Atomera (ATOM) Q1 2025 earnings summary

Executive summary

• Announced a strategic partnership and joint marketing agreement with a major capital equipment provider to accelerate MST adoption and boost license revenues, particularly in gate-all-around and advanced memory applications.

• Expanded customer engagements, including STMicro, RF-SOI, and memory providers, with over 21 customers and 26 active engagements, covering more than half of the world's top semiconductor makers.

• Achieved a milestone with the world's first MST-enabled GaN devices in partnership with Sandia National Labs, with promising early electrical results and ongoing testing.

• Focused on licensing MST technology for transistor enhancement in the $550–$600 billion semiconductor market, with a business model centered on licensing and royalties.

• Actively recruiting to support increased customer activity and transition to high-volume production.

Financial highlights

• Q1 2025 revenue was $4,000, down from $18,000 in Q1 2024, reflecting limited commercial activity.

• Q1 2025 GAAP net loss was $5.2 million ($0.17/share), compared to $4.8 million ($0.19/share) in Q1 2024; adjusted EBITDA loss was $4.4 million.

• Q1 2025 GAAP operating expenses were $5.5 million, up from $5.0 million year-over-year, mainly due to higher R&D and legal expenses.

• Cash, cash equivalents, and short-term investments totaled $24.1 million as of March 31, 2025, down from $26.8 million at year-end.

• Raised $2.4 million via ATM facility in Q1, selling 163,000 shares at an average price of $15.19; ATM program expired March 18, 2025.

Outlook and guidance

• Q2 2025 revenue expected in the range of $0–$50,000, dependent on wafer shipments to a fabless licensee.

• Full-year 2025 non-GAAP operating expense projected at $17.25–$17.75 million, reflecting increased R&D and planned headcount additions.

• Management expects available working capital to fund operations for at least the next 12 months; future capital needs depend on commercialization success.

• Continued focus on expanding MST adoption across power, RF-SOI, advanced nodes, DRAM, and GaN/Si applications, with ongoing electrical characterization of MST-enabled GaN devices.

• Next major revenue milestone with STMicro anticipated upon formal process qualification.