LOS GATOS, CA / ACCESSWIRE / October 29, 2024 / Atomera Incorporated (NASDAQ:ATOM), a semiconductor materials and technology licensing company, today provided a corporate update and announced financial results for the third quarter ended Sept. 30, 2024.
Recent Company Highlights
Announced a collaboration with the Center for Integrated Nanotechnologies (CINT) at Sandia National Laboratories to validate MST's ability to address GaN manufacturing challenges
Presented on the advantages of using MST in multiple applications at PRiME 2024
Management Commentary "Our recent collaboration with Sandia National Laboratories CINT highlights the expanding opportunities for Atomera in the power segment of the semiconductor industry to supplement the strong progress we've made with our lead customer in this area," said Scott Bibaud, President and CEO. "We are optimistic about accelerating engagements in our other segments which we believe will lead to the announcement of licenses and JDAs with more customers in the near term."
Financial Results The Company incurred a net loss of ($4.6) million, or ($0.17) per basic and diluted share in the third quarter of 2024, compared to a net loss of ($5.0) million, or ($0.20) per basic and diluted share, for the third quarter of 2023. Adjusted EBITDA (a non-GAAP financial measure) in the third quarter of 2024 was a loss of ($3.9) million compared to an adjusted EBITDA loss of ($4.3) million in the third quarter of 2023.
The Company had $17.3 million in cash, cash equivalents and short-term investments as of Sept. 30, 2024, compared to $19.5 million as of December 31, 2023.
The total number of shares outstanding was 28.3 million as of September 30, 2024.
Second Quarter 2024 Results Webinar Atomera will host a live video webinar today to discuss its financial results and recent progress. Date: Tuesday, Oct. 29, 2024 Time: 2:00 p.m. PT (5:00 p.m. ET) Webcast: Accessible at https://ir.atomera.com
Note about Non-GAAP Financial Measures In addition to the unaudited results presented in accordance with generally accepted accounting principles, or GAAP, in this press release, Atomera presents adjusted EBITDA, which is a non-GAAP financial measure. Adjusted EBITDA is determined by taking net loss and eliminating the impacts of interest, depreciation, amortization and stock-based compensation. Our definition of adjusted EBITDA may not be comparable to the definitions of similarly-titled measures used by other companies. We believe that this non-GAAP financial measure, viewed in addition to and not in lieu of our reported GAAP results, provides useful information to investors by providing a more focused measure of operating results. This metric is used as part of the Company's internal reporting to evaluate its operations and the performance of senior management. A table reconciling this measure to the comparable GAAP measure is available in the accompanying financial tables below.
About Atomera Incorporated Atomera Incorporated is a semiconductor materials and technology licensing company focused on deploying its proprietary, silicon-proven technology into the semiconductor industry. Atomera has developed Mears Silicon Technology™ (MST®), which increases performance and power efficiency in semiconductor transistors. MST can be implemented using equipment already deployed in semiconductor manufacturing facilities and is complementary to other nano-scaling technologies already in the semiconductor industry roadmap. More information can be found at www.atomera.com.
Safe Harbor This press release contains forward-looking statements concerning Atomera Incorporated, including statements regarding the prospects for the semiconductor industry generally and the ability of our MST technology to significantly improve semiconductor performance. Those forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially. Among those factors are: (1) the fact that, to date, we have only recognized minimal engineering services and licensing revenues and we have not yet commenced principal revenue producing operations, thus subjecting us to all of the risks inherent in an early-stage enterprise; (2) the risk that STMicroelectronics does not proceed with qualification of MST in its manufacturing process or does not take MST-enabled products to market, (3) risks related to our ability to successfully complete the milestones in our joint development agreements or, even if successfully completed, to reach a commercial distribution license with our JDA customers; (4) risks related to our ability to advance licensing arrangements with our integration licensees to royalty-based manufacturing and distribution licenses or our ability to add other licensees; (5) risks related to our ability to raise sufficient capital, as and when needed, to pursue the further development, licensing and commercialization of our MST technology; (6) our ability to protect our proprietary technology, trade secrets and knowhow and (7) those other risks disclosed in the section "Risk Factors" included in our Annual Report on Form 10-K filed with the SEC on February 15, 2024. We caution readers not to place undue reliance on any forward-looking statements. We do not undertake, and specifically disclaim any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
-- Financial Tables Follow -
Atomera Incorporated Condensed Balance Sheets (in thousands, except per share data)
September 30,
June 30,
December 31,
2024
2024
2023
(Unaudited)
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
13,757
$
14,484
$
12,591
Short-term investments
3,585
3,804
6,940
Accounts receivable
6
6
-
Unbilled contracts receivable
-
-
550
Interest receivable
56
74
79
Prepaid expenses and other current assets
388
578
244
Total current assets
17,792
18,946
20,404
Property and equipment, net
63
75
100
Long-term prepaid maintenance and supplies
91
91
91
Security deposit
14
14
14
Operating lease right-of-use asset
341
401
517
Financing lease right-of-use-asset
1,839
2,341
2,903
Total assets
$
20,140
$
21,868
$
24,029
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
786
$
646
$
618
Accrued expenses
172
249
222
Accrued payroll related expenses
968
594
1,382
Current operating lease liability
258
256
264
Current financing lease liability
1,194
1,386
1,328
Deferred revenue
8
13
-
Total current liabilities
3,386
3,144
3,814
Long-term operating lease liability
80
137
295
Long-term financing lease liability
781
1,108
1,750
Total liabilities
4,247
4,389
5,859
Commitments and contingencies
Stockholders' equity:
Preferred stock $0.001 par value, authorized 2,500 shares; none issued and outstanding as of September 30,2024, June 30, 2024 and December 31, 2023
-
-
-
Common stock: $0.001 par value, authorized 47,500 shares; 28,289 shares issued and outstanding as of September 30, 2024: 27,622 shares issued and 27,610 outstanding as of June 30, 2024; and 26,107 shares issued and outstanding as of December 31, 2023
28
28
26
Additional paid-in capital
232,726
229,726
221,229
Other comprehensive income(loss)
2
(7
)
-
Accumulated deficit
(216,863
)
(212,268
)
(203,085
)
Total stockholders' equity
15,893
17,479
18,170
Total liabilities and stockholders' equity
$
20,140
$
21,868
$
24,029
Atomera Incorporated Condensed Statements of Operations (Unaudited) (in thousands, except per share data)
Three Months Ended
Nine Months Ended
September 30,
June 30,
September 30,
September 30,
2024
2024
2023
2024
2023
Revenue
$
22
$
72
$
-
$
112
-
Cost of revenue
(3
)
(74
)
-
(110
)
-
Gross margin
19
(2
)
-
2
-
Operating expenses
Research and development
2,759
2,589
3,305
8,206
9,533
General and administrative
1,812
1,832
1,683
5,455
5,200
Selling and marketing
248
207
365
805
1,147
Total operating expenses
4,819
4,628
5,353
14,466
15,880
Loss from operations
(4,800
)
(4,630
)
(5,353
)
(14,464
)
(15,880
)
Other income (expense)
Interest income
176
185
177
566
528
Accretion income
59
47
112
152
221
Interest expense
(30
)
(35
)
(47
)
(104
)
(151
)
Other income, net
-
72
72
72
72
Total other income (expense), net
205
269
314
686
670
Net loss
$
(4,595
)
$
(4,361
)
$
(5,039
)
$
(13,778
)
(15,210
)
Net loss per common share, basic and diluted
$
(0.17
)
$
(0.16
)
$
(0.20
)
$
(0.52
)
(0.62
)
Weighted average number of common shares outstanding, basic and diluted
27,406
26,467
25,255
26,640
24,536
Atomera Incorporated Reconciliation to Non-GAAP EBITDA (Unaudited)
