Aeluma (ALMU) 10-K: Risk Factors Changes Lead 16 September 2026 Filing Roundup

If product liability lawsuits are brought against us, we may incur substantial liabilities. We face a potential risk of product liability as a result of any of the products that we develop, manufacture and/or offer for sale. For example, we may be sued if any product we develop, manufacture and/or sell allegedly causes injury or is found to be otherwise unsuitable during product testing, manufacturing, marketing, or sale.

Risk Factors” for additional information regarding cybersecurity and information technology risks. Cybersecurity Governance Our Board of Directors oversees the principal risks facing the Company as part of its general risk oversight responsibilities.

In order to address these risks, the Company must, among other things: ● implement and successfully execute its business strategy; ● provide superior customer service; ● respond to competitive developments; ● attract, retain, and motivate qualified personnel; and ● respond to unforeseen and changing circumstances. The Company cannot make an assurance that it will succeed in addressing these risks. Our failure to raise additional capital or generate cash flows necessary to expand our operations and invest in new enterprises in the future could reduce our ability to compete successfully and harm our results of operations .

Risk Factors” for additional information regarding cybersecurity and information technology risks. Cybersecurity Governance Our Board of Directors oversees the principal risks facing the Company as part of its general risk oversight responsibilities. The Audit Committee assists the Board in overseeing financial reporting, internal control and other risk management matters within the scope of its responsibilities.

Our primary focus is to manufacture high-performance semiconductor technologies that scale for mass markets. Our technology has the potential to impact across mobile, automotive, AI, defense & aerospace, communication, augmented reality (“AR”), virtual reality (“VR”), high-performance computing (“HPC”) and quantum computing applications. Aeluma operates an R&D/manufacturing facility at its headquarters in Goleta, California, and has developed relationships with volume fabrication foundries and packaging partners.

Overview Aeluma, Inc. (together with our subsidiary, “we,” “our,” “us,” or the “Company”) develops high-performance photonic and electronic technologies for communications and sensing in telecom, artificial intelligence (“AI”) datacom, mobile, defense and aerospace, robotics, automotive, augmented reality/virtual reality (“AR/VR”), and quantum applications. Our proprietary platform combines compound semiconductor materials with large-diameter substrates to leverage manufacturing infrastructure used in high-volume microelectronics.

Exhibits, Financial Statement Schedules 56 Item 16. Form 10-K Summary 57 i PART I This annual report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), which can be identified by the use of words such as “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “estimate,” “expect,” “indicate,” “intend,” “may,” “plan,” “project,” “seek,” “should,” “target,” “will,” “would” and words of similar meaning. These forward-looking statements include, but are not limited to: • statements of our goals, intentions and expectations; • statements regarding our business plans, prospects, growth and financial condition and results of operation; • statements regarding the quality of our loan and investment portfolios; and • estimates of our risks and future costs and benefits.

Exhibits, Financial Statement Schedules 49 Item 16. Form 10-K Summary 50 i PART I This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which can be identified by the use of words such as “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “estimate,” “expect,” “indicate,” “intend,” “may,” “plan,” “project,” “seek,” “should,” “target,” “will,” “would” and words of similar meaning. These forward-looking statements include, but are not limited to: • statements of our goals, intentions and expectations; • statements regarding our business plans, prospects, growth and financial condition and results of operation; • statements regarding the quality of our loan and investment portfolios; and • estimates of our risks and future costs and benefits.

We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this report. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: • general economic conditions, including any recessionary conditions and/or increases in unemployment, either nationally or in our market areas, that are worse than expected; • changes in the level and direction of loan delinquencies and write-offs and changes in estimates of and methodology for calculating the adequacy of the allowance for loan losses; • our ability to access cost-effective funding; • fluctuations in real estate values and in the conditions; • demand for loans, deposits and non-banking services in our market area; • our ability to implement and change our business strategies; •…

We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this report. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: • general economic conditions, nationally or in our market areas; • changes in the level and direction of loan delinquencies and write-offs and changes in estimates of and methodology for calculating the adequacy of the allowance for loan losses; • our ability to access cost-effective funding; • fluctuations in real estate values; • demand for loans, deposits and non-banking services in our market area; • our ability to implement our business strategy; • competition among depository and other financial institutions; • inflation and changes in the interest rate; • changes in laws or government regulations or policies, including changes in monetary and fiscal policies; • the imposition of tariffs or other domestic or international governmental policies and retaliatory responses; • changes in the quality or composition of our loan or investment portfolios; • a failure or breach of our operational or information security systems or infrastructure, including cyberattacks; • changes in accounting policies and practices; • our ability to retain key employees; • and the other risks and uncertainties detailed in Item 1A. "Risk Factors". Winchester Bancorp, Inc. (the “Company”, "we", "our", "us") is a Maryland corporation that was incorporated in December 2024 to become the registered bank holding company of Winchester Savings Bank (the “Bank”) as part of the mutual holding company reorganization of the Bank, which was completed on April 30, 2025.

Exhibits, Financial Statement Schedules 56 Item 16. Form 10-K Summary 57 i PART I This annual report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), which can be identified by the use of words such as “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “estimate,” “expect,” “indicate,” “intend,” “may,” “plan,” “project,” “seek,” “should,” “target,” “will,” “would” and words of similar meaning. These forward-looking statements include, but are not limited to: • statements of our goals, intentions and expectations; • statements regarding our business plans, prospects, growth and financial condition and results of operation; • statements regarding the quality of our loan and investment portfolios; and • estimates of our risks and future costs and benefits.

Exhibits, Financial Statement Schedules 49 Item 16. Form 10-K Summary 50 i PART I This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which can be identified by the use of words such as “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “estimate,” “expect,” “indicate,” “intend,” “may,” “plan,” “project,” “seek,” “should,” “target,” “will,” “would” and words of similar meaning. These forward-looking statements include, but are not limited to: • statements of our goals, intentions and expectations; • statements regarding our business plans, prospects, growth and financial condition and results of operation; • statements regarding the quality of our loan and investment portfolios; and • estimates of our risks and future costs and benefits.

Business and in Note 4, “Property and Equipment” and our Supplemental Disclosure about Oil and Natural Gas Properties (unaudited) to our consolidated financial statements in Item 8. Risks and uncertainties The oil and natural gas industry is a global market impacted by many factors, such as government regulations, particularly in the areas of tariffs, trade sanctions, taxation, energy, climate change and the environment, geopolitical instability and armed conflicts (including between Russia and Ukraine and in the Middle East between Israel and Gaza), demand in Asian and European markets, and the extent to which members of OPEC and other oil exporting nations manage oil supply through export quotas. Natural gas prices are generally determined by North American supply and demand and are also affected by imports and exports of liquefied natural gas.

Business and in Note 4, “Property and Equipment” and our Supplemental Disclosure about Oil and Natural Gas Properties (unaudited) to our consolidated financial statements in Item 8. Risks and uncertainties The oil and natural gas industry is a global market impacted by many factors, such as government regulations, particularly in the areas of tariffs, trade sanctions, taxation, energy, climate change and the environment, geopolitical instability, (including ongoing conflicts between Russia and Ukraine, in the Middle East and Venezuela), demand in Asian and European markets, and the extent to which members of OPEC and other oil exporting nations manage oil supply through export quotas. More recently, during the third fiscal quarter, WTI oil prices reached their highest levels since 2022 due to crude oil disruptions at key oil shipping routes in the Middle East, including the Strait of Hormuz.

The amount we realize for our production depends predominantly upon commodity prices, which are affected by changes in market demand and supply, as impacted by overall economic activity, weather, inventory storage levels, basis differentials and other factors. While crude oil and NGL prices decreased 11.5% and 0.1% from the prior fiscal year respectively, our average realized commodity prices, realized natural gas prices increased 7.3% from the prior fiscal year predominately due to favorable pricing recognized from our SCOOP/STACK properties. Average daily equivalent production increased 4.2% from 6,790 BOEPD to 7,074 BOEPD in the current fiscal year as a result of additional production from newly drilled wells at Chaveroo Field, the Tex Mex Acquisition in April 2025, and drilling activities that are ongoing at SCOOP/STACK since the prior year end.

Risks and uncertainties The oil and natural gas industry is a global market impacted by many factors, such as government regulations, particularly in the areas of tariffs, trade sanctions, taxation, energy, climate change and the environment, geopolitical instability, (including ongoing conflicts between Russia and Ukraine, in the Middle East and Venezuela), demand in Asian and European markets, and the extent to which members of OPEC and other oil exporting nations manage oil supply through export quotas. More recently, during the third fiscal quarter, WTI oil prices reached their highest levels since 2022 due to crude oil disruptions at key oil shipping routes in the Middle East, including the Strait of Hormuz. Natural gas prices are generally determined by North American supply and demand and are also affected by imports and exports of liquefied natural gas.

As of June 30, 2025, we have granted 3.2 million equity awards under the 2016 Plan and 2.5 million shares of common stock remain available for future grants. Management’s Discussion and Analysis of Financial Condition and Results of Operations Executive Overview Liquidity and Capital Resources Results of Operations Critical Accounting Policies and Estimates Executive Overview General Evolution Petroleum Corporation is an independent energy company focused on maximizing total returns to its shareholders through the ownership of and investment in onshore oil and natural gas properties in the United States. In support of that objective, our long-term goal is to maximize total shareholder return from a diversified portfolio of long-life oil and natural gas properties built through acquisitions and through selective development opportunities, production enhancements, and other exploitation efforts on our oil and natural gas properties.

As of June 30, 2026, we have granted 3.6 million equity awards under the 2016 Plan and 2.1 million shares of common stock remain available for future grants. Management’s Discussion and Analysis of Financial Condition and Results of Operations Executive Overview Liquidity and Capital Resources Results of Operations Critical Accounting Policies and Estimates Executive Overview General We are an independent energy company focused on acquiring and developing long-lived oil and natural gas properties in the United States. Our diversified portfolio consists primarily of non-operated working interests and mineral and royalty interests across several leading producing basins.