Atomera(US:ATOM)2022-11-08 16:00Financial Performance - Revenue for the three months ended September 30, 2022, was $2 thousand, compared to $377 thousand for the same period in 2021, representing a decrease of 99.5%[14] - Gross margin for the nine months ended September 30, 2022, was $296 thousand, down from $400 thousand in the same period of 2021, indicating a decline of 26%[14] - Net loss for the three months ended September 30, 2022, was $4,602 thousand, compared to a net loss of $4,203 thousand for the same period in 2021, an increase of 9.5%[14] - For the nine months ended September 30, 2022, the net loss was $13.169 million, compared to a net loss of $11.549 million for the same period in 2021, representing an increase of approximately 14.0%[19] - The company generated limited revenues, with total revenue recognized of $2,000 for the nine months ended September 30, 2022, compared to $377,000 for the same period in 2021, indicating a significant decline of approximately 99.5%[29] Assets and Liabilities - Total current assets decreased from $29,008 thousand as of December 31, 2021, to $23,884 thousand as of September 30, 2022, a decline of approximately 17.6%[10] - Total liabilities decreased from $7,679 thousand as of December 31, 2021, to $6,680 thousand as of September 30, 2022, a reduction of approximately 13%[10] - Stockholders' equity decreased from $28,381 thousand as of December 31, 2021, to $22,679 thousand as of September 30, 2022, a decline of 20%[10] - Cash and cash equivalents decreased from $28,699 thousand as of December 31, 2021, to $23,287 thousand as of September 30, 2022, a decline of 18.9%[10] - Cash and cash equivalents at September 30, 2022, were approximately $23.3 million, down from $31.789 million at the end of the same period in 2021, indicating a decrease of about 26.8%[19] Operating Expenses - Operating expenses for the nine months ended September 30, 2022, totaled $13,416 thousand, up from $11,856 thousand in the same period of 2021, an increase of 13.1%[14] - Research and development expenses increased to $7,515 thousand for the nine months ended September 30, 2022, compared to $6,530 thousand in the same period of 2021, reflecting a rise of 15.1%[14] - Research and development expenses increased to $2,743 thousand for the three months ended September 30, 2022, compared to $2,232 thousand in the same period of 2021, marking an increase of 23%[14] - The company reported net cash used in operating activities of $9.581 million for the nine months ended September 30, 2022, compared to $9.404 million for the same period in 2021, reflecting a slight increase of 1.9%[19] Stock and Compensation - The weighted average number of common shares outstanding, basic, increased from 22,629 for the three months ended September 30, 2021, to 23,294 for the same period in 2022, an increase of 2.9%[14] - Stock-based compensation for the nine months ended September 30, 2022, was $2.474 million, compared to $2.334 million for the same period in 2021, an increase of approximately 6.0%[19] - The company recorded stock-based compensation expense of $889 for the three months ended September 30, 2022, compared to $756 for the same period in 2021, marking a 17.6% increase[46] - Total stock options increased to 3,019, up from 2,975 in the same period last year, representing a growth of 1.5%[33] - The company granted options to purchase approximately 196,000 shares of common stock during the nine months ended September 30, 2022, with a fair value of approximately $2.0 million at the time of grant[48] Future Outlook and Financing - Atomera has sufficient capital to fund its current business plans and obligations for at least the next 12 months, with working capital of approximately $21.1 million as of September 30, 2022[22] - The company has primarily financed operations through private placements and public offerings, including an ATM facility with an aggregate offering price of up to $50 million[23] - The company plans to increase research and development expenses over the next 12 months to support technology commercialization efforts[24] - The company has entered into an Equity Distribution Agreement allowing for the sale of up to $50 million in common stock, which may be utilized for future capital needs[23] Legal and Compliance - The company has no material litigation as of September 30, 2022, indicating a stable legal environment for operations[53] - The company did not incur withholding of income taxes for the three or nine months ended September 30, 2022, compared to provisions of $17,000 and $48,000 in the same periods of 2021[52]