Atomera Inc (ATOM) 2023 Q3 法說會逐字稿

Hello, everyone, and welcome to Atomera's Third Quarter Fiscal Year 2023 Update Call. I'd like to remind everyone that this call and webinar are being recorded, and a replay will be available on Atomera's website for 1 year. I'm Mike Bishop with the company's Investor Relations.

大家好，歡迎參加 Atomera 2023 財年第三季更新電話會議。我想提醒大家，本次電話會議和網路研討會正在錄製中，並將在 Atomera 網站上提供為期一年的重播。我是公司投資人關係部的麥克‧畢肖普 (Mike Bishop)。

As in prior quarters, we are using Zoom, and we will follow a similar presentation format with participants in a listen-only mode. We will open with prepared remarks from Scott Bibaud, Atomera's President and CEO; and Frank Laurencio, Atomera's CFO. Then we will open the call to questions.

與前幾季一樣，我們正在使用 Zoom，並且我們將遵循類似的演示格式，讓參與者處於只聽模式。我們將以 Atomera 總裁兼執行長 Scott Bibaud 準備好的演講作為開場；和 Atomera 財務長 Frank Laurencio。然後我們將開始提問。

If you are joining by telephone, you may follow a slide presentation to accompany our remarks on the Events and Presentations section of our Investor Relations page on our website.

如果您透過電話參加，您可以觀看幻燈片演示，並附上我們在我們網站投資者關係頁面的活動和演示部分的評論。

Before we begin, I would like to remind everyone that during today's call, we will make forward-looking statements. These forward-looking statements, whether in prepared remarks or during the Q&A session, are subject to inherent risks and uncertainties. These risks and uncertainties are detailed in the Risk Factors section of our filings with the Securities and Exchange Commission, specifically in the company's annual report on Form 10-K filed with the SEC on February 15, 2023, and its quarterly report on Form 10-Q filed today with the SEC.

在開始之前，我想提醒大家，在今天的電話會議中，我們將做出前瞻性聲明。這些前瞻性陳述，無論是在準備好的發言中還是在問答環節中，都受到固有風險和不確定性的影響。這些風險和不確定性在我們向美國證券交易委員會提交的文件的「風險因素」部分中有詳細說明，特別是該公司於2023 年2 月15 日向美國證券交易委員會提交的10-K 表格年度報告以及10- Q 今天向 SEC 提交了申請。

Except as otherwise required by federal securities laws, Atomera disclaims any obligation to update or make revisions to such forward-looking statements contained herein or elsewhere to reflect changes in expectations with regards to those events, conditions and circumstances.

除非聯邦證券法另有要求，Atomera 不承擔更新或修改本文或其他地方包含的此類前瞻性聲明的義務，以反映對這些事件、條件和情況的預期變化。

Also please note that during this call, we will be discussing non-GAAP financial measures as defined by SEC Regulation G. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in today's press release, which is also posted on our website.

另請注意，在本次電話會議中，我們將討論SEC G 條例定義的非GAAP 財務指標。這些非GAAP 財務指標與最直接可比較的GAAP 指標的調節表包含在今天的新聞稿中，該新聞稿也已發佈在我們的網站上。

Now I would like to turn the call over to our President and CEO, Scott Bibaud. Go ahead, Scott.

現在我想將電話轉給我們的總裁兼執行長 Scott Bibaud。來吧，斯科特。

Good afternoon, everyone, and welcome to Atomera's Third Quarter 2023 Update Call. During this past quarter, we've made great progress on a number of different fronts, both in customer and technology areas, and I'd like to bring you up to date on some of those activities.

大家下午好，歡迎參加 Atomera 的 2023 年第三季更新電話會議。在過去的這個季度，我們在客戶和技術領域的許多不同方面都取得了巨大進展，我想向您介紹其中一些活動的最新資訊。

Our standard customer pipeline does not do justice to how active we've been with customers over the last 3 months. It seems that our business development, our technology teams are on the road almost every week to service the growing number of opportunities and applications that MST can address. Much of that is happening with our Phase 3 customers, so it's hard to show the progress on this chart, but I'll give you more details as we go along.

我們的標準客戶管道並不能準確反映我們在過去 3 個月與客戶的互動程度。看來我們的業務發展、我們的技術團隊幾乎每週都在路上，為 MST 可以解決的越來越多的機會和應用程式提供服務。其中大部分發生在我們的第三階段客戶身上，因此很難在此圖表上顯示進度，但我會在進行過程中向您提供更多詳細資訊。

One thing we had hoped to show on today's call is that our Phase 4 customers had grown by 1 to reflect the installation of MST on a tool in MST -- in ST's factory. Unfortunately, up to today, it has not happened, but we do expect it to happen very soon and have been working diligently with ST on other parts of the development process.

我們希望在今天的電話會議上展示的一件事是，我們的第 4 階段客戶數量增加了 1，以反映在 MST（ST 工廠）的工具上安裝了 MST。不幸的是，直到今天，這還沒有發生，但我們確實希望它很快就會發生，並且一直在與 ST 就開發過程的其他部分進行努力合作。

In past calls, I've discussed the path to production with ST, but I'd like to expand on the details here. Since completion of the license agreement in April, ST's engineering team, with some assistance from us, has been developing their new manufacturing process, which will include MST. This effort is primarily happening via computer simulations and our MSTcad is an indispensable component of that effort. After the installation of MST onto their epi tools, ST will build wafers using MST and test the results, which is called silicon validation. Using this methodology, ST will create a fully optimized manufacturing method. And when it is complete, they will freeze it, creating a process development kit or PDK. From that point forward, when a new chip design is started by an ST development engineer, the chip will be based on the transistor characteristics provided in the new PDK, which will include MST.

在過去的通話中，我已經與 ST 討論了生產路徑，但我想在這裡詳細闡述細節。自從四月完成許可協議以來，ST的工程團隊在我們的幫助下，一直在開發新的製造工藝，其中將包括MST。這項工作主要透過電腦模擬進行，我們的 MSTcad 是這項工作不可或缺的組成部分。將 MST 安裝到其外延工具上後，ST 將使用 MST 建立晶圓並測試結果，稱為矽驗證。利用這種方法，意法半導體將創建一種完全最佳化的製造方法。完成後，他們將凍結它，創建流程開發套件或 PDK。從那時起，當 ST 開發工程師開始新的晶片設計時，該晶片將基於新 PDK 中提供的電晶體特性，其中將包括 MST。

Wafer-level qualification, which is the process of finalizing their manufacturing flow across corner conditions to ensure it meet specifications will be happening in parallel with ST's new chip designs. When process qualification is complete, any finalized chip designs will enter production and start generating royalties. All their subsequent chip designs will be based on this new PDK and will add to the royalty stream, so the revenue potential will just continue to grow.

晶圓級鑑定是跨角條件最終確定製造流程以確保其符合規格的過程，該過程將與意法半導體的新晶片設計同時進行。當製程鑑定完成後，任何最終的晶片設計都將進入生產並開始產生特許權使用費。他們所有後續的晶片設計都將基於這個新的 PDK，並將增加專利費流，因此收入潛力將繼續增長。

As we've spoken about before, it's difficult for us to forecast the volume of these designs because they will be executed for many different applications and market sectors. When we first announced this transaction, we estimated ST would go to commercialization in 1.5 years to 2 years. Despite the longer-than-anticipated time to complete equipment modifications, we still believe that timing holds true. It is important to recognize the significance of this milestone to our company. It validates not only our technology, but also our business model, and we are as impatient to see it completed as I'm sure you are.

正如我們之前談到的，我們很難預測這些設計的數量，因為它們將針對許多不同的應用和市場領域執行。當我們第一次宣布這筆交易時，我們預計ST將在1.5年到2年內進入商業化。儘管完成設備改造的時間比預期要長，但我們仍然相信時機是正確的。認識到這一里程碑對我們公司的重要性非常重要。它不僅驗證了我們的技術，還驗證了我們的商業模式，我們和您一樣迫不及待地想看到它的完成。

Now that we've covered ST, let me provide updates on other customers. I'm pleased to report that experiments with our JDA 1 customer have shown excellent technical results that we believe solve a significant problem they are facing. The specific issues we have been -- we have addressed are targeted at one of their largest BUs. At this point, our focus has shifted to finding a business solution that will work well for both of us. But given the strength of our technical offering, I am confident we will find a commercial structure for them to adopt MST.

現在我們已經介紹了 ST，讓我提供其他客戶的最新資訊。我很高興地報告，我們的 JDA 1 客戶的實驗顯示出出色的技術成果，我們相信可以解決他們面臨的重大問題。我們所解決的具體問題是針對他們最大的業務部門之一。此時，我們的重點已轉移到尋找對我們雙方都有效的業務解決方案。但考慮到我們技術產品的實力，我相信我們會找到一個商業結構供他們採用 MST。

Likewise, with our JDA 2 customer, recent silicon test results, combined with MSTcad simulations have led us to start a new round of experiments to hopefully reach a performance level triggering the license agreements contemplated as part of the JDA package. It will take several months for those results to come out, but we hope with a lower level of fab utilization the industry is experiencing these days, we will get fast throughput.

同樣，對於我們的 JDA 2 客戶，最近的矽測試結果與 MSTcad 模擬相結合，使我們開始了新一輪的實驗，希望達到觸發 JDA 包中預期的許可協議的性能水平。這些結果需要幾個月的時間才能出來，但我們希望隨著行業目前晶圓廠利用率較低的情況，我們將獲得快速的吞吐量。

We are also seeing interest in our higher voltage technology offerings, MST-SP and SPX. There is no doubt that our ST license announcement has stimulated interest in these technologies across the industry. Recently, our MSTcad was adopted by a very large analog and power manufacturer, which we believe is an excellent first step towards licensing our overall MST technology to them for production. We continue to see good momentum for both MST-SP and SPX.

我們也看到人們對我們的更高電壓技術產品 MST-SP 和 SPX 感興趣。毫無疑問，我們的 ST 授權公告激發了整個產業對這些技術的興趣。最近，我們的 MSTcad 被一個非常大的類比和電源製造商採用，我們相信這是向他們授權我們的整體 MST 技術進行生產的良好的第一步。我們繼續看到 MST-SP 和 SPX 的良好勢頭。

More good news in the RF department. Our MST solution for RF-SOI has been evolving over the last year due to new MST film formulations and integration techniques, which we have demonstrated to customers using simulations from MSTcad. During the last 3 months, we've gotten new silicon test results that validate the improvements predicted by MSTcad, improvements that are not possible without MST and are badly needed by designers of RF front ends for cellular products. We believe this solution will be something that all RF-SOI designers will want to use once they understand the benefits. And we're confident of this because the first few customers we've explained it to have been quite excited to get started. I'm hopeful this will lead to several new licenses and partnerships in the future.

射頻部門有更多好消息。由於新的 MST 薄膜配方和整合技術，我們的 RF-SOI MST 解決方案在過去一年中不斷發展，我們已使用 MSTcad 的模擬向客戶展示了這些技術。在過去 3 個月中，我們獲得了新的晶片測試結果，驗證了 MSTcad 預測的改進，這些改進如果沒有 MST 就不可能實現，並且是蜂窩產品射頻前端設計人員迫切需要的。我們相信，一旦所有 RF-SOI 設計人員了解其優勢，他們都會想要使用該解決方案。我們對此充滿信心，因為我們解釋過的前幾位客戶都非常興奮地開始使用。我希望這將在未來帶來一些新的許可和合作關係。

Similarly, in the advanced nodes market, our offering has gotten significantly stronger in the last 3 months. The key to advancing in this market is through ecosystems and partnerships since the technology is so complex and expensive to prove out in silicon. We are working to establish and nurture those types of relationships today. Two weeks ago, we announced that Atomera was part of the Southwest Advanced Prototyping Hub, led by Arizona State University, which has recently received funding through the CHIPS and Sciences Act.

同樣，在先進節點市場，我們的產品在過去 3 個月中顯著增強。在這個市場中前進的關鍵是透過生態系統和合作夥伴關係，因為該技術非常複雜且在晶片上進行驗證的成本很高。今天，我們正在努力建立和培養這些類型的關係。兩週前，我們宣布 Atomera 是亞利桑那州立大學領導的西南高級原型中心的一部分，該中心最近通過 CHIPS 和科學法案獲得了資助。

Atomera helped to drive for establishment of this hub because we believe that America needs an ecosystem of the most advanced development teams who can work together to redefine what's possible in the semiconductor industry. This has always been Atomera's focus, and we are gratified at the greater spotlight and resources that this funding will bring. And as a smaller company, we will gain great leverage from this partnership. We have no doubt that being part of this new ecosystem will assist us in implementing our technology at the biggest semiconductor makers who are interested in investing in advanced nodes today.

Atomera 幫助推動了該中心的建立，因為我們相信美國需要一個由最先進的開發團隊組成的生態系統，這些團隊可以共同努力重新定義半導體產業的可能性。這一直是 Atomera 的焦點，我們對這筆資金將帶來的更大關注和資源感到高興。作為一家規模較小的公司，我們將從這種合作關係中獲得巨大的影響力。我們毫不懷疑，成為這個新生態系統的一部分將有助於我們在當今有興趣投資先進節點的最大半導體製造商中實施我們的技術。

Finally, you may have noticed that we added a new segment into our technology focus areas, MST for DRAM. During this past quarter, we published a comprehensive white paper on our website, giving some details of the physics around how MST can be combined with [sensor] circuit designs to make DRAM devices smaller and lower power. In short, MST will be able to bring improvements to DRAM devices that are on a scale with the benefits we are bringing to our other technology-focused segments.

最後，您可能已經注意到，我們在技術重點領域中添加了一個新的部分，即 DRAM 的 MST。在過去的這個季度，我們在網站上發布了一份綜合白皮書，詳細介紹瞭如何將 MST 與[感測器]電路設計相結合，使 DRAM 設備變得更小、功耗更低。簡而言之，MST 將能夠對 DRAM 設備進行改進，其規模與我們為其他以技術為重點的細分市場帶來的好處相當。

This memory work is Atomera's first direct foray into technologies that will enable the artificial intelligence revolution. It is clear that AI uses far more memory than traditional processors, which means the cost and power savings that American bring to these devices will be critical. Further, because AI accesses memory in different ways, it demands different latency and bandwidth, all of which are going to drive big changes in the memory requirements of the future. Atomera intends to be a leading innovator in this space to take advantage of the opportunity that AI will provide for growth in the semiconductor market.

這項記憶工作是 Atomera 首次直接涉足將推動人工智慧革命的技術。顯然，人工智慧使用的記憶體遠多於傳統處理器，這意味著美國為這些設備帶來的成本和功耗節省將至關重要。此外，由於人工智慧以不同的方式存取內存，因此需要不同的延遲和頻寬，所有這些都將推動未來記憶體需求的巨大變化。 Atomera 打算成為該領域的領先創新者，以利用人工智慧為半導體市場成長提供的機會。

As you can see from the wide set of exciting customer engagements, our business scope is expanding along with our potential. I do believe that the ST announcement has helped us get over a hurdle with many customers, which helps to explain this momentum. But more importantly, it is due to the efforts of our brilliant team of engineers and scientists who are constantly bringing cutting-edge solutions to the semiconductor industry. Inside Atomera, we are very optimistic about the bright future our company has in front of us, and we hope to prove that by announcing more license and production deals in the near future.

正如您從一系列令人興奮的客戶互動中看到的那樣，我們的業務範圍隨著我們的潛力而不斷擴大。我確實相信 ST 的宣布幫助我們克服了許多客戶的障礙，這有助於解釋這種勢頭。但更重要的是，這歸功於我們優秀的工程師和科學家團隊的努力，他們不斷為半導體產業帶來尖端的解決方案。在 Atomera 內部，我們對公司面臨的光明未來非常樂觀，我們希望透過在不久的將來宣布更多許可和生產交易來證明這一點。

Frank will now review our financials.

弗蘭克現在將審查我們的財務狀況。

Thank you, Scott. At the close of the market today, we issued a press release announcing our results for the third quarter of 2023.

謝謝你，斯科特。今天收盤時，我們發布了新聞稿，宣布了 2023 年第三季的業績。

This slide shows our summary financials. Our GAAP net loss for the 3 months ended September 30, 2023, was $5 million or $0.20 per share, compared to a net loss of $4.6 million, which was also $0.20 per share in the third quarter of 2022. In Q2 of 2023, our GAAP net loss was $5.2 million or $0.21 per share. GAAP operating expenses were $5.4 million in Q3 2023, which was an increase of approximately $696,000 from $4.7 million in Q2 2022.

這張投影片顯示了我們的財務摘要。截至2023 年9 月30 日的三個月，我們的GAAP 淨虧損為500 萬美元，即每股0.20 美元，而2022 年第三季的淨虧損為460 萬美元，即每股0.20 美元。2023 年第二季度，我們的淨虧損為460 萬美元，即每股 0.20 美元。GAAP 淨虧損為 520 萬美元，即每股 0.21 美元。 2023 年第三季的 GAAP 營運費用為 540 萬美元，比 2022 年第二季的 470 萬美元增加了約 69.6 萬美元。

The biggest driver of the year-on-year operating expense increase was a $562,000 increase in R&D expenses. $287,000 of which was due to higher prices for wafer processing and engineering services at our contract foundry, TSI semiconductors.

營業費用年增的最大推動因素是研發費用增加 562,000 美元。其中 287,000 美元是由於我們的代工廠 TSI 半導體的晶圓加工和工程服務價格上漲所致。

General and administrative expenses increased by approximately $116,000, and sales and marketing increased by less than $20,000. Other income net in Q3 2023 increased by $261,000 as compared to Q2 2022, mainly reflecting higher interest income on an Arizona -- from an Arizona refundable R&D tax credit.

一般和管理費用增加了約 116,000 美元，銷售和行銷費用增加了不到 20,000 美元。與 2022 年第二季相比，2023 年第三季的其他淨收入增加了 261,000 美元，主要反映了亞利桑那州的利息收入增加——來自亞利桑那州可退還的研發稅收抵免。

Sequentially, our GAAP operating expenses were flat at $5.4 million in both Q3 and Q2 2023. A $113,000 increase in R&D expenses, which was also due to TSI costs, was offset by declines in G&A and sales and marketing expenses. Non-GAAP net loss was flat sequentially at $4.3 million in Q3 and Q2 of 2023, and it compares to a loss of $3.7 million in Q3 of 2022. The differences between GAAP and non-GAAP operating expenses in all periods we're presenting are primarily due to noncash stock compensation expenses, which were $1 million in both Q3 and Q2 of this year, and $889,000 in Q3 of 2022.

隨後，我們的GAAP 營運費用在2023 年第三季和第二季均維持在540 萬美元。研發費用增加了113,000 美元，這也是由於TSI 成本造成的，但被一般管理費用以及銷售和行銷費用的下降所抵消。 2023 年第三季和第二季的非GAAP 淨虧損與上一季持平，為430 萬美元，而2022 年第三季的虧損為370 萬美元。我們提供的所有期間的GAAP 和非GAAP 營運費用之間的差異為主要是由於非現金股票補償費用，今年第三季和第二季均為 100 萬美元，2022 年第三季為 889,000 美元。

Our balance of cash, cash equivalents and short-term investments on September 30, 2023, was $20.4 million, compared to $23.8 million on June 30, 2023. During Q3, we used $3.5 million of cash in operating activities, and we sold approximately 24,000 shares under our ATM facility at an average price of $9.17 per share. As of September 30, 2023, we had 25.8 million shares outstanding.

截至2023 年9 月30 日，我們的現金、現金等價物及短期投資餘額為2,040 萬美元，而2023 年6 月30 日為2,380 萬美元。第三季度，我們在經營活動中使用了350 萬美元現金，銷售了約24,000我們的 ATM 設施下的股票平均價格為每股 9.17 美元。截至 2023 年 9 月 30 日，我們有 2,580 萬股已發行股票。

Moving now to our guidance. We still expect that our non-GAAP operating expenses for 2023 will be in the range of $16.25 million to $16.75 million, and it should come in close to the midpoint of that range.

現在轉向我們的指導。我們仍然預計 2023 年的非 GAAP 營運費用將在 1,625 萬美元至 1,675 萬美元之間，並且應該接近該範圍的中點。

On the last call, I cautioned that higher prices and number of wafers run at TSI had caused our outsourced R&D expense to run above our annual plan. However, we now expect that our work at TSI during Q4, as well as in Q1 of next year, will primarily consist of finishing wafer lots that we have in progress or are just starting.

在上次電話會議上，我警告說，較高的價格和 TSI 運行的晶圓數量導致我們的外包研發費用超出了我們的年度計劃。然而，我們現在預計第四季度以及明年第一季我們在 TSI 的工作將主要包括完成我們正在進行或剛開始的晶圓批次。

As we discussed on our Q1 call, Bosch announced that they plan to acquire TSI and convert it to silicon carbide production by 2026. The acquisition closed at the end of August, and in October, Bosch informed us and the rest of TSI's customers that they will cease supporting current customers in February 2024. Atomera is now in the process of finding a replacement.

正如我們在第一季電話會議上討論的那樣，博世宣布他們計劃收購TSI 並在2026 年之前將其轉為碳化矽生產。收購於8 月底完成，10 月，博世通知我們和TSI 的其他客戶，他們將於 2024 年 2 月停止支援現有客戶。Atomera 目前正在尋找替代者。

As Scott mentioned, we expect that STMicro will install MST in Q4, so our Q4 revenue should be in the range of $300,000 to $350,000, which would consist mostly of ST's first milestone payment for the installation of MST. After validation of film quality in ST's tool, there will be a second and final installation-related milestone payment. As we progress toward that second milestone, and toward a much more substantial upfront fees for moving to commercial production, we will provide updated revenue guidance as appropriate.

正如 Scott 所提到的，我們預計 STMicro 將在第四季度安裝 MST，因此我們第四季的收入應該在 30 萬美元到 35 萬美元之間，其中大部分包括 ST 安裝 MST 的第一筆里程碑付款。在意法半導體的工具中驗證薄膜品質後，將進行第二次也是最後一次與安裝相關的里程碑付款。隨著我們朝著第二個里程碑邁進，並朝著轉向商業生產的更大量的前期費用邁進，我們將酌情提供更新的收入指導。

With that, I will turn the call back over to Scott for a few summary remarks before we open the call up to questions. Scott?

這樣，在我們開始提問之前，我會將電話轉回給史考特，讓他做一些總結性發言。史考特？

Thanks, Frank. Once again, this quarter, Atomera has advanced our technology with customers across many different market segments. We believe the momentum we are carrying right now will help us to assemble a large and diversified set of customers and markets, building a strong and growing royalty stream. That is our goal and I look forward to sharing our journey with you as we seek to build a semiconductor technology licensing powerhouse.

謝謝，弗蘭克。本季度，Atomera 再次與許多不同細分市場的客戶一起推進我們的技術。我們相信，我們現在的勢頭將幫助我們聚集大量多元化的客戶和市場，建立強大且不斷增長的特許權使用費流。這是我們的目標，我期待與您分享我們尋求建立半導體技術許可強國的歷程。

Mike, we will now take questions.

麥克，我們現在開始提問。

(Operator Instructions) Our first question comes from Richard Shannon of Craig-Hallum.

（操作員說明）我們的第一個問題來自 Craig-Hallum 的 Richard Shannon。

Let's start with the topic of STMicro here. I guess, just wanted to clarify here. Obviously, we understand some of the delay mechanisms here, but you also believe that there's going to be no delay in the ultimate 18- to 24-month time frame to get them to, I think, your words are production, correct me if I'm wrong there, Scott. But can you help us understand why you don't think there's any delay here?

這裡先從STMicro的話題開始吧。我想，只是想在這裡澄清一下。顯然，我們理解這裡的一些延遲機制，但你也相信在最終的 18 到 24 個月的時間範圍內不會有延遲，讓它們實現，我認為，你的話就是生產，請糾正我，如果我在那裡錯了，斯科特。但您能否幫助我們理解為什麼您認為這裡沒有任何延遲？

Well, regardless of when they installed the tool, they were going to have to do a bunch of development work, creating the new PDK, using simulation technology. I think, even if it had been in place, they probably would do quite a bit of that before they went to silicon validation. So by my estimate, I don't think we're behind, as long as it gets installed soon, which we do believe it's going to happen.

好吧，無論他們何時安裝該工具，他們都必須進行大量開發工作，使用模擬技術創建新的 PDK。我認為，即使它已經到位，他們在進行矽驗證之前可能會做很多這樣的事情。因此，根據我的估計，只要盡快安裝，我認為我們不會落後，我們確實相信這會發生。

Let's jump over to the topic of your first JDA customer. I think you said, shown some great results. I saw the big problem here targeted one of their largest business units. By my notes here, said you're focused on it. Business or a solution to work on with that business, maybe you can help us a little bit understand what's going on there.

讓我們跳到您的第一個 JDA 客戶的主題。我想你說過，顯示出了一些很好的結果。我看到這裡的大問題針對的是他們最大的業務部門之一。從我這裡的筆記來看，你已經專注於它了。業務或與該業務合作的解決方案，也許您可以幫助我們稍微了解那裡發生的事情。

Yes. So I think in the past, when we've talked about our JDA customer, we talked about how we were working with the central engineering organization. They were evaluating our technology and then would recommend it out to the different business units. And obviously, over the last few years, we've gone from very general test requirements that they had to prove that our film was the type of quality that you take to production, down to more and more specific application solutions to problems they're facing. The one that we've been working on over the past several months is a very challenging problem that their biggest business unit has been facing, and we believe we've delivered something really compelling to them.

是的。所以我認為過去，當我們談論我們的 JDA 客戶時，我們談論了我們如何與中央工程組織合作。他們正在評估我們的技術，然後將其推薦給不同的業務部門。顯然，在過去的幾年裡，我們已經從非常籠統的測試要求（他們必須證明我們的薄膜達到生產所需的品質類型），轉變為針對他們所遇到的問題提供越來越多的具體應用解決方案。面對。過去幾個月我們一直致力於解決的問題是他們最大的業務部門一直面臨的一個非常具有挑戰性的問題，我們相信我們已經為他們提供了真正引人注目的東西。

Now, in our -- we had created a JDA in the past, and we have set -- put in place all the business terms for the JDA, but still haven't gotten to the business terms about being able to do a full license that would take them to production. And we're trying to work with them right now to figure out how can we find something that works for both them and us so that we could get a contract they'd feel comfortable and we'd feel comfortable, and then start working to implement this in the business unit.

現在，在我們過去創建了 JDA，並且我們已經制定了 JDA 的所有業務條款，但仍然沒有獲得關於能夠獲得完整許可的業務條款這將把它們投入生產。我們現在正在努力與他們合作，弄清楚如何找到對他們和我們都有效的東西，這樣我們就可以獲得一份讓他們感到舒服、我們也感到舒服的合同，然後開始努力在業務部門中實施這一點。

So this sounds like a business-related dynamic with the JDA 1 customer, not anything technological in nature then. Is that fair?

因此，這聽起來像是與 JDA 1 客戶的業務相關動態，而不是任何技術性質的動態。這樣公平嗎？

Yes. Right now, I would say that's where we are. We're on business. When we get done with the business and we start doing more detailed technical work, of course, we'll be back into the technical side. But right now, I think we're improving what we need to get to real solid business discussions.

是的。現在，我想說這就是我們所處的情況。我們正在出差。當我們完成業務並開始做更詳細的技術工作時，當然，我們會回到技術方面。但現在，我認為我們正在改進進行真正紮實的商業討論所需的東西。

Fair enough. Sounds like some good progress there. Let's jump over to another question here. I think we've -- since you announced STMicro, I think about 6 months ago, we've continued to ask a question about the halo effect that they may have on another analog peers. I mean one of your comments here, I think, you said that MSTcad was adopted by a large analog and power manufacturer, if you think is a first step to license technology. A, would you believe -- do you see this as the STMicro halo effect having some impact on this particular customer? And what does this mean about entering into one of the phases in your status that you talk about every quarter?

很公平。聽起來進展不錯。讓我們在這裡跳到另一個問題。我認為，自從您宣布 STMicro 以來，我想大約 6 個月前，我們一直在詢問有關它們可能對其他模擬同行產生的光環效應的問題。我的意思是你在這裡的一個評論，我想，你說 MSTcad 被一家大型模擬和電源製造商採用，如果你認為這是獲得技術許可的第一步。答，您是否認為這是 STMicro 的光環效應對這個特定客戶產生了一些影響？這對於進入您每個季度都會談論的身份階段之一意味著什麼？

So first of all, we are out talking to customers all the time about MST-SP and SPX, which are technologies we've developed ourselves using MST. And they show really impressive results. That should be enough for a customer to decide to use them. But the fact that we can say, we've also done a license agreement with ST, really, we think, helps to push it over the -- kind of over the top.

首先，我們一直在與客戶討論 MST-SP 和 SPX，這是我們使用 MST 自行開發的技術。他們顯示出非常令人印象深刻的結果。這應該足以讓客戶決定使用它們。但事實上，我們可以說，我們還與 ST 簽訂了許可協議，我們認為，這確實有助於推動它超越——有點過分。

Now what impact does that have on our customer pipeline that we showed you. Yes, the fact is that the -- we can be working with customers in Phase 1 with MSTcad. We also can be working with customers in Phase 2 or Phase 3. Obviously, we think MSTcad is going to be something that people use from the beginning until when they get into volume production. For this particular customer, actually, we had been working with them on some other technology, and they're already in Phase 3. So like I said, we believe we've made really good progress with them this quarter, but you can't really see it by looking at our pipeline chart.

現在，這對我們向您展示的客戶管道有何影響。是的，事實是－我們可以在第一階段使用 MSTcad 與客戶合作。我們也可以在第 2 階段或第 3 階段與客戶合作。顯然，我們認為 MSTcad 將成為人們從一開始就使用直到進入大量生產的東西。實際上，對於這個特定的客戶，我們一直在與他們合作開發一些其他技術，他們已經處於第三階段。所以就像我說的，我們相信本季我們與他們取得了非常好的進展，但你可以'通過查看我們的管道圖並不能真正看到它。

I know that doesn't always capture that dynamic, but thanks for that detail, Scott.

我知道這並不總是能捕捉到這種動態，但感謝斯科特提供的細節。

I know you discussed this and there was an interesting line in your press release this morning about the benefits of MST in both DRAM and advanced nodes. And maybe I'll allow you to answer the question, either or both in aggregate, if you think that's appropriate. But becoming increasingly clear to the industry, maybe you can give us some sense here. It seems like you're getting some recognition in industry conferences or recognition from the white papers or whatever you're writing. What makes you say this is become increasingly clear to the industry?

我知道您討論過這個問題，並且今天早上您的新聞稿中有一段有趣的內容，講述了 MST 在 DRAM 和高級節點中的優勢。如果您認為合適的話，也許我會允許您回答這個問題，或回答一個問題，或回答兩個問題。但隨著業界越來越清楚，也許你可以在這裡給我們一些啟發。看起來您在行業會議上獲得了一些認可，或者從白皮書或您正在撰寫的任何內容中獲得了認可。您為何說這一點對於業界來說變得越來越清晰？

Yes. I mean just definitely, it's through technical conferences that we're getting invited to these different organizations like the Southwest Regional Development Hub that we're being -- we actually are kind of a founding member of, plus just the tool manufacturers and the customers themselves. They know about our technology, they ask us about it. And so we can definitely see from where we were a few years ago that we were working on this technology, but we didn't have as deep engagements with either the customers or with the ecosystem partners. Now we really see that whole thing coming together. And I did talk about how important we think it is for ecosystems to be used because the big semiconductor guys, they don't directly cooperate with each other, but they all use the ecosystem to come up with ways that they can make their next-generation products more successful.

是的。我的意思是，可以肯定的是，透過技術會議，我們被邀請參加這些不同的組織，例如我們正在參加的西南區域發展中心 - 我們實際上是其中的創始成員，加上工具製造商和客戶他們自己。他們了解我們的技術，他們向我們詢問。因此，從幾年前的情況來看，我們肯定可以看到我們正在研究這項技術，但我們並沒有與客戶或生態系統合作夥伴進行深入的接觸。現在我們確實看到了整件事的進展。我確實談到了我們認為使用生態系統有多重要，因為大型半導體公司並不直接相互合作，但他們都使用生態系統來想出可以製造下一個產品的方法-一代產品更加成功。

One last question for me and I will jump out of line. Obviously, the macro is looking not very good as we've seen through a number of reports in the [semi] industry and broader over the last couple of weeks here. Are you seeing any sense of this from your customers, whether in later stages or the latest stages of the phase that you talked about, or even at the end of the cycle. Are you seeing any of that slowdown? Or alternatively, with utilization is much lower than they have been in quite some time to just open up new opportunities that make it even more exciting and could even accelerate in this environment?

最後一個問題我會跳出來。顯然，正如我們在過去幾週看到的[半]行業以及更廣泛領域的許多報告所看到的那樣，宏觀經濟形勢看起來不太好。您是否從您的客戶那裡看到了這種感覺，無論是在您談到的階段的後期階段還是最後階段，甚至在週期結束時。您看到任何放緩的情況嗎？或者，在利用率遠低於相當長一段時間以來的水平的情況下，只是開闢新的機會，使其更加令人興奮，甚至可以在這種環境下加速？

Yes. So our view on the market right now, we think the market has -- this year has been a very rough year in terms of growth going negative and a lot of capacity being available out there. We always talk about a period when there's low capacity utilization is great for us because our customers can just quickly throw some wafers into the line and they're not disrupting anything. And that's definitely true. We're starting to see signs that for next year things will start to come back and maybe growth will pick up, but we're not seeing signs that we're going to get anywhere near the type of really strong growth and high capacity utilization that we had back in 2020 and 2021. And so I think generally, I would say we think that we're going back to kind of a normal level of activity in the industry, and that should give us an ability to really do good development with people without being impeded by it.

是的。因此，我們現在對市場的看法是，今年是非常艱難的一年，成長呈負數，而且有大量可用產能。我們總是談論產能利用率低的時期對我們來說是件好事，因為我們的客戶可以快速地將一些晶圓放入生產線，而不會造成任何干擾。這絕對是真的。我們開始看到明年情況將開始復甦的跡象，也許增長會加快，但我們沒有看到任何跡象表明我們將實現真正強勁的增長和高產能利用率我們在2020 年和2021 年就有過這種情況。所以我認為總的來說，我們認為我們將回到行業的正常活動水平，這應該使我們有能力真正實現良好的發展與人相處，不受其阻礙。

Our next question comes from Cody Acree of Benchmark.

我們的下一個問題來自 Benchmark 的 Cody Acree。

Maybe, Scott, if you can just talk about ST a bit. And I know that there's only so much you can share. But if you can talk about where you're seeing your MST applied within STMicro to the extent that you can, to give us some level of interaction or in the market targeting?

也許，斯科特，如果你能談談 ST 的話。我知道你能分享的只有這麼多。但是，您是否可以談談您在 STMicro 中看到 MST 的應用範圍，以便為我們提供一定程度的互動或市場定位？

Yes. So I think -- of course, we can't say too much, but I can tell you that this technology has been adopted by their smart power products team. And so the new PDK that I spoke about would be one that would be designed at analog and power type of semiconductors. Now, analog and power, we believe spans multiple divisions with us, within ST. Their AMS division is one that would be using it quite a bit. They also have a division called automotive that would use it quite a bit. And -- but it's very hard for us to say at this point the size of the penetration that they have into those different areas. But we do know that their smart power product line is extremely successful used throughout the industry. And one of the areas that ST has been investing in over the past few years, including building a new fab to support it.

是的。所以我想——當然，我們不能說太多，但我可以告訴你，這項技術已經被他們的智慧電力產品團隊採用了。因此，我談到的新 PDK 將是針對模擬和功率類型半導體設計的。現在，我們相信模擬和電源領域跨越了 ST 內部的多個部門。他們的 AMS 部門會大量使用它。他們還有一個名為汽車的部門，該部門會大量使用它。而且 - 但目前我們很難說他們對這些不同領域的滲透程度。但我們確實知道他們的智慧電力產品線在整個產業中使用得非常成功。而ST過去幾年一直投資的領域之一，包括建造一座新的晶圓廠來支持它。

And Scott, is that lack of visibility? Is that a lack of information you could share with us, as to your engagement with ST? Or is that a lack of really full clarity to you as to where your technology is going to be applied?

斯科特，這是缺乏可見性嗎？關於您與 ST 的合作，您是否缺乏可以與我們分享的資訊？或者您對您的技術將應用於何處缺乏真正完全的了解？

Yes. I would say it's a little bit of both, Cody, because they don't report publicly about smart power products. What they report is as market segments, not technology segments, which is very common in the semiconductor industry, right? Your development teams work on technology segments and your marketing teams kind of work on market segments. And what they are reporting on market segments, so what we're likely to see is very strong crossover of this technology into multiple different market segments.

是的。我想說，科迪，兩者都有一點，因為他們沒有公開報告智慧電力產品。他們報告的是細分市場，而不是技術細分，這在半導體產業很常見，對吧？您的開發團隊致力於技術領域，而您的行銷團隊則致力於市場領域。他們對細分市場的報告，因此我們可能會看到該技術在多個不同細分市場中的強烈交叉。

So as I was talking about earlier in my comments, we expect to see chip design starting that would be targeted at multiple different markets with multiple different requirements. So for example, higher voltage products may be for the automotive industry or 5-volt type of products for battery powered and consumer electronics or just analog sensors that might be used in the industrial space. But we -- what we don't know now -- so we're not violating confidentiality and because we just don't know, but we don't know where those designs will be coming from and what the potential volume of them will be.

因此，正如我之前在評論中所說，我們預計晶片設計將針對具有多種不同要求的多個不同市場。例如，較高電壓的產品可能用於汽車產業，或用於電池供電和消費性電子產品的 5 伏特類型產品，或可能僅用於工業領域的類比感測器。但我們——我們現在不知道——所以我們沒有違反保密性，因為我們只是不知道，但我們不知道這些設計將來自哪裡以及它們的潛在數量是多少。

And I guess, how much more would you be involved? Will you be asked to be involved when it does get to be a productization stage?

我想，您還會參與多少？當它確實進入產品化階段時，你會被要求參與嗎？

Yes. I think we may get less involved, frankly, at that point. Our big involvement is going to be right now, during the development phase, and then helping them to get the MST working as efficiently as possible as they go through their production line. But once they have a released PDK, for the most part, our support requirements, I expect to die down to very low. We may, and what I'd like to do is that we keep involvement with their design team so they understand all the benefits that they can get by using the MST. But I still think, for the most part, their engineers will understand it once they see it in the PDK, and they'll be able to do that without our help.

是的。坦白說，我認為到那時我們可能會減少參與。我們將立即參與開發階段，然後幫助他們在生產線中使 MST 盡可能有效地工作。但是，一旦他們發布了 PDK，我預計我們的支援需求在很大程度上會降低到非常低的水平。我們可能會，而且我想做的是，我們繼續參與他們的設計團隊，以便他們了解使用 MST 可以獲得的所有好處。但我仍然認為，在大多數情況下，他們的工程師一旦在 PDK 中看到它就會理解它，並且無需我們的幫助他們就能做到這一點。

And let me switch gears a bit to the RF-SOI progress that you discussed in your script. Can you just help us to understand your engagements? Is this more on an IDM basis? Or is this through foundry partners?

讓我稍微談談您在腳本中討論的 RF-SOI 進展。您能幫助我們了解您的參與嗎？這更多是基於 IDM 嗎？還是這是透過代工廠合作夥伴實現的？

It's both. We have very wide engagement on RF-SOI for most of the foundry providers and several of the IDMs as well. And the good news is there's not 100 players in this space. There are a handful, and we know who they are and we're presenting to them. So I do feel like, we've got good traction with the majority of the folks who will be out there producing products with RF-SOI.

兩者都是。我們對大多數代工提供者和一些 IDM 都有非常廣泛的參與。好消息是這個領域的參與者不到 100 人。有少數人，我們知道他們是誰，我們正在向他們展示。所以我確實覺得，我們對大多數將使用 RF-SOI 生產產品的人來說都具有良好的吸引力。

And I guess, from an MST standpoint, is there a potential for you to be incorporated in a current design process that they're working on today, that's delivering the products, delivering to customers. Or would it take or complete the bottom-up, reengineer, representation, requalification, recertification design wins, what [we get]?

我想，從 MST 的角度來看，您是否有可能融入他們目前正在進行的當前設計流程中，即交付產品、交付給客戶。或者它會採取或完成自下而上、重新設計、代表性、重新鑑定、重新認證設計勝利，[我們得到]什麼？

Yes. So Cody and -- redesigning any existing chip and requalifying it in almost any market is a challenge. My understanding of this base, which I did work in for quite a long time, is that it's more cellular in consumer electronics based. And so the design cycles are -- happen every year or even more frequently. And so if you come out with a new technology, you probably wouldn't redesign an older chip and try to requalify, you would design a new chip to take full advantage of all the new things that you've got going on and get that qualified to go in new phones or new consumer electronics products or something. And so I think that's more what we're looking at for the RF-SOI space.

是的。因此，科迪和 - 重新設計任何現有晶片並在幾乎所有市場中重新驗證它是一個挑戰。我在這個基地工作了很長一段時間，我對這個基地的理解是，它在消費性電子產品中更加蜂窩化。因此，設計週期每年都會發生，甚至更頻繁。因此，如果你推出了一項新技術，你可能不會重新設計舊晶片並嘗試重新鑑定，你會設計一個新晶片來充分利用你正在發生的所有新事物並獲得它有資格進入新手機或新消費性電子產品或其他產品。所以我認為這更多的是我們在 RF-SOI 領域所關注的。

And then, Frank, I guess, if you can just talk about your liquidity position, $20 million in cash, $3.5 million a quarter burn. What are your options or your level of liquidity? And where are you comfortable with your cash balance?

然後，弗蘭克，我想，如果你能談談你的流動性狀況，2000 萬美元現金，每季燒錢 350 萬美元。您的選擇或您的流動程度是什麼？您對現金餘額感到滿意嗎？

Yes. Cody, there's no change, really. We've -- I think we've addressed this in earlier calls. And this is about a level that we feel comfortable with. We certainly don't want to go significantly lower, but we were very light in terms of any capital raising in Q3. We're active in the market only on just a couple of days. And so that reflects, really, our confidence in what lies ahead. Obviously, at $3.5 million, actually, our non-GAAP operating expense for the year at about $16.5 million implies about $4 million a quarter in terms of non-cash -- sorry, cash -- gross cash usage. And so going sort of too far below that 1 year is not something that we ever like to do.

是的。科迪，真的沒有任何改變。我想我們已經在之前的電話會議中解決了這個問題。這大約是我們感到滿意的水平。我們當然不想大幅降低，但就第三季的融資而言，我們的融資規模非常小。我們只在市場上活躍了短短幾天。這確實反映了我們對未來的信心。顯然，實際上，以 350 萬美元計算，我們今年的非 GAAP 營運費用約為 1650 萬美元，這意味著按非現金（抱歉，是現金）總現金使用量計算，每季度約為 400 萬美元。因此，我們不希望將時間遠低於一年。

Is there a baseline of stock price that you wouldn't want to be engaged in your ATM?

是否存在您不想在 ATM 機上查看的股票價格基準？

No, we're never going to give that kind of guidance. I mean, obviously, we control what we can control, and there are sometimes things that happen in the market that will affect our stock price that are disconnected from the fundamentals in the business. But look, we often get asked about the timing of making significant announcements, and we have on occasion and certainly, this is true with STMicro, open to a lot of speculation of why did this come right at the earnings call, and we signed the deal the day before the earnings call.

不，我們永遠不會提供這種指導。我的意思是，顯然，我們控制我們能控制的事情，有時市場上發生的一些事情會影響我們的股價，而這些事情與業務基本面無關。但看，我們經常被問及發布重大公告的時間，我們有時會被問到，當然，STMicro 也是如此，人們對為什麼在財報電話會議上發布這一消息持開放態度，我們簽署了收益電話會議前一天進行交易。

So we announced -- if we announced a transaction next week, that was a material event for the company, we would announce it then. And so I think that's been our disclosure practice, and it's not in any way kind of intentional. It's -- we'll get that information out there. And to the extent that, that is something that affects the stock price, well, that's a good thing. We can certainly control execution. But a lot of things that have happened in the market over the last 6 or 9 months, I think, have been very much across the industry and the stock market.

所以我們宣布——如果我們下周宣布一項交易，這對公司來說是一個重大事件，我們就會在那時宣布。所以我認為這就是我們的揭露做法，而且絕對不是有意為之。我們會在那裡獲取這些資訊。從某種程度上來說，這會影響股價，這是一件好事。我們當然可以控制執行。但我認為，過去六、九個月市場上發生的許多事情都影響了整個產業和股市。

And just a couple of questions coming in on the Q&A chat. So first one is regarding STMicro. And the question is, how many epi tools in the initial installation of MST at STMicro?

問答聊天只有幾個問題。第一個是關於 STMicro 的。那麼問題來了，STMicro 初次安裝 MST 時有多少個 Epi 工具？

Yes, it would be very typical for someone to install in just 1 tool for the development process. You can run a lot of wafers through 1 tool. They're not going to be pressed on capacity to be able to do those wafer level qualification or the silicon validation test that I talked about, that should be fine. As they go to production, then it will really depend on the ramp rate for what volume they need. But in all likelihood, they'll have to add a lot more machines as they get to higher volumes. But we -- yes, we don't have much insight into that right now. We do know that the first installation is on a single tool.

是的，對於某人來說，在開發過程中只安裝一種工具是很常見的。您可以透過 1 個工具運行大量晶圓。他們不會因為產能而受到壓力，無法進行我談到的那些晶圓級鑑定或矽驗證測試，這應該沒問題。當他們投入生產時，這實際上取決於他們需要的產量的爬坡率。但很可能，隨著產量的增加，他們將不得不添加更多的機器。但我們——是的，我們現在對此還沒有太多的了解。我們確實知道第一次安裝是在單一工具上。

And a question about JDA 1 and timing. So -- and I think folks are judging if ST takes this long, what would timing for JDA 1 should they choose to go to production? What is it about? As long do you anticipate as it's taking STMicro? Or what are your thoughts on that?

還有一個關於 JDA 1 和時間安排的問題。所以，我認為人們正在判斷，如果 ST 需要這麼長時間，他們應該選擇什麼時間投入生產 JDA 1？這是關於什麼的？您預計 STMicro 將採用多久？或者你對此有何想法？

That's difficult to call because it depends where they slot in the technology in their development cycle. This is -- they're obviously working on their next-generation process. And so this would go into whatever that is defined as being -- and I don't know how far down the road they are with it yet. So if they're pretty far down the road and they slot this in, then it would be sooner. I think it would be fair to say though, all of them have to go through a similar type of process that we showed on STMicro where they have to do silicon validation, get to a final PDK and wafer level qualification and then take that to production. So it will be in a similar type of time frame.

這很難說，因為這取決於他們在開發週期中將技術置於何處。他們顯然正在研究下一代流程。因此，這將涉及到任何被定義的東西——我不知道他們在這方面走了多遠。因此，如果他們在路上很遠並且將其插入，那麼會更快。我認為公平地說，所有這些都必須經歷我們在 STMicro 上展示的類似流程，必須進行矽驗證，以獲得最終的 PDK 和晶圓級資格，然後將其投入生產。因此，它將處於類似的時間範圍內。

And there was a question about JDA 2, and that is, you mentioned that there were new experiments being run. Does that indicate a shift to a new product area or a different focus? Or if it's the same area, why would you need additional runs or experiments?

還有一個關於 JDA 2 的問題，就是您提到正在進行新的實驗。這是否意味著轉向新產品領域或不同的重點？或者，如果是同一區域，為什麼需要額外的運行或實驗？

Yes. So JDA 2 is on a specific technology. We talked about that a while ago, and the technology has not changed. It's still the same focus area. Obviously, we had been working. We thought we were showing them some good improvements in that technology, but it obviously wasn't good enough to trigger the milestones that we had asked about -- that we had set forth in our initial JDA documents, which said if we can hit certain performance levels, then they would move forward with a full license and start the process of taking it to production. They never hit that. But we've been able to show them, based on very recent test results we got with them, that there's a really great potential to hitting -- meeting or exceeding those targets. And so that's why we started the next round of experiments with them.

是的。所以JDA 2是基於特定的技術。我們剛才談到了這一點，技術並沒有改變。它仍然是相同的重點領域。顯然，我們一直在工作。我們以為我們向他們展示了該技術的一些良好改進，但它顯然不足以觸發我們所詢問的里程碑——我們在最初的 JDA 文件中闡述了這一點，其中說我們是否可以達到某些目標性能水平，然後他們將獲得完整的許可證並開始將其投入生產的過程。他們從來沒有擊中過那個。但根據我們最近獲得的測試結果，我們已經向他們展示了達到或超過這些目標的巨大潛力。這就是我們開始對它們進行下一輪實驗的原因。

At this point in time, Scott, I'll turn it back to you for closing comments.

此時此刻，斯科特，我會將其轉回給您以供結束評論。

Well, I want to thank you all for attending today's presentation. I'm happy to share with you some of our recent progress in our potential in new technology areas. Please continue to look for our news, articles and blog posts, which are available along with investor alerts on our website, atomera.com.

好的，我要感謝大家參加今天的演講。我很高興與您分享我們最近在新技術領域潛力方面取得的一些進展。請繼續尋找我們的新聞、文章和部落格文章，您可以在我們的網站atomera.com 上取得這些內容以及投資者提醒。

We are planning to attend the Craig-Hallum Alpha Select Conference in a few weeks in New York City and the Benchmark Discovery Conference in December, and we look forward to seeing many of you at those events. Should you have additional questions, please contact Mike Bishop, we'll be happy to follow up. Thank you again for your support, and we look forward to our next update call.

我們計劃參加幾週後在紐約市舉行的 Craig-Hallum Alpha Select 會議和 12 月份的基準發現會議，我們期待在這些活動中見到你們。如果您還有其他問題，請聯絡 Mike Bishop，我們將很樂意跟進。再次感謝您的支持，我們期待下次更新電話。

Thank you. This concludes the Atomera Third Quarter Update Call.

謝謝。 Atomera 第三季更新電話會議到此結束。