Atomera (ATOM) Q4 2025 earnings summary

Executive summary

• Achieved significant technical milestones in Gate-All-Around transistor technology and manufacturability of MST, positioning for commercial execution in 2026.

• Expanded customer engagements, including new non-traditional areas, government-funded collaborations, and first commercial customer running wafers on GaN with MST.

• Advanced wafer-based product strategies and moved GaN-on-Silicon concept paper to proposal phase in Power America funding program.

• Focuses on licensing MST technology for the semiconductor market, targeting power, RF-SOI, advanced nodes, and DRAM applications with a high-leverage IP licensing model.

• Operates with a strong and growing patent portfolio, supporting quantum engineered materials and transistor enhancement technology.

Financial highlights

• Fiscal 2025 revenue was $65,000, primarily from NRE fees and MSTcad licensing, down from $135,000 in 2024.

• GAAP net loss for 2025 was $20.2 million ($0.65/share), compared to $18.4 million ($0.68/share) in 2024.

• Adjusted EBITDA loss for 2025 was $16.1 million, compared to $15.4 million in 2024.

• Cash, cash equivalents, and short-term investments totaled $19.2 million at year-end 2025, down from $26.8 million in 2024.

• Gross profit for 2025 was $123,000, up from $62,000 in 2024, but gross margin was negative ($256,000) in 2025.

Outlook and guidance

• Q1 2026 revenue expected between $50,000 and $100,000 from MST wafer shipments.

• Non-GAAP operating expense for 2026 projected at $18.5 million, up 17% year-over-year, with normalized increase about 8% due to bonus accrual timing.

• Management highlights strong industry demand for MST technology, especially in advanced transistors and data center applications, but forward-looking statements are subject to risks and uncertainties.