Atomera Incorporated : Earnings Document

Exhibit 99.1

Atomera Provides Second Quarter 2022 Results

LOS GATOS, Calif. --Aug. 2, 2022 -- Atomera0Incorporated (NASDAQ: ATOM), a semiconductor materials and technology licensing company, today provided a corporate update and announced0financial results for the second quarter ended June 30, 2022.

Recent Company Highlights

• Atomera grew its customer pipeline leveraging improved capacity and fewer0travel restrictions
• Promising interim test results were achieved from ongoing wafer runs
• Whitepaper published detailing breakthroughs in MST for leading-edge process0technologies

Management Commentary

"The test results from recent wafer runs0are confirmation that MST can deliver stronger benefits than anticipated in vital applications, and further, we were able to accurately0model such improvements via MSTcad," said Scott Bibaud, President and CEO. "Face-to-face customer activity has accelerated0with the reduction in COVID-related travel restrictions, enabling the company to add a customer to the pipeline, and to move existing engagements forward. We believe the industry capacity outlook and the new Chips and Science Act are tailwinds for Atomera as we collaborate with customers toward commercial adoption of MST."

Financial Results

The Company incurred a net loss of ($4.5) million,0or ($0.20) per basic and diluted share in the second quarter of 2022, compared to a net loss of ($3.7) million, or ($0.17) per basic and0diluted share, for the second quarter of 2021. Adjusted EBITDA (a non-GAAP financial measure) in the second quarter of 2022 was a loss0of ($3.5) million compared to an adjusted EBITDA loss of ($2.9) million in the second quarter of 2021.

The Company had $21.8 million in cash and cash0equivalents as of June 30, 2022, compared to $28.7 million as of December 31, 2021.

The total number of shares outstanding was 23.50million as of June 30, 2022.

Second Quarter 2022 Results Webinar

Atomera will host a live video webinar today to discuss its financial0results and recent progress.

Date: Tuesday, Aug. 2, 2022

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 presented0in accordance with generally accepted accounting principles, or GAAP, in this press release, Atomera presents adjusted EBITDA, which is0 a non-GAAP financial measure. Adjusted EBITDA is determined by taking net loss and eliminating the impacts of interest, depreciation, amortization0and stock-based compensation. Our definition of adjusted EBITDA may not be comparable to the definitions of similarly-titled measures used0by other companies. We believe that this non-GAAP financial measure, viewed in addition to and not in lieu of our reported GAAP results,0 provides useful information to investors by providing a more focused measure of operating results. This metric is used as part of the0Company's internal reporting to evaluate its operations and the performance of senior management. A table reconciling this measure to0the comparable GAAP measure is available in the accompanying financial tables below.

About Atomera Incorporated

Atomera Incorporated is a semiconductor materials0 and technology licensing company focused on deploying its proprietary, silicon-proven

technology into the semiconductor industry. Atomera0has developed Mears Silicon Technology™ (MST®), which increases performance and power efficiency in semiconductor0transistors. MST can be implemented using equipment already deployed in semiconductor manufacturing facilities and is complementary to0 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 statements0 concerning Atomera Incorporated, including statements regarding the prospects for the semiconductor industry generally and the ability0 of our MST technology to significantly improve semiconductor performance. Those forward- looking statements involve known and unknown risks,0uncertainties and other factors that could cause actual results to differ materially. Among those factors are: (1) the fact that, to date,0we have only recognized minimal engineering services and licensing revenues and we have not yet commenced principal revenue producing0 operations or entered into a definitive royalty-based manufacturing and distribution license agreement with regard to our MST technology,0thus subjecting us to all of the risks inherent in an early-stage enterprise; (2) risks related to our ability to successfully complete0the milestones in our joint development agreements or, even if successfully completed, to reach a commercial distribution license with0 our JDA customers; (3) risks related to our ability to advance the licensing arrangements with our initial integration licensees to royalty-based0manufacturing and distribution licenses or our ability to add other licensees; (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 to0protect our proprietary technology, trade secrets and know-how and (6) those other risks disclosed in the section "Risk Factors"0included in our Annual Report on Form 10-K filed with the SEC on February 15, 2022. We caution readers not to place undue reliance on0any forward-looking statements. We do not undertake, and specifically disclaim any obligation, to update or revise such statements to reflect0new circumstances or unanticipated events as they occur.

-- Financial Tables Follow --

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Atomera Incorporated

Condensed Balance Sheets

(in thousands, except per share data)

			June 30,		December 31,
			2022			2021
ASSETS			(Unaudited)
Current assets:
Cash and cash equivalents	$	21,838	$	28,699
Prepaid expenses and other current assets			650		309
Total current assets			22,488			29,008
Property and equipment, net			176		196
Long-term prepaid maintenance and supplies			91		91
Security deposit			14		14
Operating lease right-of-use asset			801		900
Financing lease right-of-use-asset			5,212		5,851
Total assets
$	28,782	$	36,060
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	434	$	338
Accrued expenses			213		203
Accrued payroll related expenses			510		601
Current operating lease liability			243		216
Current financing lease liability			1,395		1,395
Total current liabilities			2,795			2,753
Long-term operating lease liability			658		768
Long-term financing lease liability			3,579		4,158
Total liabilities
		7,032		7,679
Commitments and contingencies			-		-
Stockholders' equity:
Preferred stock $0.001 par value, authorized 2,500 shares; none issued and outstanding at
March 31, 2022 and December 31, 2021			-		-
Common stock: $0.001 par value, authorized 47,500 shares; 23,457 and 23,207 shares issued
and outstanding as of June 30, 2022 and December 31, 2021, respectively;			23		23
Additional paid-in capital			196,148		194,212
Accumulated deficit			(174,421)		(165,854)
Total stockholders' equity			21,750			28,381
Total liabilities and stockholders' equity	$	28,782	$	36,060

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Atomera Incorporated

Condensed Statements of Operations

(Unaudited)

(in thousands, except per share data)

		Three Months Ended		Six Months Ended
		June 30,				June 30,
Revenue		2022			2021			2022			2021
$	-		$	-		$	375		$	400
Cost of revenue		-			-			(81	)		-
Gross margin	$	-		$	-		$	294		$	400
Operating expenses
Research and development		2,433		2,069		4,772		4,298
General and administrative		1,667		1,506		3,315		3,019
Selling and marketing		347		137		672		403
Total operating expenses		4,447			3,712			8,759			7,720
Loss from operations		(4,447)		(3,712)		(8,465)		(7,320)
Other income (expense)
Interest income		35		3		38		5
Interest expense		(69)		-		(140)		-
Total other income (expense), net		(34	)		3			(102	)		5
Net loss before income taxes		(4,481)		(3,709)		(8,567)		(7,315)
Provision for income taxes		-		17		-		31
Net loss	$	(4,481)		(3,726)	$	(8,567)		(7,346)
Net loss per common share, basic and diluted			)			)			)				)
$	(0.20		(0.17	$	(0.37		(0.33
Weighted average number of common shares
outstanding, basic and diluted		22,936		22,492		22,894			22,292

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Net loss (GAAP)

Depreciation and amortization Stock-based compensation Interest income

Interest expense Provision for income taxes

Net loss

Investor Contact:

Bishop IR

Mike Bishop

1. [e-mail]

Atomera Incorporated

Reconciliation to Non-GAAP EBITDA

(Unaudited)

Three Months Ended				Six Months Ended
	June 30,				June 30,
2022			2021				2022			2021
$	(4,481)		$	(3,726)		$	(8,567)		$	(7,346)
	39		13		59		26
	859		847		1,585		1,578
	(35)		(3)		(38)		(5)
	69		-		140		-
	-		17		-		31
$	(3,549	)		(2,852	)	$	(6,821	)		(5,716	)

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