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Atomera Provides Fourth Quarter and Fiscal 2019 Results

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LOS GATOS, Calif., Feb. 12, 2020 (GLOBE NEWSWIRE) -- Atomera Incorporated (ATOM), a semiconductor materials and intellectual property licensing company focused on deploying its proprietary technology into the semiconductor industry, today provided a corporate update and announced financial results for the fourth quarter and fiscal year ended December 31, 2019.

Company Highlights

  • Record amount of customer activity as measured by wafer shipments and phase 3 engagements

  • Strong technical results in each of Atomera’s focus areas

  • Strong cash position

Management Commentary

“Atomera has exited 2019 with very strong momentum, with more customer activity than at any time in our history,” said Scott Bibaud, President and CEO. “Our recent technology and customer advances give us confidence to increase investment in our business to accelerate our progress toward additional licenses and revenue growth.”

Financial Results

During the fourth quarter of 2019, revenue was $138,000, compared with $150,000 in the fourth quarter of 2018. The Company incurred a net loss of $(3.0) million, or ($0.18) per basic and diluted share in the fourth quarter of 2019, compared to a net loss of $(3.2) million, or ($0.22) per basic and diluted share, for the fourth quarter of 2018. Adjusted EBITDA (a non-GAAP financial measure) in the fourth quarter of 2019 was a loss of $(2.4) million compared to an adjusted EBITDA loss of $(2.7) million in the fourth quarter of 2018.

For fiscal year 2019, revenue was $533,000, compared with $246,000 in fiscal 2018. Net loss was $(13.3) million, or ($0.84) per basic and diluted share for fiscal 2019, compared to $(12.9) million, or ($1.02) per basic and diluted share in fiscal 2018. Adjusted EBITDA for fiscal 2019 was a loss of $(10.7) million compared to an adjusted EBITDA loss of $(10.7) million in fiscal 2018.

The Company had $14.9 million in cash and cash equivalents as of December 31, 2019, compared to $18.9 million as of December 31, 2018.

The total number of shares outstanding was 17.1 million as of December 31, 2019.

Fourth Quarter and Fiscal Year 2019 Results Conference Call and Webcast

Atomera will host a conference call today to discuss its financial results and recent progress.
Date: Wednesday, Feb. 12, 2020
Time: 2:00 p.m. PT (5:00 p.m. ET)
Phone: (844) 263-8318 (domestic); +1 (213) 358­0960 (international)
Replay: Available until Feb. 19, 2020; (855) 859­2056 (domestic); +1(404) 537­3406 (international); passcode 8660938
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, Atomera presents adjusted EBITDA, which is a non­-GAAP financial measure. Adjusted EBITDA is determined by taking net loss and eliminating the impacts of interest, depreciation, amortization and stock­based compensation. Our definition of adjusted EBITDA may not be comparable to the definitions of similarly­titled measures used by other companies. We believe that this non-­GAAP financial measure, viewed in addition to and not in lieu of our reported GAAP results, provides useful information to investors by providing a more focused measure of operating results. This metric is used as part of the Company's internal reporting to evaluate its operations and the performance of senior management. A table reconciling this measure to the comparable GAAP measure is available in the accompanying financial tables below.

About Atomera Incorporated
Atomera Incorporated has developed Mears Silicon Technology™ ("MST®"), which increases performance and power efficiency in semiconductor transistors. MST can be implemented using equipment already deployed in semiconductor manufacturing facilities and is complementary to other nano­scaling technologies already in the semiconductor industry roadmap.

Safe Harbor
This press release contains forward­looking statements concerning Atomera Incorporated, including statements regarding the prospects for the semiconductor industry generally and the ability of our MST technology to significantly improve semiconductor performance. Those forward­looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially. Among those factors are: (1) the fact that, to date, we have only recognized minimal engineering services and licensing revenues and we have not yet commenced principal revenue producing operations or entered into a definitive royalty-based manufacturing and distribution license agreement with regard to our MST technology, thus subjecting us to all of the risks inherent in an early-stage enterprise; (2) risks related to our ability to advance the licensing arrangements with our initial integration licensees, Asahi Kasei Microdevices and STM Microelectronics, to royalty-based manufacturing and distribution licenses or our ability to add other licensees; (3) risks related to our ability to raise sufficient capital, as and when needed, to pursue the further development, licensing and commercialization of our MST technology; (4) our ability to protect our proprietary technology, trade secrets and know­how and (5) those other risks disclosed in the section "Risk Factors" included in our Prospectus Supplement filed with the SEC on May 30, 2019. We caution readers not to place undue reliance on any forward­looking statements. We do not undertake, and specifically disclaim any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur.

-- Financial Tables Follow --


Atomera Incorporated
Balance Sheets
(in thousands, except per share data)

December 31,

December 31,

2019

2018

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$

14,871

$

18,933

Accounts receivable

185

Prepaid expenses and other current assets

132

170

Total current assets

15,003

19,288

Property and equipment, net

63

56

Operating lease right-of-use asset

161

Security deposit

13

13

Total assets

$

15,240

$

19,357

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

315

$

348

Accrued expenses

145

224

Accrued payroll related expenses

819

984

Current operating lease liability

152

Deferred revenue

37

55

Total liabilities

1,468

1,611

Commitments and contingencies

Stockholders’ equity:

Preferred stock, $0.001 par value, authorized 2,500 shares; none issued and outstanding at December 31, 2019 and December 31, 2018

Common stock, $0.001 par value, authorized 47,500 shares; 17,117 and 15,034 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively.

17

15

Additional paid-in capital

149,017

139,693

Accumulated deficit

(135,262

)

(121,962

)

Total stockholders’ equity

13,772

17,746

Total liabilities and stockholders’ equity

$

15,240

$

19,357



Atomera Incorporated
Condensed Statements of Operations
(in thousands, except per share data)

Three Months Ended
December 31,

Year Ended
December 31,

2019

2018

2019

2018

(Unaudited)

(Unaudited)

(Unaudited)

Revenue

$

138

$

150

$

533

$

246

Cost of revenue

(29

)

(35

)

(253

)

(148

)

Gross margin

109

115

280

98

Operating expenses

Research and development

1,818

1,968

7,748

7,318

General and administrative

1,155

1,175

5,203

4,956

Selling and marketing

242

262

954

957

Total operating expenses

3,215

3,405

13,905

13,231

Loss from operations

(3,106

)

(3,290

)

(13,625

)

(13,133

)

Other income

Interest income

60

91

325

236

Total other income

60

91

325

236

Net loss

$

(3,046

)

$

(3,199

)

$

(13,300

)

$

(12,897

)

Net loss per common share, basic and diluted

$

(0.18

)

$

(0.22

)

$

(0.84

)

$

(1.02

)

Weighted average number of common shares outstanding, basic and diluted

16,606

14,364

15,852

12,655



Atomera Incorporated
Reconciliation to Non-GAAP EBITDA
(Unaudited)

Three Months Ended
December 31,

Year Ended
December 31,

2019

2018

2019

2018

Net loss (GAAP)

$

(3,046

)

$

(3,199

)

$

(13,300

)

$

(12,897

)

Add (subtract) the following items:

Interest income

(60

)

(91

)

(325

)

(236

)

Depreciation and amortization

11

9

44

33

Stock-based compensation

649

629

2,929

2,425

Adjusted EBITDA (non-GAAP)

$

(2,446

)

$

(2,652

)

$

(10,652

)

$

(10,675

)

Investor Contact:
Bishop IR
Mike Bishop
(415) 894-9633
investor@atomera.com