Atomera Incorporated Stock Price: Quote, Forecast, Splits & News (ATOM)

Perplexity Finance

ATOM

Atomera Incorporated

ATOM

NASDAQ

Market Closed

Friday, May 23, 2025

$6.62

-$0.05

0.68%

At close: May 22, 4:00:01 PM EDT

$6.62

$0.00

After hours: 4:04:04 AM EDT

Change

-$0.05

0.68%

Financial Profile

Prev Close

$6.67

Market Cap

$203.26M

Day Range

$6.20 - $6.91

Open

$6.59

P/E Ratio

-10.0

52W Range

$2.31 - $17.55

24H Volume

$3.42M

Dividend Yield

0.00%

EPS

-0.66

Earnings

Report Date

May 6, 2025

Reported Revenue

Avg 1d Change

24.62%

Report Period

Q1 2025

Reported EPS

-0.17

Miss -30.77%

Implied Move 1d

19.7%

Transcript

4m 24s

Except as otherwise required by federal securities laws, Atomera disclaims any obligation to update or make revisions to such forward looking statements contained herein or elsewhere, to reflect changes in expectations with regards to those events, conditions and circumstances. Also, please note that during this call, we will be non GAAP financial measures as defined by SEC Regulation G, Reconciliations of these non GAAP financial measures to the most directly comparable GAAP measures are included in today's press which is also posted on our website. Now I would like to turn the call over to our President and CEO, Scott Bibow. Go ahead, Scott. Thanks, Mike. I'd like to start out today by giving a few more details on our recent partnership announcement with a major capital equipment provider. Who unfortunately has a policy against allowing their name to be used in Partner's press release. First, let me say that we've had a long relationship with this equipment maker and this agreement is something both companies have been working towards for a long time. They want to bring advanced material to their customers to solve problems in the gate all around space, and we can help them do that. Atomera benefits by leveraging our partner's detailed knowledge of these large customers' applications, design goals, organizations, and decision makers.

5m 45s

Ultimately, if we are both successful, Atomera will get more licensees into production faster, our partner will sell more equipment and services our mutual customers. Let me tell you why I'm excited about this agreement. Advanced node customers have huge teams working on multiple different aspects of each new technology node. Some working one or or even two nodes ahead, and some working on the node currently in production. Our partner has detailed insight into each of these efforts working collaboratively with their customers, to find solutions in many different areas. Inevitably, customer wants to see actual silicon results to prove that the solution works. When they get them, they ask for even more results. Each request is more detailed and specific. Although Atomera has a very sophisticated development environment, it pales in comparison to what our partner OEMs can bring to bear. And which we will be able to use to provide these more detailed tests. By doing so, we can deliver solutions to the customer that are more optimized and validated and therefore may go into production more quickly. Probably even more importantly, we will be rowing downstream with our partner on the sales and marketing side of the equation.

7m 11s

As a small company, we do not have a large and sophisticated sales organization can be so helpful to close designs within the complex decision making structure of these large customers. Since both of us will be driving these designs towards production, our partner company's direct sales force will be assisting us along the way. Which will be an invaluable resource to us. Just last quarter, I talked about how Atomera's MST technology can solve many of the problems in gate all around transistors. This partnership will help us to promote and ultimately close sales in that area. While the collaboration agreement details are confidential, I can assure you that the terms do not have a significant impact on our long standing business model of license fees and royalties. The primary benefit for both our companies in this deal is to grow the pie larger, not to take pieces of each other's businesses. Although the stated aim of the agreement is on gate all around architectures, there's little doubt the partnership will extend into advanced memories and other areas as well. Timing of this announcement coincides with the rising use of epi in advanced logic as well as in higher performance DRAM where high k has been adopted.

8m 31s

As EPI applications are more widely embraced, the barriers to implement MST go down. The size and the growth of the Epi market is therefore an indicator of the potential for MST sales. And in 2027, the epi equipment market is expected to be approximately $2,600,000,000 with a CAGR in the leading edge nodes of 10% to 15%. Even before finalizing this agreement, we've been making significant progress in gate all around applications, generating much more detailed silicon validated performance enhancement data for customers, as well as depositing MST films on customer wafers for evaluation. We've established footholds in each of the gate all around customers. They were We are confident we'll expand over the rest of this year assisted by our new partnership. On the memory side, we've been granted new patents focused on DRAM sense amplifiers which are relevant for both high bandwidth as well as standard DDR memories. Are actively leveraging this IP into our current discussions with a large memory providers. Late in 2024, many of our RF SOI customers expressed a need to improve low noise amplifiers or LNAs in addition to our prior efforts on RF power switches. Using TCAD, and silicon test result data, we determined that MST can significantly improve the performance of LNAs in RF SOI devices.

10m 9s

Just recently, mobile phone manufacturers have started putting new emphasis on LNA improvements to meet the increasing demands of newer five g technologies. So we are seeing widespread interest from customers. Our presentation at RFInsight highlighted the new application, and has generated lots of inbound interest. Indeed, during the last few months, we've worked with several different RFS manufacturers to start new wafer runs using our partner Soitex Ultra Thin RF SOI wafers to prove out these LNA benefits. With good results, we believe our customers will want to take this into production relatively quickly. Work with power customers also continues to grow with interest in new applications and voltage levels many of which are driven by demand for AI servers. But let me share what I can on progress with our most important power customer, STMicro. During the last six months, our biggest focus with STMicro has been on optimizing manufacturability, yield, and throughput in preparation for high volume manufacturing, and we've made great progress here. Our two teams are meeting together on a weekly basis as we push to get the best performance out of our efforts. Many different lots are in the fab with frequent test results indicating a clear path towards qualification.

11m 37s

ST has not authorized me to provide additional insight into their schedule, though. One measure of ST's regard for our technology is the interest we've seen from other groups within ST. Today, we are in active discussions with three other product areas in ST beyond Smart Power devices. Each of these has the potential to lead to new licenses and future royalty streams. It's clear that Atomera's technology focus areas have excellent overlap with ST's overall technology strategy and direction. Believe this is a very important validation of our technology's effectiveness coming as it does from a customer who has a deep understanding of its potential from their hands on experience. Now a brief update on each of our licensees. We continue discussions with our j d JDA one about meeting new requirements they've raised. Of course, we recognize this effort needs to move faster. And we believe that working with our new equipment provider will help make that happen. For both our JDA two and Fabulous licensees, we are in the process of of running wafers, and we expect to see results of those later this year. Each of these companies has expressed interest in also working with us in new technology areas.

13m 1s

Likewise, we are in discussion with our foundry licensee, we hope to start new lots with them soon. Our progress with new customers this quarter has been excellent. And we continue to move forward with the two very high potential transformative customers discussed in our last call. We are encouraged by the amount of work they want to do and the speed at which they are moving. We also started discussions with new customers in entirely new areas for us. We're working to today to engage with them in first discussions, and hopefully, will lead to licensing and our revenue opportunities with them later this year. Previously, we've described our work to expand into a new product category, compound semiconductors, more specifically, gallium nitride. As a brief refresher, gallium nitride is a wide bandgap semiconductor that supports a broad range of applications. Including consumer power supplies, automotive electrification, and power electronics. For AI data centers. The market for GaN in these applications is growing quickly and is forecast to exceed $2,000,000,000 at the device level by the end of the decade growing at about a 40% CAGR. Last year we described exciting results from initial studies of MST improving GaN growth on silicon substrates.

14m 27s

Customers found them interesting but asked for electrical data to demonstrate the impact at the device level. We have been working to fabricate devices And this quarter, as part of the previous announced partnership with Sandia National Labs, we completed the world's first GaN devices produced using MST technology. This is an exciting accomplishment. Data collection from these first of kind devices is still in progress, we are now seeing indications of improved electrical performance consistent with our previous observation of improved material quality. As would be expected from first of kind tests, there are some elements of these devices that aren't optimized and we're already working on the next round with a target of a complete customer shareable data set illustrating the benefits of MST for GaN applications. Several of our existing customers are active in GaN production, So once we have this data, we should have a ready audience. And there are other GaN foundries and IDMs that would help us expand beyond the current customer base as well. We are very excited about MSD for GaN and so are our partners. Just recently, Sandia National Labs renewed our access program so that we can do more work together.

15m 48s

Robert Mears wrote a great article on this topic. Recently published, in Compound Semiconductor Magazine, which you can find on our website. The beginning of this year has been a very busy time for us across all our markets and product areas. Work on STMicro is moving towards completion. We are seeing customer expansion in power, RF, and in other application areas, which we hope to talk about in future calls. The work we are doing on gate all around and memory is tied directly to the biggest driver of the semiconductor industry today, the rollout of AI infrastructure our newly announced partnership with a major semiconductor equipment provider will help us accelerate and close license deals to take advantage. Finally, our GaN work is not only aligned with a major industry push, but we also believe it can be executed with faster time to revenue, than our other segments. The work load at Atomera has gotten to the point where we are actively recruiting for staff in our engineering team focused on transition to high volume production. And in our sales and marketing team focused on closing deals. With applications developing momentum in so many areas, we believe it's only a matter of time before Atomera becomes a technology licensing powerhouse within the semiconductor industry.

17m 11s

Now Frank will review our financials.

17m 18s

Thank you, Scott. At the close of the market today, we issued a press release announcing our results for the first quarter of twenty twenty five. This slide shows our summary financials. Our GAAP net loss for the first quarter of twenty twenty five was $5,000,000 or 17¢ per share compared to a net loss of $4,800,000 or 19¢ per share in in q one twenty twenty four. GAAP operating expenses in the first quarter of this year were $5,500,000, which was an increase of $448,000 from 5,000,000 in q one twenty twenty four. The increase in OpEx was due to a $397,000 increase in r and d expenses, reflecting higher outsourced device fabrication services to support increased customer activity, and a $277,000 increase in g and a expense primarily due to higher legal expenses. These increases were partly offset by a $226,000 decline in sales and marketing expenses mostly due to larger to lower headcount. Non GAAP net loss in q one twenty five was $4,400,000 compared to a loss of 4,000,000 in q one of last year. Due to a $468,000 increase in non GAAP operating expense reflecting the same factors I just discussed. Stock compensation expense, is the main difference between GAAP and non GAAP operating expenses, were $1,000,000 in both periods.

18m 56s

Sequentially, Q1 non GAAP net loss of $4,400,000 compares to a $3,900,000 loss q four of twenty twenty four. Primarily due to the same higher r and d and legal expenses I spoke about earlier. Offset by lower sales and marketing due to headcount. Our balance of cash, cash equivalents and short term investments on March 31, twenty twenty five was $24,100,000. Compared to 26,800,000.0 on 12/31/2024. We used $4,800,000 of cash in operating activities in q one compared to 4,100,000.0 in q one twenty twenty four and 3,000,000 in q four of last year. As has been the case in prior years, cash outlays in the first quarter will be higher this year than in other quarters, reflecting payments for that hit our p and l throughout the year. Early in q one, we raised $2,400,000 under our ATM facility by selling approximately 163,000 shares at an average price of $15.19, putting us in a comfortable cash position that we have not needed to access the capital market during the recent volatile months. For q two, revenue will depend on timing of wafer shipments to our fabless licensee and will be in the range of 0 to $50,000. Consistent with our usual practice, we're not providing revenue guidance any further out.

20m 33s

The next major revenue milestone under our agreement with ST occur when they get into formal process qualification. Moving to expenses. On our last call, I shared that we expected non GAAP OpEx to be in the range of 17,000,000 to $18,000,000 in 2025. Outsourced fabrication work, which we used to do at TSI Semiconductor, has now been spread over multiple vendors who can offer specialty services that are more specifically tuned to the range of technology areas that we're working on. We we also have lower headcount in sales and marketing, which we're making progress on replacing. I now expect our full year non GAAP operating expense for 2025 will be in the range of 17.25 to $17,750,000. With that, I will turn the call back over to Scott for a few summary remarks before we open the call up to questions. Scott?

21m 37s

Thank you, Frank. With the announcement of our new partnership, as well as the progress we've made in the last quarter, Atomera is better positioned than ever to deliver important solutions for today's challenging electronic devices. We've worked very hard to build our technology and relationships at all the large semiconductor companies. And we believe that effort will be converted into a significant and sustainable business. I appreciate your support. As we work hard to turn this vision into a reality. Mike, will now take questions.

22m 11s

Thank you, Scott. If you wish to ask a question, please click the q and a button at the bottom of the Zoom window, then feel free to type in your question. I will do my best to aggregate the incoming queries and relay them to management. Alternatively, you can click the raise hand button, and we may call an on you to ask your question live. And right now, our first question comes from Richard Shannon of Craig Hallum. Go ahead, Richard. Thank you, Mike, and thanks, Scott and Frank, for taking a few of my questions here.

22m 40s

Think my first question is gonna be on your announcement of I don't know if this is earlier this week or last week about working with this semiproduction equipment company here. I guess a few questions. Love to get a sense of of, you know, what kind of equipment we're talking about. Scott, I know in the past you've talked about partnering with EpiMakers, EpiMachineMakers, of which there are three, I believe, that are major ones. If you can confirm whether that's it. Maybe suggest how long you've been working with them to, you know, establish this sort of relationship. And maybe you can describe the degree to which this partner has skin in the game here to you know, that's really kind of relaying know, a real commitment to working with you in this regard.

23m 22s

Yeah.

23m 23s

Okay. So know, it's always tricky to kind of answer the details about what tools they sell because it pretty much tells you who they are. So I I think I'm gonna defer a little bit on that, Richard, but I will say that it's it's a a technology that we use very extensively. And this customer or this this partner is someone that we've been working closely with for for many years. I think the the thing I can comment the most on is your last part of the question. So, you know, there's always in my in my remarks, I talked about how customers ask for a lot of data from us they get that data, they ask for even more. And every time they ask for more data, it gets to be something it's harder to test for. It's more expensive to set up. Find the right type of wafers, process them to a certain point, and then set it up and get that very expensive, testing that you need to do to be able to test at the individual transistor level. And we can do some of that ourselves, but the the big thing here is that our partner company has massively more capabilities than us.

24m 36s

And they they are you know, just like everybody, budget constrained on what they can spend their money on. And so when we would go to them in the past and say, hey, we've got customer opportunity, but we really need you to help us you know, spend a whole bunch of time and money with your resources and your equipment and your you know, capabilities to help us prove this for the customer. Their natural reaction would be like, what's in it for us? You know? How do we know that we do all this work for you, you aren't gonna just go to production with someone else? And so this partnership is something that we talked about for a long time where basically you said, if we're gonna be developing this technology together with them, then we're gonna we're gonna go to production with their tools on that technology, and we're gonna be upfront working with our end customers that we're doing this on a joint basis. And so, you know, the and so is on a joint basis. Okay. So in other words, the the the skin in the game that that our partner company is adding is that they're putting a bunch of equipment and personnel and engineering resources to help us get the data to be able to win this design and go to production and it will be with their equipment.

25m 59s

Okay.

26m

And I can't remember if you said this or not, Scott, but I just wanna confirm. Has this worked largely focused on leading edge, both logic and DRAM?

26m 10s

It's focused on the gate all around. So leading edge. I would say, whenever I talk about advanced nodes, though I always include the the leading memory manufacturers because the work they're doing is also very much bleeding edge. And so the techniques that we come up with for gate all around for logic, for example, are frequently applicable across to memories.

26m 37s

Okay.

26m 39s

Okay. Fair enough. Let's jump to another topic here, that being, STMicro here. Certainly understand you can only share what you've shared here so far. But the interesting comment you made was that you've got other areas within ST that are are starting work with with you Maybe if you can can you describe what other technology areas or at least describe whether there are areas that you already work with other customers? And is it fair to think and I I think you said this, but I just wanna make sure. That these new divisions or groups within ischemic are doing it directly because of the work that the power the Smart Power Group has already undertaken, and there's some communication between that suggests they should be working these new groups should be working on it as well. Yes. So answer the last part.

27m 23s

First.

27m 24s

Absolutely. I think at the most senior levels of ST, we, at this point, have a lot of credibility, and when a group goes to the SmartPower group and says, hey. We might be interested in MST for another application, What do you think? They say, absolutely. You should work with them. We've got a very, very good working relationship with them. If you look at overall, ST as a company, you know, a very big company and they and they have products focused in many different areas, But the overlap with what we have is quite high. They have, RF SOI products, They have gallium nitride products. They have it they have advanced node products. But not not the most advanced nodes, but from but they have something called fully depleted SOI products, which are as you probably know, they're kind of like 28 nanometers and below focused on very low power applications. And they're pretty advanced technologies, that's something that we could do a lot of work with them in. We're working with smart power, but, but they do, power in an number of other different areas that would be overlapped with us. So you know, there's just enormous amount of different areas that we can engage with them.

28m 42s

With and and, yeah, we've a lot of this has been incoming interest. Some of it has been us reaching out and saying, hey. We know you're working in this area. And trying to, set up meetings and so forth, but a lot of it has been groups within ST who reach out to us directly and say, we understand your technology, and we think it could help us with something. Okay. Very interesting.

29m 5s

For that detail. Maybe touching quickly on the topic of RFS I think this is probably the technology earlier we've been talking about, for the longest. You mentioned customers interested in improving the LNAs on Illinois amplifiers, which I'll be honest with you. Don't understand that much other than I know they exist in front end modules. Mhmm. And you said you've been doing all this work in the past with power switches. Has this been kind of the limitation or a headwind to adoption by RF SOI customers in the past? And and this could be key to unlocking the opportunity here? Or are there can they be can there be other functions within the front end module that you can also impact and, therefore, you know, finally get one of these guys over the finish line. Because it's been, I don't know, a number of years here, it's one that I've been I've always thought it would be the first one to go to production, and it's been, I guess, stubbornly not quite there. So wondering if this work here is is that is that kind of catalyst to move you across the finish line.

30m 1s

Yeah. I think on the front end module, you know, the power switching was the key application that we've we're first very much focused on and where I would say, there was more development effort by the RFSO got f SOI guys than a lot of other areas. It was a a way a key competitive advantage that they could have going on to the market. That isn't to say that our technology only worked on the power switching, but that was where our biggest focus with the customers was. They we'd run wafers, and we do testing in that area. And I still think that we have shown a very significant to improve power switching. But there's a number of other areas in the front end that are important. And what seems to have happened, and I haven't I don't know exactly where this came from, but I think one of the leading or maybe several of the leading mobile phone manufacturers or possibly even a large mobile phone operator has changed the specifications for their phones to say, we need far better LNA performance. LNA is it's you know, it's a low noise amplifier. It helps you to receive signals at lower signal strengths.

31m 19s

So that you can get longer range. And and and it just seems like I don't know where it came from, but all of our customers are simultaneously asking about that.

31m 32s

And so this seems to be a very hot area. So now we're working with our customers not just on the power switch, but also the LNA. And I think I think because there's a demand for this and there's gonna be a competition to win those designs, think people will move quickly.

31m 48s

Okay.

31m 50s

Well, hopefully, from my my personal perspective, hopefully, it's a Verizon that's asking for changes because I'd love to get better performance out of my house here. But I'll take it away. AT and But Probably two last questions for me, one for you and one for one for Frank. So just kinda touching again on the the topic of the transformative customers. And, Scott, I do wanna make sure. I know two calls ago, you talked about, transformative customer that then sounded delayed. Then you mentioned two others on the last call. Think you're referring to the ones on the last call. And I guess I just wanna to the ones on the last last call.

32m 24s

Okay. And I don't think I took very good notes here, so I'm gonna have to ask you to to repeat the the the kind of the the the the the call out here with that particular set of two customers here. Can you repeat that for me, please?

32m 36s

Yeah. I mean, what I said earlier was was that things continue to move really quickly with those guys, and expansively. So they wanna do a lot of work with us and they wanna do it you know, very quickly. At least one of them is moving at a pace that I didn't think that was gonna be, I mean, they're moving much, much faster than I expected. And the other one is also, expanding to do a lot more than we had hoped for before. So overall, I I would love for us to be able to you know, make an agreement with these guys so we can start talking about them in some more detail. But, but it is something that we're quite excited about.

33m 26s

Okay. Does the work going on here involve the, the partner with the, capital equipment the unnamed capital equipment company.

33m 33s

So we did not get involved with these customers as part of the capital equipment company. K. But one of the things I mentioned about that agreement is that it's gonna expand. So we did focus the agreement around gate all around. We just wanna put something in place and and make it more focused on parameters such that we could kinda close a deal But I think this is gonna establish a working relationship that we have together, and it's really gonna expand to include a whole bunch of our businesses, including possibly these two.

34m 7s

Okay. Fair enough.

34m 9s

Frank, a quick question for you. I missed the number that you mentioned in terms of OpEx for this year. And I guess I'd love to understand kind of an exit rate for this year to think about because it sounds like you're looking to add headcount here over time or based on some contingencies. I'd love to get a sense of both those numbers, please.

34m 28s

Sure. So and the I gave a range last time of 17 to 18. I basically just narrowed it down to the midpoint of that of 17 and a quarter to 17 and three quarters, million dollars. Non GAAP operating expense for the year. And that's kind of ramping steadily through the year. [indiscernible] you know, as you know, we are down sort of headcount in sales and marketing. As compared to last year and even as compared to q four last year. So we're recruiting in that area and looking to to add there. I think more significantly, we've had historically, when we were working with TSI, we're spending you know, on average around a a million to a million and a quarter with them per year. On outsourced fabrication. And last year, that went nearly to zero. And it's kind of bounced back. I'm not completely to you know, the the 1,200,000.0 a year that was kind of the historical average. But I I could see it kind of approaching that level as we as we exit the year. You know, we had a big increase in in in outsourced r and d as q one versus q one of last year.

35m 52s

You know, the r and d expenses went up by about $300,000. In in this first quarter versus versus last year. And I would consider that to be you know, kind of more of the normalized you know, level of of r and d spend is what we have this what we have this quarter. Maybe ramping up a little bit with more outsourced device fabrication and and headcount, but but not substantially.

36m 23s

Okay. I think that helps me model that. And that's all the questions I had, guys. Thanks. Thanks for your time.

36m 28s

Mhmm.

36m 29s

Thanks, Richard. And we have a number of of questions that have come in on the on the q and a text line here, and so I'll just fire them off at you, Scott. In the previous call, you mentioned that two existing customers were planning demos and product areas entirely different from the original engagement scope. Could you share, you know, they asked for specific customers, but could you share the customers at least the initial engagement area and describe the new product areas they're planning demos for?

37m

Yeah. We, I'm not gonna talk about who the customers are, but I'll you an idea about some of the areas We've had customers approach us about doing work in, 28 nanometer. You know, we've always done a lot of work on high k metal gate. And we believe that we can bring some big advantages there. That's something that we're talking to people about.

37m 26s

Are talking to people about fully depleted RF SOI, We're talking to people about I mean, there's there's widespread interest in some very specialized applications like RadHard and other things that we're considering doing work on. We're talking to people about different memory applications. But that's just scratching the surface. You know? It's not on that when we meet with a customer, in the early meetings, they like to have kind of a CTO level person in the meeting who understands all of the different product areas when they understand understand what MST can do, they say, uh-huh, maybe it'd good for you to talk to these guys because I know they need to need help in this area and that other group and that other group So know, we have a lot of cost discussions around different technology areas.

38m 22s

It's we don't really consider them that serious until we start getting an NDA in place and start planning to actually do demo runs together. But there's there's interest in a number of areas.

38m 35s

Great. Thank you. And another one is, you know, what are the implications of the recently restated employment agreement, that no longer provides severance upon change of control. So that we filed that in an SEC document. So it's what are the implications of that?

38m 54s

Yeah. So I think the implication is that we we screwed up. Our executive employment agreements expired at the end of last year, and we put one new new ones in place. We wanted to have a double trigger change of control provision, which is kind of become standard in the industry. All of our executives had that. For some reason in mind, there were some extra words in there. That should have been deleted that said basically, that said I would it would change it to a single trigger. But those were that was a mistake. We published it. It was pointed out to us. We had our lawyers redraft it, and we, we resubmitted it. There's no there's no bigger message than that in that we wanted to do the right thing, and we messed up a little bit, but we fixed it. Okay. Thank you. And, another question regarding STMicro, and the question is whether the the current time line is influenced because they went back and started doing phase three work similar to j d a one.

40m 7s

I've spoken before about the type of work they're doing. They're doing I would say, broadly speaking, they're doing two parallel types of work. They're doing you know, always trying to optimize the performance of the device by using doing TCAD and, and running wafers and testing the results. And in parallel with that, they're doing a lot of work towards productization, minimizing I mean, maximizing yield and throughput and so forth, and we've been working very hard with STM. Both of those technologies for quite a while, I can't say exactly where they are, but it's true that in phase three, we also do work like that, but this is the work that we've been talking about ST doing within their phase four.

40m 57s

Okay. And what is the current status of the of the transformative customer that was mentioned, prior last quarter's conference call that, the deal that Yeah. So this this quarter, we continue to have discussions with that customer. I won't say we have anything to report by the time of this earnings call, but lines of communication are still open.

41m 24s

Okay.

41m 26s

And on the last call, you said that results from Sandia Lab were imminent and how did those early results look?

41m 35s

Yeah. We I would say there was some delay at late last year when we, it took us longer to get those electrical results than we expected. We do have them now. I I said a few things about them on the call, and the results of the of the electrical results show improved device performance. That's pretty consistent with what we're seeing as a level of improvement that we were seeing in terms of the physical improvement, the quality improvement of the GaN device itself and our electrical device is kinda validating those improvements. What I would I mean, the next step for us is obviously to do some optimization if we can get those to be improved a lot more. And even with the results that we have today, we are just in the early days of testing those, and our goal is to do enough work to get a really a full suite of electrical data that we can bring out to customers, and that's when they'll be really ready to start doing more work. I think at this time last year, we believe that we would go out to customers with the with the physical results showing improved strain within the GaN device and improved quality on the surface.

42m 53s

Less bow, and some other things. But it turns out that just that physical result was not enough for customers to adopt. We needed to have electrical results, and so that's we're starting to get now. And, hopefully, we'll get a lot more of that in the near future.

43m 8s

Great. Thank you.

43m 9s

And with regard to the partnership with the capital equipment company, what's the business model look like between the two companies? Is it a royalty model or some other arrangement?

43m 24s

Yeah. And I and I did say this in our our prepared remarks. We there's no no change to our business model We're not sharing royalties. We're there's no really material impact to what we've always talked about of our our business model In in essence, know, they're helping us in many ways both with developing the material to sell to customers and also selling in conjunction with them. And in exchange, we'll we'll be telling the customer that this is a partnership and we're gonna go to production together as well.

44m 4s

Great.

44m 4s

And with that, Scott, that concludes the the questions here. So you may proceed with closing remarks.

44m 11s

All right.

44m 13s

Well, thank you all again very much for joining us to hear the progress we are making here within Atomera. Please continue to look forward to our news articles and blog posts which are available along with the investor alerts on our website. Atomera.com. Should you have additional questions. Contact Mike who will be happy to follow-up. Thanks again. For your support, and we really look forward to our next update call with you.

44m 44s

Thank you. This concludes the first quarter twenty twenty five Atomera conference call.

Key Insights

Atomera announced a significant partnership with a major capital equipment provider, aimed at accelerating customer adoption and production of its MST technology, particularly in advanced node and gate-all-around applications; the partnership leverages the partner's resources and sales force without altering Atomera's license/royalty business model.
Progress continues with key customers, notably STMicro, where efforts are focused on manufacturability, yield, and throughput for high-volume production; Atomera is also in active discussions with three additional ST product areas, potentially leading to new licenses and royalty streams.
The company is seeing increased customer interest and activity across multiple segments, including RF SOI (with new focus on low noise amplifiers for 5G), power electronics (driven by AI server demand), and memory (with new patents in DRAM sense amplifiers).
Atomera completed the world's first GaN devices using MST technology in partnership with Sandia National Labs, showing early indications of improved electrical performance; further optimization and data collection are underway to target the fast-growing GaN market.
Financially, Q1 2025 GAAP net loss was $5.0M ($0.17/share) with non-GAAP net loss at $4.4M; cash and equivalents were $24.1M as of March 31, 2025; full-year 2025 non-GAAP OpEx is expected to be $17.25M–$17.75M; Q2 revenue is projected between $0–$50,000, with major revenue milestones tied to STMicro process qualification.

Recent Transcripts

Atomera announced a major partnership and reported increased R&D-driven losses amid expanding customer engagements.

May 06

Q1 2025

Partnership

Major Equipment Provider

R&D Expense

+397K YoY

Atomera advanced key customer engagements but revenue remains minimal and losses persist.

Income Statement

Revenue

	2020	2021	2022	2023	2024
Revenue	$62K	$400K	$382K	$550K	$135K
Cost of Revenue	$13K	$253K	$81K	$28K	$123K
Gross Profit	$49K	$147K	$301K	$522K	$12K
Gross Profit %	79%	37%	79%	95%	8.9%
R&D Expenses	$8.4M	$8.8M	$10M	$13M	$11M

2020

2021

2022

2023

2024

Revenue

$62K

$400K

$382K

$550K

$135K

Cost of Revenue

$13K

$253K

$81K

$28K

$123K

Gross Profit

$49K

$147K

$301K

$522K

$12K

Gross Profit %

79%

37%

79%

95%

8.9%

R&D Expenses

$8.4M

$8.8M

$10M

$13M

$11M

Cash Flow

Net Income

	2020	2021	2022	2023	2024
Net Income	-$15M	-$16M	-$17M	-$20M	-$18M
Dep. & Amort.	$179K	$785K	$1.5M	$1.4M	$1.4M
Def. Tax	$0	-$4.1M	-$6.3M	$0	$0
Stock Comp.	$3M	$3M	$3.4M	$4M	$3.9M
Chg. in WC	-$550K	-$485K	$69K	$38K	$128K

2020

2021

2022

2023

2024

Net Income

-$15M

-$16M

-$17M

-$20M

-$18M

Dep. & Amort.

$179K

$785K

$1.5M

$1.4M

Def. Tax

-$4.1M

-$6.3M

Stock Comp.

$3M

$3.4M

$4M

$3.9M

Chg. in WC

-$550K

-$485K

$69K

$38K

$128K

Balance Sheet

Cash

	2020	2021	2022	2023	2024
Cash	$38M	$29M	$21M	$13M	$26M
ST Investments	$0	$0	$0	$6.9M	$995K
Cash & ST Inv.	$38M	$29M	$21M	$20M	$27M
Receivables	$0	$0	$0	$629K	$79K
Inventory	$0	$0	$0	$0	$0

2020

2021

2022

2023

2024

Cash

$38M

$29M

$21M

$13M

$26M

ST Investments

$6.9M

$995K

Cash & ST Inv.

$38M

$29M

$21M

$20M

$27M

Receivables

$629K

$79K

Inventory

Go Deeper

Financial information provided by Financial Modeling Prep. Options data provided by Unusual Whales. Live transcripts provided by Quartr. Reported revenue and EPS data from Earnings powered by FinChat.io. All data is provided for informational purposes only, and is not intended for trading purposes or financial, investment, tax, legal, accounting or other advice.

Market Cap: $203M
IPO Date: 8/8/16
CEO: Mr. Scott A. Bibaud
Fulltime Employees: 20
Sector: Technology
Industry: Semiconductors
Country: US
Exchange: NASDAQ Capital Market

Peers

Axcelis Technologies, Inc.

Lam Research Corporation

indie Semiconductor, Inc.

Ultra Clean Holdings, Inc.

$20.27

UCTT

0.2%

Veeco Instruments Inc.

IPG Photonics Corporation

Kulicke and Soffa Industries, Inc.

Watchlist

Earnings

Report Date

May 6, 2025

Reported Revenue

Avg 1d Change

24.62%

Report Period

Q1 2025

Reported EPS

-0.17

Miss -30.77%

Implied Move 1d

19.7%

Transcript

4m 24s

5m 45s

7m 11s

8m 31s

10m 9s

11m 37s

13m 1s

14m 27s

15m 48s

17m 11s

Now Frank will review our financials.

17m 18s

18m 56s

20m 33s

21m 37s

22m 11s

22m 40s

23m 22s

Yeah.

23m 23s

24m 36s

25m 59s

Okay.

26m

And I can't remember if you said this or not, Scott, but I just wanna confirm. Has this worked largely focused on leading edge, both logic and DRAM?

26m 10s

26m 37s

Okay.

26m 39s

27m 23s

First.

27m 24s

28m 42s

29m 5s

30m 1s

31m 19s

So that you can get longer range. And and and it just seems like I don't know where it came from, but all of our customers are simultaneously asking about that.

31m 32s

31m 48s

Okay.

31m 50s

32m 24s

32m 36s

33m 26s

Okay. Does the work going on here involve the, the partner with the, capital equipment the unnamed capital equipment company.

33m 33s

34m 7s

Okay. Fair enough.

34m 9s

34m 28s

35m 52s

36m 23s

Okay. I think that helps me model that. And that's all the questions I had, guys. Thanks. Thanks for your time.

36m 28s

Mhmm.

36m 29s

37m

37m 26s

38m 22s

It's we don't really consider them that serious until we start getting an NDA in place and start planning to actually do demo runs together. But there's there's interest in a number of areas.

38m 35s

38m 54s

40m 7s

40m 57s

41m 24s

Okay.

41m 26s

And on the last call, you said that results from Sandia Lab were imminent and how did those early results look?

41m 35s

42m 53s

43m 8s

Great. Thank you.

43m 9s

And with regard to the partnership with the capital equipment company, what's the business model look like between the two companies? Is it a royalty model or some other arrangement?

43m 24s

44m 4s

Great.

44m 4s

And with that, Scott, that concludes the the questions here. So you may proceed with closing remarks.

44m 11s

All right.

44m 13s

44m 44s

Thank you. This concludes the first quarter twenty twenty five Atomera conference call.

Key Insights

Atomera announced a significant partnership with a major capital equipment provider, aimed at accelerating customer adoption and production of its MST technology, particularly in advanced node and gate-all-around applications; the partnership leverages the partner's resources and sales force without altering Atomera's license/royalty business model.
Progress continues with key customers, notably STMicro, where efforts are focused on manufacturability, yield, and throughput for high-volume production; Atomera is also in active discussions with three additional ST product areas, potentially leading to new licenses and royalty streams.
The company is seeing increased customer interest and activity across multiple segments, including RF SOI (with new focus on low noise amplifiers for 5G), power electronics (driven by AI server demand), and memory (with new patents in DRAM sense amplifiers).
Atomera completed the world's first GaN devices using MST technology in partnership with Sandia National Labs, showing early indications of improved electrical performance; further optimization and data collection are underway to target the fast-growing GaN market.
Financially, Q1 2025 GAAP net loss was $5.0M ($0.17/share) with non-GAAP net loss at $4.4M; cash and equivalents were $24.1M as of March 31, 2025; full-year 2025 non-GAAP OpEx is expected to be $17.25M–$17.75M; Q2 revenue is projected between $0–$50,000, with major revenue milestones tied to STMicro process qualification.

Earnings

Report Date

Reported Revenue

Avg 1d Change

Report Period

Reported EPS

Implied Move 1d

Transcript

Key Insights

Recent Transcripts

Income Statement

Cash Flow

Balance Sheet

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Related

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Recent Transcripts

Earnings

Report Date

Reported Revenue

Avg 1d Change

Report Period

Reported EPS

Implied Move 1d

Transcript

Key Insights