Atomera Incorporated Reports Third Quarter 2016 Results
November 8, 2016
Management Commentary
"We are very pleased with the progress made during the third quarter on the customer engagement and technology evaluation front with existing potential customers," commented
Third Quarter and Year to Date Financial Results
Net loss for the third quarter ended
Adjusted EBITDA (a non-GAAP financial measure) in the third quarter of 2016 was a loss of
Initial Public Offering
On
Ticker Symbol Change
Effective
2016 Third Quarter Conference Call and Webcast
Date:
Time:
Phone: 844-263-8318 (domestic); +1 (213) 358-0960 (international)
Replay: 855-859-2056 (domestic); +1(404) 537-3406 (international) Call ID: 10221998; until
Webcast: Accessible at www.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
Atomera Incorporated
Condensed Balance Sheets
(in thousands)
September 30, December 31,
2016 2015
------------- -------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 28,189 $ 3,197
Restricted investment - 15
Prepaid expenses and other current assets 155 48
------------- -------------
Total current assets 28,344 3,260
Property and equipment, net 30 15
Deferred offering costs - 145
Security deposit 37 -
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Total assets $ 28,411 $ 3,420
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LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIENCY)
Current liabilities:
Accounts payable $ 277 $ 301
Accrued expenses 106 131
Accrued payroll related expenses 95 14
Senior secured convertible promissory notes
payable, net - 16,095
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Total liabilities 478 16,541
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Commitments and contingencies
Stockholders' equity (deficiency):
Preferred stock, $0.001 par value,
authorized 2,500 shares; none issued and
outstanding at September 30, 2016 and
December 31, 2015 - -
Common stock, $0.001 par value, authorized
47,500 shares; 12,025 shares issued and
outstanding at September 30, 2016 and 1,617
issued and outstanding as of December 31,
2015 12 2
Additional paid-in capital 120,489 70,452
Subscription receivable - (188)
Accumulated deficit (92,568) (83,387)
------------- -------------
Total stockholders' equity (deficiency) 27,933 (13,121)
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Total liabilities and stockholders'
equity (deficiency) $ 28,411 $ 3,420
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Atomera Incorporated
Condensed Statements of Operations
(Unaudited)
(in thousands, except per share amounts)
Three Months ended Nine Months ended
September 30, September 30,
-------------------- --------------------
2016 2015 2016 2015
--------- --------- --------- ---------
Operating expenses:
Research and development $ 940 $ 434 $ 2,753 $ 1,530
General and administrative 1,607 342 3,361 2,481
Selling and marketing 225 7 435 18
--------- --------- --------- ---------
Total operating expenses $ 2,772 $ 783 $ 6,549 $ 4,029
--------- --------- --------- ---------
Loss from operations (2,772) (783) (6,549) (4,029)
Other income/(expense):
Interest income 6 2 8 5
Interest expense (1,330) (568) (2,640) (1,363)
--------- --------- --------- ---------
Total other expense, net (1,324) (566) (2,632) (1,358)
--------- --------- --------- ---------
Net loss: $ (4,096) $ (1,349) $ (9,181) $ (5,387)
========= ========= ========= =========
Net loss per common share, basic
and diluted $ (0.55) $ (1.09) $ (2.58) $ (4.37)
========= ========= ========= =========
Weighted average number of
common shares outstanding,
basic and diluted 7,382 1,233 3,553 1,233
========= ========= ========= =========
Atomera Incorporated
Reconciliation to Non-GAAP Adjusted EBITDA
(Unaudited)
(in thousands)
Three Months ended Nine Months ended
September 30, September 30,
-------------------- --------------------
2016 2015 2016 2015
--------- --------- --------- ---------
Net loss (GAAP): $ (4,096) $ (1,349) $ (9,181) $ (5,387)
Add (subtract) the following
items:
Interest income (6) (2) (8) (5)
Interest expense 1,330 568 2,640 1,363
Depreciation and
amortization 4 2 10 7
Stock-based compensation 1,020 30 1,124 374
--------- --------- --------- ---------
Adjusted EBITDA (non-GAAP) $ (1,748) $ (751) $ (5,415) $ (3,648)
--------- --------- --------- ---------
Three Months ended
June 30,
--------------------
2016 2015
--------- ---------
Net loss (GAAP): $ (2,597) $ (1,577)
Add (subtract) the following
items:
Interest income (2) (1)
Interest expense 748 562
Depreciation and
amortization 4 2
Stock-based compensation 47 31
--------- ---------
Adjusted EBITDA (non-GAAP) $ (1,800) $ (983)
--------- ---------
Investor Contacts:Frank Laurencio CFO 408.442.5246 Email ContactNick Kormeluk Investor Relations 949.500.0003 Email Contact
Source: