Richard Prati

Long-time $ALMU bull. Still long. But the model just got more capital-intensive, the commercial timeline slipped again, and management keeps handing shareholders reasons to doubt it. The stock has round-tripped. The platform has advanced. My conviction hasn’t. The Good, The Bad & The Ugly: pratimanagement.substack.com…

Three words from Aeluma’s CEO sent shareholders reaching for the defibrillator: “Gallium Arsenide manufacturing.” The bear case: $ALMU’s silicon roadmap is slipping and GaAs is the fallback. The bull case: GaAs is a bridge—or evidence the platform is broader than investors understood. Neither has been established. What everyone is missing? Klamkin also said Aeluma has “transitioned this to a production environment” and is “now transitioning to large-volume production with manufacturing partners.” Those verbs matter. I went through the Schwab interview, the legitimate bear case, the competing explanations, qualification concerns, and the questions management now needs to answer. Full analysis + complete interview transcript: Aeluma’s GaAs Surprise: Pivot, Shortcut, or Just Another Way to Keep Analysts Employed? #ALMU #Semiconductors #Photonics #GaAs

The market still sees $ALMU as a speculative microcap. Washington is evaluating it as potential strategic photonics infrastructure. That divergence—not the $30M headline—is the real story. pratimanagement.substack.com… #ALMU #Photonics #Semiconductors #CHIPSAct

Deep Fission’s key risk is not reactor physics. It is deployment. The company is using conventional PWR technology and LEU fuel. The hard question is whether it can execute an underground commercial deployment model at scale. My latest research note: pratimanagement.substack.com… $FISN #NuclearEnergy #SMR #EnergyInfrastructure

My latest Seeking Alpha article is now live. I argue that many investors evaluate deep-tech companies using the wrong framework. The biggest valuation changes often occur during the transition from proving the science to proving scalable manufacturing. I use $ALMU as the case study. seekingalpha.com/article/491… #DeepTech #Photonics #Semiconductors #Investing

For those who follow technical analysis: Carter Worth ("The Chart Master") highlighted $ALMU this morning. Key takeaways: • Bullish setup • Strong price/volume confirmation • "I would buy this aggressively" Worth has spent decades advising institutional investors and remains one of the most widely followed technical analysts in the market. Interesting timing as Aeluma appears increasingly focused on commercialization, manufacturing scale, and technical strength. Video below.

One comment from today's discussions caught my attention. Management referenced ongoing conversations around potential joint-development efforts involving next-generation optical networking components. Specifically: • Quantum dot lasers • High-speed photodiode arrays Those happen to sit directly inside some of the fastest-growing parts of the AI infrastructure ecosystem. Still early. But notable. $ALMU

One misconception I still see: "Nobody is qualifying products." That's not what management said. Customers are actively evaluating devices while Aeluma expands internal qualification and manufacturing runs to build reliability databases and production-ready flows. Qualification is a process, not an event. $ALMU

Conversations coming out of the Northland conference suggest... Investor takeaway: The company appears increasingly encouraged by manufacturability results, and there have been no publicly indicated technical setbacks as qualification and scaling activities continue. For a company attempting to commercialize III-V materials on large-diameter silicon wafers, that's notable. $ALMU

One reason I became interested in Deep Fission $FISN is that it is no longer a fringe idea. The company's Gravity reactor appears on the DOE Reactor Pilot Program schedule alongside many of the most closely followed advanced nuclear developers. Investors can debate the probability of success. But the question is increasingly becoming execution rather than scientific plausibility. Full research report: pratimanagement.substack.com… #NuclearEnergy #SMR #Uranium #EnergyInvesting

Deep Fission $FISN is about to appear on Bloomberg TV. A few things I'll be listening for: • Updates on the 15 GW development pipeline • Timing of proof-of-concept drilling and emplacement testing • Regulatory pathway and NRC milestones • Commercialization timeline • Additional customer agreements beyond current disclosures At ~$1B, the company enters public markets at a fraction of the valuation assigned to several advanced nuclear peers. The question is not whether the concept is interesting. The question is whether management can remove execution risk faster than the market expects. I'll be watching. Full research: pratimanagement.substack.com…

Markets rarely wait for commercial deployment. They reprice companies as major uncertainties are removed. The largest percentage gains in Oklo, NuScale, and Nano Nuclear occurred long before commercial operation. The market pays for perceived inevitability. Not completed projects. I own $FISN.

$FISN - What caught my attention is that Deep Fission is not attempting to solve the same problems as many advanced nuclear peers. Management's claim is that lower costs, faster deployment, LEU fuel availability, and scalability create a different economic model. Investors should focus on whether those claims prove true in practice.

One thing investors should understand: Deep Fission $FISN is no longer a fringe concept. The company has attracted coverage from Forbes, The Economist, and multiple industry publications. The debate is no longer whether the idea is interesting. The debate is whether management can execute.

$FISN At its IPO valuation, Deep Fission is valued at approximately $67 million per GW of pipeline capacity. Several publicly traded advanced nuclear peers trade at roughly $600-$833 million per GW. The market is assigning a very different probability of success. Full research: pratimanagement.substack.com…