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

| 1 |

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 –

| 2 |

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 |

| 3 |

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 |

| 4 |

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

| 5 |