Atomera Provides Third Quarter 2024 Results

Rhea-AI Summary

Atomera (NASDAQ:ATOM), a semiconductor materials and technology licensing company, reported Q3 2024 financial results. The company announced a net loss of $4.6 million ($0.17 per share), compared to a $5.0 million loss ($0.20 per share) in Q3 2023. Cash and equivalents stood at $17.3 million as of September 30, 2024, down from $19.5 million at the end of 2023. The company highlighted a new collaboration with Sandia National Laboratories' CINT to validate MST's capabilities in GaN manufacturing. Total shares outstanding were 28.3 million as of September 30, 2024.

Positive

• Reduced net loss to $4.6M in Q3 2024 from $5.0M in Q3 2023
• Improved adjusted EBITDA loss to $3.9M from $4.3M year-over-year
• Strategic collaboration with Sandia National Laboratories for GaN manufacturing

Negative

• Cash position decreased by $2.2M since December 2023
• Continued operating losses with no reported revenue

Insights

Financial Analyst

Atomera's Q3 2024 results show continued operational losses with a $4.6 million net loss ($0.17 per share), though slightly improved from Q3 2023's $5.0 million loss. The cash position declined to $17.3 million from $19.5 million at 2023 year-end, indicating a quarterly cash burn rate of approximately $0.73 million. While the collaboration with Sandia Labs' CINT represents a strategic move into GaN technology, the company remains pre-revenue with no clear timeline for significant commercial breakthroughs. At the current burn rate, the existing cash runway extends roughly 6 quarters, suggesting potential financing needs by mid-2026 without material revenue generation.

LOS GATOS, CA / ACCESSWIRE / ­October 29, 2024 ­­/ 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 Sept. 30, 2024.

Recent Company Highlights

• Announced a collaboration with the Center for Integrated Nanotechnologies (CINT) at Sandia National Laboratories to validate MST's ability to address GaN manufacturing challenges

• Presented on the advantages of using MST in multiple applications at PRiME 2024

Management Commentary
"Our recent collaboration with Sandia National Laboratories CINT highlights the expanding opportunities for Atomera in the power segment of the semiconductor industry to supplement the strong progress we've made with our lead customer in this area," said Scott Bibaud, President and CEO. "We are optimistic about accelerating engagements in our other segments which we believe will lead to the announcement of licenses and JDAs with more customers in the near term."

Financial Results
The Company incurred a net loss of ($4.6) million, or ($0.17) per basic and diluted share in the third quarter of 2024, compared to a net loss of ($5.0) million, or ($0.20) per basic and diluted share, for the third quarter of 2023. Adjusted EBITDA (a non-GAAP financial measure) in the third quarter of 2024 was a loss of ($3.9) million compared to an adjusted EBITDA loss of ($4.3) million in the third quarter of 2023.

The Company had $17.3 million in cash, cash equivalents and short-term investments as of Sept. 30, 2024, compared to $19.5 million as of December 31, 2023.

The total number of shares outstanding was 28.3 million as of September 30, 2024.

Second Quarter 2024 Results Webinar
Atomera will host a live video webinar today to discuss its financial results and recent progress.
Date: Tuesday, Oct. 29, 2024
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, 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 Incorporated
Condensed Balance Sheets
(in thousands, except per share data)

		September 30,				June 30,				December 31,
		2024				2024				2023
		(Unaudited)				(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	13,757			$	14,484			$	12,591
Short-term investments			3,585				3,804				6,940
Accounts receivable			6				6				-
Unbilled contracts receivable			-				-				550
Interest receivable			56				74				79
Prepaid expenses and other current assets			388				578				244
Total current assets			17,792				18,946				20,404
Property and equipment, net			63				75				100
Long-term prepaid maintenance and supplies			91				91				91
Security deposit			14				14				14
Operating lease right-of-use asset			341				401				517
Financing lease right-of-use-asset			1,839				2,341				2,903
Total assets		$	20,140			$	21,868			$	24,029
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	786			$	646			$	618
Accrued expenses			172				249				222
Accrued payroll related expenses			968				594				1,382
Current operating lease liability			258				256				264
Current financing lease liability			1,194				1,386				1,328
Deferred revenue			8				13				-
Total current liabilities			3,386				3,144				3,814
Long-term operating lease liability			80				137				295
Long-term financing lease liability			781				1,108				1,750
Total liabilities			4,247				4,389				5,859
Commitments and contingencies
Stockholders' equity:
Preferred stock $0.001 par value, authorized 2,500 shares; none issued and outstanding as of September 30,2024, June 30, 2024 and December 31, 2023			-				-				-
Common stock: $0.001 par value, authorized 47,500 shares; 28,289 shares issued and outstanding as of September 30, 2024: 27,622 shares issued and 27,610 outstanding as of June 30, 2024; and 26,107 shares issued and outstanding as of December 31, 2023			28				28				26
Additional paid-in capital			232,726				229,726				221,229
Other comprehensive income(loss)			2				(7	)			-
Accumulated deficit			(216,863	)			(212,268	)			(203,085	)
Total stockholders' equity			15,893				17,479				18,170
Total liabilities and stockholders' equity		$	20,140			$	21,868			$	24,029

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

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
	2024			2024			2023			2024			2023
Revenue	$	22		$	72		$	-		$	112			-
Cost of revenue		(3	)		(74	)		-			(110	)		-
Gross margin		19			(2	)		-			2			-
Operating expenses
Research and development		2,759			2,589			3,305			8,206			9,533
General and administrative		1,812			1,832			1,683			5,455			5,200
Selling and marketing		248			207			365			805			1,147
Total operating expenses		4,819			4,628			5,353			14,466			15,880
Loss from operations		(4,800	)		(4,630	)		(5,353	)		(14,464	)		(15,880	)
Other income (expense)
Interest income		176			185			177			566			528
Accretion income		59			47			112			152			221
Interest expense		(30	)		(35	)		(47	)		(104	)		(151	)
Other income, net		-			72			72			72			72
Total other income (expense), net		205			269			314			686			670
Net loss	$	(4,595	)	$	(4,361	)	$	(5,039	)	$	(13,778	)		(15,210	)
Net loss per common share, basic and diluted	$	(0.17	)	$	(0.16	)	$	(0.20	)	$	(0.52	)		(0.62	)
Weighted average number of common shares outstanding, basic and diluted		27,406			26,467			25,255			26,640			24,536

Atomera Incorporated
Reconciliation to Non-GAAP EBITDA
(Unaudited)

	Three Months Ended												Nine Months Ended
	September 30,				June 30,				September 30,				September 30,
	2024				2024				2023				2024				2023
Net loss (GAAP)	$	(4,595	)		$	(4,361	)		$	(5,039	)		$	(13,778	)		$	(15,210	)
Depreciation and amortization		12				13				20				42				60
Stock-based compensation		907				987				1,041				2,918				2,998
Interest income		(176	)			(185	)			(177	)			(566	)			(528	)
Accretion income		(59	)			(47	)			(112	)			(152	)			(221	)
Interest expense		30				35				47				104				151
Other income, net		-				(72	)			(72	)			(72	)			(72	)
Net loss non-GAAP EBITDA	$	(3,881	)		$	(3,630	)		$	(4,292	)		$	(11,504	)		$	(12,822	)

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

SOURCE: Atomera, Inc

View the original press release on accesswire.com

FAQ

What was Atomera's (ATOM) net loss per share in Q3 2024?

Atomera reported a net loss of $0.17 per basic and diluted share in Q3 2024.

How much cash does Atomera (ATOM) have as of September 30, 2024?

Atomera had $17.3 million in cash, cash equivalents and short-term investments as of September 30, 2024.

What is Atomera's (ATOM) new collaboration announced in Q3 2024?

Atomera announced a collaboration with the Center for Integrated Nanotechnologies (CINT) at Sandia National Laboratories to validate MST's ability to address GaN manufacturing challenges.