Aeluma reported a loss of $0.22 per share on revenue of $0.58 million for the June 2026 quarter, with revenue down 55.8% year over year and the loss dramatically wider than the $0.05 per share deficit a year ago. Full-year revenue of $4.5 million was essentially flat against $4.7 million in fiscal 2025, but the fiscal 2026 net loss widened to $9.2 million, or $0.52 per share, from $3.0 million, or $0.23, while adjusted EBITDA swung from a positive $186,000 in fiscal 2025 to a $5.2 million loss. The fourth-quarter deterioration was the sharpest part of the picture: adjusted EBITDA fell to a $2.9 million loss versus a $911,000 loss in the March quarter. Research and development expense alone jumped to $2.27 million in the quarter from $165,000 a year earlier, which is the clearest quantification of what management is spending to change the business.
The call made clear this is a deliberate strategic trade rather than a demand failure. Aeluma is moving away from early-stage government R&D contracts and narrowing toward photonics for AI datacom, and management explicitly acknowledged it may sacrifice near-term government revenue to do it. The guidance history underscores the cost of that pivot: the fiscal 2026 outlook went from $4-6 million reaffirmed in the second quarter, to $4.2-4.6 million in the third, and for fiscal 2027 management declined to give formal guidance at all, naming only roughly $2.3 million of booked government revenue plus about $2 million of possible upside. Withholding guidance entirely on contract-timing uncertainty is the single most important disclosure in this report, and it removes the anchor investors had been using.
What improved is the pipeline and the balance sheet. The company signed a Department of Commerce CHIPS R&D letter of intent for up to $30 million for AI and advanced computing, though it remains unsigned and subject to definitive agreement negotiations and is likely to be structured as a government equity investment rather than revenue. Aeluma also executed an expanded agreement with Sumitomo Chemical Advanced Technologies to add wafer capacity, is procuring multiple Aixtron G10 MOCVD systems, advanced the Navy photodetector program into a higher-speed phase two, and is negotiating several multi-million-dollar commercial NRE agreements with top-tier customers, a clear step up from the requests for quote and small initial orders discussed two quarters ago. Headcount more than doubled to over 30 from 14 a year ago, including a VP of Engineering recruited from a large-scale production environment, and management lifted its TAM framing to $1.8 trillion of data center IT semiconductor spending by 2030 from a prior $1 trillion-by-2029 framework.
The funding of that ambition carries its own risk. Cash rose to $56.0 million from $37.8 million a quarter earlier, but the increase came from a $20.1 million ATM raise of 830,484 shares at an average $24.87, and fiscal 2027 capital expenditures are now guided to $10-12 million against previously capital-light positioning. Book value per share improved to $3.06 from $1.13, yet weighted shares outstanding rose to 18.6 million from 15.8 million a year ago. Investors are being asked to fund a two-to-three year commercialization timeline with continued dilution, against a revenue base that is currently shrinking, margins that compressed as cost of revenue absorbed a larger share of a smaller top line, and a de-prioritized mobile and SWIR opportunity that had previously been framed as solidifying.
The technical setup reflects a stock that has already been repriced on narrative rather than results. Shares opened at $24.90 the day after the prior report in mid-May, and the 200-day moving average sits at $17.72, well below that level, indicating price has been running meaningfully above its longer-term trend into this print. That gap matters because the report offered no revenue validation to support it; the support for the valuation now rests on the CHIPS LOI converting to a definitive agreement, the NRE negotiations converting to signed commercial contracts, and MOCVD capacity translating into shippable product. A stock trading well above its long-term trend line with withheld guidance is a setup with elevated sensitivity to headlines in either direction.
The bottom line is Aeluma delivered a weak fourth quarter on every reported financial line while simultaneously assembling the most credible commercial catalysts in its history, and investors have to decide which signal to weight. Revenue fell 55.8%, losses widened sharply, EBITDA turned decisively negative, and fiscal 2027 guidance was withheld outright; against that, the CHIPS LOI, the Sumitomo capacity agreement, marquee-customer NRE negotiations and a $56 million cash position give the company runway to execute. Until an NRE agreement is signed or the CHIPS award is finalized, this remains a spending story trading on a promise, and the next two quarters of contract announcements matter far more than the income statement.