SOURCE: Atomera

Atomera

September 19, 2016 16:30 ET

Atomera Incorporated Reports 2016 Second Quarter Results

LOS GATOS, CA--(Marketwired - Sep 19, 2016) - Atomera Incorporated ("Atomera" or the "Company") (NASDAQ: ATMR), a semiconductor materials and intellectual property licensing company focused on deploying its proprietary technology into the $350+ billion semiconductor industry, today announced financial results for the second quarter ended June 30, 2016.

Unaudited 2016 Second Quarter Financial Results

We incurred a net loss of $2.6 million, or $(1.61) per basic and diluted share, compared to a net loss of $1.6 million, or $(1.21) per basic and diluted share in the second quarter of 2015. Net losses included non-cash interest expenses of approximately $746,000 in the second quarter of 2016 and approximately $561,000 in the second quarter of 2015.

As of June 30, 2016, we had total assets of approximately $5.68 million and a working capital deficit of approximately $18.21 million, including principal and accrued interest on our Senior Secured Convertible Notes of $23.26 million.

Initial Public Offering

On August 10, 2016, we announced the closing of our initial public offering ("IPO") of 3,680,000 share 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 million shares of common stock thus extinguishing the debt associated with the Secured Notes.

Future Conference Calls and Webcast

We will not host a conference call related to our second quarter results. Subsequent to our third quarter earnings release, Atomera will commence hosting conference calls and webcasts to discuss recent progress and financial results. Information about our quarterly results, conference calls, webcasts and other investor information will be posted at ir.atomera.com.

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 nano-scaling technologies already in the semiconductor industry roadmap.

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 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.

 
Atomera Incorporated      
Condensed Balance Sheets      
(Unaudited)      
(in thousands, except per share data)      
 
    June 30,     December 31,  
    2016     2015  
      (Unaudited )        
                 
ASSETS                
                 
Current Assets:                
  Cash   $ 5,267     $ 3,197  
  Restricted Investment     15       15  
  Prepaid expenses and other current assets     111       48  
    Total current assets     5,393       3,260  
                 
Property and equipment, net     23       15  
Deferred offering costs     234       145  
Security Deposit     37       --  
                 
      Total assets   $ 5,687     $ 3,420  
                 
                 
LIABILITIES AND STOCKHOLDERS' DEFICIT                
                 
Current liabilities:                
  Accounts payable   $ 420     $ 301  
  Accrued expenses     309       145  
  Senior secured convertible promissory notes payable, net     22,872       16,095  
                 
    Total liabilities     23,601       16,541  
                 
                 
Stockholders' deficit:                
  Preferred stock, $0.001 par value, authorized 2,500 shares; none issued and outstanding at June 30, 2016 and December 31, 2015     --       --  
  Common stock, $0.001 par value, authorized 47,500 shares; issued and outstanding 1,617 shares at June 30, 2016 and December 31, 2015, respectively     2       2  
  Additional paid-in capital     70,556       70,452  
  Subscription receivable     --       (188 )
  Accumulated deficit     (88,472 )     (83,387 )
    Total stockholders' deficit     (17,914 )     (13,121 )
                 
      Total liabilities and stockholders' deficit   $ 5,687     $ 3,420  
                 
       
Atomera Incorporated      
Condensed Statements of Operations      
(Unaudited)      
(in thousands, except per share data)      
             
    Three Months ended
June 30,
    Six Months ended
June 30,
 
    2016     2015     2016     2015  
Operating Expenses:                                
  Research and development   $ 867     $ 576     $ 1,813     $ 1,096  
  General and administrative     893       440       1,754       2,139  
  Selling and marketing     91       -       210       11  
    Total operating expenses   $ 1,851     $ 1,016     $ 3,777     $ 3,246  
                                 
      Loss from operations     (1,851 )     (1,016 )     (3,777 )     (3,246 )
                                 
Other income/(expense):                                
  Interest expense, net     (746 )     (561 )     (1,308 )     (792 )
                                 
Net loss:   $ (2,597 )   $ (1,577 )   $ (5,085 )   $ (4,038 )
                                 
Net loss per common share, basic and diluted   $ (1.61 )   $ (1.28 )   $ (3.14 )   $ (3.27 )
                                 
Weighted average number of common shares outstanding, basic and diluted     1,617       1,233       1,617       1,233  
                                 

Contact Information