Atomera Provides Third Quarter 2024 Results
October 29, 2024
Recent Company Highlights
Announced a collaboration with the
Center for Integrated Nanotechnologies (CINT) atSandia National Laboratories to validate MST's ability to address GaN manufacturing challengesPresented 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
Financial Results
The Company incurred a net loss of
The Company had
The total number of shares outstanding was 28.3 million as of
Second Quarter 2024 Results Webinar
Date:
Time:
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,
About
Safe Harbor
This press release contains forward-looking statements concerning
-- Financial Tables Follow -
Condensed Balance Sheets
(in thousands, except per share data)
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| 2024 |
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| 2024 |
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| 2023 |
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| (Unaudited) |
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| (Unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
| $ | 13,757 |
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| $ | 14,484 |
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| $ | 12,591 |
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Short-term investments |
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| 3,585 |
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| 3,804 |
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| 6,940 |
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Accounts receivable |
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| 6 |
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| 6 |
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|
| - |
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Unbilled contracts receivable |
|
| - |
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|
| - |
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|
| 550 |
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Interest receivable |
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| 56 |
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| 74 |
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| 79 |
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Prepaid expenses and other current assets |
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| 388 |
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|
| 578 |
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|
| 244 |
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Total current assets |
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| 17,792 |
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| 18,946 |
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| 20,404 |
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Property and equipment, net |
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| 63 |
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| 75 |
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| 100 |
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Long-term prepaid maintenance and supplies |
|
| 91 |
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| 91 |
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| 91 |
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Security deposit |
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| 14 |
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| 14 |
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| 14 |
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Operating lease right-of-use asset |
|
| 341 |
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| 401 |
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| 517 |
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Financing lease right-of-use-asset |
|
| 1,839 |
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| 2,341 |
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| 2,903 |
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Total assets |
| $ | 20,140 |
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| $ | 21,868 |
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| $ | 24,029 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable |
| $ | 786 |
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| $ | 646 |
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| $ | 618 |
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Accrued expenses |
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| 172 |
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| 249 |
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| 222 |
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Accrued payroll related expenses |
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| 968 |
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| 594 |
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| 1,382 |
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Current operating lease liability |
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| 258 |
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| 256 |
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| 264 |
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Current financing lease liability |
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| 1,194 |
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| 1,386 |
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| 1,328 |
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Deferred revenue |
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| 8 |
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| 13 |
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| - |
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Total current liabilities |
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| 3,386 |
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| 3,144 |
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| 3,814 |
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Long-term operating lease liability |
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| 80 |
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| 137 |
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| 295 |
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Long-term financing lease liability |
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| 781 |
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| 1,108 |
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| 1,750 |
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Total liabilities |
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| 4,247 |
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| 4,389 |
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| 5,859 |
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Commitments and contingencies |
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Stockholders' equity: |
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Preferred stock |
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| - |
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| - |
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| - |
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Common stock: |
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| 28 |
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| 28 |
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| 26 |
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Additional paid-in capital |
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| 232,726 |
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| 229,726 |
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| 221,229 |
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Other comprehensive income(loss) |
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| 2 |
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| (7 | ) |
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| - |
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Accumulated deficit |
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| (216,863 | ) |
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| (212,268 | ) |
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| (203,085 | ) |
Total stockholders' equity |
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| 15,893 |
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| 17,479 |
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| 18,170 |
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Total liabilities and stockholders' equity |
| $ | 20,140 |
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| $ | 21,868 |
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| $ | 24,029 |
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Condensed Statements of Operations
(Unaudited)
(in thousands, except per share data)
Three Months Ended |
| Nine Months Ended |
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2024 |
| 2024 |
| 2023 |
| 2024 |
| 2023 |
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Revenue | $ | 22 |
| $ | 72 |
| $ | - |
| $ | 112 |
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| - |
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Cost of revenue |
| (3 | ) |
| (74 | ) |
| - |
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| (110 | ) |
| - |
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Gross margin |
| 19 |
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| (2 | ) |
| - |
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| 2 |
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| - |
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Operating expenses |
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Research and development |
| 2,759 |
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| 2,589 |
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| 3,305 |
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| 8,206 |
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| 9,533 |
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General and administrative |
| 1,812 |
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| 1,832 |
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| 1,683 |
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| 5,455 |
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| 5,200 |
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Selling and marketing |
| 248 |
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| 207 |
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| 365 |
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| 805 |
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| 1,147 |
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Total operating expenses |
| 4,819 |
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| 4,628 |
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| 5,353 |
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| 14,466 |
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| 15,880 |
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Loss from operations |
| (4,800 | ) |
| (4,630 | ) |
| (5,353 | ) |
| (14,464 | ) |
| (15,880 | ) |
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Other income (expense) |
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Interest income |
| 176 |
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| 185 |
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| 177 |
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| 566 |
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| 528 |
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Accretion income |
| 59 |
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| 47 |
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| 112 |
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| 152 |
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| 221 |
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Interest expense |
| (30 | ) |
| (35 | ) |
| (47 | ) |
| (104 | ) |
| (151 | ) |
Other income, net |
| - |
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| 72 |
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| 72 |
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| 72 |
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| 72 |
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Total other income (expense), net |
| 205 |
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| 269 |
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| 314 |
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| 686 |
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| 670 |
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Net loss | $ | (4,595 | ) | $ | (4,361 | ) | $ | (5,039 | ) | $ | (13,778 | ) |
| (15,210 | ) |
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Net loss per common share, basic and diluted | $ | (0.17 | ) | $ | (0.16 | ) | $ | (0.20 | ) | $ | (0.52 | ) |
| (0.62 | ) |
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Weighted average number of common shares outstanding, basic and diluted |
| 27,406 |
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| 26,467 |
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| 25,255 |
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| 26,640 |
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| 24,536 |
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Reconciliation to Non-GAAP EBITDA
(Unaudited)
Three Months Ended |
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| Nine Months Ended |
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2024 |
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| 2024 |
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| 2023 |
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| 2024 |
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| 2023 |
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Net loss (GAAP) | $ | (4,595 | ) |
| $ | (4,361 | ) |
| $ | (5,039 | ) |
| $ | (13,778 | ) |
| $ | (15,210 | ) |
Depreciation and amortization |
| 12 |
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| 13 |
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| 20 |
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| 42 |
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| 60 |
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Stock-based compensation |
| 907 |
|
|
| 987 |
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|
| 1,041 |
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| 2,918 |
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| 2,998 |
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Interest income |
| (176 | ) |
|
| (185 | ) |
|
| (177 | ) |
|
| (566 | ) |
|
| (528 | ) |
Accretion income |
| (59 | ) |
|
| (47 | ) |
|
| (112 | ) |
|
| (152 | ) |
|
| (221 | ) |
Interest expense |
| 30 |
|
|
| 35 |
|
|
| 47 |
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|
| 104 |
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|
| 151 |
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Other income, net |
| - |
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| (72 | ) |
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| (72 | ) |
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| (72 | ) |
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| (72 | ) |
Net loss non-GAAP EBITDA | $ | (3,881 | ) |
| $ | (3,630 | ) |
| $ | (4,292 | ) |
| $ | (11,504 | ) |
| $ | (12,822 | ) |
Investor Contact:
Bishop IR
(415) 894-9633
investor@atomera.com
SOURCE:
View the original press release on accesswire.com