Atomera Provides Third Quarter 2021 Results

Rhea-AI Summary

Atomera Incorporated (NASDAQ:ATOM) reported its third-quarter 2021 results, highlighting a net loss of $4.2 million, unchanged per share from the previous year. The company achieved formal acceptance of 200 and 300mm Epi deposition tools and increased its patent count to 298. Despite a rise in adjusted EBITDA losses to $3.6 million, Atomera is optimistic about its prospects as customers begin to expand after a phase of tight capacity and supply shortages. The company held $31.8 million in cash as of September 30, 2021.

Positive

• Achieved formal acceptance for 200 and 300mm Epi deposition tools.
• Patent count increased to 298, indicating strong innovation.
• Management optimistic about future customer demand as the industry recovers from supply shortages.

Negative

• Net loss increased to ($4.2) million from ($3.6) million year-over-year.
• Adjusted EBITDA loss widened to ($3.6) million compared to ($2.7) million in the prior year.
• Cash reserves decreased from $37.9 million at the end of 2020 to $31.8 million.

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 facility
• Patents issued and pending reached 298 as of September 30th

Management 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 Results

The 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 Webinar

Atomera will host a live video webinar today to discuss its financial results and recent progress.

Date: Thursday, Oct. 28, 2021

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 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 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 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 Incorporated

Condensed 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 Incorporated

Condensed Statements of Operations

(Unaudited)

(in thousands, except per share data)

		Three Months Ended September 30,								Nine Months Ended September 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 Incorporated

Reconciliation to Non- GAAP EBITDA

(Unaudited)

		Three Months Ended September 30,								Nine Months Ended September 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 IR
Mike Bishop
(415) 894-9633
investor@atomera.com

SOURCE: Atomera, Inc

View source version on accesswire.com:
https://www.accesswire.com/670004/Atomera-Provides-Third-Quarter-2021-Results

FAQ

What were Atomera's financial results for Q3 2021?

Atomera reported a net loss of $4.2 million for the third quarter of 2021, consistent with the loss per share of ($0.19).

How many patents does Atomera have as of September 30, 2021?

As of September 30, 2021, Atomera has a total of 298 patents issued and pending.

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

Atomera had $31.8 million in cash and cash equivalents as of September 30, 2021.

What is the adjusted EBITDA loss for Atomera in Q3 2021?

The adjusted EBITDA loss for Atomera in the third quarter of 2021 was ($3.6) million.

What recent developments did Atomera announce regarding their Epi deposition tools?

Atomera announced the formal acceptance of 200 and 300mm Epi deposition tools during Q3 2021.