Aeluma, Inc.
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
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.