Atomera (ATOM) AI Stock Analysis

• Market Cap: $202.77M
• Dividend Yield: N/A
• Average Volume (3M): 464.54K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.61
• Revenue Growth: -94.26%
• EPS Growth: 3.20%
• Country: US
• Employees: 20
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): -0.14
• Shares Outstanding: 38,696,148
• 10 Day Avg. Volume: 463,975
• 30 Day Avg. Volume: 464,540
• PEG Ratio: 0.77
• Price to Book (P/B): 3.71
• Price to Sales (P/S): 1048.70
• P/FCF Ratio: -4.58
• Enterprise Value/Market Cap: 0.73
• Enterprise Value/Revenue: 2.29K
• Enterprise Value/Gross Profit: -250.07
• Enterprise Value/Ebitda: -7.65
• 1Y Price Target: $7.00
• Price Target Upside: 33.59% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.54
• Revenue Forecast (FY): $400.00K

• Rating: 55 Neutral
• Price Target: $5.00 ▼(-4.58% Downside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

The score is held back primarily by weak financial performance (minimal revenue, deep losses, and ongoing cash burn), partially offset by strong technical price momentum and constructive but still early-stage commercialization commentary from the earnings call. Valuation provides limited support given the company’s loss-making profile and lack of dividend.

Positive Factors

Breakthrough GAA technical validation

Definitive GAA silicon results demonstrate MST’s technical compatibility with leading advanced-node transistor architectures, creating a durable competitive edge. Success in GAA increases addressable market (TSMC, Samsung, Intel) and shortens path from evaluation to licensing if customers confirm performance in their process flows.

Strategic equipment OEM partnership

A formal OEM partnership reduces adoption friction by integrating MST validation into customer tooling and supply chains. OEM endorsement helps scale customer trials, improves credibility with foundries/IDMs, and materially raises the probability that MST becomes an incorporated process step across multiple manufacturers.

Registered direct offering strengthens runway

A $25M registered direct offering meaningfully bolsters near-term liquidity and extends the company’s runway, reducing immediate financing pressure. Improved cash resources allow sustained R&D, wafer runs, and customer qualification cycles critical to converting technical wins into recurring license and royalty revenues.

Negative Factors

Extremely low current revenue base

Revenue is effectively immaterial relative to cost structure, indicating commercialization remains nascent. Low current receipts mean the business depends on converting lengthy qualification cycles into licensing or royalties; until then, operating losses will persist and scaling economics remain unproven.

Persistent cash burn and declining cash balance

Sustained negative operating cash flows materially shorten runway absent further financing. Persistent cash burn forces management to prioritize funding over growth, increases dilution risk, and constrains the company’s ability to finance the multiple 6–9 month customer qualification cycles needed to generate durable licensing revenue.

Ongoing net losses, dilution and capital erosion

Large recurring losses erode equity and have required dilutive financings, which dilute shareholders and can signal recurring funding needs. Continued reliance on equity to fund operations highlights weak internal cash generation and elevates execution risk if commercial milestones are delayed or fail to scale.

Atomera Business Overview & Revenue Model

Company Description

Atomera Incorporated develops, commercializes, and licenses proprietary materials, processes, and technologies for the semiconductor industry in North America and the Asia Pacific. The company's lead technology is the Mears Silicon Technology, a thin film of reengineered silicon that can be applied as a transistor channel enhancement to CMOS-type transistors. Its customers include foundries, integrated device manufacturers, fabless semiconductor manufacturers, original equipment manufacturers, and electronic design automation companies. The company was formerly known as Mears Technologies, Inc. and changed its name to Atomera Incorporated in January 2016. Atomera Incorporated was incorporated in 2001 and is headquartered in Los Gatos, California.

How the Company Makes Money

Atomera generates revenue primarily through licensing its MST technology to semiconductor manufacturers. The company charges fees for the license agreements that allow clients to integrate Atomera's technology into their production processes. Additionally, Atomera may earn revenue from research and development contracts, collaborations with industry partners, and potential royalties based on the sales of products that utilize MST. Key partnerships with major semiconductor firms are crucial, as they not only provide direct revenue but also validate Atomera's technology, leading to wider adoption and increased sales opportunities.

Atomera Financial Statement Overview

Summary

Overall financials indicate a business that is not yet self-sustaining: revenue remains extremely small and volatile (2025 revenue ~$0.07M) with deeply negative profitability (EBIT loss ~$21.1M) and persistent cash burn (2025 operating cash flow about -$14.9M). Low leverage helps reduce balance-sheet risk, but equity has declined materially over time, reflecting ongoing losses.

Income Statement

Revenue is highly volatile and remains extremely small relative to the cost base (2025 annual revenue of ~$0.07M vs. EBIT loss of ~$21.1M). While 2025 shows a large percentage revenue increase, profitability deteriorated sharply with negative gross profit and deeply negative margins, indicating weak operating leverage and limited near-term path to break-even based on the provided results.

Balance Sheet

Leverage is low (debt-to-equity ~0.08–0.24 across the period; ~0.11 in 2025), which reduces balance-sheet risk. However, equity has trended down meaningfully (from ~$37.3M in 2020 to ~$18.4M in 2025) and returns on equity are consistently very negative, reflecting ongoing losses that continue to erode the capital base.

Cash Flow

Cash burn is persistent and sizable, with operating cash flow negative every year (about -$12M to -$15M, including -$14.9M in 2025) and free cash flow also consistently negative. Free cash flow broadly tracks net losses (roughly 1x), suggesting losses are translating into real cash outflows and increasing the likelihood of future funding needs if conditions don’t improve.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	65.00K	135.00K	550.00K	382.00K	400.00K
Gross Profit	-304.00K	12.00K	522.00K	301.00K	400.00K
EBITDA	-20.07M	-16.94M	-18.16M	-15.68M	-14.73M
Net Income	-20.17M	-18.43M	-19.79M	-17.36M	-15.71M
Balance Sheet
Total Assets	21.09M	29.12M	24.03M	26.73M	36.06M
Cash, Cash Equivalents and Short-Term Investments	19.21M	26.77M	19.53M	21.18M	28.70M
Total Debt	1.99M	1.98M	3.64M	4.88M	6.54M
Total Liabilities	2.71M	4.05M	5.86M	6.42M	7.68M
Stockholders Equity	18.38M	25.08M	18.17M	20.31M	28.38M
Cash Flow
Free Cash Flow	-14.87M	-13.25M	-14.59M	-12.54M	-12.55M
Operating Cash Flow	-14.87M	-13.24M	-14.56M	-12.50M	-12.44M
Investing Cash Flow	951.00K	6.08M	-6.75M	-39.00K	-109.00K
Financing Cash Flow	7.35M	20.34M	12.71M	5.02M	3.31M

Atomera Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.24
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ATOM, the sentiment is Positive. The current price of 5.24 is above the 20-day moving average (MA) of 4.22, above the 50-day MA of 3.15, and above the 200-day MA of 3.93, indicating a bullish trend. The MACD of 0.79 indicates Negative momentum. The RSI at 58.18 is Neutral, neither overbought nor oversold. The STOCH value of 34.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ATOM.

Atomera Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
MRAM	57 Neutral	$260.34M	-455.60	-0.91%	―	-0.41%	-134.49%
ASYS	56 Neutral	$202.27M	-6.57	-44.72%	―	-21.59%	-254.69%
ATOM	55 Neutral	$202.77M	-8.00	-116.86%	―	-94.26%	3.20%
AXTI	52 Neutral	$2.56B	-94.88	-9.12%	―	-4.54%	-119.39%
SQNS	46 Neutral	$50.55M	―	-120.36%	―	2.80%	―
WKEY	42 Neutral	$78.63M	-8.72	-24.81%	―	-42.77%	83.21%

Atomera Corporate Events

Atomera Announces $25 Million Registered Direct Offering

On February 23, 2026, Atomera Incorporated entered into a securities purchase agreement with institutional investors for a registered direct offering of 5,000,000 common shares at $5.00 each, for expected gross proceeds of $25 million. The deal, conducted under an effective shelf registration, was scheduled to close on or about February 24, 2026, with Craig-Hallum Capital Group acting as sole placement agent.

Atomera plans to use the net proceeds for working capital and general corporate purposes, strengthening its financial flexibility as it advances its semiconductor materials licensing business. The company, its executives and directors agreed to 90-day restrictions on additional stock issuances and insider share disposals, aligning stakeholders during the immediate post-offering period.

The most recent analyst rating on (ATOM) stock is a Buy with a $7.00 price target. To see the full list of analyst forecasts on Atomera stock, see the ATOM Stock Forecast page.