Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Atomera Provides Third Quarter 2021 Results By: Atomera, Inc via AccessWire October 28, 2021 at 16:01 PM EDT LOS GATOS, CA / ACCESSWIRE / October 28, 2021 / 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 September 30, 2021.Company reached formal acceptance of 200 and 300mm Epi deposition tool and facilityPatents issued and pending reached 298 as of September 30thManagement Commentary"Atomera's strong benefits for power devices, RF products and advanced nodes devices have been confirmed through extensive testing and modeling, and our customers and partners are now seeing the data as our staff has been able to visit more customers in person over this last quarter," said Scott Bibaud, President and CEO. "We have expanded our pipeline for future JDA customers, while our current JDA partner made progress toward production. We are confident we can help customers gain competitive advantages as the industry starts to exit this period of tight fab capacity and supply shortages, and enters a stage of robust investment in new production technologies and equipment."Financial ResultsThe Company incurred a net loss of ($4.2) million, or ($0.19) per basic and diluted share in the third quarter of 2021, compared to a net loss of ($3.6) million, or ($0.19) per basic and diluted share, for the third quarter of 2020. Adjusted EBITDA (a non-GAAP financial measure) in the third quarter of 2021 was a loss of ($3.6) million compared to an adjusted EBITDA loss of ($2.7) million in the third quarter of 2020.The Company had $31.8 million in cash and cash equivalents as of September 30, 2021, compared to $37.9 million as of December 31, 2020.The total number of shares outstanding was 23.1 million as of September 30, 2021.Third Quarter 2021 Results WebinarAtomera will host a live video webinar today to discuss its financial results and recent progress.Date: Thursday, Oct. 28, 2021Time: 2:00 p.m. PT (5:00 p.m. ET)Webcast: Accessible at https://ir.atomera.comNote about Non-GAAP Financial MeasuresIn 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 stockbased 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 IncorporatedAtomera 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.comSafe HarborThis 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 or entered into a definitive royalty-based manufacturing and distribution license agreement with regard to our MST technology, thus subjecting us to all of the risks inherent in an early-stage enterprise; (2) risks related our ability to successfully complete the milestones in our joint development agreement or, even if successfully completed, to reach a commercial distribution license with our JDA customer; (3) risks related to our ability to advance the licensing arrangements with our initial integration licensees, Asahi Kasei Microdevices, ST Microelectronics and our fabless licensee, to royalty-based manufacturing and distribution licenses or our ability to add other licensees; (4) 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; (5) our ability to protect our proprietary technology, trade secrets and knowhow and (6) those other risks disclosed in the section "Risk Factors" included in our Annual Report on Form 10-K filed with the SEC on February 19, 2021. 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 IncorporatedCondensed Balance Sheets(in thousands, except per share data) September 30, December 31, 2021 2020 (Unaudited) ASSETS Current assets: Cash and cash equivalents $31,789 $37,942 Prepaid expenses and other current assets 429 132 Total current assets 32,218 38,074 Property and equipment, net 208 153 Operating lease right-of-use asset 950 705 Financing lease right-of-use asset 6,170 - Long-term prepaid rent - 450 Long-term prepaid maintenance and supplies 91 - Security deposit 14 13 Total assets $39,651 $39,395 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $321 $442 Accrued expenses 315 211 Accrued payroll related expenses 434 705 Current operating lease liability 214 90 Current financing lease liability 1,621 - Total current liabilities 2,905 1,448 Long-term operating lease liability 809 602 Long-term financing lease liability 4,455 - Total liabilities 8,169 2,050 Commitments and contingencies - - Stockholders' equity: Preferred stock $0.001 par value, authorized 2,500 shares; none issued and outstanding at September 30, 2021 and December 31, 2020 - - Common stock: $0.001 par value, authorized 47,500 shares; 23,145 and 22,375 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively; 23 22 Additional paid-in capital 193,148 187,463 Accumulated deficit (161,689) (150,140)Total stockholders' equity 31,482 37,345 Total liabilities and stockholders' equity $39,651 $39,395 Atomera IncorporatedCondensed Statements of Operations(Unaudited)(in thousands, except per share data) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2021 2020 2021 2020 Revenue $- $- $400 $62 Cost of revenue - - - (13)Gross margin $- $- $400 $49 Operating expenses Research and development 2,232 2,049 6,530 6,197 General and administrative 1,637 1,322 4,656 4,247 Selling and marketing 267 208 670 648 Total operating expenses 4,136 3,579 11,856 11,092 Loss from operations (4,136) (3,579) (11,456) (11,043) Other income (expense) Interest income 2 1 7 41 Interest expense (52) - (52) - Total other income (expense), net (50) 1 (45) 41 Net loss before income taxes (4,186) (3,578) (11,501) (11,002)Provision for income taxes 17 - 48 - Net loss $(4,203) (3,578) $(11,549) (11,002)Net loss per common share, basic and diluted $(0.19) (0.19) $(0.52) (0.61) Weighted average number of common shares outstanding, basic and diluted 22,629 19,337 22,405 18,028 Atomera IncorporatedReconciliation to Non- GAAP EBITDA(Unaudited) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2021 2020 2021 2020 Net loss (GAAP) $(4,203) $(3,578) $(11,549) $(11,002)Add (subtract) the following items: Interest income (2) (1) (7) (41)Interest expense 52 - 52 - Provision for income taxes 17 - 48 - Depreciation and amortization 21 11 47 32 Warrant modification - - - 139 Stock-based compensation 756 829 2,334 2,224 Adjusted EBITDA (non-GAAP) $(3,359) $(2,739) $(9,075) $(8,648)Investor Contact:Bishop IRMike Bishop(415) 894-9633investor@atomera.comSOURCE: Atomera, IncView source version on accesswire.com: https://www.accesswire.com/670004/Atomera-Provides-Third-Quarter-2021-Results Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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Atomera Provides Third Quarter 2021 Results By: Atomera, Inc via AccessWire October 28, 2021 at 16:01 PM EDT LOS GATOS, CA / ACCESSWIRE / October 28, 2021 / 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 September 30, 2021.Company reached formal acceptance of 200 and 300mm Epi deposition tool and facilityPatents issued and pending reached 298 as of September 30thManagement Commentary"Atomera's strong benefits for power devices, RF products and advanced nodes devices have been confirmed through extensive testing and modeling, and our customers and partners are now seeing the data as our staff has been able to visit more customers in person over this last quarter," said Scott Bibaud, President and CEO. "We have expanded our pipeline for future JDA customers, while our current JDA partner made progress toward production. We are confident we can help customers gain competitive advantages as the industry starts to exit this period of tight fab capacity and supply shortages, and enters a stage of robust investment in new production technologies and equipment."Financial ResultsThe Company incurred a net loss of ($4.2) million, or ($0.19) per basic and diluted share in the third quarter of 2021, compared to a net loss of ($3.6) million, or ($0.19) per basic and diluted share, for the third quarter of 2020. Adjusted EBITDA (a non-GAAP financial measure) in the third quarter of 2021 was a loss of ($3.6) million compared to an adjusted EBITDA loss of ($2.7) million in the third quarter of 2020.The Company had $31.8 million in cash and cash equivalents as of September 30, 2021, compared to $37.9 million as of December 31, 2020.The total number of shares outstanding was 23.1 million as of September 30, 2021.Third Quarter 2021 Results WebinarAtomera will host a live video webinar today to discuss its financial results and recent progress.Date: Thursday, Oct. 28, 2021Time: 2:00 p.m. PT (5:00 p.m. ET)Webcast: Accessible at https://ir.atomera.comNote about Non-GAAP Financial MeasuresIn 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 stockbased 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 IncorporatedAtomera 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.comSafe HarborThis 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 or entered into a definitive royalty-based manufacturing and distribution license agreement with regard to our MST technology, thus subjecting us to all of the risks inherent in an early-stage enterprise; (2) risks related our ability to successfully complete the milestones in our joint development agreement or, even if successfully completed, to reach a commercial distribution license with our JDA customer; (3) risks related to our ability to advance the licensing arrangements with our initial integration licensees, Asahi Kasei Microdevices, ST Microelectronics and our fabless licensee, to royalty-based manufacturing and distribution licenses or our ability to add other licensees; (4) 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; (5) our ability to protect our proprietary technology, trade secrets and knowhow and (6) those other risks disclosed in the section "Risk Factors" included in our Annual Report on Form 10-K filed with the SEC on February 19, 2021. 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 IncorporatedCondensed Balance Sheets(in thousands, except per share data) September 30, December 31, 2021 2020 (Unaudited) ASSETS Current assets: Cash and cash equivalents $31,789 $37,942 Prepaid expenses and other current assets 429 132 Total current assets 32,218 38,074 Property and equipment, net 208 153 Operating lease right-of-use asset 950 705 Financing lease right-of-use asset 6,170 - Long-term prepaid rent - 450 Long-term prepaid maintenance and supplies 91 - Security deposit 14 13 Total assets $39,651 $39,395 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $321 $442 Accrued expenses 315 211 Accrued payroll related expenses 434 705 Current operating lease liability 214 90 Current financing lease liability 1,621 - Total current liabilities 2,905 1,448 Long-term operating lease liability 809 602 Long-term financing lease liability 4,455 - Total liabilities 8,169 2,050 Commitments and contingencies - - Stockholders' equity: Preferred stock $0.001 par value, authorized 2,500 shares; none issued and outstanding at September 30, 2021 and December 31, 2020 - - Common stock: $0.001 par value, authorized 47,500 shares; 23,145 and 22,375 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively; 23 22 Additional paid-in capital 193,148 187,463 Accumulated deficit (161,689) (150,140)Total stockholders' equity 31,482 37,345 Total liabilities and stockholders' equity $39,651 $39,395 Atomera IncorporatedCondensed Statements of Operations(Unaudited)(in thousands, except per share data) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2021 2020 2021 2020 Revenue $- $- $400 $62 Cost of revenue - - - (13)Gross margin $- $- $400 $49 Operating expenses Research and development 2,232 2,049 6,530 6,197 General and administrative 1,637 1,322 4,656 4,247 Selling and marketing 267 208 670 648 Total operating expenses 4,136 3,579 11,856 11,092 Loss from operations (4,136) (3,579) (11,456) (11,043) Other income (expense) Interest income 2 1 7 41 Interest expense (52) - (52) - Total other income (expense), net (50) 1 (45) 41 Net loss before income taxes (4,186) (3,578) (11,501) (11,002)Provision for income taxes 17 - 48 - Net loss $(4,203) (3,578) $(11,549) (11,002)Net loss per common share, basic and diluted $(0.19) (0.19) $(0.52) (0.61) Weighted average number of common shares outstanding, basic and diluted 22,629 19,337 22,405 18,028 Atomera IncorporatedReconciliation to Non- GAAP EBITDA(Unaudited) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2021 2020 2021 2020 Net loss (GAAP) $(4,203) $(3,578) $(11,549) $(11,002)Add (subtract) the following items: Interest income (2) (1) (7) (41)Interest expense 52 - 52 - Provision for income taxes 17 - 48 - Depreciation and amortization 21 11 47 32 Warrant modification - - - 139 Stock-based compensation 756 829 2,334 2,224 Adjusted EBITDA (non-GAAP) $(3,359) $(2,739) $(9,075) $(8,648)Investor Contact:Bishop IRMike Bishop(415) 894-9633investor@atomera.comSOURCE: Atomera, IncView source version on accesswire.com: https://www.accesswire.com/670004/Atomera-Provides-Third-Quarter-2021-Results