Atomera Incorporated Provides Second Quarter Update
August 8, 2017
Second Quarter Highlights
- Added new prospective customers to both the planning and the setup phase of the customer engagement cycle bringing
Atomera's total engaged customer count to 11.Atomera continues to work with four potential customers in the pivotal phase of evaluating MST®. - In the last month,
Atomera was issued three patents by theUS Patent and Trademark Office , bringing to four the total number of US patents issued in 2017 so far. Atomera's new R&D pipeline continues to show great progress with nine new wafer fabrication and test cycles completed in the last quarter -- a total of 17 so far in 2017.- Filed a universal shelf registration statement on Form S-3 with the
SEC earlier today.
Management Commentary
"During the second quarter, we made significant progress across all aspects of the company including new customer acquisition, R&D, and patent generation," commented
Second Quarter Financial Results
During the second quarter of 2017, the Company incurred a net loss of
The Company had
The total number of shares outstanding was 12,160,637 as of
Patents Issued
- "Semiconductor Devices with Enhanced Deterministic Doping and Related Methods"
- "Method for Making Semiconductor Structures in Single-Wafer Processing Chamber with Desired Uniformity Control"
- "Semiconductor Device Including a Superlattice and Replacement Metal Gate Structure and Related Methods"
- "Methods for Making a Semiconductor Device Including Atomic Layer Structures Using N2O as an Oxygen Source"
Including international patents, our portfolio consists of over 110 issued patents.
Universal Shelf Registration Statement
Earlier today
Second Quarter 2017 Conference Call and Webcast
Time:
Phone: 844-263-8318 (domestic); +1 (213) 358-0960 (international)
Replay: Available 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, except per share data) June 30, December 31, 2017 2016 ------------ ------------ (Unaudited) ASSETS Current assets: Cash and cash equivalents$ 21,725 $ 26,718 Prepaid expenses and other current assets 191 96 ------------ ------------ Total current assets 21,916 26,814 Property and equipment, net 32 28 Security deposit 37 37 ------------ ------------ Total assets$ 21,985 $ 26,879 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable$ 277 $ 353 Accrued expenses 205 168 Accrued payroll related expenses 191 510 ------------ ------------ Total liabilities 673 1,031 ------------ ------------ Commitments and contingencies Stockholders' equity: Preferred stock,$0.001 par value, authorized 2,500 shares; none issued and outstanding at June 30, 2017 and December 31, 2016 - - Common stock,$0.001 par value, authorized 47,500 shares; 12,161 shares issued and outstanding atJune 30, 2017 and 12,025 issued and outstanding as of December 31, 2016 12 12 Additional paid-in capital 124,471 121,833 Accumulated deficit (103,171) (95,997) ------------ ------------ Total stockholders' equity 21,312 25,848 ------------ ------------ Total liabilities and stockholders' equity$ 21,985 $ 26,879 ============ ============ Atomera Incorporated Condensed Statements of Operations (Unaudited) (in thousands, except per share data) Three Months ended Six Months ended June 30, June 30, ------------------ ------------------ 2017 2016 2017 2016 -------- -------- -------- -------- Operating expenses: Research and development$1,444 $867 $2,900 $1,816 General and administrative 1,712 895 3,315 1,756 Selling and marketing 508 91 1,017 210 -------- -------- -------- -------- Total operating expenses 3,664 1,853 7,232 3,782 -------- -------- -------- -------- Loss from operations (3,664) (1,853) (7,232) (3,782) Other income/(expense): Interest income 36 2 64 2 Interest expense - (748) - (1,310) Other expense (2) - (6) - -------- -------- -------- -------- Total other income / (expense), net 34 (746) 58 (1,308) -------- -------- -------- -------- Net loss$(3,630) $(2,599) $(7,174) $(5,090) ======== ======== ======== ======== Net loss per common share, basic and diluted$(0.30) $(1.61) $(0.59) $(3.15) ======== ======== ======== ======== Weighted average number of common shares outstanding, basic and diluted 12,137 1,617 12,086 1,617 ======== ======== ======== ======== Atomera Incorporated Reconciliation to Non-GAAP Adjusted EBITDA (Unaudited) (in thousands) Three Months ended Six Months ended June 30, June 30, -------------------- -------------------- 2017 2016 2017 2016 --------- --------- --------- --------- Net loss (GAAP):$ (3,630) $ (2,599) $ (7,174) $ (5,090) Add (subtract) the following items: Interest income (36) (2) (64) (2) Interest expense - 748 - 1,310 Depreciation and amortization 4 3 9 6 Stock-based compensation 1,428 49 2,638 109 --------- --------- --------- --------- Adjusted EBITDA (non-GAAP)$ (2,234) $ (1,801) $ (4,591) $ (3,667) --------- --------- --------- ---------
Frank Laurencio CFO 408.442.5246 Email Contact
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