Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (State or Other jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification Number) FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-37850 ATOMERA INCORPORATED ( ...

Core Viewpoint - Atomera Incorporated has entered into a definitive securities purchase agreement for the sale of 5,000,000 shares of common stock at an offering price of $5.00 per share, aiming for gross proceeds of approximately $25 million before fees and expenses [1] Group 1 - The offering is a registered direct offering and is expected to close on or about February 24, 2026, subject to customary closing conditions [1]

Financial Data and Key Metrics Changes - Revenue for 2025 was $65 million, consisting of NRE fees for wafer deliveries and MSTcad licensing [17] - GAAP net loss for 2025 was $20.2 million, or $0.65 per share, compared to a net loss of $18.4 million, or $0.68 per share in 2024 [17] - Non-GAAP net loss for 2025 was $16.1 million, or $0.52 per share, compared to a net loss of $15.4 million, or $0.57 per share in 2024 [17] - GAAP operating expenses increased to $20.9 million in 2025 from $19.3 million in 2024, primarily due to a $1.1 million increase in stock compensation expense [18] Business Line Data and Key Metrics Changes - In the advanced node and Gate-All-Around business segment, there is high revenue potential due to recent technical advancements [8] - In DRAM, the company is involved in enhancing performance for next-generation architectures and has two major solution offerings in validation [9] - In RF SOI, the company is working with key players to drive adoption of its solutions, which can be implemented with wafer-based products [10] Market Data and Key Metrics Changes - The semiconductor industry is facing challenges due to the rapid advancement of AI, which has increased demand for materials that can alleviate these issues [4] - The market for memories is currently robust, providing potential customers with generous R&D budgets to pursue new ideas [9] Company Strategy and Development Direction - The company is focusing on commercial execution in 2026, leveraging partnerships with major equipment OEMs to drive adoption of its MST technology [4][5] - The strategy includes engaging in government-funded collaborative developments and targeting non-traditional customer segments [4] - The company aims to convert technical breakthroughs into licenses and revenue through strategic partnerships [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve significant milestones in the Gate-All-Around technology, citing recent positive test results [33] - The company is optimistic about the potential for MST technology to improve performance and efficiency in AI data centers [47] - Management emphasized the importance of achieving commercial agreements and is focused on closing opportunities in 2026 [26] Other Important Information - The company has raised additional funds through share sales, with $3.2 million raised post-year-end [24] - The company plans to continue controlling costs aggressively while focusing on areas directly related to revenue and near-term commercial progress [24] Q&A Session Summary Question: Update on Gate-All-Around technology milestones - Management expressed high confidence in achieving important next steps in the Gate-All-Around technology due to recent test data proving MST's effectiveness [33] Question: Comparison with alternative solutions - Management indicated that MST technology has proven to be superior to Silicon Arsenic in blocking dopant diffusion, which is a significant advantage [35] Question: Coverage in the power space - Management noted that while they are expanding their presence in the power space, it is a larger and more diverse market compared to RF SOI [37] Question: Update on Vice President of Sales - The new VP of Sales has been effective in driving efforts with existing customers and targeting new relationships [41] Question: Wafer activity and customer engagement - The company has seen increased customer engagement with simultaneous wafer runs, and they are optimistic about the outcomes of these runs [42] Question: Benefits of selling blank wafers - Selling blank wafers simplifies integration for customers, leading to faster time to revenue [44] Question: MST's role in AI power savings - MST technology can improve performance and efficiency in AI data centers, particularly with the shift to 48-volt power supplies [47] Question: Update on JDA One and JDA Two - Management is hopeful for progress with JDA One and confirmed that JDA Two is currently running wafers [51] Question: Evaluation of MST at customer fabs - MST is currently being evaluated at one Gate-All-Around customer's fab, with hopes to expand to others [52]

Financial Data and Key Metrics Changes - Revenue for 2025 was $65 million, consisting of NRE fees for wafer deliveries and MSTcad licensing, compared to a net loss of $20.2 million or $0.65 per share, which is an increase from a net loss of $18.4 million or $0.68 per share in 2024 [17][18] - Non-GAAP net loss for 2025 was $16.1 million or $0.52 per share, compared to a non-GAAP net loss of $15.4 million or $0.57 per share in 2024 [17][18] - Fourth quarter 2025 non-GAAP net loss was $3.3 million or $0.10 per share, an improvement from a net loss of $4.4 million or $0.14 per share in Q3 and a net loss of $3.9 million or $0.14 per share in Q4 2024 [22] Business Line Data and Key Metrics Changes - In the Gate-All-Around segment, significant progress was made with promising silicon results that validate the adoption of MST technology among major customers [7][15] - In the DRAM sector, the company is involved in enhancing next-generation architectures and has two major solution offerings in validation, with high market potential [8][9] - The RF SOI space is seeing strong offerings that can improve performance in critical areas, with a focus on wafer-based solutions for easier adoption [10] Market Data and Key Metrics Changes - The semiconductor industry is facing challenges due to the rapid advancement of AI, which has increased demand for efficient semiconductor solutions [4][5] - The market for memories is robust, providing potential customers with generous R&D budgets to pursue new technologies [9] - The power sector is expanding, with multiple inbound interests emerging for power applications, particularly in trench FETs and GaN technologies [11][12] Company Strategy and Development Direction - The company is focusing on commercial agreements and has positioned itself well for future business deal announcements [16] - Strategic partnerships with major equipment OEMs are aimed at validating and implementing MST technology in next-generation devices [5][15] - The company is emphasizing wafer-based products to facilitate faster time to revenue and reduce integration complexities [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming quarters for Gate-All-Around technology, citing recent technical results as a significant opportunity [33] - The company is optimistic about the potential for MST technology to improve performance and efficiency in AI data centers, particularly with the shift to 48-volt power supplies [48] - Management highlighted the importance of achieving aggressive commercial milestones to earn back deferred executive bonuses, indicating a strong focus on performance [26] Other Important Information - The company has raised additional funds through share sales, with $3.2 million raised post-year-end [24] - The company plans to continue controlling costs while focusing on areas directly related to revenue and near-term commercial progress [25] Q&A Session Summary Question: Confidence in Gate-All-Around technology milestones - Management expressed high confidence due to recent successful tests proving MST's effectiveness in blocking dopant diffusion in Gate-All-Around structures [33] Question: Competitors' alternative solutions - Management indicated that competitors have used Silicon Arsenic, which is less effective than MST for blocking diffusion, and highlighted the industry's preference to avoid arsenic due to its cost and safety concerns [35] Question: Coverage in the power space - Management noted that while they are expanding their presence in the power sector, it is a larger and more diverse market compared to RF SOI, making it harder to quantify their market share [37] Question: Update on Vice President of Sales - The new VP of Sales has been effective in driving efforts with existing customers and leveraging past relationships to engage new clients [41] Question: Wafer activity and customer engagement - Management reported increased customer activity with simultaneous wafer runs, indicating a busy operational period and confidence in the quality of the results [42] Question: Benefits of selling blank wafers - Selling blank wafers simplifies integration for customers, allowing them to apply MST directly without complex engineering challenges [44] Question: MST's role in AI power savings - MST technology can improve performance in semiconductor manufacturing, which can lead to lower power consumption, particularly in AI data centers transitioning to more efficient power supplies [47] Question: Status of JDA One and JDA Two - Management confirmed ongoing work with JDA One and noted that JDA Two is currently running wafers, indicating progress in both development agreements [51] Question: Evaluation of MST at customer fabs - MST is currently being evaluated at one Gate-All-Around customer's fab, with hopes to expand to additional customers based on positive results [52]

Atomera (NasdaqCM:ATOM) Q4 2025 Earnings call February 12, 2026 05:00 PM ET Speaker1Hello everyone, and welcome to Atomera's fourth quarter and fiscal year 2025 update call. I'd like to remind everyone that this call and webinar are being recorded, and a replay will be available on Atomera's IR website for one year. I'm Mike Bishop with the company's investor relations. As in prior quarters, we are using Zoom, and we will follow a similar presentation format with participants in a listen-only mode. We will ...

Q4 2025 Conference Call February 5, 2025 Atomera Incorporated 1 Safe Harbor Atomera Incorporated 2 Mears Silicon Technology (MST®) Quantum Engineered Materials Transistor enhancement technology for the $750B semiconductor market High Leverage IP Licensing Business Model Top Tier Management Team Strong, Growing and Defensible Patent Portfolio This presentation contains forward-looking statements concerning Atomera Incorporated (""Atomera," the "Company," "we," "us," and "our"). The words "believe," "may," "w ...

Financial Performance - For the fourth quarter of 2025, Atomera reported a net loss of $4.4 million, or $0.14 per share, an improvement from a net loss of $5.6 million, or $0.17 per share in Q3 2025[4] - Fiscal year 2025 revenue was $65,000, a significant decrease from $135,000 in fiscal 2024, with a net loss of $20.2 million, or $0.65 per share, compared to a net loss of $18.4 million, or $0.68 per share in fiscal 2024[5] - Adjusted EBITDA for Q4 2025 was a loss of $3.3 million, improving from a loss of $4.4 million in Q3 2025 and $3.9 million in Q4 2024[4] - Total operating expenses for fiscal 2025 were $20.87 million, up from $19.35 million in fiscal 2024[16] - Atomera's accumulated deficit reached $241.7 million as of December 31, 2025, compared to $221.5 million a year earlier[14] Cash and Investments - As of December 31, 2025, Atomera had $19.2 million in cash and short-term investments, down from $26.8 million a year earlier[6] - The total number of shares outstanding was 32.4 million as of December 31, 2025[7] Research and Development - Research and development expenses for Q4 2025 were $2.74 million, compared to $3.30 million in Q3 2025[16] - Atomera achieved a technical breakthrough demonstrating manufacturability of Mears Silicon Technology (MST) on Gate-All-Around structures, with the first commercial customer running wafers on GaN[8] - The company is advancing its GaN-on-Silicon concept paper to the proposal phase in the Power America funding program[8]

Industry Overview - Semiconductor stocks have faced significant corrections recently, impacting investor portfolios but creating conditions for potential outsized returns [1] - Broad-based selling in the semiconductor sector affects both fundamentally strong and weaker companies, presenting opportunities for investment in both large-cap and smaller-cap stocks [2] Company Insights - Atomera (ATOM) specializes in semiconductor materials and intellectual property licensing, focusing on re-engineering silicon substrates to enhance performance and reduce costs [4] - Atomera's current market cap is $81 million, and while it has high-margin revenues due to its licensing model, it has not yet generated meaningful revenue [5] - If a major foundry adopts Atomera's technology for high-volume manufacturing, the potential revenue could shift dramatically, with an average price target of $5 suggesting the stock could double in value [6]

Core Viewpoint - Atomic Minerals Corporation has initiated an airborne gradient magnetometer survey at its Mozzie Lake uranium project, aiming to identify uranium-hosting structures and assess the potential of the property [1][2]. Company Overview - Atomic Minerals Corporation is a publicly listed exploration company on the TSXV under the symbol ATOM, with a focus on identifying exploration opportunities in underexplored regions that are geologically similar to areas with previous uranium discoveries [7]. - The company is led by a skilled management and technical team with a proven track record in the junior mining sector [7]. Project Details - The Mozzie Lake project spans 26,073.5 hectares and is located in the Pinkham Lake zone of the Charlebois-Higgingson Lake uranium district, approximately 25 kilometers northeast of the Athabasca basin [3]. - Historical drilling programs in 1967 and 1968 estimated 208,300 tons grading 0.118% triuranium octoxide (U3O8), equating to approximately 491,588 pounds of U3O8 within pegmatite intrusions [3][4]. - The historical estimate is considered relevant by the company, as it was completed by competent geologists and adheres to the standards of the time [4]. Survey and Exploration Plans - The airborne survey will cover 2,963 line kilometers at 100-meter line spacing, with follow-up ground truthing and prospecting fully funded to commence as conditions allow [2][12]. - Axiom Exploration Group Ltd. has been contracted to conduct the survey and will also perform a 3D inversion of the magnetic data upon completion [12].

Core Viewpoint - Atomera Incorporated plans to release its fourth quarter and fiscal year 2025 financial results on February 12, 2026, after market close [1] Company Summary - Atomera is a semiconductor materials and technology licensing company [1] - The company will host a live video Zoom webinar at 2:00 p.m. on the same day as the financial results release [1]