UK markets open in 2 hours 44 minutes
  • NIKKEI 225

    30,123.85
    +452.15 (+1.52%)
     
  • HANG SENG

    30,423.80
    +705.56 (+2.37%)
     
  • CRUDE OIL

    63.15
    -0.07 (-0.11%)
     
  • GOLD FUTURES

    1,796.10
    -1.80 (-0.10%)
     
  • DOW

    31,961.86
    +424.51 (+1.35%)
     
  • BTC-GBP

    35,181.19
    -1,154.74 (-3.18%)
     
  • CMC Crypto 200

    994.57
    -0.10 (-0.01%)
     
  • ^IXIC

    13,597.97
    +132.77 (+0.99%)
     
  • ^FTAS

    3,795.06
    +23.72 (+0.63%)
     

Atomera, Inc: Atomera Provides Fourth Quarter and Fiscal 2020 Results

·7-min read


Los Gatos, 02/10/2021 / 13:04, PST/PDT - EQS Newswire - Atomera, Inc


LOS GATOS, CA / ACCESSWIRE /­­ February 10, 2021 / ­­ 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, 2020.

Recent Company Highlights

Management Commentary

"The JDA we recently announced marks a major milestone for Atomera, including a manufacturing license which will enable our customer to deposit MST film on its wafers in its own fab positioning them for fast integration and transition to production. Our release of MSTcad V1.0 simplifies customer evaluation of MST, which should extend our reach to new customers and technologies and shorten time to revenue" said Scott Bibaud, President and CEO. "With our strong balance sheet and foundational improvements to our business, we believe we are starting 2021 in the strongest position in Atomera history."

Financial Results

During the fourth quarter of 2020, revenue was $0, compared with $138,000 in the fourth quarter of 2019. The Company incurred a net loss of ($3.9) million, or ($0.19) per basic and diluted share in the fourth quarter of 2020, compared to a net loss of ($3.0) million, or ($0.18) per basic and diluted share, for the fourth quarter of 2019. Adjusted EBITDA (a non-GAAP financial measure) in the fourth quarter of 2020 was a loss of ($3.0) million compared to an adjusted EBITDA loss of ($2.4) million in the fourth quarter of 2019.

For fiscal year 2020, revenue was $62,000, compared with $533,000 in fiscal 2019. Net loss was ($14.6) million, or ($0.79) per basic and diluted share for fiscal 2020, compared to ($13.3) million, or ($0.84) per basic and diluted share in fiscal 2019. Adjusted EBITDA for fiscal 2020 was a loss of ($11.7) million compared to an adjusted EBITDA loss of ($10.7) million in fiscal 2019.

The Company had $37.9 million in cash and cash equivalents as of December 31, 2020, compared to $14.9 million as of December 31, 2019. The Company completed an at-the-market equity offering on January 5, 2021, raising net proceeds (after commission and expenses) of $24.2 million through the sale of 2,221,575 shares at an average price of $11.25 per share between September 2, 2020 and January 5, 2021.

The total number of shares outstanding was 22.4 million as of December 31, 2020.

Fourth Quarter and Fiscal Year 2020 Results Webinar

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

Date: Wednesday, Feb. 10, 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, STM 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 Prospectus Supplement filed with the SEC on September 2, 2020. 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
Balance Sheets

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

December 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

37,942

 

 

$

14,871

 

Prepaid expenses and other current assets

 

 

132

 

 

 

132

 

Total current assets

 

 

38,074

 

 

 

15,003

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

153

 

 

 

63

 

Operating lease right-of-use asset

 

 

705

 

 

 

161

 

Long-term prepaid rent

 

 

450

 

 

 

-

 

Security deposit

 

 

13

 

 

 

13

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

39,395

 

 

$

15,240

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

442

 

 

$

315

 

Accrued expenses

 

 

211

 

 

 

145

 

Accrued payroll related expenses

 

 

705

 

 

 

819

 

Current operating lease liability

 

 

90

 

 

 

152

 

Deferred revenue

 

 

-

 

 

 

37

 

Total current liabilities

 

 

1,448

 

 

 

1,468

 

 

 

 

 

 

 

 

 

 

Long term operating lease liability

 

 

602

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

2,050

 

 

 

1,468

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value, authorized 2,500 shares; none issued and outstanding at December 31, 2020 and December 31, 2019.

 

 

-

 

 

 

-

 

Common stock, $0.001 par value, authorized 47,500 shares; 22,375 and 17,117 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively.

 

 

22

 

 

 

17

 

Additional paid-in capital

 

 

187,463

 

 

 

149,017

 

Accumulated deficit

 

 

(150,140

)

 

 

(135,262

)

Total stockholders' equity

 

 

37,345

 

 

 

13,772

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

39,395

 

 

$

15,240

 

 

 

 

 

 

 

 

 

 

Atomera Incorporated
Statements of Operations

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

Three Months ended

December 31,

 

 

Year Ended

December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

-

 

 

$

138

 

 

$

62

 

 

$

533

 

Cost of revenue

 

 

-

 

 

 

(29

)

 

 

(13

)

 

 

(253

)

Gross margin

 

 

-

 

 

 

109

 

 

 

49

 

 

 

280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

2,227

 

 

 

1,818

 

 

 

8,424

 

 

 

7,748

 

General and administrative

 

 

1,377

 

 

 

1,155

 

 

 

5,624

 

 

 

5,203

 

Selling and marketing

 

 

273

 

 

 

242

 

 

 

921

 

 

 

954

 

Total operating expenses

 

 

3,877

 

 

 

3,215

 

 

 

14,969

 

 

 

13,905

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

(3,877

)

 

 

(3,106

)

 

 

(14,920

)

 

 

(13,625

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

1

 

 

 

60

 

 

 

42

 

 

 

325

 

Total other income

 

 

1

 

 

 

60

 

 

 

42

 

 

 

325

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(3,876

)

 

$

(3,046

)

 

$

(14,878

)

 

$

(13,300

)

Net loss per common share, basic and diluted

 

$

(0.19

)

 

$

(0.18

)

 

$

(0.79

)

 

$

(0.84

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding, basic and diluted

 

 

20,908

 

 

 

16,606

 

 

 

18,752

 

 

 

15,852

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Atomera Incorporated
Reconciliation to Non- GAAP EBITDA

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

December 31,

 

 

Year Ended

December 31,

 

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss (GAAP)

 

$

(3,876

)

 

$

(3,046

)

 

$

(14,878

)

$

 

(13,300

)

 

Add (subtract) the following items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

(1

)

 

 

(60

)

 

 

(42

)

 

 

(325

)

Depreciation and amortization

 

 

9

 

 

 

11

 

 

 

41

 

 

 

44

 

Warrant modification

 

 

2

 

 

 

-

 

 

 

141

 

 

 

-

 

Stock-based compensation

 

 

817

 

 

 

649

 

 

 

3,041

 

 

 

2,929

 

Adjusted EBITDA (non-GAAP)

 

$

(3,049

)

 

$

(2,446

)

 

$

(11,697

)

 

$

(10,652

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investor Contact:

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

SOURCE: Atomera, Inc



02/10/2021 EQS Newswire / EQS Group AG



show this
show this