Atomera Incorporated Provides Fourth Quarter and Year-End Update
March 7, 2017
Fourth Quarter Highlights
- Signed evaluation agreement with one new top-tier integrated device manufacturer and entered into the engagement and planning phase with four new prospective customers.
Atomera's three earliest potential customers continue evaluation of MST®. - Announced a collaboration with Synopsys, Inc., a leading provider of Technology Computer-Aided Design (TCAD) software tools, to integrate MST® into their Sentaurus TCAD models. This collaboration enables companies to model the integration of MST® into their semiconductor process which should shorten the time to adoption of
Atomera's technology. - Announced an R&D service agreement with specialty foundry TSI Semiconductors, enabling the Company to run internal wafer experiments resulting in significantly faster cycle times for developing MST® films and integrating them with new customers.
Management Commentary
"We are extremely pleased with our progress in 2016," commented
Fourth Quarter and Year-End Financial Results
During the fourth quarter of 2016, the Company incurred a net loss of
Net loss for the year ended
The Company had
The total number of shares outstanding was 12,024,564 as of
2016 Year-End and Fourth Quarter Conference Call and Webcast
Time:
Phone: 8442638318 (domestic); +1 (213) 3580960 (international)
Replay: Available until
Webcast: Accessible at www.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,
About
Safe Harbor
This press release contains forwardlooking statements concerning
Atomera Incorporated
Condensed Balance Sheets
(in thousands)
December 31,
------------------------
2016 2015
----------- -----------
ASSETS
Current Assets:
Cash and cash equivalents $ 26,718 $ 3,197
Restricted investment -- 15
Prepaid expenses and other current assets 96 48
----------- -----------
Total current assets 26,814 3,260
Property and equipment, net 28 15
Deferred offering costs -- 145
Security deposit 37 --
----------- -----------
Total assets $ 26,879 $ 3,420
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
Current liabilities:
Accounts payable $ 353 $ 301
Accrued expenses 168 131
Accrued payroll related expenses 510 14
Senior secured convertible promissory notes
payable, net -- 16,095
----------- -----------
Total liabilities 1,031 16,541
----------- -----------
Commitments and contingencies -- --
Stockholders' equity (deficiency):
Preferred stock, $0.001 par value, authorized
2,500 shares; none issued and outstanding at
December 31, 2016 and 2015 -- --
Common stock, $0.001 par value, authorized
47,500 shares; 12,025 shares issued and
outstanding at December 31, 2016 and 1,617
issued and outstanding as of December 31, 2015 12 2
Additional paid-in capital 121,833 70,452
Subscription receivable -- (188)
Accumulated deficit (95,997) (83,387)
----------- -----------
Total stockholders' equity (deficiency) 25,848 (13,121)
----------- -----------
Total liabilities and stockholders' deficit $ 26,879 $ 3,420
=========== ===========
Atomera Incorporated
Condensed Statements of Operations
(in thousands, except per share data)
Three Months ended
December 31, Twelve Months ended
(unaudited) December 31,
---------------------- ----------------------
2016 2015 2016 2015
---------- ---------- ---------- ----------
Operating Expenses:
Research and development $ 1,236 $ 492 $ 3,993 $ 2,022
General and administrative 1,736 960 5,105 3,441
Selling and marketing 462 18 901 36
---------- ---------- ---------- ----------
Total operating expenses $ 3,434 $ 1,470 $ 9,999 $ 5,499
---------- ---------- ---------- ----------
Loss from operations (3,434) (1,470) (9,999) (5,499)
Other income/(expense):
Interest income 21 -- 29 5
Interest expense -- (567) (2,640) (1,930)
Loss on settlement of
options and warrants -- (2,089) -- (2,089)
---------- ---------- ---------- ----------
Total other expense, net 21 (2,656) (2,611) (4,014)
---------- ---------- ---------- ----------
Net loss: $ (3,413) $ (4,126) $ (12,610) $ (9,513)
========== ========== ========== ==========
Net loss per common share,
basic and diluted $ (0.28) $ (3.08) $ (2.22) $ (7.55)
========== ========== ========== ==========
Weighted average number of
common shares outstanding,
basic and diluted 12,025 1,338 5,682 1,260
========== ========== ========== ==========
Atomera Incorporated
Reconciliation to Non-GAAP Adjusted EBITDA
(Unaudited)
(in thousands)
Three Months ended Twelve Months ended
December 31, December 31,
------------------------ ------------------------
2016 2015 2016 2015
----------- ----------- ----------- -----------
Net loss (GAAP): $ (3,413) $ (4,126) $ (12,610) $ (9,513)
Add (subtract) the
following items:
Interest income (21) -- (29) (5)
Interest expense -- 567 2,640 1,930
Depreciation and
amortization 5 3 15 10
Loss on settlement of
options & warrants -- 2,089 -- 2,089
Stock-based
compensation 1,328 57 2,468 431
----------- ----------- ----------- -----------
Adjusted EBITDA (non-
GAAP) $ (2,101) $ (1,410) $ (7,516) $ (5,058)
----------- ----------- ----------- -----------
Investor Contacts:Frank Laurencio CFO 408.442.5246 Email ContactNick Kormeluk Investor Relations 949.500.0003 Email Contact
Source: