ATOM Stock: Insider Activity, Filings & Research

Atomera Incorporated (ATOM) — Drillr’s hub for ATOM insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, ATOM insiders filed 0 open-market buys and 12 sales (SEC Form 4).

Sentiment

0/100

Buys (3m)

Sells (3m)

Net (3m)

-$247.9K

Insider trades by month Buys Sells

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Jun

Context3-month price +90%Institutions accumulating (13F)

Date	Insider	Type	Shares	Price
Jun 2, 2026	Mears Robert Jofficer: Chief Technology Officer	Sell	2,227	$9.52
Jun 2, 2026	BIBAUD SCOTT A.director, officer: CEO and President	Sell	1,837	$9.52
Jun 2, 2026	BIBAUD SCOTT A.director, officer: CEO and President	Sell	5,534	$9.52
Jun 2, 2026	Mears Robert Jofficer: Chief Technology Officer	Sell	1,539	$9.52
Jun 2, 2026	Mears Robert Jofficer: Chief Technology Officer	Sell	904	$9.51
Jun 2, 2026	Laurencio Francisofficer: CFO	Sell	1,037	$9.51
Jun 2, 2026	Mears Robert Jofficer: Chief Technology Officer	Sell	783	$9.52
Jun 2, 2026	BIBAUD SCOTT A.director, officer: CEO and President	Sell	2,020	$9.52
Jun 2, 2026	Laurencio Francisofficer: CFO	Sell	899	$9.51
Jun 2, 2026	Laurencio Francisofficer: CFO	Sell	2,119	$9.52
Jun 2, 2026	Laurencio Francisofficer: CFO	Sell	2,555	$9.52
Jun 2, 2026	BIBAUD SCOTT A.director, officer: CEO and President	Sell	4,589	$9.52
May 13, 2026	SHEVICK STEVEN Kdirector	Grant	14,302	—
May 13, 2026	LE DUY LOAN Tdirector	Grant	14,302	—
May 13, 2026	Gerber Johndirector	Grant	14,302	—

Source: ATOM SEC Form 4 filings, latest Jun 2, 2026. For informational purposes only — not investment advice.

Overview

Atomera Incorporated (NASDAQ:ATOM) is a semiconductor technology company founded in 2001 and headquartered in Los Gatos, California. Originally incorporated as Mears Technologies, Inc., the company rebranded to Atomera in January 2016 and went public in August 2016. Atomera develops and licenses proprietary materials and processes designed to enhance semiconductor performance, with its flagship technology being the Mears Silicon Technology (MST) - a thin film of reengineered silicon that can be applied to improve transistor performance in various semiconductor applications.

Business

Atomera operates in the semiconductor intellectual property licensing industry, developing advanced materials technology that enhances the performance of semiconductor devices. The company's core offering is Mears Silicon Technology (MST), a proprietary thin film material that can be applied as a transistor channel enhancement to CMOS-type transistors. To understand MST's significance, it's important to know that semiconductors are the foundation of all modern electronics, from smartphones to data centers. Transistors are the basic building blocks of semiconductors, acting as switches that control electrical current flow. As semiconductor manufacturers push to make devices smaller, faster, and more power-efficient, they face increasing physical limitations. MST addresses these challenges by providing a material layer that can be integrated into existing manufacturing processes to improve transistor performance without requiring entirely new fabrication equipment. The company targets multiple semiconductor market segments: 1. Power Semiconductors - Devices that manage electrical power in applications ranging from automotive systems to data center power supplies. This represents a $52 billion market as of 2024, with Atomera working particularly on smart power products with partner STMicroelectronics. 2. Advanced Logic Nodes - The most cutting-edge semiconductor manufacturing processes (2-4 nanometer range) used in high-performance processors. This $150 billion market includes gate-all-around transistor technologies that are critical for next-generation computing. 3. Memory Semiconductors - Storage devices including DRAM and other memory types, representing a $110 billion market. Atomera is exploring applications particularly relevant to AI infrastructure and high-bandwidth memory. 4. RF-SOI (Radio Frequency Silicon-on-Insulator) - Specialized semiconductors used in wireless communication devices, where Atomera has developed partnerships with companies like Soitec. 5. Gallium Nitride (GaN) - An emerging compound semiconductor technology offering superior performance for power and RF applications, representing a newer growth area for the company.

Revenue model

Atomera operates on an intellectual property licensing business model, generating revenue primarily through technology licensing fees, milestone payments, and royalties from semiconductor manufacturers who integrate MST into their production processes. The company does not manufacture semiconductors itself but rather licenses its technology to foundries, integrated device manufacturers (IDMs), fabless semiconductor companies, and original equipment manufacturers. Revenue streams include upfront licensing fees when customers sign agreements, milestone payments as customers progress through development and qualification phases, and ongoing royalties based on production volumes once customers begin commercial manufacturing. The company has demonstrated this model with STMicroelectronics, which has provided milestone payments and is progressing toward commercial production. Several factors influence Atomera's profit margins and revenue potential. Positive factors include the growing demand for semiconductor performance improvements driven by AI, 5G, electric vehicles, and data center expansion. The industry's need for solutions that work with existing manufacturing equipment rather than requiring entirely new fabrication facilities also favors Atomera's approach. Additionally, the increasing complexity and cost of developing new semiconductor nodes creates opportunities for performance enhancement technologies. Challenging factors include the semiconductor industry's conservative adoption of new technologies due to the high costs and risks associated with manufacturing changes. Long development and qualification cycles, typically 1.5-3 years, delay revenue realization. The company also faces competition from alternative performance enhancement approaches and must continuously invest in R&D to maintain technological relevance. Customer concentration risk exists, as the company currently has limited commercial relationships, with STMicroelectronics being its primary revenue-generating partner. The business model's success depends heavily on Atomera's ability to demonstrate clear performance benefits that justify the additional complexity and cost of integrating MST into existing manufacturing processes, while maintaining competitive advantages through its patent portfolio and continued innovation.

Competitive moat

Atomera's competitive moat is primarily built around its intellectual property portfolio and specialized technical expertise, though this moat faces significant challenges in the highly competitive semiconductor industry. The company has built a substantial patent portfolio of over 339 patents, triple the number it held at its IPO, covering various applications of its MST technology across different semiconductor segments. The company's technical moat stems from its deep expertise in materials science and semiconductor physics, particularly in developing thin-film solutions that can be integrated into existing manufacturing processes. This "drop-in" compatibility is valuable because it allows semiconductor manufacturers to enhance performance without requiring entirely new fabrication equipment, which can cost billions of dollars. However, Atomera's moat faces several vulnerabilities. The semiconductor industry has numerous large, well-funded competitors including major equipment manufacturers, materials companies, and semiconductor giants that possess significantly greater resources for R&D. Companies like Applied Materials, Lam Research, and Tokyo Electron have extensive relationships with semiconductor manufacturers and deep technical capabilities that could potentially develop competing solutions. The strength of Atomera's patent protection varies across different applications and geographies, and patents can be challenged, circumvented, or expire over time. Additionally, the semiconductor industry's rapid pace of innovation means that today's breakthrough technology may become obsolete as new manufacturing approaches emerge. The company's small size and limited commercial relationships also weaken its competitive position. With minimal revenue and dependence on a few key partnerships, Atomera lacks the scale and customer diversification that would provide more sustainable competitive advantages. The success of its moat ultimately depends on its ability to demonstrate compelling performance improvements that justify adoption costs while continuously innovating to stay ahead of larger, better-resourced competitors.

Risks & safety

Atomera presents a mixed margin of safety profile with strong liquidity but concerning operational cash burn and high valuation metrics relative to its minimal revenue. • Liquidity and Solvency: Strong current ratio of 8.6x and quick ratio of 8.6x as of Q1 2025, with $24.1 million in cash and short-term investments against only $2.9 million in current liabilities. Debt-to-equity ratio is low at 0.07, indicating minimal financial leverage risk. • Cash Burn: Significant concern with quarterly operating cash flow burn of approximately $4.8 million in Q1 2025, suggesting current cash reserves provide roughly 5-6 quarters of runway at current spending levels. Annual free cash flow burn has been consistently $12-15 million. • Valuation Metrics: Challenging metrics with negative EBITDA making traditional valuation difficult. Price-to-book ratio of 5.2x appears elevated for a company with minimal revenue generation. Graham net-net working capital ratio of 0.70 suggests some asset-based value support. • Revenue Generation: Minimal revenue of $135,000 in FY 2024 against $17+ million in annual operating expenses creates substantial operating leverage risk. The company remains pre-commercial with uncertain timeline to meaningful revenue generation. • Other Considerations: Patent portfolio provides some asset value, but liquidation value would likely be significantly below current market valuation. Success heavily dependent on successful commercialization of licensing agreements, particularly with STMicroelectronics.

Recent development

Over the past few years, Atomera has significantly expanded its technology applications and customer engagement across multiple semiconductor segments. The company's most notable achievement was securing its first commercial licensing agreement with STMicroelectronics in 2023, focused on smart power products with an addressable market of approximately $1.1 billion. This partnership has progressed through tool installation and is targeting commercial production within 1.5-2 years. The company has diversified its technology development beyond its original focus, now actively pursuing opportunities in five major areas: power semiconductors, advanced logic nodes (gate-all-around technologies), memory applications, RF-SOI, and the emerging gallium nitride (GaN) market. This expansion reflects management's strategy to address multiple high-growth semiconductor segments rather than relying on a single application. Atomera has strengthened its business development capabilities by hiring new leadership and expanding its patent portfolio to over 339 patents. The company has also established partnerships with equipment providers and materials companies, including collaborations with Soitec for RF-SOI substrates and Sandia National Labs for GaN development. Recent developments include the announcement of partnerships with major capital equipment providers for gate-all-around technologies and progress in developing MST-SPX technology for higher voltage applications (5-48 volts) targeting data center power infrastructure. The company has also submitted proposals for CHIPS Act funding and is actively negotiating with what management describes as "transformative" potential customers that could significantly accelerate revenue growth. The strategic pivot toward multiple market segments and the establishment of the STMicroelectronics commercial relationship represent the company's evolution from pure R&D to early commercialization, though meaningful revenue generation remains dependent on successful customer adoption and production ramp-up.

ATOM company profile · for informational purposes only — not investment advice.

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