Atomera

ATOM · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

ATOM · Last close · November 6, 2026

$3.01

Atomera's revenue fell 51.9% to $0 million in fiscal 2025. Its operating margin was −32,496.9%, down from −14,323.0% a year earlier. Free cash flow was −$15 million. The diluted share count rose 13.3%.

ATOMERA INCORPORATED Latest fiscal year ended December 31, 2025 10-K filed February 24, 2026 · 0001683168-26-001291 Updated November 8, 2026

Revenue

$0M

51.9%

Operating margin

−32,496.9%

18174.0 pts

Net income

−$20M

Free cash flow

−$15M

Return on equity

−92.8%

7.6 pts

Market cap

$117M

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Atomera does

Atomera develops and licenses a chip-making technology called Mears Silicon Technology, or MST. MST is a thin film of re-engineered silicon that the company says lets transistors be made smaller, faster and more power efficient. It does not design or make wafers or chips itself.

Its customers and partners are foundries, chip makers that run their own factories, chip designers without factories, wafer makers, makers of the machines that lay down thin silicon films, and design-software companies. So far MST has mainly been applied to power devices, radio-frequency chips and advanced logic and memory chips.

Atomera aims to make money from license fees and royalties. A customer pays one fee when it installs MST on a tool for research use, a larger fee when it is cleared to make MST chips for sale, and then royalties on the chips it sells. The company also licenses simulation software, MSTcad, and sells paid engineering services and joint development work to help customers test MST in their own processes. It says it has recognized only minimal revenue so far.

Its biggest risks, as it describes them

It has little revenue so far, and its licensing model is still unproven.
Its license with STMicroelectronics is on hold during the qualification phase.
Customers may not move from testing to paid production licenses, so royalties may not follow.
It has a history of large operating losses and expects more losses.
It may need to raise more money, and it must protect its patents.

From Atomera's annual report on Form 10-K, filed February 24, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Atomera lost money in fiscal 2025: a net loss of $20 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	29	21	20	27	19
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	−121.3x	−68.7x	−106.6x	−149.9x	−352.1x
Current ratio	10.5x	7.4x	5.3x	7.6x	9.8x
Quick ratio	10.5x	7.4x	5.3x	7.6x	9.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Atomera's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Atomera's projections

Insider trades

No officer, director or 10% owner of Atomera reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	−2,608.4%	−9,890.3%	−23,005.7%
Altman Z''	−25.55	−17.45	−31.49
Accruals ratio	−20.6%	−19.6%	−21.1%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Fail	Fail
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Fail	Fail
Revenue rose relative to assets	Pass	Fail	Fail
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Atomera side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Atomera	FY25	−51.9%	−32,496.9%	−22,953.8%	—	—	—
Aeluma	FY26	−4.4%	−228.3%	−87.7%	—	—	—	Compare
GSI Technology	FY26	22.4%	−69.6%	−65.3%	—	—	—	Compare
NVE	FY26	1.8%	60.5%	55.0%	—	—	—	Compare
Blaize	FY25	2,386.0%	−268.8%	−192.9%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	0	0	0	0	0	0	0	0	0	0
Revenue growth	—	—	123.6%	116.7%	−88.4%	545.2%	−4.5%	44.0%	−75.5%	−51.9%
Gross profit	0	0	0	0	0	0	0	0	0	−0
Research and development	4	6	7	8	8	9	10	12	11	12
Operating income	−10	−13	−13	−14	−15	−16	−18	−21	−19	−21
Net income	−13	−13	−13	−13	−15	−16	−17	−20	−18	−20
Diluted EPS (US$)	−2.22	−1.11	−1.02	−0.84	−0.79	−0.70	−0.75	−0.80	−0.68	−0.65
Diluted shares (millions)	6	12	13	16	19	22	23	25	27	31
Cash flow
Cash from operations	−7	−9	−10	−10	−12	−12	−12	−15	−13	−15
Capital expenditure	0	0	0	0	0	0	0	0	0	0
Free cash flow	−7	−9	−10	−10	−12	−13	−13	−15	−13	−15
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	2	4	2	3	3	3	3	4	4	5
Balance sheet at fiscal year end
Cash and short-term investments	27	17	19	15	38	29	21	20	27	19
Debt incl. finance leases	—	—	—	—	—	—	—	—	—	—
Total assets	27	18	19	15	39	36	27	24	29	21
Total liabilities	1	1	2	2	2	8	6	6	4	3
Shareholders' equity	26	17	18	14	37	28	20	18	25	18
Margins and ratios
Gross margin	—	64.5%	39.8%	52.5%	79.0%	100.0%	78.8%	94.9%	8.9%	−393.9%
Operating margin	—	−12,009.1%	−5,338.6%	−2,556.3%	−24,064.5%	−3,882.2%	−4,588.0%	−3,759.4%	−14,323.0%	−32,496.9%
Net margin	—	−11,880.0%	−5,242.7%	−2,495.3%	−23,996.8%	−3,928.5%	−4,565.7%	−3,598.2%	−13,655.6%	−31,036.9%
Free cash flow margin	—	−8,499.1%	−3,982.1%	−1,962.3%	−19,674.2%	−3,137.5%	−3,282.2%	−2,652.4%	−9,814.8%	−22,953.8%
Rule of 40 (growth + FCF margin)	—	—	−3,858.5%	−1,845.6%	−19,762.6%	−2,592.3%	−3,286.7%	−2,608.4%	−9,890.3%	−23,005.7%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	−198.2%	−61.2%	−74.5%	−84.4%	−58.2%	−47.8%	−71.6%	−102.8%	−85.2%	−92.8%
Return on assets	−83.2%	−58.5%	−69.4%	−76.9%	−54.5%	−41.6%	−55.5%	−78.0%	−69.4%	−80.3%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Atomera's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Atomera.