LOS GATOS, CA--(Marketwired - Sep 19, 2016) - Atomera Incorporated ("Atomera" or the "Company") (
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 | |||||||||||||||
Company Contact Frank Laurencio CFO 408-442-5246 Email Contact
