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Atomera(ATOM) - 2024 Q2 - Quarterly Results
ATOMAtomera(ATOM)2024-07-30 20:45

Financial Performance - Atomera reported a net loss of 4.4million,or4.4 million, or 0.16 per share, for Q2 2024, an improvement from a net loss of 5.2million,or5.2 million, or 0.21 per share, in Q2 2023[3] - Adjusted EBITDA loss for Q2 2024 was 3.6million,comparedtoalossof3.6 million, compared to a loss of 4.3 million in Q2 2023[3] - Net loss for the three months ended June 30, 2024, was 4.361million,comparedtoanetlossof4.361 million, compared to a net loss of 5.152 million for the same period in 2023, representing a 15.3% improvement[14] - Non-GAAP EBITDA for the six months ended June 30, 2024, was a loss of 7.623million,comparedtoalossof7.623 million, compared to a loss of 8.530 million for the same period in 2023, indicating a 10.6% reduction in losses[14] - The total net loss for the six months ended June 30, 2024, was (9.183million),comparedto(9.183 million), compared to (10.171 million) for the same period in 2023, showing an 9.7% decrease in losses[14] Cash and Investments - The company had 18.3millionincash,cashequivalents,andshort−terminvestmentsasofJune30,2024,downfrom18.3 million in cash, cash equivalents, and short-term investments as of June 30, 2024, down from 19.5 million at the end of 2023[3] - Stock-based compensation for the three months ended June 30, 2024, was 987,000,slightlydownfrom987,000, slightly down from 1.030 million in the same period last year[14] - Interest income decreased to (185,000)forthethreemonthsendedJune30,2024,comparedto(185,000) for the three months ended June 30, 2024, compared to (152,000) for the same period in 2023[14] - Interest expense for the three months ended June 30, 2024, was 35,000,adecreasefrom35,000, a decrease from 51,000 in the same period in 2023[14] - Other income, net, for the three months ended June 30, 2024, was (72,000),withnootherincomereportedinthesameperiodlastyear[14]−AccretionincomeforthethreemonthsendedJune30,2024,was(72,000), with no other income reported in the same period last year[14] - Accretion income for the three months ended June 30, 2024, was (47,000), slightly better than (107,000)reportedinthesameperiodlastyear[14]OperatingExpenses−ResearchanddevelopmentexpensesforQ22024were(107,000) reported in the same period last year[14] Operating Expenses - Research and development expenses for Q2 2024 were 2.6 million, compared to 3.2millioninQ22023[13]−TotaloperatingexpensesforQ22024were3.2 million in Q2 2023[13] - Total operating expenses for Q2 2024 were 4.6 million, down from 5.4millioninQ22023[13]−DepreciationandamortizationexpensesforthethreemonthsendedJune30,2024,were5.4 million in Q2 2023[13] - Depreciation and amortization expenses for the three months ended June 30, 2024, were 13,000, down from $20,000 in the same period last year[14] Business Development - The company announced the availability of an MST RFSOI wafer substrates solution for cellular communication products[1] - A new VP of Marketing and Business Development was appointed, indicating a focus on enhancing business development efforts[1] - Atomera submitted its first proposal under the Chips and Sciences Act, aiming to leverage government support for semiconductor technology[1] - The company is on track with its lead customer towards production, indicating potential future revenue growth[2] Shares Outstanding - Total shares outstanding as of June 30, 2024, were 27.6 million[3]