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Atomera Provides Second Quarter 2022 Results

·7-min read


Los Gatos, 08/02/2022 / 13:01, PST/PDT - EQS Newswire - Atomera, Inc


LOS GATOS, CA / ACCESSWIRE / ­­ August 2, 2022 ­­ / 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, 2022.

Recent Company Highlights

  • Atomera grew its customer pipeline leveraging improved capacity and fewer travel restrictions

  • Promising interim test results were achieved from ongoing wafer runs

  • Whitepaper published detailing breakthroughs in MST for leading-edge process technologies

Management Commentary

"The test results from recent wafer runs are confirmation that MST can deliver stronger benefits than anticipated in vital applications, and further, we were able to accurately model such improvements via MSTcad," said Scott Bibaud, President and CEO. "Face-to-face customer activity has accelerated with the reduction in COVID-related travel restrictions, enabling the company to add a customer to the pipeline, and to move existing engagements forward. We believe the industry capacity outlook and the new Chips and Science Act are tailwinds for Atomera as we collaborate with customers toward commercial adoption of MST."

Financial Results

The Company incurred a net loss of ($4.5) million, or ($0.20) per basic and diluted share in the second quarter of 2022, compared to a net loss of ($3.7) million, or ($0.17) per basic and diluted share, for the second quarter of 2021. Adjusted EBITDA (a non-GAAP financial measure) in the second quarter of 2022 was a loss of ($3.5) million compared to an adjusted EBITDA loss of ($2.9) million in the second quarter of 2021.

The Company had $21.8 million in cash and cash equivalents as of June 30, 2022, compared to $28.7 million as of December 31, 2021.

The total number of shares outstanding was 23.5 million as of June 30, 2022.

Second Quarter 2022 Results Webinar

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

Date: Tuesday, Aug. 2, 2022
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 know­-how 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, 2022. 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)

June 30,

December 31,

2022

2021

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$

21,838

$

28,699

Prepaid expenses and other current assets

650

309

Total current assets

22,488

29,008

Property and equipment, net

176

196

Long-term prepaid maintenance and supplies

91

91

Security deposit

14

14

Operating lease right-of-use asset

801

900

Financing lease right-of-use-asset

5,212

5,851

Total assets

$

28,782

$

36,060

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

434

$

338

Accrued expenses

213

203

Accrued payroll related expenses

510

601

Current operating lease liability

243

216

Current financing lease liability

1,395

1,395

Total current liabilities

2,795

2,753

Long-term operating lease liability

658

768

Long-term financing lease liability

3,579

4,158

Total liabilities

7,032

7,679

Commitments and contingencies

-

-

Stockholders' equity:

Preferred stock $0.001 par value, authorized 2,500 shares; none issued and outstanding at March 31, 2022 and December 31, 2021

-

-

Common stock: $0.001 par value, authorized 47,500 shares; 23,457 and 23,207 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively;

23

23

Additional paid-in capital

196,148

194,212

Accumulated deficit

(174,421

)

(165,854

Total stockholders' equity

21,750

28,381

Total liabilities and stockholders' equity

$

28,782

$

36,060

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

Three Months Ended

June 30,

Six Months Ended

June 30,

2022

2021

2022

2021

Revenue

$

-

$

-

$

375

$

400

Cost of revenue

-

-

(81

)

-

Gross margin

$

-

$

-

$

294

$

400

Operating expenses

Research and development

2,433

2,069

4,772

4,298

General and administrative

1,667

1,506

3,315

3,019

Selling and marketing

347

137

672

403

Total operating expenses

4,447

3,712

8,759

7,720

Loss from operations

(4,447

)

(3,712

)

(8,465

)

(7,320

)

Other income (expense)

Interest income

35

3

38

5

Interest expense

(69

)

-

(140

)

-

Total other income (expense), net

(34

)

3

(102

)

5

Net loss before income taxes

(4,481

)

(3,709

)

(8,567

)

(7,315

)

Provision for income taxes

-

17

-

31

Net loss

$

(4,481

)

(3,726

)

$

(8,567

)

(7,346

)

Net loss per common share, basic and diluted

$

(0.20

)

(0.17

)

$

(0.37

)

(0.33

)

Weighted average number of common shares outstanding, basic and diluted

22,936

22,492

22,894

22,292

Atomera Incorporated
Reconciliation to Non-GAAP EBITDA
(Unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2022

2021

2022

2021

Net loss (GAAP)

$

(4,481

)

$

(3,726

)

$

(8,567

)

$

(7,346

)

Depreciation and amortization

39

13

59

26

Stock-based compensation

859

847

1,585

1,578

Interest income

(35

)

(3

)

(38

)

(5

)

Interest expense

69

-

140

-

Provision for income taxes

-

17

-

31

Net loss

$

(3,549

)

(2,852

)

$

(6,821

)

(5,716

)

Investor Contact:

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

SOURCE: Atomera, Inc.



08/02/2022 EQS Newswire / EQS Group AG



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