UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

(Mark One)

         /X/   QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE
               SECURITIES EXCHANGE ACT OF 1934

               For the quarterly period ended September 30, 1996

         / /   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
               EXCHANGE ACT

                               SIMTEK CORPORATION
--------------------------------------------------------------------------------
         (Exact name small business issuer as specified in its charter)

                     Colorado                                   84-1057605
--------------------------------------------------------------------------------
         (State or other jurisdiction of                     (I.R.S. Employer
         incorporation or organization)                      Identification No.)

         1465 Kelly Johnson Blvd. Suite 301; Colorado Springs, Colorado  80920
--------------------------------------------------------------------------------
                    (Address of principal executive offices)

                                 (719) 531-9444
--------------------------------------------------------------------------------
                           (issuer's telephone number)

                                      N/A
--------------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                          if changed since last report)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days. Yes _X_   No___


Indicate the number of shares  outstanding  of each of the  issuer's  classes of
Common Stock, as of the latest practicable date.

Class                                           Outstanding at November 11, 1996
--------------------------------------------------------------------------------
(Common Stock, $.01 par value)                             26,988,311


<PAGE>


                               SIMTEK CORPORATION


                                      INDEX

                      For Quarter Ended September 30, 1996

PART 1. FINANCIAL INFORMATION

         ITEM 1                                                            Page
                                                                           ----
               Balance Sheets as of September 30, 1996 and                 
               December 31, 1995                                             3

               Statements of Operations for the three months and
               nine months ended September 30, 1996 and 1995                 4

               Statements of Cash Flows for the nine months ended
               September 30, 1996 and 1995                                   5

               Notes to Financial Statements                                 6

         ITEM 2

               Management's Discussion and Analysis of Results of
               Operations and Financial Condition                          7-8

PART II. OTHER INFORMATION

         ITEM 1       Legal Proceedings                                      9

         ITEM 2       Changes in Securities                                  9

         ITEM 3       Defaults upon Senior Securities                        9

         ITEM 4       Matters Submitted to a Vote of Securities Holders      9

         ITEM 5       Other Information                                      9

         ITEM 6       Exhibits and Reports on Form 8-K                       9

SIGNATURES                                                                  10



<PAGE>
<TABLE>
<CAPTION>

                                                SIMTEK CORPORATION

                                                  BALANCE SHEETS
              ASSETS
              ------                                                      September 30, 1996         December 31, 1995
                                                                          ------------------         -----------------
<S>                                                                       <C>                          <C> 
Current Assets:
   Cash................................................................   $          480,569           $       311,872
   Accounts receivable - trade, net....................................              669,319                   210,047
   Accounts receivable - other.........................................               32,878                    11,072
   Inventory, net .....................................................              399,959                   228,251
   Prepaid expenses and other..........................................               24,030                    19,289
                                                                          --------------------------------------------

       Total Current Assets............................................            1,606,755                   780,531
Equipment and furniture, net...........................................              240,649                   344,676
                                                                          --------------------------------------------

       Total Assets....................................................   $        1,847,404           $     1,125,207
                                                                          ============================================

       LIABILITIES AND SHAREHOLDERS'
                  EQUITY
       -----------------------------

Current Liabilities:
   Accounts payable....................................................   $          620,930           $       277,277
   Accrued expenses....................................................              278,005                   153,593
   Accrued wages.......................................................              206,475                   161,475
   Accrued vacation payable............................................               80,213                    78,956
   Exchangeable notes..................................................              378,551                         -
                                                                          --------------------------------------------
       Total Liabilities...............................................            1,564,174                   671,301

Commitments and contingencies
Shareholders' Equity:
   Preferred stock, $1.00 par value, 2,000,000 shares
       authorized and none issued and outstanding at
       September 30, 1996 and December 31, 1995........................                    -                         -
   Common stock, $.01 par value, 40,000,000 shares authorized,
       26,988,311  and 26,978,311 shares issued and outstanding
       September 30, 1996 and December 31, 1995........................              269,883                   269,783
   Additional paid-in capital..........................................           29,497,514                29,496,144
   Accumulated deficit.................................................          (29,484,167)              (29,312,021)
                                                                          ---------------------------------------------
   Shareholder's equity................................................              283,230                   453,906
                                                                          --------------------------------------------

       Total Liabilities and Shareholders' Equity......................   $        1,847,404           $     1,125,207
                                                                          ============================================


                    The accompanying notes are an integral part of these financial statements.
</TABLE>


                                                      -3-

<PAGE>
<TABLE>
<CAPTION>

                                                SIMTEK CORPORATION

                                               STATEMENTS OF OPERATIONS

                                                   Three Months Ended September 30,          Nine Months Ended September 30,
                                                   --------------------------------          -------------------------------
                                                       1996                1995                 1996                 1995
                                                       ----                ----                 ----                 ----

<S>                                             <C>                   <C>                <C>                 <C>
Commission income............................   $         1,810       $            -     $          8,556    $               -
Product sales, net...........................         1,550,000              375,150            3,519,718            1,301,433
                                                ------------------------------------------------------------------------------


     Total Income............................         1,551,810              375,150            3,528,274            1,301,433
 Cost of product sales.......................           935,889              483,330            2,204,409            1,616,832
                                                ------------------------------------------------------------------------------

     Gross Margin............................           614,111             (108,180)           1,315,309             (315,399)

Operating Expenses:
     Design, research and development........           251,364              324,560              726,238            1,067,052
     Administrative..........................           160,491              128,434              364,026              450,404
     Marketing...............................           156,519              133,429              420,723              416,667
                                                ------------------------------------------------------------------------------


        Total operating expenses.............           568,374              586,423            1,510,987            1,934,123
                                                ------------------------------------------------------------------------------

        Profit (loss) from operations........            47,547             (694,603)            (187,122)          (2,249,522)
                                                -------------------------------------------------------------------------------

Other income (expense):
     Royalty income..........................                 -                    -                    -              600,000
     Interest income.........................             5,232                4,038               11,756               21,491
     Other income (expense), net.............            (2,341)                (168)               3,220                5,941
                                                ------------------------------------------------------------------------------

        Total other income (expense).........             2,891                3,870               14,976              627,432
                                                ------------------------------------------------------------------------------

Net profit (loss)............................   $        50,438       $     (690,733)    $       (172,146)   $      (1,622,090)
                                                ===============================================================================

Net loss per common share....................   $             *       $        (0.03)    $           (.01)   $           (0.08)
                                                ===============================================================================

Weighted average number of shares
     outstanding.............................        26,980,464           21,396,468           26,980,464           21,396,468
                                                ==============================================================================


*  Less than one cent per share.


                    The accompanying notes are an integral part of these financial statements.
</TABLE>

                                                      -4-

<PAGE>
<TABLE>
<CAPTION>

                                                SIMTEK CORPORATION

                                              STATEMENTS OF CASH FLOWS


                                                                              Nine Months Ended September 30,
                                                                              -------------------------------
                                                                                 1996                   1995
                                                                                 ----                   ----
<S>                                                                        <C>                    <C>
Cash flows from operating activities:
   Net loss...........................................................     $      (172,146)       $     (1,622,090)
   Adjustments to reconcile net loss to net cash used
    in operating activities:
      Depreciation and amortization...................................             107,598                 155,282
      Loss on disposal of assets......................................                 330                       -
      Decrease (increase) in accounts receivable......................            (481,078)                140,550
      Decrease  (increase) in inventory...............................            (171,708)                208,040
      Decrease (increase) in prepaid expenses and other ..............              (4,741)                 30,226
      Increase (decrease) in accounts payable, net of amount
       converted to equity............................................             343,653                 207,839
      Prepaid royalty receipts........................................                   -                (300,000)
      Increase in accrued expenses, accrued vacation and
       accrued wages..................................................             170,669                  83,830
                                                                           ---------------------------------------
        Net cash used in operating activities.........................            (207,423)             (1,096,323)
                                                                           ----------------------------------------

Cash flows from investing activities:
   Purchase of equipment and furniture................................              (3,901)                 (9,755)
                                                                           ----------------------------------------
      Net cash used in investing activities...........................              (3,901)                 (9,755)
                                                                           ----------------------------------------

Cash from financing activities:
   Proceeds from research and development arrangement.................                   -                  65,491
   Proceeds from exercising of stock options..........................               1,470                       -
   Proceeds from exchangeable notes...................................             378,551                 275,000
                                                                           ---------------------------------------

      Net cash provided by financing activities.......................             380,021                 340,491
                                                                           ---------------------------------------

      Net increase (decrease) in cash and cash equivalents............             168,697                (765,587)
                                                                           ----------------------------------------

Cash, beginning of period.............................................             311,872                 848,989
                                                                           ---------------------------------------

Cash, end of period...................................................     $       480,569        $         83,402
                                                                           =======================================
Supplemental cash flow information:
   Research and development arrangement to stock......................                   -        $        750,000


                    The accompanying notes are an integral part of these financial statements.
</TABLE>

                                                      -5-

<PAGE>



                               SIMTEK CORPORATION

                          NOTES TO FINANCIAL STATEMENTS

1. SIGNIFICANT ACCOUNTING POLICIES:

           The financial  statements included herein are presented in accordance
with the  requirements of Form 10-QSB and consequently do not include all of the
disclosures  normally made in the  registrant's  annual Form 10-K filing.  These
financial statements should be read in conjunction with the financial statements
and notes thereto included in Simtek  Corporation's  Annual Report and Form 10-K
filed on March 27, 1996 for fiscal year 1995.

           In the opinion of  management,  the  unaudited  financial  statements
reflect all adjustments of a normal recurring nature necessary to present a fair
statement of the results of operations for the respective  interim periods.  The
year-end balance sheet data was derived from audited financial  statements,  but
does not  include all  disclosures  required by  generally  accepted  accounting
principles.






                                       -6-

<PAGE>


                               SIMTEK CORPORATION



Item 2: Management's Discussion and Analysis of Financial Condition and Results
        of Operations
        ------------------------------------------------------------------------

RESULTS OF OPERATIONS:

           Simtek recorded net product sales of $1,550,000 for the third quarter
of 1996 and $3,519,718 for the nine months ended  September 30, 1996 up from the
$375,150  recorded for the third  quarter 1995 and the  $1,301,433  for the nine
months ended  September  30, 1995.  The product  sales were from the Company's 4
kilobit, 16 kilobit and 64 kilobit nvSRAM product families. These increases were
due to increased  customer  acceptance of nvSRAM  products from various  markets
including telecommunications, industrial control, military and office automation
and better  product  availability.  Two  distributors  of the  Company's  nvSRAM
products and one direct  customer  accounted  for more than 62% of the Company's
net sales  for the  third  quarter  1996.  In  addition,  the  Company  reported
approximately   $1,810  in   commissions   earned  from  the  sales  of  Zentrum
Mikroelektronik Dresden GmbH ("ZMD") SRAM's and DRAM's in the third quarter 1996
and  approximately  $8,556 for the nine months ended September 30, 1996. For the
nine months ended  September  30, 1995,  the Company also  reported  $600,000 in
prepaid royalties from previously licensed products.

         In the third quarter 1996, the Company  continued to see an increase in
0.8  micron  product  availability  from ZMD.  The sales of 0.8  micron  product
accounted for  approximately  50% of the Company's  revenue in the third quarter
1996.  This  increase  in  product  availability  along  with  shipments  of the
Company's 1.2 micron  product  accounted for the Company having a positive gross
margin of  $614,111 in the third  quarter  1996 and a positive  gross  margin of
$1,315,309 for the nine months ended  September 30, 1996 as compared to negative
gross  margins of $108,180  for the third  quarter of 1995 and  $315,399 for the
nine months ended September 30, 1995. Management of the Company believes that if
product availability continues from ZMD and the current yields on the 1.2 micron
process  continues,  the Company  will  continue to operate at a positive  gross
margin.

           Operating  expenses  of  $568,374  in the third  quarter  of 1996 and
$1,510,987 for the nine months ended September 30, 1996 decreased as compared to
$586,423 in the third quarter of 1995 and  $1,934,123  for the nine months ended
September 30, 1995. These decreases were due to a decreased headcount and better
cost controls.

           The Company  recorded a net profit of $50,438 in the third quarter of
1996 and a net loss of $172,146 for the nine months ended  September 30, 1996 as
compared to net loss of $690,733 for the third quarter of 1995 and a net loss of
$1,622,090  for the nine months ended  September 30, 1995.  The decreases in net
loss were because of increased product sales, better gross margins and decreased
operating expenses.

FUTURE RESULTS OF OPERATIONS

           The  Company's  ability to  continue  to be  profitable  will  depend
primarily on its ability to continue reducing  manufacturing  costs and increase
net product sales by increasing the availability of existing products and by the
introduction  of  new  products.  The  Company  believes  that  the  Cooperation
Agreement entered into with ZMD in September 1995 has now enabled the Company to
begin selling its 64 kilobit nvSRAM products based on 0.8 micron  technology and
that it will continue to in the future. The Company also believes that the joint
task force created with ZMD will expedite the introduction and production of its
256 kilobit nvSRAM products based on 0.8 micron technology.

                                       -7-

<PAGE>


                               SIMTEK CORPORATION


           As of September 30, 1996, the Company's backlog of unshipped customer
orders  expected to be filled  within the next twelve  months has  decreased  to
approximately  $2,145,000 from the  approximate  $2,450,000 at the end of second
quarter  1996.  This  decrease in backlog was due primarily to the Company being
able to ship product  against  delinquent  orders.  The backlog or $2,145,000 at
September 30, 1996 compares to an approximate backlog of $1,558,000 that existed
at September  30,  1995.  The  increase in backlog  from  September  30, 1996 to
September  30, 1995 is due to customers  who have designed the nvSRAM into their
applications have begun placing  production orders and to the continued shortage
of product over the last twelve months.  Orders are cancelable  prior to 30 days
before  the  scheduled  shipping  date and,  therefore,  should not be used as a
measure of future product sales.

LIQUIDITY AND CAPITAL RESOURCES


           In the third  quarter 1996,  the Company  received no monies from ZMD
under the  Cooperation  Agreement it entered into in September 1995. ZMD has the
right to convert all  financing  into shares of Common Stock.  During 1995,  ZMD
converted  $907,000 into  5,182,857  shares of Common Stock at a price of $0.175
per share. ZMD may convert all monies paid in 1996 to Simtek in shares of Common
Stock at the  average  share price of the  quarter  they were paid.  In the nine
months ended  September 30, 1996, ZMD has paid Simtek  $378,551 of which ZMD has
notified the Company of its intent to convert.  However,  ZMD cannot  exceed 30%
ownership without approval of Simtek's Board of Directors.

           Management of the Company anticipates that the revenue generated from
sales of products  will last  through  the end of 1996.  The Company may require
additional capital in the first quarter 1997 to fund production and marketing of
its 0.8 micron 256 kilobit  nvSRAM  products  and the  development  of other new
products.  The Company does not have any commitments for such additional capital
as of the date of this report.

                                       -8-

<PAGE>


                               SIMTEK CORPORATION


                           PART II. OTHER INFORMATION

Item 1.    Legal Proceedings - None

Item 2.    Changes in Securities - None

Item 3.    Defaults upon Senior Securities - None

Item 4.    Matters Submitted to a Vote of Securities Holders - None

Item 5.    Other Information - None

Item 6.    Exhibits and Reports on Form 8-K

           (a) Exhibits

               Exhibit 99.1 - Computation of per share earnings

           (b) Reports on Form 8-K

           On July 19, 1996, the Company filed a Form 8-K,  reporting under Item
           5, that  disclosed a press  release  dated July 15, 1996 and the 1996
           Interim Report.

                                       -9-

<PAGE>


                               SIMTEK CORPORATION


                                   SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.



                                     SIMTEK CORPORATION
                                     (Registrant)



November 11, 1996                    By  /s/Richard L. Petritz
                                        --------------------------------------
                                        RICHARD L. PETRITZ
                                        Chief Executive Officer and
                                          Chief Financial Officer (acting)


















                                                       -10-