Atomera Incorporated — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported a net loss of $6.0 million ($0.15 per basic and diluted share) for the quarter ended September 30, 2026, compared to a net loss of $5.6 million ($0.17 per share) in the third quarter of 2025.
• Adjusted EBITDA loss was $4.6 million for the third quarter of 2026, an increase from a loss of $4.4 million in the same period of 2025.
• Revenue for the quarter ended September 30, 2026, was $0, compared to $11,000 in the third quarter of 2025.
• Total operating expenses were $6.3 million for the quarter, compared to $5.7 million in the third quarter of 2025.
• Research and development expenses were $3.6 million for the quarter, up from $3.3 million in the third quarter of 2025.
• General and administrative expenses were $2.3 million for the quarter, up from $2.2 million in the third quarter of 2025.
• Cash, cash equivalents, and short-term investments totaled $34.8 million as of September 30, 2026, compared to $19.2 million as of December 31, 2025.
• Total assets were $38.4 million as of September 30, 2026, compared to $21.1 million as of December 31, 2025.
• Total liabilities were $5.6 million as of September 30, 2026, compared to $2.7 million as of December 31, 2025.
• The number of shares outstanding was 39.1 million as of September 30, 2026, compared to 32.4 million as of December 31, 2025.
• Accumulated deficit increased to $260.1 million as of September 30, 2026, from $241.7 million as of December 31, 2025.

Business Segments and Product Lines:

• Increased customer engagement count to three customers in the gate-all-around (GAA) segment.
• Signed a Joint Development Agreement (JDA) with IQE to commercialize high-performance, cost-effective RF GaN solutions.
• Demonstrated a simpler, lower-cost approach to enable next-generation DRAM transistors using Mears Silicon Technology (MST).
• MST technology is described as silicon-proven and complementary to other nano-scaling technologies in the semiconductor industry roadmap.

Management Commentary and Tone:

• CEO Scott Bibaud stated that AI continues to drive the need for higher transistor performance in advanced logic and memory segments.
• Management highlighted that ground-breaking nano-scale diffusion blocking work for GAA transistors has generated interest with both GAA foundries and next-generation memory solution designers.
• Management noted that work in the traditional business is "taking off" and that the JDA with IQE represents an important step toward commercializing GaN-on-silicon solutions.

Other Key Points:

• The company hosted a live video webinar on October 29, 2026, to discuss financial results and recent progress.
• The press release includes a reconciliation of non-GAAP Adjusted EBITDA to GAAP net loss.
• The company disclosed risks related to its early-stage status, minimal engineering services and licensing revenues to date, and the risk that licensees or JDA customers may not advance to royalty-based manufacturing licenses.
• Risks also include the ability to raise sufficient capital, protect proprietary technology, and add new licensees or JDA customers.