GOLETA, CA / ACCESSWIRE / February 12, 2024 / Aeluma, Inc. (OTCQB:ALMU), a semiconductor company specializing in scalable, cost-effective technologies for LiDAR (light detection and ranging), communication, and sensing, today provided a corporate update and announced financial results for the second quarter of fiscal 2024, ended December 31, 2023.
Recent Company Highlights
Increased sequential revenue in the quarter, derived from previously announced Navy contracts and existing customer contract
Appointed semiconductor industry veteran, Craig Ensley, to Board of Directors
Exhibited and presented at SPIE Photonics West, the world's premier event for lasers, biomedical optics and biophotonic technologies, quantum, and optoelectronics, January 30 - February 1, 2024
Awarded government funding from U.S. Office of Secretary of Defense to develop foundry-scale, CMOS-Compatible quantum materials
Management Commentary
"The early revenues are indicative of the rapid progress we are making to demonstrate our technology in multiple applications," said Aeluma Founder and CEO, Jonathan Klamkin, Ph.D. "We believe the government and research contracts, along with industry sampling, are the preliminary steps toward broad adoption of our technology, in the automotive LiDAR, mobile, AR/VR, quantum, communication, and defense & aerospace markets. There is a high demand for high-performance, cost-effective, and scalable semiconductors, and we are positioning our technology to impact a range of market verticals."
Financial Results
During the quarter ended December 31, 2023, revenue was $262,992, compared to $32,400 in the quarter ended September 30, 2023 and $0 in the quarter ended December 30, 2022.
The Company incurred a net loss of $1.13 million, or $0.09 per basic and diluted share, for the quarter ended December 31, 2023, compared to a net loss of $1.48 million, or $0.12 per basic and diluted share, for the quarter ended September 30, 2023 and a net loss of $1.08 million, or $0.10 per basic and diluted share, for the quarter ended December 31, 2022.
The Company had $2.42 million in cash and cash equivalents as of December 31, 2023, compared to $5.07 million as of June 30, 2023.
The total number of shares outstanding was 12,167,930 as of December 31, 2023.
Note about Non-GAAP Financial Measures
This press release includes and makes reference to certain non-GAAP financial measures. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Aeluma believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to the Company's financial condition and results of operations. Aeluma believes that these non-GAAP financial measures provide additional insight into Aeluma's ongoing performance and core operational activities and has chosen to provide these measures for more consistent and meaningful comparison between periods. These measures should only be used to evaluate Aeluma's results of operations in conjunction with the corresponding GAAP measures. The non-GAAP results exclude the effect of stock-based compensation, depreciation and amortization.
A reconciliation between GAAP and non-GAAP financial results is provided in the financial statements portion of this press release.
About Aeluma, Inc.
Aeluma (www.aeluma.com) develops novel optoelectronics for sensing and communication applications. Aeluma has pioneered a technique to manufacture semiconductor chips using high-performance compound semiconductor materials on large-diameter substrates that are commonly used for mass-market microelectronics. The technology has the potential to enhance performance and scale manufacturing, both of which are critical for emerging applications. Aeluma is developing a streamlined business model from its headquarters in Santa Barbara, California that has a state-of-the-art manufacturing cleanroom. Its transformative semiconductor chip technology may impact a variety of markets including automotive LiDAR, mobile, defense & aerospace, AR/VR, AI, quantum, and communication. Aeluma differentiates itself with unique semiconductor manufacturing capability, proprietary technology, the ability to perform rapid prototyping, and a broad set of product offerings.
Forward-Looking Statements
All statements in this press release that are not historical are forward-looking statements, including, among other things, statements relating to the Company's expectations regarding its market position and market opportunity, expectations and plans as to its product development, manufacturing and sales, and relations with its partners and investors. These statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such as "may," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expect," "intend," "plan," "project," "believe," "estimate," and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the Company's control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.
Aeluma, Inc. and Subsidiary Consolidated Balance Sheets (unaudited)
December 31, 2023
September 30, 2023
December 31, 2022
Assets
Current assets:
Cash and cash equivalents
$
2,423,054
$
3,757,227
$
3,062,316
Accounts receivable
192,992
10,900
-
Deferred compensation, current portion
27,925
27,925
481,544
Prepaids and other current assets
115,647
224,015
219,300
Total current assets
2,799,618
4,020,067
3,763,160
Property and equipment:
Equipments
1,372,946
1,216,253
646,242
Leasehold improvements
546,864
547,367
541,559
Accumulated depreciation
(430,728
)
(369,479
)
(188,834
)
Property and equipment, net
1,490,082
1,394,141
998,967
Intangible assets
8,333
9,083
11,333
Right of use asset - facility
1,012,342
1,052,318
413,838
Deferred compensation, long term portion
6,171
13,152
-
Other assets
13,014
13,014
13,014
Total assets
$
5,329,560
$
6,501,775
$
5,200,312
Liabilities and stockholders' equity
Current liabilities:
Accounts payable
$
162,823
$
319,886
$
171,383
Accrued expenses and other current liabilities
163,900
156,942
97,706
Lease liability, current portion
124,145
121,893
159,582
Total current liabilities
450,868
598,721
428,671
Lease liability, long term portion
1,006,736
1,038,497
378,222
Total liabilities
1,457,604
1,637,218
806,893
Commitments and contingencies
-
-
-
Stockholders' equity:
Preferred stock
-
-
-
Common stock
1,217
1,217
1,132
Additional paid-in capital
15,543,634
15,407,715
10,685,361
Accumulated deficit
(11,672,895
)
(10,544,375
)
(6,293,074
)
Total stockholders' equity
3,871,956
4,864,557
4,393,419
Total liabilities and stockholders' equity
$
5,329,560
$
6,501,775
$
5,200,312
Aeluma, Inc. and Subsidiary Consolidated Statements of Operations (unaudited)
Three Months Ended
Six Months Ended
December 31, 2023
September 30, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Revenue
$
262,992
$
32,400
$
-
$
295,392.00
$
-
Operating expenses:
Cost of revenue
136,767
15,139
-
151,906
-
Research and development
651,099
834,869
767,784
1,485,968
1,604,260
General and administrative
603,925
665,103
387,110
1,269,028
1,117,321
Total expenses
1,391,791
1,515,111
1,154,894
2,906,902
2,721,581
Loss from operations
(1,128,799
)
(1,482,711
)
(1,154,894
)
(2,611,510
)
(2,721,581
)
Other income:
Sub-lease rental income and other income
-
-
74,165
-
110,516
Interest income
279
402
180
681
475
Total other income
279
402
74,345
681
110,991
Loss before income tax expense
(1,128,520
)
(1,482,309
)
(1,080,549
)
(2,610,829
)
(2,610,590
)
Income tax expense
-
-
-
-
-
Net loss
$
(1,128,520
)
$
(1,482,309
)
$
(1,080,549
)
$
(2,610,829
)
$
(2,610,590
)
Loss per share - basic and diluted
$
(0.09
)
$
(0.12
)
$
(0.10
)
$
(0.21
)
$
(0.24
)
Aeluma, Inc. and Subsidiary Reconciliation of GAAP and Non-GAAP Net Loss (unaudited)
Three Months Ended
Six Months Ended
December 31, 2023
September 30, 2023
December 31, 2022
December 31, 2023
December 31, 2022
GAAP net loss
$
(1,128,520
)
$
(1,482,309
)
$
(1,080,549
)
$
(2,610,829
)
$
(2,610,590
)
Adjustments:
Stock-based compensation - Stock option
135,919
240,577
107,361
376,496
177,451
Consulting and advisory - Restricted stock award
6,981
11,957
216,977
18,938
491,954
Depreciation
61,249
69,034
53,089
130,283
91,847
Amortization
750
750
750
1,500
1,500
Total adjustments to GAAP net loss
204,899
322,318
378,177
527,217
762,752
Non-GAAP net loss
$
(923,621
)
$
(1,159,991
)
$
(702,372
)
$
(2,083,612
)
$
(1,847,838
)
GAAP net loss per share - basic and diluted
$
(0.09
)
$
(0.12
)
$
(0.10
)
$
(0.21
)
$
(0.24
)
Adjustment
0.01
0.03
0.03
0.04
0.07
Non-GAAP net loss per share - basic and diluted
$
(0.08
)
$
(0.09
)
$
(0.07
)
$
(0.17
)
$
(0.17
)
Aeluma, Inc. and Subsidiary Consolidated Statements of Cash Flows (unaudited)
Six Months Ended
December 31, 2023
December 31, 2022
Operating activities:
Net loss
$
(2,610,829
)
$
(2,610,590
)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of deferred compensation
18,938
491,954
Stock-based compensation expense
376,496
177,451
Depreciation and amortization expense
131,783
93,347
Change in accounts receivable
(3,753
)
-
Change in prepaids and other current assets
(135,704
)
(191,638
)
Change in accounts payable
(298,974
)
57,283
Change in accrued expenses and other current liabilities
41,698
(19,002
)
Net cash used in operating activities
(2,480,345
)
(2,001,195
)
Investing activities:
Purchase of equipment
(164,290
)
(26,629
)
Payment for leasehold improvements
-
(77,197
)
Net cash used in investing activities
(164,290
)
(103,826
)
Financing activities:
Repurchase of common stock
(4,001
)
-
Proceeds from Private Placement, net of offering costs
-
1,426,615
Net cash (used in) provided by financing activities
