Q - Atomera
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 5, 2025
ATOM$3.01+15.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001683168-25-003249
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001683168-25-005672
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 34 previous paragraphs and 39 current paragraphs.
14 unchanged; 18 reworded; 4 added; 1 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
During the six months ended June 30, 2025, we sold approximately 349,000 shares pursuant to the 2022 ATM and the 2025 ATM at an average price per share of approximately $9.89, resulting in approximately $3.2 million of net proceeds to us after deducting commissions and other offering expenses.
Current report
General and administrative costs were approximately $4.1 million and $3.6 million for the six months ended June 30, 2025 and 2024, respectively, representing an increase of approximately $493,000, or 14%. The increase is primarily related to increases of approximately $231,000 in stock-based compensation expenses, approximately $97,000 in corporate legal fees and approximately $80,000 in intellectual property related expenses related to our patent portfolio.
Current report
Other income (expense), net. Other income for the three months ended June 30, 2025 and 2024 was approximately $71,000 and $72,000 respectively, and for the six months ended June 30, 2025 and 2024 was approximately $71,000 and $72,000, respectively. For all periods presented, these amounts consist primarily of a refundable state research and development tax credit, net of filing costs and tax consulting services.
Current report
During the six months ended June 30, 2025, we sold approximately 349,000 shares pursuant to the 2022 ATM and the 2025 ATM at an average price per share of approximately $9.89, resulting in approximately $3.2 million of net proceeds to us after deducting commissions and other offering expenses.
Removed paragraphs (1)
Previous report
**Other income (expense), net.**Other expense for the three months ended March 31, 2025 and 2024 was approximately $1,000 and $0, respectively, and consisted of losses on foreign currency between the date of receipt of goods or services and the date the payment was made.
Reworded paragraphs (18)
Previous wording
On May 31, 2022, we entered into an Equity Distribution Agreement with Oppenheimer & Co. Inc and Craig-Hallum Capital Group LLC, as agents, under which we may offer and sell, from time to time at our sole discretion, shares of our common stock having aggregate offering proceeds of up to $50.0 million in an “at-the-market” or ATM offering, to or through the agents. During the three months ended March 31, 2025, we sold approximately 164,000 shares pursuant to the ATM at an average price per share of approximately $15.19, resulting in approximately $2.4 million of net proceeds after deducting commissions and other offering expenses.
Current wording
On May 27, 2025, we entered into an Equity Distribution Agreement Craig-Hallum as agent, under which we may offer and sell, from time to time at our sole discretion, shares of our common stock in an “at-the-market” offering, (“2025 ATM”) to or through the agent, having aggregate offering proceeds of up to $50.0 million. During the three months ended June 30, 2025, we sold approximately 185,000 shares pursuant to the 2025 ATM at an average price per share of approximately $5.21, resulting in approximately $792,000 of net proceeds to us after deducting commissions and other offering expenses.
Previous wording
Revenue for the three months ended March 31, 2025 and 2024 was approximately $4,000 and $18,000 respectively. Our revenue consisted of MSTcad licensing and related consulting services revenue.
Current wording
Revenue for the three and six months ended June 30, 2025 was approximately $0 and $4,000, respectively. Our revenue consisted of MSTcad licensing and related consulting services revenue. Revenue for the three and six months ended June 30, 2024 was approximately $72,000 and $90,000, respectively. Our revenue in 2024 consisted of MSTcad license revenue, consulting services related to MSTcad and the delivery of MST wafers.
Previous wording
Cost of revenue. Cost of revenue consists of costs of materials, as well as direct compensation and expenses incurred to provide deliverables that result in payment of success fees, delivery of wafers in connection with integration license agreements and consulting services provided for our MSTcad licenses. Cost of revenue is expensed when incurred and may not correspond with revenue earned in the same period. Cost of revenue was not recorded during the three months ended March 31, 2025. Cost of revenue for the three months ended March 31, 2025 and 2024 was $0 and approximately $3,000, respectively. We anticipate that our cost of revenue will vary substantially depending on the mix of license and engineering services revenues we receive and the nature of products and/or services delivered in each customer engagement.
Current wording
Cost of revenue. Cost of revenue consists of costs of materials, as well as direct compensation and expenses incurred to provide deliverables that result in payment of success fees, delivery of wafers in connection with integration license agreements and consulting services provided for our MSTcad licenses. Cost of revenue is expensed when incurred and may not correspond with revenue earned in the same period. Cost of revenue for the three and six months ended June 30, 2025 was $62,000 for each period. Cost of revenue for the three and six months ended June 30, 2024 was $74,000 and $107,000, respectively. We anticipate that our cost of revenue will vary substantially depending on the mix of license and engineering services revenues we receive and the nature of products and/or services delivered in each customer engagement.
Previous wording
Operating expenses. Operating expenses consist of research and development, general and administrative, and selling and marketing expenses. For the three months ended March 31, 2025 and 2024, our operating expenses totaled approximately $5.5 million and $5.0 million, respectively.
Current wording
Operating expenses. Operating expenses consist of research and development, general and administrative, and selling and marketing expenses. For the three months ended June 30, 2025 and 2024, our operating expenses totaled approximately $5.2 million and $4.6 million, respectively. For the six months ended June 30, 2025 and 2024, our operating expenses totaled approximately $10.7 million and $9.6 million, respectively.
Previous wording
For the three months ended March 31, 2025 and 2024, we incurred approximately $3.3 million and $2.9 million, respectively, of research and development expenses, an increase of approximately $397,000, or 14%. This increase was primarily due to increases in device fabrication costs of approximately $182,000, employee costs of approximately $90,000 and outside metrology increases of approximately $84,000.
Current wording
For the three months ended June 30, 2025 and 2024, we incurred approximately $3.0 million and $2.6 million, respectively, of research and development expenses, an increase of approximately $415,000, or 16%. This increase was primarily due to increases in device fabrication costs of approximately $136,000, employee costs of approximately $125,000 and stock-based compensation expenses of approximately $137,000.
Previous wording
General and administrative expense. General and administrative expenses consist primarily of payroll and benefit costs for administrative personnel, office-related costs and professional fees. General and administrative costs were approximately $2.1 million and $1.8 million for the three months ended March 31, 2025 and 2024, respectively, representing an increase of approximately $277,000, or 15%. The increase is primarily related to increases of approximately $174,000 in legal costs and fees related to our patent portfolio and approximately $56,000 in corporate legal expenses.
Current wording
General and administrative expense. General and administrative expenses consist primarily of payroll and benefit costs for administrative personnel, office-related costs and professional fees. General and administrative costs were approximately $2.0 million and $1.8 million for the three months ended June 30, 2025 and 2024, respectively, representing an increase of approximately $216,000, or 12%. The increase is primarily related to increases of approximately $215,000 in stock-based compensation expenses.
Previous wording
Selling and marketing expense. Selling and marketing expenses consist primarily of salary and benefits for our sales and marketing personnel and business development consulting services. Selling and marketing expenses for the three months ended March 31, 2025 and 2024 were approximately $124,000 and $350,000, respectively, representing a decrease of approximately $226,000, or 65%. The decrease in costs is primarily due to a reduction in headcount.
Current wording
Selling and marketing expense. Selling and marketing expenses consist primarily of salary and benefits for our sales and marketing personnel and business development consulting services. Selling and marketing expenses for the three months ended June 30, 2025 and 2024 were approximately $141,000 and $207,000, respectively, representing a decrease of approximately $66,000, or 32%. The decrease in costs is primarily due to a reduction in headcount.
Previous wording
Interest income. Interest income for three months ended March 31, 2025 and 2024 was approximately $270,000 and $205,000, respectively. Interest income for the periods presented reflected interest earned on our cash, cash equivalents and short-term investments.
Current wording
Interest income. Interest income for the three months ended June 30, 2025 and 2024 was approximately $234,000 and $185,000, respectively. Interest income for the six months ended June 30, 2025 and 2024 was approximately $504,000 and $390,000, respectively. Interest income reflects interest earned on our cash, cash equivalents and short-term investments and are impacted by current interest rates and average balances over the periods presented.
Previous wording
**Accretion income.**Accretion income for the three months ended March 31, 2025 and 2024 was approximately $6,000 and $46,000, respectively. Accretion income relates to the increase in value of our available-for-sale securities from the purchase date through the maturity date.
Current wording
Accretion income. Accretion income for the three and six months ended June 30, 2025 was approximately $0 and $6,000, respectively. Accretion income for the three and six months ended June 30, 2024 was approximately $47,000 and $93,000, respectively. Accretion income relates to the increase in value of our available-for-sale securities from the purchase date through the maturity date. As of June 30, 2025, our cash and cash equivalents are held as cash and mutual funds.
Previous wording
Interest expense. Interest expense for the three months ended March 31, 2025 and 2024 was approximately $21,000 and $39,000, respectively. Interest expense is related to the tool financing lease entered into in August 2021.
Current wording
Interest expense. Interest expense for the three months ended June 30, 2025 and 2024 was approximately $18,000 and $35,000, respectively. Interest expense for the six months ended June 30, 2025 and 2024 was approximately $39,000 and $74,000, respectively. Interest expense is related to the tool financing lease entered into in August 2021.
Previous wording
Net cash used in operating activities of approximately $4.8 million for the three months ended March 31, 2025 resulted primarily from our net loss of approximately $5.2 million and a decrease in our accrued payroll expenses of approximately $926,000, offset by approximately $1.0 million of stock-based compensation and an increase of approximately $269,000 in accounts payable.
Current wording
Net cash used in operating activities of approximately $8.3 million for the six months ended June 30, 2025 resulted primarily from our net loss of approximately $10.2 million and a decrease in our accrued payroll expenses of approximately $979,000, offset by approximately $2.3 million of stock-based compensation.
Previous wording
Net cash used in operating activities of approximately $4.1 million for the three months ended March 31, 2024 resulted primarily from our net loss of approximately $4.8 million and payment of accrued payroll expenses of approximately $928,000, offset by approximately $1.0 million of stock-based compensation and approximately $550,000 of collected contracts receivable.
Current wording
Net cash used in operating activities of approximately $7.3 million for the six months ended June 30, 2024 resulted primarily from our net loss of approximately $9.2 million offset by approximately $2.0 million of stock-based compensation.
Previous wording
Net cash provided by investing activities of approximately $996,000 for the three months ended March 31, 2025 consisted primarily of the maturity of short-term available-for-sale investments.
Current wording
Net cash provided by investing activities of approximately $986,000 for the six months ended June 30, 2025 consisted primarily of the maturity of short-term available-for-sale investments.
Previous wording
Net cash provided by investing activities of approximately $2.5 million for the three months ended March 31, 2024 consisted primarily of the maturity of short-term available-for-sale investments, offset by the purchase of short-term available-for-sale investments.
Current wording
Net cash provided by investing activities of approximately $3.2 million for the six months ended June 30, 2024 consisted primarily of the maturity of short-term available-for-sale investments, offset by the purchase of short-term available-for-sale investments.
Previous wording
Net cash provided by financing activities of approximately $3.8 million for the three months ended March 31, 2024 primarily related to the net proceeds from sales under our ATM, offset by the principal payments on our financing lease.
Current wording
Net cash provided by financing activities of approximately $3.5 million for the six months ended June 30, 2025 primarily related to the net proceeds from sales under our ATM and stock option exercises, offset by the principal payments on our financing lease.
Previous wording
Net cash provided by financing activities of approximately $2.1 million for the three months ended March 31, 2025 primarily related to the net proceeds from sales under our ATM, offset by the principal payments on our financing lease.
Current wording
Net cash provided by financing activities of approximately $6.0 million for the six months ended June 30, 2024 primarily related to the net proceeds from our ATM offering, offset by the principal payments on our financing lease.
Previous wording
As of March 31, 2025, we had cash and cash equivalents of approximately $24.1 million and working capital of approximately $21.7 million. For the three months ended March 31, 2025 we had a net loss of approximately $5.2 million and used approximately $4.8 million of cash and cash equivalents in operations. Since inception, we have incurred recurring operating losses.
Current wording
As of June 30, 2025, we had cash and cash equivalents of approximately $22.0 million and working capital of approximately $20.0 million. For the six months ended June 30, 2025 we had a net loss of approximately $10.2 million and used approximately $8.3 million of cash and cash equivalents in operations. Since inception, we have incurred recurring operating losses.
Previous wording
During the three months ended March 31, 2025, we sold approximately 164,000 shares of common stock pursuant to the ATM at an average price per share of approximately $15.19, resulting in approximately $2.4 million of net proceeds to the Company after deducting commissions and other offering expenses.
Current wording
During the three months ended June 30, 2025, we sold approximately 185,000 shares of commons stock pursuant to the 2025 ATM at an average price per share of approximately $5.21, resulting in approximately $792,000 of net proceeds to the Company after deducting commissions and other offering expenses.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
On May 31, 2022, we entered into an Equity Distribution Agreement with Oppenheimer & Co. Inc. and Craig-Hallum Capital Group LLC (“Craig-Hallum”), as agents, under which we offered and sold, from time to time at our sole discretion, shares of our common stock in an at the market offering to or through the agents, having aggregate offering proceeds of up to $50.0 million (the “2022 ATM”). The 2022 ATM expired on March 18, 2025.
Current report — wording carried from elsewhere
For the six months ended June 30, 2025 and 2024, we incurred approximately $6.3 million and $5.4 million, respectively, of research and development expenses, an increase of approximately $812,000, or 15%. This increase was primarily due to increases in device fabrication costs of approximately $317,000, employee costs of approximately $216,000 and stock-based compensation expenses of approximately $219,000.
Current report — wording carried from elsewhere
Selling and marketing expenses for the six months ended June 30, 2025 and 2024 were approximately $265,000 and $557,000, respectively, representing a decrease of approximately $292,000, or 52%. The decrease in costs is primarily due to a reduction in headcount.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations