Aeluma, Inc. — Earnings Quality Grade F
ALMU · Technology
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 51 days (24 → 75)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR growth 1503.3% exceeds revenue growth 407.6%
Revenue grew 407.6% but CFFO only 66.8%
Expense Quality
No material inventory
CapEx growth -50.0% vs revenue 407.6%. Normal
SG&A/Gross Profit = 130.5%, exceeds 70%
Gross margin swung +27.0pp (32.6% → 59.6%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -9.7%. Low accruals
Cash $0.0B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 0% of equity. Manageable
Interest coverage = -3.0x (<2x). Financial stress
Other assets 0.0% vs revenue 407.6%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change -43% YoY. Normal
Manipulation Score
M-Score = 2.45 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25