Atomera Inc is a US-listed company in the semiconductors industry. Its financial year ends in December.
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Third-party market data · may be delayed
Under review: every model's value for Atomera Inc is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.
Under review: data-quality checks not passed. We'll show the comparison once resolved.
Atomera Inc valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Atomera has little or no product revenue yet; it used $15m of cash in the twelve months to September 2026. The diluted share count is up 19.6% on a year earlier, which dilutes existing holders.
Our model value for Atomera is under review, so past values are not shown until it is resolved.
Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation
Atomera has little or no product revenue yet; it used $15m of cash in the twelve months to June 2026. The diluted share count is up 16.8% on a year earlier, which dilutes existing holders. It passes 2 of our 3 financial-health checks.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Atomera Inc's trailing-twelve-month revenue grew 476.3% year on year, with a free-cash-flow margin of -6826.9%.
Current signal Revenue growth accelerating: TTM revenue growth rose to 476.3% (+106.9pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Atomera Inc as an operating company, with every model that fits that kind of business. Cost of equity 12.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.72 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$0.0 ~$0.0–$0.1 | Left out: out of range vs price (0.00x) |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Atomera Inc with Semiconductors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Now |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Share price | $6.75 | $4.33 | $2.87 | $3.08 | $16.09 | $20.12 | $6.22 | $7.01 | $11.60 | $2.21 | $3.23 |
| Market value | $77m | $51m | $36m | $49m | $302m | $453m | $144m | $174m | $316m | $68m | $116m |
| + Net debt (− = net cash) | −$27m | −$17m | −$19m | −$15m | −$38m | −$29m | −$21m | −$13m | −$26m | −$19m | −$23m |
| Enterprise value | $50m | $34m | $17m | $34m | $264m | $424m | $123m | $161m | $290m | $49m | $93m |
| Multiples | |||||||||||
| Price / sales | — | n/m | 147.6x | 91.6x | n/m | n/m | n/m | n/m | n/m | n/m | n/m |
| Price / earnings | — | — | — | — | — | — | — | — | — | — | — |
| Price / free cash flow | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
Weak moat
How hard Atomera's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -73.6% of total assets over 10 years.
Gross margin has been a median 78.5%, moving by 160.3 percentage points (standard deviation) across 9 years.
Operating margin has been a median -6065.5%; its worst year was -405720.0%.
Free cash flow was positive in 0 of 9 years, at a median -4667.0% of revenue.
The diluted share count rose 63.8% over five years; stock-based pay has been a median 1097.6% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$0.48 | +26% | $300000 | +362% |
| Next | — | — | $1m | +233% |
The consensus EPS forecast for the current fiscal year is −4.0% on 90 days ago. In the last 30 days, 0 analysts raised Atomera Inc's forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year |
|---|---|
| 90 days ago | −$0.50 |
| 60 days ago | −$0.50 |
| 30 days ago | −$0.50 |
| 7 days ago | −$0.50 |
| Now | −$0.48 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | −$0.12 | −$0.11 | +7.2% |
| Jun 2026 | −$0.13 | −$0.12 | +5.0% |
| Mar 2026 | −$0.14 | −$0.13 | +4.3% |
| Dec 2025 | −$0.14 | −$0.14 | 0.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months +2.1%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $49000 | $230000 | +369.4% |
| P/S multiple | n/m | n/m | −74.6% |
| Share count | 29m | 34m | −14.4% |
Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.
Last 3 years −44.8%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $7000 | $230000 | +3185.7% |
| P/S multiple | n/m | n/m | −97.6% |
| Share count | 24m | 34m | −30.3% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| ATOM | +25% | −69% | +13% | +66% | −81% | +46% |
| Industry peers (median) | +36% | −34% | +16% | −15% | +19% | +13% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| ATOM | 42% | 33% | 50% | 33% | 25% | 46% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| ATOM | −71% | −71% | −48% | −73% | −88% | −76% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since August 8, 2016: 96% from February 8, 2021 to November 20, 2025. Getting back needed a 2234% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 29, 2026 | +11.3% | −2.1% | — | — |
| August 4, 2026 | −0.9% | +1.6% | +5.3% | −24.4% |
| May 5, 2026 | −12.0% | +2.2% | −19.5% | −12.7% |
| February 12, 2026 | +59.3% | −1.5% | +184.6% | +93.9% |
| October 28, 2025 | −3.9% | +0.3% | −13.9% | −27.9% |
| August 5, 2025 | −21.3% | +0.3% | −17.7% | −28.2% |
| May 6, 2025 | +26.8% | −0.4% | +51.5% | +28.1% |
| February 11, 2025 | −37.9% | −0.2% | −26.3% | −36.6% |
| October 29, 2024 | +15.7% | −0.1% | +21.4% | +58.3% |
| July 30, 2024 | +10.4% | +1.1% | −6.9% | −14.8% |
| April 25, 2024 | −21.9% | +0.6% | −21.9% | −26.0% |
| February 13, 2024 | −21.6% | −0.5% | −29.1% | −33.1% |
Source: SEC EDGAR filings. Retrieved November 3, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q4 | $550K |
| FY24 Q1 | $568K |
| FY24 Q2 | $640K |
| FY24 Q3 | $662K |
| FY24 Q4 | $135K |
| FY25 Q1 | $121K |
| FY25 Q2 | $49K |
| FY25 Q3 | $38K |
| FY25 Q4 | $65K |
| FY26 Q1 | $72K |
| FY26 Q2 | $230K |
| FY26 Q3 | $219K |
Source: SEC EDGAR filings. Retrieved November 3, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q4 | 44.0% |
| FY24 Q1 | 8014.3% |
| FY24 Q2 | 9042.9% |
| FY24 Q3 | 13140.0% |
| FY24 Q4 | -75.5% |
| FY25 Q1 | -78.7% |
| FY25 Q2 | -92.3% |
| FY25 Q3 | -94.3% |
| FY25 Q4 | -51.9% |
| FY26 Q1 | -40.5% |
| FY26 Q2 | 369.4% |
| FY26 Q3 | 476.3% |
Source: SEC EDGAR filings. Retrieved November 3, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q4 | -3759.5% |
| FY24 Q1 | -3616.9% |
| FY24 Q2 | -3095.9% |
| FY24 Q3 | -2909.5% |
| FY24 Q4 | -14323.0% |
| FY25 Q1 | -16334.7% |
| FY25 Q2 | -41612.2% |
| FY25 Q3 | -56271.1% |
| FY25 Q4 | -32496.9% |
| FY26 Q1 | -30533.3% |
| FY26 Q2 | -10212.2% |
| FY26 Q3 | -10969.4% |
Source: SEC EDGAR filings. Retrieved November 3, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | -2652.4% |
| FY24 Q1 | -2550.7% |
| FY24 Q2 | -2143.3% |
| FY24 Q3 | -1982.2% |
| FY24 Q4 | -9814.8% |
| FY25 Q1 | -11476.9% |
| FY25 Q2 | -29044.9% |
| FY25 Q3 | -38715.8% |
| FY25 Q4 | -22953.8% |
| FY26 Q1 | -20473.6% |
| FY26 Q2 | -6582.2% |
| FY26 Q3 | -6826.9% |
| Fiscal year | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Sept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||
| Revenue | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Gross profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | −0 | −0 |
| EBITDA | −10 | −13 | −13 | −14 | −15 | −15 | −17 | −21 | −19 | −21 | −24 |
| Operating income | −10 | −13 | −13 | −14 | −15 | −16 | −18 | −21 | −19 | −21 | −24 |
| Net income | −13 | −13 | −13 | −13 | −15 | −16 | −17 | −20 | −18 | −20 | −23 |
| Diluted EPS | −$1.11 | −$1.11 | −$1.02 | −$0.84 | −$0.79 | −$0.70 | −$0.75 | −$0.80 | −$0.68 | −$0.65 | −$0.63 |
| Growth (year on year) | |||||||||||
| Revenue | — | — | +123.6% | +116.7% | −88.4% | +545.2% | −4.5% | +44.0% | −75.5% | −51.9% | +476.3% |
| Margins | |||||||||||
| Gross margin | — | 64.5% | 39.8% | 52.5% | 79.0% | 100.0% | 78.8% | 94.9% | 8.9% | −393.8% | −29.2% |
| EBITDA margin | — | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Operating margin | — | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Net margin | — | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Free-cash-flow margin | — | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Cash flow | |||||||||||
| Cash from operations | −7 | −9 | −10 | −10 | −12 | −12 | −12 | −15 | −13 | −15 | −15 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −7 | −9 | −10 | −10 | −12 | −13 | −13 | −15 | −13 | −15 | −15 |
| Stock-based pay | 2 | 4 | 2 | 3 | 3 | 3 | 3 | 4 | 4 | 5 | 6 |
| Free cash flow after stock pay | −9 | −13 | −12 | −13 | −15 | −16 | −16 | −19 | −17 | −20 | −21 |
| Balance sheet | |||||||||||
| Cash | 27 | 17 | 19 | 15 | 38 | 29 | 21 | 13 | 26 | 19 | 23 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −27 | −17 | −19 | −15 | −38 | −29 | −21 | −13 | −26 | −19 | −23 |
| Diluted shares | 11m | 12m | 13m | 16m | 19m | 22m | 23m | 25m | 27m | 31m | 36m |
| Quarter | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 | 2026 Q3 Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 23 | 4 | 0 | 11 | 50 | 11 | 158 | 0 |
| Gross profit | 10 | 4 | −62 | −117 | −81 | −115 | 132 | 0 |
| EBITDA | −4,860 | −5,451 | −5,243 | −5,782 | −4,599 | −6,315 | −6,753 | −6,318 |
| Operating income | −4,872 | −5,463 | −5,255 | −5,793 | −4,612 | −6,324 | −6,759 | −6,328 |
| Net income | −4,657 | −5,209 | −4,967 | −5,573 | −4,425 | −6,073 | −6,336 | −6,006 |
| Diluted EPS | −$0.16 | −$0.17 | −$0.17 | −$0.17 | −$0.14 | −$0.17 | −$0.17 | −$0.15 |
| Growth (year on year) | ||||||||
| Revenue | −95.8% | −77.8% | −100.0% | −50.0% | +117.4% | +175.0% | — | −100.0% |
| Margins | ||||||||
| Gross margin | 43.5% | 100.0% | — | <−999% | −162.0% | <−999% | 83.5% | — |
| EBITDA margin | <−999% | <−999% | — | <−999% | <−999% | <−999% | <−999% | — |
| Operating margin | <−999% | <−999% | — | <−999% | <−999% | <−999% | <−999% | — |
| Net margin | <−999% | <−999% | — | <−999% | <−999% | <−999% | <−999% | — |
| Free-cash-flow margin | <−999% | <−999% | — | <−999% | <−999% | <−999% | <−999% | — |
| Cash flow | ||||||||
| Cash from operations | −3,028 | −4,782 | −3,505 | −3,362 | −3,222 | −4,607 | −3,897 | −3,174 |
| Capital spending | 8 | 4 | 10 | 13 | 22 | 0 | 16 | 13 |
| Free cash flow | −3,036 | −4,786 | −3,515 | −3,375 | −3,244 | −4,607 | −3,913 | −3,187 |
| Stock-based pay | 949 | 1,009 | 1,278 | 1,342 | 1,334 | 1,406 | 1,741 | 1,746 |
| Free cash flow after stock pay | −3,985 | −5,795 | −4,793 | −4,717 | −4,578 | −6,013 | −5,654 | −4,933 |
| Last 12 months unless stated | ATOM | ASTI | SMTK | ARBE | GCTS | ALMU | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $219000 | $191335 | $662000 | $1m | $4m | $4m | $1.1bn |
| Revenue growth, last 12 months | 476.3% | 365.1% | 582.5% | 33.6% | −32.8% | −4.4% | 13.9% |
| Revenue growth, 3-year average | 252.5% | −7.9% | — | — | — | — | 4.0% |
| Revenue growth, latest quarter | −100.0% | 461.3% | −100.0% | — | −17.9% | −55.8% | 19.3% |
| Gross margin | −29.2% | — | 62.7% | −78.2% | −38.3% | 35.2% | 48.1% |
| Operating margin | <−999% | <−999% | <−999% | <−999% | −852.0% | −168.8% | 4.8% |
| Operating margin, 3-year average | <−999% | <−999% | <−999% | — | −461.4% | −222.1% | 4.5% |
| Net margin | <−999% | <−999% | <−999% | <−999% | <−999% | −205.3% | 4.2% |
| Cash from operations / revenue | <−999% | <−999% | −756.5% | <−999% | −933.3% | −73.2% | 17.1% |
| Free-cash-flow margin | <−999% | <−999% | −756.5% | <−999% | −996.8% | −87.7% | 9.2% |
| Free-cash-flow margin, 3-year average | <−999% | <−999% | <−999% | — | — | −175.6% | 7.9% |
| Stock pay / revenue | >999% | 363.4% | 150.8% | 891.0% | 149.4% | 101.3% | 6.1% |
| Change in share count | 19.6% | −1.6% | 155.4% | 37.6% | 36.2% | 0.4% | 0.9% |
| Region | Revenue | YoY |
|---|---|---|
| North America | $65,000 | ▼ 51.9% |
| Primary Geographic Market | $65,000 | ▼ 51.9% |
| Europe | $0 | — |
These categories overlap or exclude eliminations, so shares aren't shown.
From Atomera Inc's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $26M | 3.0M | 14.3% | ▲ 26.0% |
| D. E. Shaw & Co., Inc. | $16.5M | 1.9M | 9.1% | ▲ 93.7% |
| Vanguard Capital Management LLC | $14.5M | 1.7M | 8.0% | ▲ 29.2% |
| Avenir Corp | $12.8M | 1.5M | 7.0% | ▲ 0.5% |
| Baird Financial Group, Inc. | $11.7M | 1.3M | 6.4% | ▲ 4.9% |
| UBS Group AG | $11.6M | 1.3M | 6.4% | ▲ 655.6% |
| Geode Capital Management, LLC | $8.6M | 990K | 4.7% | ▲ 28.7% |
| Jane Street Group, LLC | $7.1M | 810K | 3.9% | ▲ 407.3% |
| Quantum Private Wealth, LLC | $6.5M | 744K | 3.6% | ▲ 24.3% |
| State Street Corp | $6.3M | 718K | 3.4% | ▲ 24.2% |
| Two Sigma Investments, LP | $5.8M | 668K | 3.2% | ▲ 26.0% |
| Hollencrest Capital Management | $5M | 573K | 2.7% | ▼ 4.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Atomera Inc's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Mears Robert J Chief Technology Officer | September 2, 2026 | Sell pre-set plan | 6,312 | $3.87 | $24,427 |
| Bibaud Scott A. CEO and President | September 1, 2026 | Sell pre-set plan | 5,446 | $4.05 | $22,056 |
| Bibaud Scott A. CEO and President | September 1, 2026 | Sell pre-set plan | 4,515 | $4.05 | $18,286 |
| Bibaud Scott A. CEO and President | September 1, 2026 | Sell pre-set plan | 1,988 | $4.05 | $8,051 |
| Bibaud Scott A. CEO and President | September 1, 2026 | Sell pre-set plan | 1,807 | $4.05 | $7,318 |
| Mears Robert J Chief Technology Officer | September 1, 2026 | Sell pre-set plan | 1,000 | $4.05 | $4,050 |
| Mears Robert J Chief Technology Officer | September 1, 2026 | Sell pre-set plan | 2,192 | $4.05 | $8,878 |
| Mears Robert J Chief Technology Officer | September 1, 2026 | Sell pre-set plan | 889 | $4.05 | $3,600 |
| Mears Robert J Chief Technology Officer | September 1, 2026 | Sell pre-set plan | 1,515 | $4.05 | $6,136 |
| Mears Robert J Chief Technology Officer | September 1, 2026 | Sell pre-set plan | 771 | $4.05 | $3,123 |
| Laurencio Francis CFO | September 1, 2026 | Sell pre-set plan | 1,020 | $4.05 | $4,131 |
| Laurencio Francis CFO | September 1, 2026 | Sell pre-set plan | 2,085 | $4.05 | $8,444 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around February 11, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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