Atomera Inc (ATOM) Reports Q3 2023 Net Loss of $5.0 Million
Atomera Inc (NASDAQ:ATOM) reported a net loss of $5.0 million for Q3 2023, compared to a net loss of $4.6 million for the same period in 2022.
The company's cash, cash equivalents, and short-term investments totaled $20.4 million as of September 30, 2023.
Atomera Inc (NASDAQ:ATOM) was announced as a partner in the Southwest Advanced Prototyping Hub, which was awarded $39.8 million from the CHIPS and Science Act.
The total number of outstanding shares was 25.8 million as of September 30, 2023.
Atomera Inc (NASDAQ:ATOM), a semiconductor materials and technology licensing company, announced its financial results for the third quarter ended September 30, 2023, on November 1, 2023. The company reported a net loss of $5.0 million, or $0.20 per basic and diluted share, compared to a net loss of $4.6 million, or $0.20 per basic and diluted share, for the same period in 2022.
Financial Highlights
Atomera Inc (NASDAQ:ATOM)'s adjusted EBITDA for Q3 2023 was a loss of $4.2 million, compared to an adjusted EBITDA loss of $3.7 million in Q3 2022. The company had $20.4 million in cash, cash equivalents, and short-term investments as of September 30, 2023, compared to $21.2 million as of December 31, 2022. The total number of shares outstanding was 25.8 million as of September 30, 2023.
Management Commentary
The benefits of MST, including to DRAM and advanced nodes, are becoming increasingly clear to the industry as evidenced by our good progress with customers and increased participation in a number of development ecosystem organizations this past quarter, said Scott Bibaud, President and CEO. Building on the recently announced catalyst of our traditional MST business, we believe these new markets provide an opportunity for robust TAM expansion for Atomera.
Balance Sheet Summary
As of September 30, 2023, Atomera Inc (NASDAQ:ATOM)'s total assets were $24.8 million, with total liabilities standing at $5.4 million. The company's total stockholders' equity was $19.5 million. The company's cash and cash equivalents were $12.6 million, with short-term investments amounting to $7.7 million.
Income Statement Summary
For the three months ended September 30, 2023, Atomera Inc (NASDAQ:ATOM) reported no revenue. The company's total operating expenses were $5.4 million, leading to a loss from operations of $5.4 million. After accounting for other income and expenses, the company reported a net loss of $5.0 million.
For more detailed financial information, please visit Atomera's Investor Relations page.
Explore the complete 8-K earnings release (here) from Atomera Inc for further details.
This article first appeared on GuruFocus.
