Increasing Revenue Driven by Funding Awards and Contracts
GOLETA, CA / ACCESSWIRE / May 10, 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 third quarter of fiscal 2024, ended March 31, 2024.
Recent Company Highlights
Continued to increase sequential revenue in the quarter to record levels
Awarded grant from the Department of Energy to develop high sensitivity photodetectors
Management delivered presentation at SPIE Defense + Commercial Sensing Conference
Exhibited at SPIE Photonics West Exhibition and presented at Technical Conference
Management Commentary
"We have continued our success in winning funding awards and contracts to help drive Aeluma's technology and corporate development efforts, while simultaneously pursing more significant product revenue opportunities in automotive, consumer electronics, and defense & aerospace," said Aeluma Founder and CEO, Jonathan Klamkin, Ph.D. "We have been demonstrating to potential customers the benefits of Aeluma's advanced semiconductors and we believe we will realize an adoption ramp over the next several years."
Financial Results
During the quarter ended March 31, 2024, revenue was $344 thousand, compared to $263 thousand in the prior quarter and $0 in the same quarter last year.
The Company incurred a net loss of $962 thousand, or $0.08 per basic and diluted share, for the quarter ended March 31, 2024, compared to a net loss of $1.13 million, or $0.09 per basic and diluted share, for the prior quarter and a net loss of $1.46 million, or $0.13 per basic and diluted share, for the same quarter last year.
The Company had $1.87 million in cash and cash equivalents as of March 31, 2024, compared to $5.07 million as of June 30, 2023.
The total number of shares outstanding was 12,178,424 as of March 31, 2024.
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.
