Atomera Inc (ATOM) 2024 Q4 法說會逐字稿

Hello everyone and welcome to Atomera's fourth quarter and fiscal year 2024 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 one year. I'm Mike Bishop with the Company's Investor Relations.

大家好，歡迎參加 Atomera 2024 財年第四季和年度更新電話會議。我想提醒大家，本次電話會議和網路研討會都已錄音，重播將在 Atomera 網站上保留一年。我是公司投資人關係部門的 Mike Bishop。

As in prior quarters, we're 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 CEO and Frank Lorenzo, Atomera's CFO. Then we will open the call to questions.

與前幾季一樣，我們使用 Zoom，並將採用類似的演示格式，參與者將採用只聽模式。我們將以 Atomera 總裁執行長 Scott Bibaud 和 Atomera 財務長 Frank Lorenzo 的準備好的演講作為開場。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 presentation section of our investor relations page on our website.

如果您透過電話加入，您可以跟隨幻燈片簡報來了解我們在我們網站投資者關係頁面的活動和簡報部分的評論。

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 factor 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, 2024.

在我們開始之前，我想提醒大家，在今天的電話會議中我們將做出前瞻性的陳述。這些前瞻性陳述，無論是在準備好的評論中還是在問答環節中，都存在固有風險和不確定性。這些風險和不確定性在我們提交給美國證券交易委員會的文件的風險因素部分中有詳細說明，特別是在公司 2024 年 2 月 15 日向美國證券交易委員會提交的 10-K 表年度報告中。

Except as otherwise required by federal securities laws, Atomera disclaims any obligations 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，否則 Atomera 不承擔更新或修改此處或其他地方包含的前瞻性陳述以反映對這些事件、條件和情況的預期變化的義務。

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, the most directly comparable GAAP measures, are included in today's press release which is posted on our website.

另請注意，在本次電話會議中，我們將討論美國證券交易委員會 (SEC) G 條例定義的非公認會計準則 (GAAP) 財務指標。

Now, I would like to turn the call over to our President 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。繼續吧，斯科特。

Thanks, Mike. This past year has been an incredibly productive one with Atomera advancing across all customer categories, building our stature as a technology pioneer, entering new segments, and getting closer to first production.

謝謝，麥克。過去的一年是極其富有成效的一年，Atomera 在所有客戶類別中都取得了進步，確立了我們作為技術先驅的地位，進入了新的領域，並且越來越接近首次生產。

Building on the strength of Q3, our 4th quarter has been filled with progress on every front with one setback; I'll start off with the details there. Last quarter we mentioned an active negotiation with a transformative customer.

在第三季的基礎上，我們的第四季在各方面都取得了進展，但也遇到了一些挫折；我將從那裡開始詳細介紹。上個季度我們提到了與一位轉型客戶進行積極的談判。

Discussions have been underway with them for some time with periods of very intense negotiation followed by lengthy delays on their part. At the time of our last call, we felt very close to concluding a deal but it is dragged on much longer than expected, and at this point we have to say it is stalled.

我們與他們的討論已經進行了一段時間，經歷了一段非常緊張的談判時期，隨後他們又拖延了很長時間。在我們上次通話時，我們感覺離達成協議已經非常近了，但是談判拖延的時間比預想的要長得多，目前我們不得不說談判陷入了停滯。

We are confident that MST can deliver to this customer 1.5 to 2 generations of performance improvement in a critical area. And we are asking for only a small fraction of the economic value they would be receiving but they still have yet to move forward.

我們相信，MST 能夠在關鍵領域為該客戶帶來 1.5 到 2 代的效能改進。我們只要求他們獲得應得經濟價值的一小部分，但他們仍未採取行動。

Although disappointing, it is not surprising since resistance to innovative ideas is expected. And in this case, we're providing too an externally developed material delivered with low upfront cost and an ongoing royalty -- a format which is new to some customers.

雖然令人失望，但這並不奇怪，因為對創新想法的抵制是可以預料到的。在這種情況下，我們也提供外部開發的材料，以較低的前期成本和持續的版稅交付——這種形式對一些客戶來說是新穎的。

We continue to believe there is strong support for our technology at the engineering level in this company. Indeed, in this market segment, all of their competitors are struggling with the same issues and we believe one or more of them will adopt MST for this application.

我們始終相信，該公司在工程層面對我們的技術有強而有力的支持。事實上，在這個細分市場中，所有競爭對手都在努力解決同樣的問題，我們相信他們中的一個或多個將採用 MST 來實現這一應用。

Furthermore, we believe their ability to achieve the improvements they need through other means will be limited and will take much longer than would be possible by adopting MST. So we are hopeful discussions will restart soon and we're doing everything we can to make that happen.

此外，我們認為，他們透過其他方式實現所需改進的能力將受到限制，而且所需時間將比採用 MST 更長。因此，我們希望討論能盡快重新開始，我們正在盡一切努力實現這一目標。

The performance improvement potential we showed them is important to advance Moore's law across all semiconductors and in particular for artificial intelligence devices being designed today on the most advanced nodes using Gate-All-Round transistors. So I'd like to dig a little deeper into the opportunity this market represents -- valued at about $150 billion in 2023.

我們向他們展示的性能改進潛力對於推進所有半導體的摩爾定律非常重要，特別是對於當今在最先進節點上使用全柵極電晶體設計的人工智慧設備。因此，我想更深入地探討這個市場所代表的機會——到 2023 年其價值將達到約 1500 億美元。

As leading advanced logic IDMs and foundries like TSMC, Samsung, and Intel ramp up manufacturing cap capability for the Gate-All-Round architecture at 2 nanometers and below, it is becoming increasingly clear, more so than in previous generations, that materials engineering will play a crucial role in driving the performance improvements expected at these nodes.

隨著台積電、三星和英特爾等領先的先進邏輯 IDM 和代工廠提升 2 奈米及以下 Gate-All-Round 架構的製造能力，與前幾代相比，材料工程將在推動這些節點預期的性能改進中發揮關鍵作用，這一點變得愈發明顯。

The high costs associated with lithographic scaling have led fab module engineers to place greater emphasis on incorporating new materials into their standard toolbox for transistor engineering. Epitaxy is a critical process in this context, directly impacting the channel definition and source strain regions of Gate-All-Round transistors.

與光刻縮放相關的高成本使得晶圓廠模組工程師更加重視將新材料納入其電晶體工程的標準工具箱中。在此背景下，外延是一個關鍵過程，直接影響閘極全局電晶體的通道定義和源極應變區域。

Indeed we believe that epitaxy is now more widely used than lithography and Gate-All-Round architectures. Since MST is an EPI-based technology, the barrier to incorporate MST into the process flow is much lower than it has been in the past.

事實上，我們相信外延技術現在比光刻技術和Gate-All-Round架構的應用更為廣泛。由於 MST 是一種基於 EPI 的技術，因此將 MST 納入製程的門檻比過去低得多。

Given that Gate-All-Round requires at least twice as many epi steps as the previous [Finfest] architecture, we anticipate that our partnerships with IDMs, foundries, and OEMs will significantly increase the potential for MST to be integrated into multiple regions of the Gate-All-Round transistor.

鑑於 Gate-All-Round 所需的外延步驟至少是先前 [Finfest] 架構的兩倍，我們預計與 IDM、代工廠和 OEM 的合作將大大增加 MST 整合到 Gate-All-Round 電晶體多個區域的潛力。

These diagrams show different areas where MST can help improve performance of gate all around devices. In the channel area, MST can increase drive current and reliability by improving interface traps at the channel gate interface.

這些圖表顯示了 MST 可以幫助提高閘極全覆蓋元件效能的不同區域。在通道區域，MST 可以透過改善通道閘極界面處的界面陷阱來增加驅動電流和可靠性。

MST can reduce contact resistance, improve transistor variability, reduce leakage in the source drain area, and even improve backside contacts. These are all problems the industry faces and MST provides a compelling fast time-to-market material solution.

MST 可以降低接觸電阻、改善電晶體的可變性、減少源漏區域的洩漏，甚至改善背面接觸。這些都是業界面臨的問題，MST 提供了引人注目的快速上市材料解決方案。

The memory segment, valued at over $125 billion in 2024, has many characteristics in common with the advanced node segment, except because it's a commodity market it is hyper-focused on low production costs.

到 2024 年，記憶體市場的價值將超過 1,250 億美元，它與先進節點市場有許多共同的特徵，只不過因為它是一個商品市場，所以它高度注重降低生產成本。

Similar to Gate-All-Round, memories are in a relentless drive to smaller node sizes. Today, EPI is being introduced into memory flows enabling MST to become a small incremental cost adder while delivering substantial performance, die size, and marginal improvement potential for our customers even after paying us a royalty.

與Gate-All-Round類似，記憶體也不斷朝向更小的節點尺寸發展。如今，EPI 被引入到內存流程中，使 MST 成為一個小幅增量成本增加器，同時即使在向我們支付特許權使用費之後，仍能為我們的客戶提供顯著的性能、晶片尺寸和邊際改進潛力。

As in Gate-All-Round, the opportunity is huge with very high volumes and long technology cycles. We have engagements with multiple customers in both these segments. Likewise, in RF-SOI, we provide a performance advantage that we do not believe is possible without MST.

和 Gate-All-Round 一樣，該領域機會龐大，產量龐大，技術週期長。我們與這兩個領域的多位客戶都有合作。同樣，在 RF-SOI 中，我們提供了性能優勢，我們認為如果沒有 MST，這是不可能的。

Not only can we assist with complex RF power switch devices, we can also improve LNAs and analog components critical for 5G mobile phones. Today we are working with the majority of device manufacturers who use RF-SOI substrates in their designs.

我們不僅可以協助處理複雜的射頻功率開關設備，還可以改進對5G手機至關重要的LNA和類比組件。今天，我們正在與大多數在設計中使用 RF-SOI 基板的設備製造商合作。

Continue to make inroads in the power semiconductor market which is a large, rapidly growing segment driven by the power demands of AI, large compute infrastructure, and vehicle electrification. Our products here are MST SP for 5 volt and SPX for 5-volt to 48-volt devices.

繼續在功率半導體市場取得進展，該市場是一個龐大且快速成長的領域，受人工智慧、大型運算基礎設施和汽車電氣化的功率需求所推動。我們的產品是適用於 5 伏特的 MST SP 和適用於 5 伏特至 48 伏特設備的 SPX。

With our lead customers, we are attracting interest from many other players in this segment. We expect this market to be worth over $52 billion in 2024 so innovations to drive efficiency, power, and cost savings are clearly needed.

憑藉我們的主要客戶，我們也吸引了該領域許多其他參與者的興趣。我們預計到 2024 年這個市場的價值將超過 520 億美元，因此顯然需要提高效率、降低功耗並節省成本的創新。

Gallium nitride also is emerging as a major market opportunity for us, projected to represent a $12 billion dollar market in five years and growing at more than 26% annually. The great news here is that many of the potential customers for GaN overlap with our existing customer base and we have lots of interest from them and from others. Electrical results from our latest set of tests at Sandia are around the corner and we're hopeful they will provide enough ammunition to begin engagements with a lot of interested parties in GaN.

氮化鎵也正在成為我們的重大市場機遇，預計五年內市場規模將達到 120 億美元，且每年的成長率超過 26%。好消息是，GaN的許多潛在客戶與我們現有的客戶群重疊，他們和其他客戶都對我們很感興趣。我們在桑迪亞進行的最新一組測試的電氣結果即將出爐，我們希望它們將提供足夠的證據，以開始與許多對 GaN 感興趣的各方開展合作。

Now let me give a brief customer update. ST continues to progress very well in both design and manufacturability efforts. The next step, which is called process qualification, is complicated and the schedule can vary depending on how many issues they need to resolve. Typically, the industry takes about nine months on this step; after which production will start.

現在讓我簡單介紹一下客戶的最新情況。ST 在​​設計和製造方面繼續取得良好進展。下一步稱為工藝鑑定，這個過程非常複雜，時間安排會根據需要解決的問題數量而有所不同。通常，該行業需要大約九個月的時間來完成這一步；之後將開始生產。

We are planning to announce when we enter process qualification which will also result in us recognizing license revenue. So you should be able to estimate production start time frames from there. We are not free to update ST's schedule otherwise.

我們計劃在進入工藝鑑定階段時進行公佈，這也將導致我們確認許可收入。因此您應該能夠從那裡估算生產開始的時間範圍。否則，我們將無權更新 ST 的日程安排。

Efforts continue on JDA one where data acquisition to address specifications they have given us is underway including in areas beyond the initial scope of the JDA. JDA two is starting a multi-stage wafer run with us demonstrating their commitment to getting beyond the development phase and into a license agreement enabling volume production in the future.

我們繼續致力於 JDA 一號項目，其中正在進行資料收集以滿足他們給我們的規範，包括超出 JDA 初始範圍的領域。JDA two 正在與我們一起開始多階段晶圓生產，這表明他們致力於超越開發階段並達成許可協議以實現未來批量生產的決心。

Results from the latest wafer run with our fabless licensee have been received but additional wafers need to be processed to achieve a full cycle of learning as the data we could extract from the prior run was incomplete. However, the results we were able to analyze provided insights which we believe will yield an even higher performance result in the next wafer [lot], which we are working on right now.

我們已收到與無晶圓廠授權廠商合作的最新晶圓運行的結果，但由於我們從先前的運行中提取的數據不完整，因此需要處理更多的晶圓才能實現完整的學習週期。然而，我們能夠分析的結果提供了見解，我們相信這些見解將在我們現在正在研究的下一個晶圓批次中產生更高的性能結果。

In the last three months we've made headway with several other customers. And in particular, two new ones who I would put into the category of transformative. We've been trying to start work with one of them for years without success until now and they've recently started their first demo wafer run with us -- a major milestone.

在過去三個月中，我們與其他幾位客戶的合作取得了進展。尤其是兩個新人，我將他們歸類在變革型人才的行列。多年來，我們一直嘗試與其中一家公司合作，但一直沒有成功，直到現在，他們才與我們開始合作運行第一片演示晶圓——這是一個重要的里程碑。

The other has solidified plans for a comprehensive set of wafer runs to validate their own internal TCAD simulations. Which show very promising results using MST.

另一家公司已經制定了全面的晶圓運行計劃，以驗證他們自己的內部 TCAD 模擬。這表明使用 MST 可以獲得非常有希望的結果。

We've been pursuing each of these opportunities for quite a while and they have now moved to an implementation stage. I call these customers transformative because they are some of the industry's largest manufacturers. They have the ability to move quickly and they are well known for cutting edge products; our business potential with each of them is huge.

我們已經追求這些機會很長一段時間了，現在它們已經進入實施階段。我稱這些客戶為變革型客戶，因為他們是該行業最大的製造商之一。他們具有快速行動的能力，並以尖端產品而聞名；我們與他們每家公司的業務潛力都十分巨大。

Finally, our ability to land and expand has really accelerated this past quarter with two of our existing customers planning demos in entirely different product areas than our original engagements. We believe this illustrates a few positives.

最後，隨著我們現有的兩個客戶計劃在與我們最初的合作完全不同的產品領域進行演示，我們登陸和擴展的能力在過去的一個季度中真正得到了加速。我們認為這體現了一些正面的方面。

First, it shows that customers who have worked with MST believe in the technology enough to recommend its use by other product lines. Second, it shows how deeply our customer relationships go once we start working together on a serious engagement. We've talked about the domino effect in the past and this is a sign that it's starting to happen with existing customers and will hopefully lead to wider adoption over time.

首先，它表明與 MST 合作過的客戶非常信任這項技術，並建議其他產品線使用該技術。其次，它表明，一旦我們開始認真合作，我們的客戶關係就會變得多麼深刻。我們過去曾討論過多米諾骨牌效應，這表明它開始在現有客戶身上發生，並有望隨著時間的推移導致更廣泛的採用。

2024 has been a very good year of market and technology development at Atomera. We solidified our value proposition in four major high-growth markets and semiconductors and positioned ourselves to enter into another that offers a path to faster-time to revenue while still supporting the enormous potential of our traditional business model.

2024 年是 Atomera 市場和技術發展非常好的一年。我們鞏固了在四大高成長市場和半導體領域的價值主張，並將自己定位為進入另一個能夠更快實現收入的市場，同時仍支持我們傳統商業模式的巨大潛力。

Our R&D pipeline and new markets and applications continues to expand as reflected in our patent portfolio which had an increase of over 30 granted and pending patents in 2024. Our new business development execution is clearly improving as evidenced by our deeper penetration with both new and existing customers and with partners.

我們的研發管道和新市場及應用不斷擴大，這反映在我們的專利組合中，2024 年已授權和正在申請的專利增加了 30 多項。我們的新業務開發執行情況明顯改善，這從我們與新舊客戶和合作夥伴的更深層滲透中可見一斑。

Right now, our team morale is high because we are getting direct feedback from customers that our technology provides important solutions necessary to deal with big issues in the semiconductor roadmap. Our engineers are doing the detailed, innovative, and thorough work that they know is necessary to overcome customers' bias for internally-developed solutions and to integrate our technology into their designs.

目前，我們團隊的士氣高漲，因為我們從客戶那裡得到直接回饋，我們的技術為解決半導體路線圖中的重大問題提供了必要的重要解決方案。我們的工程師正在進行細緻、創新和徹底的工作，他們知道這是必要的，以克服客戶對內部開發解決方案的偏見，並將我們的技術融入他們的設計中。

ST is a great example of how this can happen in a large successful company and right now they are moving nicely towards production. Our potential in other target markets is even larger and I feel we're close to announcing deals which will cement that position.

ST 是一個很好的例子，說明這在一家大型成功公司中是如何實現的，現在他們正順利地向生產邁進。我們在其他目標市場的潛力更大，我覺得我們即將宣布鞏固這一地位的交易。

The work we are doing in Gate-All-Round in memory is tied directly to the biggest driver of the semiconductor industry today, the rollout of AI infrastructure. And our Gate-All-Round work is not only aligned with a major industry push but we also believe it can be executed with faster time to revenue than our other segments.

我們在記憶體領域 Gate-All-Round 所做的工作與當今半導體產業的最大驅動力——AI 基礎設施的推出直接相關。我們的 Gate-All-Round 工作不僅與主要的行業推動力一致，而且我們相信它可以比我們的其他部門更快地實現收益。

There is no doubt about the value proposition we are offering the industry and we believe it will ultimately allow us to build Atomera into a successful material solution provider to the entire industry. Now, Frank will review our financials.

我們為業界提供的價值主張毋庸置疑，我們相信這最終將使我們能夠將 Atomera 打造成為整個產業成功的材料解決方案提供者。現在，弗蘭克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 fourth quarter and full year results for 2024 and this slide shows our summary financials.

謝謝你，斯科特。今天收盤時，我們發布了一份新聞稿，宣布了 2024 年第四季和全年業績，這張投影片展示了我們的財務摘要。

Revenue in 2024 was $135,000 and consisted of MST, CAD licensing, and NRE fees. Our GAAP net loss for the year ended December 31, 2024, was $18.4 million or $0.68 per share compared to a net loss of $19.8 million or $0.80 per share in 2023.

2024 年的收入為 135,000 美元，包括 MST、CAD 許可證和 NRE 費用。截至 2024 年 12 月 31 日止年度的 GAAP 淨虧損為 1,840 萬美元或每股 0.68 美元，而 2023 年的淨虧損為 1,980 萬美元或每股 0.80 美元。

GAAP operating expenses were $19.3 million in 2024 which was a decline of $1.9 million from $21.2 million of OpEx in 2023. The main driver of the decline in operating expense was a $1.5 million dollar decrease in R&D expenses which almost was almost entirely due to a decline in outsourced engineering spending, resulting from the closure of TSI semiconductors services business after TSI was acquired by Bosch.

2024 年 GAAP 營運費用為 1,930 萬美元，較 2023 年的 2,120 萬美元營運支出下降 190 萬美元。營業費用下降的主要原因是研發費用減少了 150 萬美元，這幾乎完全是由於外包工程支出的下降，這是由於 TSI 被博世收購後關閉了 TSI 半導體服務業務。

Sales and marketing expenses declined by $546,000 due to lower headcount costs whereas G&A expenses increased by $191,000 due to higher payroll and legal costs, offset in part by lower stock compensation expenses.

由於員工成本降低，銷售和行銷費用下降了 546,000 美元，而由於工資和法律成本增加，一般及行政費用增加了 191,000 美元，但股票薪酬費用下降部分抵消了這一影響。

Turning to our quarterly results. Fourth quarter 2024 GAAP net loss was $4.7 million or $0.16 per share compared to a net loss of $4.6 million or $0.17 per share in Q3. And a net loss of also of $4.6 million or $0.18 per share in Q4 2023.

談談我們的季度業績。2024 年第四季 GAAP 淨虧損為 470 萬美元或每股 0.16 美元，第三季淨虧損為 460 萬美元或每股 0.17 美元。2023 年第四季淨虧損 460 萬美元，即每股 0.18 美元。

Revenue is $23,000 in Q4, $22,000 in Q3, and $550,000 in the fourth quarter of 2023. GAAP operating expenses were $4.9 million in Q4 2024 compared with $4.8 million in the previous quarter and $5.3 million in Q4 2023.

2023 年第四季營收為 23,000 美元，第三季營收為 22,000 美元，第四季營收為 550,000 美元。2024 年第四季的 GAAP 營業費用為 490 萬美元，而上一季為 480 萬美元，2023 年第四季為 530 萬美元。

Non-GAAP net loss in 2024 was $15.4 million compared to a loss of $16.6 million in 2023 reflecting a decline in non-GAAP OpEx from $17.1 million in 2023 to $15.4 million in 2024. The decline in operating expenses reflected the same factors I discussed about GAAP results.

2024 年非 GAAP 淨虧損為 1,540 萬美元，而 2023 年的虧損為 1,660 萬美元，這反映了非 GAAP 營運支出從 2023 年的 1,710 萬美元下降到 2024 年的 1,540 萬美元。營業費用的下降反映了我在討論 GAAP 結果時提到的相同因素。

Stock compensation expenses, which is the main difference between GAAP and non-GAAP operating expense, were $3.9 million in 2024 and $4 million in 2023. In Q4 2024, non-GAAP operating expense was $3.9 million which was the same level as Q3 in comparison to $3.8 million in Q4 2023.

股票薪酬費用是 GAAP 和非 GAAP 營業費用之間的主要差異，2024 年為 390 萬美元，2023 年為 400 萬美元。2024 年第四季，非 GAAP 營業費用為 390 萬美元，與第三季持平，而 2023 年第四季為 380 萬美元。

Our balance of cash, cash equivalents, and short-term investments on December 31, 2024, was $26.8 million compared to $19.5 million at the end of 2023 and $17.3 million at the end of Q3 2024.

截至 2024 年 12 月 31 日，我們的現金、現金等價物及短期投資餘額為 2,680 萬美元，而 2023 年底為 1,950 萬美元，2024 年第三季末為 1,730 萬美元。

We used $13.2 million of cash in operating activities during 2024; $3 million of which was used in Q4. During 2024, we sold approximately 4.1 million shares under our ATM facility at an average price per share of $5.38 resulting in net proceeds of approximately $21.3 million.

2024 年，我們在經營活動中使用了 1,320 萬美元的現金；其中第四季使用了 300 萬美元。2024 年，我們根據 ATM 設施以每股平均 5.38 美元的價格出售了約 410 萬股股票，淨收益約為 2,130 萬美元。

During Q4, we raised net proceeds of $12.8 million based on sales of approximately 2.2 million shares at an average price of $592. As of December 31, 2024, we had 30.1 million shares outstanding. After a year end, we raised an additional $2.4 million by selling approximately 163,000 shares at an average price of $15.19.

第四季度，我們以平均價格 592 美元的價格銷售了約 220 萬股，籌集了 1,280 萬美元的淨收益。截至 2024 年 12 月 31 日，我們已發行 3,010 萬股股票。一年後，我們以平均 15.19 美元的價格出售了約 163,000 股股票，額外籌集了 240 萬美元。

So I'm pleased that we were able to take advantage of favorable stock market conditions in recent months and strengthen our balance sheet with less dilution than earlier last year.

因此，我很高興我們能夠利用近幾個月來有利的股市條件，並以比去年年初更少的稀釋度來加強我們的資產負債表。

In Q1, we're not expecting to recognize any revenue. The wafer run we're working on with our fabless licensee will result in engineering services or NRE revenue which may happen in either this quarter or Q2; the timing will depend on when the wafers ship.

在第一季度，我們預計不會實現任何收入。我們與無晶圓廠授權商合作進行的晶圓生產將產生工程服務或 NRE 收入，這可能在本季或第二季實現；時間取決於晶圓的出貨時間。

Consistent with our usual practice, we're not providing revenue guidance any further out. The next major revenue milestone under our agreement with ST will occur when they get into formal process qualification.

與我們的慣例一致，我們不會再提供任何收入指引。根據我們與 ST 的協議，當他們進入正式的工藝認證階段時，將實現下一個重大的收入里程碑。

Moving to expenses. During 2024, our non-GAAP OpEx was $15.4 million which was below the low end of guidance and was down from $17.1 million in 2023. As I mentioned, the main reasons for the decline in spending was that we did not replace TSI and our average headcount through the year was lower.

轉向費用。2024 年，我們的非 GAAP 營運支出為 1,540 萬美元，低於指導值的低端，低於 2023 年的 1,710 萬美元。正如我所提到的，支出下降的主要原因是我們沒有替換 TSI，而且我們全年的平均員工人數較低。

For 2025, we expect our non-GAAP OpEx to be more consistent with 2023 levels. So we're planning for it to be in the range of $17 million to $18 million with the exact amount depending mostly on our use of outsourced engineering services and additions of headcount.

預計 2025 年的非 GAAP 營運支出將與 2023 年的水準更加一致。因此，我們計劃將其控制在 1700 萬美元至 1800 萬美元之間，具體金額主要取決於我們所使用的外包工程服務和員工人數的增加。

Given our limited revenue visibility, I assure you: we will be conservative about any structural increases in spending.

鑑於我們的收入可見度有限，我向你們保證：我們將對任何結構性支出增加持保守態度。

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

說到這裡，我將把電話轉回給斯科特，讓他在開始提問之前做幾點總結。

Thanks, Frank. Atomera is extremely well positioned to deliver important innovations to the hottest markets for semiconductors today. Our years of development mean that customers can rely on us to get them to market more quickly than internally developed solutions, providing an advantage to them which gives Atomera a solid business opportunity with a financial structure that it's hard to beat. I appreciate your support as we work hard to turn this vision into reality. Mike, we can now take questions.

謝謝，弗蘭克。Atomera 擁有極佳的實力，能夠為當今最熱門的半導體市場提供重要的創新。我們多年的發展意味著客戶可以依靠我們以比內部開發的解決方案更快地將產品推向市場，從而為他們提供優勢，為 Atomera 提供堅實的商業機會和難以擊敗的財務結構。我感謝您的支持，我們將努力將這個願景變成現實。麥克，我們現在可以回答問題了。

All right. Thank you, Scott. (Event Instructions) Richard Shannon, Craig Hallen.

好的。謝謝你，斯科特。（活動說明）理查德·香農、克雷格·哈倫。

Great. Thanks, Scott, Frank, and Mike for letting me ask a few questions here. Scott, I guess I'll ask on the -- your leading comments here about the transformative opportunity here; maybe if you can describe the dynamics here.

偉大的。謝謝斯科特、弗蘭克和麥克允許我在這裡提出幾個問題。史考特，我想我會問一下——你在這裡對這裡的變革機會的主要評論；也許你可以描述這裡的動態。

It sounds like it's a mostly a pricing issue here as opposed to other things. It sounds like they got through all of their qualifications and answered all those questions. It's a pricing issue. Can you confirm and maybe elaborate on the sticking points there?

聽起來這主要是定價問題，而不是其他問題。聽起來他們已經通過了所有資格審查並回答了所有這些問題。這是定價問題。您能否確認並詳細說明其中的癥結所在？

Yeah. Of course I can't provide full details but let me say this. First of all, as I mentioned in my remarks, we believe that we're providing enormous value to them for what we were offering to work for the price that we were offering.

是的。當然，我無法提供完整的細節，但我可以這麼說。首先，正如我在演講中提到的那樣，我們相信，我們為他們提供了巨大的價值，並以我們提供的價格提供服務。

And as I've said many times in the past, we are being very flexible with our early customers on pricing. I think whenever you're negotiating a contract with a big customer, there's a lot of different things that come into play. A lot of decision makers, each of whom may have a different thing.

正如我過去多次說過的，我們對早期客戶的定價非常靈活。我認為，每當你與大客戶談判合約時，都會有很多不同的因素需要考慮。決策者有很多，每個人可能都有不同的事情。

In this case, I don't think it came down to exclusively price. As we said in our remarks, we're trying to ask them to do something new and there may have been issues having that happen. The negotiation went through fits and starts where we'd have a lot of discussion followed by very long delays which lead me to believe that there was lots of discussion inside the company among many different people trying to reach decisions.

在這種情況下，我認為這不僅僅是價格問題。正如我們在評論中所說，我們正試圖要求他們做一些新的事情，但可能會出現一些問題。談判時斷時續，我們進行了很多討論，但隨後又經歷了很長時間的拖延，這讓我相信公司內部許多不同的人進行了大量的討論，試圖達成決定。

So ultimately we are hopeful that we'll get this thing restarted. We feel -- and we had feedback from them that our technology really was providing an excellent solution for them. So ultimately, we believe that if we're providing a really good value to customers and technology that we've done the work to prove we'll deliver then we'll ultimately succeed.

因此，我們最終希望能夠重新啟動這件事。我們感覺到——而且我們從他們那裡得到的反饋是，我們的技術確實為他們提供了極好的解決方案。因此，最終，我們相信，如果我們為客戶提供真正好的價值，並且我們已經完成了工作來證明我們能夠提供技術，那麼我們最終會成功。

Okay. Just to clarify, so it doesn't sound like there's any techno technological issues; you provided all the data they asked for all the runs, et cetera. And it was more down to the business decision making that you don't have a lot of visibility into. Is that fair?

好的。只是為了澄清，聽起來不像有任何技術問題；您提供了他們要求的所有運行數據等等。這更多的取決於你對業務決策的了解程度。這樣公平嗎？

Yes, I'd say that's probably fair.

是的，我認為那可能是公平的。

Okay, fair enough. Let's move on here. It sounded like from your prepared remarks here that the progress with leading edge both in logic and memory is really gaining some steam here. I mean, other than talking about this particularly transformative opportunities, you're leading commentary here above -- power and RF-SOI that we've historically talked about in the past.

好吧，夠公平。我們繼續吧。從您準備好的發言來看，邏輯和內存方面的前沿進展確實正在獲得一些動力。我的意思是，除了談論這個特別的變革機會之外，你還在上面引導評論——我們過去曾討論過的功率和 RF-SOI。

And if I caught the language right it sounds like you're talking about multiple customers in both areas. I don't believe you said that before; correct me if I'm wrong. But maybe you just kind of talk about the dynamics here to maybe describing areas where it is accelerating.

如果我理解正確的話，聽起來您是在談論兩個領域的多個客戶。我不相信你以前說過那句話；如果我錯了，請糾正我。但也許你只是在這裡談論動態，也許描述它正在加速的領域。

And the fact that you've talked about them adopting EPI more so -- and these guys move faster and so there's a more frequent opportunity to intersect there. What does it feel like broadly speaking about the opportunities with leading edge both logic and memory?

事實上，您已經談到他們更多地採用 EPI —— 而且這些人行動更快，因此有更頻繁的機會在那裡相交。廣泛地談論邏輯和內存方面的前沿機遇，您感覺如何？

Yeah. I mean, both logic and memory -- the interesting thing is now when we're working on RF and power, we're working with teams on kind of legacy nodes. They have smaller development teams and sometimes it's -- we have to get their attention. They're being pulled in many different directions.

是的。我的意思是，無論是邏輯還是內存，有趣的是，現在當我們研究射頻和功率時，我們正在與團隊合作研究傳統節點。他們的開發團隊規模較小，有時我們必須引起他們的注意。他們被拉向許多不同的方向。

But when we're working on advanced nodes, or memory, the interesting thing is most of the company is working those technologies. So when we start doing something that they find interesting, we're getting a lot of pull and a lot of interest and they'll have a lot of resources to throw at it as well.

但當我們研究先進節點或記憶體時，有趣的是，公司大多數人員都在研究這些技術。因此，當我們開始做一些他們感興趣的事時，我們就會受到很大的關注和興趣，他們也會投入大量的資源。

As -- I really do believe the move to Gate-All-Round is a game changer just because when -- if you had a wafer run with -- and you wanted to add MST and it was a new [EPI step] then a customer has to think about, oh, okay, I'm going to have to get a EPI tool and I'm going to have to put a certain amount of time into load that wafer in and do all of the process steps and then unload it and put it into another tool.

我確實相信轉向全柵工藝將改變遊戲規則，因為如果您有一塊晶圓，並且想要添加 MST，而這是一個新的 [EPI 步驟]，那麼客戶就必須考慮，哦，好吧，我必須得到一個 EPI 工具，並且我必須花費一定的時間來加載該晶圓並執行所有的工藝步驟，然後卸載它並將其放入另一個工具中。

But if that wafer is already in an EPI tool, doing another step -- and you can see from the diagrams -- they're doing a whole bunch of steps in EPI. And then they want to add on MST. It's a really, really quick, easy thing to do. So that lowers the cost for them and it just allows us to have more opportunities to get easy entry.

但如果晶圓已經在 EPI 工具中，則執行另一個步驟 - 您可以從圖表中看到 - 他們在 EPI 中執行了一系列步驟。然後他們想添加 MST。這是一件非常非常快速且容易的事情。這樣就降低了他們的成本，也讓我們有更多的機會輕鬆進入。

So yeah, I think it's a huge opportunity and I would say that it's something -- the industry has really been moving to Gate-All-Round. Just in the last couple of years and, as luck would have it, we hired our business -- our new head of business development who's an expert in this area and kind of knows all the people that are that are doing that work in the big companies. So yeah, I think we we're getting good traction and we're offering solutions that I think will will gain a lot of interest over time.

是的，我認為這是一個巨大的機會，而且我想說的是——這個行業確實正在轉向 Gate-All-Round。就在過去幾年裡，幸運的是，我們聘請了一位新的業務發展主管，他是這個領域的專家，並且認識所有在大公司從事這項工作的人。是的，我認為我們正在獲得良好的發展勢頭，並且我們提供的解決方案我認為會隨著時間的推移引起人們的極大興趣。

Okay, thanks for that. Maybe a few more questions. Let me just touch on GaN. It's a topic you brought up about a year ago. It sounds like there's a lot of interest there and I think you've characterized this as something that could be a faster time to revenue than your kind of your typical business model. Any kind of couch the progress in the last quarter, what's been going on there?

好的，謝謝。也許還有一些問題。讓我簡單談談 GaN。這是您大約一年前提出的一個主題。聽起來大家對此很感興趣，而且我認為你將其描述為比你的典型商業模式更快的盈利方式。上個季度有什麼進展嗎，發生什麼事了？

Yeah, so, -- really, GaN is pretty new; it wasn't even a year ago that we got our first test results on GaN. It was like, I think, in April of last year that showed this -- I mean, we had been theorizing about what we'd be able to get out of a GaN but that was the first time that we ever saw data on it.

是的，所以——實際上，GaN 相當新；不到一年前，我們就獲得了 GaN 的第一個測試結果。我想，就像去年 4 月展示的那樣——我的意思是，我們一直在理論化我們能從 GaN 中獲得什麼，但那是我們第一次看到有關它的數據。

So we did some more runs working with outside partners. And then in the fall we announced this deal with Sandia where they're going to take our wafers and start doing electrical characterization on those. So we've been working on that over the course of the fall.

因此我們與外部合作夥伴進行了更多合作。然後在秋天，我們宣布與桑迪亞國家實驗室達成協議，他們將接收我們的晶圓並開始對其進行電氣特性分析。因此我們整個秋季都致力於此。

We -- and we haven't gotten the results on those electrical runs yet but we do expect them imminently here and if they look very good, then we'll have -- I mean, challenges starting to work with customers. We're going out and we're showing them the physical data we have today showing that we're making these wafers with lower stress than other wafers and that should lead to higher quality.

我們 - 我們還沒有得到這些電氣運行的結果，但我們確實期待它們很快出現，如果它們看起來非常好，那麼我們將 - 我的意思是，開始與客戶合作的挑戰。我們將向他們展示我們今天掌握的物理數據，這些數據表明我們製造的這些晶圓的應力比其他晶圓低，這將帶來更高的品質。

But ultimately, what people need is electrical results that show improvement and so that's what we're striving for right now. If we get the good electrical results, then we'll have a full data set that we can take out to customers and start really engaging with them.

但最終，人們需要的是顯示出改進的電氣結果，所以這也是我們現在所努力的目標。如果我們獲得良好的電氣結果，那麼我們將擁有一整套數據，可以帶給客戶並開始真正與他們互動。

And you -- I'll answer a second question that was in the middle of your other question which is about -- you mentioned the faster time to market.

我將回答您另一個問題中間的第二個問題，即—您提到了更快的上市時間。

If this -- if our technology really works out well for GaN, people should be able to make high higher quality GaN starting wafers, like GaN on silicon starting wafers for manufacturers. And although there is certainly a qualification process for a new wafer going into a fab, it's shorter than the full integration and qualification and everything that we have to do with our traditional business. So that's why we keep saying we think it might be a faster time to market.

如果我們的技術真的對 GaN 有效，人們應該能夠為製造商製造出高品質的 GaN 起始晶圓，例如矽基 GaN 起始晶圓。儘管新晶圓進入晶圓廠肯定需要一個鑑定過程，但它比全面整合和鑑定以及我們傳統業務中要做的所有事情要短。這就是為什麼我們一直說我們認為它可能會縮短上市時間。

There's still a few question marks there. I mean, we have to prove the technology electrically and we have to get the customer signed up. But if we can do that, I think this might be a way to really supplement our other business that we have.

那裡仍有幾個問號。我的意思是，我們必須透過電氣方式驗證該技術，而且我們必須讓客戶簽約。但如果我們能夠做到這一點，我認為這可能是一種真正補充我們其他業務的方式。

Okay, fair enough. Thanks for that. Let me touch on STMicro; I want to make sure I understood your comments there. So once you hit this, I think it was process qualification, that's what you expect that to be a typical nine-month cycle, after which you would expect to go production soon after and we haven't gotten to that point.

好吧，夠公平。謝謝。讓我來談談 STMicro；我想確保我理解了你的評論。所以一旦你達到這個目標，我認為這就是流程認證，這就是你所期望的典型的九個月週期，之後你會期望很快投入生產，但我們還沒有到達這一點。

So going back in history here when you when you announced ST, I think in April or May of 2023, you're expecting 18 to 24 months process. And so if we haven't started this nine-month clock, we're going to extend a little bit beyond that.

因此，回顧歷史，當您宣布 ST 時，我認為在 2023 年 4 月或 5 月，您預計這個過程將持續 18 到 24 個月。因此，如果我們還沒有開始這個九個月的期限，我們會把期限稍微延長一些。

Maybe you give us some flavor of the dynamics here as you understand it, and obviously, I imagine there's probably some restrictions on what you can talk about with this. But understanding why the process seems to be longer than what you had expected before and do you expect that nine-month-process qualification to start soon?

也許您可以根據自己的理解為我們介紹這裡的動態，但顯然，我想您在談論這個問題時可能會受到一些限制。但是了解為什麼這個過程似乎比您之前預期的要長，您是否預計九個月的流程資格將很快開始？

Yeah, so let me say everything I can say without talking about their schedule. So first of all, when I announced the deal we didn't have a schedule from them. I gave an assessment of what I thought was typical for the industry.

是的，所以讓我說出我能說的一切，但不要談論他們的日程安排。首先，當我宣布這筆交易時，我們並沒有收到他們的日程安排。我對我認為的該行業典型情況進行了評估。

And what I said was if everything goes really well, it could happen in the 18 to 24 month range with -- if everything went perfectly maybe as early as 18 months. I think there's been -- yeah, I believe that was exactly what I said as a quote.

我說的是，如果一切進展順利，它可能會在 18 到 24 個月內實現——如果一切進展順利，可能最早在 18 個月內。我認為有——是的，我相信這正是我所說的。

Subsequent to that, we found out that it was about a six-month delay for ST to announce -- I mean to actually install MST on their tool and that was because of logistics issues had nothing to do with MST or ST themselves. It was a third party that had to do the installation for them. During that period, we did a bunch of work and we are hopeful that they could make up for it but I would say right now that that was a bit of a setback that ultimately slowed down the process.

隨後，我們發現 ST 大約延遲了六個月才宣布——我的意思是真正在他們的工具上安裝 MST，這是因為物流問題，與 MST 或 ST 本身無關。必須由第三方為他們進行安裝。在這段期間，我們做了很多工作，我們希望他們能夠彌補，但我現在要說的是，這是一個小小的挫折，最終減慢了進程。

Inside the workings of us and ST, I can't say enough about how well the teams are working together, how much priority there is on this. At ST they're doing all the right things; our team is putting it as first priority and hopefully they get to the start of qualification soon but I can't give you insight into when that will happen.

在我們和 ST 的工作過程中，我無法充分描述團隊之間的合作有多好，以及對此事的重視程度。在 ST，他們所做的事情都是正確的；我們的團隊將此作為首要任務，希望他們能盡快開始資格賽，但我無法告訴您何時會發生這種情況。

Okay. Well, we'll look forward to that time frame. I think that's all the questions for me; I'll jump on the line. Thanks, Scott.

好的。好吧，我們期待那個時間段。我想這就是我要問的全部問題了；我就去排隊。謝謝，斯科特。

Thanks, Richard.

謝謝，理查。

Cody Acree, Benchmark.

科迪·阿克里（Cody Acree），基準。

Thanks. I'm glad to be back. It's been a few quarters since I have been on this call and I just wanted to -- coming back to this from taking a step away for a few quarters, I guess one thing struck me this morning on the prepared remarks that things have not -- they've progressed, things have changed, details have changed -- but the overall workings of the company have not changed and the ins and outs of the customers have not changed.

謝謝。我很高興回來。距離我上次參加這次電話會議已經過去了幾個季度，我只是想——在離開幾個季度之後再回到這次電話會議上，我想今天早上在準備好的發言中，有一件事讓我印象深刻，那就是事情並沒有——它們已經取得了進展，事情已經發生了變化，細節已經發生了變化——但公司的整體運作方式並沒有改變，客戶的來龍去脈也沒有改變。

You're still juggling a lot of opportunities, your customers are throwing up their their roadblocks, and you're making some fits and starts of progress but nothing has really come to percolation just yet. Can you maybe just characterize your optimism on the differing opportunities that you have? You mentioned a lot of them between GaN, and advanced nodes, and memory, and SOI, and power -- you're juggling a lot. Can you just prioritize your optimism on those opportunities?

您仍在努力抓住眾多機遇，您的客戶也在設置障礙，您也時斷時續地取得了一些進展，但尚未取得任何實質進展。您能否簡單描述一下您對所擁有的不同機會的樂觀態度？您提到了很多關於 GaN、先進節點、記憶體、SOI 和電源的內容，您在其中進行了很多權衡。您能否優先考慮這些機會的樂觀態度？

Sure. And I don't know if I agree with your assessment of the no change, Cody. The difference is, first of all, where we moved very close to production with ST. We have -- we've gone from kind of talking in general with the advanced node and memory guys about what our technology can do to being very specific about exactly what we can do and where in their architecture and how we can help them and that's what I tried to illustrate in those diagrams. And so I would say today, our level of engagement with the advanced node of memory guys is at a whole different level than it was the last time you were here.

當然。科迪，我不知道我是否同意你對沒有變化的評估。不同之處在於，首先，我們的生產與 ST 的合作非常接近。我們已經從與先進節點和內存人員一般性地討論我們的技術能做什麼，到具體討論我們能做什麼、在他們的架構中做什麼以及我們如何幫助他們，這就是我試圖在這些圖表中說明的內容。所以今天我想說，我們與先進記憶體節點人員的接觸水平與您上次來這裡相比已經完全不同了。

Our work with power customers has been spreading out wider, so -- and then on RF-SOI I would say we are still working with similar group of people -- we've added a couple there but yeah, that one is getting closer, but I would say similar to where we were before.

我們與電力客戶的合作範圍越來越廣，因此 - 在 RF-SOI 方面，我想說我們仍在與類似的團隊合作 - 我們在那裡增加了幾個人，但是是的，那個越來越近了，但我想說與我們以前的情況類似。

Then the other thing is that this whole opportunity with GaN which is bringing a whole kind of fifth market segment to us that we didn't have before and so that's another new addition since you were here before. Did that answer the question, or I'm sorry, my --

另一件事是 GaN 帶來的整個機遇，它為我們帶來了以前沒有的第五大細分市場，所以這是自您之前來過這裡以來的另一個新亮點。這回答了我的問題嗎？--

No, it did, Scott, thanks. And maybe one of the newer areas that I heard about was your data center opportunity. I don't think that was talked about before. Could you maybe just characterize your opportunity there, your go-to-market strategy, and the customers -- the types of customers that you're engaged with?

不，是的，斯科特，謝謝。也許我聽說的一個較新的領域是您的資料中心機會。我認為之前沒有談論過這個問題。您能否簡單描述一下您的機會、您的市場進入策略以及客戶—您所接觸的客戶類型？

Yeah. So we announced -- we didn't talk about it specifically on this call but the last call we had it as a bit of a focused topic was our new MST-SPX which is not a new technology for us but we've developed in particular a focus around 48 volts. And 48 volts is a critical voltage that they're transferring all of the data center to 48 volts.

是的。因此我們宣布——我們在這次電話會議上沒有具體談論它，但在上次電話會議上我們將其作為一個重點話題，那就是我們的新 MST-SPX，這對我們來說並不是一項新技術，但我們特別關注 48 伏特。48 伏特是一個關鍵電壓，他們將整個資料中心的電壓轉換為 48 伏特。

So in hyper scales that they're building now they're starting to build them all around 48 volts. So there's a big effort underway to replace what -- previously were 12 volt racks and upgrade them to 48 volt racks and it's big fights in the market between -- yeah, I don't necessarily -- I want to name all of the competitors there cause I'm going to miss some.

因此，在他們現在建造的超大規模中，他們開始在 48 伏特左右建造它們。因此，目前正在大力推進將以前的 12 伏特機架升級為 48 伏特機架，市場上的競爭非常激烈——是的，我不一定——我想說出所有競爭對手的名字，因為我可能會遺漏一些。

But I know it's an area that, for example, Monolithic Power is very strong and there's a few other companies that they're competing. So those are the type of people that we would go and try to engage with.

但我知道在這個領域，Monolithic Power 非常強大，而且還有幾個其他公司在與他們競爭。所以，這些人就是我們會去嘗試接觸的人。

And maybe, Frank, when you're looking at juggling your resources with that many opportunities going on and it sounds like there's no lack of ways to spend money, how are you managing to address all the opportunities?

弗蘭克，當您在考慮如何分配資源以應對如此多的機會時，聽起來好像不乏花錢的方法，您是如何設法應對所有這些機會的呢？

Yeah, I think the -- one of the things that I came to mind as you're asking your question to Scott was, thinking about what our workflow is like and that's something where we've had a lot of learnings after the engagement with STMicro where we had folks go on site to help with an installation and subsequently have helped to work on the manufacturability of the film and get through all of that.

是的，我認為——當你向斯科特提問時我想到的一件事就是思考我們的工作流程是什麼樣的，這是我們在與意法半導體合作後學到的很多東西，我們派人到現場幫助安裝，隨後幫助研究薄膜的可製造性並完成所有這些工作。

And I'd say the one area where we could get some resource contention is if we were installing MST in multiple sites sort of simultaneously while also running wafers for either -- ones that we're processing in Arizona for customers or for our own R&D purposes.

我想說，我們可能遇到資源爭奪的一個領域是，如果我們同時在多個站點安裝 MST，同時還運行晶圓，這些晶圓要么是在亞利桑那州為客戶加工，要么是用於我們自己的研發目的。

And so we talked about the headcount in R&D didn't actually change but actually we added a resource in epitaxy there to make sure that if we're installing something at a customer or needing to support them we don't have a fall off on -- with -- I'm sorry, that's probably the most sort of labor intensive because It tends to involve hands-on, kind of teaching of the customer to get the recipe installed.

因此，我們談到了研發部門的員工人數實際上並沒有變化，但實際上我們增加了外延資源，以確保如果我們在客戶處安裝某些東西或需要為他們提供支持，我們不會出現人員流失——對不起，這可能是最耗費勞動力的，因為它往往需要動手，需要對客戶進行指導，讓他們掌握安裝方法。

It's not just sort of installing the recipe but what metrologies they use to assure uniformity of the film and everything else. So I'd say if we were to be personnel constrained as business grew, it would probably be at the engineers doing that. We haven't found that to be the case.

這不僅僅是安裝配方，還包括使用什麼計量方法來確保薄膜和其他一切的一致性。因此我想說，如果我們隨著業務的成長而受到人員限制，那麼可能就由工程師來做這件事。我們發現事實並非如此。

And like I said, we were able to beef up that team last year. I would also say in terms of reducing our spend with TSI, that was kind of forced on us involuntarily but we reacted really well to it. We're doing a lot more, work with our TCAD tools that is proven to be really valuable. I think Scott talked about one opportunity that is very exciting. That's been enabled by a lot of the work that we've been doing in TCAD.

而且正如我所說，我們去年就增強了這支隊伍的實力。我還想說，在減少我們在 TSI 上的支出方面，這是我們被迫採取的措施，但我們對此做出了很好的反應。我們正在做更多的事情，使用我們的TCAD工具，這已被證明是非常有價值的。我認為斯科特談到的一個非常令人興奮的機會。這得歸功於我們在 TCAD 中所做的大量工作。

And we're increasingly using -- we talk about AI and it's kind of a nice buzzword -- but internally, we're using those tools for our own productivity as well as how we can iterate over the simulations using TCAD. So I'd say our productivity has grown tremendously with TCAD and integration engineering, just with better use of our tools. And so, we really haven't suffered much from losing TSI there.

我們越來越多地使用——我們談論人工智慧，它是一個很好的流行詞彙——但在內部，我們使用這些工具是為了提高我們自己的生產力，以及如何使用 TCAD 迭代模擬。所以我想說，只要更好地利用我們的工具，我們的生產力就會隨著 TCAD 和整合工程而大幅提高。所以，我們並沒有因為失去 TSI 而遭受太大的損失。

But I also kind of closed out by saying we're going to be really careful about any structural increase in spending. And when I say structural, I mean, adding headcount or entering into other kind of tool leases or acquiring capital equipment.

但我最後也說過，我們將非常謹慎地處理任何結構性的支出增加。當我說結構性時，我的意思是增加員工人數或簽訂其他類型的工具來租賃或購買資本設備。

We don't need any more tools so our spend there is going to be what it is. As far as adding folks, we're going to try to do that either after or when we are very close to additional revenue to pay for it.

我們不需要任何其他工具，因此我們在那裡的支出將保持不變。至於增加人員，我們將嘗試在獲得額外收入之後或接近獲得額外收入時這樣做。

But I don't -- we get asked the question -- we ask ourselves the question all the time. We're applicable in a lot of different areas. Are there ones that we need to deemphasize because we're going to be too resource constrained? And we would certainly do that if we felt that that was a problem but I've not felt that that's been an issue so far.

但我不知道——我們被問到這個問題——我們一直在問自己這個問題。我們可應用於許多不同的領域。由於資源限制太嚴重，我們是否需要淡化某些面向？如果我們覺得這是一個問題，我們肯定會這麼做，但到目前為止我還沒覺得這是一個大問題。

Great. Thanks for the update, guys, I appreciate it. Thank you.

偉大的。謝謝你們的更新，我非常感激。謝謝。

Thanks, Cody. All right, seeing some questions come in on the chat here and I'll just go ahead and fire them off at you. So can you please provide an update on the progress with the major analog company that we referenced in prior quarters utilizing MSTcad?

謝謝，科迪。好的，看到聊天中出現了一些問題，我將繼續向你們提出這些問題。那麼您能否提供我們在前幾個季度提到的使用 MSTcad 的主要模擬公司的進展？

Yeah. Actually, I -- I'll connect some dots on that. We -- that is one of the two transformative customers I spoke about today where they're -- they've gone from getting really fantastic results to really planning a very comprehensive set of wafer runs to prove them out on silicon. And that's the first step to getting licenses and going to production; so we're very excited about what we've done there.

是的。實際上，我——我會把一些點連結起來。我們——這是我今天談到的兩個變革性客戶之一——他們——從獲得真正出色的結果到真正規劃出一套非常全面的晶圓運行，以在矽片上驗證它們。這是獲得許可證並開始生產的第一步；所以我們對於在那裡所做的事情感到非常興奮。

And we think, I mean -- this is a great example. Frank was talking about how productive we've become with our with our TCAD but in this case, we licensed MSTcad to the customer. Customer did all the work themselves and they came up with very impressive results that's driving them to do more more R&D work with us.

我們認為，我的意思是——這是一個很好的例子。弗蘭克正在講述我們利用 TCAD 取得了多大的生產力，但在這種情況下，我們將 MSTcad 授權給了客戶。客戶自己完成了所有工作並取得了令人印象深刻的成果，這促使他們與我們一起進行更多的研發工作。

Great. Another one, is SDMicro going to be the first opportunity for product revenues for Atomera or might there be another opportunity that would percolate sooner?

偉大的。另一個問題是，SDMicro 是否會成為 Atomera 的第一個產品收入機會，或者會有另一個更快出現的機會？

It's hard to say, of course. We -- it's most likely it would be SDMicro but we do work with some customers on applications that could go to market relatively quickly. In particular, if we're working with a customer on a yield-enhancement type of technology that means that they're already in volume production. And to the extent that our technology could help improve the yield of those products in production they might be able to implement it and get that to happen very quickly.

當然，這很難說。我們 — — 最有可能的是 SDMicro，但我們確實與一些客戶合作開發可以相對快速上市的應用程式。具體來說，如果我們正在與客戶合作研究提高產量的技術，這意味著他們已經投入大量生產。如果我們的技術能夠幫助提高這些產品的產量，他們也許能夠實施它並很快實現這一目標。

Could that happen early than SDMicro? I'm not really sure. I think there's also -- I saw a question about -- last year I made a statement that we may even be able to get revenue on gallium nitride in 2024. And what I -- and we didn't do that and I'll give you my take on why.

這會比 SDMicro 更早發生嗎？我不太確定。我認為還有——我看到一個問題——去年我曾聲明說，我們甚至可能在 2024 年從氮化鎵上獲得收入。而我──我們沒有這樣做，我會告訴你我的原因。

One thing you learn in technology is that any amount of data that you look at or makes you believe you'd like to see more data. So when we announced our GaN work in the spring I said there's a possibility we may even be able to get revenue in 2024.

你在技術方面學到的一件事是，你看到的任何數據量都會讓你相信你想看到更多的數據。因此，當我們在春季宣布我們的 GaN 工作時，我說我們甚至有可能在 2024 年獲得收入。

That would have been revenue from selling some MST wafers to people to evaluate so it was not going to be high volume production revenue by any stretch but I was hopeful that we'd be able to do that. As we went out to the market and showed them our physical data they asked for electrical data. When we were able to show them a little bit of electrical data they asked for more electrical data.

那將是透過將一些 MST 晶圓出售給人們進行評估而獲得的收入，因此無論如何都不會是大量生產的收入，但我希望我們能夠做到這一點。當我們走進市場並向他們展示我們的實體數據時，他們要求提供電氣數據。當我們能夠向他們展示一些電氣數據時，他們要求提供更多的電氣數據。

And so there's kind of this ongoing request for more but we do believe that we're getting close to the point where we'd have enough data to be able to get people to start buying MST wafers to do GaN building on. And that it will start with sampling type of revenue and then ultimately we think we can get that to volume production fast. So not sure how fast that would be. Could it be faster than SD micro? That would probably be difficult but if everything went super, then possibly.

因此，人們對更多資訊的需求不斷增加，但我們確實相信，我們已接近擁有足夠數據的水平，可以讓人們開始購買 MST 晶圓來建立 GaN。我們將從樣品類型的收入開始，最終我們認為我們可以快速實現批量生產。所以不確定速度會有多快。它會比 SD micro 更快嗎？這可能有點困難，但如果一切順利，那麼就有可能了。

Thank you. And one sort of final set of questions before we turn the call -- the closing comments. What is the current stage of the collaboration with a DRAM customer or customers and are there any potential benefits for HBM high bandwidth memory?

謝謝。在我們轉達電話之前，還有最後一組問題──結束語。目前與 DRAM 客戶合作的階段如何？

First of all, we continue to be engaged with multiple memory customers and I can't say a lot more than that about where we are with them. But yes, I've been with memory. I think when I talk about how MST is -- has got great benefits for the artificial intelligence market.

首先，我們繼續與多家記憶體客戶保持合作，至於我們與他們的合作狀況，我無法透露太多。但是的，我一直有記憶。當我談論 MST 如何為人工智慧市場帶來巨大利益時，我想。

I'm talking about Gate-All-Round for the processing side but I'm also talking about memories. There's nothing that is more important than getting memories that are higher throughput and burn less power for these for these AI infrastructures.

我談論的是處理方面的 Gate-All-Round，但我也談論的是記憶體。對於這些 AI 基礎架構來說，沒有什麼比獲得吞吐量更高、功耗更低的記憶體更重要。

And hyperscalar, I think I've seen that 40% of the power consumed in hyperscalars is associated with memory. So to the extent that we could do work with high bandwidth memory devices to help get their power down to be a lower level and that would be very significant or to improve their performance so they have a higher bandwidth; again, it would be transformative. We really hope that we can make some of that happen in partnership with a memory maker out there today.

至於超標量，我認為我已經看到超標量消耗的 40% 電力與記憶體有關。因此，我們可以在一定程度上利用高頻寬儲存設備來幫助降低它們的功耗到更低的水平，這將非常重要，或者可以提高它們的性能，使它們具有更高的頻寬；再一次，它將帶來改變。我們真誠地希望能夠與當今的記憶體製造商合作，實現其中的一些目標。

Alright, great. And at this point, this concludes the Q&A session. Scott, if you want to conclude with any closing comments.

好的，太棒了。到此，問答環節結束。斯科特，如果你想以任何結束語來結束。

Sure. All right. Well, thanks. I want to say thanks to all of you for joining us to listen to our Q4 and 2024 update.

當然。好的。好吧，謝謝。我要感謝大家加入我們，聆聽我們的第四季和 2024 年更新。

And to get kind of an update on the progress being made within Atomera, please continue to look for our news, articles, and blog posts which are available along with investor alerts on our website atomera.com. Should you have additional questions, please contact Mike Bishop who'll be happy to follow up. Thanks again for your support and we look forward to our next update call.

要了解 Atomera 內部進展的最新情況，請繼續關注我們的新聞、文章和部落格文章，以及我們的網站 atomera.com 上的投資者警報。如果您還有其他問題，請聯絡 Mike Bishop，他將很樂意為您解答。再次感謝您的支持，我們期待下次更新電話。

Thank you. This concludes the conference call.

謝謝。本次電話會議到此結束。