Q2 2026 Aeluma Inc Earnings Call [BACKUP]

February 11, 2026

Jonathan Klamkin: held leadership roles at SCD.USA Infrared, one of the largest suppliers of infrared sensors, and Princeton Lightwave, where he launched commercial laser and biomedical detector products. Bush is the perfect fit for Aeluma at this stage, when we are seeing increasing requests for quotation and have begun taking sales orders. While initial orders are relatively small in value, this marks an important milestone toward broader market adoption. Bush has a track record of taking technology to product, driving market adoption, and growing revenue. He will accelerate our go-to-market strategy, building on the significant customer traction achieved to date. In addition to Bush's appointment, we added experienced leadership and technical talent across supply chain and engineering. These other key appointments have strengthened our manufacturing partner relationships as we increase operations with foundries. Chips are yielding and performing as we qualify our processes for target markets.

Jonathan Klamkin: We will continue to expand the team and also evaluate strategic opportunities to accelerate our growth. Earlier, we announced a win with NASA to invest further in our platform for quantum photonics. We also received additional contract funding to integrate quantum dot lasers directly into the AIM Photonics 300 millimeter silicon photonics platform. This technology could be a game changer for the photonics industry across AI, data centers, sensing, and quantum. Additionally, we received several award notices recently for later-stage R&D efforts and transition opportunities, reinforcing confidence in Aeluma's technology and expectations for additional contracts this year. In January, our team was very active at the SPIE Photonics West Technical Conference and Exhibition. A presentation was delivered that showcased our scalable semiconductor platform for quantum. To provide color, Aeluma is a technology company and not a system integrator.

Jonathan Klamkin: However, we believe our platform has more potential than those developed by major quantum system companies. Compared to alternatives such as lithium niobate or barium titanate, Aeluma's heterogeneous integration on silicon may provide the path forward to scalable quantum photonic systems. Our booth at the exhibition was also busy. We held important meetings with existing customers and partners, and also discussed Aeluma's technology with many new leads across key markets. Important people came to see Aeluma. The word is out, and the buzz continues to grow. We were visited by individuals from the mobile market, the data center market, the defense market, and the quantum market, among others. We also took another step to deepen our presence in defense and commercial markets with admission to the Midwest Microelectronics Consortium, or MMEC, in November.

Jonathan Klamkin: This is a key hub within the Department of Defense's Microelectronics Commons, which is focused on transitioning critical technologies from the lab into domestic manufacturing. Hub themes directly align with Aeluma's technology, which addresses AI hardware, electronic warfare, quantum, and infrared sensing. Simply put, the MMEC expands our reach while reaffirming our role in future-proofing America's leadership in semiconductors. External recognition continued, with Aeluma being named a 2025 Leap Award winner for Advanced Materials Innovation. This award recognized our wafer-scale SWIR photodetector platform and highlights the competitive advantage of combining best-in-class materials with scalable manufacturing. Importantly, this independent validation enhances our credibility and relevance across multiple high-growth markets. At the same time, we continue to strengthen the foundation of our business. We expanded our patent portfolio to 35 issued and pending patents.

Jonathan Klamkin: Our mindset is to leave no stone unturned when it comes to establishing a footprint in our target markets. Taken together, these achievements underscore clear themes. Momentum is building, visibility is rising, engagement is translating into opportunity. The time is now to capitalize on our progress and the growing market horizon, and to pursue strategic opportunities to accelerate our path to commercialization. As we move through fiscal 2026, we remain intensely focused on commercialization and on delivering long-term value. Now, I'll turn the call over to our CFO, Chris Stewart, to discuss the financials.

Chris Stewart: Thanks, Jonathan. Moving on to our fiscal Q2 2026 financial results. Revenue was $1.3 million, compared to $1.6 million in the Q2 of last year, fiscal 2025, and $1.4 million in the Q1 of fiscal 2026. Our government R&D contracts were the principal source of revenue for the quarter, and as we have discussed previously, quarter-to-quarter revenue can vary based on the timing of meeting program milestones.... It's important to highlight the strategic nature of these programs. Government development contracts provide non-dilutive funding for our R&D investments and serve as ongoing technical validation of our platform by prospective government customers. Going forward, we will continue to pursue strategic government programs that can meaningfully accelerate commercialization opportunities.

Colliers.

You should read sensors and Princeton lightweight.

Commercial laser.

Sure and biomedical detector products.

Is the perfect fit for <unk> at this stage when we receive an increasing request for quotation and have begun taking sales orders.

While initial orders are relatively small in value. This marked an important milestone toward broader market adoption.

<unk> has a track record of picking technology to product driving market adoption and growing revenue.

He will accelerate our go to market strategy building on the significant customer traction achieved to date.

In addition to Bush's appointment, we added experienced leadership and technical talent across supply chain and engineering.

Chris Stewart: GAAP net loss for the quarter was $1.9 million, or 11 cents per basic and diluted share, compared to a net loss of $2.9 million, or 24 cents per share in the prior period, in the prior year period, and a net loss of $1.5 million, or 9 cents per share in the sequential prior quarter. The lower year-over-year net loss was primarily due to a non-recurring $3 million charge for a change in the fair value of derivative liabilities that we recorded in the quarter ended 31 December 2024. This was partially offset by higher salaries, stock-based compensation, and employee-related costs associated with increasing our headcount to strategically expand our business and scale our operations. The sequential increase in net loss was driven by higher R&D-related expense, partially offset by lower SG&A expense.

These other key appointments have strengthened our manufacturing partner relationships as we increase operations with foundries.

Chips are yielding and performing as we qualify our processes for target markets. We.

We will continue to expand the team and also evaluate strategic opportunities to accelerate our growth.

Earlier, we announced a win with NASA to invest further in our platform for quantum photonics.

We also received additional contract funding to integrate quantum dot lasers directly into the aim photonics 300 millimeter silicon photonics platform.

This technology could be a game changer for the photonics industry across AI data centers sensing and quantum.

Additionally, we received several award notices recently for later stage R&D efforts and transition opportunities.

Chris Stewart: Adjusted EBITDA loss for the quarter was $917,000, compared to a gain of $647,000 in the same period last year, and a loss of $450,000 in the first quarter of this year. We closed the quarter with a strong balance sheet, including $38.6 million in cash and cash equivalents, an increase of $425,000 from the close of the September quarter, primarily due to the receipt of $690,000 from the exercise warrants that were issued as part of our March 2025 NASDAQ uplisting and financing. Related to the warrant exercise, we issued 124,415 shares of common stock.

Reinforcing confidence in aluminum technology and expectations for additional contracts this year.

In January our team was very active at the Spi Photonics West Technical conference and exhibition.

Our presentation was delivered that showcased our scalable semiconductor platform for quantum.

To provide color alumina as a technology company and not a system integrator. However, we believe our platform has more potential than those developed by major quantum system.

Compared to alternatives, such as lithium niobate or berrien tightened need alumina is heterogeneous integration on silicon may provide the path forward to scalable quantum photonic systems.

Chris Stewart: Currently, we have no long-term debt, and we intend to continue to operate in a disciplined, capital-efficient manner while ensuring that Aeluma is appropriately positioned to execute on our strategic plans and capitalize on the opportunities to create value for our shareholders. Last week, we took a proactive step in filing a post-effective amendment with the SEC to consolidate several existing S-1 registration statements that were currently on file. No new shares were registered in connection with this filing. This consolidation just streamlines our reporting requirements and reduces administrative costs going forward. Turning to guidance for the full fiscal year of 2026, we continue to expect revenue in the range of $4 to 6 million. Our execution is progressing according to the plans discussed on our last two quarterly calls. We have strengthened our organization with key additions across our go-to-market and operations teams.

Our booth at the exhibition was also busy.

We held important meetings with existing customers and partners and also discuss the Illumina technology with many new leads across key markets.

Important people came to see alumina.

The word is out and the buzz continues to grow.

We were visited by individuals from the mobile market the data center market, the defense market and the quantum market among others.

We also took another step to deepen our presence in defense and commercial markets with admission to the Midwest Microelectronics consortium for MMC in November.

This is a key hub within the department of Wars, Microelectronics Commons, which is focused on transitioning critical technologies from the lab into domestic manufacturing.

Chris Stewart: We are ramping fab runs and continuing to increase our manufacturing readiness. As Jonathan mentioned, we're receiving an increasing number of requests for price quotations and have begun taking initial sales orders for product shipments. While near-term revenue from these orders is expected to be modest, we do believe it's an important milestone and provides another indication of market interest in our technology. With that, I'll turn the call back over to Jonathan for his closing remarks before we open the call to your questions.

Hub themes directly aligned with the luminous technology, which addresses AI hardware electronic warfare quantum and infrared sensing simply.

Simply put the MMC expands our reach while reaffirming our role in future Proofing America's leadership in semiconductors.

External recognition continued with the luma being named a 2025 Leap award winner for advanced materials innovation.

Jonathan Klamkin: Thank you, Chris. To summarize, this quarter reinforced that Aeluma is gaining traction and momentum. We continue to execute our strategic priorities, strengthen our technical foundation, accelerate our go-to-market plan, and expand operations to scale. As we move through the year, we remain laser-focused on converting this momentum into customer programs and transitioning to commercialization. I want to thank our incredible team for their hard work and dedication, and I want to thank all of you for your unwavering support and enthusiasm. Operator, you can now open the call for questions.

This award recognized our wafers wafer scale sphere photo detector platform and highlights the competitive advantage of combining best in class materials with scalable manufacturing.

Importantly, this independent validation enhances our credibility and relevance across multiple high growth markets.

At the same time, we continued to strengthen the foundation of our business we.

We expanded our patent portfolio to 35 issued and pending patents.

Our mindset is to leave no stone unturned when it comes to establishing a footprint in our target markets.

Operator: Thank you. We will now begin the question-and-answer session. To ask a question, you may press star, then one on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then two. The first question will come from Richard Shannon with Craig-Hallum. Please go ahead.

Taken together these achievements underscore clear themes <unk>.

Momentum is building visibility is rising engagement is translating into opportunity.

The time is now to capitalize on our progress and the growing market horizon and to pursue strategic opportunities to accelerate our path to commercialization.

As we move through fiscal 2026, we remain intensely focused on commercialization and on delivering long term value.

Richard Shannon: Hi, this is Tyler on for Richard Shannon. I was wondering, what are the end markets that you're getting sales orders for?

Now I'll turn the call over to our CFO, Chris Stewart to discuss the financials.

Jonathan Klamkin: Thanks, Tyler, for the question. As it relates to sales or engagements, we're not sharing specific customer or product information at this time. The small flurry of pricing inquiries and initial sales orders is an important milestone, but the sales orders are relatively small in value. Certainly a step forward toward broad market adoption. But we do believe that our plan to initially focus on mobile, AI, and defense has provided us sort of the right balance of early adopters, small volume early adopters, and disruptive large volume opportunities. And, you know, a good way to get to large orders is to first win some small sales orders, and that's exactly what's happening for us right now.

Jonathan moving onto our fiscal second quarter 2026 financial results revenue was $1 3 million.

Compared to $1 6 million in the second quarter of last year fiscal 2025, and $1 4 million in the first quarter of fiscal 2020.

Our government R&D contracts, where were the principal source of revenue for the quarter and as we have discussed previously quarter to quarter revenue can vary based on the timing of meeting program milestones it.

It is important to highlight the strategic nature of these programs government development contracts provide non dilutive funding for our R&D investments and serve as ongoing technical.

Technical validation of our platform by prospective government customers.

Going forward, we will continue to pursue strategic government programs that can meaningfully accelerate commercialization opportunities.

Richard Shannon: Awesome. That's, that's great to hear. And then you mentioned quantum photonics. I was just wondering, is this for receiving or operations or routing or, or sending?

GAAP net loss for the quarter was $1 9 million or <unk> 11 per basic and diluted share compared to a net loss of $2 9 million or <unk> 24 per share in the prior period in the prior year period, and a net loss of $1 5 million or <unk> <unk> per share in the.

[Analyst] (Craig-Hallum): ... of quantum, of photons, essentially?

Richard Shannon: ... of quantum, of photons, essentially?

Jonathan Klamkin: In the near term, the work that we're doing is primarily for generating photons. There's significant interest in working with Aeluma to build out an entire platform that could do everything from generate photons, route photons, process, and detect photons with our single photon detector technology. But in the near term, we've been doing sort of foundational work to develop a platform to integrate these highly nonlinear materials on large diameter substrates. So we've done that on small substrates, we've done that on 200mm substrates, and we're working with some partners now to scale that to 300mm substrates.

Prior quarter.

The lower year over year net loss was primarily due to a nonrecurring $3 million charge for a change in the fair value of derivative liabilities that we recorded in the quarter ended December 31 2024.

This was partially offset by higher salaries stock based compensation and employee related costs associated with increasing our head count to strategically expand our business and scale our operations.

The sequential increase in net loss was driven by higher R&D related expense, partially offset by lower SG&A expense.

Adjusted EBITDA loss for the quarter was $917000 compared to a gain of 647000 in the same period last year and a loss of 450000.

[Analyst] (Craig-Hallum): And then just one last one to expand on that. Is this pairs or single photons?

Richard Shannon: And then just one last one to expand on that. Is this pairs or single photons?

Jonathan Klamkin: Well, primarily pairs.

[Analyst] (Craig-Hallum): Got it. Thank you. Appreciate it.

Richard Shannon: Got it. Thank you. Appreciate it.

In the first quarter of this year.

We closed the quarter with a strong balance sheet, including $38 6 million in cash and cash equivalents, an increase of 425000 from the close of the September quarter, primarily due to the risk of.

Operator: The next question will come from David Williams with Benchmark. Please go ahead.

David Williams: Hey, Jonathan, Chris, thank you, gentlemen, for taking the questions. Certainly appreciate it, and congrats on the continued progress here. And maybe first, just kind of following on to Tyler's first question about the sales orders. And I know it-- you're not commenting maybe on the end markets, but is there a way to kind of think about maybe the number that you're seeing there in terms of the magnitude of how many customers are actively engaging on that side? And then maybe what are those orders for? You talked about them being small, so I'm assuming they're samples, but are these programs that you think can move into volume scale over time? Or maybe just any more color around those sales would be helpful. Thank you.

$692000 from the extra sovereigns that were issued as part of our March 2025, NASDAQ uplifting enhancing.

Related to the warrant exercise, we issued 124415 shares of common stock.

Currently we have no long term debt and we intend to continue to operate in a disciplined capital efficient manner.

Ensuring that illumina is appropriately positioned to execute on our strategic plans and capitalize on the opportunities to create value for our shareholders.

Last week, we took a proactive step in filing a post effective amendment with the SEC to consolidate several existing S. One registration statements that were currently on file no new shares were registered in connection with this filing this consolidation just streamlines, our reporting requirements and reduces administrative cost.

Jonathan Klamkin: So price inquiries are coming from a multitude of markets. We sort of mentioned our key markets, so it's coming from more than one of mobile, AI data centers, defense, and quantum. And what I can say is that there's multiple price quotations out there, multiple sales orders coming in, relatively small in size. So we're not increasing our revenue guidance for this year at the time. But we see these as a very important milestone because as more and more requests come in, others follow. So outside of sort of the business-to-business marketing that we do, people are finding out about our technology and what we're building and sending us requests.

Going forward.

Turning to guidance for the full fiscal year of 2026, we continue to expect revenue in the range of $4 million to $6 million.

Our execution is progressing according to the plans discussed on our last two quarterly calls we.

We have strengthened our organization with key additions across our go to market and operation teams were ramping fab runs and continuing to increase our manufacturing readiness as Jonathan mentioned, we are receiving an increasing number of requests for price quotations and began taking initial sales orders or product shipments.

While near term revenue from these orders is expected to be modest we do believe it's an important milestone and provides another indication of market interest in our technology.

Jonathan Klamkin: We do expect this to grow over time, and we'll likely report on it in future quarterly calls. But at this time, what I can say is that our strategy to focus on defense, mobile, AI data centers, and longer term opportunities in quantum seems to be coming to fruition now.

With that I'll turn the call back over to Jonathan for his closing remarks before we open the call to your questions.

Thank you Chris.

To summarize this quarter reinforced that illumina is gaining traction and momentum we continue to execute our strategic priorities strengthen our technical foundation accelerate our go to market plan and expand operations to scale.

David Williams: Yeah. Yeah, certainly appreciate the color there. And then maybe secondly, just stepping back, and you talked about SWIR and mobile and the supply chains kind of ramping to adopt that. Can you talk about maybe where you intercept that generation in terms of builds? And is this something we could see this year, or maybe have some indication of a pathway to that adoption for next year, in terms of that SWIR on the mobile side? Thank you.

As we move through the year, we remain laser focused on converting this momentum into customer programs and transitioning to commercialization.

I want to thank our incredible team for their hard work and dedication and I want to thank all of you for your unwavering support and enthusiasm.

Jonathan Klamkin: Thanks, David. I can't comment on timeline at this moment. But SWIR, as I said, in my remarks, has been around for decades in applications like, you know, defense, night vision, industrial applications, machine vision. And it is the InGaAs technology that Aeluma developed is the best SWIR technology because of its performance. It just doesn't scale when it's made the sort of conventional way. Otherwise, it would make its way into consumer electronics. There's a lot of benefits for consumer applications. Shortwave infrared offers low solar interference, improved eye safety. And what I can say is that the mobile industry is positioning to adopt SWIR for future generation products.

Operator, you can now open the call for questions.

Thank you we will now begin the question and answer session to ask a question you May Press Star then one on your Touchtone phone. If you are using a speakerphone. Please pick up your handset before pressing the keys.

If at any time. Your question has been addressed and you would like to withdraw your question. Please press Star then two.

The first question will come from Richard Shannon with Craig Hallum. Please go ahead.

Hi, This is Tyler on for Richard Shannon.

I was wondering what are the end marks and markets that you're getting sales orders for <unk>.

Thanks, Tyler for the question.

As it relates to sales or engagements, we're not sharing specific customer or product information at this time.

The small flurry of pricing inquiries in an initial sales orders is an important milestone, but the sales orders are relatively small in value.

Jonathan Klamkin: So what we see happening is what once went from interest in our technology, the industry is gearing up the supply chain for that market. Other than that, I can't comment on timeline at this moment.

Certainly a step forward towards broad market adoption.

Adoption, but we do believe that our plan to initially focus on mobile AI and defense has provided us sort of the right balance of early adopters small volume or early adopters and disruptive large volume opportunities.

David Williams: No, that's certainly encouraging. It sounds like if they're gearing up the supply chain, it sounds like there's something, maybe more solid that's coming down the pipeline that you might be able to announce in the future. Is that kind of fair to think that that is the case?

And a good way to to get the large orders as the first win some small sales orders and thats exactly whats happening for us right now.

Jonathan Klamkin: Yeah, we feel like the plan to adopt SWIR for consumer markets is solidifying. It, it's not just an interest at this stage.

Awesome, that's great to hear and then you mentioned quantum Photonics I was just wondering is this for receiving or operations of routing or are sending us.

David Williams: Okay, fantastic. That's really, really nice to hear. And then maybe just, lastly here, if I can: you talked about some pursuing some strategic opportunities really as you move to commercialization. And in the past, you've talked about potentially licensing deals on the mobile side. So I guess maybe, can you speak a little bit about those strategic opportunities that you mentioned in the script? And then, also on the manufacturing side, do you feel like you have the sufficient volume to meet what you see coming down the pipe over the next, say, 12 to 24 months?

<unk>.

Photons essentially.

In the near term.

The work that we're doing is primarily for generating photons there is significant interest in.

And working with <unk> to build out an entire platform that can do everything from generate photons route photons process and detect photons.

With our single photon detector technologies, but in the near term we have been doing sort of foundational work to develop a platform to integrate these highly nonlinear materials on large diameter substrates. So we've done that on small substrates. We've done that on 200 millimeter substrates and we're working with some partners now.

Jonathan Klamkin: ... Thanks, David. That's a great question. On supply chain, as you know, and we've discussed this on prior calls, we have a number of supply chain partners, fab partners, materials partners, packaging, integration, and other supply chain partners. And for every partner, or area, there's multiple providers and paths. And some paths are better suited for very large volume markets. Some paths are better suited for the smaller volume markets, such as defense. We haven't shared details of the supply chain at this time, but we hope to in the future. And in terms of strategic opportunities, yes, for any one of the market opportunities that we speak of, whether it's mobile, AI data centers, or defense, we're always looking at more than one way to get our technology to market, to enable market adoption.

Two to scale back the 300 millimeter substrates.

And then just one last one to expand on this.

Pairs or single photons.

Well primarily pairs.

Got it. Thank you appreciate it.

The next question will come from David Williams with benchmark. Please go ahead.

Hey, Jonathan Thank you gentlemen for taking the question certainly appreciate it.

Congrats on the continued progress here and maybe first just kind of following on Tyler first question about the sales orders and I know youre.

Jonathan Klamkin: Whether that be us leading the manufacturing supply with our supply chain partners or transferring process to mature manufacturers and licensing. Nothing specific to say at this time, but we look at all opportunities possible to get our technology into market. And how our technology makes its way into these different markets might look different for mobile versus defense and so on.

Youre not commenting maybe on the end markets, but is there a way to kind of think about maybe the number that youre seeing there in terms of the magnitude of how many customers are actively engaging on that side and then maybe what are those orders for you're talking about them being small so I'm assuming their samples but are these are these programs do you think.

Can can move into volume scale over time, or maybe just any more color around those sales would be helpful. Thank you.

Yes.

David Williams: Great. Well, congratulations again. It's certainly great to hear the progress and looking forward to seeing your success. Thank you.

So price increase coming from a multitude of markets.

Jonathan Klamkin: Thank you, David.

We sort of mentioned our key markets. So it's coming from more than one of.

Operator: The next question will come from Tim Savageeau with Northland Capital Markets. Please go ahead.

Mobile.

AI data centers.

Defense and.

Quantum.

Tim Savageaux: Hey, good afternoon. The question more focused on the AI infrastructure side. I think last quarter you mentioned, you know, indications of demand accelerating kind of across the ecosystem and that driving some acceleration in activities on your part. And I think if anything, you know, over the last week or two, we've seen in reports from some of the larger players in the space, maybe indications of increased acceleration across the device and optical module side. You know, I wonder if that, in turn, you know, has led to some further degree of acceleration in what you're seeing in terms of AI infrastructure opportunities. It seems like your management addition, you know, might speak to that, but if you had any more color on that front, kind of at a higher level, that'd be great.

And.

What I can say is that there is multiple price quotations out there multiple sales orders coming in relatively small in size.

We're not increasing our revenue guidance for this year at the time.

But we see these as a very important milestone because.

As more and more requests come in.

Others follow so outside.

Outside of sort of the business to business marketing that we do people are finding out about our technology and what we're building.

And sending us requests. So we do expect this to grow over time and will likely report on in future quarterly calls, but at this time, what I can say is bad.

Our our straw.

Our strategy to focus on defense mobile AI data centers and longer term opportunities in quantum seems to be coming to fruition now.

Jonathan Klamkin: Yes, and I think you were alluding, Tim, to some supply chain issues. Whether it be sort of turning on capacity for components that are in high demand, or substrate supply that's required to produce the epi wafers. There are a multitude of interesting opportunities for us, and the number of inquiries coming in from that space really grows by the day, in part because of supply chain issues, because of demand and supply not being there or not being turned on at the moment. We've talked about quantum dot lasers and integrated with silicon. That's a little bit more long term for us. What is very near term is helping meet the demand of other components, like high-speed detectors, that are applicable across a variety of use cases.

Yes, yes, certainly appreciate the color there.

And then maybe secondly, just stepping back and you talked about square in mobile and the supply chain is kind of ramping to adopt that can you talk about maybe where you intercept that generation in terms of build and is this is this something we could see this year or maybe you have some indication of a pathway to that adoption for <unk>.

Next year in <unk>.

We are on the mobile side. Thank you.

Thanks, David I can't comment on timeline.

At this moment.

But we're as I said.

In my remarks has been around for decades in applications like <unk>.

Defense Night vision and industrial applications machine vision.

And it is.

Jonathan Klamkin: So as you know, the industry refers to slow and wide for scale-out, narrow and fast for scale-up. In a multitude of cases, whether it be EMLs or silicon photonics transceivers or VCSELs, and whether it's pluggables or a transition to NPO and eventually co-packaged optics, the system integrators and hyperscalers need high-performance components, higher speed, lower power consumption, and the cost requirement needs to be met. What's very interesting is that we've been developing this high-speed detector technology for some defense customers, and now people are asking us specifically for some of these slow and wide detectors and detector arrays, or very high speed InGaAs detectors to enable certain wavelengths and to enable EML or silicon photonics transceivers.

The <unk> technology that alumina develop.

It is the best <unk> technology because of its.

It's performance.

It just doesn't scale when it's made the sort of conventional way.

Otherwise it would make its way into consumer electronics, there is a lot of benefits for consumer applications.

Shortwave infrared offers low solar interference improved the ICT.

And what I can say is that the mobile industry is positioning to adopt weird for future generation products and so what we see happening is what one went from interest in our technology.

The industry is gearing up the supply chain.

For that market other than that I can't comment on on timeline at this moment.

Okay.

Sure.

That's certainly encouraging and it sounds like if they're if they're gearing up the supply chain it sounds like Theres something maybe more.

Jonathan Klamkin: So there appears to be a bottleneck in the industry for some of these high-performance components. We hear all the time from the system integrators that they're looking at high-speed modulator technology, thin-film lithium niobate. I think the laser bottleneck is not something we're going to pursue in the near term because there are many component providers that can build the lasers that are needed. Meeting the price requirement is gonna be a challenge, but high-speed modulators and high-speed detectors, there's an opportunity there, and our focus is on high-speed detectors for a few different formats and data centers.

Solid this coming down the pipeline that you might be able to announce in the future that is that kind of fair to think that that is the case.

Yes, we feel like the plan to adopt weird for consumer markets is solidifying its not just an interest at this stage.

Okay Fantastic, that's really really nice to hear.

And then maybe just lastly here if I can you talked about some pursuing some strategic opportunities really as you move to commercialization and in the past you've talked about potentially licensing deals on mobile side. So I guess, maybe can you speak a little bit about that was strategic opportunities that you mentioned in the script and then also on the menu.

Tim Savageaux: Great. Just to follow up on that, I mean, a lot, at least of the indication of demand strength, separate from what's happening supply-wise, is coming at a kind of higher speed, you know, rates for mostly for modules, but maybe some co-packaged stuff as well, at 1.6 terabit. I mean, how is the company positioned to address those type of opportunities?

Factoring side do you feel like you have the sufficient volume to meet what you see coming down the pipe over the next say.

12 to 24 months.

Alright, Thanks, David that's a great question on supply chain.

As you know and we've discussed this on prior calls.

Jonathan Klamkin: Very well, and that's one of our top priorities for the data center markets. We've been developing high-speed detectors. It's a fairly similar platform to the detector platform that we've developed for image sensors. Similar materials, slightly different epi specs, slightly different fab flows to enable the high speed. And we've got, you know, some of the world's leading experts in high-speed detectors, 50GHz, 100GHz bandwidth and beyond. And that's exactly what we're doing right now. We're taking our platform that we developed for a government customer for the 10 and 25 gig data rates, and now expanding it to even higher speeds for some of those applications, whether it be 200G VCSELs or EML links at 200G.

We have a number of supply chain partners.

Fab partners materials partners packaging integration and other supply chain partners and for every partner.

Or area Theres multiple providers and paths and some paths are better suited for very large voguing markets. Some perhaps are better suited for the smaller volume of markets.

Such as defense.

We haven't shared details of the supply chain at this time, but we hope to in the future and in terms of strategic opportunities, yes for any one of the market opportunities that we speak up whether it's mobile AI data centers or defense, we're always looking at more than one way to get our technology to mark.

<unk> to enable market adoption, whether that be us.

Tim Savageaux: Great. Thanks very much.

Leading the manufacturing supplier with our supply chain partners or transferring process to mature manufacturers and in licensing.

Jonathan Klamkin: Thank you.

Operator: Thanks, Tim. Thanks for joining the call. This concludes our question and answer session. I would like to turn the conference back over to Mr. Jonathan Klamkin for any closing remarks.

Chris Stewart: Thanks, Tim. Thanks for joining the call.

Operator: This concludes our question and answer session. I would like to turn the conference back over to Mr. Jonathan Klamkin for any closing remarks.

Nothing specific to say at this time, but we look at all opportunities are possible to get our technology into market and and.

Jonathan Klamkin: Thank you for joining our call today. We look forward to connecting in the future. Wish you a great day.

And how our technology makes its way into these different markets might look different for mobile versus defense and so on.

Operator: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

Great well congratulations again, it's certainly great to hear the progress and looking forward to seeing your success. Thank you.

Thank you David.

The next question will come from Tim <unk> with Northland Capital markets. Please go ahead.

Hey, good afternoon. The question more focused on the infrastructure side.

Last quarter you mentioned.

Indications of demand accelerating kind of across the.

The ecosystem and that driving some acceleration in activities on your part.

But I think if anything over the last week or two we've seen.

And reports from some of the larger players in the space, maybe indications of increased acceleration across the.

Device and optical module side.

I wonder if that in turn.

And that's led to some further degree of acceleration in what Youre seeing in terms of AI infrastructure opportunities.

It seems like your management addition might speak to that but if you had any more color on that front kind of at a higher level that would be great.

Yes.

And I think you were alluding Tim too.

To some supply chain issues, whether it would be.

Sort of turning on capacity for components that are in high demand.

Or substrate supply that's required to produce the <unk> wafers. There are a multitude of interesting opportunities for us and the number of inquiries coming in from that space really grows by the day.

In part because.

Of supply chain issues, because of demand and supply not being there or not being turned on at the moment.

We've talked about quantum dot lasers and integrated with silicon.

That's a little bit more long term for us what is very near term is helping meet the demand of other components like high speed detectors that are applicable across a variety of use cases. So as you as you know the industry refers to slow and wide for.

Scale out narrow and fast for scale up.

In.

A multitude of pieces, whether it be emails or silicon photonics, transceivers, our <unk> and whether it's plausible or transitioned to <unk> and eventually co packaged topics.

The system integrators, and Hyperscale Theres need high performance components higher speed lower power consumption.

And the cost.

Requirement needs to be met.

And what's very interesting is that we've been developing this high speed detector technology for some defense customers and now people are asking us specifically for some of these slow and wide detectors and detector rates or very high speed in guests detectors to enable certain wavelengths and to enable <unk>.

<unk> Silicon Photonics Transceivers.

So there appears to be a bottleneck in the industry for some of these high performance components, we hear all the time from the system integrators.

They're looking at high speed modulator technology thin film lithium niobate I think.

Laser bottleneck is not something we're going to.

Pursue in the near term because there are many component providers that can build the lasers that are needed meeting the price requirement is going to be a challenge, but high speed modulators and high speed detectors Theres an opportunity there and our focus is on high speed detectors for a few different formats and data centers.

Great and just a follow up on that a lot of links to the indication of demand strength.

Separate from what's happening supply wise.

It is coming.

Higher speed.

Rates for mostly for modules, but maybe some some co pack and stuff as well.

One six Terabits I mean, how is how is the company positioned to address those type of opportunities.

It very well and.

That's one of our top priorities for the datacenter markets, we've been developing high speed detectors, it's a fairly similar platform to the detector platform that we've developed for image sensors.

Similar materials slightly different <unk> slightly different fab flows to enable the high speed.

We've got some of the world's leading experts in high speed detectors, 50 to 100 gigahertz bandwidth and beyond.

That's exactly what we're doing right now we're taking our platform that we developed for our government customer for the 10 and 25 gig.

Data rates and now expanding it to even higher speeds for some of those applications, whether it be 200 <unk>.

Or email link 200 G.

Great. Thanks very much.

Thank you Suzanne.

Joining the call.

This concludes our question and answer session I would like to turn the conference back over to Mr. Jonathan <unk> for any closing remarks.

Thank you for joining our call today, we look forward to connecting in the future wish you a great day.

The conference has now concluded. Thank you for attending today's presentation you may now disconnect.

[music].

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