#1atomera Investor Presentation June 2022 Atomera Incorporated 1 104&HE#2Safe Harbor atomera This presentation contains forward-looking statements concerning Atomera Incorporated ("Atomera,” the "Company,” “we,” “us,” and "our"). The words “believe,” “may,” “will,” “potentially," "estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” "plan," "expect" and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward- looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those disclosed in the section "Risk Factors" included in our Annual Report on Form 10-K filed with the SEC on February 15, 2022. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in our forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be achieved or occur. This presentation contains only basic information concerning Atomera. The Company's filings with the Securities Exchange Commission, including the Prospectus Supplement, include more information about factors that could affect the Company's operating and financial results. We assume no obligation to update information contained in this presentation. Although this presentation may remain available on the Company's website or elsewhere, its continued availability does not indicate that we are reaffirming or confirming any of the information contained herein. Atomera Incorporated 2#3Investment Overview atomera ▸ Mears Silicon Technology (MST®) is a thin film used to enhance semiconductors Results in higher performance, lower power, and lower costs for ICs ► Capital-light IP and technology licensing business ■ Robust and growing patent portfolio ► Engaged with 50% of world's top semiconductor makers ► Licenses with five companies including two JDAS Successfully completed 1st JDA's technical objectives ➤ Strong team to commercialize technology Atomera Incorporated#4MST Technology atomera STANDARD SILICON TRANSISTOR Source MST SILICON TRANSISTOR Gate Source Silicon MST™Superattice Potential Benefits ► Improved Efficiency Higher transistor performance Lower power consumption Better reliability Standard Silicon Atomic Structure MST™ Son Atomic Structure LIMITED Horizontal Current Flow EXCESSIVE Vertical Leakage INCREASED Horizontal Current Flow+ REDUCED Vertical Leakage 111, བ རྩེ ག ཅིངས པ པ ན ནིང བདུག ལྟ བ Atomera Incorporated ➤ Lower cost Reduced die size Improved yield Higher throughput Same benefits as a node shrink#5Strong and Defensible IP Portfolio 119 US Patents 97 Foreign Patents 307 Patents Issued and Pending 91 Pending 27 255 US 64 Foreign Core MST Method and Device MST Enabled Devices/Architecture Next-Gen Architectures using MST ALA Atomera Incorporated atomera Discoverable These distinctive layers are visible on products using MST Extensive know-how Extends life and value of patents GOA BEAN GAANGROOT 5#6Target Customers & Partners atomera Integrated Device Manufacturers tsmc SAMSUNG Micron TOSHIBA (intel HHirace Foundry GLOBAL FOUNDRIES UMC SMIC DB HiTek TOWERjal MagnaChip TEXAS INSTRUMENTS ST Infineon ON Fabless BROADCOM® RENESAS NXP M maxim integrated... Asahi KASEI SK hynix MARVELL® MICROCHIP SKYWORKS® QUALCOMM XILINX. Qorvo ASM Tool Suppliers (Partners) APPLIED MATERIALS KOKUSAI Synopsys® SEMICONDUCTOR EQUIPMENT CORPORATION Atomera Incorporated#7Customer Engagement & Revenue Model atomera 1. Planning 2. Setup Phase Customer Wafer Manufacturing Customer MST® Deposition Atomera MST® Deposition 3. Integration 4. Installation 5. Qualification 6. Production Engineering Service Fees MST deposition on customer wafers Integration consulting License Fees • Integration licenses Manufacturing licenses Distribution licenses Joint Development Agreements Atomera Incorporated zt Royalties#8Customer Engagement Model Standard customer engagement Customer Wafer Manufacturing atomera Customer MSTⓇ Deposition Atomera MST® Deposition Planning Setup Integration Installation Phase Qualification Production Joint development 1 Atomera MSTⓇ Deposition Customer MST® Deposition JDA Completion Planning Setup Installation & Integration Integration Qualification Production Phase Product line 1 Product line 2 Atomera Product line 3 8#9Customer Pipeline atomera 27 24 21 18 15 12 9 6 3 0 2016 2017 2018 Number of Customer Engagements ||||| 2019 2020 2021 1Q22 Phase 1 Phase 2 Phase 3 Phase 4 10 of the top 20 (IC Insights, McClean Report 2021) ^ End of year engagement count, plus CY quarters 19 customers, 25 engagements Working with 50% of the world's top semiconductor makers*#10MST Key Benefits Across Nodes Mobility Dopant Engineering atomera Leading Analog & RF SOI Mainstream Planar FinFET Advanced 3D 8% 20% 25% 10% 15% 15% <5% 20% MST-SP TDDB/BTI 25% 25% 25% (enables overdrive) PNO & HKMG gate stacks 180nm 130nm 90nm 65nm 40nm 28nm 22nm 16nm 14nm 10nm 7nm 5nm These Benefits are ADDITIVE & COMPLEMENTARY to other enhancement technologies 10#11MST technology focus areas MST-SP atomera Atomera MST for Advanced Nodes MST for RF-SOI 11#12MST-SP ➤ MST-SP is a highly-engineered asymmetric power device ■ Uses MST to enhance Idlin and precisely control dopant profiles ► Improves 5V power devices Lower RSP ■ Can be traded for up to 20% smaller area ► Targeted for rapidly-growing PMIC market -0.300 0.200 atomera 3205 (SP A14b W3 02 Abutted,Vt Adjust Halo1 Halo2/n3205 A2.1 0.100 BS 0.000 × 0.100 0.200 0.300 0.400 0.500 C D 0.400 0.300 0.200 -0.100 0.000 Y 0.100 0.200 0.300 0.400#135V Transistors - Critical and Growing Market atomera ▸ Targeted at rapidly-growing PMIC (Power Management IC) market Power devices can be up to 80% of PMIC die area ▸ All ICs need stable, regulated power Across battery charge level, lifetime degradation, and load Across usage modes - DVS (Dynamic Voltage Scaling), sleep, others ► 5V transistor required to deliver IC power from any source Battery-powered, USB, wall connected 5V devices do not scale with Moore's Law ▸ MST SP allows significant scaling of gate length, and a performance boost Product Category 2018-2025F IC Market Forecast by Device Type (Analog) 18 19 Power Management (SM) Units (M) ASP (S) 19/18 % Công 14,529 14,050 -3% 14,640 69,243 67,227 -3% 68,409 2% $0.21 $0.21 0% $0.21 2% 20 20/19 % Ching 4% 18,153 24% 80,788 18% $0.22 5% 21F 21/20 % Ching 22/21 22F 23/22 24/23 | % Công 23F 24F | % Công 25F | % Công 20,332 12% 91,396 13% $0.22 -1% 22,568 11% 23,019 2% 102,475 12% 105,580 3% $0.22 -1% $0.22 -1% 24,861 8% 115,178 9% 25/24 20-25 % Ching CAGR 11% 11% $0.22 -1% 0% THE WALL STREET JOURNAL. "A typical 5G smartphone can hold as many as eight power- management chips, compared with two to three in a 4G phone, according to Hui He, an analyst at research firm Omdia." WSJ "Why the Chip Shortage is So Hard to Overcome" 4/20/2021 Source: IC Insight's McClean Report, June 2021#14Example: Use Of 5V Transistor In Apple iPhone13 atomera Qualcomm Snapdragon X60 5G Modem Qualcomm RF Transceiver USI Wi-Fi/BT Wireless Combo Module Qualcomm PMX60 PMIC STMicroelectronics Secure MCU/eSIM Qorvo Envelope Tracker IC (2 pcs, likely) Qualcomm Envelope Tracker IC Avago Front-End Module Broadcom Wireless Charging Receiver IC Qualcow SORAGE つ WTDEJSGRAD 2122, T A15 APLINT 339502951 (38406549 2132. 13 of 25 IC'S in Apple iPhone 13 Pro use 5V transistors Apple APL1W07 A15 Bionic PoP (A15 AP + SK hynix 6GB LPDDR4X SDRAM) Apple APL1098 PMIC NXP Display Port Multiplexer Skyworks SKY58271-19 Front-End Module Skyworks SKY58270-17 Front-End Module Apple/Dialog Semi 338S00770-B0 PMIC Apple/Dialog Semi 338S00762-A1 PMIC STMicroelectronics STB601A05 PMIC USI Apple U1 UWB Module Texas Instruments TPS65657B0 Display Power Supply KIOXIA 256 GB NAND Flash Apple/Cirrus Logic Audio Codec NXP SN210 NFC & Secure Element Apple/Cirrus Logic Audio Amplifier Apple/Cirrus Logic Power Conversion iPhone 13 Pro teardown by Tech Insigths 5V transistor assessment by Atomera Reference https://www.techinsights.com/blog/teardown/apple-iphone-13-pro-teardown?utm_source=Prospect+Email&utm_medium=email&utm_campaign=2021+-+Q3+-+Teardown+-+Blog-+Apple+iPhone+13#155V MST-SP Product Value Proposition. - atomera ► Industry best performance at 180nm (Rsp) ■ Based on measured silicon data Scalable to smaller process nodes ► Meets all reliability requirements Breakdown Voltage (BVDSS) > 10.5V ▸ Significant cost savings, performance benefits ■ Die area reduction up to 20% Source Gate MST L -0.300 0200 0.100 0.000 Drain 0.100 0200 0.300 0.400 0.500 3205 SPA14b W3 Q2 Abulfed vt Adjust Halo Hak2/3205_sd B S 0400 ▸ Demonstrates the big advantage MST can bring to highly optimized designs ► Complete design package accelerates time to production G MST 0.300 0200 0.100 0.000 0.100 0.200 0.300 0.400 Y 15 A2.1#16Royalty Opportunity ~410 wafer fabs operating worldwide ▸ Adoption of MST in one fab can make Atomera profitable from royalties alone ■ 2022 non-GAAP OPEX guidance is $15.25M -$15.75M atomera Example 1 | Worldwide Average Fab Example 2 | Leading Foundry, 28nm Fab Monthly Fab Capacity1 46,240 (wafers/month) Monthly Fab Capacity (wafers/month) 80,000 Industry average wafer ASP - 2018 $1,365 Annual Revenue Potential² $15.1M Industry average 28nm wafer ASP Annual Revenue Potential² $3,300 $63M Annual Revenue at 50% of ramp² $7.6M Annual Revenue at 50% of ramp² $31.7M 1. Represents wafers starts per month (200mm equiv) - 227.5M starts in 410 fabs 2. Assumes 2% royalty rate Source: IC Insights Global Wafer Capacity 2021-2025 report, McClean Report 2021, 2022 Atomera Incorporated 16#17MST Customer Business Opportunity Foundry economics MST Royalty Wafer Cost $ 1,815 Wafer GM$ Price GM% Increase 28nm HP wafer $ 3,300 45% $ $ 28nm HP+ wafer $ 3,450 45% $ 68 $ - 28nm HP wafer with MST $ 3,600 47.0% $ 208 $ 72 $ 28nm HP wafer with MST $ 3,713 48.6% $ 318 $ 74 $ ☐ 5% higher price for +15% performance boost 1,907 30% performance boost=10% higher price (+ $20 MST cost) 1,909 25% die shrink=12.5% price increase (+ $20 MST cost) Gross margin increases by $200-$300 per wafer after foundry pays Atomera royalties ➤ Fabless semiconductor economics Chip sales/ wafer GM% GM$ Product Increase 28nm HP wafer $ 9,233 50% $ ASP Die/wafer $ 4.86 28nm HP wafer with MST $ 12,398 59% $ 3,165 $ 4.86 2,235 Baseline business for 30mm² chip 3,001 Improved financials with 25% size reduction Sales and profit both increase by over $3000 per wafer for fabless manufacturer Everyone in the value chain benefits from MST technology Atomera Incorporated GOA BEAN GAANGROOT atomera 17#18Financial Review atomera Income Statement ($ in thousands, except per-share data) REVENUE Gross Profit OPERATING EXPENSES Research & Development General and Administration Selling and Marketing TOTAL OPERATING EXPENSES OPERATING LOSS Three Months Ended March 31, 2022 December 31, 2021 March 31, 2021 $ 375 $ 400 294 400 2,339 2,249 2,229 1,648 1,508 1,513 325 316 266 4,312 4,073 4,008 (4,018) (4,073) (3,608) Other Income (Expense) (68) (74) 2 Provision for income tax 18 14 NET LOSS $ (4,086) $ (4,165) $ (3,620) Net Loss Per Share EA $ (0.18) $ (0.18) $ (0.16) Weighted average shares outstanding 22,853 22,751 22,090 ADJUSTED EBITDA (NON-GAAP) ADJUSTED EBITDA PER SHARE SS $ (3,272) $ (3,414) $ (2,864) $ (0.14) $ (0.15) $ (0.13) Balance Sheet Information Cash 24,451 $ 28,699 SA $ 36,738 Debt Atomera Incorporated 18#19Summary atomera High margin, recurring revenue financial model Strong technology, patent position, and balance sheet Traction with many top industry players and growing licensee base Ramping commercial license revenues Atomera Incorporated 19#20atomera Thank You Atomera Incorporated 20 20