K | 0 | 0 | 0 |
| Days Sales Outstanding | 74.66 | 75.27 | 23.83 | 357.26 | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 965K | 633K | 42K | 72.98K | 662.46K | 662.46K | 0 |
| Total Non-Current Assets | 3.35M | 2.07M | 2.45M | 1.83M | 1.5M | 1.61M | 0 |
| Property, Plant & Equipment | 3.33M | 2.05M | 2.43M | 1.81M | 1.46M | 729.18K | 0 |
| Fixed Asset Turnover | 1.73x | 2.27x | 0.38x | 0.11x | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 4K | 7K | 9.83K | 12.83K | 14.83K | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 21K | 13K | 13K | 13.01K | 24.05K | 866.88K | 0 |
| Total Assets | 60.66M | 19.41M | 3.84M | 7.16M | 5.93M | 9.08M | 206 |
| Asset Turnover | 0.09x | 0.24x | 0.24x | 0.03x | - | - | - |
| Asset Growth % | 1433.95% | 404.84% | -46.34% | 20.78% | -34.7% | - | - |
| Total Current Liabilities | 1.89M | 705K | 627K | 757.1K | 372.44K | 287.1K | 455 |
| Accounts Payable | 341K | 361K | 317K | 461.8K | 114.1K | 68.58K | 0 |
| Days Payables Outstanding | 55.94 | 69.94 | 186.92 | 1.54K | - | - | - |
| Short-Term Debt | 180K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 455 |
| Other Current Liabilities | 1.71M | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 30.32x | 24.59x | 2.22x | 7.05x | 11.90x | 26.03x | 0.45x |
| Quick Ratio | 30.32x | 24.59x | 2.22x | 7.05x | 11.90x | 26.03x | 0.45x |
| Cash Conversion Cycle | 18.72 | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.84M | 803K | 941K | 296.45K | 458.7K | 610.46K | 0 |
| Long-Term Debt | 1.84M | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 1.93M | 803K | 941K | 296.45K | 458.7K | 610.46K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 3.73M | 1.51M | 1.57M | 1.05M | 831.14K | 897.56K | 455 |
| Total Debt | 2.02M | 941K | 1.07M | 458.66K | 615.69K | 767.6K | 0 |
| Net Debt | -53.98M | -2.69M | -221K | -4.61M | -3.13M | -6.02M | -206 |
| Debt / Equity | 0.04x | 0.05x | 0.47x | 0.08x | 0.12x | 0.09x | - |
| Debt / EBITDA | -0.21x | - | - | - | - | 3.41x | - |
| Net Debt / EBITDA | 5.65x | - | - | - | - | -26.77x | - |
| Interest Coverage | - | -3.23x | - | - | - | -11.67x | - |
| Total Equity | 56.93M | 17.9M | 2.28M | 6.11M | 5.1M | 8.19M | -249 |
| Equity Growth % | 6680.6% | 686.38% | -62.75% | 19.81% | -37.7% | - | - |
| Book Value per Share | 3.22 | 1.36 | 0.19 | 0.54 | 0.48 | 0.77 | -0.00 |
| Total Shareholders' Equity | 56.93M | 17.9M | 2.28M | 6.11M | 5.1M | 8.19M | -249 |
| Common Stock | 2K | 2K | 1K | 1.28K | 1.07K | 1.05K | 0 |
| Retained Earnings | -25.8M | -16.65M | -13.62M | -9.06M | -3.68M | -230.92K | -249 |
| Treasury Stock | 0 | 0 | 0 | - | - | 0 | - |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying ALMU stock.
As of 2025, Aeluma, Inc. (ALMU) had total assets of $19.4M including $17.3M in current assets.
Aeluma, Inc. (ALMU) carries total debt of $0.9M, offset by $15.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Aeluma, Inc. (ALMU) has total shareholders' equity (book value) of $17.9M ($1.36 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Aeluma, Inc. (ALMU) reported a current ratio of 24.59x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Liquidity and dilution risk
Metrics are mathematically derived from official filings.
Capital Infusion Masks Structural Weakness
According to the latest quarterly balance sheet data, Aeluma's total assets surged from $19.4 million in 2025Q4 to $42.5 million by 2026Q3, a shift primarily driven by external capital raises rather than organic asset accumulation or the successful scaling of core semiconductor manufacturing operations.
The rapid expansion of the balance sheet appears to be a defensive measure to offset persistent operating losses rather than a sign of business maturity. Investors should monitor whether this capital is being deployed into productive PPE or simply serving as a bridge to cover ongoing R&D burn.
Cash Runway Remains Highly Precarious
As reported in financial statements, Aeluma's cash position fluctuated significantly, dropping to a low of $1.3 million in 2024Q4 before rebounding to $37.8 million in 2026Q3, indicating that the company's liquidity is entirely dependent on periodic, dilutive equity financing rather than operational cash generation.
While the current ratio of 26.10 suggests a strong short-term buffer, this metric is heavily skewed by the recent influx of cash. The underlying burn rate remains high, and the lack of recurring revenue suggests that this liquidity buffer will erode rapidly without a transition to commercial-scale production.
Dilution Risk Overshadows Equity Quality
Based on the provided balance sheet figures, equity has swung from a negative position of -$1.0 million in 2025Q2 to $40.1 million in 2026Q3, a volatility that strongly suggests significant shareholder dilution was required to repair the capital structure and sustain the company's R&D-heavy business model.
The accumulation of retained earnings losses, which reached -$21.8 million by 2026Q3, highlights the difficulty of achieving profitability in the III-V semiconductor space. Future equity quality remains questionable as long as the company continues to rely on external funding to offset its structural operating deficits.
Asset Base Lacks Manufacturing Scale
Data from recent filings indicates that net PPE has remained stagnant, hovering near $2.3 million despite the significant increase in total assets, which suggests that Aeluma is not yet investing in the heavy manufacturing infrastructure required to move beyond prototype-level semiconductor fabrication.
The minimal investment in PPE relative to the company's total asset base implies that the firm remains in an asset-light, R&D-focused phase. This may limit the company's ability to control its own production yields, leaving it vulnerable to the limitations of third-party foundry availability and capacity constraints.