Aeluma Inc (NASDAQ:ALMU) said it has secured more than $4 million in contracts from the U.S. government to expand its semiconductor heterogeneous integration platform for quantum technologies and high-speed data communications.
The funding will support the development of quantum dot lasers and quantum nonlinear materials. Aeluma will collaborate with manufacturing partners Tower Semiconductor and Sumitomo Chemical Advanced Technologies on wafer fabrication and production.
The contracts represent a notable boost for the company, which has a market capitalization of approximately $194 million and has reported revenue growth of 92% over the past twelve months. According to InvestingPro data, Aeluma maintains a strong balance sheet with more cash than debt and a current ratio of 48.8, giving it significant flexibility to fund development initiatives.
Aeluma’s quantum dot laser technology is designed for use in quantum applications and AI data center interconnects, including co-packaged optics. The company utilizes metalorganic chemical vapor deposition (MOCVD) to build multi-channel photonic integrated circuits for these applications.
In parallel, the company is advancing an aluminum gallium arsenide (AlGaAs) nonlinear materials platform aimed at quantum communication, computing, and sensing. Aeluma has previously demonstrated integration of AlGaAs on standard 200mm CMOS silicon wafers, which it says enables compatibility with silicon nitride waveguides used in quantum photonics.
“These contracts provide non-dilutive funding to accelerate commercialization, and to strengthen our relationship with key government partners in making manufacturing of next-generation photonic systems more viable,” said Jonathan Klamkin, founder and CEO of Aeluma.
Development work will be carried out at the company’s facility in Goleta, California, as well as through its broader supply chain network.
“We see great value in the laser market as a new, large, untapped opportunity for Tower,” said Dr. Edward Preisler, vice president and general manager of the RF Business Unit at Tower Semiconductor.
Dr. Ken Campman, president and executive officer at Sumitomo Chemical Advanced Technologies, added that the company views Aeluma’s technology as a potential solution to supply chain constraints in the laser and detector markets.
Aeluma focuses on photonic and electronic technologies used across a wide range of applications, including mobile devices, artificial intelligence, defense and aerospace, robotics, automotive systems, AR/VR, and quantum computing.
In recent updates, Aeluma reported second-quarter 2026 revenue of $1.3 million, down from $1.6 million a year earlier, alongside a GAAP net loss of $1.9 million, or $0.11 per share. The company has guided for full-year revenue in the range of $4 million to $6 million.
The company also entered into a $50 million at-the-market equity program with Roth Capital Partners and others, allowing it to issue shares over time at its discretion.
On the analyst front, Freedom Capital Markets initiated coverage with a Buy rating and a $23 price target, while Benchmark reiterated a Buy rating with a $25 target following developments in optical connectivity.
Aeluma has also appointed Christiane Poblenz as Vice President of Materials Operations to oversee scaling of wafer production. She previously held a leadership role at Kyocera SLDLaser.