Aeluma Reported First Ever Revenue Following Deliveries to Multiple Customers

GOLETA, CA / ACCESSWIRE / October 3, 2023 / Aeluma, Inc. (OTCQB:ALMU), a semiconductor company specializing in scalable, cost-effective technologies for LiDAR (light detection and ranging), communication, and sensing, announced today that it has recognized revenue in its fourth fiscal quarter ended June 30, 2023, as was reported in the 10-K filed on September 25, 2023. The revenue reported was generated from multiple customers for small-volume orders and development projects.

Aeluma is working to commercialize its cutting-edge semiconductor chip technology for a variety of markets including automotive LiDAR, mobile, defense & aerospace, AR/VR, AI, and communication. Earlier this year, the company announced it began sampling its large diameter wafer compatible photodetectors with a Tier-1 automotive supplier.

"The automotive LiDAR market continues to be a fast moving market that demands technology to meet scale and cost requirements," said Aeluma Founder and CEO, Jonathan Klamkin, Ph.D. "We believe our technology can satisfy these requirements, and we are seeing a dramatic increase in the request for LiDAR by automakers."

Aeluma continues to make significant progress toward marketing its solution to the industry, including sampling to the automotive market. The engineering samples delivered to a Tier-1 customer were produced with the company's large-diameter wafer platform, which is compatible with mass market foundry manufacturing suited for volume scaling and cost reduction. Milestones such as these enable potential customers to evaluate Aeluma's technology and provide performance validation from third parties.

"Recognizing Aeluma's first ever revenue is an important step in our development as a company," said Dr. Klamkin. "Our dedicated team has met many objectives to achieve this and set the stage for future growth. Achieving these revenues after only a little more than two years from our initial private placement financing is a testament to our ability to deliver on technical and business fronts. With interest in our technology growing, we continue to bid on contracts and provide budgetary quotations to potential customers."

Aeluma has established a unique semiconductor manufacturing capability in Santa Barbara, California. With its proprietary technology that combines compound semiconductor nanomaterials with mass market semiconductor manufacturing, Aeluma is developing products that could offer high-performance and low-cost solutions for emerging markets. Key to Aeluma's disruptive technology is the ability to manufacture its semiconductor chips on up to 12-inch Silicon substrates, which can scale and be mass produced, thereby potentially reducing the cost of chips dramatically.