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10-KHIGH RiskDETERIORATING

Aeluma, Inc.

Filed: Sep 16, 2026 CIK: 0001828805
View original filing on SEC.gov

AI Executive Summary

AI-powered analysis of 10-K filing content

Aeluma remains a development-stage company with declining revenue (-4% YoY) despite a dramatic 115% increase in operating expenses, resulting in significantly widened losses. The company disclosed a material weakness in internal controls over financial reporting and concluded disclosure controls were not effective, raising concerns about financial reporting reliability. While the company has raised substantial capital ($60M+ since March 2025) and secured new government contracts and foundry partnerships, it remains heavily reliant on a small number of government customers and has yet to achieve meaningful commercial product revenue.

Red Flags Detected (7)

Disclosure controls and procedures concluded NOT effective as of June 30, 2026

Material weakness in internal control over financial reporting due to insufficient technical accounting personnel

Revenue declined 4% YoY while operating expenses grew 115% ($6.8M to $14.6M), indicating worsening operating leverage

4 more red flags detected

Key Takeaways

Revenue essentially flat/declining ($4.461M vs $4.665M) despite substantial capital investment and expanded operations

Company has raised ~$60M in equity since March 2025 and maintains $29.3M ATM capacity, indicating reliance on external financing rather than operating cash flow

3 more takeaways

Filing Overview

Form TypeAnnual Report (10-K)
Filing DateSep 16, 2026
Risk LevelHIGH
TrendDETERIORATING
AI Confidence78%
Red Flags7

What This Means

High Risk Filing: This company is showing signs of financial stress or significant operational challenges.

Deteriorating Trend: Conditions are worsening compared to previous filings. This may create opportunities for service providers.

Annual Report: Comprehensive filing covering the full fiscal year with audited financial statements.

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