LOS GATOS, CA — (Marketwired) — 11/08/16 — Atomera Incorporated (“Atomera” or the “Company”) (NASDAQ: ATMR), a semiconductor materials and intellectual property licensing company focused on deploying its proprietary technology into the semiconductor industry, today announced financial results for the third quarter ended September 30, 2016.
“We are very pleased with the progress made during the third quarter on the customer engagement and technology evaluation front with existing potential customers,” commented Scott Bibaud, President and CEO. “In addition, the successful completion of our Initial Public Offering and strong cash position, enables us to execute against our business plan. We are starting to see early results in development speed improvement through use of our new specialty fab partner, and increased interest amongst new potential customers,” added Mr. Bibaud.
Net loss for the third quarter ended September 30, 2016 was $4.1 million, or $0.55 per basic and diluted share, compared to a net loss of $2.6 million, or $1.61 per basic and diluted share in the second quarter of 2016 and a net loss of $1.35 million in the third quarter of 2015, or $1.09 per basic and diluted share. Net loss for the nine months ended September 30, 2016 was $9.2 million, or $2.58 per basic and diluted share, compared to a net loss in the nine months ended September 30, 2015 of $5.4 million, or $4.37 per basic and diluted share.
Adjusted EBITDA (a non-GAAP financial measure) in the third quarter of 2016 was a loss of $1.75 million, compared to an adjusted EBITDA loss of $1.80 million in the second quarter and an adjusted EBITDA loss of $751,000 for the third quarter of 2015. Adjusted EBITDA for the nine months ended September 30, 2016 was a loss of $5.4 million compared to an adjusted EBITDA net loss of $3.6 million for the nine months ended September 30, 2015.
On August 10, 2016, we announced the closing of our initial public offering (“IPO”) of 3,680,000 shares of common stock at a public offering price of $7.50 per share. The common stock included 480,000 shares sold as a result of the underwriter–s exercise in full of its overallotment option. Gross proceeds to us from this offering were $27,600,000 before deducting underwriting discounts, commissions and other offering expenses. In accordance with the terms of the Secured Notes, all principal plus accrued interest through August 10, 2016 (totaling approximately $23.5 million) converted automatically upon consummation of the IPO into 6,264,659 shares of common stock thus extinguishing the debt associated with the Secured Notes.
Effective Monday, November 14, 2016, Atomera will change its stock ticker symbol to ATOM.
Atomera will host a conference call to discuss its financial results and recent progress.
: Tuesday, November 8, 2016
: 1:30 p.m. PT (4:30 p.m. ET)
: 844-263-8318 (domestic); +1 (213) 358-0960 (international)
855-859-2056 (domestic); +1(404) 537-3406 (international) Call ID: 10221998; until November 15, 2016
: Accessible at
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, taxes, depreciation, amortization, stock-based compensation, the change in fair value of derivative liabilities, and the gain on the extinguishment of debt. 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 its 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.
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 nano-scaling technologies already in the semiconductor industry roadmap.
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 we have not yet commenced revenue producing operations or entered into a definitive agreement with regard to the licensing or commercialization of our MST technology, thus subjecting us to all of the risks inherent in a pre-revenue enterprise; (2) 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; (3) our ability to protect our proprietary technology, trade secrets and know-how and (4) those other risks disclosed in the section “Risk Factors” included in our final prospectus dated August 5, 2016 filed with the SEC on August 8, 2016. 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.
Frank Laurencio
CFO
408.442.5246
Nick Kormeluk
Investor Relations
949.500.0003
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