Results
Aeluma Inc.
Aeluma Inc.
08/11/2024 | Press release | Distributed by Public on 08/11/2024 19:01
Aeluma Provides First Quarter of Fiscal Year 2025 Results Form 8 K
Aeluma Provides First Quarter of Fiscal Year 2025 Results
GOLETA, CA - November 8, 2024 - Aeluma, Inc. (OTCQB:ALMU), a semiconductor company specializing in high performance, scalable technologies for mobile, automotive, AI, defense & aerospace, communication and quantum computing, today provided a corporate update and announced financial results for the first quarter of fiscal 2025, ended September 30, 2024.
Recent Company Highlights
| ● | Recognized record high revenue of $481 thousand |
| ● | Bolstered balance sheet through private offerings |
| ● | Conducted official Program Kickoff with Department of Defense for major contract that was announced September 18, 2024 |
| ● | Grew backlog from multiple government and commercial contracts that are driving revenue growth |
| ● | Delivered engineering samples to two major defense & aerospace companies |
| ● | Became Optica Corporate Member |
| ● | Approved for membership of the CHIPS and Science Act National Semiconductor Technology Center (NSTC) |
| ● | Furthered marketing efforts in mobile, quantum computing, AI, 5G/6G wireless, and biomedical |
Management Commentary
"We continue to increase revenue through government contracts, small volume orders, sampling, and commercial development programs," said Aeluma Founder and CEO, Jonathan Klamkin, Ph.D. "We have confidence in the outlook and expect a strong fiscal 2025, establishing the financial fundamentals to scale Aeluma to become a trusted semiconductor vendor to mobile phone and consumer electronics manufacturers, defense & aerospace companies, and the automotive industry."
Dr. Klamkin continued, "Our R&D efforts have significantly matured Aeluma's technology and enabled us to broaden the range of market verticals we have the potential to disrupt. We also continue to advance our commercialization efforts by strengthening relationships with strategic supply chain partners, and this will position us to efficiently transition to volume production."
Financial Results
During the quarter ended September 30, 2024, revenue was $481 thousand, compared to $32 thousand in the same quarter last year, and $279 thousand in the prior quarter.
The company incurred a net loss of $730 thousand, or $0.06 per basic and diluted share, for the quarter ended September 30, 2024, compared to a net loss of $1.5 million, or $0.12 per basic and diluted share, for the same quarter last year, and a net loss of $989 thousand, or $0.08 cents per share, in the prior quarter.
The Company had $3.5 million in cash and cash equivalents as of September 30, 2024, compared to $1.3 million as of June 30, 2023.
During the first quarter of 2025, the company closed private offerings for a total of $3.145 million.
The total number of shares outstanding was 12,178,424 as of September 30, 2024.
Note about Non-GAAP Financial Measures
This press release includes and makes reference to certain non-GAAP financial measures. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Aeluma believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to the Company's financial condition and results of operations. Aeluma believes that these non-GAAP financial measures provide additional insight into Aeluma's ongoing performance and core operational activities and has chosen to provide these measures for more consistent and meaningful comparison between periods. These measures should only be used to evaluate Aeluma's results of operations in conjunction with the corresponding GAAP measures. The non-GAAP results exclude the effect of stock-based compensation, depreciation and amortization.
A reconciliation between GAAP and non-GAAP financial results is provided in the financial statements portion of this press release.
About Aeluma, Inc.
Aeluma (www.aeluma.com) develops novel optoelectronics for sensing and communication applications. Aeluma has pioneered a technique to manufacture semiconductor chips using high-performance compound semiconductor materials on large-diameter substrates that are commonly used for mass-market microelectronics. The technology has the potential to enhance performance and scale manufacturing, both of which are critical for emerging applications. Aeluma is developing a streamlined business model from its headquarters in Santa Barbara, California that has a state-of-the-art manufacturing cleanroom. Its transformative semiconductor chip technology may impact a variety of markets including automotive LiDAR, mobile, defense & aerospace, AR/VR, AI, quantum, and communication. Aeluma differentiates itself with unique semiconductor manufacturing capability, proprietary technology, the ability to perform rapid prototyping, and a broad set of product offerings.
Forward-Looking Statements
All statements in this press release that are not historical are forward-looking statements, including, among other things, statements relating to the Company's expectations regarding its market position and market opportunity, expectations and plans as to its product development, manufacturing and sales, and relations with its partners and investors. These statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such as "may," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expect," "intend," "plan," "project," "believe," "estimate," and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the Company's control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.
Company
Aeluma, Inc.
(805) 351-2707
Investor Contact:
Bishop IR
Mike Bishop
(415) 894-9633
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Aeluma, Inc. and Subsidiary
Consolidated Balance Sheets (unaudited)
|
September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
||||||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 3,502,520 | $ | 1,291,072 | $ | 3,757,227 | ||||||
| Accounts receivable | 322,189 | 60,004 | 10,900 | |||||||||
| Deferred compensation, current portion | 13,152 | 20,133 | 27,925 | |||||||||
| Prepaids and other current assets | 189,129 | 21,637 | 224,015 | |||||||||
| Total current assets | 4,026,990 | 1,392,846 | 4,020,067 | |||||||||
| Property and equipment: | ||||||||||||
| Equipment | 1,533,131 | 1,531,494 | 1,216,253 | |||||||||
| Leasehold improvements | 546,864 | 546,864 | 547,367 | |||||||||
| Accumulated depreciation | (708,005 | ) | (608,630 | ) | (369,479 | ) | ||||||
| Property and equipment, net | 1,371,990 | 1,469,728 | 1,394,141 | |||||||||
| Intangible assets | 6,083 | 6,833 | 9,083 | |||||||||
| Right of use asset - facility | 930,782 | 961,626 | 1,052,318 | |||||||||
| Deferred compensation, long term portion | - | - | 13,152 | |||||||||
| Other assets | 13,014 | 13,014 | 13,014 | |||||||||
| Total assets | $ | 6,348,859 | $ | 3,844,047 | $ | 6,501,775 | ||||||
| Liabilities and stockholders' equity | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable | $ | 238,100 | $ | 317,237 | $ | 319,886 | ||||||
| Accrued expenses and other current liabilities | 215,288 | 180,706 | 156,942 | |||||||||
| Lease liability, current portion | 131,090 | 128,743 | 121,893 | |||||||||
| Derivative liabilities | 2,046,695 | |||||||||||
| Total current liabilities | 2,631,173 | 626,686 | 598,721 | |||||||||
| Lease liability, long term portion | 907,407 | 941,200 | 1,038,497 | |||||||||
| Convertible notes, net | 1,096,646 | - | - | |||||||||
| Total liabilities | 4,635,226 | 1,567,886 | 1,637,218 | |||||||||
| Commitments and contingencies | - | - | - | |||||||||
| Stockholders' equity: | ||||||||||||
| Preferred stock | - | - | - | |||||||||
| Common stock | 1,218 | 1,218 | 1,217 | |||||||||
| Additional paid-in capital | 16,066,395 | 15,899,304 | 15,407,715 | |||||||||
| Accumulated deficit | (14,353,980 | ) | (13,624,361 | ) | (10,544,375 | ) | ||||||
| Total stockholders' equity | 1,713,633 | 2,276,161 | 4,864,557 | |||||||||
| Total liabilities and stockholders' equity | $ | 6,348,859 | $ | 3,844,047 | $ | 6,501,775 |
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Aeluma, Inc. and Subsidiary
Consolidated Statements of Operations (unaudited)
| Three Months Ended | ||||||||||||
|
September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
||||||||||
| Revenue | $ | 480,735 | $ | 279,268 | $ | 32,400 | ||||||
| Operating expenses: | ||||||||||||
| Cost of revenue | 314,575 | 233,758 | 15,139 | |||||||||
| Research and development | 401,074 | 400,254 | 834,869 | |||||||||
| General and administrative | 496,466 | 634,286 | 665,103 | |||||||||
| Total expenses | 1,212,115 | 1,268,298 | 1,515,111 | |||||||||
| Loss from operations | (731,380 | ) | (989,030 | ) | (1,482,711 | ) | ||||||
| Other income (expense): | ||||||||||||
| Interest income | 102 | 215 | 402 | |||||||||
| Amortization of discount on convertible notes | (144,776 | ) | - | - | ||||||||
| Changes in fair value of derivative liabilities | 146,435 | - | - | |||||||||
| Total other income, net | 1,761 | 215 | 402 | |||||||||
| Loss before income tax expense | (729,619 | ) | (988,815 | ) | (1,482,309 | ) | ||||||
| Income tax expense | - | - | - | |||||||||
| Net loss | $ | (729,619 | ) | $ | (988,815 | ) | $ | (1,482,309 | ) | |||
| Loss per share - basic and diluted | $ | (0.06 | ) | $ | (0.08 | ) | $ | (0.12 | ) | |||
| Book value per share | $ | 0.14 | $ | 0.19 | $ | 0.40 |
Aeluma, Inc. and Subsidiary
Reconciliation of GAAP and Non-GAAP Net Loss (unaudited)
| Three Months Ended | ||||||||||||
|
September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
||||||||||
| GAAP net loss | $ | (729,619 | ) | $ | (988,815 | ) | $ | (1,482,309 | ) | |||
| Adjustments: | ||||||||||||
| Stock-based compensation - stock option | 167,091 | 163,827 | 240,577 | |||||||||
| Consulting and advisory - restricted stock award | 6,981 | 6,981 | 11,957 | |||||||||
| Depreciation & amortization | 100,125 | 99,989 | 69,784 | |||||||||
| Amortization of discount on convertible notes | 144,776 | - | - | |||||||||
| Changes in fair value of derivative liabilities | (146,435 | ) | - | - | ||||||||
| Total adjustments to GAAP net loss | 272,538 | 270,797 | 322,318 | |||||||||
| Non-GAAP net loss | $ | (457,081 | ) | $ | (718,018 | ) | $ | (1,159,991 | ) | |||
| GAAP net loss per share - basic and diluted | $ | (0.06 | ) | $ | (0.08 | ) | $ | (0.12 | ) | |||
| Adjustment | 0.02 | 0.02 | 0.03 | |||||||||
| Non-GAAP net loss per share - basic and diluted | $ | (0.04 | ) | $ | (0.06 | ) | $ | (0.09 | ) |
4
Aeluma, Inc. and Subsidiary
Consolidated Statements of Cash Flows (unaudited)
|
Three Months Ended September 30, |
||||||||
| 2024 | 2023 | |||||||
| Operating activities: | ||||||||
| Net loss | $ | (729,619 | ) | $ | (1,482,309 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Amortization of deferred compensation | 6,981 | 11,957 | ||||||
| Stock-based compensation expense | 167,091 | 240,577 | ||||||
| Depreciation and amortization expense | 100,125 | 69,784 | ||||||
| Amortization of discount on convertible notes | 144,776 | - | ||||||
| Changes in fair value of derivative liabilities | (146,435 | ) | - | |||||
| Change in accounts receivable | (262,185 | ) | 178,339 | |||||
| Change in prepaids and other current assets | (167,492 | ) | (204,072 | ) | ||||
| Change in accounts payable | (79,137 | ) | (141,911 | ) | ||||
| Change in accrued expenses and other current liabilities | 33,980 | 24,273 | ||||||
| Net cash used in operating activities | (931,915 | ) | (1,303,362 | ) | ||||
| Investing activities: | ||||||||
| Purchase of equipment | (1,637 | ) | (6,597 | ) | ||||
| Payment for leasehold improvements | - | (503 | ) | |||||
| Net cash used in investing activities | (1,637 | ) | (7,100 | ) | ||||
| Financing activities: | ||||||||
| Repurchase of common stock | - | (4,001 | ) | |||||
| Proceeds from note issuance | 3,145,000 | - | ||||||
| Net cash (used in) provided by financing activities | 3,145,000 | (4,001 | ) | |||||
| Net change in cash | 2,211,448 | (1,314,463 | ) | |||||
| Cash, beginning of period | 1,291,072 | 5,071,690 | ||||||
| Cash, end of period | $ | 3,502,520 | $ | 3,757,227 |
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