LOS GATOS, Calif., May 03, 2018 (GLOBE NEWSWIRE) -- Atomera Incorporated (NASDAQ:ATOM), a semiconductor materials and intellectual property licensing company focused on deploying its proprietary technology into the semiconductor industry, today provided a corporate update and announced financial results for the first quarter ended March 31, 2018.
Grew the number of customers in Phase III Integration by 50% to nine
Initiated first customer multi-process evaluations
17 engagements underway with 14 customers
Completed Atomera’s first installation of MST technology at a customer fab
“The first part of 2018 has been a period of great progress for Atomera as measured by advancement of customer milestones toward licenses,” commented Scott Bibaud, President and CEO. “Our work in many process nodes, from the legacy analog to the most cutting edge, is being recognized by industry, the press, academia and, most importantly, our growing customer base.”
First Quarter 2018 Financial Results
During the first quarter of 2018, the Company incurred a net loss of $3.1 million, or ($0.26) per basic and diluted share, compared to a net loss of $3.5 million, or ($0.31) per basic and diluted share, for the first quarter of 2017. Adjusted EBITDA (a non-GAAP financial measure) in the first quarter of 2018 was a loss of $2.6 million compared to an adjusted EBITDA loss of $2.4 million in the first quarter of 2017.
The Company had $14.5 million in cash and cash equivalents as of March 31, 2018, compared to $17.4 million as of December 31, 2017.
The total number of shares outstanding was 12,361,069 as of March 31, 2018.
2018 First Quarter Results Conference Call and Webcast
Atomera will host a conference call today to discuss its financial results and recent progress.
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, taxes, depreciation, amortization, stock-based compensation, the change in fair value of derivative liabilities, and the gain on the extinguishment of debt. 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 its 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 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.
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 we have not yet commenced revenue producing operations or entered into a definitive agreement with regard to the licensing or commercialization of our MST technology, thus subjecting us to all of the risks inherent in a pre-revenue enterprise; (2) 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; (3) our ability to protect our proprietary technology, trade secrets and know-how and (4) those other risks disclosed in the section "Risk Factors" included in our Annual Report on Form 10-K for the year ended December 31, 2017 and filed with the SEC on March 6, 2018. 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.
Atomera Incorporated Condensed Balance Sheets (in thousands, except per share data)
Cash and cash equivalents
Prepaid expenses and other current assets
Total current assets
Property and equipment, net
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accrued payroll related expenses
Commitments and contingencies
Preferred stock, $0.001 par value, authorized 2,500 shares; none issued and outstanding at March 31, 2018 and December 31, 2017
Common stock, $0.001 par value, authorized 47,500 shares; 12,361 shares issued and outstanding at March 31, 2018 and 12,161 issued and outstanding as of December 31, 2017
Additional paid-in capital
Total stockholders’ equity
Total liabilities and stockholders’ equity
Atomera Incorporated Condensed Statements of Operations (Unaudited) (in thousands, except per share data)
Three Months ended March 31,
Research and development
General and administrative
Selling and marketing
Total operating expenses
Loss from operations
Total other income, net
Net loss per common share, basic and diluted
Weighted average number of common shares outstanding, basic and diluted
Atomera Incorporated Reconciliation to Non-GAAP Adjusted EBITDA (Unaudited) (in thousands)