Exhibit 99.1

Atomera Provides Third Quarter 2024 Results

LOS GATOS, Calif. Oct. 29, 2024 Atomera Incorporated (NASDAQ: ATOM), a semiconductor materials and technology licensing company, today provided a corporate update and announced financial results for the third quarter ended Sept. 30, 2024.

Recent Company Highlights

· Announced a collaboration with the Center for Integrated Nanotechnologies (CINT) at Sandia National Laboratories to validate MST’s ability to address GaN manufacturing challenges

· Presented on the advantages of using MST in multiple applications at PRiME 2024

Management Commentary

“Our recent collaboration with Sandia National Laboratories CINT highlights the expanding opportunities for Atomera in the power segment of the semiconductor industry to supplement the strong progress we’ve made with our lead customer in this area,” said Scott Bibaud, President and CEO. “We are optimistic about accelerating engagements in our other segments which we believe will lead to the announcement of licenses and JDAs with more customers in the near term.”

Financial Results

The Company incurred a net loss of ($4.6) million, or ($0.17) per basic and diluted share in the third quarter of 2024, compared to a net loss of ($5.0) million, or ($0.20) per basic and diluted share, for the third quarter of 2023. Adjusted EBITDA (a non-GAAP financial measure) in the third quarter of 2024 was a loss of ($3.9) million compared to an adjusted EBITDA loss of ($4.3) million in the third quarter of 2023.

The Company had $17.3 million in cash, cash equivalents and short-term investments as of Sept. 30, 2024, compared to $19.5 million as of December 31, 2023.

The total number of shares outstanding was 28.3 million as of September 30, 2024.

Second Quarter 2024 Results Webinar

Atomera will host a live video webinar today to discuss its financial results and recent progress.

Date: Tuesday, Oct. 29, 2024

Time: 2:00 p.m. PT (5:00 p.m. ET)

Webcast: Accessible at https://ir.atomera.com

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Note about Non-GAAP Financial Measures

In addition to the unaudited results presented in accordance with generally accepted accounting principles, or GAAP, in this press release, Atomera presents adjusted EBITDA, which is a non-GAAP financial measure. Adjusted EBITDA is determined by taking net loss and eliminating the impacts of interest, depreciation, amortization and stock-based compensation. Our definition of adjusted EBITDA may not be comparable to the definitions of similarly-titled measures used by other companies. We believe that this non-GAAP financial measure, viewed in addition to and not in lieu of our reported GAAP results, provides useful information to investors by providing a more focused measure of operating results. This metric is used as part of the Company's internal reporting to evaluate its operations and the performance of senior management. A table reconciling this measure to the comparable GAAP measure is available in the accompanying financial tables below.

About Atomera Incorporated

Atomera Incorporated is a semiconductor materials and technology licensing company focused on deploying its proprietary, silicon-proven technology into the semiconductor industry. Atomera has developed Mears Silicon Technology™ (MST^®), which increases performance and power efficiency in semiconductor transistors. MST can be implemented using equipment already deployed in semiconductor manufacturing facilities and is complementary to other nano-scaling technologies already in the semiconductor industry roadmap.  More information can be found at www.atomera.com.  

Safe Harbor

This press release contains forward-looking statements concerning Atomera Incorporated, including statements regarding the prospects for the semiconductor industry generally and the ability of our MST technology to significantly improve semiconductor performance. Those forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially. Among those factors are: (1) the fact that, to date, we have only recognized minimal engineering services and licensing revenues and we have not yet commenced principal revenue producing operations, thus subjecting us to all of the risks inherent in an early-stage enterprise; (2) the risk that STMicroelectronics does not proceed with qualification of MST in its manufacturing process or does not take MST-enabled products to market, (3) risks related to our ability to successfully complete the milestones in our joint development agreements or, even if successfully completed, to reach a commercial distribution license with our JDA customers; (4) risks related to our ability to advance licensing arrangements with our integration licensees to royalty-based manufacturing and distribution licenses or our ability to add other licensees; (5) risks related to our ability to raise sufficient capital, as and when needed, to pursue the further development, licensing and commercialization of our MST technology; (6) our ability to protect our proprietary technology, trade secrets and knowhow and (7) those other risks disclosed in the section "Risk Factors" included in our Annual Report on Form 10-K filed with the SEC on February 15, 2024. We caution readers not to place undue reliance on any forward-looking statements. We do not undertake, and specifically disclaim any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur.

-- Financial Tables Follow –

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Atomera Incorporated

Condensed Balance Sheets

(in thousands, except per share data)

	September 30,			June 30,			December 31,
	2024			2024			2023
	(Unaudited)			(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	13,757			14,484		$	12,591
Short-term investments		3,585			3,804			6,940
Accounts receivable		6			6			–
Unbilled contracts receivable		–			–			550
Interest receivable		56			74			79
Prepaid expenses and other current assets		388			578			244
Total current assets		17,792			18,946			20,404
Property and equipment, net		63			75			100
Long-term prepaid maintenance and supplies		91			91			91
Security deposit		14			14			14
Operating lease right-of-use asset		341			401			517
Financing lease right-of-use-asset		1,839			2,341			2,903
Total assets	$	20,140		$	21,868		$	24,029
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	786		$	646		$	618
Accrued expenses		172			249			222
Accrued payroll related expenses		968			594			1,382
Current operating lease liability		258			256			264
Current financing lease liability		1,194			1,386			1,328
Deferred revenue		8			13			–
Total current liabilities		3,386			3,144			3,814
Long-term operating lease liability		80			137			295
Long-term financing lease liability		781			1,108			1,750
Total liabilities		4,247			4,389			5,859
Commitments and contingencies
Stockholders’ equity:
Preferred stock $0.001 par value, authorized 2,500 shares; none issued and outstanding as of September 30,2024,  June 30, 2024 and December 31, 2023		–			–			–
Common stock: $0.001 par value, authorized 47,500 shares; 28,289 shares issued and outstanding as of September 30, 2024: 27,622 shares issued and 27,610 outstanding as of June 30, 2024; and 26,107 shares issued and outstanding as of December 31, 2023		28			28			26
Additional paid-in capital		232,726			229,726			221,229
Other comprehensive income(loss)		2			(7	)		–
Accumulated deficit		(216,863	)		(212,268	)		(203,085	)
Total stockholders’ equity		15,893			17,479			18,170
Total liabilities and stockholders’ equity	$	20,140		$	21,868		$	24,029

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Atomera Incorporated

Condensed Statements of Operations

(Unaudited)

(in thousands, except per share data)

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
	2024			2024			2023			2024			2023
Revenue	$	22		$	72		$	–		$	112		$	–
Cost of revenue		(3	)		(74	)		–			(110	)		–
Gross margin		19			(2	)		–			2			–
Operating expenses
Research and development		2,759			2,589			3,305			8,206			9,533
General and administrative		1,812			1,832			1,683			5,455			5,200
Selling and marketing		248			207			365			805			1,147
Total operating expenses		4,819			4,628			5,353			14,466			15,880
Loss from operations		(4,800	)		(4,630	)		(5,353	)		(14,464	)		(15,880	)
Other income (expense)
Interest income		176			185			177			566			528
Accretion income		59			47			112			152			221
Interest expense		(30	)		(35	)		(47	)		(104	)		(151	)
Other income, net		–			72			72			72			72
Total other income (expense), net		205			269			314			686			670
Net loss	$	(4,595	)	$	(4,361	)	$	(5,039	)	$	(13,778	)	$	(15,210	)
Net loss per common share, basic and diluted	$	(0.17	)	$	(0.16	)	$	(0.20	)	$	(0.52	)	$	(0.62	)
Weighted average number of common shares outstanding, basic and diluted		27,406			26,467			25,255			26,640			24,536

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Atomera Incorporated

Reconciliation to Non-GAAP EBITDA

(Unaudited)

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
	2024			2024			2023			2024			2023
Net loss (GAAP)	$	(4,595	)	$	(4,361	)	$	(5,039	)	$	(13,778	)	$	(15,210	)
Depreciation and amortization		12			13			20			42			60
Stock-based compensation		907			987			1,041			2,918			2,998
Interest income		(176	)		(185	)		(177	)		(566	)		(528	)
Accretion income		(59	)		(47	)		(112	)		(152	)		(221	)
Interest expense		30			35			47			104			151
Other income, net		–			(72	)		(72	)		(72	)		(72	)
Net loss non-GAAP EBITDA	$	(3,881	)	$	(3,630	)	$	(4,292	)	$	(11,504	)	$	(12,822	)

Investor Contact:

Bishop IR

Mike Bishop

(415) 894-9633

investor@atomera.com

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