Seeking Alpha issued a Sell rating for Aeluma, Inc. (ALMU) on August 19, 2026. The report sets a fair value share price between $3 and $4. This target represents a significant decline from the recent trading price of $18.05.
The analysis highlights a recent cut to revenue guidance and a sharp decline in profitability. Gross margins fell from 67% to 36.7% year-over-year for the nine months ending March 31, 2026.
Stock-based compensation reached 83% of total revenue. The company also increased its share count by 50% over the last 18 months.
The report further cautioned that a recent letter of intent for CHIPS Act funding is not yet a definitive award.