MeritValue

Aeluma, Inc.

ALMUdata completeness 88%5 fiscal years on file
The thesis, from the filings

Aeluma, Inc. earns about -248% on invested capital, but has diluted owners by 2249% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2020FY 2022FY 2023FY 2024FY 2025
Revenue——$193,3391$919,0002$4.67M2
Net income−$13,4703−$3.45M4−$5.38M5−$4.56M6−$3.02M6
Operating cash flow−$1,3777−$2.25M8−$3.64M9−$3.46M10−$1.15M10
Capital expenditure——$590,04311$322,00012$161,00012
Free cash flow (derived)——−$4.23M9−$3.78M10−$1.31M10
Total debt—————
Cash & equivalents$38,30213$3.74M13$5.07M14$1.29M15$3.63M15
Diluted shares560,58610.7M11.4M12.3M13.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$13.59
your share of equity
Profit it earned you last year
−$2.29
Free cash flow it threw off
−$0.99
Debt you’d be carrying
—

10 shares is a claim on $13.59 of net worth that earned you −$2.29 and generated −$0.99 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-248% avg · 5y
FY20 —FY22 -200%FY23 -409%FY24 -366%FY25 -17%

It earned an average -248% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+2249% shares · 5y

Share count is up 2249% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2023-06-30 · accession 0001213900-24-082694 (Revenues)
  2. 10-K · period ending 2024-06-30 · accession 0001213900-25-086227 (Revenues)
  3. 10-K · period ending 2020-12-31 · accession 0001213900-22-059543 (NetIncomeLoss)
  4. 10-K · period ending 2022-06-30 · accession 0001213900-23-078910 (NetIncomeLoss)
  5. 10-K · period ending 2023-06-30 · accession 0001213900-24-082694 (NetIncomeLoss)
  6. 10-K · period ending 2024-06-30 · accession 0001213900-25-086227 (NetIncomeLoss)
  7. 10-K · period ending 2020-12-31 · accession 0001213900-22-059543 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-06-30 · accession 0001213900-23-078910 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-06-30 · accession 0001213900-24-082694 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-06-30 · accession 0001213900-25-086227 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-06-30 · accession 0001213900-24-082694 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-06-30 · accession 0001213900-25-086227 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2020-12-31 · accession 0001213900-22-059543 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-06-30 · accession 0001213900-24-082694 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-06-30 · accession 0001213900-25-086227 (CashAndCashEquivalentsAtCarryingValue)