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Aeluma Inc Com (ALMU+1.91%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $1,612,519 from $262,992 in the same quarter the previous year. The increase is attributed to government contracts and product sales for sampling purposes.
Operating expenses for the quarter were $1,222,921, down from $1,391,791 in the same quarter of the previous year, primarily due to a decrease in consulting and professional expenses.
The company reported a net loss of $2,894,824 for the quarter, compared to a net loss of $1,128,520 in the previous year. The increase in net loss is attributed to changes in fair value of derivative liabilities.
Aeluma received $3,145,000 from the issuance of convertible notes during the quarter. The notes are convertible into shares of the company's common stock upon certain events.
Cash and cash equivalents at the end of the period were $3,063,059, up from $1,291,072 at the beginning of the period.
The company identified a material weakness in its internal controls over financial reporting due to insufficient staffing resources in its finance department.
Aeluma continues to develop its semiconductor technology and has been awarded a government contract worth $11,717,000 to develop nano-scale semiconductors for AI, mobile devices, and 5G/6G applications.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Aeluma Inc Com quarterly 10-Q report dated February 11, 2025. To report an error, please email earnings@qz.com.