On July 30, 2024, Atomera Inc (ATOM, Financial) released its 8-K filing detailing the financial results for the second quarter ended June 30, 2024. Atomera Inc is engaged in the business of developing, commercializing, and licensing proprietary processes and technologies for the semiconductor industry. The company's technology, named Mears Silicon Technology (MST), is a thin film of re-engineered silicon that can be applied as a transistor channel enhancement to CMOS-type transistors, the most widely used transistor type in the semiconductor industry.
Performance Overview
Atomera Inc (ATOM, Financial) reported a net loss of $4.4 million, or $0.16 per share, for Q2 2024, which is slightly worse than the analyst estimate of -$0.15 per share. However, the company generated $0.072 million in revenue, falling short of the estimated $0.10 million. This performance marks an improvement from the net loss of $5.2 million, or $0.21 per share, reported in the same quarter last year.
Key Financial Metrics
Here are some key financial metrics from Atomera Inc's Q2 2024 earnings report:
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Net Loss | ($4.4 million) | ($5.2 million) |
| EPS | ($0.16) | ($0.21) |
| Revenue | $0.072 million | $0.00 million |
| Adjusted EBITDA | ($3.6 million) | ($4.3 million) |
| Cash and Equivalents | $18.3 million | $19.5 million (Dec 31, 2023) |
Strategic Developments
During the quarter, Atomera Inc (ATOM, Financial) announced several strategic developments:
- Availability of an MST RFSOI wafer substrates solution for leading-edge cellular communication products.
- Appointment of Shawn Thomas as the new VP of Marketing and Business Development.
- Submission of the first proposal under the Chips and Sciences Act.
“Atomera continues to make good progress in technology development and commercial proposals across our targeted market segments, and with our lead customer on the path to production,” said Scott Bibaud, President and CEO. “With the recent addition of our strong new leadership in business development, we expect to convert these opportunities and others into license revenue for the company.”
Financial Position
As of June 30, 2024, Atomera Inc (ATOM, Financial) had $18.3 million in cash, cash equivalents, and short-term investments, compared to $19.5 million as of December 31, 2023. The company’s total assets stood at $21.9 million, while total liabilities were $4.4 million. The total number of shares outstanding was 27.6 million.
Income Statement Highlights
For the second quarter of 2024, Atomera Inc (ATOM, Financial) reported:
- Revenue: $0.072 million
- Cost of Revenue: $0.074 million
- Gross Margin: -$0.002 million
- Operating Expenses: $4.628 million
- Net Loss: $4.361 million
Analysis
Atomera Inc (ATOM, Financial)'s Q2 2024 results reflect ongoing challenges in achieving profitability, as evidenced by the net loss and negative gross margin. However, the company’s revenue generation, albeit modest, indicates progress in commercializing its MST technology. The strategic initiatives and leadership changes are expected to drive future growth and potentially convert opportunities into revenue streams.
Investors and stakeholders will be closely monitoring Atomera Inc (ATOM, Financial)'s ability to advance its technology and secure licensing agreements, which are crucial for long-term success in the competitive semiconductor industry.
Explore the complete 8-K earnings release (here) from Atomera Inc for further details.
