ATOM · CIK 1420520
What Atomera, Inc. told the SEC could break it.
Atomera is an early-stage semiconductor-IP company, and its register reflects how little revenue base it has. Essentially all of its revenue comes from just two licensees — one was 77% and the other 23% in 2025 — so losing either would wipe out substantially all of it. Its royalty-based model depends on foundries and chipmakers actually adopting its MST technology and paying royalties once shipments begin (substantial revenue isn't expected until then), and it operates in a semiconductor industry buffeted by increasingly strict U.S. export controls — especially toward China — and tariffs that have already hurt some chip and equipment vendors, and by extension the licensees it relies on.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- two customers = 77% and 23% of revenue (effectively all)high
Atomera's tiny revenue is entirely from two customers — one 77% and another 23% in 2025 (63%/37% in 2024) — so loss of either licensee would eliminate substantially all of its revenue.
“One customer represented 77 % of revenue and another customer represented 23 % of the Company's revenue during the year ended December 31, 2025.”
SEC filing →As of 2026
Regulatory & policy
- semiconductor export controls (esp. China) and tariffsmedium
Increasingly strict U.S. export controls (particularly on exports to China) and tariffs are creating semiconductor-industry instability that has already hurt certain chip and equipment vendors — a risk to Atomera's licensees and adoption of its MST technology.
“the U.S. government has been imposing increasingly strict export controls, particularly on exports to China, which have already impacted the financial performance and business outlook of certain semiconductor vendors and vendors of semiconductor manufacturing equipment.”
Other disclosures
- early-stage, royalty-based model dependent on licensee adoption of MSTlow
Atomera is early-stage with only limited revenue; its royalty-based model depends on foundries/IDMs/fabless makers adopting MST and on licensees paying royalties and complying with agreements — with substantial revenue not expected until royalty-bearing shipments begin.
“We will depend upon our ability to structure, negotiate and enforce agreements for the determination and payment of royalties, as well as upon our licensees' compliance with their agreements.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“To date, we have only generated limited revenue from customer engagements for engineering services, integration license agreements, R&D licenses granted under a JDA and under our license agreement with ST and licensing of MSTcad.”
Cited →
Its suppliers
“This dual-chamber tool is leased from Applied Materials and is located in a cleanroom in the same facility where we lease office space in Tempe, Arizona.”
Cited →Lawrence Semiconductor (Research Laboratory)
“Our other epi tool is a 200mm ASM Epsilon reactor leased from Lawrence Semiconductor in Tempe Arizona.”
Cited →
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