Aeluma, Inc.

Good day, and thank you for standing by. Welcome to Illuma's fourth quarter and full fiscal year 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. Please be advised that today's conference call is being recorded. At this time, I would like to turn the call over to Tony Rossi, investor relations for Illuma. Please go ahead.

Thanks, Gary. Good afternoon and welcome to Aluma's fourth quarter in year-end 2025 earnings call. I'm here today with founder and CEO Jonathan Clampkin and CFO Christopher Stewart. Today's discussions and responses to questions may include forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. These risks and uncertainties are detailed in the earnings press release issued today, along with the reports filed with the United States Securities and Exchange Commission. These reports, along with today's earnings release, can be found under the Investors section of our website. Voluma assumes no obligation to update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this call. Throughout the discussion, the company will refer to non-GAAP financial measures, including EBITDA and adjusted EBITDA. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures is included in our earnings press release and SEC filings. Now I'll turn the call over to Illumis CEO, Jonathan Clampkin. Jonathan?

Thank you, Tony. I would like to begin by welcoming everyone to Illumis' first conference call as a NASDAQ-listed company. I would especially like to acknowledge our two new covering analysts, Richard Shannon from Craig Hallam and David Williams from Benchmark Equity Research. Thank you all for joining. I'm excited to highlight what our team accomplished in fiscal 2025 and the bright future we see ahead. I'm also excited to have our new CFO, Christopher Stewart, join me today on our conference call debut. By way of introduction, Chris brings over 20 years of financial leadership experience at high-growth technology companies. Chris has the strategic and financial perspective needed to scale Illuma through its next stage of growth. Let me begin by sharing that we have an incredibly successful year executing on our plan. We consistently perform on our R&D contracts while still having a relatively small team consisting primarily of R&D personnel. Looking ahead, with confidence in our technology's capabilities and relevance, we are building a critically important business development and go-to-market team to accelerate our engagements in target commercial markets. Interest in our technology has never been higher. We count 20 active engagements with prospective customers, including OEMs, Tier 1 and Tier 2 suppliers, system integrators, and chip manufacturers that are evaluating our technology for potential integration in future generation products. I believe that we are approaching an inflection point when our game-changing technology will be ready for commercial adoption, aligning with the growing demand for high-performance semiconductors across a wide array of applications and industries. For those new to the Illumistory, we started with a simple but powerful concept. Semiconductors are everywhere, and they can be better. We believed that if you could take the highest performance semiconductor materials and innovate ways to manufacture them at scale, the impact across industries would be transformational. This was no easy feat. The modern semiconductor industry has been around for over 70 years, and yet successfully scaling compound semiconductors, which are higher performing materials made from two or more elements, has remained elusive. Fast forward, following extensive R&D, 30 issued and pending patents, and the numerous trade secrets, our team has seemingly cracked the code. Our proprietary technology is sufficiently compelling that we have attracted key government agencies like DARPA, NASA, and the Navy to support us to advance these next-generation semiconductors for mission-critical applications. These partnerships have brought non-dilutive capital for strategic R&D that has enabled technical feasibility and provided market credibility. In this regard, the term dual-use technology comes to mind, addressing the demanding requirements for government or defense while also creating value in commercial markets. Developing technology for mission-driven systems and subsequently scaling it for commercial deployment is not a new concept, but it is core to our strategic approach. And until now, this commercial scaling of compound semiconductors has been rather limited. Leveraging our transformative technology, we have been purposefully bidding on R&D contracts to further innovation, grow our reputation, and advance our goal to commercialize in target markets. For example, we have been collaborating with the U.S. Navy to apply Illumiz Optical Interconnect technology to aircraft to help move large amounts of information quickly between sensors and onboard computers. This core technology is highly adaptable to data center interconnects for AI infrastructure, where it can enable high-speed transfer of massive data sets between compute nodes. In fact, we're engaged in discussions with several Tier 1 suppliers exploring the integration of our technology for AI infrastructure. We're also collaborating with the Department of Energy and the Navy to advance Illuma's imaging sensor technology for critical systems to enable them to see beyond what is visible to the human eye. Our technology not only meets their rigorous requirements, but it can also be adapted for broader applications in our target markets, including mobile devices, consumer electronics, industrial automation, robotics, and autonomous systems. Several Tier 1 suppliers and OEMs across these markets are actively evaluating our technology. To this end, we have attracted significant interest from prospective customers, and our pipeline of opportunity is growing. Several third parties have validated our technology through sample evaluations, and we have active engagements with 20 prospective customers. We expect our future business development team to advance these engagements across our funnel and to increase the pipeline to approximately double the number of commercial revenue growth opportunities over the next fiscal year. Here's how we size up the opportunity and how we are positioned to capitalize on it. We believe our technology is poised to become indispensable across the semiconductor industry. As one senior tech leader from a major tier one supplier put it, If Aluma succeeds, the entire industry will have to manufacture this way. That's the very definition of a disruptive technology, and Aluma has the platform to accelerate adoption across numerous markets. Based on market research and internal analysis, we estimate our SAM, the market segments that our technology addresses, could reach $4.9 billion by 2030, growing at a 48% compound annual growth rate from a base of $1 billion in 2026. Coming back to Illumistory. With substantial momentum in technology advancement, IP generation, supply chain development, and customer traction, we were ready for a bigger public stage. On March 28th, we announced both our uplisting to NASDAQ and the closing of an oversubscribed public offering with $13.8 million in gross proceeds to pursue significant growth opportunities we see in commercial markets. We are also proud to be an early advocate of restoring American leadership in semiconductors. In addition to the reshoring of semiconductors aimed at incentivizing increased U.S. semiconductor manufacturing, we believe it is critically important to protect American innovation, a core principle at Illuma, where from our headquarters in California, we have established a one-of-a-kind R&D and manufacturing capability. On May 1st, we rang the closing bell at NASDAQ to celebrate our uplisting. This was a proud milestone for our team, our board, and our shareholders. Building from this, we were recently added to the Russell 3000 Index and MSCI Global Micro Cap Index, providing additional visibility and opportunity as a public company, as well as increased liquidity for our trading partners. To summarize our strong financial position, we have $15.7 million in cash and cash equivalents, no debt, and a solid portfolio of contracts to support R&D and commercialization in fiscal 2026. With our capital life manufacturing model, we believe Aluma is positioned to scale quickly and effectively to address mass market opportunities. In our early days, we concentrated on building our IP portfolio and our R&D and manufacturing capabilities. Now that we have a strong foundation in place, we are expanding our business development capabilities to focus on commercial market opportunities. Our efforts in fiscal 2026 are aimed at establishing the foundation to transition from R&D revenue to commercial product revenue. We attracted new talent to our technical team, and we're fortunate to have Chris join our executive leadership. We recently ramped up wafer fabrication activities with our foundry partners and added equipment to support prototyping and test and validation. We are also seeing momentum building in defense and aerospace, data center interconnects for AI infrastructure, and mobile and consumer electronics, and markets with significant growth potential for Aluma. Our partnerships with government agencies continue to strengthen, and we recently announced New wins, including contracts with NASA, the U.S. Navy, and the Department of Energy. These programs will advance Illumis semiconductor platform for quantum systems, optical interconnects, and imaging sensors. We are also engaged directly with major defense tech companies that are evaluating our technology for mission-critical systems applications. We unveiled the manufacturing breakthrough in collaboration with Thor Labs, advancing quantum enabling capabilities with Illumis CMOS-compatible semiconductor platform, which is scalable to 300-millimeter wafers, today's industry standard used by leading semiconductor fests. This innovation supports commercial scalability and positions us to accelerate adoption of quantum systems. Beyond our ongoing R&D work with government agencies, we're actively engaged with a leading quantum company to explore integration of our technology. Tying it all together, Illumis technology is being considered for many of today's most exciting growth sectors. Shortwave infrared sensors for 3D imaging and health monitoring, optical interconnects that transmit data seamlessly using light, and quantum systems that will usher in a new era of high-performance computing. These are very exciting times, and Illuma is where the future is headed. Now, I'll turn the call over to our new CFO, Chris Stewart, to discuss the financials.