Atomera Incorporated

Second-quarter revenue was $158,000, versus no year-over-year revenue comparison given. GAAP net loss was $6.3 million, or $0.17 per share, compared with a net loss of $5 million, or $0.17 per share, in Q2 2025. Non-GAAP loss was $5 million versus $4 million in the prior-year quarter. GAAP operating expenses were $6.9 million, up from $5.2 million a year ago; non-GAAP operating expenses were $5.1 million, up from $4.8 million sequentially and $4.8 million was the Q1 2026 level implied by the discussion. Cash, cash equivalents and short-term investments were $38.4 million at June 30, 2026, down from $41.1 million at March 31, 2026, and cash used in operating activities was $3.9 million versus $4.8 million in Q1 and $3.5 million in Q2 2025. Management reiterated 2026 annual non-GAAP operating expense guidance of about $18.5 million, with a $250,000 range, and now expects to finish near the high end of that range.

Scott Bibaud struck an upbeat tone, calling Q2 a quarter of “real momentum” and emphasizing progress across gate-all-around, memory, RF-SOI, power, and especially GaN. He framed the quarter’s biggest strategic developments as clearing a GAA hurdle, establishing a new 4F2 DRAM concept, opening a NAND opportunity, and generating RF results for GaN-on-silicon that could support a new commercial market. His message was that Atomera is translating technical validation into customer engagement and, eventually, license agreements.

Francis Laurencio focused on the numbers and cost trajectory. He said revenue was $158,000, GAAP net loss was $6.3 million, non-GAAP loss was $5 million, operating expenses were $6.9 million GAAP and $5.1 million non-GAAP, and cash/investments were $38.4 million at quarter end. He reiterated full-year 2026 non-GAAP operating expense guidance of roughly $18.5 million, said the company expects to land at the high end of the +/- $250,000 range, and flagged cost pressure from outsourced engineering, tool leases, metrology, and device fabrication. He also said the recent equity raise contributed $23.6 million of net proceeds in Q1 and that the company did not sell shares under its ATM in Q2.

Analysts focused on what the GAA milestone means commercially, and management said the next steps are more demonstrations, then potential license negotiations and eventually installation at the customer’s fab. Scott said the timeline is uncertain: it could progress late this year or slip by about 9 months if another test round is needed. Questions also probed the DRAM reset and NAND opportunity; Scott said DRAM is shifting toward 4F2/3D architectures, while NAND now appears to need the planar periphery boost Atomera had previously aimed at DRAM. On capital spending and cost pressure, Frank said the company is seeing significant service-provider cost increases and expects some of them to show up next quarter and beyond.