Free cash flow remains consistently negative, with quarterly outflows ranging between $2.9 million and $4.8 million, while stock-based compensation of $1.4 million in 2026Q1 continues to mask the true magnitude of the operational cash burn.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash from Operations | -14.7M | -14.87M | -13.24M | -14.56M | -12.5M | -12.44M | -12.07M | -10.41M | -9.77M | -9.29M | -6.8M | -4.39M | -2.59M | -2.56M |
| Operating CF Margin % | - | -22878.46% | -9804.44% | -2646.73% | -3271.99% | -3110.25% | -19462.9% | -1952.72% | -3972.76% | -8444.55% | - | - | - | - |
| Operating CF Growth % | -29.66% | -12.35% | 9.07% | -16.47% | -0.47% | -3.1% | -15.94% | -6.5% | -5.21% | -36.62% | -54.98% | -69.17% | -1.45% | - |
| Net Income | -21.04M | -20.17M | -18.43M | -19.79M | -17.44M | -15.71M | -14.88M | -13.3M | -12.9M | -13.07M | -12.61M | -9.51M | -3.82M | -3.4M |
| Depreciation & Amortization | 684K | 300K | 1.36M | 1.44M | 1.51M | 785K | 179K | 178K | 33K | 19K | 15K | 9.52K | 5.46K | 4.43K |
| Stock-Based Compensation | 5.36M | 4.96M | 3.87M | 4.01M | 3.37M | 2.97M | 3.04M | 2.93M | 2.42M | 4.02M | 2.47M | 431.89K | 78.33K | 153.21K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.13M | 0 | 2K | 0 | 3.1M | 0 | 0 |
| Other Non-Cash Items | 289K | 931K | -161K | -257K | 0 | 0 | 141K | 3.13M | 1K | 60K | 2.83M | 1.93M | 558.77K | 684.33K |
| Working Capital Changes | 9K | -891K | 128K | 38K | 69K | -485K | -550K | -215K | 665K | -320K | 500K | -352.54K | 581.82K | 96 |
| Change in Receivables | -13K | 26K | 560K | -581K | 0 | 0 | 0 | 185K | -75K | -110K | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -349K | 535K | -79K | 0 | 0 | 0 | 0 |
| Change in Payables | -85K | 115K | -126K | 221K | 59K | -104K | 127K | -33K | 150K | -155K | 52K | -329.42K | 491.19K | 0 |
| Cash from Investing | -27.03M | 951K | 6.08M | -6.75M | -39K | -109K | -131K | -51K | -23K | -60K | -13K | -3.81K | -26.51K | 0 |
| Capital Expenditures | -33K | -49K | -14K | -31K | -39K | -109K | -131K | -51K | -23K | -60K | -28K | -3.81K | -26.51K | 0 |
| CapEx % of Revenue | 45.83% | 75.38% | 10.37% | 5.64% | 10.21% | 27.25% | 211.29% | 9.57% | 9.35% | 54.55% | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -12K | 0 | 0 | 15K | 0 | 0 | 0 | 0 | -23K | -60K | 15K | 0 | 0 | 0 |
| Cash from Financing | 31.77M | 7.35M | 20.34M | 12.71M | 5.02M | 3.31M | 35.27M | 6.4M | 11.36M | 60K | 30.33M | 7.57M | 2.31M | 2.09M |
| Debt Issued (Net) | -888K | -1.16M | -1.14M | -918K | -984K | -470K | 0 | 0 | 0 | 0 | 5.47M | 1.1M | 2.31M | 0 |
| Equity Issued (Net) | 5.2M | 8.52M | 21.27M | 13.51M | 5.76M | 243K | 33.39M | 6.4M | 11.36M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 27.45M | 0 | 207K | 128K | 244K | 3.53M | 1.88M | 0 | 0 | -60K | 24.87M | 6.47M | 0 | 2.09M |
| Net Change in Cash | -9.96M | -6.57M | 13.19M | -8.59M | -7.51M | -9.24M | 23.07M | -4.06M | 1.56M | -9.35M | 23.52M | 3.18M | -311.2K | -463.61K |
| Free Cash Flow | -14.73M | -14.87M | -13.25M | -14.59M | -12.54M | -12.55M | -12.2M | -10.46M | -9.8M | -9.35M | -6.83M | -4.39M | -2.62M | -2.56M |
| FCF Margin % | -20456.94% | -22878.46% | -9814.81% | -2652.36% | -3282.2% | -3137.5% | -19674.19% | -1962.29% | -3982.11% | -8499.09% | - | - | - | - |
| FCF Growth % | -6.11% | -12.23% | 9.17% | -16.35% | 0.1% | -2.89% | -16.63% | -6.77% | -4.78% | -36.94% | -55.48% | -67.6% | -2.49% | - |
| FCF per Share | -0.42 | -0.48 | -0.49 | -0.59 | -0.54 | -0.56 | -0.65 | -0.66 | -0.77 | -0.77 | -1.20 | -0.39 | -0.23 | -2.08 |
| FCF Conversion (FCF/Net Income) | 0.70x | 0.74x | 0.72x | 0.74x | 0.72x | 0.79x | 0.81x | 0.78x | 0.76x | 0.71x | 0.54x | 0.46x | 0.68x | 0.75x |
| Interest Paid | 30K | 0 | 0 | 194K | 255K | 128K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 66K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent cash burn trajectory
According to quarterly financial statements, Atomera consistently reports operating cash flow deficits that track closely with net losses, with an OCF/NI ratio averaging approximately 0.73, indicating that non-cash expenses like stock-based compensation provide only a limited buffer against the company's ongoing cash-based operational losses.
The persistent gap between net income and operating cash flow suggests that the company's accounting losses are largely reflective of actual cash outflows rather than non-cash accounting adjustments. Investors should monitor this relationship, as the inability to decouple cash burn from net losses highlights the absence of a self-sustaining operational model.
As reported in recent filings, Atomera's free cash flow remains deeply negative, with quarterly outflows consistently ranging between $2.9 million and $4.8 million, underscoring a business model that is currently entirely dependent on external capital to fund its research and development activities.
The lack of positive free cash flow is a structural feature of the firm's pre-commercial status, but the consistency of these outflows suggests that the company has yet to achieve the operational leverage required to stabilize its cash position. This trajectory warrants further investigation into the timing of potential royalty-based revenue streams.
Based on the provided cash flow data, stock-based compensation consistently adds back over $1 million per quarter to the cash flow statement, which effectively obscures the true magnitude of the company's cash-based operating expenses and complicates the assessment of underlying operational efficiency.
While SBC is a standard tool for talent retention in pre-revenue firms, its scale relative to the company's nominal revenue suggests that the true cost of operations is significantly higher than the cash flow statement might imply. This reliance on equity-based incentives may continue to dilute shareholders while the company struggles to reach commercial scale.
Analysis of recent financial disclosures reveals erratic working capital movements, including a $900,000 outflow in 2025Q1 followed by a $570,000 inflow in 2025Q3, reflecting the lumpy and unpredictable nature of milestone-based revenue recognition in the company's current engineering service model.
These fluctuations suggest that the company's cash position is highly sensitive to the timing of specific project completions rather than a steady, predictable operational cycle. Such volatility makes it difficult to forecast short-term liquidity needs and highlights the risks inherent in a business model lacking recurring revenue.
Quick answers to the most common questions about buying ATOM stock.
Atomera Incorporated (ATOM) generated $-14.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Atomera Incorporated (ATOM) reported negative free cash flow of $14.9M in 2025, indicating capital requirements exceeded cash from operations.
Atomera Incorporated (ATOM) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.