Aeluma Provides First Quarter 2024 Results

GOLETA, CA / ACCESSWIRE / November 9, 2023 / 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 first quarter of fiscal 2024, ended September 30, 2023.

Recent Company Highlights

• Reported revenue for the second consecutive quarter.
• Awarded government funding from U.S. Navy in October 2023 to develop photonics reliability methodologies for defense and aerospace applications.

Management Commentary

"As we begin to transition some of our technology from research and development to commercialization, we report revenue for a second consecutive quarter," said Aeluma Founder and CEO, Jonathan Klamkin, Ph.D. "We believe the short time period from inception to revenue reflects the strength of our technology, the size of the markets available to us, and the demand for what we believe to be high-performance, cost-effective, and scalable semiconductor technologies. While this early revenue is small, there is significant near-term opportunity with government funding for defense and aerospace, and in the automotive supply sector. And as we continue to mature our technology, we are receiving significant interest from additional market verticals including mobile, AR/VR, AI, and quantum."

Financial Results

During the first quarter of fiscal 2024, ended September 30, 2023, revenue was $32,400, compared to $0 in the quarter ended September 30, 2022.

The Company incurred a net loss of $1.48 million, or $0.12 per basic and diluted share in the quarter ended September 30, 2023, compared to a net loss of $1.53 million, or $0.14 per basic and diluted share, for the quarter ended September 30, 2022.

The Company had $3.76 million in cash and cash equivalents as of September 30, 2023, compared to $5.07 million as of June 30, 2023.

The total number of shares outstanding was 12,167,930 as of September 30, 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 optoelectronic devices for sensing and communications applications. Aeluma has pioneered a technique to manufacture devices using high-performance compound semiconductor materials on large-diameter Silicon wafers that are commonly used for mass-market microelectronics. The technology has the potential to enhance performance and provide a path to cost-effective, large-scale manufacturing, both of which are critical for future LiDAR and other sensor applications. Aeluma is developing a streamlined business model from its headquarters in Santa Barbara, California that has a state-of-the-art manufacturing cleanroom.

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)

		September 30, 2023				June 30, 2023				September 30, 2022
Assets
Current assets:
Cash and cash equivalents		$	3,757,227			$	5,071,690			$	2,371,323
Accounts receivable			10,900				189,239				-
Deferred compensation, current portion			27,925				53,034				698,521
Prepaids and other current assets			224,015				19,943				313,232
Total current assets			4,020,067				5,333,906				3,383,076
Property and equipment:
Equipments			1,216,253				1,209,656				624,439
Leasehold improvements			547,367				546,864				512,196
Accumulated depreciation			(369,479	)			(300,445	)			(135,745	)
Property and equipment, net			1,394,141				1,456,075				1,000,890
Intangible assets			9,083				9,833				12,083
Right of use asset - facility			1,052,318				351,013				445,140
Deferred compensation, long term portion			13,152				-				-
Other assets			13,014				13,014				13,014
Total assets		$	6,501,775			$	7,163,841			$	4,854,203
Liabilities and stockholders' equity
Current liabilities:
Accounts payable		$	319,886			$	461,797			$	179,941
Accrued expenses and other current liabilities			156,942				133,092				457,506
Lease liability, current portion			121,893				162,210				158,284
Total current liabilities			598,721				757,099				795,731
Lease liability, long term portion			1,038,497				296,452				418,480
Total liabilities			1,637,218				1,053,551				1,214,211
Commitments and contingencies			-				-				-
Stockholders' equity:
Preferred stock			-				-				-
Common stock			1,217				1,282				1,066
Additional paid-in capital			15,407,715				15,171,074				8,851,451
Accumulated deficit			(10,544,375	)			(9,062,066	)			(5,212,525	)
Total stockholders' equity			4,864,557				6,110,290				3,639,992
Total liabilities and stockholders' equity		$	6,501,775			$	7,163,841			$	4,854,203

Aeluma, Inc. and Subsidiary
Consolidated Statements of Operations (unaudited)

		Three Months Ended
		September 30, 2023				June 30, 2023				September 30, 2022
Revenue		$	32,400			$	193,339			$	-
Operating expenses:
Cost of revenue			15,139				109,395				-
Research and development			834,869				587,379				836,476
General and administrative			665,103				716,173				730,211
Total expenses			1,515,111				1,412,947				1,566,687
Loss from operations			(1,482,711	)			(1,219,608	)			(1,566,687	)
Other income:
Sub-lease rental income and other income			-				(89,029	)			36,351
Interest income			402				446				295
Total other income			402				(88,583	)			36,646
Loss before income tax expense			(1,482,309	)			(1,308,191	)			(1,530,041	)
Income tax expense			-				-				-
Net loss		$	(1,482,309	)		$	(1,308,191	)		$	(1,530,041	)
Loss per share - basic and diluted		$	(0.12	)		$	(0.10	)		$	(0.14	)

Aeluma, Inc. and Subsidiary
Reconciliation of GAAP and Non-GAAP Net Loss (unaudited)

		Three Months Ended
		September 30, 2023				June 30, 2023				September 30, 2022
GAAP net loss		$	(1,482,309	)		$	(1,308,191	)		$	(1,530,041	)
Adjustment:
Stock-based compensation - Stock option			240,577				143,891				70,090
Consulting and advisory - Restricted stock award			11,957				215,162				274,977
Depreciation			69,034				57,970				38,758
Amortization			750				750				750
Total adjustment to GAAP net loss			322,318				417,773				384,575
Non-GAAP net loss		$	(1,159,991	)		$	(890,418	)		$	(1,145,466	)
GAAP net loss per share - basic and diluted		$	(0.12	)		$	(0.10	)		$	(0.14	)
Adjustment			0.03				0.03				0.03
Non-GAAP net loss per share - basic and diluted		$	(0.09	)		$	(0.07	)		$	(0.11	)

Aeluma, Inc. and Subsidiary
Consolidated Statements of Cash Flows (unaudited)

		Three Months Ended
		September 30, 2023				June 30, 2023				September 30, 2022
Operating activities:
Net loss		$	(1,482,309	)		$	(1,308,191	)		$	(1,530,041	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of deferred compensation			11,957				215,162				274,977
Stock-based compensation expense			240,577				143,891				70,090
Depreciation and amortization expense			69,784				58,720				39,508
Change in accounts receivable			178,339				(189,239	)			-
Change in prepaids and other current assets			(204,072	)			179,417				(585,570	)
Change in accounts payable			(141,911	)			4,149				65,841
Change in accrued expenses and other current liabilities			24,273				(42,848	)			348,456
Net cash used in operating activities			(1,303,362	)			(938,939	)			(1,316,739	)
Investing activities:
Purchase of equipment			(6,597	)			(411,661	)			(4,826	)
Payment for leasehold improvements			(503	)			(5,305	)			(47,834	)
Net cash used in investing activities			(7,100	)			(416,966	)			(52,660	)
Financing activities:
Repurchase of common stock			(4,001	)			-				-
Proceeds from Private Placement, net of offering costs			-				1,570,340				-
Net cash (used in) provided by financing activities			(4,001	)			1,570,340				-
Net change in cash			(1,314,463	)			214,435				(1,369,399	)
Cash, beginning of period			5,071,690				4,857,255				3,740,722
Cash, end of period		$	3,757,227			$	5,071,690			$	2,371,323

Company:

Aeluma, Inc.
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Investor Contact:

Bishop IR
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SOURCE: Aeluma, Inc.

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The Aeluma Stock at the time of publication of the news with a raise of 0,00 % to 2,50USD on Nasdaq OTC stock exchange (09. November 2023, 02:10 Uhr).