Free cash flow remains persistently negative, with a -63.4% margin in 2026Q3, highlighting a business model that consumes capital significantly faster than it generates internal funding.
| Cash from Operations | -1.71M | -1.15M | -3.46M | -3.64M | -2.25M | -1.38K | -299 |
| Operating CF Margin % | - | -24.61% | -375.95% | -1881.65% | - | - | - |
| Operating CF Growth % | -192.85% | 66.77% | 5.03% | -61.49% | -163501.38% | - | - |
| Net Income | -6M | -3.02M | -4.56M | -5.38M | -3.45M | -13.47K | -299 |
| Depreciation & Amortization | 432.85K | 415K | 311K | 206.46K | 98.99K | 0 | 0 |
| Stock-Based Compensation | 2.86M | 1.89M | 732K | 448.44K | 204.01K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.1M | 1.01M | 33K | 920.46K | 849.14K | 0 | 0 |
| Working Capital Changes | -94.63K | -1.45M | 31K | 166.24K | 46.77K | 12.09K | 0 |
| Change in Receivables | 81.41K | -902K | 129K | -189.24K | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 800.03K | 44K | -144K | 347.7K | 45.52K | 2.89K | 0 |
| Cash from Investing | -514.83K | -161K | -322K | -672.54K | -955.67K | -106.23K | 0 |
| Capital Expenditures | -514.83K | -161K | -322K | -672.54K | -955.67K | -106.23K | 0 |
| CapEx % of Revenue | 9.91% | 3.45% | 35.04% | 347.86% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 24.14M | 15.76M | -4K | 5.64M | 161.93K | 145.7K | 546 |
| Debt Issued (Net) | 0 | 3.15M | 0 | 0 | 0 | 125.7K | 0 |
| Equity Issued (Net) | 24.19M | 12.61M | -4K | 5.64M | 206.93K | 20K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -4K | 0 | 0 | 0 | 0 |
| Other Financing | -56K | 0 | 0 | 0 | -45K | 0 | 546 |
| Net Change in Cash | 21.91M | 14.45M | -3.78M | 1.33M | -3.05M | 38.1K | 0 |
| Free Cash Flow | -2.22M | -1.31M | -3.78M | -4.31M | -3.21M | -107.61K | -299 |
| FCF Margin % | -42.79% | -28.06% | -410.99% | -2229.51% | - | - | - |
| FCF Growth % | -26.94% | 65.34% | 12.38% | -34.35% | -2881.7% | - | - |
| FCF per Share | -0.13 | -0.10 | -0.31 | -0.38 | -0.30 | -0.01 | -0.00 |
| FCF Conversion (FCF/Net Income) | 0.37x | 0.38x | 0.76x | 0.68x | 0.65x | 0.10x | 1.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and dilution risk
As reported in financial statements, Aeluma's operating cash flow consistently trails net income, with the OCF/NI ratio fluctuating wildly between 0.08 and 1.28, suggesting that accounting losses are not fully capturing the underlying cash requirements of the company's current R&D-intensive semiconductor development phase.
The persistent gap between net income and operating cash flow indicates that non-cash items and working capital swings are significantly distorting the company's true cash-generating ability. Investors should monitor this divergence closely, as it suggests that the reported bottom line may be a poor proxy for the actual liquidity required to sustain operations.
Based on recent quarterly data, Aeluma's free cash flow remains deeply negative, with margins reaching as low as -194% in 2025Q1, reflecting a business model that is currently consuming capital at a rate that far outpaces its ability to generate internal funding from operations.
The trajectory of free cash flow shows no clear path to breakeven, as the company continues to prioritize heavy investment in its proprietary integration technology. This trend implies that the firm remains entirely dependent on external financing to bridge the gap between its current development costs and future commercialization.
According to the provided cash flow data, Aeluma's capital expenditure as a percentage of revenue has swung from a low of 0.4% to a high of 59.8%, indicating that the company's investment in manufacturing infrastructure is highly irregular and tied to specific, non-recurring project milestones.
This volatility in capital intensity suggests that the company is not yet operating with a standardized manufacturing footprint, but rather scaling its equipment needs based on individual contract requirements. Such lumpy investment patterns make it difficult to forecast future maintenance versus growth capex needs.
As evidenced by the quarterly cash flow statements, working capital changes have been a significant source of volatility, with swings as large as $1 million in a single quarter, suggesting that the company's cash position is highly sensitive to the timing of customer payments and inventory management.
The erratic nature of these working capital shifts may indicate challenges in managing the cash conversion cycle, particularly given the project-based nature of the revenue. This instability warrants further investigation into the company's credit terms and the reliability of its accounts receivable collections from key partners.
Data from recent filings indicates that stock-based compensation has reached levels as high as $1.1 million per quarter, which effectively masks the true economic cost of talent acquisition and R&D, potentially understating the actual cash burn required to keep the company's engineering team intact.
While stock-based compensation is a non-cash expense, it represents a significant dilution risk to shareholders that is not fully captured in the operating cash flow figures. Analysts should adjust for this expense to better understand the true cost of operations and the potential for future equity-linked financing.
Quick answers to the most common questions about buying ALMU stock.
Aeluma, Inc. (ALMU) generated $-1.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Aeluma, Inc. (ALMU) reported negative free cash flow of $1.3M in 2025, indicating capital requirements exceeded cash from operations.
Aeluma, Inc. (ALMU) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.