Atomera Provides Fourth Quarter and Fiscal 2022 Results

Rhea-AI Summary

Atomera Incorporated (NASDAQ:ATOM) reported its fourth quarter and fiscal year 2022 results on February 15, 2023. The company incurred a net loss of ($4.3) million, or ($0.18) per share, in Q4 2022, slightly higher than the ($4.2) million loss in Q4 2021. For fiscal 2022, revenue decreased to $382,000 from $400,000 in 2021, with a net loss of ($17.4) million, compared to ($15.7) million in the previous year. Adjusted EBITDA also worsened, showing a loss of ($14.1) million for 2022. Cash and equivalents dropped to $21.2 million as of December 31, 2022, down from $28.7 million in 2021. The company highlighted increased customer interest in advanced node technologies.

Positive

• Customer interest is increasing in advanced semiconductor process technologies.
• Collaboration with Arizona State University aims to advance semiconductor materials.
• One customer has advanced into the integration phase (Phase Three).

Negative

• Net loss increased to ($17.4) million in FY 2022 from ($15.7) million in FY 2021.
• Revenue declined to $382,000 in FY 2022 from $400,000 in FY 2021.
• Adjusted EBITDA loss widened to ($14.1) million in FY 2022 from ($12.5) million in FY 2021.
• Cash and cash equivalents decreased from $28.7 million in FY 2021 to $21.2 million in FY 2022.

LOS GATOS, CA / ACCESSWIRE / February / 15, 2023 / Atomera Incorporated (NASDAQ:ATOM), a semiconductor materials and technology licensing company, today provided a corporate update and announced financial results for the fourth quarter and fiscal year ended December 31, 2022.

Recent Company Highlights

• Released a Whitepaper detailing Atomera's contribution to advanced node technologies
• One customer advanced into the integration phase (Phase Three)
• Announced collaboration with Arizona State University to enable R&D aimed at advancing semiconductor materials

Management Commentary

"This point in the semiconductor industry cycle is ripe for Atomera to engage with customers on enhancing their process technologies and we are seeing a corresponding increase in customer interest," said Scott Bibaud, President and CEO. "Recent efforts focused on technologies for the most advanced nodes have been garnering particularly strong interest from the industry."

Financial Results

The Company incurred a net loss of ($4.3) million, or ($0.18) per basic and diluted share in the fourth quarter of 2022, compared to a net loss of ($4.2) million, or ($0.18) per basic and diluted share, for the fourth quarter of 2021. Adjusted EBITDA (a non-GAAP financial measure) in the fourth quarter of 2022 was a loss of ($3.5) million compared to an adjusted EBITDA loss of ($3.4) million in the fourth quarter of 2021.

For fiscal year 2022, revenue was $382,000, compared with $400,000 in fiscal 2021. Net loss was ($17.4) million, or ($0.75) per basic and diluted share for fiscal 2022, compared to ($15.7) million, or ($0.70) per basic and diluted share in fiscal 2021. Adjusted EBITDA for fiscal 2022 was a loss of ($14.1) million compared to an adjusted EBITDA loss of ($12.5) million in fiscal 2021.

The Company had $21.2 million in cash and cash equivalents as of December 31, 2022, compared to $28.7 million as of December 31, 2021.

The total number of shares outstanding was 24.0 million as of December 31, 2022.

Fourth Quarter and Fiscal Year 2022 Results Webinar

Atomera will host a live video webinar today to discuss its financial results and recent progress.
Date: Wednesday, Feb. 15, 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 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, 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
Balance Sheets
(in thousands, except per share data)

		December 31,				December 31,
		2022				2021
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	21,184			$	28,699
Prepaid expenses and other current assets			418				309
Total current assets			21,602				29,008
Property and equipment, net			158				196
Long-term prepaid maintenance and supplies			91				91
Security deposit			14				14
Operating lease right-of-use asset			700				900
Financing lease right-of-use-asset			4,164				5,851
Total assets		$	26,729			$	36,060
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	397			$	338
Accrued expenses			173				203
Accrued payroll related expenses			967				601
Current operating lease liability			245				216
Current financing lease liability			1,126				1,395
Total current liabilities			2,908				2,753
Long-term operating lease liability			521				768
Long-term financing lease liability			2,986				4,158
Total liabilities			6,415				7,679
Commitments and contingencies							-
Stockholders' equity:
Preferred stock $0.001 par value, authorized 2,500 shares; none issued and outstanding at December 31, 2022 and December 31, 2021			-				--
Common stock: $0.001 par value, authorized 47,500 shares; 23,973 and 23,207 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively;			24				23
Additional paid-in capital			203,585				194,212
Accumulated deficit			(183,295	)			(165,854	)
Total stockholders' equity			20,314				28,381
Total liabilities and stockholders' equity		$	26,729			$	36,060

Atomera Incorporated
Statements of Operations
(in thousands, except per share data)

		Three Months Ended												Year Ended
		December 31,				September 30,				December 31,				December 31,
		2022				2022				2021				2022				2021
		(Unaudited)				(Unaudited)				(Unaudited)
Revenue		$	5			$	2			$	-			$	382			$	400
Cost of revenue			-				-				-				(81	)			-
Gross margin			5				2				-				301				400
Operating expenses
Research and development			2,523				2,743				2,249				10,038				8,779
General and administrative			1,559				1,567				1,508				6,441				6,164
Selling and marketing			329				347				316				1,348				986
Total operating expenses			4,411				4,657				4,073				17,827				15,929
Loss from operations			(4,406	)			(4,655	)			(4,703	)			(17,526	)			(15,529	)
Other income (expense)
Interest income			189				113				2				340				9
Interest expense			(55	)			(60	)			(76	)			(255	)			(128	)
Total other income (expense), net			134				53				(74	)			85				(119	)
Net loss before income taxes			(4,272	)			(4,602	)			(4,147	)			(17,441	)			(15,648	)
Provision for income taxes							-				18				-				66
Net loss		$	(4,272	)		$	(4,602	)		$	(4,165	)		$	(17,441	)		$	(15,714	)
Net loss per common share, basic and diluted		$	(0.18	)		$	(0.20	)		$	(0.18	)		$	(0.75	)		$	(0.70	)
Weighted average number of common shares outstanding, basic and diluted			23,538				23,294				22,751				23,157				22,492

Atomera Incorporated
Reconciliation to Non-GAAP EBITDA
(Unaudited)

		Three Months Ended												Year Ended
		December 31,				September 30,				September 30,				December 31,
		2022				2022				2021				2022				2021
Net loss (GAAP)		$	(4,272	)		$	(4,602	)		$	(4,165	)		$	(17,441	)		$	(15,714	)
Depreciation and amortization			19				19				20				77				67
Stock-based compensation			893				889				639				3,367				2,973
Interest income			(189	)			(113	)			(2	)			(340	)			(9	)
Interest expense			55				60				76				255				128
Provision for income taxes			-				-				18				-				66
Net loss non-GAAP EBITDA		$	(3,494	)		$	(3,747	)		$	(3,414	)		$	(14,082	)		$	(12,489	)

Investor Contact:

Bishop IR
Mike Bishop
(415) 894-9633
investor@atomera.com

SOURCE: Atomera, Inc

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FAQ

What were Atomera's financial results for Q4 2022?

Atomera reported a net loss of ($4.3) million, or ($0.18) per share in Q4 2022.

How did Atomera's revenue perform in fiscal year 2022?

Atomera's revenue for fiscal year 2022 was $382,000, down from $400,000 in 2021.

What is Atomera's adjusted EBITDA for fiscal year 2022?

The adjusted EBITDA loss for fiscal year 2022 was ($14.1) million, compared to a loss of ($12.5) million in 2021.

What is the current cash position of Atomera?

As of December 31, 2022, Atomera had $21.2 million in cash and cash equivalents.