Revenue growth remains highly erratic, swinging from a 187.9% increase in 2026Q1 to a 21.1% contraction in 2026Q2, while operating margins remain deeply negative at -173.9% as of 2026Q3.
| Sales/Revenue | 5.2M | 4.67M | 919K | 193.34K | 0 | 0 | 0 |
| Revenue Growth % | 43.24% | 407.62% | 375.33% | - | - | - | - |
| Cost of Goods Sold | 3.03M | 1.88M | 619K | 109.39K | 0 | 0 | 0 |
| COGS % of Revenue | - | 40.39% | 67.36% | 56.58% | - | - | - |
| Gross Profit | 2.17M | 2.78M | 300K | 83.94K | 0 | 0 | 0 |
| Gross Margin % | 41.73% | 59.61% | 32.64% | 43.42% | - | - | - |
| Gross Profit Growth % | - | 827% | 257.38% | - | - | - | - |
| Operating Expenses | 8.95M | 4.92M | 4.86M | 5.59M | 3.73M | 11.67K | 299 |
| OpEx % of Revenue | - | 105.53% | 529.16% | 2893.17% | - | - | - |
| Selling, General & Admin | 6.4M | 3.63M | 2.36M | 3.06M | 2.23M | 11.67K | 299 |
| SG&A % of Revenue | - | 77.77% | 256.37% | 1583.75% | - | - | - |
| Research & Development | 2.55M | 1.29M | 2.51M | 2.53M | 1.06M | 0 | 0 |
| R&D % of Revenue | - | 27.76% | 272.8% | 1309.42% | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 435.81K | 0 | 0 |
| Operating Income | -6.78M | -2.14M | -4.56M | -5.51M | -3.73M | -11.67K | -299 |
| Operating Margin % | -130.54% | -45.92% | -496.52% | -2849.75% | - | - | - |
| Operating Income Growth % | - | 53.06% | 17.18% | -47.57% | -31892.48% | - | - |
| EBITDA | -6.35M | -1.73M | -4.25M | -5.3M | -3.63M | 224.89K | 0 |
| EBITDA Margin % | -122.21% | -37.02% | -462.68% | -2742.97% | - | - | - |
| EBITDA Growth % | -261.74% | 59.38% | 19.82% | -45.91% | -1716.15% | - | - |
| D&A (Non-Cash Add-back) | 432.85K | 415K | 311K | 206.46K | 98.99K | 236.56K | 299 |
| EBIT | -6.33M | -2.31M | -4.56M | -5.51M | -3.73M | 0 | -299 |
| Net Interest Income | 778.24K | -602K | 1K | 1.19K | 2.1K | -1K | 0 |
| Interest Income | 778.24K | 113K | 1K | 1.19K | 2.1K | 0 | 0 |
| Interest Expense | 0 | 715K | 0 | 0 | 0 | 1K | 0 |
| Other Income/Expense | 778.3K | -880K | 1K | 130.1K | 281.82K | -1K | 0 |
| Pretax Income | -6M | -3.02M | -4.56M | -5.38M | -3.45M | -12.67K | -299 |
| Pretax Margin % | -115.56% | -64.78% | -496.41% | -2782.46% | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 800 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | -6.31% | 0% |
| Net Income | -6M | -3.02M | -4.56M | -5.38M | -3.45M | -13.47K | -299 |
| Net Margin % | -115.56% | -64.78% | -496.41% | -2782.46% | - | - | - |
| Net Income Growth % | -90.44% | 33.76% | 15.2% | -55.85% | -25525.09% | - | - |
| Net Income (Continuing) | -6M | -3.02M | -4.56M | -5.38M | -3.45M | -13.47K | -299 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.35 | -0.23 | -0.37 | -0.47 | -0.32 | -0.00 | 0.00 |
| EPS Growth % | -27.84% | 37.84% | 21.28% | -46.88% | - | - | - |
| EPS (Basic) | - | -0.23 | -0.37 | -0.47 | -0.32 | -0.00 | 0.00 |
| Diluted Shares Outstanding | 17.35M | 13.17M | 12.3M | 11.38M | 10.65M | 10.65M | 10.65M |
| Basic Shares Outstanding | 17.35M | 13.17M | 12.3M | 11.38M | 10.65M | 10.65M | 10.65M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Liquidity and dilution risk
According to the quarterly income statement data, Aeluma's revenue trajectory remains highly erratic, characterized by significant fluctuations such as the 187.9% growth in 2026Q1 followed by a 21.1% contraction in 2026Q2, suggesting that the company is currently reliant on lumpy, non-recurring project-based contracts rather than scalable product sales.
The lack of consistent sequential growth indicates that the company has not yet achieved a repeatable commercial sales motion. Investors should monitor whether future revenue streams transition toward recurring volume-based shipments or remain tethered to unpredictable engineering milestones.
As reported in financial statements, Aeluma's gross margins have swung from a high of 67.1% in 2025Q3 to a low of 16.3% in 2024Q4, highlighting the inherent instability of a business model that is still transitioning from laboratory-scale development to more standardized manufacturing processes.
This margin volatility suggests that the company's cost of goods sold is highly sensitive to specific project requirements and yield variances. Until the company achieves consistent production volumes, gross margin stability will likely remain elusive, complicating long-term profitability forecasting.
Based on the provided income statement figures, Aeluma's operating expenses, particularly SG&A and R&D, consistently exceed gross profit, resulting in deep operating losses that reached $2.1 million in 2026Q3, indicating a high fixed-cost structure that currently lacks the necessary scale to achieve operational leverage.
The company's heavy investment in R&D is necessary for its technical roadmap but creates a significant drag on the bottom line. Management's ability to control these costs while scaling revenue will be the primary determinant of whether the firm can reach a sustainable cash-flow-positive state.
Data from recent filings suggests that Aeluma's cash burn rate, coupled with a limited cash balance of $3.6 million, creates a precarious financial position that may necessitate dilutive equity financing in the near term to sustain its current R&D-heavy operating model and ongoing laboratory overhead requirements.
Short-sellers would likely focus on the widening gap between operating losses and the company's dwindling liquidity. The reliance on external capital to fund operations poses a material risk to existing shareholders, as the company has yet to demonstrate a clear path to self-sustaining profitability.
Quick answers to the most common questions about buying ALMU stock.
For fiscal year 2025, Aeluma, Inc. (ALMU) reported total revenue of $4.7M.
Aeluma, Inc. (ALMU) reported a net loss of $3.0M for the fiscal year ending 2025.
Aeluma, Inc. (ALMU) reported an operating income of $-2.1M, resulting in an operating profit margin of -45.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Aeluma, Inc. (ALMU) generated $2.8M in gross profit for the year, representing a gross profit margin of 59.6%. This demonstrates the company's core pricing power and production efficiency.