Atomera Incorporated Provides First Quarter Update
May 2, 2017
First Quarter Highlights
- Entered evaluation phase with one top-tier semiconductor manufacturer and entered into the planning phase with one new prospective customer.
Atomera now has four potential customers in the pivotal phase of evaluating MST®. Atomera's new R&D infrastructure is starting to show results with eight wafer fabrication and test cycles completed in the last quarter.
Management Commentary
"The last few months have been extraordinarily productive for
First Quarter Financial Results
During the first quarter of 2017, the Company incurred a net loss of
The Company had
The total number of shares outstanding was 12,104,737 as of
First 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 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, except per share data)
March 31, December 31,
2017 2016
------------ ------------
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 23,812 $ 26,718
Prepaid expenses and other current assets 308 96
------------ ------------
Total current assets 24,120 26,814
Property and equipment, net 31 28
Security Deposit 37 37
------------ ------------
Total assets $ 24,188 $ 26,879
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 295 $ 353
Accrued expenses 200 168
Accrued payroll related expenses 179 510
------------ ------------
Total liabilities 674 1,031
------------ ------------
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value, authorized
2,500 shares; none issued and outstanding at
March 31, 2017 and December 31, 2016 - -
Common stock, $0.001 par value, authorized
47,500 shares; 12,105 shares issued and
outstanding at March 31, 2017 and 12,025
issued and outstanding as of December 31,
2016 12 12
Additional paid-in capital 123,043 121,833
Accumulated deficit (99,541) (95,997)
------------ ------------
Total stockholders' equity 23,514 25,848
------------ ------------
Total liabilities and stockholders' equity $ 24,188 $ 26,879
============ ============
Atomera Incorporated
Condensed Statements of Operations
(Unaudited)
(in thousands, except per share data)
Three Months Ended
March 31,
--------------------------
2017 2016
------------ ------------
Operating Expenses:
Research and development $ 1,456 $ 949
General and administrative 1,603 861
Selling and marketing 509 119
------------ ------------
Total operating expenses $ 3,568 $ 1,929
------------ ------------
Loss from operations (3,568) (1,929)
Other income/(expense):
Interest income 28 --
Interest expense (562)
Other expense (4) --
------------ ------------
Total other expense, net 24 (562)
------------ ------------
Net loss: $ (3,544) $ (2,491)
============ ============
Net loss per common share, basic and diluted $ (0.29) $ (1.54)
============ ============
Weighted average number of common shares
outstanding, basic and diluted 12,034 1,617
============ ============
Atomera Incorporated
Reconciliation to Non-GAAP Adjusted EBITDA
(Unaudited)
(in thousands)
Three Months Ended March 31,
-----------------------------
2017 2016
-------------- --------------
Net Loss (GAAP) $ (3,544) $ (2,491)
Add (subtract) the following items:
Interest income (28) --
Interest expense -- 562
Depreciation and amortization 5 3
Stock-based compensation 1,210 60
------------- -------------
Adjusted EBITDA (non-GAAP) $ (2,357) $ (1,866)
============= =============
Investor Contacts:Frank Laurencio CFO 408.442.5246 Email ContactNick Kormeluk Investor Relations 949.500.0003 Email Contact
Source: