Bull case
Aeluma is well-positioned in the semiconductor industry due to its advanced compound semiconductor platform that is already addressing challenges faced by companies like NVIDIA. The company has strong strategic relationships, including a recent investment from NVIDIA, and its wafer-scale manufacturing capabilities give it a competitive advantage. With strong momentum in data center and defense applications, and a potentially transformative opportunity in the mobile market, Aeluma's growing clarity around customer requirements and disciplined operational scaling makes it a promising investment opportunity. The recent addition of experienced hires and investments in cost accounting, IT, and HR infrastructure further support the company's long-term potential and we reiterate our Buy rating and $25 PT. However, like any early-stage company, there are risks associated with technology adoption, manufacturing scalability, commercialization, and execution that investors should be aware of.