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 [email protected]
Investor Contact:
Bishop IR Mike Bishop (415) 894-9633 [email protected]
SOURCE: Aeluma, Inc. View the original press release on accesswire.com
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