Atomera Provides Second Quarter 2023 Results

About this update from Atomera Incorporated

LOS GATOS, CA / ACCESSWIRE / August 2, 2023 / ­­ Atomera Incorporated (NASDAQ:ATOM), a semiconductor materials and technology licensing company, today provided a corporate update and announced financial results for the second quarter ended June 30, 2023 . Recent Company Highlights Commenced productization efforts with STM through MSTcad simulation work in support of the previously announced commercial license. Responded to increased interest by memory and advanced node customers for use of MST to solve significant industry problems. Management Commentary "We are excited about kicking off our commercial license agreement with STMicroelectronics by cooperating with their team to begin the process of device optimization with the goal of entering the production royalty stage as early as possible," said Scott Bibaud , President and CEO. "We continue to make progress across power/analog, RFSOI, advanced nodes and DRAM, and see growing customer interest in installation of MST to accelerate evaluation and integration, which we believe will translate into more license agreements." Financial Results The Company incurred a net loss of ($5.2) million , or ( $0.21 ) per basic and diluted share in the second quarter of 2023, compared to a net loss of ($4.5) million , or ( $0.20 ) per basic and diluted share, for the second quarter of 2022. Adjusted EBITDA (a non-GAAP financial measure) in the second quarter of 2023 was a loss of ($4.3) million compared to an adjusted EBITDA loss of ($3.6) million in the second quarter of 2022. The Company had $23.8 million in cash, cash equivalents and short-term investments as of June 30, 2023 , compared to $21.2 million as of December 31, 2022 . The total number of shares outstanding was 25.8 million as of June 30, 2023 . Second Quarter 2023 Results Webinar Atomera will host a live video webinar today to discuss its financial results and recent progress. Date: Wednesday, Aug. 2, 2023 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 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, 2023 . 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) June 30 , March 31 , December 31 , 2023 2023 2022 (Unaudited) (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 12,904 $ 12,118 $ 21,184 Short-term investments 10,931 4,934 - Interest receivable 50 46 - Prepaid expenses and other current assets 650 257 418 Total current assets 24,535 17,355 21,602 Property and equipment, net 135 153 158 Long-term prepaid maintenance and supplies 91 91 91 Security deposit 14 14 14 Operating lease right-of-use asset 631 648 700 Financing lease right-of-use-asset 3,583 3,874 4,164 Total assets $ 28,989 $ 22,135 $ 26,729 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 562 $ 423 $ 397 Accrued expenses 218 242 173 Accrued payroll related expenses 578 292 967 Current operating lease liability 259 247 245 Current financing lease liability 1,357 1,240 1,126 Total current liabilities 2,974 2,444 2,908 Long-term operating lease liability 400 475 521 Long-term financing lease liability 2,376 2,683 2,986 Total liabilities 5,750 5,602 6,415 Commitments and contingencies - - - Stockholders' equity: Preferred stock $0.001 par value, authorized 2,500 shares; none issued and outstanding as of June 30, 2023 , March 31, 2023 and December 31, 2022 - - - Common stock: $0.001 par value, authorized 47,500 shares; 25,770, 24,330 and 23,973 shares issued and outstanding as of June 30, 2023 , March 31, 2023 and December 31, 2022 , respectively; 26 24 24 Additional paid-in capital 216,681 204,825 203,585 Other comprehensive income(loss) (2 ) (2 ) - Accumulated deficit (193,466 ) (188,314 ) (183,295 ) Total stockholders' equity 23,239 16,533 20,314 Total liabilities and stockholders' equity $ 28,989 $ 22,135 $ 26,729 Atomera Incorporated Condensed Statements of Operations (Unaudited) (in thousands, except per share data) Three Months Ended Six Months Ended June 30 , March 31 , June 30 , June 30 , 2023 2023 2022 2023 2022 Revenue $ - $ - $ - $ - $ 375 Cost of revenue - - - - (81 ) Gross margin - - - - 294 Operating expenses Research and development 3,192 3,036 2,433 6,228 4,772 General and administrative 1,775 1,742 1,667 3,517 3,315 Selling and marketing 393 389 347 782 672 Total operating expenses 5,360 5,167 4,447 10,527 8,759 Loss from operations (5,360 ) (5,167 ) (4,447 ) (10,527 ) (8,465 ) Other income (expense) Interest income 152 199 35 351 38 Accretion income 107 2 - 109 - Interest expense (51 ) (53 ) (69 ) (104 ) (140 ) Total other income (expense), net 208 148 (34 ) 356 (102 ) Net loss $ (5,152 ) $ (5,019 ) $ (4,481 ) $ (10,171 ) $ (8,567 ) Net loss per common share, basic and diluted $ (0.21 ) $ (0.21 ) $ (0.20 ) $ (0.42 ) $ (0.37 ) Weighted average number of common shares outstanding, basic and diluted 24,677 23,660 22,936 24,171 22,894 Atomera Incorporated Reconciliation to Non-GAAP EBITDA (Unaudited) Three Months Ended Six Months Ended June 30 , March 31 , June 30 , June 30 , 2023 2023 2022 2023 2022 Net loss (GAAP) $ (5,152) $ (5,019) $ (4,481) $ (10,171) $ (8,567) Depreciation and amortization 20 20 19 40 39 Stock-based compensation 1,030 927 859 1,957 1,585 Interest income (152) (199) (35) (351) (38) Accretion income (107 (2) - (109) - Interest expense 51 53 69 104 140 Net loss non-GAAP EBITDA $ (4,310) $ (4,220) $ (3,569) $ (8,530) $ (6,841) Investor Contact: Bishop IR Mike Bishop (415) 894-9633 [email protected] SOURCE: Atomera, Inc View source version on accesswire.com : https://www.accesswire.com/771668/Atomera-Provides-Second-Quarter-2023-Results

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