Atomera (NASDAQ: ATOM) posts $20.2M FY 2025 loss on $65K revenue
Rhea-AI Filing Summary
Atomera Incorporated reported fourth-quarter and full-year 2025 results, highlighting both technical progress and ongoing losses as it commercializes its semiconductor materials technology. The company achieved a breakthrough demonstrating manufacturability of its MST on Gate-All-Around structures and has a top 20 semiconductor customer running wafers on GaN with MST.
For the fourth quarter of 2025, Atomera posted a net loss of $4.4 million, or $0.14 per share, improving from a $5.6 million loss, or $0.17 per share, in the prior quarter. Full-year 2025 revenue was $65,000, down from $135,000 in 2024, while net loss widened to $20.2 million, or $0.65 per share, versus $18.4 million, or $0.68 per share, a year earlier. Adjusted EBITDA loss increased to $16.1 million from $15.4 million.
Atomera ended 2025 with $19.2 million in cash, cash equivalents and short-term investments, down from $26.8 million a year earlier, and had 32.4 million shares outstanding. Management emphasized strong interest in MST from advanced transistor and power applications and hosted a webinar to discuss the results and its commercialization efforts.
Positive
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Negative
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Insights
Atomera shows strong technology traction but remains early-stage with minimal revenue and rising annual losses.
Atomera is still largely pre-revenue, posting full-year 2025 revenue of only
Operating expenses were substantial at
On the strategic side, management highlighted a technical breakthrough in applying MST to Gate-All-Around structures and initial GaN wafer work with a top 20 semiconductor company. These steps suggest growing industry engagement, but the timing and scale of potential royalty or licensing revenue are not quantified here, so the financial impact remains uncertain.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Item 2.02 Results of Operations and Financial Condition.
On February 12, 2026, Atomera Incorporated issued a press release announcing its financial results for the three and twelve months ended December 31, 2025. The Company also intends to conduct an earnings call over which it will distribute an investor presentation. The text of the press release is attached hereto as Exhibit 99.1 and the investor presentation is attached hereto as Exhibit 99.2, both are incorporated by reference herein.
The information in this Current Report, including the exhibits attached hereto, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits |
The following exhibits are filed with this report:
| 99.1 |
Press release dated February 12, 2026 Atomera Incorporated |
| 99.2 | Investor presentation dated February 12, 2026 Atomera Incorporated |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| ATOMERA INCORPORATED | ||
| Dated: February 12, 2026 | /s/ Francis B. Laurencio | |
Francis B. Laurencio, Chief Financial Officer |
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Exhibit 99.1
Atomera Provides
Fourth Quarter and Fiscal 2025 Results
LOS GATOS, Calif. Feb. 12, 2026 Atomera Incorporated (NASDAQ: ATOM), a semiconductor materials and technology licensing company, today provided a corporate update and announced financial results for the fourth quarter and fiscal year ended December 31, 2025.
Recent Company Highlights
| · | Achieved technical breakthrough demonstrating manufacturability of MST on Gate-All-Around structures | |
| · | First commercial customer running wafers on GaN with MST | |
| · | GaN-on-Silicon concept paper advances to proposal phase in Power America funding program |
Management Commentary
“The results we are seeing with MST for GAA transistors are inspiring and together with our OEM partner we are presenting groundbreaking results to some of the most demanding customers in the industry. We also have a top 20 semiconductor company running wafers on GaN, demonstrating industry pull for the innovative work that, up to now, we have done in university and government labs,” said Scott Bibaud, President and CEO. “From bleeding edge transistors to enabling new materials to run next generation data centers, Atomera is providing innovations that are in high demand for today’s markets.”
Financial Results
The Company incurred a net loss of ($4.4) million, or ($0.14) per basic and diluted share in the fourth quarter of 2025, compared to a net loss of ($5.6) million, or ($0.17) per basic and diluted share, for the third quarter of 2025, and a net loss of ($4.7) million, or ($0.16) per basic and diluted share, for the fourth quarter of 2024. Adjusted EBITDA (a non-GAAP financial measure) in the fourth quarter of 2025 was a loss of ($3.3) million compared to an adjusted EBITDA loss of ($4.4) million in the third quarter of 2025 and ($3.9) million in the fourth quarter of 2024.
For fiscal year 2025, revenue was $65,000, compared with $135,000 in fiscal 2024. Net loss was ($20.2) million, or ($0.65) per basic and diluted share for fiscal 2025, compared to ($18.4) million, or ($0.68) per basic and diluted share in fiscal 2024. Adjusted EBITDA for fiscal 2025 was a loss of ($16.1) million compared to an adjusted EBITDA loss of ($15.4) million in fiscal 2024.
The Company had $19.2 million in cash, cash equivalents and short-term investments as of December 31, 2025, compared to $26.8 million as of December 31, 2024.
The total number of shares outstanding was 32.4 million as of December 31, 2025.
Fourth Quarter and Fiscal Year 2025 Results Webinar
Atomera will host a live video webinar today to discuss its financial results and recent progress.
Date: Thursday, Feb. 12, 2026
Time: 2:00 p.m. PT (5:00 p.m. ET)
Webcast: Accessible at https://ir.atomera.com
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Note about Non-GAAP Financial Measures
In addition to the unaudited results presented in accordance with generally accepted accounting principles, or GAAP, in this press release, Atomera presents adjusted EBITDA, which is a non-GAAP financial measure. Adjusted EBITDA is determined by taking net loss and eliminating the impacts of interest, depreciation, amortization and stockbased compensation. Our definition of adjusted EBITDA may not be comparable to the definitions of similarlytitled measures used by other companies. We believe that this non-GAAP financial measure, viewed in addition to and not in lieu of our reported GAAP results, provides useful information to investors by providing a more focused measure of operating results. This metric is used as part of the Company's internal reporting to evaluate its operations and the performance of senior management. A table reconciling this measure to the comparable GAAP measure is available in the accompanying financial tables below.
About Atomera Incorporated
Atomera Incorporated is a semiconductor materials and technology licensing company focused on deploying its proprietary, silicon-proven technology into the semiconductor industry. Atomera has developed Mears Silicon Technology™ (MST®), which increases performance and power efficiency in semiconductor transistors. MST can be implemented using equipment already deployed in semiconductor manufacturing facilities and is complementary to other nano-scaling technologies already in the semiconductor industry roadmap. More information can be found at www.atomera.com.
Safe Harbor
This press release contains forward-looking statements concerning Atomera Incorporated, including statements regarding the prospects for the semiconductor industry generally and the ability of our MST technology to significantly improve semiconductor performance. Those forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially. Among those factors are: (1) the fact that, to date, we have only recognized minimal engineering services and licensing revenues thus subjecting us to all the risks inherent in an early-stage enterprise; (2) the risk that licensees or JDA customers do not advance to royalty-based manufacturing and distribution licenses; (3) our ability to add other licensees and/or JDA customers; (4) risks related to our ability to raise sufficient capital, as and when needed, to pursue the further development, licensing and commercialization of our MST technology; (5) our ability to protect our proprietary technology, trade secrets and knowhow and (6) those other risks disclosed in the section "Risk Factors" included in our Annual Report on Form 10-K filed with the SEC on March 4, 2025. We caution readers not to place undue reliance on any forward-looking statements. We do not undertake, and specifically disclaim any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
-- Financial Tables Follow --
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Atomera Incorporated
Balance Sheets
(in thousands, except per share data)
| December 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 19,210 | $ | 25,778 | ||||
| Short-term investments | – | 995 | ||||||
| Accounts receivable | – | 6 | ||||||
| Interest receivable | 54 | 73 | ||||||
| Prepaid expenses and other current assets | 338 | 240 | ||||||
| Total current assets | 19,602 | 27,092 | ||||||
| Property and equipment, net | 60 | 59 | ||||||
| Long-term prepaid maintenance and supplies | – | 91 | ||||||
| Security deposit | 14 | 14 | ||||||
| Operating lease right-of-use asset | 884 | 280 | ||||||
| Financing lease right-of-use asset | 533 | 1,588 | ||||||
| Total assets | $ | 21,093 | $ | 29,124 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 608 | $ | 492 | ||||
| Accrued expenses | 168 | 239 | ||||||
| Accrued payroll related expenses | 650 | 1,328 | ||||||
| Current operating lease liability | 147 | 260 | ||||||
| Current financing lease liability | 420 | 1,253 | ||||||
| Deferred revenue | 7 | 4 | ||||||
| Total current liabilities | 2,000 | 3,576 | ||||||
| Long-term operating lease liability | 712 | 22 | ||||||
| Long-term financing lease liability | – | 449 | ||||||
| Total liabilities | 2,712 | 4,047 | ||||||
| Commitments and contingencies | – | – | ||||||
| Stockholders’ equity: | ||||||||
| Preferred stock $0.001 par value, authorized 2,500 shares; none issued and outstanding at December 31, 2025 and December 31, 2024 | – | – | ||||||
| Common stock: $0.001 par value, authorized 47,500 shares; 32,354 and 30,540 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively; | 32 | 31 | ||||||
| Additional paid-in capital | 260,043 | 246,565 | ||||||
| Other comprehensive income | – | 1 | ||||||
| Accumulated deficit | (241,694 | ) | (221,520 | ) | ||||
| Total stockholders’ equity | 18,381 | 25,077 | ||||||
| Total liabilities and stockholders’ equity | $ | 21,093 | $ | 29,124 | ||||
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Atomera Incorporated
Statements of Operations
(in thousands, except per share data)
| Three Months Ended | Year Ended | |||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | |||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||
| Revenue | $ | 50 | $ | 11 | $ | 23 | $ | 65 | $ | 135 | ||||||||||
| Cost of revenue | (131 | ) | (128 | ) | (13 | ) | (321 | ) | (123 | ) | ||||||||||
| Gross margin | (81 | ) | (117 | ) | 10 | (256 | ) | 12 | ||||||||||||
| Operating expenses | ||||||||||||||||||||
| Research and development | 2,740 | 3,304 | 2,823 | 12,303 | 11,029 | |||||||||||||||
| General and administrative | 1,505 | 2,165 | 1,811 | 7,806 | 7,266 | |||||||||||||||
| Selling and marketing | 286 | 207 | 248 | 758 | 1,053 | |||||||||||||||
| Total operating expenses | 4,531 | 5,676 | 4,882 | 20,867 | 19,348 | |||||||||||||||
| Loss from operations | (4,612 | ) | (5,793 | ) | (4,872 | ) | (21,123 | ) | (19,336 | ) | ||||||||||
| Other income (expense) | ||||||||||||||||||||
| Interest income | 195 | 232 | 213 | 931 | 779 | |||||||||||||||
| Accretion income | – | – | 26 | 6 | 178 | |||||||||||||||
| Other income, net | 1 | – | 1 | 72 | 73 | |||||||||||||||
| Interest expense | (9 | ) | (12 | ) | (25 | ) | (60 | ) | (129 | ) | ||||||||||
| Total other income (expense), net | 187 | 220 | 215 | 949 | 901 | |||||||||||||||
| Net loss | (4,425 | ) | $ | (5,573 | ) | (4,657 | ) | (20,174 | ) | (18,435 | ) | |||||||||
| Net loss per common share, basic and diluted | (0.14 | ) | $ | (0.17 | ) | (0.16 | ) | (0.65 | ) | (0.68 | ) | |||||||||
| Weighted average number of common shares outstanding, basic and diluted | 31,590 | 31,128 | 28,934 | 30,844 | 27,217 | |||||||||||||||
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Atomera Incorporated
Reconciliation to Non-GAAP Adjusted EBITDA
(Unaudited)
| Three Months Ended | Year Ended | |||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | |||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Net loss (GAAP) | $ | (4,425 | ) | $ | (5,573 | ) | $ | (4,657 | ) | $ | (20,174 | ) | $ | (18,435 | ) | |||||
| Depreciation and amortization | 13 | 11 | 12 | 48 | 54 | |||||||||||||||
| Stock-based compensation | 1,334 | 1,342 | 949 | 4,963 | 3,867 | |||||||||||||||
| Interest income | (195 | ) | (232 | ) | (213 | ) | (931 | ) | (779 | ) | ||||||||||
| Accretion income | – | – | (26 | ) | (6 | ) | (178 | ) | ||||||||||||
| Other income, net | (1 | ) | – | (1 | ) | (72 | ) | (73 | ) | |||||||||||
| Interest expense | 9 | 12 | 25 | 60 | 129 | |||||||||||||||
| Net loss non-GAAP Adjusted EBITDA | $ | (3,265 | ) | $ | (4,440 | ) | $ | (3,911 | ) | $ | (16,112 | ) | $ | (15,415 | ) | |||||
Investor Contact:
Bishop IR
Mike Bishop
(415) 894-9633
investor@atomera.com
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Exhibit 99.2
Q4 2025 Conference Call February 5, 2025 Atomera Incorporated 1
Safe Harbor This presentation contains forward - looking statements concerning Atomera Incorporated (““Atomera,” the “Company,” “we,” “us,” and “our”). The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “woul d,” “project,” “plan,” “expect” and similar expressions that convey uncertainty of future events or outcomes are intended to identify forwar d - looking statements. These forward - looking statements are subject to a number of risks, uncertainties and assumptions, including those disclosed in the section "Risk Factors" included in our Annual Report on Form 10 - K filed with the SEC on March 4, 2025 (the “Annual Report ”). In light of these risks, uncertainties and assumptions, the forward - looking events and circumstances discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in our forward - looking statements. You should not rely upon forward - looking statements as predictions of future events. Although we believe that the expectations reflected in our forward - looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances described in the forward - looking statements will be achieved or occur. This presentation contains only basic information concerning Atomera. The Company’s filings with the Securities Exchange Commission, including the Annual Report, include more information about factors that could affect the Company’s operating and financial results. We assume no obligation to update information contained in this presentation. Although this presentation m ay remain available on the Company's website or elsewhere, its continued availability does not indicate that we are reaffirming or confirming any of the information contained herein. Atomera Incorporated 2
3 Strong, Growing and Defensible Patent Portfolio High Leverage IP Licensing Business Model Top Tier Management Team Transistor enhancement technology for the $750B semiconductor market Mears Silicon Technology (MST®) Quantum Engineered Materials
MST blocks Phosphorus diffusion into nanosheet ► GAA transistors ▪ Use highly phosphorus doped silicon ( SiP ) in the Source and Drain ▪ Minimizes series resistance ► Phosphorus diffuses into the undoped nanosheet channel ▪ Degrades performance ▪ Worsens series resistance ► MST is excellent at blocking Phosphorus ▪ ~ 2x better than other techniques ▪ Improves series resistance in channel 1/21/26 Atomera Confidential 4 GAA Transistor GAA Transistor with MST MST
MST technology focus areas Atomera 5 MST for Advanced Nodes MST for RF - SOI MST for Power MST for DRAM
Financial Review Atomera Incorporated 6 Income Statement ($ in thousands, except per-share data) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 FY 2025 FY 2024 REVENUE 4$ -$ 11$ 50$ 65$ 135$ Gross Profit 4 (62) (117) (81) (256) (123) OPERATING EXPENSES Research & Development 3,255 3,004 3,304 2,740 12,303 11,029 General and Administration 2,088 2,048 2,165 1,505 7,806 7,266 Selling and Marketing 124 141 207 286 758 1,053 TOTAL OPERATING EXPENSES 5,467 5,193 5,676 4,531 20,867 19,348 OPERATING LOSS (5,463) (5,255) (5,793) (4,612) (21,123) (19,336) Other Income 254 288 220 187 949 901 NET LOSS (5,209)$ (4,967)$ (5,573)$ (4,425)$ (20,174)$ (18,435)$ Net Loss Per Share (0.17)$ (0.17)$ (0.17)$ (0.14)$ (0.65)$ (0.68)$ Weighted average shares outstanding 30,243 30,397 31,128 31,590 30,884 27,217 ADJUSTED EBITDA (NON-GAAP) (4,442)$ (3,965)$ (4,440)$ (3,265)$ (16,112)$ (15,415)$ ADJUSTED EBITDA PER SHARE (0.15)$ (0.13)$ (0.14)$ (0.10)$ (0.52)$ (0.57)$ Balance Sheet Information Cash, equivalents & ST investments 24,123$ 22,026$ 20,322$ 19,210$ 19,210$ 19,210$ Debt - - - - - - Three Months Ended
GAAP to Non - GAAP Reconciliation Atomera Incorporated 7 Reconciliation of GAAP to Non-GAAP Operating Expenses ($ in thousands, except per-share data) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 FY 2025 FY 2024 GAAP R&D Expenses 3,255$ 3,004$ 3,304$ 2,740$ 12,303$ 11,029$ Subtract Stock Comp Expense (459) (536) (542) (516) (2,053) (1,566) Subtract Depreciation and amortization (5) (4) (3) (5) (17) (24) Adjusted Non-GAAP Research & Development Expenses 2,791$ 2,464$ 2,759$ 2,219$ 10,233$ 9,439$ GAAP G&A Expenses 2,088 2,048 2,165 1,505 7,806 7,266 Subtract Stock Comp Expense (599) (740) (796) (795) (2,930) (2,120) Subtract Depreciation and amortization (7) (8) (8) (8) (31) (29) AdjustedNon-GAAP G&A Expenses 1,482$ 1,300$ 1,361$ 702$ 4,845$ 5,117$ GAAP Sales&Mktg Expenses 124 141 207 286 758 1,053 Subtract Stock Comp Expense 49 (2) (4) (23) 20 (181) Subtract Depreciation and amortization - - - - - (1) Adjusted Non-GAAP Sales&Mktg Expenses 173$ 139$ 203$ 263$ 778$ 871$ Total Non-GAAP Operating Expenses 4,446$ 3,903$ 4,323$ 3,184$ 15,856$ 15,427$ Three Months Ended
We collaborate with customers to improve their products, through integration of MST, so that both companies benefit financially Mission Statement Atomera Incorporated 8
Thank You Atomera Incorporated 9
FAQ
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Filing Exhibits & Attachments
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