Exhibit 99.1
Aeluma Provides Fourth Quarter and Fiscal Year 2024 Results
Issues Guidance For More Than 335% Year-Over-Year Revenue Growth in Fiscal Year 2025
GOLETA, CA – September 24, 2024 – Aeluma, Inc. (OTCQB:ALMU), a semiconductor company specializing in high performance, scalable technologies for mobile, automotive, AI, defense & aerospace, communication and quantum computing, today provided a corporate update and announced financial results for the fourth quarter and full year of fiscal 2024, ended June 30, 2024.
Recent Company Highlights
| ● | Record backlog from multiple government and commercial contracts driving revenue growth |
| ● | Won major Department of Defense contract that could bring revenue greater than $11.7 million |
| ● | Won contracts from NASA and the Office of Secretary of Defense to advance technology for space and defense & aerospace applications |
| ● | Achieved ISO 9001:2015 certification for quality management system |
| ● | Expands marketing efforts in mobile, quantum computing, AI, 5G/6G wireless, and biomedical |
Management Commentary
“With this fifth consecutive quarter reporting revenue and a strong backlog, we are able to begin offering revenue guidance,” said Aeluma Founder and CEO, Jonathan Klamkin, Ph.D. “Multiple contract wins are layering revenue to support Aeluma’s R&D and path to commercialization without dilutive measures. We believe this approach positions the Company for profitable growth and will propel our technology to scale while shortening the time to market.”
Dr. Klamkin continued, “In addition to the increased traction with government funding, Aeluma has attracted commercial contracts that include small-volume orders, sample evaluations, and development contracts. These successes derive primarily from the automotive, industrial, and defense & aerospace markets. Multiple customers have evaluated our samples and validated the performance of Aeluma’s technology. Achieving third party validation is an important milestone in our commercialization path. We are also receiving interest from mobile, quantum computing, AI, 5G/6G wireless, and biomedical companies.”
Financial Results
During the quarter ended June 30, 2024, revenue was $279 thousand, compared to $193 thousand in the same quarter last year.
The company incurred a net loss of $987 thousand, or $0.08 per basic and diluted share, for the quarter ended June 30, 2024, compared to a net loss of $1.3 million, or $0.10 per basic and diluted share, for the same quarter last year.
For the full fiscal year 2024, revenue reported was $919 thousand, compared with $193 thousand in the prior year.
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The company incurred a net loss of $4.6 million, or $0.37 per basic and diluted share, in fiscal 2024, compared with $5.4 million, or $0.47 per basic and diluted share, in the prior year.
The Company had $1.3 million in cash and cash equivalents as of June 30, 2024, compared to $5.1 million as of June 30, 2023.
On August 5, 2024, the Company entered into note purchase agreements (the “NPA”) for an aggregate financing of $1.8 million with five accredited investors (“Investors”). At the first closing under the NPA, which occurred on August 5, 2024, the Company issued to the Investors convertible promissory notes in the aggregate principal amount of $1.8 million to purchase shares of the Company’s common stock, par value $0.0001 per share. At a second closing under the NPA, which occurred on August 27, 2024, the Company issued convertible promissory notes to five additional accredited Investors in the aggregate principal amount of $1.345 million for aggregate proceeds of $3.145 million.
The total number of shares outstanding was 12,178,424 as of June 30, 2024.
Revenue Guidance
For the first quarter of fiscal 2025, Aeluma currently expects revenue of approximately $400-470 thousand.
For the full year of fiscal 2025, Aeluma currently expects revenue of approximately $4.0-4.2 million.
These statements are forward looking and actual results may differ materially. Refer to the Forward-Looking Statements section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
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.
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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.
Company
Aeluma, Inc.
(805) 351-2707
info@aeluma.com
Investor Contact:
Bishop IR
Mike Bishop
(415) 894-9633
ir@aeluma.com
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Aeluma, Inc. and Subsidiary
Consolidated Balance Sheets (unaudited)
| June 30, 2024 | March 31, 2024 | June 30, 2023 | ||||||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 1,291,072 | $ | 1,874,565 | $ | 5,071,490 | ||||||
| Accounts receivable | 60,004 | 147,500 | 189,239 | |||||||||
| Deferred compensation, current portion | 20,133 | 24,029 | 53,034 | |||||||||
| Prepaids and other current assets | 21,637 | 96,113 | 19,943 | |||||||||
| Total current assets | 1,392,846 | 2,142,207 | 5,333,706 | |||||||||
| Property and equipment: | ||||||||||||
| Equipment | 1,531,494 | 1,526,590 | 1,209,656 | |||||||||
| Leasehold improvements | 546,864 | 546,864 | 546,864 | |||||||||
| Accumulated depreciation | (608,630 | ) | (509,391 | ) | (300,445 | ) | ||||||
| Property and equipment, net | 1,469,728 | 1,564,063 | 1,456,075 | |||||||||
| Intangible assets | 6,833 | 7,583 | 9,833 | |||||||||
| Right of use asset - facility | 961,626 | 992,157 | 351,013 | |||||||||
| Deferred compensation, long term portion | - | 3,085 | - | |||||||||
| Other assets | 13,014 | 13,014 | 13,014 | |||||||||
| Total assets | $ | 3,844,047 | $ | 4,722,109 | $ | 7,163,641 | ||||||
| Liabilities and stockholders’ equity | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable | $ | 317,237 | $ | 347,236 | $ | 461,797 | ||||||
| Accrued expenses and other current liabilities | 180,706 | 172,648 | 133,092 | |||||||||
| Lease liability, current portion | 128,743 | 126,420 | 162,210 | |||||||||
| Total current liabilities | 626,686 | 646,304 | 757,099 | |||||||||
| Lease liability, long term portion | 941,200 | 974,656 | 296,452 | |||||||||
| Total liabilities | 1,567,886 | 1,620,960 | 1,053,551 | |||||||||
| Commitments and contingencies | - | - | - | |||||||||
| Stockholders’ equity: | ||||||||||||
| Preferred stock | - | - | - | |||||||||
| Common stock | 1,218 | 1,218 | 1,282 | |||||||||
| Additional paid-in capital | 15,899,304 | 15,735,477 | 15,171,074 | |||||||||
| Accumulated deficit | (13,624,361 | ) | (12,635,546 | ) | (9,062,066 | ) | ||||||
| Total stockholders’ equity | 2,276,161 | 3,101,149 | 6,110,290 | |||||||||
| Total liabilities and stockholders’ equity | $ | 3,844,047 | $ | 4,722,109 | $ | 7,163,841 | ||||||
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Aeluma, Inc. and Subsidiary
Consolidated Statements of Operations (unaudited)
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||
| Revenue | $ | 279,268 | $ | 343,894 | $ | 193,339 | $ | 918,554 | $ | 193,339 | ||||||||||
| Operating expenses: | ||||||||||||||||||||
| Cost of revenue | 233,758 | 233,585 | 109,395 | 619,249 | 109,395 | |||||||||||||||
| Research and development | 400,254 | 620,285 | 207,647 | 2,506,507 | 2,531,624 | |||||||||||||||
| General and administrative | 634,286 | 452,792 | 1,095,905 | 2,356,106 | 3,062,005 | |||||||||||||||
| Total expenses | 1,268,298 | 1,306,662 | 1,412,947 | 5,481,862 | 5,703,024 | |||||||||||||||
| Loss from operations | (989,030 | ) | (962,768 | ) | (1,219,608 | ) | (4,563,308 | ) | (5,509,685 | ) | ||||||||||
| Other income (expense): | ||||||||||||||||||||
| Sub-lease rental income and other income (expense) | (81 | ) | (81 | ) | (89,029 | ) | - | 128,913 | ||||||||||||
| Interest income | 1,892 | 198 | 446 | 1,013 | 1,190 | |||||||||||||||
| Total other income, net | 1,811 | 117 | (88,583 | ) | 1,013 | 130,103 | ||||||||||||||
| Loss before income tax expense | (987,219 | ) | (962,651 | ) | (1,308,191 | ) | (4,562,295 | ) | (5,379,582 | ) | ||||||||||
| Income tax expense | - | - | - | - | - | |||||||||||||||
| Net loss | $ | (987,219 | ) | $ | (962,651 | ) | $ | (1,308,191 | ) | $ | (4,562,295 | ) | $ | (5,379,582 | ) | |||||
| Loss per share - basic and diluted | $ | (0.08 | ) | $ | (0.08 | ) | $ | (0.10 | ) | $ | (0.37 | ) | $ | (0.47 | ) | |||||
| Weighted average common shares outstanding - basic and diluted | 12,178,424 | 12,175,195 | 11,518,154 | 12,298,355 | 11,379,480 | |||||||||||||||
| Book value per share | $ | 0.19 | $ | 0.25 | $ | 0.48 | $ | 0.19 | $ | 0.48 | ||||||||||
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Aeluma, Inc. and Subsidiary
Reconciliation of GAAP and Non-GAAP Net Loss (unaudited)
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||
| GAAP net loss | $ | (987,219 | ) | $ | (962,651 | ) | $ | (1,308,191 | ) | $ | (4,562,295 | ) | $ | (5,379,582 | ) | |||||
| Adjustments: | ||||||||||||||||||||
| Stock-based compensation - Stock option | 163,827 | 191,844 | 143,891 | 732,167 | 448,444 | |||||||||||||||
| Consulting and advisory - Restricted stock award | 6,981 | 6,981 | 215,162 | 32,900 | 920,464 | |||||||||||||||
| Depreciation | 99,239 | 78,663 | 57,971 | 308,185 | 203,458 | |||||||||||||||
| Amortization | 750 | 750 | 750 | 3,000 | 3,000 | |||||||||||||||
| Total adjustments to GAAP net loss | 270,797 | 278,238 | 417,774 | 1,076,252 | 1,575,366 | |||||||||||||||
| Non-GAAP net loss | $ | (716,422 | ) | $ | (684,413 | ) | $ | (890,417 | ) | $ | (3,486,043 | ) | $ | (3,804,216 | ) | |||||
| GAAP net loss per share - basic and diluted | $ | (0.08 | ) | $ | (0.08 | ) | $ | (0.10 | ) | $ | (0.37 | ) | $ | (0.47 | ) | |||||
| Adjustment | 0.02 | 0.02 | 0.02 | 0.09 | 0.14 | |||||||||||||||
| Non-GAAP net loss per share - basic and diluted | $ | (0.06 | ) | $ | (0.06 | ) | $ | (0.08 | ) | $ | (0.28 | ) | $ | (0.33 | ) | |||||
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Aeluma, Inc. and Subsidiary
Consolidated Statements of Cash Flows (unaudited)
| Twelve Months Ended | ||||||||
| June 30, 2024 | June 30, 2023 | |||||||
| Operating activities: | ||||||||
| Net loss | $ | (4,562,295 | ) | $ | (5,379,582 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Issuance of shares for services | - | 258,000 | ||||||
| Amortization of deferred compensation | 32,901 | 662,464 | ||||||
| Stock-based compensation expense | 732,167 | 448,444 | ||||||
| Depreciation and amortization expense | 311,185 | 206,458 | ||||||
| Change in accounts receivable | 129,235 | (189,239 | ) | |||||
| Change in prepaids and other current assets | (1,694 | ) | 7,719 | |||||
| Change in accounts payable | (144,560 | ) | 347,697 | |||||
| Change in accrued expenses and other current liabilities | 48,282 | 67 | ||||||
| Net cash used in operating activities | (3,454,779 | ) | (3,637,972 | ) | ||||
| Investing activities: | ||||||||
| Purchase of equipment | (321,838 | ) | (590,043 | ) | ||||
| Payment for leasehold improvements | - | (82,502 | ) | |||||
| Net cash used in investing activities | (321,838 | ) | (672,545 | ) | ||||
| Financing activities: | ||||||||
| Repurchase of common stock | (4,001 | ) | - | |||||
| Proceeds from Private Placement, net of offering costs | - | 5,641,485 | ||||||
| Net cash (used in) provided by financing activities | (4,001 | ) | 5,641,485 | |||||
| Net change in cash | (3,780,618 | ) | 1,330,968 | |||||
| Cash, beginning of period | 5,071,690 | 3,740,722 | ||||||
| Cash, end of period | $ | 1,291,072 | $ | 5,071,690 | ||||
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