Aeluma (NASDAQ:ALMU) shares rose 7% to $13.42 in premarket trading on Tuesday after the company announced an agreement with Sumitomo Chemical Advanced Technologies to jointly develop and manufacture photonics wafers for the artificial intelligence data communications market.
Under the agreement, the companies will use Sumitomo Chemical Advanced Technologies’ existing metal-organic chemical vapour deposition, or MOCVD, infrastructure at its facility in Phoenix, Arizona.
The agreement also includes provisions for potential future manufacturing capacity expansion.
Agreement Builds on Previous Government Contract Work
Aeluma and Sumitomo Chemical Advanced Technologies had previously worked together through US government contract programmes, according to the supplied information.
The new agreement expands that relationship into the joint development and manufacturing of photonics wafers targeting AI data communications applications.
The announcement did not include financial terms, production volumes or a timetable for potential capacity expansion.
Aeluma Results Due September 16
Aeluma is scheduled to report its fiscal fourth-quarter and full-year 2026 financial results on September 16.
According to the supplied information, the single analyst covering the company has a $30.50 price target on the stock. Analyst price targets represent forecasts and do not indicate future share-price performance.
Aeluma shares were trading at $13.42 following Tuesday’s premarket increase, compared with a stated 52-week high of $31.79.
Broader US equity futures were trading close to unchanged, with the S&P 500, Dow Jones and Nasdaq all moving by less than 1% in premarket activity.
Aeluma stock price
