Atomera (ATOM) Q1 2026 earnings summary

Executive summary

• Achieved solid technical progress in advanced logic, memory, wide bandgap materials, and RF, with MST technology evaluated by major customers and expanded into GaN RF applications.

• Focused on licensing MST technology for the $750B semiconductor market, targeting advanced logic, RF, DRAM, and power applications, and supporting Moore's Law and AI advancements.

• Revenue remains limited, primarily from engineering services and MSTcad software licensing, with ongoing efforts to secure commercial license agreements.

• Significant capital raised through a $25M registered direct offering and over $3M from ATM equity sales during Q1 2026, boosting cash and investments to $41.1M.

• Expanded collaboration with Synopsys and strengthened partnerships with major tool vendors to support MST modeling and co-development.

Financial highlights

• Q1 2026 revenue was $11,000, up from $4,000 in Q1 2025, but down from $50,000 in Q4 2025; gross margin was negative due to cost of revenue exceeding revenue.

• Q1 2026 GAAP net loss was $6.1M ($0.17/share), compared to $5.2M ($0.17/share) in Q1 2025; adjusted EBITDA loss was $4.9M.

• Operating expenses rose to $6.2M from $5.5M year-over-year, mainly due to higher R&D, G&A, and selling expenses.

• Cash, equivalents, and short-term investments totaled $41.1M as of March 31, 2026, up from $19.2M at year-end 2025.

• Shares outstanding increased to 38.7M as of March 31, 2026; weighted average shares outstanding for Q1 2026 was 35.3M.

Outlook and guidance

• Annual non-GAAP OpEx for 2026 expected to be ~$18.5M, consistent with prior guidance.

• Management believes available capital is sufficient to fund operations for at least the next 24 months.

• Q2 2026 revenue expected between $50K–$100K, with growth anticipated from expanded MST and RF GaN offerings.

• Positioned for growth through IP licensing and expansion into new semiconductor markets, including RF GaN.

• Confident in ability to execute on opportunities with current cash position.