Atomera Provides Second Quarter 2021 Results

Rhea-AI Summary

Atomera announced its Q2 2021 financial results, reporting a net loss of ($3.7) million, or ($0.17) per share, an improvement from a net loss of ($3.8) million, or ($0.21) per share in Q2 2020. Adjusted EBITDA loss improved slightly to ($2.9) million from ($3.0) million year-over-year. The company held $34.3 million in cash as of June 30, 2021. Management highlighted progress in its semiconductor technologies, including MST-SP and RF-SOI, and announced the appointment of new senior executives to enhance business development.

Positive

• Improved net loss to ($3.7) million from ($3.8) million year-over-year.
• Enhanced cash position with $34.3 million as of June 30, 2021.
• New senior executives appointed to lead engineering and business development.

Negative

• Net loss remains significant at ($3.7) million.
• Adjusted EBITDA loss of ($2.9) million indicates ongoing operational challenges.

LOS GATOS, CA / ACCESSWIRE / August 3, 2021 ­­/ Atomera Incorporated (NASDAQ:ATOM), a semiconductor materials and technology licensing company, today provided a corporate update and announced financial results for the second quarter ended June 30, 2021.

• Appointed two new senior executives to lead engineering and marketing/business development.
• Released a white paper showing how MST helps solve industry problems at the most advanced production nodes.

Management Commentary

"In Q2 Atomera made strong progress in our More-than-Moore focused technologies including MST-SP and RF-SOI while also detailing how MST can be used in the newest production nodes under development today," said Scott Bibaud, President and CEO. "We are also excited to welcome Jeff Lewis, a seasoned semiconductor executive as our new SVP of Business Development who we believe will help us to accelerate our products to market over a wider set of customers"

Financial Results

The Company incurred a net loss of ($3.7) million, or ($0.17) per basic and diluted share in the second quarter of 2021, compared to a net loss of ($3.8) million, or ($0.21) per basic and diluted share, for the second quarter of 2020. Adjusted EBITDA (a non-GAAP financial measure) in the second quarter of 2021 was a loss of ($2.9) million compared to an adjusted EBITDA loss of ($3.0) million in the second quarter of 2020.

The Company had $34.3 million in cash and cash equivalents as of June 30, 2021, compared to $37.9 million as of December 31, 2020.

The total number of shares outstanding was 23.1 million as of June 30, 2021.

Second Quarter 2021 Results Webinar

Atomera will host a live video webinar today to discuss its financial results and recent progress.
Date: Tuesday, Aug. 3, 2021
Time: 2:00 p.m. PT (5:00 p.m. ET)
Webcast: Accessible at https://ir.atomera.com

Note about Non­GAAP 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 non­GAAP 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 similarly­titled measures used by other companies. We believe that this non­GAAP 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 forward­looking 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 forward­looking 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 forward­looking 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)

		June 30,				December 31,
		2021				2020
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	34,341			$	37,942
Prepaid expenses and other current assets			659				132
Total current assets			35,000				38,074
Property and equipment, net			206				153
Operating lease right-of-use asset			998				705
Long-term prepaid rent			450				450
Security deposit			14				13
Total assets		$	36,668			$	39,395
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	411			$	442
Accrued expenses			184				211
Accrued payroll related expenses			322				705
Current operating lease liability			213				90
Total current liabilities			1,130				1,448
Long term operating lease liability			849				602
Total liabilities			1,979				2,050
Commitments and contingencies
Stockholders' equity:
Preferred stock $0.001 par value, authorized 2,500 shares; none issued and outstanding at June 30, 2021 and December 31, 2020			-				-
Common stock: $0.001 par value, authorized 47,500 shares; 23,104 and 22,375 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively;			23				22
Additional paid-in capital			192,152				187,463
Accumulated deficit			(157,486	)			(150,140	)
Total stockholders' equity			34,689				37,345
Total liabilities and stockholders' equity		$	36,668			$	39,395

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

		Three Months Ended June 30,								Six Months Ended June 30,
		2021				2020				2021				2020
Revenue		$	-			$	-			$	400			$	62
Cost of revenue			-				-				-				(13	)
		$	-			$	-			$	400			$	49
Operating expenses
Research and development			2,069				2,086				4,298				4,148
General and administrative			1,506				1,480				3,019				2,925
Selling and marketing			137				215				403				440
Total operating expenses			3,712				3,781				7,720				7,513
Loss from operations			(3,712	)			(3,781	)			(7,320	)			(7,464	)
Other income
Interest income			3				2				5				40
Total other income			3				2				5				40
Net loss before income taxes			(3,709	)			(3,779	)			(7,315	)			(7,424	)
Provision for income taxes			17				-				31				-
Net loss		$	(3,726	)			(3,779	)		$	(7,346	)			(7,424	)
Net loss per common share, basic and diluted		$	(0.17	)			(0.21	)		$	(0.33	)			(0.43	)
Weighted average number of common shares outstanding, basic and diluted			22,492				17,975				22,292				17,367

Atomera Incorporated
Reconciliation to Non- GAAP EBITDA
(Unaudited)

		Three Months Ended June 30,									Six Months Ended June 30,
		2021				2020					2021									2020
Net loss (GAAP)			$(3,726)				$(3,779)						$(7,346)								$(7,424)
Add (subtract) the following items:
Interest income			(3)				(2)					(5)								(40)
Provision for income taxes			17				-					31								-
Depreciation and amortization			13				11					26								21
Warrant modification			-				-					-								139
Stock-based compensation			847				766					1,578								1,395
Adjusted EBITDA (non-GAAP)			$(2,852)				$(3,004)					$(5,716)								$(5,909)

Investor Contact:

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

SOURCE: Atomera Incorporated

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https://www.accesswire.com/658178/Atomera-Provides-Second-Quarter-2021-Results

FAQ

What were Atomera's financial results for Q2 2021?

Atomera reported a net loss of ($3.7) million, or ($0.17) per share.

How did Atomera perform compared to Q2 2020?

In Q2 2020, Atomera had a net loss of ($3.8) million, indicating a slight improvement in 2021.

What is Atomera's cash position as of June 30, 2021?

As of June 30, 2021, Atomera had $34.3 million in cash and cash equivalents.

Who were the new executives appointed at Atomera?

Atomera appointed two senior executives to lead engineering and business development.

What progress has Atomera made in its semiconductor technologies?

Atomera reported progress in its MST-SP and RF-SOI technologies.