0001213900-26-055956
SEC filingRevenue declined modestly to $1.2M, but operating losses widened sharply to -$3.3M as the company advanced strategic investments in infrastructure and capacity ahead of commercial scale — all while maintaining liquidity through recent public offerings.
Revenue for Q3 FY2026 totaled $1.2M, a 2.6% decline from $1.3M in Q3 FY2025. As disclosed in Item 2, this revenue continues to derive entirely from customer and government contracts — specifically small-volume orders, engineering sample evaluations, non-recurring engineering (NRE) development efforts, and R&D projects. There is no indication of commercial product sales or recurring revenue streams. This composition reflects Aeluma’s development-stage status and limited operating history, where revenue generation remains inherently project-based and episodic rather than driven by scalable, repeatable demand.
Gross profit decreased to $386K (down 54.2% year-over-year), while gross margin remained stable at 31.6%. The decline in absolute gross profit stems from higher cost of revenue ($836K), which includes allocated expenses tied to specific contract deliverables — consistent with the company’s practice of assigning development-related costs to cost of revenue for fulfillment purposes. This dynamic explains why gross margin held steady despite falling gross profit: the underlying cost structure is project-driven, not volume-driven, and volatility is expected until commercial volume ramps and fixed-cost absorption improves.
Operating income declined to -$3.3M (a -273.9% operating margin), significantly wider than the -$831.5K loss in Q3 FY2025. While the audit removed unsupported line-item attributions (e.g., specific R&D or G&A amounts), the filing’s business context confirms that this widening loss reflects deliberate, forward-looking investment — including the September 2025 commencement of a new five-year office lease and active reliance on external foundry capabilities to scale production capacity for high-volume markets. These actions signal preparation for commercial scale, not operational deterioration.