Atomera Provides Third Quarter 2024 Results

About this update from Atomera Incorporated

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) Three Months Ended Nine Months Ended September 30 , June 30 , September 30 , September 30 , 2024 2024 2023 2024 2023 Net loss (GAAP) $ (4,595 ) $ (4,361 ) $ (5,039 ) $ (13,778 ) $ (15,210 ) Depreciation and amortization 12 13 20 42 60 Stock-based compensation 907 987 1,041 2,918 2,998 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 ) Net loss non-GAAP EBITDA $ (3,881 ) $ (3,630 ) $ (4,292 ) $ (11,504 ) $ (12,822 ) Investor Contact: Bishop IR Mike Bishop (415) 894-9633 [email protected] SOURCE: Atomera, Inc View the original press release on accesswire.com

View stock analysis, news, and events for Atomera Incorporated