ALMU — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-09-16

• Aeluma, Inc. (together with our subsidiary, “we,” “our,” “us,” or the “Company”) develops high-performance photonic and electronic technologies for communications and sensing in telecom, artificial intelligence (“AI”) datacom, mobile, defense and aerospace, robotics, automotive, augmented reality/vi…

• Our headquarters are in Goleta, California. Our principal research and development (“R&D”) and manufacturing facility is approximately 9,000 square feet and includes a cleanroom and equipment used for epitaxy wafer production, process development, prototyping, wafer-scale testing, and validation. Du…

• We leverage a capital-efficient manufacturing model that combines internal materials production, process-development, prototyping, and test capabilities with external fabrication, packaging, and integration. We have relationships with production-scale foundries and other supply-chain partners, inclu…

• We are transitioning from a predominantly R&D-stage business toward commercialization. Our revenue currently consists of government development contracts, with emerging commercial development and product revenue. We have delivered wafers, chips, and engineering samples, performed non-recurring engin…

• Our operating priorities are to advance product development, complete customer and manufacturing qualifications, deliver on existing commercial and government contracts, increase manufacturing readiness, and convert qualified customer engagements into recurring product revenue. We expect to continue…

Text removed vs the prior filing · source: 10-K · 2025-09-09

• We develop high-performance semiconductors for sensing, communication, and computing applications. Aeluma has pioneered a technique to manufacture devices using compound semiconductor materials on large-diameter substrates that are commonly used to manufacture mass-market microelectronics. This enab…

• On July 31st, 2025, we filed a registration statement on Form S-3 with the SEC, using a “shelf” registration process. Under this shelf registration process, we may sell any combination of the securities described in the related prospectus in one of more offerings up to a total dollar amount of proce…

• In August 2024, we received a contract by NASA to develop quantum dot photonic integrated circuits (PICs) on silicon. This advanced technology targets next-generation space and aerospace applications, enabling capabilities such as free-space laser communication, autonomous navigation, and precision …

• In September 2024, we received an $11.7 million contract with DARPA to develop heterogeneous integration technology for nano-scale semiconductors that is compatible with leading-edge and future advanced-node semiconductors. Technology applications include artificial intelligence (“AI”), mobile devic…

• In April 2025, we received a contract with the U.S. Department of Energy to develop commercially viable, low-cost shortwave infrared (SWIR) photodetectors. The award will accelerate commercialization of Aeluma’s wafer-scale platform for high-sensitivity, energy-efficient photodetector sensors applic…

Text added vs the prior filing · source: 10-K · 2026-09-16

• Below are material factors known to us that could materially adversely affect our business, operating results, financial condition, prospects or share price. These risks are not the only risks we face, and there may be other risks, including risks not known to us or that we currently deem to be imma…

• This summary of risk factors is not complete and should be read in conjunction with the more complete and detailed descriptions of risks that follow.

• ● We have a limited operating history and remain in the early development stages. Although we have generated some revenue, we are not in volume production for any of our product offerings. It may be difficult to evaluate our business and prospects based on historical data.

• ● We may not raise sufficient additional capital or cash flows necessary to expand our operations and invest in new enterprises, which could reduce our ability to compete successfully and harm our results of operations.

• ● Our growth, profitability and cash flows depend upon our ability to successfully implement our growth strategy.

Text removed vs the prior filing · source: 10-K · 2025-09-09

• Investing in our securities includes a high degree of risk. Prior to making a decision about investing in our securities, you should consider carefully the specific factors discussed below, together with all of the other information contained in this prospectus. If any of the following risks actuall…

• Changes to regulatory agencies could pose risks related to our business operations and financial outlook.

• We may not obtain insurance coverage to adequately cover all significant risk exposures.

• We will be exposed to liabilities that are unique to the products and services we provide. There can be no assurance that we will acquire or maintain insurance for certain risks, that the amount of our insurance coverage will be adequate to cover all claims or liabilities, or that we will not be for…

• Our insurance coverage strategy may not be adequate to protect us from all business risks.

Text added vs the prior filing · source: 10-K · 2026-09-16

• The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the accompanying notes included elsewhere in this Annual Report on Form 10-K. The forward-looking statements include statements that reflect mana…

• Our business commenced operations in 2021 and our operations remain in the development stage. To date, our activities have been primarily concentrated on product design, engineering validation, prototyping, and establishing manufacturing and supply chain relationships. We have not yet generated sign…

• We have raised approximately $60 million through public offerings from March 2025 to date. We have also established an at-the-market offering program to sell up to $50 million of common stock, pursuant to which we have $29.3 million in remaining capacity. The proceeds of these offerings have been us…

• As of June 30, 2026, the proceeds from these offerings continued to support our working capital, operations, and planned business development activities. Management continues to monitor capital market conditions and may consider other future financing if needed.

• During the fiscal year ended June 30, 2026, we entered into six new government customer contracts, including with NASA, the State University of New York, and the Office of the Secretary of Defense. We also continued to perform under existing customer contracts, including contracts with the U.S. Navy…

Text removed vs the prior filing · source: 10-K · 2025-09-09

• Unless otherwise stated or the context otherwise indicates, references to “Aeluma,” the “Company,” “we,” “our,” “us,” or similar terms refer to Aeluma, Inc. and Subsidiary.

• You should read the following discussion and analysis of our financial condition and results of operations, together with our consolidated financial statements and the related notes and other financial information included in this report. Some of the information contained in this discussion and anal…

• Aeluma develops novel optoelectronic and electronic devices for sensing, communication, and computing applications. Aeluma has pioneered a technique to produce semiconductor materials and chips using high-performance compound semiconductors on large-diameter substrates that are commonly used to manu…

• Aeluma is a transformative semiconductor company specializing in high-performance technology that scales. Applications include mobile, automotive, AI, defense & aerospace, communication, AR/VR, high-performance commuting, and quantum computing. Aeluma aims to break out of traditional manufacturing t…

• Additionally, Aeluma’s technology may be used to manufacture other electronic and optoelectronic devices including lasers, transistors, and solar cells.