Atomera Provides Second Quarter 2021 Results

Atomera Provides Second Quarter 2021 Results

August 3, 2021

LOS GATOS, CA / ACCESSWIRE / August 3, 2021 ­­/ 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, 2021.

  • Appointed two new senior executives to lead engineering and marketing/business development.
  • Released a white paper showing how MST helps solve industry problems at the most advanced production nodes.

Management Commentary

"In Q2 Atomera made strong progress in our More-than-Moore focused technologies including MST-SP and RF-SOI while also detailing how MST can be used in the newest production nodes under development today," said Scott Bibaud, President and CEO. "We are also excited to welcome Jeff Lewis, a seasoned semiconductor executive as our new SVP of Business Development who we believe will help us to accelerate our products to market over a wider set of customers"

Financial Results

The Company incurred a net loss of ($3.7) million, or ($0.17) per basic and diluted share in the second quarter of 2021, compared to a net loss of ($3.8) million, or ($0.21) per basic and diluted share, for the second quarter of 2020. Adjusted EBITDA (a non-GAAP financial measure) in the second quarter of 2021 was a loss of ($2.9) million compared to an adjusted EBITDA loss of ($3.0) million in the second quarter of 2020.

The Company had $34.3 million in cash and cash equivalents as of June 30, 2021, compared to $37.9 million as of December 31, 2020.

The total number of shares outstanding was 23.1 million as of June 30, 2021.

Second Quarter 2021 Results Webinar

Atomera will host a live video webinar today to discuss its financial results and recent progress.
Date: Tuesday, Aug. 3, 2021
Time: 2:00 p.m. PT (5:00 p.m. ET)
Webcast: Accessible at

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

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, ST 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 Annual Report on Form 10-K filed with the SEC on February 19, 2021. 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
Condensed Balance Sheets
(in thousands, except per share data)

June 30, December 31,
2021 2020

Current assets:

Cash and cash equivalents
$34,341 $37,942
Prepaid expenses and other current assets
659 132
Total current assets
35,000 38,074

Property and equipment, net
206 153
Operating lease right-of-use asset
998 705
Long-term prepaid rent
450 450
Security deposit
14 13

Total assets
$36,668 $39,395


Current liabilities:
Accounts payable
$411 $442
Accrued expenses
184 211
Accrued payroll related expenses
322 705
Current operating lease liability
213 90
Total current liabilities
1,130 1,448

Long term operating lease liability
849 602

Total liabilities
1,979 2,050

Commitments and contingencies

Stockholders' equity:
Preferred stock $0.001 par value, authorized 2,500 shares; none issued and outstanding at June 30, 2021 and December 31, 2020
- -
Common stock: $0.001 par value, authorized 47,500 shares; 23,104 and 22,375 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively;
23 22
Additional paid-in capital
192,152 187,463
Accumulated deficit
(157,486) (150,140)
Total stockholders' equity
34,689 37,345

Total liabilities and stockholders' equity
$36,668 $39,395

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

Three Months Ended
June 30,
Six Months Ended
June 30,

2021 2020 2021 2020
$- $- $400 $62
Cost of revenue
- - - (13)

$- $- $400 $49

Operating expenses
Research and development
2,069 2,086 4,298 4,148
General and administrative
1,506 1,480 3,019 2,925
Selling and marketing
137 215 403 440
Total operating expenses
3,712 3,781 7,720 7,513

Loss from operations
(3,712) (3,781) (7,320) (7,464)

Other income
Interest income
3 2 5 40
Total other income
3 2 5 40

Net loss before income taxes
(3,709) (3,779) (7,315) (7,424)
Provision for income taxes
17 - 31 -

Net loss
$(3,726) (3,779) $(7,346) (7,424)
Net loss per common share, basic and diluted
$(0.17) (0.21) $(0.33) (0.43)

Weighted average number of common shares outstanding, basic and diluted
22,492 17,975 22,292 17,367

Atomera Incorporated
Reconciliation to Non- GAAP EBITDA

Three Months Ended
June 30,

Six Months
Ended June 30,





Net loss (GAAP)





Add (subtract) the following items:

Interest income





Provision for income taxes





Depreciation and amortization





Warrant modification





Stock-based compensation





Adjusted EBITDA (non-GAAP)





Investor Contact:

Bishop IR
Mike Bishop
(415) 894-9633

SOURCE: Atomera Incorporated

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