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Atomera Inc (NASDAQ:ATOM), a semiconductor company with a market capitalization of $181 million, has announced a significant change in its financial oversight. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 7.58, despite showing weak overall financial health. On Monday, the company was informed by Marcum LLP, its previous independent registered public accounting firm, of their resignation. The change came after CBIZ (NYSE:CBZ) CPAs P.C. acquired Marcum’s attest business on November 1, 2024.
The reports by Marcum for Atomera’s fiscal years ending December 31, 2024, and 2023, did not contain any adverse opinion or disclaimer and were not qualified regarding uncertainty, audit scope, or accounting principles. The company stated there were no disagreements with Marcum on accounting principles or practices, financial statement disclosure, or auditing scope or procedures up to the date of Marcum’s resignation on March 18, 2025. InvestingPro analysis reveals the company has experienced significant revenue decline of 75.45% in the last twelve months, highlighting the importance of thorough financial oversight.
Following Marcum’s departure, Atomera’s Audit Committee approved the engagement of CBIZ CPAs P.C. as the new independent registered public accounting firm. Prior to this engagement, Atomera had not consulted with CBIZ CPAs P.C. on any accounting principles or contemplated transactions that might affect the financial statements.
In compliance with regulatory requirements, Atomera provided Marcum with a copy of the report detailing the change before filing with the SEC. Marcum has been requested to submit a letter to the SEC, confirming their agreement with Atomera’s statements regarding the change or specifying any disagreements.
The transition in Atomera’s financial auditing comes without any reported issues from the previous year’s financial statements, suggesting a smooth changeover in the company’s financial oversight. This information is based on a press release statement filed with the SEC. Investors following this development should note that Atomera’s next earnings report is scheduled for April 23, 2025. For comprehensive analysis of Atomera’s financial health and detailed metrics, access the full research report on InvestingPro, which offers additional insights and 14 key investment tips for this stock.
In other recent news, Atomera Inc. reported its fourth-quarter 2024 earnings, revealing a significant revenue shortfall. The company posted an earnings per share (EPS) of -$0.16, which met analyst expectations, but its revenue of $20,000 was far below the anticipated $500,000. For the entire year, Atomera’s revenue was $135,000, with a GAAP net loss of $18.4 million, showing a slight improvement from the previous year’s loss of $19.8 million. The company has been managing its expenses, with operating costs reduced by $1.9 million to $19.3 million in 2024. Despite these financial challenges, Atomera continues to focus on innovation and expanding its patent portfolio. The company’s strategic efforts include exploring opportunities in the Gallium Nitride market, which is expected to grow significantly. Analysts from firms like Craig Hallen have shown interest in Atomera’s developments, particularly in advanced node and memory technologies.
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