AELUMA INC (NASDAQ:ALMU) reported its financial results for the second quarter of fiscal 2026, presenting a mixed picture of progress in its commercialization efforts against a backdrop of ongoing financial losses. The semiconductor developer's earnings, released on February 11, 2026, showed revenue and a non-GAAP loss per share that came in close to, but not exceeding, Wall Street's expectations. The immediate market reaction in after-hours trading was negative, with shares declining approximately 4.8%.
Earnings vs. Estimates: A Narrow Miss
The company's reported figures for the quarter ended December 31, 2025, fell slightly short of analyst consensus estimates. While the per-share loss showed a narrower deficit than anticipated, revenue came in below expectations.
- Revenue: Aeluma reported Q2 revenue of $1.27 million, compared to the analyst estimate of $1.43 million. This represents a decrease from the $1.61 million reported in the same quarter last year. Management noted that revenue in the quarter was primarily derived from research and development contracts.
- Earnings Per Share (Non-GAAP): The company posted a non-GAAP net loss per share of ($0.04), which was slightly better than the estimated loss of ($0.051).
Market Reaction and Financial Health
The negative after-hours price action suggests investor disappointment, likely centered on the revenue miss and the company's continued pre-revenue stage status as it invests heavily in scaling operations. Despite the quarterly loss, Aeluma's balance sheet shows significant strengthening. The company ended the quarter with $38.6 million in cash and cash equivalents, a substantial increase from $15.7 million at the end of the prior fiscal year, following a successful public offering. This provides a multi-year runway to execute its go-to-market strategy.
Strategic Highlights and Commercialization Push
Beyond the financials, the earnings press release emphasized operational milestones aimed at transitioning from R&D to commercial production. Key highlights from the quarter include:
- Contract Wins: The company was awarded a NASA contract for quantum technology and received additional funding from RFSUNY for integrating quantum dot lasers into a silicon photonics platform.
- Leadership and Team Expansion: Aeluma appointed a new Senior Vice President of Business Development and Product to accelerate its go-to-market plan and made several other key hires.
- Manufacturing and Validation Progress: The company continued fabricating wafers with foundry partners and installed automated wafer probers to enhance its in-house testing and validation capabilities.
- Initial Sales Orders: CEO Jonathan Klamkin stated the company has begun taking its first sales orders, calling it an "important milestone toward broader market adoption," though he acknowledged these initial orders are relatively small in value.
Forward Guidance and Analyst Expectations
Management reaffirmed its full-year fiscal 2026 revenue guidance in a range of $4.0 million to $6.0 million. This outlook can be compared to the current analyst consensus estimate for full-year sales, which stands at $5.61 million, placing the midpoint of the company's guidance slightly below the Street's expectation.
For the upcoming third quarter, analysts are currently estimating revenue of $1.43 million and a non-GAAP EPS loss of ($0.056). Aeluma's ability to meet or exceed these estimates will be a key focus for investors watching for tangible signs of commercial traction.
Conclusion
Aeluma's second-quarter results underscore the company's position as a development-stage story. While the financials show a predictable loss as the company scales, the strategic narrative is focused on building the infrastructure, partnerships, and technology validation necessary for future commercial sales. The market's negative reaction to the earnings release appears to reflect impatience with the pace of revenue growth, despite the company hitting operational milestones. The significant cash reserve provides Aeluma with time to execute, but investor sentiment will increasingly depend on the conversion of its "growing and sustained interest" and "requests for price quotations" into material, recurring revenue streams.
For a detailed look at upcoming earnings dates and a complete history of analyst estimates, visit the Aeluma earnings and estimates page on Chartmill.
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