Dependence on Government Contracts: A significant portion of Aeluma's revenue may be derived from government contracts, creating vulnerability to government budget fluctuations, spending priorities, contract termination, and the competitive bidding process.

Technological Obsolescence and R&D Risk: Operating in a rapidly evolving high-tech sector, Aeluma faces the risk that its current technologies could become outdated or that its substantial research and development investments may not lead to commercially successful products or breakthroughs.

Intellectual Property Protection: Aeluma's competitive advantage relies heavily on its proprietary technology. There is a continuous risk that its patents, trade secrets, or other intellectual property may not be adequately protected, could be infringed upon by competitors, or might be difficult to enforce globally.