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1. Company Snapshot

1.a. Company Description

Atomera Incorporated develops, commercializes, and licenses proprietary materials, processes, and technologies for the semiconductor industry in North America and the Asia Pacific.The company's lead technology is the Mears Silicon Technology, a thin film of reengineered silicon that can be applied as a transistor channel enhancement to CMOS-type transistors.Its customers include foundries, integrated device manufacturers, fabless semiconductor manufacturers, original equipment manufacturers, and electronic design automation companies.


The company was formerly known as Mears Technologies, Inc.and changed its name to Atomera Incorporated in January 2016.Atomera Incorporated was incorporated in 2001 and is headquartered in Los Gatos, California.

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1.b. Last Insights on ATOM

Atomera Incorporated's recent performance faces challenges due to growing competition and increasing demand for more efficient technology. The company's Q3 2025 earnings call revealed a focus on accelerating commercial growth with the appointment of Wei Na as new Vice President of Sales. However, research findings indicate a disconnect between AI workloads and current silicon-based infrastructure, underscoring the need for collaborative ecosystems. With 76% of industry leaders citing node scaling limitations, Atomera's solutions face pressure to meet rising compute and energy needs.

1.c. Company Highlights

2. Atomera's Q3 2025 Earnings: A Deeper Dive into Financials and Future Prospects

Atomera reported a GAAP net loss of $5.6 million, or $0.17 per share, for the third quarter of 2025, compared to a net loss of $4.6 million in Q3 of the previous year. The actual EPS came in worse than expected, with estimates suggesting a loss of $0.14 per share. Revenue was not directly mentioned, but the company's non-GAAP operating expense for the full year 2025 is expected to be in the range of $17.25 million to $17.50 million. Analysts estimate next year's revenue growth at 300.0%, indicating a significant expected improvement.

Publication Date: Nov -23

📋 Highlights

Financial Performance and Valuation

Atomera's financial performance is characterized by a high P/S Ratio of 1659.09, indicating that investors are pricing in significant future growth. The P/E Ratio stands at -3.04, and the EV/EBITDA is -2.19, reflecting the company's current loss-making status. With an ROE of -92.04% and ROIC of -94.77%, the company's return on equity and invested capital are negative, highlighting the challenges it faces. The Net Debt / EBITDA ratio is 1.07, suggesting that the company's debt is manageable relative to its EBITDA.

Operational Highlights and Future Plans

The company's partnership with STMicroelectronics was a significant focus during the quarter. Although STMicroelectronics decided to discontinue development on 200-millimeter wafers and not use Atomera's MST technology, the company views this as an opportunity to demonstrate its capabilities. As Scott Bibaud, Atomera's President and CEO, noted, the learning from this effort makes Atomera a stronger foundation as they engage with others in the same power market segment. Atomera is prioritizing MSD starting wafer products, leveraging its strategic OEM partnership, and advancing MST for GaN technology.

Revenue Guidance and Customer Engagements

Atomera expects to recognize between $75,000 and $125,000 of NRE revenue from wafer shipments to customers in Q4. The company is working with multiple customers across different segments, including Gate-All-Around, DRAM, and RF-SOI. While the timing of revenue recognition can be tricky, Atomera is optimistic about its future prospects, with analysts estimating a 300.0% revenue growth next year.

Government Funding and Future Initiatives

Atomera is also exploring government funding opportunities, with Sandia showing interest in its R&D efforts. This could potentially provide near-term revenue and support the company's mission to enable better, faster, and more efficient semiconductors through advanced materials engineering. Atomera is set to attend the Craig-Hallum Alpha Select Conference in New York, indicating its commitment to engaging with investors and showcasing its progress.

3. NewsRoom

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New Research Finds 76% of Industry Leaders Say Node Scaling Alone Can't Meet AI's Rising Compute and Energy Needs

Nov -05

Source: businesswire.com

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Atomera Incorporated (ATOM) Q3 2025 Earnings Call Transcript

Oct -29

Source: seekingalpha.com

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Atomera Provides Third Quarter 2025 Results

Oct -28

Source:

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Wei Na Joins Atomera as New Vice President of Sales to Drive Growth in Advanced Materials

Oct -28

Source: businesswire.com

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Atomera Incorporated $ATOM Shares Acquired by Chicago Partners Investment Group LLC

Oct -26

Source: defenseworld.net

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Atomera to Announce Third Quarter 2025 Financial Results and Host Webinar on Tuesday, October 28, 2025

Oct -14

Source: accessnewswire.com

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Media Alert: Atomera Highlights MST® as a Toolbox for Engineering Silicon Virtual Substrates at 2025 CINT Annual User Meeting

Sep -11

Source: businesswire.com

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Atomera Incorporated (ATOM) Q2 2025 Earnings Call Transcript

Aug -07

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.47%)

6. Segments

Semiconductors

Expected Growth: 10.47%

Atomera's 10.47% growth in semiconductors is driven by increasing demand for advanced electronics, 5G adoption, and IoT devices. Additionally, the company's proprietary MST technology enhances transistor performance, reducing power consumption and increasing device efficiency. These factors, combined with strategic partnerships and expanding market share, contribute to the segment's rapid growth.

7. Detailed Products

MST

MST (Molecular Superlattice Technology) is a patented technology that enables the creation of ultra-thin, highly uniform, and highly conductive films for use in semiconductor devices.

MSD

MSD (Molecular Superlattice Deposition) is a proprietary deposition technology that enables the creation of MST-based films.

Epi

Epi (Epitaxy) is a technology used to grow high-quality crystalline materials for use in semiconductor devices.

Integration Services

Atomera provides integration services to help customers integrate MST technology into their manufacturing processes.

8. Atomera Incorporated's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Atomera Incorporated is medium, as there are some alternatives available in the market, but they are not very attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for Atomera Incorporated is low, as customers have limited options and the company has a strong brand presence.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Atomera Incorporated is medium, as the company relies on a few key suppliers, but has some flexibility in its supply chain.

Threat Of New Entrants

The threat of new entrants for Atomera Incorporated is high, as the industry has low barriers to entry and new companies can easily enter the market.

Intensity Of Rivalry

The intensity of rivalry for Atomera Incorporated is high, as the industry is highly competitive and companies are constantly competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 16.68%
Debt Cost 5.33%
Equity Weight 83.32%
Equity Cost 10.67%
WACC 9.78%
Leverage 20.02%

11. Quality Control: Atomera Incorporated passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Amtech Systems

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Growth: 4.7

Quality: 3.8

Yield: 0.0

Momentum: 9.0

Volatility: 1.7

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nLIGHT

A-Score: 4.1/10

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AXT

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Yield: 0.0

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Atomera

A-Score: 3.6/10

Value: 6.4

Growth: 3.4

Quality: 3.3

Yield: 0.0

Momentum: 7.5

Volatility: 0.7

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Mobix Labs

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Growth: 6.9

Quality: 3.0

Yield: 0.0

Momentum: 3.5

Volatility: 0.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.6$

Current Price

2.6$

Potential

-0.00%

Expected Cash-Flows