# Atomera Inc (ATOM) Informational only - not investment advice. CIK: 0001420520 SIC: 3674 Semiconductors & Related Devices SIC breadcrumb: [Manufacturing](/division/D/) > [Electronic And Other Electrical Equipment And Components, Except Computer Equipment](/major-group/36/) > [SIC 3674 Semiconductors & Related Devices](/industry/3674/) Latest 10-K filed: 2026-02-24 SEC page: https://www.sec.gov/edgar/browse/?CIK=1420520 Filing source: https://www.sec.gov/Archives/edgar/data/1420520/000168316826001291/atomera_i10k-123125.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-24 · accession 0001683168-26-001291 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001420520.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 65,000 USD | 2025 | verified | | Net income | -20,174,000 USD | 2025 | verified | | Assets | 21,093,000 USD | 2025 | verified | | Free cash flow | -14,920,000 USD | 2025 | computed | | Revenue YoY | -51.85% | 2025 | computed | | ROE | -109.75% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | ATOM | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Revenue growth | -51.9% | 15.5% | 0 | 61 | | FCF margin | -22,953.8% | 8.9% | 0 | 60 | | ROE | -109.8% | 3.8% | 2 | 58 | | ROA | -95.6% | 1.6% | 0 | 61 | | Liabilities / equity | 0.15 | 0.51 | 16 | 59 | | Current ratio | 9.80 | 2.70 | 92 | 61 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 3674 Semiconductors & Related Devices, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 65000 | USD | 2025 | 2026-02-24 | | Net income | -20174000 | USD | 2025 | 2026-02-24 | | Assets | 21093000 | USD | 2025 | 2026-02-24 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001420520.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | 62,000 | 400,000 | 382,000 | 550,000 | 135,000 | 65,000 | | Net income | -12,610,000 | -13,068,000 | -12,897,000 | -13,300,000 | -14,878,000 | -15,714,000 | -17,441,000 | -19,790,000 | -18,435,000 | -20,174,000 | | Operating income | -9,999,000 | -13,210,000 | -13,133,000 | -13,625,000 | -14,920,000 | -15,529,000 | -17,526,000 | -20,677,000 | -19,336,000 | -21,123,000 | | Gross profit | 0.00 | 71,000 | 98,000 | 280,000 | 49,000 | 400,000 | 301,000 | 522,000 | 12,000 | -256,000 | | Diluted EPS | | | | | | -0.70 | -0.75 | -0.80 | -0.68 | -0.65 | | Operating cash flow | -6,799,000 | -9,289,000 | -9,773,000 | -10,408,000 | -12,067,000 | -12,441,000 | -12,499,000 | -14,557,000 | -13,236,000 | -14,871,000 | | Capital expenditures | 28,000 | 60,000 | 23,000 | 51,000 | 131,000 | 109,000 | 39,000 | 31,000 | 14,000 | 49,000 | | Assets | 26,879,000 | 17,807,000 | 19,357,000 | 15,240,000 | 39,395,000 | 36,060,000 | 26,729,000 | 24,029,000 | 29,124,000 | 21,093,000 | | Liabilities | | | 1,611,000 | 1,468,000 | 2,050,000 | 7,679,000 | 6,415,000 | 5,859,000 | 4,047,000 | 2,712,000 | | Stockholders' equity | 25,848,000 | 16,858,000 | 17,746,000 | 13,772,000 | 37,345,000 | 28,381,000 | 20,314,000 | 18,170,000 | 25,077,000 | 18,381,000 | | Cash and cash equivalents | 26,718,000 | 17,369,000 | 18,933,000 | 14,871,000 | 37,942,000 | 28,699,000 | 21,184,000 | 12,591,000 | 25,778,000 | 19,210,000 | | Free cash flow | -6,827,000 | -9,349,000 | -9,796,000 | -10,459,000 | -12,198,000 | -12,550,000 | -12,538,000 | -14,588,000 | -13,250,000 | -14,920,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Return on equity | -48.79% | -77.52% | -72.68% | -96.57% | -39.84% | -55.37% | -85.86% | -108.92% | -73.51% | -109.75% | | Return on assets | -46.91% | -73.39% | -66.63% | -87.27% | -37.77% | -43.58% | -65.25% | -82.36% | -63.30% | -95.64% | | Liabilities / equity | | | 0.09 | 0.11 | 0.05 | 0.27 | 0.32 | 0.32 | 0.16 | 0.15 | | Current ratio | 26.01 | 18.68 | 11.97 | 10.22 | 26.29 | 10.54 | 7.43 | 5.35 | 7.58 | 9.80 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001420520.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | -0.20 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | -0.21 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | -0.21 | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | -5,152,000 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 0.00 | | -0.20 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 550,000 | -4,580,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 18,000 | -4,822,000 | -0.19 | reported discrete quarter | | 2024-Q2 | 2024-03-31 | | -4,822,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 72,000 | | -0.16 | reported discrete quarter | | 2024-Q3 | 2024-06-30 | | -4,361,000 | | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 22,000 | | -0.17 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 23,000 | -4,657,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 4,000 | -5,209,000 | -0.17 | reported discrete quarter | | 2025-Q2 | 2025-03-31 | | -5,209,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 0.00 | | -0.17 | reported discrete quarter | | 2025-Q3 | 2025-06-30 | | -4,967,000 | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 11,000 | | -0.17 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 50,000 | -4,425,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 11,000 | -6,073,000 | -0.17 | reported discrete quarter | | 2026-Q2 | 2026-03-31 | | -6,073,000 | | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 158,000 | | -0.17 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from ATOM's latest 10-K: [/company/ATOM/business/](/company/ATOM/business/). ## Risk Factors Verbatim Item 1A Risk Factors from ATOM's latest 10-K: [/company/ATOM/risk-factors/](/company/ATOM/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1420520/000168316826006050/atomera_i10q-063026.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-06 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the financial condition and results of operations of Atomera Incorporated should be read in conjunction with our financial statements and the accompanying notes that appear elsewhere in this Quarterly Report on Form 10-Q. Statements in this Quarterly Report include forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. We use words such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “could,” and similar expressions to identify forward-looking statements. Although forward-looking statements in this Quarterly Report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks, uncertainties, and changes in condition, significance, value and effect, including those risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 24, 2026. Such risks, uncertainties and changes in condition, significance, value and effect could cause our actual results to differ materially from those expressed herein and in ways not readily foreseeable. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this Quarterly Report and are based on information currently and reasonably known to us. We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this Quarterly Report. Readers are urged to carefully review and consider the various disclosures made in this Quarterly Report, which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects. Overview We are engaged in the business of developing, commercializing and licensing proprietary processes and technologies for the $700+ billion semiconductor industry. Our lead technology, named Mears Silicon Technology™, or MST®, is a thin film of reengineered silicon. MST is our proprietary and patent-protected performance enhancement technology that we believe addresses a number of key engineering challenges facing the semiconductor industry. MST provides multiple benefits to the semiconductor manufacturing process, enabling transistors to be made smaller, with increased speed, reliability and power efficiency. In addition, since MST is an additive and low-cost technology, we believe it can be deployed on an industrial scale, with machines commonly used in semiconductor manufacturing. We believe that MST can be widely incorporated into the most common types of semiconductor products, including analog, logic, optical and memory integrated circuits.  We do not design or manufacture wafers or integrated circuits directly. Instead, we develop and license technologies and processes that we believe offer the designers and manufacturers of wafers and integrated circuits a low-cost solution to the industry’s need for greater performance and lower power consumption. Our customers and partners include: [[GREPCENT_TABLE]] [["","\u00b7","foundries, which manufacture integrated circuits on behalf of fabless manufacturers;"],["","\u00b7","integrated device manufacturers, or IDMs, which are the fully-integrated designers and manufacturers of integrated circuits;"],["","\u00b7","fabless semiconductor manufacturers, which are designers of integrated circuits that outsource the manufacturing of their chips to foundries;"],["","\u00b7","manufacturers of semiconductor wafers, which provide the substrates upon which integrated circuits are fabricated;"],["","\u00b7","original equipment manufacturers, or OEMs, that manufacture the epitaxial, or epi, machines used to deposit semiconductor layers, such as the MST film, onto silicon wafers; and"],["","\u00b7","electronic design automation companies, which make tools used throughout the industry to simulate performance of semiconductor products using different materials, design structures and process technologies."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","18"]] [[/GREPCENT_TABLE]] Our principal business objective is to enter into commercial license agreements that enable our customers to manufacture and sell MST-enabled products, generating license revenues and ongoing royalties. We also license our MSTcad® software to customers, enabling them to simulate the effects of MST on their products using Synopsys, Inc.’s technology computer-aided design, or TCAD, software. In addition, we offer fee-based integration engineering services to customers to evaluate the effects of MST as integrated into their manufacturing flow. Typically, we offer these services through paid evaluation arrangements, joint development agreements (“JDAs”) or integration license agreements. Our goal is that MSTcad licensing and engineering service arrangements will be tools that demonstrate the benefits of MST when integrated into customers’ manufacturing processes and will lead customers to enter into commercial license agreements. A “commercial license” consists of (i) an R&D license, which grants our customer the rights to install MST on a tool in their fab and to manufacture MST-enabled products, but only for internal use and limited customer sampling and (ii) a high-volume manufacturing, or HVM, license which grants the rights to manufacture and sell MST-enabled products to their customers. Depending upon our customers’ business needs and how we initially engaged with them, we may make these license grants in one or more separate contracts. Our preferred model is to charge our customers upfront license fees for each license grant. Under our licensing model, the R&D license fee is due upon installation of MST in a tool at our customer’s fab and a larger HVM license fee will be due when our customer completes qualification of MST in their process and before they can sell MST -enabled products to their customers. Upon the grant of an HVM license, our licensees are also required to make royalty payments to us based on the number and/or sales price of MST-enabled products they sell. We have engaged with certain customers under joint development agreements, or JDAs. Our JDAs include development, technology transfer, manufacturing and licensing components. To date, applications of our MST technology have primarily been for power devices, RFSOI devices and advanced CMOS integrated circuits including logic and memory. CMOS integrated circuits are the most widely used type of integrated circuits in the semiconductor industry. We believe MST has the potential to overcome the key challenges found in the implementation of next-generation nano-scale semiconductor devices incorporating CMOS type transistors, namely enhancing drive current, reducing leakage and reducing variability. In addition, we believe that MST has the potential to deliver these benefits through a single technology that requires relatively minor modifications to the industry-standard CMOS manufacturing flow. Consequently, we believe that by incorporating MST, designers can make transistors with increased speed, reliability and energy efficiency, without significantly altering the current fabrication process or cost of production. Starting in 2024, we began applying our technology to wafers used for fabrication of “compound semiconductors” which are devices built using materials other than silicon, such as gallium nitride (GaN), which have properties especially attractive to the power and radio frequency markets. Currently, materials such as GaN suffer from a tradeoff between high-cost specialized wafers and defective, low-yielding wafers resulting from the crystal lattice mismatch between heterogeneous materials. We believe MST can offer a cost-effective solution to these tradeoffs by serving as a buffer layer between different materials, such as between GaN and a silicon wafer substrate. We were organized as a Delaware limited liability company under the name Nanovis LLC on November 26, 2001. On March 13, 2007, we converted to a Delaware corporation under the name Mears Technologies, Inc. On January 12, 2016, we changed our name to Atomera Incorporated. Shares of our common stock are listed on the NASDAQ Capital Market under the symbol “ATOM”. On May 31, 2022, we entered into an Equity Distribution Agreement with Oppenheimer & Co. Inc. and Craig-Hallum Capital Group LLC (“Craig-Hallum”), as agents, under which we offered and sold, from time to time at our sole discretion, shares of our common stock in an at the market offering to or through the agents, having aggregate offering proceeds of up to $50.0 million (the “2022 ATM”). The 2022 ATM expired on March 18, 2025. On May 27, 2025, we entered into an Equity Distribution Agreement Craig-Hallum as agent, under which we may offer and sell, from time to time at our sole discretion, shares of our common stock in an “at-the-market” offering, (the “2025 ATM”) to or through the agent, having aggregate offering proceeds of up to $50.0 million. During the three months ended June 30, 2026, no shares were sold pursuant to the 2025 ATM. During the six months ended June 30, 2026, approximately 1.3 million shares were sold pursuant to the 2025 ATM at an average price per share of approximately $2.47 resulting in approximately $3.1 million of net proceeds to us after deducting commissions and other offering expenses. [[GREPCENT_TABLE]] [["","19"]] [[/GREPCENT_TABLE]] On February 24, 2026, we completed a registered direct offering (the “Offering”) of 5,000,000 shares of our common stock at a purchase price of $5.00 per share pursuant to a Securities Purchase Agreement (the “Purchase Agreement”) with certain institutional investors. In connection with the Offering, the Company entered into a placement agent agreement with Craig-Hallum, pursuant to which Craig-Hallum served as the exclusive placement agent for the issuance and sale of securities of the Company pursuant to the Purchase Agreement. As compensation for such placement agent services, the Company paid Craig-Hallum an aggregate cash fee equal to 5.0% of the gross proceeds received by the Company from the Offering and agreed to reimburse up to $75,000 of legal and other expenses actually incurred. Net proceeds to the Company after deducting the placement agent fee and expenses were approximately $23.6 million. Results of Operations Revenues. To date, we have only generated limited revenue from customer engagements for engineering services, integration license agreements, R&D licenses granted under a JDA and under our license agreement with ST Microelectronics and licensing of MSTcad. Our MSTcad licenses grant customers the right to use MSTcad software to simulate the effects of incorporating MST technology into their semiconductor manufacturing process. MSTcad licenses are granted on a monthly or yearly basis and revenue is recognized over time. Revenue for the three and six months ended June 30, 2026 was approximately $158,000 and $169,000, respectively. Revenue consisted of engineering services revenue from the delivery of MST wafers. Revenue for the three and six months ended June 30, 2025 consisted of approximately $0 and $4,000 and consisted of MSTcad licensing and related consulting services revenue. Cost of revenue. Cost of revenue consists of costs of materials, as well as direct compensation and expenses incurred to deliver wafers and perform services, and consulting services provided for our MSTcad licenses. Cost of revenue for the three and six months ended June 30, 2026 was approximately $26,000 and $152,000 [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1420520/000168316826001291/atomera_i10k-123125.htm Complete FY 2025 MD&A: /company/ATOM/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-24 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the financial condition and results of operations of Atomera Incorporated should be read in conjunction with our financial statements and the accompanying notes that appear elsewhere in this Annual Report. Statements in this Annual Report on Form 10-K include forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. We use words such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “could,” and similar expressions to identify forward-looking statements. Although forward-looking statements in this Annual Report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks, uncertainties, and changes in condition, significance, value and effect, including those risk factors set forth in this Annual Report. Such risks, uncertainties and changes in condition, significance, value and effect could cause our actual results to differ materially from those expressed herein and in ways not readily foreseeable. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this Annual Report and are based on information currently and reasonably known to us. We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this Annual Report. Readers are urged to carefully review and consider the various disclosures made in this Annual Report, which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects. [[GREPCENT_TABLE]] [["","21"]] [[/GREPCENT_TABLE]] Overview We are engaged in the business of developing, commercializing and licensing proprietary processes and technologies for the $700+ billion semiconductor industry. Our lead technology, named Mears Silicon Technology™, or MST®, is a thin film of reengineered silicon, typically 100 to 300 angstroms (or approximately 20 to 60 silicon atomic unit cells) thick. MST is our proprietary and patent-protected performance enhancement technology that we believe addresses a number of key engineering challenges facing the semiconductor industry. We believe that by incorporating MST, transistors can be made smaller, with increased speed, reliability and power efficiency. In addition, since MST is an additive and low-cost technology, we believe it can be deployed on an industrial scale, with machines commonly used in semiconductor manufacturing. We believe that MST can be widely incorporated into the most common types of semiconductor products, including analog, logic, optical and memory integrated circuits. We do not design or manufacture integrated circuits directly. Instead, we develop and license technologies and processes that we believe offer the designers and manufacturers of integrated circuits a low-cost solution to the industry’s need for greater performance and lower power consumption. Our customers and partners include: [[GREPCENT_TABLE]] [["","\u00b7","foundries, which manufacture integrated circuits on behalf of fabless manufacturers;"],["","\u00b7","integrated device manufacturers, or IDMs, which are the fully-integrated designers and manufacturers of integrated circuits;"],["","\u00b7","fabless semiconductor manufacturers, which are designers of integrated circuits that outsource the manufacturing of their chips to foundries;"],["","\u00b7","Manufacturers of semiconductor wafers, which provide the substrates upon which integrated circuits are fabricated:;"],["","\u00b7","original equipment manufacturers, or OEMs, that manufacture the epitaxial, or epi, machines used to deposit semiconductor layers, such as the MST film, onto silicon wafers; and"],["","\u00b7","electronic design automation companies, which make tools used throughout the industry to simulate performance of semiconductor products using different materials, design structures and process technologies."]] [[/GREPCENT_TABLE]] Our commercialization strategy is to generate revenue through licensing arrangements whereby foundries, IDMs and fabless semiconductor manufacturers pay us a license fee for their right to use MST technology in the manufacture of silicon wafers as well as a royalty for each silicon wafer or device that incorporates our MST technology. We also license our MSTcad software to our customers for use in simulating the effects of using MST technology on their wafers and/or devices. To date, we have generated revenue from (i) licensing agreements with ST and AKM, both of which are IDMs, one fabless manufacturer and one foundry, (ii) a joint development agreement, or JDA, with a leading semiconductor provider, (iii) engineering services provided to foundries, IDMs and fabless companies and (iv) licensing MSTcad. We were organized as a Delaware limited liability company under the name Nanovis LLC on November 26, 2001. On March 13, 2007, we converted to a Delaware corporation under the name Mears Technologies, Inc. On January 12, 2016, we changed our name to Atomera Incorporated. On May 31, 2022, we entered into an Equity Distribution Agreement with Oppenheimer & Co. Inc. and Craig-Hallum Capital Group LLC (“Craig-Hallum”), as agents, under which we offered and sold, from time to time at our sole discretion, shares of our common stock in an at the market offering to or through the agents, having aggregate offering proceeds of up to $50.0 million (the “2022 ATM”). The 2022 ATM expired on March 18, 2025. [[GREPCENT_TABLE]] [["","22"]] [[/GREPCENT_TABLE]] On May 27, 2025, we entered into an Equity Distribution Agreement with Craig-Hallum as agent, under which we may offer and sell, from time to time at our sole discretion, shares of our common stock in an “at-the-market” offering to or through the agent, having aggregate offering proceeds of up to $50.0 million (the “2025 ATM”). During the year ended December 31, 2025, we sold approximately 1.6 million shares pursuant to the 2022 ATM and the 2025 ATM at an average price per share of approximately $5.15, resulting in approximately $7.6 million of net proceeds to us after deducting commissions and other offering expenses. On February 23, 2026, we entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain institutional investors pursuant to which we agreed to issue and sell, in a registered direct offering (the “Offering”), an aggregate of 5,000,000 shares of our common stock, at a purchase price of $5.00 per share, for gross proceeds from the Offering of $25 million, before deducting the placement agent fee and estimated offering expenses. On February 24, 2026 we closed the Offering, resulting in net proceeds to us of approximately $23.6 million after commissions and expenses. Results of Operations for the Years Ended December 31, 2025 and 2024 Revenues. To date, we have only generated limited revenue from customer engagements for engineering services, integration license agreements, R&D licenses granted under a JDA and under our license agreement with ST and licensing of MSTcad. Our MSTcad licenses grant customers the right to use MSTcad software to simulate the effects of incorporating MST technology into their semiconductor manufacturing process. MSTcad licenses are granted on a monthly or yearly basis and revenue is recognized over time. For recognizing integration service revenue from integration license agreements, we assess (i) whether the license grant is distinct from or combined with the transfer of goods or services and (ii) whether the license is a right to access intellectual property or a right to use the intellectual property. For licenses that are not distinct, but combined with other goods or services, the revenue is recognized at a point in time or over time as the obligations to perform the combined services and/or deliver the combined goods are satisfied. Our engineering service agreements contain a technology grant as well as a performance obligation to deliver wafers with our technology deposited on them. We have historically determined the grant of rights in these agreements is not distinct from the obligation to deliver wafers and accordingly, revenue from these agreements is recognized at the time we deliver wafers. For R&D licenses, revenue is recognized at the point in time when we deliver our MST recipe because the license to manufacture products using MST technology is a right to use the Company’s technology and not a right to access the technology over time. However, in cases where our R&D license grants include a customer acceptance requirement, revenue is recognized over time. Likewise, we recognize revenue from HVM licenses at the point in time when process qualification is complete because the license to sell MST-enabled products is a right to use the Company’s technology and not a right to access the technology over time. Revenue for the years ended December 31, 2025 and 2024 was approximately $65,000 and $135,000, respectively. Our revenue in 2025 and 2024 consisted of MSTcad licensing and related consulting services revenue, and engineering services revenue from the delivery of MST wafers. Cost of Revenue. Cost of revenue consists of costs of materials, as well as direct compensation and expenses incurred to provide integration engineering services, support for customer installation and qualification and MSTcad support. Cost of revenue was approximately $321,000 and $123,000 for the years ended December 31, 2025 and 2024, respectively. Cost of revenue is recorded when incurred and may not coincide with the recognition of revenue based on revenue recognition policies and guidance. We anticipate that our cost of revenue will vary substantially depending on the mix of license and engineering services revenues we receive and the nature of products and/or services delivered in each customer engagement. Operating Expenses. Operating expenses consist of research and development, general and administrative, and selling and marketing expenses. For the years ended December 31, 2025 and 2024, our operating expenses totaled approximately $20.9 million and $19.3 million, respectively. Research and development expenses. To date, our operations have focused on the research, development, and commercialization of our MST technology and related technologies such as MSTcad. Our research and development costs primarily consist of payroll and benefit costs for our engineering staff and costs of outsourced fabrication (including epi tool leases) and metrology of semiconductor wafers incorporating our MST technology. [[GREPCENT_TABLE]] [["","23"]] [[/GREPCENT_TABLE]] For the years ended December 31, 2025 and 2024, we incurred approximately $12.3 million and $11.0 million, respectively, of research and development expense, an increase of approximately $1.3 million, or 12%. This increase was primarily due to an increase of approximately $676,000 in outsourced fabrication costs as well as increases of approximately $487,000 in stock-based compensation expenses and approximately $124,000 in employee-related expenses. Stock-based compensation expenses increased primarily due to our adoption of performance-based RSUs for executives, which have a higher valuation than time-based RSUs and options which had been our primary type of executive equity compensation issued in 2024. General and administrative expenses. General and administrative expenses consist primarily of payroll and benefit costs for administrative personnel, office-related costs and professional fees. General a [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/ATOM/mda/fy2025/ All MD&A years: /company/ATOM/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/ATOM/mda/fy2024/): filed 2025-03-04; accession 0001683168-25-001330 (https://www.sec.gov/Archives/edgar/data/1420520/000168316825001330/atomera_i10k-123124.htm) - [FY 2023 MD&A](/company/ATOM/mda/fy2023/): filed 2024-02-15; accession 0001683168-24-001031 (https://www.sec.gov/Archives/edgar/data/1420520/000168316824001031/atomera_i10k-123123.htm) - [FY 2022 MD&A](/company/ATOM/mda/fy2022/): filed 2023-02-15; accession 0001683168-23-000938 (https://www.sec.gov/Archives/edgar/data/1420520/000168316823000938/atomera_i10k-123122.htm) - [FY 2021 MD&A](/company/ATOM/mda/fy2021/): filed 2022-02-15; accession 0001683168-22-001031 (https://www.sec.gov/Archives/edgar/data/1420520/000168316822001031/atomera_i10k-123121.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 3674 Semiconductors & Related Devices) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/ATOM.md · JSON record: /company/ATOM.json · verified financials: /company/ATOM/financials.json / /company/ATOM/financials.csv · machine TOC for the whole site: /llms.txt