Aeluma
ALMU on Nasdaq. Aeluma sells semiconductors for sensing, communication, and computing to device makers. Market value $252m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to June 2026.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-1.55 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$13.12 a share, 28% above its 1-year low
Over the past year the price has ranged from $10.24 to $31.79.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | $193,339 | $919,000 | $5m | $4m |
| Operating margin | |||||
| Operating margin | n/a | -2849.8% | -496.5% | -45.9% | -228.3% |
| Debt to equity | |||||
| Debt to equity | 0.09 | 0.05 | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.01bn | 0.01bn | 0.02bn | 0.02bn | 0.02bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsStrong, 184.6% a year
- Buying back its own sharesNo, 50% more shares since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $582,000 last quarter, down 56% on a year ago.
- A loss of $4 million, compared with a loss of $858,000 a year ago.
- It loses 228 cents on each $1 of sales, compared with 46 cents a year earlier.
- Over the past 12 months it spent $4 million more cash than it brought in, compared with $1 million a year earlier.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $481,000 |
| December 2024 | $2m |
| March 2025 | $1m |
| June 2025 | $1m |
| September 2025 | $1m |
| December 2025 | $1m |
| March 2026 | $1m |
| June 2026 | $582,000 |
| Quarter to | Amount |
|---|---|
| September 2024 | -$730,000 |
| December 2024 | -$3m |
| March 2025 | $1m |
| June 2025 | -$858,000 |
| September 2025 | -$1m |
| December 2025 | -$2m |
| March 2026 | -$2m |
| June 2026 | -$4m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 16 September 2026
- Next quarterly (estimated, 10-Q)
- 12 August 2026
Who owns it
None of the long-term investors we follow own it. 97 funds in all.
Largest holders overall
- BlackRock$21mAdded
- D. E. Shaw$18mAdded
- Vanguard Capital Management$13mCut
- Millennium Management$12mAdded
- Geode Capital Management$7mAdded
- State Street$6mAdded
- Apis Capital Advisors$4mCut
- AWM Investment Company$3mCut
- Northern Trust$3mAdded
- Vanguard Portfolio Management$2mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Perry George HerbertPassive investorat least 5.6%(filed with 1 related holder)Since 30 March 2026
- BlackRock, Inc.Passive investor5.3%Since 30 June 2026
- Mark N. TompkinsPassive investorSold down below 5%Since 31 March 2026
- AWM Investment Company, Inc.Passive investorSold down below 5%Since 30 May 2025
- Lee McCarthyPassive investorSold down below 5%Since 1 August 2024
What they said
Since Mr. McCarthy filed Schedule 13D on June 30, 2021, he has not acquired any shares of Common Stock. He started selling shares of Common Stock on August 1, 2024, as set forth below, and as of March 30, 2025, beneficially owned 743,425 shares of the Issuer, representing…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Perry George Herbert Passive investor | at least 5.6% (filed with 1 related holder) | 30 March 2026 | |
BlackRock, Inc. Passive investor | 5.3% | 30 June 2026 | |
Mark N. Tompkins Passive investor | Sold down below 5% | 31 March 2026 | |
AWM Investment Company, Inc. Passive investor | Sold down below 5% | 30 May 2025 | |
Lee McCarthy Passive investor | Sold down below 5% | 1 August 2024 | What they saidSince Mr. McCarthy filed Schedule 13D on June 30, 2021, he has not acquired any shares of Common Stock. He started selling shares of Common Stock on August 1, 2024, as set forth below, and as of March 30, 2025, beneficially owned 743,425 shares of the Issuer, representing… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $6m, $6m of it under preset trading plans.
- Klamkin JonathanChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 100,000
- Price
- $13.35
- Value
- $1m
- Denbaars StevenDirectorSoldunder a preset trading plan
- Date
- 27 August 2026
- Shares
- 12,500
- Price
- $13.82
- Value
- $172,698
- Denbaars StevenDirectorSoldunder a preset trading plan
- Date
- 26 August 2026
- Shares
- 12,500
- Price
- $13.84
- Value
- $173,044
- Klamkin JonathanChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 3 August 2026
- Shares
- 20,000
- Price
- $16.73
- Value
- $334,641
- Klamkin JonathanChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 1 July 2026
- Shares
- 20,000
- Price
- $21.08
- Value
- $421,668
- Klamkin JonathanChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 1 June 2026
- Shares
- 20,000
- Price
- $25.04
- Value
- $500,742
- Denbaars StevenDirectorSoldunder a preset trading plan
- Date
- 20 May 2026
- Shares
- 12,500
- Price
- $20.47
- Value
- $255,848
- Denbaars StevenDirectorSoldunder a preset trading plan
- Date
- 19 May 2026
- Shares
- 12,500
- Price
- $19.99
- Value
- $249,839
- Klamkin JonathanChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 1 May 2026
- Shares
- 20,000
- Price
- $24.96
- Value
- $499,294
- Klamkin JonathanChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 1 April 2026
- Shares
- 20,000
- Price
- $13.10
- Value
- $262,000
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 September 2026 | Klamkin Jonathan Chief Executive Officer, Director | Sold under a preset trading plan | 100,000 | $13.35 | $1m |
| 27 August 2026 | Denbaars Steven Director | Sold under a preset trading plan | 12,500 | $13.82 | $172,698 |
| 26 August 2026 | Denbaars Steven Director | Sold under a preset trading plan | 12,500 | $13.84 | $173,044 |
| 3 August 2026 | Klamkin Jonathan Chief Executive Officer, Director | Sold under a preset trading plan | 20,000 | $16.73 | $334,641 |
| 1 July 2026 | Klamkin Jonathan Chief Executive Officer, Director | Sold under a preset trading plan | 20,000 | $21.08 | $421,668 |
| 1 June 2026 | Klamkin Jonathan Chief Executive Officer, Director | Sold under a preset trading plan | 20,000 | $25.04 | $500,742 |
| 20 May 2026 | Denbaars Steven Director | Sold under a preset trading plan | 12,500 | $20.47 | $255,848 |
| 19 May 2026 | Denbaars Steven Director | Sold under a preset trading plan | 12,500 | $19.99 | $249,839 |
| 1 May 2026 | Klamkin Jonathan Chief Executive Officer, Director | Sold under a preset trading plan | 20,000 | $24.96 | $499,294 |
| 1 April 2026 | Klamkin Jonathan Chief Executive Officer, Director | Sold under a preset trading plan | 20,000 | $13.10 | $262,000 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Aeluma’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 16 Sep 2026, plus 1 later 8-K.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at year end. Mistakes could slip into the numbers.
“Based on the assessment using those criteria, management concluded that, as of June 30, 2026, our internal control over financial reporting was not effective as a result of the material weakness described below.”
Show the full paragraph
Our management, with the participation of our Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer), has assessed the effectiveness of our internal control over financial reporting as of June 30, 2026. In making this assessment, management used the criteria set forth in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on the assessment using those criteria, management concluded that, as of June 30, 2026, our internal control over financial reporting was not effective as a result of the material weakness described below.
From the 10-K filed 16 September 2026, Item 9A. Controls and Procedures. Read it in the filing
One big customer
Worth knowingOne customer brings in a big share of sales: 59% last year. Losing that customer would hurt.
“For the fiscal year ended June 30, 2026, 59% and 14% of the Company’s revenue was derived from two customers and, for the fiscal year ended June 30, 2025, 71% of the Company’s revenue was derived from one customer.”
From the 10-K filed 16 September 2026, Item 8. Financial Statements and Notes. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.