LOS GATOS, Calif., Oct. 30, 2019 (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 third quarter ended Sept. 30, 2019.
- Signed integration license agreement with a new customer, a leading RF supplier
- Achieved record quarterly revenue
- Increased total customer engagements to 25 at 19 customers
- Named Duy-Loan Le, 35-year veteran of Texas Instruments, to Board of Directors
“With record quarterly revenue, and a new license agreement executed with a leading RF provider, Atomera is capitalizing on recent technical advances and continuing to gain traction among the world’s largest semiconductor companies,” said Scott Bibaud, President and CEO. “We continue to grow our engagements with customers across important end markets including analog, RF and FinFET.”
Third Quarter 2019 Financial Results
During the third quarter of 2019, revenue was $254,000, compared with no revenue in the third quarter of 2018. The Company incurred a net loss of $(3.1) million, or ($0.19) per basic and diluted share, in the third quarter of 2019, compared to a net loss of $(3.4) million, or ($0.28) per basic and diluted share, for the third quarter of 2018. Adjusted EBITDA (a non-GAAP financial measure) in the third quarter of 2019 was a loss of ($2.4) million compared to an adjusted EBITDA loss of $(2.8) million in the third quarter of 2018.
The Company had $16.8 million in cash and cash equivalents as of Sept. 30, 2019, compared to $18.9 million as of Dec. 31, 2018.
The total number of shares outstanding was 17.1 million as of Sept. 30, 2019.
Third Quarter 2019 Results Conference Call and Webcast
Atomera will host a conference call today to discuss its financial results and recent progress.
Date: Wednesday, Oct. 30, 2019
Time: 2:00 p.m. PT (5:00 p.m. ET)
Phone: (844) 263-8318 (domestic); +1 (213) 3580960 (international)
Replay: Available until Nov. 6, 2019; (855) 8592056 (domestic); +1(404) 5373406 (international); passcode 9661139.
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, Atomera presents adjusted EBITDA, which is a nonGAAP 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 nonGAAP 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.
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 three integration licensees, including 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 --
Condensed Balance Sheets
(in thousands, except per share data)
|September 30,||December 31,|
|Cash and cash equivalents||$||16,800||$||18,933|
|Prepaid expenses and other current assets||179||170|
|Total current assets||17,166||19,288|
|Property and equipment, net||74||56|
|Operating lease right-of-use asset||196||–|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Accrued payroll related expenses||622||984|
|Current operating lease liability||147||–|
|Total current liabilities||1,240||1,611|
|Long term operating lease liability||40||–|
|Commitments and contingencies|
|Preferred stock, $0.001 par value, authorized 2,500 shares; none issued and outstanding at September 30, 2019 and December 31, 2018||–||–|
|Common stock, $0.001 par value, authorized 47,500 shares; 17,074 and 15,034 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively.||17||15|
|Additional paid-in capital||148,368||139,693|
|Total stockholders’ equity||16,169||17,746|
|Total liabilities and stockholders’ equity||$||17,449||$||19,357|
Condensed Statements of Operations
(in thousands, except per share data)
|Three Months ended |
|Nine Months ended |
|Cost of revenue||(204||)||(224||)||(113||)|
|Research and development||1,746||1,922||5,930||5,350|
|General and administrative||1,239||1,324||4,048||3,781|
|Selling and marketing||240||237||712||695|
|Total operating expenses||3,225||3,483||10,690||9,826|
|Loss from operations||(3,175||)||(3,483||)||(10,519||)||(9,843||)|
|Total other income||89||48||265||145|
|Net loss per common share, basic and diluted||$||(0.19||)||$||(0.28||)||$||(0.66||)||$||(0.80||)|
|Weighted average number of common shares outstanding, basic and diluted||16,567||12,117||15,597||12,079|
Reconciliation to Non- GAAP EBITDA
|Three Months Ended |
|Nine Months Ended |
|Net loss (GAAP)||$||(3,086||)||$||(3,435||)||$||(10,254||)||$||(9,698||)|
|Add (subtract) the following items:|
|Depreciation and amortization||12||8||33||24|
|Adjusted EBITDA (non-GAAP)||$||(2,365||)||$||(2,845||)||$||(8,206||)||$||(8,023||)|