Atomera Provides Second Quarter 2023 Results
LOS GATOS, CA / ACCESSWIRE / August 2, 2023 / ­­ Atomera Incorporated (NASDAQ:ATOM), a semiconductor materials and technology licensing company, today provided a corporate update and announced financial results for the second quarter ended June 30, 2023. Recent Company Highlights Management Commentary "We are excited about kicking off our commercial license agreement with STMicroelectronics by cooperating with their team to begin the process of device optimization with the goal of entering the production royalty stage as early as possible," said Scott Bibaud, President and CEO. "We continue to make progress across power/analog, RFSOI, advanced nodes and DRAM, and see growing customer interest in installation of MST to accelerate evaluation and integration, which we believe will translate into more license agreements." Financial Results The Company incurred a net loss of ($5.2) million, or ($0.21) per basic and diluted share in the second quarter of 2023, compared to a net loss of ($4.5) million, or ($0.20) per basic and diluted share, for the second quarter of 2022. Adjusted EBITDA (a non-GAAP financial measure) in the second quarter of 2023 was a loss of ($4.3) million compared to an adjusted EBITDA loss of ($3.6) million in the second quarter of 2022. The Company had $23.8 million in cash, cash equivalents and short-term investments as of June 30, 2023, compared to $21.2 million as of December 31, 2022. The total number of shares outstanding was 25.8 million as of June 30, 2023. Second Quarter 2023 Results Webinar Atomera will host a live video webinar today to discuss its financial results and recent progress. Date: Wednesday, Aug. 2, 2023 Time: 2:00 p.m. PT (5:00 p.m. ET) Webcast: Accessible at https://ir.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 stock-based compensation. Our definition of adjusted EBITDA may not be comparable to the definitions of similarly-titled 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 is a semiconductor materials and technology licensing company focused on deploying its proprietary, silicon-proven technology into the semiconductor industry. Atomera 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 nano-scaling technologies already in the semiconductor industry roadmap. More information can be found at www.atomera.com Safe Harbor This press release contains forward-looking 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 forward-looking 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, thus subjecting us to all of the risks inherent in an early-stage enterprise; (2) the risk that STMicroelectronics does not proceed with MST in its manufacturing process or does not take MST-enabled products to market, (3) risks related to our ability to successfully complete the milestones in our joint development agreements or, even if successfully completed, to reach a commercial distribution license with our JDA customers; (4) risks related to our ability to advance licensing arrangements with our integration licensees to royalty-based manufacturing and distribution licenses or our ability to add other licensees; (5) 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; (6) our ability to protect our proprietary technology, trade secrets and know­how and (7) those other risks disclosed in the section "Risk Factors" included in our Annual Report on Form 10-K filed with the SEC on February 15, 2023. We caution readers not to place undue reliance on any forward-looking 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 Atomera Incorporated Investor Contact: SOURCE: Atomera, Inc
Atomera Incorporated
Condensed Balance Sheets
(in thousands, except per share data)
Condensed Statements of Operations
(Unaudited)
(in thousands, except per share data)
Reconciliation to Non-GAAP EBITDA
(Unaudited)
Bishop IR
Mike Bishop
(415) 894-9633
investor@atomera.com
Commenced productization efforts with STM through MSTcad simulation work in support of the previously announced commercial license.
Responded to increased interest by memory and advanced node customers for use of MST to solve significant industry problems.
June 30, | March 31, | December 31, | ||||||||||
2023 | 2023 | 2022 | ||||||||||
(Unaudited) | (Unaudited) | |||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 12,904 | $ | 12,118 | $ | 21,184 | ||||||
Short-term investments | 10,931 | 4,934 | - | |||||||||
Interest receivable | 50 | 46 | - | |||||||||
Prepaid expenses and other current assets | 650 | 257 | 418 | |||||||||
Total current assets | 24,535 | 17,355 | 21,602 | |||||||||
Property and equipment, net | 135 | 153 | 158 | |||||||||
Long-term prepaid maintenance and supplies | 91 | 91 | 91 | |||||||||
Security deposit | 14 | 14 | 14 | |||||||||
Operating lease right-of-use asset | 631 | 648 | 700 | |||||||||
Financing lease right-of-use-asset | 3,583 | 3,874 | 4,164 | |||||||||
Total assets | $ | 28,989 | $ | 22,135 | $ | 26,729 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable | $ | 562 | $ | 423 | $ | 397 | ||||||
Accrued expenses | 218 | 242 | 173 | |||||||||
Accrued payroll related expenses | 578 | 292 | 967 | |||||||||
Current operating lease liability | 259 | 247 | 245 | |||||||||
Current financing lease liability | 1,357 | 1,240 | 1,126 | |||||||||
Total current liabilities | 2,974 | 2,444 | 2,908 | |||||||||
Long-term operating lease liability | 400 | 475 | 521 | |||||||||
Long-term financing lease liability | 2,376 | 2,683 | 2,986 | |||||||||
Total liabilities | 5,750 | 5,602 | 6,415 | |||||||||
Commitments and contingencies | - | - | - | |||||||||
Stockholders' equity: | ||||||||||||
Preferred stock $0.001 par value, authorized 2,500 shares; none issued and outstanding as of June 30, 2023, March 31, 2023 and December 31, 2022 | - | - | - | |||||||||
Common stock: $0.001 par value, authorized 47,500 shares; 25,770, 24,330 and 23,973 shares issued and outstanding as of June 30, 2023, March 31, 2023 and December 31, 2022, respectively; | 26 | 24 | 24 | |||||||||
Additional paid-in capital | 216,681 | 204,825 | 203,585 | |||||||||
Other comprehensive income(loss) | (2 | ) | (2 | ) | - | |||||||
Accumulated deficit | (193,466 | ) | (188,314 | ) | (183,295 | ) | ||||||
Total stockholders' equity | 23,239 | 16,533 | 20,314 | |||||||||
Total liabilities and stockholders' equity | $ | 28,989 | $ | 22,135 | $ | 26,729 | ||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | |||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Revenue | $ | - | $ | - | $ | - | $ | - | $ | 375 | ||||||||||
Cost of revenue | - | - | - | - | (81 | ) | ||||||||||||||
Gross margin | - | - | - | - | 294 | |||||||||||||||
Operating expenses | ||||||||||||||||||||
Research and development | 3,192 | 3,036 | 2,433 | 6,228 | 4,772 | |||||||||||||||
General and administrative | 1,775 | 1,742 | 1,667 | 3,517 | 3,315 | |||||||||||||||
Selling and marketing | 393 | 389 | 347 | 782 | 672 | |||||||||||||||
Total operating expenses | 5,360 | 5,167 | 4,447 | 10,527 | 8,759 | |||||||||||||||
Loss from operations | (5,360 | ) | (5,167 | ) | (4,447 | ) | (10,527 | ) | (8,465 | ) | ||||||||||
Other income (expense) | ||||||||||||||||||||
Interest income | 152 | 199 | 35 | 351 | 38 | |||||||||||||||
Accretion income | 107 | 2 | - | 109 | - | |||||||||||||||
Interest expense | (51 | ) | (53 | ) | (69 | ) | (104 | ) | (140 | ) | ||||||||||
Total other income (expense), net | 208 | 148 | (34 | ) | 356 | (102 | ) | |||||||||||||
Net loss | $ | (5,152 | ) | $ | (5,019 | ) | $ | (4,481 | ) | $ | (10,171 | ) | $ | (8,567 | ) | |||||
Net loss per common share, basic and diluted | $ | (0.21 | ) | $ | (0.21 | ) | $ | (0.20 | ) | $ | (0.42 | ) | $ | (0.37 | ) | |||||
Weighted average number of common shares outstanding, basic and diluted | 24,677 | 23,660 | 22,936 | 24,171 | 22,894 | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | ||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||
Net loss (GAAP) | $ | (5,152) | $ | (5,019) | $ | (4,481) | $ | (10,171) | $ | (8,567) | |||||||||
Depreciation and amortization | 20 | 20 | 19 | 40 | 39 | ||||||||||||||
Stock-based compensation | 1,030 | 927 | 859 | 1,957 | 1,585 | ||||||||||||||
Interest income | (152) | (199) | (35) | (351) | (38) | ||||||||||||||
Accretion income | (107 | (2) | - | (109) | - | ||||||||||||||
Interest expense | 51 | 53 | 69 | 104 | 140 | ||||||||||||||
Net loss non-GAAP EBITDA | $ | (4,310) | $ | (4,220) | $ | (3,569) | $ | (8,530) | $ | (6,841) | |||||||||
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