Atomera Incorporated reported its financial results for the three and nine months ended September 30, 2024, showing a modest increase in revenue and a reduction in net losses compared to the same period in the previous year. The company generated revenue of $22,000 for the third quarter of 2024, a significant increase from $0 in the same quarter of 2023. For the nine months ended September 30, 2024, revenue totaled $112,000, again up from $0 in the prior year. This revenue primarily stemmed from engineering service contracts and licensing agreements, including a notable license agreement with ST Microelectronics.
Total operating expenses for the third quarter of 2024 were $4.8 million, down from $5.4 million in the same quarter of 2023. For the nine-month period, operating expenses decreased to $14.5 million from $15.9 million year-over-year. The reduction in expenses was attributed to lower research and development costs, which fell to $2.8 million in Q3 2024 from $3.3 million in Q3 2023, and to $8.2 million for the nine months ended September 30, 2024, compared to $9.5 million in the same period of 2023.
Despite the increase in revenue and decrease in expenses, Atomera reported a net loss of $4.6 million for the third quarter of 2024, slightly improved from a net loss of $5.0 million in the same quarter of 2023. For the nine months ended September 30, 2024, the net loss was $13.8 million, compared to a loss of $15.2 million in the prior year. The net loss per share for the third quarter was $(0.17), an improvement from $(0.20) in the same period of 2023.
As of September 30, 2024, Atomera's total assets were $20.1 million, down from $24.0 million at the end of 2023. Total liabilities decreased to $4.2 million from $5.9 million, while total stockholders' equity also declined to $15.9 million from $18.2 million. The company reported cash and cash equivalents of approximately $13.8 million, an increase from $12.6 million at the end of September 2023.
In terms of financing, Atomera sold approximately 1.9 million shares through its equity distribution agreement during the nine months ended September 30, 2024, generating net proceeds of approximately $8.5 million. The company believes it has sufficient capital to fund its operations for at least the next 12 months.
About Atomera Inc
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