Atomera Provides First Quarter 2022 Results
Atomera Incorporated (NASDAQ:ATOM), a semiconductor materials and technology licensing company, announced its Q1 2022 financial results and corporate updates. Revenue for the quarter was $375,000, down from $400,000 in Q1 2021. The company reported a net loss of $4.1 million, compared to a loss of $3.6 million a year prior. Cash reserves stood at $24.5 million at the end of March 2022, decreasing from $28.7 million at the end of 2021. Atomera also entered a Joint Development Agreement (JDA) with a leading foundry, recognizing $375,000 in revenue from this initiative.
- Entered into a new Joint Development Agreement (JDA) with a leading foundry partner.
- Recognized $375,000 in revenue from the first JDA customer.
- Revenue decreased by $25,000 from Q1 2021.
- Incurred a net loss of $4.1 million, worsening from a $3.6 million loss in Q1 2021.
- Adjusted EBITDA loss increased to $3.3 million from $2.9 million in Q1 2021.
- Cash reserves declined from $28.7 million to $24.5 million.
LOS GATOS, CA / ACCESSWIRE / April 27, 2022 / 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, 2022.
Recent Company Highlights
- Entered into new Joint Development Agreement (JDA) with a leading foundry partner
- Successfully met requirements of first JDA opening the door to integration with business units and application areas
- Recognition of revenue of
$375,000 from our first JDA customer and a separate, previously announced licensee
Management Commentary
"Progress in our last quarter demonstrates Atomera's momentum toward commercialization of MST, including a new JDA, advancing numerous licensees and the opportunity for the beginning of validated engagements with our first JDA partner," said Scott Bibaud, President and CEO. "We continue to see broad industry recognition of the value of Atomera's technology as a critical ingredient to address the challenges presented to the semiconductor industry in an environment of high future growth forecasts."
Financial Results
During the first quarter of 2022, revenue was
The Company had
The total number of shares outstanding was 23.4 million as of March 31, 2022.
First Quarter 2022 Results Webinar
Atomera will host a live video webinar today to discuss its financial results and recent progress.
Date: Wednesday, April 27, 2022
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 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 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; (3) risks related to our ability to advance the licensing arrangements with our initial integration licensees 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 15, 2022. 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.
Atomera Incorporated
Condensed Balance Sheets
(in thousands, except per share data)
| March 31, 2022 | December 31, 2021 | |||||||
| (Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 24,451 | $ | 28,699 | ||||
Accounts receivable | 300 | - | ||||||
Prepaid expenses and other current assets | 846 | 309 | ||||||
Total current assets | 25,597 | 29,008 | ||||||
Property and equipment, net | 192 | 196 | ||||||
Long-term prepaid maintenance and supplies | 91 | 91 | ||||||
Security deposit | 14 | 14 | ||||||
Operating lease right-of-use asset | 850 | 900 | ||||||
Financing lease right-of-use-asset | 5,532 | 5,851 | ||||||
Total assets | $ | 32,276 | $ | 36,060 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 380 | $ | 338 | ||||
Accrued expenses | 241 | 203 | ||||||
Accrued payroll related expenses | 260 | 601 | ||||||
Current operating lease liability | 217 | 216 | ||||||
Current financing lease liability | 1,396 | 1,395 | ||||||
Total current liabilities | 2,494 | 2,753 | ||||||
Long-term operating lease liability | 725 | 768 | ||||||
Long-term financing lease liability | 3,870 | 4,158 | ||||||
Total liabilities | 7,089 | 7,679 | ||||||
Commitments and contingencies | - | - | ||||||
Stockholders' equity: | ||||||||
Preferred stock | - | - | ||||||
Common stock: | 23 | 23 | ||||||
Additional paid-in capital | 195,104 | 194,212 | ||||||
Accumulated deficit | (169,940 | ) | (165,854 | ) | ||||
Total stockholders' equity | 25,187 | 28,381 | ||||||
Total liabilities and stockholders' equity | $ | 32,276 | $ | 36,060 | ||||
Atomera Incorporated
Condensed Statements of Operations
(Unaudited)
(in thousands, except per share data)
| Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| Revenue | $ | 375 | $ | 400 | ||||
Cost of revenue | 81 | - | ||||||
Gross margin | 294 | 400 | ||||||
Operating expenses | ||||||||
Research and development | 2,339 | 2,229 | ||||||
General and administrative | 1,648 | 1,513 | ||||||
Selling and marketing | 325 | 266 | ||||||
Total operating expenses | 4,312 | 4,008 | ||||||
Loss from operations | (4,018 | ) | (3,608 | ) | ||||
Other income (expense) | ||||||||
Interest income | 3 | 2 | ||||||
Interest expense | (71 | ) | - | |||||
Total other income (expense), net | (68 | ) | 2 | |||||
Net loss before income taxes | (4,086 | ) | (3,606 | ) | ||||
Provision for income taxes | - | 14 | ||||||
Net loss | $ | (4,086 | ) | (3,620 | ) | |||
Net loss per common share, basic and diluted | $ | (0.18 | ) | (0.16 | ) | |||
Weighted average number of common shares outstanding, basic and diluted | 22,853 | 22,090 | ||||||
Atomera Incorporated
Reconciliation to Non- GAAP EBITDA
(Unaudited)
| Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| Net loss (GAAP) | $ | (4,086 | ) | $ | (3,620 | ) | ||
| Depreciation and amortization | 20 | 13 | ||||||
| Stock-based compensation | 726 | 731 | ||||||
| Interest income | (3 | ) | (2 | ) | ||||
| Interest expense | 71 | - | ||||||
| Provision for income taxes | - | 14 | ||||||
| Adjusted EBITDA (non-GAAP) | $ | (3,272 | ) | $ | (2,864 | ) | ||
Investor Contact:
Bishop IR
Mike Bishop
(415) 894-9633
investor@atomera.com
SOURCE: Atomera Incorporated
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FAQ
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