GOLETA, CA / ACCESSWIRE / February 12, 2024 / Aeluma, Inc. (OTCQB:ALMU), a semiconductor company specializing in scalable, cost-effective technologies for LiDAR (light detection and ranging), communication, and sensing, today provided a corporate update and announced financial results for the second quarter of fiscal 2024, ended December 31, 2023.
Recent Company Highlights
- Increased sequential revenue in the quarter, derived from previously announced Navy contracts and existing customer contract
- Appointed semiconductor industry veteran, Craig Ensley, to Board of Directors
- Exhibited and presented at SPIE Photonics West, the world's premier event for lasers, biomedical optics and biophotonic technologies, quantum, and optoelectronics, January 30 - February 1, 2024
- Awarded government funding from U.S. Office of Secretary of Defense to develop foundry-scale, CMOS-Compatible quantum materials
Management Commentary
"The early revenues are indicative of the rapid progress we are making to demonstrate our technology in multiple applications," said Aeluma Founder and CEO, Jonathan Klamkin, Ph.D. "We believe the government and research contracts, along with industry sampling, are the preliminary steps toward broad adoption of our technology, in the automotive LiDAR, mobile, AR/VR, quantum, communication, and defense & aerospace markets. There is a high demand for high-performance, cost-effective, and scalable semiconductors, and we are positioning our technology to impact a range of market verticals."
Financial Results
During the quarter ended December 31, 2023, revenue was $262,992, compared to $32,400 in the quarter ended September 30, 2023 and $0 in the quarter ended December 30, 2022.
The Company incurred a net loss of $1.13 million, or $0.09 per basic and diluted share, for the quarter ended December 31, 2023, compared to a net loss of $1.48 million, or $0.12 per basic and diluted share, for the quarter ended September 30, 2023 and a net loss of $1.08 million, or $0.10 per basic and diluted share, for the quarter ended December 31, 2022.
The Company had $2.42 million in cash and cash equivalents as of December 31, 2023, compared to $5.07 million as of June 30, 2023.
The total number of shares outstanding was 12,167,930 as of December 31, 2023.
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.
Aeluma, Inc. and Subsidiary
Consolidated Balance Sheets (unaudited)
| December 31, 2023 | September 30, 2023 | December 31, 2022 | ||||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 2,423,054 | $ | 3,757,227 | $ | 3,062,316 | ||||||
Accounts receivable | 192,992 | 10,900 | - | |||||||||
Deferred compensation, current portion | 27,925 | 27,925 | 481,544 | |||||||||
Prepaids and other current assets | 115,647 | 224,015 | 219,300 | |||||||||
Total current assets | 2,799,618 | 4,020,067 | 3,763,160 | |||||||||
Property and equipment: | ||||||||||||
Equipments | 1,372,946 | 1,216,253 | 646,242 | |||||||||
Leasehold improvements | 546,864 | 547,367 | 541,559 | |||||||||
Accumulated depreciation | (430,728 | ) | (369,479 | ) | (188,834 | ) | ||||||
Property and equipment, net | 1,490,082 | 1,394,141 | 998,967 | |||||||||
Intangible assets | 8,333 | 9,083 | 11,333 | |||||||||
Right of use asset - facility | 1,012,342 | 1,052,318 | 413,838 | |||||||||
Deferred compensation, long term portion | 6,171 | 13,152 | - | |||||||||
Other assets | 13,014 | 13,014 | 13,014 | |||||||||
Total assets | $ | 5,329,560 | $ | 6,501,775 | $ | 5,200,312 | ||||||
Liabilities and stockholders' equity | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable | $ | 162,823 | $ | 319,886 | $ | 171,383 | ||||||
Accrued expenses and other current liabilities | 163,900 | 156,942 | 97,706 | |||||||||
Lease liability, current portion | 124,145 | 121,893 | 159,582 | |||||||||
Total current liabilities | 450,868 | 598,721 | 428,671 | |||||||||
Lease liability, long term portion | 1,006,736 | 1,038,497 | 378,222 | |||||||||
Total liabilities | 1,457,604 | 1,637,218 | 806,893 | |||||||||
Commitments and contingencies | - | - | - | |||||||||
Stockholders' equity: | ||||||||||||
Preferred stock | - | - | - | |||||||||
Common stock | 1,217 | 1,217 | 1,132 | |||||||||
Additional paid-in capital | 15,543,634 | 15,407,715 | 10,685,361 | |||||||||
Accumulated deficit | (11,672,895 | ) | (10,544,375 | ) | (6,293,074 | ) | ||||||
Total stockholders' equity | 3,871,956 | 4,864,557 | 4,393,419 | |||||||||
Total liabilities and stockholders' equity | $ | 5,329,560 | $ | 6,501,775 | $ | 5,200,312 | ||||||
Aeluma, Inc. and Subsidiary
Consolidated Statements of Operations (unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||
| December 31, 2023 | September 30, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||
Revenue | $ | 262,992 | $ | 32,400 | $ | - | $ | 295,392.00 | $ | - | ||||||
Operating expenses: | ||||||||||||||||
Cost of revenue | 136,767 | 15,139 | - | 151,906 | - | |||||||||||
Research and development | 651,099 | 834,869 | 767,784 | 1,485,968 | 1,604,260 | |||||||||||
General and administrative | 603,925 | 665,103 | 387,110 | 1,269,028 | 1,117,321 | |||||||||||
Total expenses | 1,391,791 | 1,515,111 | 1,154,894 | 2,906,902 | 2,721,581 | |||||||||||
Loss from operations | (1,128,799 | ) | (1,482,711 | ) | (1,154,894 | ) | (2,611,510 | ) | (2,721,581 | ) | ||||||
Other income: | ||||||||||||||||
Sub-lease rental income and other income | - | - | 74,165 | - | 110,516 | |||||||||||
Interest income | 279 | 402 | 180 | 681 | 475 | |||||||||||
Total other income | 279 | 402 | 74,345 | 681 | 110,991 | |||||||||||
Loss before income tax expense | (1,128,520 | ) | (1,482,309 | ) | (1,080,549 | ) | (2,610,829 | ) | (2,610,590 | ) | ||||||
Income tax expense | - | - | - | - | - | |||||||||||
Net loss | $ | (1,128,520 | ) | $ | (1,482,309 | ) | $ | (1,080,549 | ) | $ | (2,610,829 | ) | $ | (2,610,590 | ) | |
Loss per share - basic and diluted | $ | (0.09 | ) | $ | (0.12 | ) | $ | (0.10 | ) | $ | (0.21 | ) | $ | (0.24 | ) | |
Aeluma, Inc. and Subsidiary
Reconciliation of GAAP and Non-GAAP Net Loss (unaudited)
| Three Months Ended | Six Months Ended | ||||||||||||||||
| December 31, 2023 | September 30, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||
GAAP net loss | $ | (1,128,520 | ) | $ | (1,482,309 | ) | $ | (1,080,549 | ) | $ | (2,610,829 | ) | $ | (2,610,590 | ) | ||
Adjustments: | |||||||||||||||||
Stock-based compensation - Stock option | 135,919 | 240,577 | 107,361 | 376,496 | 177,451 | ||||||||||||
Consulting and advisory - Restricted stock award | 6,981 | 11,957 | 216,977 | 18,938 | 491,954 | ||||||||||||
Depreciation | 61,249 | 69,034 | 53,089 | 130,283 | 91,847 | ||||||||||||
Amortization | 750 | 750 | 750 | 1,500 | 1,500 | ||||||||||||
Total adjustments to GAAP net loss | 204,899 | 322,318 | 378,177 | 527,217 | 762,752 | ||||||||||||
Non-GAAP net loss | $ | (923,621 | ) | $ | (1,159,991 | ) | $ | (702,372 | ) | $ | (2,083,612 | ) | $ | (1,847,838 | ) | ||
GAAP net loss per share - basic and diluted | $ | (0.09 | ) | $ | (0.12 | ) | $ | (0.10 | ) | $ | (0.21 | ) | $ | (0.24 | ) | ||
Adjustment | 0.01 | 0.03 | 0.03 | 0.04 | 0.07 | ||||||||||||
Non-GAAP net loss per share - basic and diluted | $ | (0.08 | ) | $ | (0.09 | ) | $ | (0.07 | ) | $ | (0.17 | ) | $ | (0.17 | ) | ||
Aeluma, Inc. and Subsidiary
Consolidated Statements of Cash Flows (unaudited)
| Six Months Ended | ||||||||
| December 31, 2023 | December 31, 2022 | |||||||
Operating activities: | ||||||||
Net loss | $ | (2,610,829 | ) | $ | (2,610,590 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Amortization of deferred compensation | 18,938 | 491,954 | ||||||
Stock-based compensation expense | 376,496 | 177,451 | ||||||
Depreciation and amortization expense | 131,783 | 93,347 | ||||||
Change in accounts receivable | (3,753 | ) | - | |||||
Change in prepaids and other current assets | (135,704 | ) | (191,638 | ) | ||||
Change in accounts payable | (298,974 | ) | 57,283 | |||||
Change in accrued expenses and other current liabilities | 41,698 | (19,002 | ) | |||||
Net cash used in operating activities | (2,480,345 | ) | (2,001,195 | ) | ||||
Investing activities: | ||||||||
Purchase of equipment | (164,290 | ) | (26,629 | ) | ||||
Payment for leasehold improvements | - | (77,197 | ) | |||||
Net cash used in investing activities | (164,290 | ) | (103,826 | ) | ||||
Financing activities: | ||||||||
Repurchase of common stock | (4,001 | ) | - | |||||
Proceeds from Private Placement, net of offering costs | - | 1,426,615 | ||||||
Net cash (used in) provided by financing activities | (4,001 | ) | 1,426,615 | |||||
Net change in cash | (2,648,636 | ) | (678,406 | ) | ||||
Cash, beginning of period | 5,071,690 | 3,740,722 | ||||||
Cash, end of period | $ | 2,423,054 | $ | 3,062,316 | ||||
Company:
Aeluma, Inc.
(805) 351-2707
info@aeluma.com
Investor Contact:
Bishop IR
Mike Bishop
(415) 894-9633
ir@aeluma.com
SOURCE: Aeluma, Inc.
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