ALMU Stock: Insider Activity, Filings & Research

Aeluma, Inc. (ALMU) — Drillr’s hub for ALMU insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, ALMU insiders filed 0 open-market buys and 8 sales (SEC Form 4).

Sentiment

0/100

Buys (3m)

Sells (3m)

Net (3m)

-$1.3M

Insider trades by month Buys Sells

Dec

Jan

Feb

Mar

Apr

May

Context3-month price +46%Institutions accumulating (13F)

Date	Insider	Type	Shares	Price
May 21, 2026	Denbaars Stevendirector	Sell	11,558	$20.40
May 21, 2026	Denbaars Stevendirector	Sell	942	$21.30
May 21, 2026	Denbaars Stevendirector	Sell	7,415	$19.56
May 21, 2026	Denbaars Stevendirector	Sell	5,085	$20.61
May 5, 2026	Klamkin Jonathandirector, officer: Chief Executive Officer	Sell	15,024	$25.15
May 5, 2026	Klamkin Jonathandirector, officer: Chief Executive Officer	Sell	676	$25.71
May 5, 2026	Klamkin Jonathandirector, officer: Chief Executive Officer	Sell	4,300	$24.20
Apr 3, 2026	Klamkin Jonathandirector, officer: Chief Executive Officer	Sell	20,000	$13.10
Mar 5, 2026	Klamkin Jonathandirector, 10 percent owner, officer: Chief Executive Officer	Sell	21,794	$18.41
Mar 5, 2026	Klamkin Jonathandirector, 10 percent owner, officer: Chief Executive Officer	Sell	28,206	$17.77
Mar 2, 2026	ENSLEY CRAIG Hdirector	Grant	10,633	—
Mar 2, 2026	Paglia John Kennethdirector	Grant	10,861	—
Mar 2, 2026	Byron Michaeldirector	Grant	13,343	—
Mar 2, 2026	Byron Michaeldirector	Grant	3,653	$18.27
Mar 2, 2026	Denbaars Stevendirector	Grant	10,121	—

Source: ALMU SEC Form 4 filings, latest May 21, 2026. For informational purposes only — not investment advice.

Overview

Aeluma, Inc. (NASDAQ:ALMU) is a semiconductor company founded in 2019 and headquartered in Goleta, California. The company went public in November 2022 and specializes in developing advanced optoelectronic devices that combine optical and electronic functions. Aeluma focuses on creating compound semiconductor solutions that can be manufactured on standard silicon wafers, positioning itself at the intersection of traditional semiconductor manufacturing and emerging photonic technologies for sensing and communications applications.

Business

Aeluma operates in the specialized field of optoelectronics, which involves devices that source, detect, and control light for various applications. The company's core technology revolves around manufacturing compound semiconductor materials on silicon wafers, bridging two traditionally separate manufacturing processes. The semiconductor industry is broadly divided between traditional silicon-based chips used in computers and phones, and compound semiconductors made from materials like gallium arsenide (GaAs) or indium phosphide (InP). Compound semiconductors excel at converting electrical signals to light and vice versa, making them essential for fiber optic communications, laser systems, and advanced sensors. However, they are typically manufactured on expensive specialized wafers. Aeluma's innovation lies in growing these compound semiconductor materials directly on standard silicon wafers, which are much larger and cheaper to produce. This approach potentially reduces manufacturing costs while enabling integration with existing silicon-based electronics. The company's devices target two primary markets: sensing applications (such as LiDAR systems for autonomous vehicles, industrial sensors, and medical diagnostics) and communications applications (including data center interconnects, 5G infrastructure, and fiber optic networks). The company appears to operate as a single business segment focused on optoelectronic device development and manufacturing, with revenue primarily coming from product sales and potentially some research and development contracts.

Revenue model

Aeluma generates revenue primarily through product sales of its optoelectronic devices to customers in the sensing and communications markets. Based on the financial data, the company has shown significant revenue growth, increasing from essentially zero in fiscal 2022 to over $3.3 million in the most recent twelve months, indicating early commercial traction. The company's customers likely include manufacturers of sensing equipment (such as LiDAR systems for automotive applications), telecommunications equipment makers, data center operators, and potentially defense contractors requiring advanced optical sensing capabilities. The business model appears to be primarily based on selling discrete optoelectronic components and potentially custom-designed solutions for specific applications. Several factors could positively impact Aeluma's margins: the growing demand for LiDAR in autonomous vehicles, increasing data center capacity driving demand for optical interconnects, expansion of 5G networks requiring advanced photonic components, and the company's potential cost advantages from manufacturing on silicon wafers rather than expensive compound semiconductor substrates. Conversely, margin pressures could arise from intense competition in the semiconductor industry, the cyclical nature of technology spending, potential supply chain disruptions affecting compound semiconductor materials, and the significant capital requirements for semiconductor manufacturing equipment. The company's early-stage nature also means it faces execution risks in scaling production and achieving manufacturing yields competitive with established players.

Competitive moat

Aeluma's potential competitive moat centers on its proprietary technology for growing compound semiconductors on silicon wafers, which could provide cost and integration advantages over traditional approaches. However, this moat appears relatively narrow and unproven at scale. The company's main competitive advantage lies in potentially reducing manufacturing costs by leveraging existing silicon fabrication infrastructure rather than requiring specialized compound semiconductor facilities. If successful, this could enable broader adoption of optoelectronic devices in cost-sensitive applications. Additionally, the ability to integrate optical and electronic functions on the same silicon platform could provide system-level advantages. However, several factors limit the strength of this moat. The semiconductor industry includes numerous well-funded competitors with decades of experience and established customer relationships. Companies like Broadcom, Lumentum, and II-VI have significant resources and proven track records in optoelectronics. The technology itself, while innovative, may not be sufficiently differentiated to prevent replication by larger competitors with more resources. Furthermore, Aeluma faces the challenge of proving its technology can achieve the performance, reliability, and cost targets required for mass market adoption. The company is still in early commercial stages, and established customers may be hesitant to switch from proven suppliers to a newer entrant without compelling advantages. The rapid pace of technological change in semiconductors also means that competitive advantages can erode quickly as new innovations emerge.

Risks & safety

Aeluma presents a mixed financial safety profile typical of an early-stage growth company, with strong liquidity but ongoing losses. **Liquidity and Solvency:** - Strong cash position with $3.9 million in cash and short-term investments as of Q3 2025 - Excellent current ratio of 32.8x indicating strong short-term liquidity - Low debt levels with debt-to-equity ratio of just 0.054 - Positive operating cash flow of $428k in Q3 2025, showing operational improvement **Profitability Concerns:** - Consistent operating losses with negative EBITDA, though improving from -$2.5M in Q2 to -$831k in Q3 2025 - Net losses continue but are decreasing in magnitude - Free cash flow turned positive at $434k in Q3 2025 **Valuation Metrics:** - Trading at 15.4x trailing earnings (based on recent profitability) - Price-to-book ratio of 5.0x suggests premium valuation - Revenue growth trajectory shows commercial traction with $1.25M in Q3 2025 revenue **Other Considerations:** - Early-stage company with execution risks in scaling operations - Small market capitalization increases volatility risk - Dependency on emerging markets like autonomous vehicle LiDAR

Recent development

Based on the available financial data, Aeluma has demonstrated significant operational progress over the past few years. The company has successfully transitioned from a pre-revenue research and development stage in fiscal 2022 to generating meaningful commercial revenue, with quarterly sales reaching $1.25 million in Q3 2025. The most notable development has been the company's path to operational cash flow positivity, achieving positive operating cash flow of $428,000 in Q3 2025 after several quarters of cash consumption. This represents a critical milestone for the company, suggesting that its products are gaining market acceptance and that the business model is beginning to demonstrate viability. Revenue growth has been substantial, with the company showing strong quarter-over-quarter growth momentum. The progression from $279,000 in Q4 2024 to $1.25 million in Q3 2025 indicates successful customer acquisition and potentially increased order volumes from existing customers. The company has also strengthened its balance sheet position, with current assets increasing significantly to over $17 million in Q3 2025, providing substantial runway for continued operations and growth investments. This improved financial position likely reflects successful fundraising activities and better working capital management as the business scales.

ALMU company profile · for informational purposes only — not investment advice.

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