Atomera Incorporated

The grade, in three tenses

Headline 2.9 out of ten, 8 of 9 metrics filed and 1 estimated: past 2.2 out of ten, present 2.9 out of ten, future 3.7 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 3.5 out of ten. 1 warning event since 2017; the latest 2025-03-19. 35th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 1.0 out of ten. +0.9% a year over 6 filed years; profitable in 0 of 6. 10th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 2.5 out of ten. CrossAssetData estimate 2.5/10, confidence 35 of 100 (one part). 25th percentile among 94 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
• Financial health (present): 2.9 out of ten. ROE -110%: lost 110¢ per shareholder dollar. Leverage 13%: owes 13¢ per asset dollar. 29th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 0.2 out of ten. bottom 2% of 97 in its family; net margin -31036.9%. 2nd percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 6.9 out of ten. top 31% of 66 in its family for leadership; chief executive since 2016. 69th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 5.0 out of ten. top 50% of 94 in its family for room to expand. 50th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 2.8 out of ten. bottom 28% of 93 in its family for growth drivers. 28th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 2.2 out of ten. bottom 22% of 88 in its family for expectations against reality. 22nd percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-02-24 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-06 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-08-04 (on EDGAR). Newest filing: Form 144, 2026-10-01. Filings on record since 2007. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-02-24.

The people

Scott Bibaud has been president, chief executive and a director since October 2015, with more than 30 years in the chip industry behind him: he was at Broadcom from June 2000 to May 2011, latterly as executive vice president and general manager of its mobile platforms group, ran Altera's Communications and Broadcast Division from June 2012 to August 2014, and was an executive-in-residence at the venture capital firm Foundation Capital before joining Atomera. Dr. Robert Mears founded the company, has been its chief technology officer since the start and was its president until October 2015; the product carries his name, Mears Silicon Technology. He co-developed a technology for long-distance optical networks in the late 1980s, has written or co-written about 180 publications, and is an Emeritus Fellow of Pembroke College, Cambridge. Francis Laurencio has been chief financial officer since February 2016, after finance chief jobs at Sycomp, at Orbis Global through its sale to Infor, and at Smapper Technologies. [1, 2, 3, 4, 5]

The board has five members, four of them independent. John Gerber has been a director since 2007 and chairman since 2011, and is managing partner of Four Points, a specialty investment group. Steve Shevick joined the board in August 2016; from 1995 to 2005 he was general counsel and chief financial officer of Synopsys, the company whose simulation software Atomera's own MSTcad tool runs on. Duy-Loan T. Le, a director since October 2019, retired in July 2017 from Texas Instruments, where she was elected Senior Fellow in 2002, the only woman in its history to hold that rank. Suja Ramnath, a director since December 2021, has been president and chief executive of Integra Technologies, which makes power radio-frequency chips for defense and aerospace, since February 2017, and before that ran the transceiver division of Analog Devices. [6, 7, 8, 9, 10, 11, 12]

Pay followed the year's disappointments. The board judged that the company hit 86% of its goals for 2025 but, citing customer setbacks, the compensation committee cut the cash bonuses of the other executive officers by half and the chief executive's in full, while offering them the withheld part if the company reaches milestones in 2026 tied to commercializing the technology. The seven directors and executive officers together beneficially owned 8.1% of the shares, the chief executive 4.0% of them; the record this site holds shows all three officers still filing their trades, as they have since August 2016. [13, 14, 15, 16]

The company is small: 21 people full time at the date of the annual report, working from offices in Los Gatos, California, and Tempe, Arizona. Its sales side thinned in 2025, when selling and marketing costs fell 28% on a reduction in headcount, with recruiting under way to fill open positions; by the quarter to June 2026 those costs were climbing again on added headcount. The record also shows the business development seat changing hands: Jeffrey Lewis filed as senior vice president for marketing and business development from 2021 to 2024, and Shawn Thomas as a vice president in the same field in early 2025. [17, 18, 19, 20, 21, 16]

How it operates

Atomera does not make chips or design them. It develops and licenses one technology, Mears Silicon Technology, or MST: a thin film of reengineered silicon, typically 100 to 300 angstroms thick, which is about 20 to 60 silicon atomic unit cells, grown onto a wafer by the epitaxial deposition machines chipmakers already own (an epi machine grows a thin crystal layer on the surface of a wafer). The company says the film lets transistors be made smaller, faster, more reliable and better with power, and that because it is added to an existing process rather than replacing one, it can be used at industrial scale on common equipment. Its uses so far have been mostly power devices, RFSOI devices (radio-frequency parts built on silicon-on-insulator wafers, the kind common in the front ends of mobile phones) and advanced logic and memory. [5, 22, 23, 24, 25, 26]

The money is meant to come from licenses. A customer that wants MST first takes an R&D license, whose fee falls due when the film's recipe is installed on a tool in its own factory and which allows only internal use and limited sampling of the chips made with it; once it has qualified MST in its process it owes a larger fee for a high-volume manufacturing license, which lets it sell MST products, and then royalties, set on the number or the sales price of what it sells and counted per wafer or per product. Until then the company earns small sums two ways: licensing MSTcad, its software for simulating what MST does to a design inside Synopsys' TCAD tools, and paid engineering work, in which it deposits MST on a customer's wafers under an evaluation order or a joint development agreement. [27, 28, 29, 30]

Getting from a first meeting to a royalty is slow. The annual report sets out six phases: engineering planning under a non-disclosure agreement, setting up the evaluation, integration (the longest, in which Atomera deposits MST on the customer's wafers and ships them back and forth for test devices), installation of the process on machines in the customer's own factory under an R&D license, qualification, and production. The company says that, on its engagements so far, the time from first engagement to a customer's products carrying its technology can take 18 to 36 months or longer, and that its success depends on at least one integrated device maker (a company that designs and manufactures its own chips), foundry or fabless designer carrying MST through to commercial production. [31, 32, 33, 34, 35, 36]

The annual report counts one commercial license agreement, four integration licenses and two joint development agreements, and names who has paid so far: licensing agreements with ST and AKM, both integrated device makers, one fabless manufacturer and one foundry, a joint development agreement with a leading semiconductor provider, engineering services and MSTcad. Where each stands: ST Microelectronics signed a commercial license agreement in April 2023, installed and accepted the MST film under an R&D license, then told Atomera in October 2025 that it would not finish qualification, having decided to move the process it was developing to 300 millimeter wafers; that agreement is described as on hold. The first joint development agreement customer, named only as a leading semiconductor provider, holds a paid manufacturing license, has installed the recipe on a tool in its own factory for internal use and has reached phase four, though the agreement carries no right to distribute. The second, a major semiconductor foundry, was still running wafers. Asahi Kasei Microdevices, a fabless radio-frequency designer and a foundry hold integration licenses and sit in phase three. [37, 38, 39, 40, 41, 42, 43, 44, 45]

What all that produced in 2025 was 65,000 dollars of revenue, every dollar of it booked in North America, from two customers: one accounted for 77% of the total and the other for 23%, and in 2024 two customers accounted for 63% and 37%. The company owns no factory. Its offices are a 4,101 square foot suite in Los Gatos, California, and 474 square feet in Tempe, Arizona, where it leases two epitaxial reactors: an Applied Materials Centura that handles both 200 millimeter and 300 millimeter wafers, leased from Applied Materials and sitting in a cleanroom in the same building as the office, and a 200 millimeter ASM Epsilon leased from Lawrence Semiconductor. Research is done in house on those tools, and the wafers are finished in customers' own factories on their equipment. [46, 47, 48, 18, 19, 49, 50, 51, 52]

The specifics

The company was organized in Delaware as Nanovis LLC on November 26, 2001, became a corporation called Mears Technologies, Inc. on March 13, 2007, and took the name Atomera Incorporated on January 12, 2016; its shares are listed on the Nasdaq Capital Market as ATOM, and it has filed with the SEC since 2007. It frames its long road as normal for its field: a new material technology for chipmaking has historically taken 10 to 20 years from idea to volume production, and the filing says MST has followed a similar path, from early patents and papers to evaluations and installation at customers. The losses of those years add up to an accumulated deficit of 241.7 million dollars by the end of 2025. [53, 54, 55, 56, 57]

MST is guarded two ways. At the end of 2025 the company held 119 granted patents in the United States and 130 abroad, with 75 applications pending at home and 106 abroad; the film's recipe itself is kept as confidential know-how, disclosed only to customers that have signed at least a manufacturing license, and, as the filing notes, know-how never expires. The claim made for the film is that it delivers roughly what half a node to a full node of shrinking delivers, a node being one generation of chipmaking. The named variants are MST-SP, for power devices between 3 and 5 volts, and MST-SPX, up to 48 volts, aimed at power management chips in battery-powered gadgets and at automotive and data center power, with a version for trenchFETs, a transistor type used in data center power supplies, added in 2025. Since 2024 it has also put MST under gallium nitride grown on silicon, where work with Texas State University points to better crystal quality, and says it is testing that with first customers. [58, 59, 60, 61, 62, 63, 64, 65]

Two partnerships carry the technology to customers. Since 2017 the company has worked with Synopsys, whose TCAD simulation software is the most broadly used in the industry, and MSTcad runs on Synopsys' Sentaurus TCAD. In April 2025 it signed a strategic marketing agreement with an unnamed global leader in chip fabrication technology, to perfect MST on that vendor's reactors for customers making gate-all-around logic, the newest transistor design in leading-edge chips and the kind used in the processors of AI data centers, and DRAM memory; the company says the deal lets it approach customers alongside a trusted supplier to the largest chipmakers. It names no rival company. It says it competes with chipmakers, equipment makers, foundries and licensing companies developing performance technologies, that it knows of no other technology on the market with the same benefits, and that customers' own engineering teams may see MST as competing with what they are building themselves. [12, 66, 67, 68, 69, 70, 71]

Two outside forces shape what the company can do. Export rules are one: the filing says tightening United States export controls, especially on China, and other countries' restrictions on chip technology and equipment may limit where it can license MST. Money is the other. It pays its way by selling shares: in 2025 it sold about 1.6 million shares through its at-the-market programs, in which new shares are sold through a broker over time, for about 7.6 million dollars after costs, and on February 24, 2026 it sold 5,000,000 shares to institutional investors for about 23.6 million dollars after costs. With that, it says, its working capital covers its forecast needs for at least the next 24 months. Shareholders are being asked to raise the authorized common stock to 95 million shares. [72, 73, 74, 75, 76, 77, 78]

What drives growth, line by line

Revenue fell to 65,000 dollars in 2025 from 135,000 in 2024, down 51.9%, and a long way below the 550.0 thousand of 2023, the best of the six years the record holds. The filing says every dollar it has ever earned has come from engineering services, integration licenses, R&D licenses granted under a joint development agreement and under the ST license, and MSTcad licenses; in the last two years it came from MSTcad licensing and related consulting, and from engineering services for wafers delivered with MST on them. [79, 46, 80]

The filing's own explanations for why so little comes in: for three years customers' factories have run at high capacity with demand outpacing it, which has made it hard to get evaluation wafers through their lines, and customers put their own production ahead of processing Atomera's wafers. On top of that, ST stopped qualification in October 2025. The compensation committee's own phrase for the year was customer setbacks. [81, 82, 39, 37, 13]

Products and services transferred at a point in time. 61 thousand dollars in 2025, against 50 thousand in 2024. This is the timing on which the filing books engineering services: the grant of rights is not treated as separate from the duty to hand over wafers, so the revenue is recognized when the wafers carrying MST are delivered. It is the one part of the total that grew in a year when the total halved. [83, 84, 85]

Products and services transferred over time. 4 thousand dollars in 2025, against 85 thousand in 2024. MSTcad licenses, sold by the month or the year, are the revenue booked this way, so the software line all but disappeared. The filing offers no reason for that, and says in another passage that MSTcad has been used more and more by customers and prospects to find where MST would help them most, as the cost of running the most advanced test wafers has climbed. [83, 84, 86, 87]

With revenue this small, the costs are the story. Cost of revenue was 321,000 dollars, well above revenue, so gross profit came to minus 256.0 thousand. Operating expenses rose to 20.9 million dollars from 19.3 million: research and development to 12.3 million, up 12%, mainly on 676,000 dollars more outsourced fabrication and 487,000 more stock-based pay; general and administrative to 7.8 million, up 7%, mainly on 810,000 more stock-based pay; selling and marketing down 28% to 758,000 on a smaller headcount. The net loss was 20.2 million dollars, and operations used 14.9 million dollars of cash. [88, 79, 89, 90, 91, 20, 92]

Since the annual report, the newest quarterly report shows revenue of 169,000 dollars in the first half of 2026, all of it engineering services for delivered wafers, with 158,000 of that in the second quarter and 42 thousand dollars of the quarter's total coming from customers in Asia Pacific, a region that produced nothing a year earlier. In the company's own words about what follows: if one or more foundries, integrated device makers or fabless manufacturers adopt MST, it expects license fees and engineering services to make up substantially all of its revenue for at least the first few years, before royalty-bearing shipments start. [93, 94, 95]

What the desk infers (inferred, not filed)

• With ST's qualification on hold, no customer is known to be at the qualification stage, the last step before a high-volume license and royalties; the furthest along is the first joint development agreement customer, which is only installing the process and holds no right to sell. Because: A high-volume manufacturing license, the right to sell MST products and the royalties that follow all arrive only after a customer completes qualification. [28, 34] ST held a commercial license agreement and was in the qualification phase, which the filing describes as on hold after ST said in October 2025 that it would not complete it; the report counts only one commercial license agreement in all. [39, 40, 37] The first joint development agreement customer has reached phase four, installing the recipe on a tool in its own factory for internal use, and that agreement confers no commercial distribution rights. [41, 42, 33] The other named engagements sit further back: Asahi Kasei Microdevices, the fabless licensee and the foundry licensee are in phase three, and the second joint development agreement customer was still running wafers. [45, 43] The compensation committee cut the chief executive's bonus for 2025 over customer setbacks and tied the withheld part to commercialization milestones in 2026. [13] Confidence 75 of 100. Wrong if: A filing that places a customer in technology qualification, or reports a high-volume manufacturing license signed, at or since the date of this annual report.
• ST's halt reads as a change in its own manufacturing plans rather than a verdict on the film: the process it was qualifying almost certainly ran on 200 millimeter wafers, and the move to 300 millimeter wafers sends MST back a stage there rather than ruling it out. Because: ST had installed the MST film recipe and accepted the film before it stopped, and the filing gives the reason as its decision to migrate development of the process to 300mm wafers. [39] Atomera's own leased reactors take 200 millimeter and 300 millimeter wafers and nothing smaller, so the wafers it processed for customers were one of those two sizes. [49] The filing warns in general terms that licensees may decline the next license phases for reasons unrelated to the price or performance of MST. [96] The agreement is described as on hold in the qualification phase, not as ended. [40] Confidence 55 of 100. Wrong if: A statement by ST, or a later Atomera filing, saying MST fell short of ST's technical requirements, or showing that the process ST was qualifying already ran on 300 millimeter wafers.
• The unnamed global leader in chip fabrication technology that signed the April 2025 marketing agreement is more likely Applied Materials than any other equipment maker. Because: The partner is an equipment vendor: the two companies are perfecting MST on the vendor's own reactors, and the filing calls it one of the leading semiconductor capital equipment vendors and a trusted supplier to the largest chipmakers. [66, 67, 68] Atomera already leases an Applied Materials Centura reactor directly from Applied Materials, installed in a cleanroom in the building it rents in Tempe, which is a standing commercial relationship with that maker. [49] Its other reactor, an ASM Epsilon, is leased from Lawrence Semiconductor rather than from the maker, so no comparable direct tie is on the record. [49] The filing says it has deposited MST on tools made by each of the leading epitaxial deposition equipment suppliers, so more than one maker was a candidate. [68] Confidence 40 of 100. Wrong if: A filing or announcement naming the partner as another equipment maker, such as ASM International or Tokyo Electron.
• Atomera is paid for by its shareholders rather than by its customers: the sale of new shares, not license fees, is what decides how long it can keep pushing MST toward production. Because: Revenue in 2025 was 65,000 dollars while operations used 14.9 million dollars of cash. [46, 92] In the same year it raised about 7.6 million dollars after costs by selling about 1.6 million shares, and in February 2026 about 23.6 million more by selling 5,000,000 shares to institutional investors. [73, 74, 75, 76] The filing says that if license fees and royalties do not arrive in time to meet its cash needs it will need to raise more capital, and that the money in hand covers at least the next 24 months. [77, 97] Shareholders are being asked to increase the authorized common stock to 95 million shares. [78] Confidence 88 of 100. Wrong if: A year in which license fees and royalties cover the cash the company's operations use, with no sale of new shares.

Sources

1. Atomera Incorporated, Form DEF 14A filed 2026-03-27: “Mr. Bibaud has served as our President, Chief Executive Officer and a director since October 2015. Mr. Bibaud has been active in the semiconductor industry for over 30 years.”
2. Atomera Incorporated, Form DEF 14A filed 2026-03-27: “Prior to joining Atomera, Mr. Bibaud was an executive-in-residence at Foundation Capital, a venture capital firm where he was active in portfolio semiconductor companies and evaluating potential new investments. From June 2012 to August 2014, he was senior vice president and general manager of Altera’s Communications and Broadcast Division. From June 2000 to May 2011, he was at Broadcom as executive vice president and general manager of the mobile platforms group.”
3. Atomera Incorporated, Form DEF 14A filed 2026-03-27: “Dr. Robert Mears is the founder of our Company and has served as our Chief Technology Officer since inception. Dr. Mears also served as our president from inception to October 2015. Dr. Mears co-developed a transformative technology for long-distance optical networks in the late 1980’s and has authored or co-authored approximately 180 publications and numerous patents. He is an Emeritus Fellow of Pembroke College, Cambridge, England.”
4. Atomera Incorporated, Form DEF 14A filed 2026-03-27: “Francis Laurencio has served as our Chief Financial Officer since February 2016. Prior to joining Atomera, Mr. Laurencio served as chief financial officer of Sycomp, A Technology Company Inc. from February 2013 to July 2015 and head of global compliance from July 2015 to January 2016. Mr. Laurencio also served as chief financial officer of Orbis Global, Inc. from January 2012 to December 2012 (through its acquisition by Infor) and chief financial officer of Smapper Technologies, Inc. from December 2009 to December 2011.”
5. Atomera Incorporated, Form 10-K filed 2026-02-24: “Our lead technology, named Mears Silicon Technology™, or MST®, is a thin film of reengineered silicon, typically 100 to 300 angstroms (or approximately 20 to 60 silicon atomic unit cells) thick.”
6. Atomera Incorporated, Form DEF 14A filed 2026-03-27: “Our Board currently consists of five members, four of whom are independent under the listing standards for independence of the NASDAQ and Rule 10A-3 under the Securities Exchange Act of 1934”
7. Atomera Incorporated, Form DEF 14A filed 2026-03-27: “Mr. Gerber has served as a member of our Board since 2007 and Chairman of the Board since 2011. For the past ten years, Mr. Gerber has served as managing partner of Four Points, a specialty investment group”
8. Atomera Incorporated, Form DEF 14A filed 2026-03-27: “Mr. Shevick has served as a member of our Board since August 2016.”
9. Atomera Incorporated, Form DEF 14A filed 2026-03-27: “From 1995 to 2005, Mr. Shevick served in the roles of general counsel and chief financial officer of Synopsys, Inc., a leading provider of electronic design automation software for the semiconductor industry.”
10. Atomera Incorporated, Form DEF 14A filed 2026-03-27: “Ms. Le has served as a member of our Board since October 2019. Ms. Le retired in July 2017 from Texas Instruments Inc., or TI, one of the leading semiconductor companies in the world, where she held various positions since 2002. Ms. Le was elected Senior Fellow in 2002 and is the only woman in TI’s history elected to this highest Fellow rank.”
11. Atomera Incorporated, Form DEF 14A filed 2026-03-27: “Ms. Ramnath has served as a member of our Board since December 2021. Since February 2017, Ms. Ramnath has served as president and chief executive officer of Integra Technologies, a developer of high-performance power RF semiconductors for the defense and aerospace industries. From October 2015 to February 2017, Ms. Ramnath served as division general manager for transceivers at Analog Devices”
12. Atomera Incorporated, Form 10-K filed 2026-02-24: “Since 2017 we have worked in collaboration with Synopsys, Inc., a provider of the most broadly used TCAD simulation software in the semiconductor industry. As a result of our collaboration, we developed our MSTcad software which runs on Synopsys’ Sentaurus TCAD software and enables semiconductor engineers to simulate the benefits of integrating MST in a variety of devices.”
13. Atomera Incorporated, Form DEF 14A filed 2026-03-27: “The Company’s achievement of the annual goals set for 2025 was 86%. However, in light of customer setbacks for the Company in 2025 and to align executive incentives with achievement of meaningful commercial outcomes, the Compensation Committee exercised its discretion to reduce cash bonus payouts to our NEOs and other executive officers by 50% and to our CEO by 100%, but provided our CEO, NEOs and other executive officers the opportunity to earn the portion of bonus that was withheld from 2025 if the Company achieves certain milestones in 2026 related to commercialization of our technology.”
14. Atomera Incorporated, Form DEF 14A filed 2026-03-27: “All current directors and executive officers as a group (7 persons) 3,283,873 8.1%”
15. Atomera Incorporated, Form DEF 14A filed 2026-03-27: “Scott Bibaud (NEO and Director) 1,601,163 (1) 4.0%”
16. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
17. Atomera Incorporated, Form 10-K filed 2026-02-24: “As of the date of this Annual Report, we employ 21 people on a full-time basis.”
18. Atomera Incorporated, Form 10-K filed 2026-02-24: “Our executive offices are presently located in a 4,101 square foot facility in Los Gatos, California pursuant to a five-year lease extension, expiring on March 31, 2031.”
19. Atomera Incorporated, Form 10-K filed 2026-02-24: “Beginning in March 2021, we began leasing 474 square feet of office space in Tempe, Arizona.”
20. Atomera Incorporated, Form 10-K filed 2026-02-24: “Selling and marketing expenses for the years ended December 31, 2025 and 2024 were approximately $758,000 and $1.1 million, respectively, representing a decrease of approximately $295,000, or 28%. The decrease in costs is primarily related to a reduction in headcount which decreased employee-related costs, stock-based compensation and travel expenses, partially offset by increases in recruiting costs to fill open positions.”
21. Atomera Incorporated, Form 10-Q filed 2026-08-06: “The increase is primarily related to a $273,000 increase in employee-related expenses and approximately $70,000 increase in stock-based compensation, all related to an increase in headcount over the prior year.”
22. Atomera Incorporated, Form 10-K filed 2026-02-24: “We believe that by incorporating MST, transistors can be made smaller, with increased speed, reliability and power efficiency. In addition, since MST is an additive and low-cost technology, we believe it can be deployed on an industrial scale, with machines commonly used in semiconductor manufacturing.”
23. Atomera Incorporated, Form 10-K filed 2026-02-24: “We do not design or manufacture wafers or integrated circuits directly. Instead, we develop and license technologies and processes that we believe offer the designers and manufacturers of wafers and integrated circuits a low-cost solution to the industry’s need for greater performance and lower power consumption.”
24. Atomera Incorporated, Form 10-K filed 2026-02-24: “original equipment manufacturers, or OEMs, that manufacture the epitaxial, or epi, machines used to deposit semiconductor layers, such as the MST film, onto silicon wafers”
25. Atomera Incorporated, Form 10-K filed 2026-02-24: “To date, applications of our MST technology have primarily been for power devices, RFSOI devices and advanced CMOS integrated circuits including logic and memory.”
26. Atomera Incorporated, Form 10-K filed 2026-02-24: “A large percentage of the RF front-end components in mobile phones today use products based on RFSOI wafers.”
27. Atomera Incorporated, Form 10-K filed 2026-02-24: “A “commercial license” consists of (i) an R&D license, which grants our customer the rights to install MST on a tool in their fab and to manufacture MST-enabled products, but only for internal use and limited customer sampling and (ii) a high-volume manufacturing, or HVM, license which grants the rights to manufacture and sell MST-enabled products to their customers.”
28. Atomera Incorporated, Form 10-K filed 2026-02-24: “Under our licensing model, the R&D license fee is due upon installation of MST in a tool at our customer’s fab and a larger HVM license fee will be due when our customer completes qualification of MST in their process and before they can sell MST -enabled products to their customers. Upon the grant of an HVM license, our licensees are also required to make royalty payments to us based on the number and/or sales price of MST-enabled products they sell.”
29. Atomera Incorporated, Form 10-K filed 2026-02-24: “We also license our MSTcad® software to customers, enabling them to simulate the effects of MST on their products using Synopsys, Inc.’s technology computer-aided design, or TCAD, software. In addition, we offer fee-based integration engineering services to customers evaluate the effects of MST as integrated into their manufacturing flow.”
30. Atomera Incorporated, Form 10-K filed 2026-02-24: “Depending on each customer’s business model and the negotiated terms of our license agreements, those royalties may be calculated on the basis of wafers or products manufactured and sold that incorporate MST.”
31. Atomera Incorporated, Form 10-K filed 2026-02-24: “Engineering Planning: In this phase we engage in a technical exchange of information under a non-disclosure agreement to understand the customer’s manufacturing process and to determine how best to integrate the deposition of MST film onto the customer’s semiconductor wafers.”
32. Atomera Incorporated, Form 10-K filed 2026-02-24: “MST Integration. Typically, this phase includes several rounds of tests that involve building test devices on a semiconductor wafer using our MST technology within the customer’s manufacturing process flow. In this phase, we perform the MST deposition on customer wafers, so wafers must be shipped back and forth between the customer and Atomera. We believe that this phase will continue to be the longest in our customer engagement process”
33. Atomera Incorporated, Form 10-K filed 2026-02-24: “Process Installation. Prior to enabling a customer to install and use MST technology on epitaxial deposition machines in their own fab, we require execution of an R&D license which grants rights limited to manufacturing MST-enabled products for internal qualification but does not give the customer the right to distribute or sell products that use MST.”
34. Atomera Incorporated, Form 10-K filed 2026-02-24: “Technology qualification. The customer will conduct additional testing to ensure that products developed with the new PDK achieve manufacturing reliability under accelerated test conditions that simulate volume production. Upon successful completion of the qualification phase and execution of a high-volume manufacturing (HVM) license with Atomera, products can be built and shipped using this manufacturing process.”
35. Atomera Incorporated, Form 10-K filed 2026-02-24: “based on our engagements with potential customers to date, we believe the time from initial engagement until our customers incorporate our technologies in their semiconductor products can take 18 to 36 months or longer.”
36. Atomera Incorporated, Form 10-K filed 2026-02-24: “We believe that our success is dependent upon the adoption of our MST technology through to commercial production by at least one IDM, foundry, or fabless semiconductor manufacturer.”
37. Atomera Incorporated, Form 10-K filed 2026-02-24: “While we have entered into one commercial license agreement, four integration license agreements and two joint development agreements, there can be no assurance that any of these relationships will advance to further licensing stages or to royalty-based distribution license agreements.”
38. Atomera Incorporated, Form 10-K filed 2026-02-24: “To date, we have generated revenue from (i) licensing agreements with ST and AKM, both of which are IDMs, one fabless manufacturer and one foundry, (ii) a joint development agreement, or JDA, with a leading semiconductor provider, (iii) engineering services provided to foundries, IDMs and fabless companies and (iv) licensing MSTcad.”
39. Atomera Incorporated, Form 10-K filed 2026-02-24: “ST has successfully installed our MST film recipe and accepted our film under a commercial license agreement executed in April 2023, resulting in the grant of an R&D license to them enabling them to manufacture MST wafers for internal use. However, in October 2025 ST informed us that they would not complete the qualification of MST into their process after deciding to migrate their development of their targeted process to 300mm wafers.”
40. Atomera Incorporated, Form 10-K filed 2026-02-24: “our ability to advance our license agreement with ST Microelectronics (ST) through the qualification phase, where it is currently on hold”
41. Atomera Incorporated, Form 10-K filed 2026-02-24: “We have two JDAs in place. The first is with a leading semiconductor provider for integration of our MST technology into their manufacturing process. Under this JDA, we granted our customer a paid manufacturing license pursuant to which the customer installed the recipe for our MST film into a tool in their fab and was authorized to fabricate semiconductor wafers incorporating MST for internal use, resulting in this customer entering Phase Four.”
42. Atomera Incorporated, Form 10-K filed 2026-02-24: “We continue to work with this customer and, although this JDA does not confer commercial distribution rights, we believe that successful achievement of the JDA milestones is a significant step toward commercialization”
43. Atomera Incorporated, Form 10-K filed 2026-02-24: “We also executed a JDA with a major semiconductor foundry which contains technical targets which, if achieved, should result in paid licenses and engineering services revenue. As of the date of this Annual Report, we are actively engaged running wafers with this second JDA customer to demonstrate MST benefits in their manufacturing process.”
44. Atomera Incorporated, Form 10-K filed 2026-02-24: “We have also entered into integration license agreements with (i) a leading fabless RF semiconductor provider, (ii) a semiconductor foundry and (iii) Asahi Kasei Microdevices, or AKM, which is an IDM and fabless vendor.”
45. Atomera Incorporated, Form 10-K filed 2026-02-24: “AKM, our fabless licensee and our foundry licensee are in our Phase Three (MST Integration).”
46. Atomera Incorporated, Form 10-K filed 2026-02-24: “Revenue for the years ended December 31, 2025 and 2024 was approximately $65,000 and $135,000, respectively. Our revenue in 2025 and 2024 consisted of MSTcad licensing and related consulting services revenue, and engineering services revenue from the delivery of MST wafers.”
47. Atomera Incorporated, Form 10-K filed 2026-02-24: “Primary geographic markets North America $ 65 $ 135 Europe – – Total $ 65 $ 135”
48. Atomera Incorporated, Form 10-K filed 2026-02-24: “One customer represented 77% of revenue and another customer represented 23% of the Company’s revenue during the year ended December 31, 2025. One customer represented 63% of revenue and another customer represented 37% of the Company’s revenue during the year ended December 31, 2024.”
49. Atomera Incorporated, Form 10-K filed 2026-02-24: “We lease two epitaxial deposition reactors to deposit MST on both customer and internal R&D wafers. One of these tools is an Applied Materials Centura reactor which handles both 200mm and 300mm wafers. This dual-chamber tool is leased from Applied Materials and is located in a cleanroom in the same facility where we lease office space in Tempe, Arizona. Our other epi tool is a 200mm ASM Epsilon reactor leased from Lawrence Semiconductor in Tempe Arizona.”
50. Atomera Incorporated, Form 10-K filed 2026-02-24: “our customer engagement process involves fabrication of wafers that incorporate MST deposited by us using our epitaxial deposition tools and then completing the manufacturing of the wafers in our customers’ facilities using their tools.”
51. Atomera Incorporated, Form 10-K filed 2026-02-24: “Our research and development is conducted internally, but we work closely with third parties in the semiconductor industry to evaluate and qualify our technology for incorporation into semiconductor products and fabrication equipment.”
52. The record on this page: the filing record (the EDGAR submissions feed)
53. Atomera Incorporated, Form 10-K filed 2026-02-24: “We were organized as a Delaware limited liability company under the name Nanovis LLC on November 26, 2001. On March 13, 2007, we converted to a Delaware corporation under the name Mears Technologies, Inc. On January 12, 2016, we changed our name to Atomera Incorporated.”
54. Atomera Incorporated, Form 10-K filed 2026-02-24: “Shares of our common stock are listed on the NASDAQ Capital Market under the symbol “ATOM”.”
55. Atomera Incorporated, Form 10-K filed 2026-02-24: “Historically, the development of a new material technology for the semiconductor industry has taken 10-20 years from conceptualization to volume production. Atomera’s MST technology has followed a similar trajectory, from early patents, publications and presentations to the industry to early evaluations and installation at customers.”
56. Atomera Incorporated, Form 10-K filed 2026-02-24: “As of December 31, 2025, we had an accumulated deficit of approximately $241.7 million.”
57. The record on this page: the filing record (the EDGAR submissions feed)
58. Atomera Incorporated, Form 10-K filed 2026-02-24: “As of December 31, 2025, we have been granted 119 patents in the U.S. and 130 abroad and we have 75 pending patent applications in the U.S. and 106 abroad.”
59. Atomera Incorporated, Form 10-K filed 2026-02-24: “In addition, our MST film recipe is confidential know-how, which is only disclosed to customers who have been, at a minimum, a manufacturing licensee and who have executed the appropriate legal agreements. Unlike patents, know-how has no expiration and our film recipe is necessary in order to utilize MST technology.”
60. Atomera Incorporated, Form 10-K filed 2026-02-24: “We believe the enhancements enabled by MST, as demonstrated in simulations and on our own and our customers’ test chips, are approximately equivalent to the enhancements enabled by one-half to a full node of improvement and, therefore, can extend the productive life of capital equipment and wafer fabrication facilities.”
61. Atomera Incorporated, Form 10-K filed 2026-02-24: “We offer MST-SP (between 3-5 volts) and MST-SPX (up to 48V), which are types of MST-enabled power devices that offer what we believe to be industry-leading on-resistance at comparable or improved breakdown voltage and reliability metrics, enabling reduced footprint and thus smaller devices.”
62. Atomera Incorporated, Form 10-K filed 2026-02-24: “We believe that MST-SP and MST-SPX devices will have immediate application in power management integrated circuits (or PMICs) which are pervasive in hand-held, battery-powered devices and elsewhere. The higher voltage MST-SPX devices are applicable to the rapidly growing automotive and data center power sectors.”
63. Atomera Incorporated, Form 10-K filed 2026-02-24: “In 2025 we began offering a variant of MST-SPX optimized for a transistor architecture known as “trenchFETs” which are specifically optimized to handle higher-voltage workloads and are increasingly deployed in data center power supplies.”
64. Atomera Incorporated, Form 10-K filed 2026-02-24: “Starting in 2024, we began applying our technology to wafers used for fabrication of “compound semiconductors” which are devices built using materials other than silicon, such as gallium nitride (GaN), which have properties especially attractive to the power and radio frequency markets.”
65. Atomera Incorporated, Form 10-K filed 2026-02-24: “Preliminary results from our collaboration with Texas State University indicate that MST substrates enable improvements in GaN material quality over standard Si substrates. We are in the process of developing this technology and testing it with first customers.”
66. Atomera Incorporated, Form 10-K filed 2026-02-24: “In April 2025, we entered into a strategic marketing agreement with a global leader in chip fabrication technology aimed at accelerating the adoption of MST for next-generation technologies. This collaboration is focused on GAA (leading-edge logic) and DRAM customers.”
67. Atomera Incorporated, Form 10-K filed 2026-02-24: “Under the agreement, the two companies are collaborating to perfect the implementation of Atomera’s MST technology on the tool vendor’s reactors, thereby offering solutions that we believe are more targeted to customer requirements. As a result of this partnership, Atomera can now approach customers alongside a trusted vendor to the largest semiconductor manufacturers in the world, thus increasing our market reach and accelerating customer decisions on adoption of MST in commercial, high-volume manufacturing.”
68. Atomera Incorporated, Form 10-K filed 2026-02-24: “We have successfully deposited MST using tools made by each of the leading epitaxial deposition equipment suppliers and we believe that if we are successful in our commercialization efforts, these tool OEMs will promote the incorporation of our MST technology as an option to their standard offering. In particular, we have a strategic marketing agreement in place with one of the leading semiconductor capital equipment vendors under which we are developing joint solutions targeted at GAA and DRAM customers.”
69. Atomera Incorporated, Form 10-K filed 2026-02-24: “Shown in the diagram below are two illustrative implementations of MST in GAA transistors, the most advanced type of CMOS device architecture and the predominant one used in GPUs and CPUs in AI data centers.”
70. Atomera Incorporated, Form 10-K filed 2026-02-24: “We compete with IDMs, OEMs, foundries, fabless manufacturers of semiconductors and semiconductor IP licensing companies for the development and commercialization of technologies that improve the performance of semiconductors.”
71. Atomera Incorporated, Form 10-K filed 2026-02-24: “We are not aware of another technology being offered in the market which provides the same technical benefits as MST. Nevertheless, in some cases the engineering teams in our customers, who are developing their own process improvements, may view MST as competitive with their internally-developed solutions. Likewise, third parties like equipment OEMs, universities, or other material providers may offer solutions which have some of the same benefits that MST offers.”
72. Atomera Incorporated, Form 10-K filed 2026-02-24: “For example, the U.S. government has been imposing increasingly strict export controls, particularly on exports to China, which have already impacted the financial performance and business outlook of certain semiconductor vendors and vendors of semiconductor manufacturing equipment. Increased restrictions on the availability and use of critical semiconductor IP and equipment by various foreign entities may limit Atomera’s ability to license our IP in some parts of the world.”
73. Atomera Incorporated, Form 10-K filed 2026-02-24: “we sold approximately 1.6 million shares of our common stock pursuant to our 2022 and 2025 ATM facilities”
74. Atomera Incorporated, Form 10-K filed 2026-02-24: “resulting in approximately $7.6 million of net proceeds to us after deducting commissions and other offering expenses.”
75. Atomera Incorporated, Form 10-K filed 2026-02-24: “On February 24, 2026, we closed on the sale of 5,000,000 shares of our common stock”
76. Atomera Incorporated, Form 10-K filed 2026-02-24: “On February 24, 2026, we completed a registered direct offering of shares of our common stock to institutional investors that resulted in net proceeds to us of approximately $23.6 million after commissions and offering expenses.”
77. Atomera Incorporated, Form 10-K filed 2026-02-24: “We believe that our available working capital as of the date of this report, and after giving effect to our February 2026 registered direct offering, is sufficient to fund our presently forecasted working capital requirements for, at least, the next 24 months following the date of the filing of this report.”
78. Atomera Incorporated, Form DEF 14A filed 2026-03-27: “To approve and adopt an amendment to our Amended and Restated Certificate of Incorporation (“Certificate of Incorporation “) to increase our authorized common stock to 95 million shares.”
79. The record on this page: the filed annual figures (EDGAR's company facts)
80. Atomera Incorporated, Form 10-K filed 2026-02-24: “To date, we have only generated limited revenue from customer engagements for engineering services, integration license agreements, R&D licenses granted under a JDA and under our license agreement with ST and licensing of MSTcad.”
81. Atomera Incorporated, Form 10-K filed 2026-02-24: “In the last three years, semiconductor fabs have generally been running at high capacity as demand is rapidly outpacing capacity, which has made it challenging for us to run wafers through our customers’ fabrication lines.”
82. Atomera Incorporated, Form 10-K filed 2026-02-24: “We have experienced delays in completing the processing of evaluation wafers by our customers as those customers prioritize utilization of their equipment for production use.”
83. Atomera Incorporated, Form 10-K filed 2026-02-24: “Products and services transferred at a point in time $ 61 $ 50 Products and services transferred over time 4 85 Total $ 65 $ 135”
84. Atomera Incorporated, Form 10-K filed 2026-02-24: “The following table provides information about disaggregated revenue by primary geographical markets and timing of revenue recognition for the years ended December 31, 2025 and 2024 (in thousands)”
85. Atomera Incorporated, Form 10-K filed 2026-02-24: “Our engineering service agreements contain a technology grant as well as a performance obligation to deliver wafers with our technology deposited on them. We have historically determined the grant of rights in these agreements is not distinct from the obligation to deliver wafers and accordingly, revenue from these agreements is recognized at the time we deliver wafers.”
86. Atomera Incorporated, Form 10-K filed 2026-02-24: “MSTcad licenses are granted on a monthly or yearly basis and revenue is recognized over time.”
87. Atomera Incorporated, Form 10-K filed 2026-02-24: “In addition, the cost of wafers containing the most advanced devices has increased substantially due to the complexity of those devices, so MSTcad has been increasingly used by existing and potential customers to identify applications where MST can have the greatest benefit.”
88. Atomera Incorporated, Form 10-K filed 2026-02-24: “Cost of revenue was approximately $321,000 and $123,000 for the years ended December 31, 2025 and 2024, respectively.”
89. Atomera Incorporated, Form 10-K filed 2026-02-24: “For the years ended December 31, 2025 and 2024, our operating expenses totaled approximately $20.9 million and $19.3 million, respectively.”
90. Atomera Incorporated, Form 10-K filed 2026-02-24: “we incurred approximately $12.3 million and $11.0 million, respectively, of research and development expense, an increase of approximately $1.3 million, or 12%. This increase was primarily due to an increase of approximately $676,000 in outsourced fabrication costs as well as increases of approximately $487,000 in stock-based compensation expenses and approximately $124,000 in employee-related expenses.”
91. Atomera Incorporated, Form 10-K filed 2026-02-24: “General and administrative costs for the years ended December 31, 2025 and 2024 were approximately $7.8 million and $7.3 million, respectively, representing an increase of approximately $540,000, or 7%. The increase in costs was primarily due to an increase in stock-based compensation expense of approximately $810,000 and an approximately $114,000 increase in corporate legal fees”
92. Atomera Incorporated, Form 10-K filed 2026-02-24: “For the year ended December 31, 2025, we had a net loss of approximately $20.2 million and used approximately $14.9 million of cash and cash equivalents in operations.”
93. Atomera Incorporated, Form 10-Q filed 2026-08-06: “Revenue for the three and six months ended June 30, 2026 was approximately $158,000 and $169,000, respectively. Revenue consisted of engineering services revenue from the delivery of MST wafers.”
94. Atomera Incorporated, Form 10-Q filed 2026-08-06: “Primary geographic markets North America $ 116 $ – $ 127 $ 4 Asia Pacific 42 – 42 – Total $ 158 $ – $ 169 $ 4”
95. Atomera Incorporated, Form 10-K filed 2026-02-24: “If we are able to secure the adoption of our MST by one or more foundries, IDMs or fabless semiconductor manufacturers, we expect that for at least the first few years substantially all of our revenue will be generated from license fees and engineering services before customers commence royalty-bearing shipments.”
96. Atomera Incorporated, Form 10-K filed 2026-02-24: “even if our MST technology is successfully integrated into the licensees’ products, any or all of our licensees may decide, for reasons unrelated to the price or performance of our MST technology, not to enter the subsequent license phases or execute the additional license agreements required to take MST to commercial production.”
97. Atomera Incorporated, Form 10-K filed 2026-02-24: “If we are not able to generate sufficient revenue from license fees and royalties in a time frame that satisfies our cash needs, we will need to raise more capital.”

Who runs it

Bibaud, Scott A. (CEO and President); Laurencio, Francis (CFO); Mears, Robert J (Chief Technology Officer); Gerber, John (director); Le, Duy Loan T (director); Ramnath, Suja (director); Shevick, Steven K (director). 7 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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