Revenue remains highly erratic with a 175% sequential increase in 2026Q1, yet the firm continues to report deep operating losses, evidenced by a -574.9% operating margin in the same period.
| 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 |
|---|
| Sales/Revenue | 72K | 65K | 135K | 550K | 382K | 400K | 62K | 533K | 246K | 110K | 0 | 0 | 0 | 0 |
| Revenue Growth % | -40.5% | -51.85% | -75.45% | 43.98% | -4.5% | 545.16% | -88.37% | 116.67% | 123.64% | - | - | - | - | - |
| Cost of Goods Sold | 786K | 369K | 123K | 28K | 81K | 0 | 13K | 253K | 148K | 39K | 15K | 9.52K | 0 | 0 |
| COGS % of Revenue | - | 567.69% | 91.11% | 5.09% | 21.2% | - | 20.97% | 47.47% | 60.16% | 35.45% | - | - | - | - |
| Gross Profit | -714K | -304K | 12K | 522K | 301K | 400K | 49K | 280K | 98K | 71K | -15K | -9.52K | 0 | 0 |
| Gross Margin % | -991.67% | -467.69% | 8.89% | 94.91% | 78.8% | 100% | 79.03% | 52.53% | 39.84% | 64.55% | - | - | - | - |
| Gross Profit Growth % | - | -2633.33% | -97.7% | 73.42% | -24.75% | 716.33% | -82.5% | 185.71% | 38.03% | 573.33% | -57.61% | - | - | - |
| Operating Expenses | 21.27M | 20.82M | 19.35M | 21.2M | 17.83M | 15.93M | 14.97M | 13.9M | 13.23M | 13.28M | 10M | 5.5M | 3.27M | 2.77M |
| OpEx % of Revenue | - | 32029.23% | 14331.85% | 3854.36% | 4666.75% | 3982.25% | 24143.55% | 2608.82% | 5378.46% | 12073.64% | - | - | - | - |
| Selling, General & Admin | 9.1M | 8.56M | 8.32M | 8.67M | 7.79M | 7.15M | 6.54M | 6.16M | 5.91M | 7.46M | 6.01M | 3.48M | 1.41M | 1.27M |
| SG&A % of Revenue | - | 13175.38% | 6162.22% | 1577.09% | 2039.01% | 1787.5% | 10556.45% | 1155.16% | 2403.66% | 6777.27% | - | - | - | - |
| Research & Development | 12.51M | 12.3M | 11.03M | 12.53M | 10.04M | 8.78M | 8.42M | 7.75M | 7.32M | 5.83M | 3.99M | 2.02M | 1.85M | 1.59M |
| R&D % of Revenue | - | 18927.69% | 8169.63% | 2277.27% | 2627.75% | 2194.75% | 13587.1% | 1453.66% | 2974.8% | 5296.36% | - | - | - | - |
| Other Operating Expenses | -326K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6K | 0 | 0 | 850 | 0 |
| Operating Income | -21.98M | -21.12M | -19.34M | -20.68M | -17.53M | -15.53M | -14.92M | -13.63M | -13.13M | -13.21M | -10M | -5.5M | -3.27M | -2.77M |
| Operating Margin % | -30533.33% | -32496.92% | -14322.96% | -3759.45% | -4587.96% | -3882.25% | -24064.52% | -2556.29% | -5338.62% | -12009.09% | - | - | - | - |
| Operating Income Growth % | - | -9.24% | 6.49% | -17.98% | -12.86% | -4.08% | -9.5% | -3.75% | 0.58% | -32.11% | -81.83% | -68.4% | -17.69% | - |
| EBITDA | -21.63M | -21.07M | -17.97M | -19.24M | -16.02M | -14.74M | -14.74M | -13.45M | -13.1M | -13.19M | -9.98M | -5.49M | -3.26M | -2.77M |
| EBITDA Margin % | -30047.22% | -32423.08% | -13311.85% | -3497.82% | -4193.72% | -3686% | -23775.81% | -2522.89% | -5325.2% | -11991.82% | - | - | - | - |
| EBITDA Growth % | -15.73% | -17.27% | 6.59% | -20.09% | -8.65% | -0.02% | -9.62% | -2.65% | 0.69% | -32.12% | -81.88% | -68.39% | -17.68% | - |
| D&A (Non-Cash Add-back) | 350K | 48K | 1.36M | 1.44M | 1.51M | 785K | 179K | 178K | 33K | 19K | 15K | 9.52K | 5.46K | 4.43K |
| EBIT | -21.25M | -20.11M | -18.31M | -19.6M | -17.19M | -15.52M | -14.88M | -13.63M | -13.13M | -13.21M | -9.97M | -5.5M | -3.26M | -2.77M |
| Net Interest Income | 622K | 877K | 650K | 529K | 85K | -119K | 42K | 325K | 236K | 148K | -2.61M | -1.92M | -553.22K | 0 |
| Interest Income | 858K | 937K | 779K | 723K | 340K | 9K | 42K | 325K | 236K | 148K | 29K | 7.07K | 7.09K | 623.69K |
| Interest Expense | 35K | 60K | 129K | 194K | 255K | 128K | 0 | 0 | 0 | 0 | 2.64M | 1.93M | 560.31K | 0 |
| Other Income/Expense | 946K | 949K | 901K | 887K | 85K | -119K | 42K | 325K | 236K | 142K | -2.61M | -4.01M | -552.37K | -623.69K |
| Pretax Income | -21.04M | -20.17M | -18.43M | -19.79M | -17.44M | -15.65M | -14.88M | -13.3M | -12.9M | -13.07M | -12.61M | -9.51M | -3.82M | -3.4M |
| Pretax Margin % | -29219.44% | -31036.92% | -13655.56% | -3598.18% | -4565.71% | -3912% | -23996.77% | -2495.31% | -5242.68% | -11880% | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 66K | 0 | 0 | 0 | 0 | 14K | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | -0.42% | 0% | 0% | 0% | 0% | -0.11% | 0% | 0% | 0% |
| Net Income | -21.04M | -20.17M | -18.43M | -19.79M | -17.36M | -15.71M | -14.88M | -13.3M | -12.9M | -13.07M | -12.61M | -9.51M | -3.82M | -3.4M |
| Net Margin % | -29219.44% | -31036.92% | -13655.56% | -3598.18% | -4543.46% | -3928.5% | -23996.77% | -2495.31% | -5242.68% | -11880% | - | - | - | - |
| Net Income Growth % | -11.77% | -9.43% | 6.85% | -14.02% | -10.45% | -5.62% | -11.86% | -3.12% | 1.31% | -3.63% | -32.57% | -149.16% | -12.34% | - |
| Net Income (Continuing) | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.60 | -0.65 | -0.68 | -0.80 | -0.75 | -0.70 | -0.78 | -0.81 | -1.02 | -1.08 | -2.22 | -0.84 | -0.34 | -2.76 |
| EPS Growth % | 2.99% | 4.41% | 15% | -6.67% | -7.14% | 10.26% | 3.7% | 20.59% | 5.56% | 51.35% | -164.29% | -147.06% | 87.68% | - |
| EPS (Basic) | - | -0.65 | -0.68 | -0.80 | -0.75 | -0.70 | -0.78 | -0.81 | -1.02 | -1.11 | -2.22 | -0.84 | -0.34 | -2.76 |
| Diluted Shares Outstanding | 35.26M | 30.84M | 27.22M | 24.75M | 23.16M | 22.49M | 18.75M | 15.85M | 12.65M | 12.12M | 5.68M | 11.32M | 11.32M | 1.23M |
| Basic Shares Outstanding | 35.26M | 30.84M | 27.22M | 24.75M | 23.16M | 22.49M | 18.75M | 15.85M | 12.65M | 11.77M | 5.68M | 11.32M | 11.32M | 1.23M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Pre-commercialization revenue stall
As reported in recent financial filings, Atomera's quarterly revenue remains highly erratic, with a 175% sequential increase in 2026Q1 following a period of zero revenue in 2025Q2, highlighting the company's ongoing struggle to transition from sporadic engineering service fees to a sustainable, recurring royalty-based business model.
The extreme fluctuations in top-line performance suggest that revenue is tied to non-recurring project milestones rather than consistent market adoption. Investors should monitor whether these intermittent service engagements eventually convert into long-term licensing agreements, as current figures indicate a lack of predictable growth durability.
Based on the company's income statement data, operating expenses remain consistently elevated, with R&D and SG&A spending significantly exceeding nominal revenue, indicating that the firm's cost structure is currently disconnected from its ability to generate meaningful commercial returns in the competitive semiconductor intellectual property landscape.
The persistent high level of R&D spending reflects the capital-intensive nature of developing proprietary materials science technology. Without a corresponding increase in licensing revenue, this cost structure appears to necessitate ongoing external financing to maintain operations, which may continue to dilute existing shareholders.
According to quarterly income statements, stock-based compensation consistently accounts for a substantial portion of operating expenses, often exceeding $1 million per quarter, which effectively obscures the true cash-based operating burn rate and complicates the assessment of the company's underlying operational efficiency and long-term viability.
The reliance on equity-based incentives suggests management is prioritizing cash preservation, yet this practice creates a persistent drag on earnings per share. Analysts should adjust for these non-cash charges to better understand the actual rate at which the company consumes its capital reserves.
As noted in industry research, the semiconductor roadmap's rapid shift toward Gate-All-Around and RibbonFET architectures poses a significant threat to Atomera's MST, potentially rendering the technology obsolete before it achieves the high-volume integration necessary to justify its current valuation and long-term business model viability.
The risk is not merely whether the technology functions as intended, but whether it remains relevant within the evolving transistor design cycle. If the company fails to secure major foundry adoption within the current architectural window, the opportunity for meaningful royalty revenue may diminish significantly.
Quick answers to the most common questions about buying ATOM stock.
For fiscal year 2025, Atomera Incorporated (ATOM) reported total revenue of $0.1M.
Atomera Incorporated (ATOM) reported a net loss of $20.2M for the fiscal year ending 2025.
Atomera Incorporated (ATOM) reported an operating income of $-21.1M, resulting in an operating profit margin of -32496.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Atomera Incorporated (ATOM) generated $-0.3M in gross profit for the year, representing a gross profit margin of -467.7%. This demonstrates the company's core pricing power and production efficiency.