Atomera (ATOM) AI Stock Analysis

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Atomera

(NASDAQ:ATOM)

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Rating:42Neutral

Price Target:$3.00▼(-1.64% Downside)

Action:reiterated

Date:10/31/26

ATOM scores low primarily due to very weak operating fundamentals (minimal/volatile revenue, deep losses, and persistent cash burn) and a bearish technical setup (price below key moving averages with negative MACD). The earnings call adds some support via reported milestone progress and pipeline breadth, but near-term revenue visibility and cash usage remain significant risks, while valuation is hard to justify on earnings given the negative P/E.

Positive Factors

Proprietary IP licensing modelAtomera’s proprietary MST gives it an IP-based business model that can address multiple semiconductor process applications without relying on high-volume chip production. If customers qualify the technology, licensing and usage-based payments could create scalable revenue across several manufacturers and device categories.

Negative Factors

Persistent cash burnSustained negative operating and free cash flow means Atomera is not currently funding its operations internally. Continued investment before meaningful customer production ramps could reduce liquidity over the next several quarters, making financial flexibility dependent on existing resources or external funding.

Atomera (ATOM) vs. SPDR S&P 500 ETF (SPY)

Market Cap: $125.85M
Dividend Yield: ―
Average Volume (3M): 560.22K
Price to Earnings (P/E): -5.1
Beta (1Y): 2.30
Revenue Growth: 476.32%
EPS Growth: 6.65%
Country: US
Employees: 21
Sector: Technology
Sector Strength: 61
Industry: Semiconductors

Atomera Business Overview & Revenue Model

Company Description

Atomera Incorporated develops, commercializes, and licenses its unique materials, processes, and technologies for the semiconductor sector across North America and the Asia Pacific region. Central to its offerings is the Mears Silicon Technology (MST...

How the Company Makes Money

Atomera primarily makes money by licensing its MST technology and related intellectual property to semiconductor companies. Revenue is generally generated through (1) license fees (including upfront/initial fees associated with executing a license ag...

Atomera Earnings Call Summary

Earnings Call Date:Oct 28, 2026(Q3-2026)|% Change Since:-7.85%|Next Earnings Date:Feb 15, 2027

Earnings Call SentimentPositive

The call emphasized significant technical and commercial progress, including meeting the gate-all-around engagement target, expanding into DRAM and NAND, advancing analog, power and RF programs, and establishing an IQE manufacturing relationship for GaN-on-silicon. However, Atomera generated no revenue in the quarter, continued to report losses, faces higher year-over-year costs and limited revenue and production visibility, and expects higher Q4 cash use. The breadth of the pipeline and stated milestone progress outweighed the financial and execution uncertainties.

Positive Updates

Gate-All-Around Engagement Target Achieved

Atomera met its February objective by becoming actively engaged with 3 of the 4 companies developing gate-all-around technology and remaining in active dialogue with the fourth. Two customers are running development demonstrations on their silicon, while a third is in the early evaluation stage.

Negative Updates

No Revenue Recognized in Q3

Atomera recognized no revenue in Q3 2026, compared with $11,000 in Q3 2025 and $158,000 in Q2 2026. Management said revenue from wafer deliveries is lumpy and that no wafer shipments qualified for revenue recognition in Q3.

Company Guidance

Atomera expects to recognize revenue for wafer deliveries this quarter of approximately $50,000, and still expects 2026 non-GAAP operating expense to be approximately $18.5 million for the year, plus or minus $250,000, with the expectation at the high end of that range; operating cash used will step up this quarter, primarily because of a roughly $1.4 million onetime payment made on October 1 that prepays the lease for the company’s 200-millimeter tool for all of 2027, while it is too early to give guidance on 2027 expenses.

Atomera Financial Statement Overview

Summary

Financial profile remains high risk: revenue is extremely small and volatile, profitability is deeply negative (negative gross profit and large operating/net losses), and cash flow is consistently negative with ongoing free-cash-flow burn (~-$14.9M TTM). The balance sheet is a relative positive with modest leverage (debt-to-equity ~0.09), but continued losses and cash burn can erode equity and liquidity over time.

Income Statement

12Very Negative

Balance Sheet

58Neutral

Cash Flow

18Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	219.00K	65.00K	135.00K	550.00K	382.00K	400.00K
Gross Profit	-74.00K	-256.00K	12.00K	522.00K	301.00K	400.00K
EBITDA	-23.00M	-18.88M	-16.94M	-18.16M	-15.68M	-14.73M
Net Income	-22.84M	-20.17M	-18.43M	-19.79M	-17.36M	-15.71M
Balance Sheet
Total Assets	38.44M	21.09M	29.12M	24.03M	26.73M	36.06M
Cash, Cash Equivalents and Short-Term Investments	34.83M	19.21M	26.77M	19.53M	21.18M	28.70M
Total Debt	2.93M	1.28M	1.98M	3.64M	4.88M	6.54M
Total Liabilities	5.64M	2.71M	4.05M	5.86M	6.42M	7.68M
Stockholders Equity	32.79M	18.38M	25.08M	18.17M	20.31M	28.38M
Cash Flow
Free Cash Flow	-14.91M	-14.87M	-13.25M	-14.59M	-12.54M	-12.55M
Operating Cash Flow	-14.90M	-14.87M	-13.24M	-14.56M	-12.50M	-12.44M
Investing Cash Flow	-11.42M	951.00K	6.08M	-6.75M	-39.00K	-109.00K
Financing Cash Flow	29.27M	7.35M	20.34M	12.71M	5.02M	3.31M

Atomera Technical Analysis

Technical Analysis SentimentNegative

Last Price3.05

Price Trends

50DMA3.91Negative

100DMA5.15Negative

200DMA5.50Negative

Market Momentum

MACD-0.29Negative

RSI39.95Neutral

STOCH62.86Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ATOM, the sentiment is Negative. The current price of 3.05 is below the 20-day moving average (MA) of 3.42, below the 50-day MA of 3.91, and below the 200-day MA of 5.50, indicating a bearish trend. The MACD of -0.29 indicates Negative momentum. The RSI at 39.95 is Neutral, neither overbought nor oversold. The STOCH value of 62.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ATOM.

Atomera Risk Analysis

Atomera disclosed 24 risk factors in its most recent earnings report. Atomera reported the most risks in the "Finance & Corporate" category.

Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy

Latest Risks Added

1 New Risk

1.The primary risk factors affecting our business have not changed materially from the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 24, 2026.Q2, 2026

Atomera Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

ATOM against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NVEC	75Outperform	$375.80M	20.69	30.52%	5.23%	24.06%	29.27%
Sector *	61Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
MRAM	53Neutral	$331.40M	-32.63	-14.09%	―	28.74%	-1527.71%
ALMU	49Neutral	$145.63M	-14.39	-20.50%	―	-4.37%	-118.50%
ATOM	42Neutral	$130.73M	-5.12	-70.93%	―	476.32%	6.65%
MX	42Neutral	$91.68M	-2.94	-12.72%	―	-18.29%	8.69%
SMTK	41Neutral	$287.54K	-0.00	-1395.00%	―	582.47%	55.33%

* Technology Sector Average

Performance Comparison

ATOM and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
ATOM	Atomera Inc	3.05	0.23	8.16%
MX	MagnaChip Semiconductor	2.52	-0.04	-1.56%
NVEC	NVE Corporation	80.39	16.21	25.26%
MRAM	Everspin Technologies Inc	13.55	3.02	28.68%
SMTK	Smartkem, Inc.	0.33	-91.17	-99.64%
ALMU	Aeluma, Inc.	7.50	-8.09	-51.89%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 31, 2026

Atomera AI Stock Analysis