Atomera(US:ATOM)2020-11-03 21:01Financial Performance - Revenue for the three months ended September 30, 2020, was $254,000, a decrease from $395,000 in the same period of 2019, reflecting a decline of 35.7%[6] - Net loss for the three months ended September 30, 2020, was $3,578,000, compared to a net loss of $3,086,000 for the same period in 2019, indicating an increase in loss of 16%[6] - For the nine months ended September 30, 2020, the net loss was $11,002,000 compared to a net loss of $10,254,000 for the same period in 2019, representing an increase in loss of approximately 7.3%[9] - Total revenue for the nine months ended September 30, 2020, was $254,000, a decrease of 35.6% compared to $395,000 for the same period in 2019[23] - The company has incurred recurring operating losses and has generated only limited revenue since inception, indicating ongoing financial challenges[16] Assets and Equity - Total assets increased to $26,763,000 as of September 30, 2020, compared to $15,240,000 on December 31, 2019, representing a growth of 75.6%[5] - Total stockholders' equity increased to $24,732,000 as of September 30, 2020, from $13,772,000 at the end of 2019, marking an increase of 79.8%[7] - The company had working capital of approximately $24.1 million as of September 30, 2020, indicating a strong liquidity position[16] Cash Flow - Cash and cash equivalents rose to $25,297,000 from $14,871,000, an increase of 69.8%[5] - The company reported net cash used in operating activities of $9,117,000 for the nine months ended September 30, 2020, compared to $8,479,000 for the same period in 2019, indicating a 7.5% increase in cash outflow[9] - Cash and cash equivalents at the end of the period were $25,297,000, up from $16,800,000 at the end of the previous period, reflecting a 50.5% increase[10] Expenses - Research and development expenses for the three months ended September 30, 2020, were $2,049,000, up from $1,746,000 in the same period of 2019, a rise of 17.4%[6] - Total operating expenses for the three months ended September 30, 2020, were $3,579,000, compared to $3,225,000 in the same period of 2019, an increase of 10.9%[6] - Stock-based compensation expense for the nine months ended September 30, 2020, totaled $2,224,000, a slight decrease from $2,280,000 in the same period of 2019[36] Liabilities and Capital Needs - The company had total current liabilities of $1,400,000 as of September 30, 2020, slightly down from $1,468,000 at the end of 2019, a decrease of 4.6%[5] - The company may require additional capital to fund its operations, with no assurance that such funds will be available on commercially reasonable terms[17] Stock and Shares - The weighted average number of common shares outstanding for the three months ended September 30, 2020, was 19,337,000, compared to 16,567,000 in the same period of 2019, an increase of 16.8%[6] - The company has potential common stock equivalents totaling 4,548,000 shares that were not included in the diluted net loss per share calculation due to their anti-dilutive effect[27] - The company issued and sold 484,148 shares of common stock between October 1, 2020, and the date of filing this report, generating net proceeds of approximately $5.0 million[44] Lease Obligations - Total future minimum lease payments as of September 30, 2020, amounted to $842,000, with $371,000 due in 2024 and thereafter[30] - Cash paid for lease liabilities during the nine months ended September 30, 2020, was $123,000, up from $120,000 in the same period of 2019[31] - Total operating lease costs for the three months ended September 30, 2020, were $50,000, compared to $48,000 for the same period in 2019, representing a 4.2% increase[29] Other Financial Metrics - The company reported a gross margin of 50% for the three months ended September 30, 2020, compared to 49% in the same period of 2019[6] - The intrinsic value of warrants outstanding at September 30, 2020, was approximately $396,000 based on a per-share stock price of $10.45[33] - The company granted options to purchase approximately 664,000 shares under the 2017 Plan during the nine months ended September 30, 2020, with a fair value of approximately $1.9 million[40]