LOS GATOS, Calif. , April 30, 2020 (GLOBE NEWSWIRE) -- Atomera Incorporated (NASDAQ: ATOM), a semiconductor materials and intellectual property licensing company focused on deploying its proprietary technology into the semiconductor industry, today provided a corporate update and announced financial results for the first quarter ended March 31, 2020.
Company Highlights
Grew pipeline to 19 customers with 26 engagements, 16 of which are in Phase 3
Secured access to state-of-the art 300mm deposition tool
Continued strong customer and R&D activity despite economic slowdown
Management Commentary
“We are very pleased to have grown our pipeline over the last three months, reaching a record level of 26 engagements with 19 customers. Progress on joint development agreements, internal R&D and customer programs continues, with some minor slowdowns due to the pandemic, but none of our customer work has stopped. We continue to be very optimistic about progress toward adoption of MST,” said Scott Bibaud, President and CEO. “With secured access to a state of the art 300mm epi deposition tool, we are confident that we will be able to work more efficiently with customers and accelerate progress to commercial deployment, especially in our 5G, consumer electronic and IOT markets.”
First Quarter 2020 Financial Results
During the first quarter of 2020, revenue was $62,000, compared with $71,000 in the first quarter of 2019. The Company incurred a net loss of $3.6 million, or ($0.22) per basic and diluted share, in the first quarter of 2020, compared to a net loss of $3.5 million, or ($0.24) per basic and diluted share, for the first quarter of 2019. Adjusted EBITDA (a non-GAAP financial measure) in the first quarter of 2020 was a loss of $2.9 million compared to an adjusted EBITDA loss of $2.9 million in the first quarter of 2019.
The Company had $11.4 million in cash and cash equivalents as of March 31, 2020, compared to $14.9 million as of December 31, 2019.
The total number of shares outstanding was 17.7 million as of March 31, 2020.
