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 First Quarter 2024 Results By: ACCESSWIRE April 25, 2024 at 12:01 PM EDT LOS GATOS, CA / ACCESSWIRE / April 25, 2024 / Atomera Incorporated (NASDAQ:ATOM), a semiconductor materials and technology licensing company, today provided a corporate update and announced financial results for the first quarter ended March 31, 2024. Recent Company Highlights Strong progress with customers in all four market focus segments Record number of commercial proposals in the last three months Promising GaN results in a new product category, Compound Semiconductors Management Commentary "As our first commercial customer continues on the path to production, we have been more active on license agreements with other customers than at any time in our history," said Scott Bibaud, President and CEO. "We believe this proposal activity, combined with our potential to enter the compound semiconductor market segment will provide sustaining growth on top of a solid foundation to build Atomera into a premier leader in the semiconductor industry." Financial Results The Company incurred a net loss of ($4.8) million, or ($0.19) per basic and diluted share in the first quarter of 2024, compared to a net loss of ($5.0) million, or ($0.21) per basic and diluted share, for the first quarter of 2023. Adjusted EBITDA (a non-GAAP financial measure) in the first quarter of 2024 was a loss of ($4.0) million compared to an adjusted EBITDA loss of ($4.2) million in the first quarter of 2023. The Company had $19.3 million in cash, cash equivalents and short-term investments as of March 31, 2024, compared to $19.5 million as of December 31, 2023. The total number of shares outstanding was 26.9 million as of March 31, 2024. First Quarter 2024 Results Webinar Atomera will host a live video webinar today to discuss its financial results and recent progress.Date: Thursday, April 25, 2024Time: 2:00 p.m. PT (5:00 p.m. ET)Webcast: Accessible at https://ir.atomera.com Note 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 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 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.com. Safe 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, 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 IncorporatedCondensed Balance Sheets(in thousands, except per share data) March 31, December 31, 2024 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 14,806 $ 12,591 Short-term investments 4,458 6,940 Unbilled contracts receivable - 550 Interest receivable 73 79 Prepaid expenses and other current assets 328 244 Total current assets 19,665 20,404 Property and equipment, net 83 100 Long-term prepaid maintenance and supplies 91 91 Security deposit 14 14 Operating lease right-of-use asset 459 517 Financing lease right-of-use-asset 2,622 2,903 Total assets $ 22,934 $ 24,029 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 601 $ 618 Accrued expenses 210 222 Accrued payroll related expenses 454 1,382 Current operating lease liability 263 264 Current financing lease liability 1,357 1,328 Deferred revenue 17 - Total current liabilities 2,902 3,814 Long-term operating lease liability 194 295 Long-term financing lease liability 1,431 1,750 Total liabilities 4,527 5,859 Commitments and contingencies - - Stockholders' equity: Preferred stock $0.001 par value, authorized 2,500 shares; none issued and outstanding as of March 31 2024 and December 31, 2023 - - Common stock: $0.001 par value, authorized 47,500 shares; 26,905 shares issued and 26,885 outstanding as of March 31, 2024; and 26,107 shares issued and outstanding as of December 31, 2023 27 26 Additional paid in capital 226,288 221,229 Other comprehensive income (loss) (1 ) - Accumulated deficit (207,907 ) (203,085 ) Total stockholders' equity 18,407 18,170 Total liabilities and stockholders' equity $ 22,934 $ 24,029 Atomera IncorporatedCondensed Statements of Operations(in thousands, except per share data)(Unaudited) Three Months Ended March 31, December 31, March 31, 2024 2023 2023 Revenue $ 18 $ 550 $ - Cost of revenue (33 ) (28 ) - Gross margin (loss) (15 ) 522 - Operating expenses Research and development 2,858 2,992 3,036 General and administrative 1,811 1,875 1,742 Selling and marketing 350 452 389 Total operating expenses 5,019 5,319 5,167 Loss from operations (5,034 ) (4,797 ) (5,167 ) Other income (expense) Interest income 205 195 199 Accretion income 46 62 2 Other income (expense), net - 3 - Interest expenses (39 ) (43 ) (53 ) Total other income (expense), net 212 217 148 ) Net loss $ (4,822 ) $ (4,580 ) $ (5,019 ) Net loss per common share, basic and diluted $ (0.19 ) $ (0.18 ) $ (0.21 ) Weighted average number of common shares outstanding, basic and diluted 26,038 25,404 23,660 Atomera IncorporatedReconciliation to Non-GAAP EBITDA(Unaudited) Three Months Ended March 31, December 31, March 31, 2024 2023 2023 Net loss (GAAP) $ (4,822 ) $ (4,580 ) $ (5,019 ) Depreciation and amortization 17 17 20 Stock-based compensation 1,024 1,015 927 Interest income (205 ) (195 ) (199 ) Accretion income (46 ) (62 ) (2 ) Other (income) expense, net - (3 ) - Interest expense 39 43 53 Net loss non-GAAP EBITDA $ (3,993 ) $ (3,765 ) $ (4,220 ) Investor Contact:Bishop IRMike Bishop(415) 894-9633investor@atomera.com SOURCE: Atomera, Inc View the original press release on accesswire.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Atomera Provides First Quarter 2024 Results By: ACCESSWIRE April 25, 2024 at 12:01 PM EDT LOS GATOS, CA / ACCESSWIRE / April 25, 2024 / Atomera Incorporated (NASDAQ:ATOM), a semiconductor materials and technology licensing company, today provided a corporate update and announced financial results for the first quarter ended March 31, 2024. Recent Company Highlights Strong progress with customers in all four market focus segments Record number of commercial proposals in the last three months Promising GaN results in a new product category, Compound Semiconductors Management Commentary "As our first commercial customer continues on the path to production, we have been more active on license agreements with other customers than at any time in our history," said Scott Bibaud, President and CEO. "We believe this proposal activity, combined with our potential to enter the compound semiconductor market segment will provide sustaining growth on top of a solid foundation to build Atomera into a premier leader in the semiconductor industry." Financial Results The Company incurred a net loss of ($4.8) million, or ($0.19) per basic and diluted share in the first quarter of 2024, compared to a net loss of ($5.0) million, or ($0.21) per basic and diluted share, for the first quarter of 2023. Adjusted EBITDA (a non-GAAP financial measure) in the first quarter of 2024 was a loss of ($4.0) million compared to an adjusted EBITDA loss of ($4.2) million in the first quarter of 2023. The Company had $19.3 million in cash, cash equivalents and short-term investments as of March 31, 2024, compared to $19.5 million as of December 31, 2023. The total number of shares outstanding was 26.9 million as of March 31, 2024. First Quarter 2024 Results Webinar Atomera will host a live video webinar today to discuss its financial results and recent progress.Date: Thursday, April 25, 2024Time: 2:00 p.m. PT (5:00 p.m. ET)Webcast: Accessible at https://ir.atomera.com Note 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 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 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.com. Safe 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, 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 IncorporatedCondensed Balance Sheets(in thousands, except per share data) March 31, December 31, 2024 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 14,806 $ 12,591 Short-term investments 4,458 6,940 Unbilled contracts receivable - 550 Interest receivable 73 79 Prepaid expenses and other current assets 328 244 Total current assets 19,665 20,404 Property and equipment, net 83 100 Long-term prepaid maintenance and supplies 91 91 Security deposit 14 14 Operating lease right-of-use asset 459 517 Financing lease right-of-use-asset 2,622 2,903 Total assets $ 22,934 $ 24,029 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 601 $ 618 Accrued expenses 210 222 Accrued payroll related expenses 454 1,382 Current operating lease liability 263 264 Current financing lease liability 1,357 1,328 Deferred revenue 17 - Total current liabilities 2,902 3,814 Long-term operating lease liability 194 295 Long-term financing lease liability 1,431 1,750 Total liabilities 4,527 5,859 Commitments and contingencies - - Stockholders' equity: Preferred stock $0.001 par value, authorized 2,500 shares; none issued and outstanding as of March 31 2024 and December 31, 2023 - - Common stock: $0.001 par value, authorized 47,500 shares; 26,905 shares issued and 26,885 outstanding as of March 31, 2024; and 26,107 shares issued and outstanding as of December 31, 2023 27 26 Additional paid in capital 226,288 221,229 Other comprehensive income (loss) (1 ) - Accumulated deficit (207,907 ) (203,085 ) Total stockholders' equity 18,407 18,170 Total liabilities and stockholders' equity $ 22,934 $ 24,029 Atomera IncorporatedCondensed Statements of Operations(in thousands, except per share data)(Unaudited) Three Months Ended March 31, December 31, March 31, 2024 2023 2023 Revenue $ 18 $ 550 $ - Cost of revenue (33 ) (28 ) - Gross margin (loss) (15 ) 522 - Operating expenses Research and development 2,858 2,992 3,036 General and administrative 1,811 1,875 1,742 Selling and marketing 350 452 389 Total operating expenses 5,019 5,319 5,167 Loss from operations (5,034 ) (4,797 ) (5,167 ) Other income (expense) Interest income 205 195 199 Accretion income 46 62 2 Other income (expense), net - 3 - Interest expenses (39 ) (43 ) (53 ) Total other income (expense), net 212 217 148 ) Net loss $ (4,822 ) $ (4,580 ) $ (5,019 ) Net loss per common share, basic and diluted $ (0.19 ) $ (0.18 ) $ (0.21 ) Weighted average number of common shares outstanding, basic and diluted 26,038 25,404 23,660 Atomera IncorporatedReconciliation to Non-GAAP EBITDA(Unaudited) Three Months Ended March 31, December 31, March 31, 2024 2023 2023 Net loss (GAAP) $ (4,822 ) $ (4,580 ) $ (5,019 ) Depreciation and amortization 17 17 20 Stock-based compensation 1,024 1,015 927 Interest income (205 ) (195 ) (199 ) Accretion income (46 ) (62 ) (2 ) Other (income) expense, net - (3 ) - Interest expense 39 43 53 Net loss non-GAAP EBITDA $ (3,993 ) $ (3,765 ) $ (4,220 ) Investor Contact:Bishop IRMike Bishop(415) 894-9633investor@atomera.com SOURCE: Atomera, Inc View the original press release on accesswire.com
LOS GATOS, CA / ACCESSWIRE / April 25, 2024 / Atomera Incorporated (NASDAQ:ATOM), a semiconductor materials and technology licensing company, today provided a corporate update and announced financial results for the first quarter ended March 31, 2024. Recent Company Highlights Strong progress with customers in all four market focus segments Record number of commercial proposals in the last three months Promising GaN results in a new product category, Compound Semiconductors Management Commentary "As our first commercial customer continues on the path to production, we have been more active on license agreements with other customers than at any time in our history," said Scott Bibaud, President and CEO. "We believe this proposal activity, combined with our potential to enter the compound semiconductor market segment will provide sustaining growth on top of a solid foundation to build Atomera into a premier leader in the semiconductor industry." Financial Results The Company incurred a net loss of ($4.8) million, or ($0.19) per basic and diluted share in the first quarter of 2024, compared to a net loss of ($5.0) million, or ($0.21) per basic and diluted share, for the first quarter of 2023. Adjusted EBITDA (a non-GAAP financial measure) in the first quarter of 2024 was a loss of ($4.0) million compared to an adjusted EBITDA loss of ($4.2) million in the first quarter of 2023. The Company had $19.3 million in cash, cash equivalents and short-term investments as of March 31, 2024, compared to $19.5 million as of December 31, 2023. The total number of shares outstanding was 26.9 million as of March 31, 2024. First Quarter 2024 Results Webinar Atomera will host a live video webinar today to discuss its financial results and recent progress.Date: Thursday, April 25, 2024Time: 2:00 p.m. PT (5:00 p.m. ET)Webcast: Accessible at https://ir.atomera.com Note 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 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 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.com. Safe 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, 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 IncorporatedCondensed Balance Sheets(in thousands, except per share data) March 31, December 31, 2024 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 14,806 $ 12,591 Short-term investments 4,458 6,940 Unbilled contracts receivable - 550 Interest receivable 73 79 Prepaid expenses and other current assets 328 244 Total current assets 19,665 20,404 Property and equipment, net 83 100 Long-term prepaid maintenance and supplies 91 91 Security deposit 14 14 Operating lease right-of-use asset 459 517 Financing lease right-of-use-asset 2,622 2,903 Total assets $ 22,934 $ 24,029 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 601 $ 618 Accrued expenses 210 222 Accrued payroll related expenses 454 1,382 Current operating lease liability 263 264 Current financing lease liability 1,357 1,328 Deferred revenue 17 - Total current liabilities 2,902 3,814 Long-term operating lease liability 194 295 Long-term financing lease liability 1,431 1,750 Total liabilities 4,527 5,859 Commitments and contingencies - - Stockholders' equity: Preferred stock $0.001 par value, authorized 2,500 shares; none issued and outstanding as of March 31 2024 and December 31, 2023 - - Common stock: $0.001 par value, authorized 47,500 shares; 26,905 shares issued and 26,885 outstanding as of March 31, 2024; and 26,107 shares issued and outstanding as of December 31, 2023 27 26 Additional paid in capital 226,288 221,229 Other comprehensive income (loss) (1 ) - Accumulated deficit (207,907 ) (203,085 ) Total stockholders' equity 18,407 18,170 Total liabilities and stockholders' equity $ 22,934 $ 24,029 Atomera IncorporatedCondensed Statements of Operations(in thousands, except per share data)(Unaudited) Three Months Ended March 31, December 31, March 31, 2024 2023 2023 Revenue $ 18 $ 550 $ - Cost of revenue (33 ) (28 ) - Gross margin (loss) (15 ) 522 - Operating expenses Research and development 2,858 2,992 3,036 General and administrative 1,811 1,875 1,742 Selling and marketing 350 452 389 Total operating expenses 5,019 5,319 5,167 Loss from operations (5,034 ) (4,797 ) (5,167 ) Other income (expense) Interest income 205 195 199 Accretion income 46 62 2 Other income (expense), net - 3 - Interest expenses (39 ) (43 ) (53 ) Total other income (expense), net 212 217 148 ) Net loss $ (4,822 ) $ (4,580 ) $ (5,019 ) Net loss per common share, basic and diluted $ (0.19 ) $ (0.18 ) $ (0.21 ) Weighted average number of common shares outstanding, basic and diluted 26,038 25,404 23,660 Atomera IncorporatedReconciliation to Non-GAAP EBITDA(Unaudited) Three Months Ended March 31, December 31, March 31, 2024 2023 2023 Net loss (GAAP) $ (4,822 ) $ (4,580 ) $ (5,019 ) Depreciation and amortization 17 17 20 Stock-based compensation 1,024 1,015 927 Interest income (205 ) (195 ) (199 ) Accretion income (46 ) (62 ) (2 ) Other (income) expense, net - (3 ) - Interest expense 39 43 53 Net loss non-GAAP EBITDA $ (3,993 ) $ (3,765 ) $ (4,220 ) Investor Contact:Bishop IRMike Bishop(415) 894-9633investor@atomera.com SOURCE: Atomera, Inc View the original press release on accesswire.com