Atomera Inc (ATOM) 2025 Q1 法說會逐字稿

Hello everyone and welcome to Atomera's first quarter 2025 update call. I'd like to remind everyone that this call and webinar are being recorded, and a replay will be available on Atamara's IR website for one year. I'm Mike Bishop with the company's investor relations. As in prior quarters, we're using Zoom and we will follow a similar presentation format with participants in a listen-only mode.

大家好，歡迎參加 Atomera 2025 年第一季更新電話會議。我想提醒大家，本次電話會議和網路研討會均已錄製，重播將在 Atamara 的 IR 網站上提供一年。我是公司投資人關係部的麥克‧畢曉普 (Mike Bishop)。與前幾季一樣，我們使用 Zoom，並將採用類似的演示格式，參與者將採用僅收聽模式。

We will open with prepared remarks from Scott Bibaud, Atomera's President and CEO, and Frank Lorenzo, Atomera's CFO. Then we will open the call to questions. If you are joining by telephone, you may follow a slide presentation to accompany our remarks on the events and presentation sections of our investor relations page on our website.

我們將以 Atomera 總裁兼執行長 Scott Bibaud 和 Atomera 財務長 Frank Lorenzo 的準備好的致辭作為開場。然後我們將開始提問。如果您透過電話加入，您可以觀看幻燈片演示，以了解我們在我們網站投資者關係頁面上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 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.

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。這些前瞻性聲明，無論是在準備好的發言中還是在問答環節中，都存在著固有的風險和不確定性。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。

Specifically in the company's annual report on Form 10-K filed with the SEC on March 4, 2025. 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.

具體而言，該公司於 2025 年 3 月 4 日向美國證券交易委員會提交的 10-K 表年度報告中如此規定。除非聯邦證券法另有規定，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 to the most directly comparable GAAP measures are included in today's press release, which is also posted on our website. Now, I would like to turn the call over to our President and CEO Scott Bibaud. Go ahead, Scott.

另外，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 (non-GAAP) 財務指標。這些非公認會計準則 (non-GAAP) 財務指標與最直接可比較的公認會計準則 (GAAP) 指標的對帳已包含在今天的新聞稿中，該新聞稿也發佈在我們的網站上。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. I'd like to start out today by giving a few more details on our recent partnership announcement with a major capital equipment provider who unfortunately has a policy against allowing their name to be used in partners' press releases.

謝謝，麥克。今天，我想先詳細介紹一下我們最近與一家大型資本設備供應商達成的合作聲明，但不幸的是，該供應商的政策不允許在合作夥伴的新聞稿中使用其名稱。

First, let me say that we've had a long relationship with this equipment maker, and this agreement is something both companies have been working towards for a long time. They want to bring advanced material solutions to their customers to solve problems in the gate all around space, and we can help them do that.

首先，我要說的是，我們與這家設備製造商有著長期的合作關係，這項協議是兩家公司長期以來努力達成的。他們希望為客戶提供先進的材料解決方案來解決整個太空領域的大門問題，我們可以幫助他們做到這一點。

Atomera benefits by leveraging our partners' detailed knowledge of these large customers' applications, design goals, organizations, and decision makers. Ultimately, if we are both successful, Attamara will get more licenses into production faster, and our partner will sell more equipment and services to our mutual customers.

Atomera 透過利用我們的合作夥伴對這些大客戶的應用、設計目標、組織和決策者的詳細了解而受益。最終，如果我們都取得成功，Attamara 將更快獲得更多生產許可證，而我們的合作夥伴將向共同的客戶銷售更多的設備和服務。

Let me tell you why I'm excited about this agreement. Advanced node customers have huge teams working on multiple different aspects of each new technology node, some working one or even two nodes ahead and some working on the node currently in production. Our partner has detailed insight into each of these efforts, working collaboratively with their customers to find solutions in many different areas.

讓我告訴你為什麼我對這項協議感到興奮。高階節點客戶擁有龐大的團隊，負責每個新技術節點的多個不同方面，有些團隊提前工作一個甚至兩個節點，有些團隊則負責目前正在生產的節點。我們的合作夥伴對每項努力都有詳細的了解，並與他們的客戶合作在許多不同領域尋找解決方案。

Inevitably, the customer wants to see actual silicon results to prove that the solution works. And when they get them, they ask for even more results. Each request is more detailed and specific. Although Atomera has a very sophisticated development environment, it pales in comparison to what our partner OEMs can bring to bear and which we will be able to use to provide these more detailed tests.

不可避免的是，客戶希望看到實際的矽結果來證明解決方案有效。當他們得到這些結果時，他們會要求獲得更多的結果。每個請求都更加詳細和具體。儘管 Atomera 擁有非常複雜的開發環境，但與我們的合作夥伴 OEM 所能提供的功能相比，它仍然顯得微不足道，我們將能夠使用這些功能來提供更詳細的測試。

By doing so, we can deliver solutions to the customer that are more optimized and validated and therefore may go into production more quickly. Probably even more importantly, we will be rowing downstream with our partner on the sales and marketing side of the equation.

透過這樣做，我們可以向客戶提供更優化和驗證的解決方案，因此可以更快地投入生產。或許更重要的是，我們將與我們的合作夥伴在銷售和行銷方面攜手並進。

As a small company, we do not have a large and sophisticated sales organization that can be so helpful to close designs within the complex decision-making structure of these large customers. Since both of us will be driving these designs towards production, our partner companies' direct salesforce will be assisting us along the way, which will be an invaluable resource to us.

作為一家小公司，我們沒有龐大而複雜的銷售組織來幫助我們在這些大客戶複雜的決策結構中完成設計。由於我們雙方都將推動這些設計走向生產，我們合作夥伴公司的直銷人員將一路協助我們，這對我們來說將是一筆無價的資源。

Just last quarter, I talked about how Atomera's MST technology can solve many of the problems and gate all-round transistors. This partnership will help us to promote and ultimately close sales in that area. While the collaboration agreement details are confidential, I can assure you that the terms do not have a significant impact on our long-standing business model of license fees and royalties.

就在上個季度，我談到了 Atomera 的 MST 技術如何解決許多問題並對全方位電晶體進行閘控。此次合作將幫助我們促進並最終完成該地區的銷售。雖然合作協議的細節是保密的，但我可以向你們保證，這些條款不會對我們長期以來的授權費和版稅商業模式產生重大影響。

The primary benefit for both our companies in this deal is to grow the pie larger, not to take pieces of each other's businesses. Although the stated aim of the agreement is on gate all around architectures, there's little doubt the partnership will extend into advanced memories and other areas as well.

這項交易對我們兩家公司來說，主要的好處是將蛋糕做大，而不是搶佔對方的生意。儘管該協議的既定目標是圍繞門控架構，但毫無疑問，該合作夥伴關係也將擴展到高階記憶體和其他領域。

Timing of this announcement coincides with the rising use of API in advanced logic as well as in high performance DRAM, where high-a has been adopted. As API applications are more widely embraced, the barriers to implement MST go down.

此次公告發布的時間恰逢 API 在先進邏輯以及高效能 DRAM 的日益普及，其中已採用高 a。隨著 API 應用越來越受到廣泛歡迎，實作 MST 的障礙也隨之降低。

The size and the growth of the API market is therefore an indicator of the potential for MSD sales, and in 2027, the API equipment market is expected to be approximately $2.6 billion with a CAGR in the leading-edge nodes of 10% to 15%.

因此，API 市場的規模和成長是 MSD 銷售潛力的指標，到 2027 年，API 設備市場預計將達到約 26 億美元，前沿節點的複合年增長率為 10% 至 15%。

Even before finalizing this agreement, we've been making significant progress in gate all-round applications, generating much more detailed silicon validated performance enhancement data for customers, as well as depositing MST films on customer wafers for evaluation.

甚至在最終達成該協議之前，我們就已經在整個閘極應用方面取得了重大進展，為客戶產生了更詳細的矽驗證性能增強數據，並在客戶晶圓上沉積了 MST 薄膜以供評估。

We've established footholds in each of the gate all around customers, we are confident we'll expand over the rest of this year, assisted by our new partnership. On the memory side, we've been granted new patents focused on DRAM sense amplifiers which are relevant for both high bandwidth as well as standard DDR memories. We are actively leveraging this IP into our current discussions with a large memory providers.

我們已經在客戶周圍的每個大門處建立了立足點，我們相信，在新的合作夥伴關係的幫助下，我們將在今年剩餘時間內進一步擴張。在記憶體方面，我們獲得了專注於 DRAM 感測放大器的新專利，這些專利與高頻寬和標準 DDR 記憶體相關。我們正在積極利用這項 IP 來與大型記憶體供應商進行當前討論。

Late in 2024, many of our RFSOI customers expressed the need to improve low noise amplifiers or LNAs in addition to our prior efforts on RF power switches. Using TCAD and silicon test result data, We determined that MST can significantly improve the performance of LNAs in RFSOI devices.

2024 年末，我們的許多 RFSOI 客戶表示，除了我們先前在射頻功率開關方面的努力之外，還需要改進低雜訊放大器或 LNA。利用 TCAD 和矽測試結果數據，我們確定 MST 可以顯著提高 RFSOI 設備中 LNA 的效能。

Just recently, mobile phone manufacturers have started putting new emphasis on LA improvements to meet the increasing demands of newer 5G technologies. So we are seeing widespread interest from customers. Our presentation at RF Insights highlighted the new application and has generated lots of inbound interest. Indeed, during the last few months we've worked with several different RFSOI manufacturers.

就在最近，手機製造商開始重新重視 LA 改進，以滿足新 5G 技術日益增長的需求。因此，我們看到了客戶的廣泛興趣。我們在 RF Insights 上的演示重點介紹了這項新應用，並引起了大量關注。事實上，在過去的幾個月裡，我們已經與幾家不同的 RFSOI 製造商合作。

To start new wafer runs using our partner Sotech's ultra thin RFSOI wafers to prove out these LNA benefits. With good results, we believe our customers will want to take this into production relatively quickly. Work with power customers also continues to grow with interest in new applications and voltage levels, many of which are driven by demand for AI servers.

使用我們的合作夥伴 Sotech 的超薄 RFSOI 晶圓開始新晶圓運行，以證明這些 LNA 優勢。有了良好的結果，我們相信我們的客戶會希望相對快速地將其投入生產。隨著對新應用和新電壓水平的興趣不斷增長，與電力客戶的合作也不斷增長，其中許多是由對人工智慧伺服器的需求所驅動的。

But let me share what I can on progress with our most important power customer, SD Micro. During the last six months, our biggest focus with SD Micro has been on optimizing manufacturability, yield, and throughput in preparation for high volume manufacturing, and we've made great progress here. Our two teams are meeting together on a weekly basis as we push to get the best performance out of our efforts.

但請容許我分享我們與我們最重要的電力客戶 SD Micro 的進展。在過去的六個月裡，我們對 SD Micro 最大的關注是優化可製造性、產量和吞吐量，為大批量生產做好準備，我們在這方面取得了巨大進展。我們的兩個團隊每週都會舉行會議，力求發揮最佳表現。

Many different lots are in the fab with frequent test results indicating a clear path towards qualification. SD has not authorized me to provide additional insight into their schedule, though. One measure of ST's regard for our technology is the interest we've seen from other groups within ST. Today we are in active discussions with three other product areas in ST beyond smart powered devices.

晶圓廠中有許多不同的批次，頻繁的測試結果顯示了明確的認證路徑。不過，SD 並未授權我提供更多有關其日程安排的見解。ST 對我們技術的重視程度可以從 ST 內部其他部門所表現出的興趣中看出。今天，我們正在與意法半導體除智慧供電設備之外的其他三個產品領域進行積極討論。

Each of these has the potential to lead to new licenses and future royalty streams. It's clear that Atamara's technology focus areas have excellent overlap with ST's overall technology strategy and direction. We believe this is a very important validation of our technology's effectiveness, coming as it does from a customer who has a deep understanding of its potential from their hands-on experience.

上述每一項都有可能帶來新的授權和未來的專利權流。顯然，Atamara 的技術重點領域與 ST 的整體技術策略和方向有著很好的重疊。我們相信這是對我們技術有效性的一個非常重要的驗證，因為它來自一位透過親身體驗深刻理解其潛力的客戶。

Now, a brief update on each of our licensees. We continue discussions with our JDA one customer about meeting new requirements they've raised. Of course, we recognize this effort needs to move faster, and we believe that working with our new equipment provider will help make that happen.

現在，讓我們來簡要介紹一下我們每個被授權人的最新情況。我們繼續與 JDA 的一位客戶討論如何滿足他們提出的新要求。當然，我們認識到這項工作需要加快步伐，我們相信與新設備供應商的合作將有助於實現這一目標。

For both our JDA2 and fabulous licensees, we are in the process of running wafers, and we expect to see results of those later this year. Each of these companies has expressed interest in also working with us in new technology areas.

對於我們的 JDA2 和出色的許可證持有者，我們正在運行晶圓，我們預計將在今年稍後看到結果。這些公司均表示有興趣與我們在新技術領域合作。

Likewise, we are in discussion with our foundry licensee, and we hope to start new lots with them soon. Our progress with new customers this quarter has been excellent, and we continue to move forward with the two very high potential transformative customers discussed in our last call. We are encouraged by the amount of work they want to do and the speed at which they are moving.

同樣，我們正在與我們的代工許可證持有者進行討論，我們希望很快與他們開始新的合作。本季我們在新客戶方面的進展非常順利，我們將繼續推進上次電話會議中討論的兩位極具潛力的轉型客戶。他們願意做的工作量和進展速度令我們感到鼓舞。

We also started discussions with new customers in entirely new areas for us. We're working today to engage with them and first discussions and hopefully that will lead to licensing and our revenue opportunities with them later this year. Previously we've described our work to expand into a new product category, compound semiconductors, and more specifically, Gallium Nitride.

我們也開始與新客戶討論對我們來說全新的領域。我們今天正在與他們接觸並進行初步討論，希望這將在今年稍後帶來許可和收入機會。之前我們曾描述過我們擴展到新產品類別、複合半導體（更具體地說是氮化鎵）的工作。

As a brief refresher, Gallium Nitride is a wide band-gap semiconductor material that supports a broad range of applications, including consumer power supplies, automotive electrification, and power electronics for AI data centers. The market for GAN in these applications is growing quickly and is forecast to exceed $2 billion at the device level by the end of the decade, growing at about a 40% gagger.

簡單回顧一下，氮化鎵是一種寬頻隙半導體材料，支援廣泛的應用，包括消費電源、汽車電氣化和人工智慧資料中心的電力電子。這些應用中的 GAN 市場正在快速成長，預計到本世紀末設備層級的市場規模將超過 20 億美元，成長率約為 40%。

Last year we described exci exciting results from initial studies of MST improving gan growth on silicon substrates. Customers found them interesting but asked for electrical data to demonstrate the impact at the device level.

去年，我們描述了 MST 改善矽基板上 GaN 生長的初步研究的令人興奮的結果。客戶發現它們很有趣，但要求提供電氣數據來證明設備等級的影響。

We have been working to fabricate devices, and this quarter, as part of the previous announced partnership with Sandia National Labs, we completed the world's first GAN devices produced using MST technology. This is an exciting accomplishment. Data collection from these first of kind devices is still in progress, but we are now seeing indications of improved electrical performance consistent with our previous observation of improved material quality.

我們一直致力於製造設備，本季度，作為先前宣布的與桑迪亞國家實驗室合作的一部分，我們完成了世界上第一批使用 MST 技術生產的 GAN 設備。這是一個令人興奮的成就。這些首創設備的數據收集仍在進行中，但我們現在看到的電氣性能改善的跡象與我們先前觀察到的材料品質改善一致。

As would be expected from first of kind tests, there are some elements of these devices that aren't optimized, and we've and we're already working on the next round with a target of a complete customer sharable data set illustrating the benefits of MST for GAN applications. Several of our existing customers are active in GAN production, so once we have this data, we should have a ready audience.

正如首次測試所預期的那樣，這些設備的一些元素尚未優化，我們已經開始進行下一輪測試，目標是獲得完整的客戶可共享資料集，以說明 MST 對 GAN 應用的好處。我們現有的幾位客戶都活躍於 GAN 生產，因此一旦我們獲得這些數據，我們就應該擁有現成的受眾。

And there are other GAN foundries and IDMs that would help us expand beyond the current customer base as well. We are very excited about MSD for GAN and so are our partners. Just recently, Sandia National Labs renewed our access program so that we can do more work together. Robert Meares wrote a great article on this topic recently published in Compound Semiconductor magazine, which you can find on our website.

還有其他 GAN 代工廠和 IDM 可以幫助我們擴大現有客戶群。我們和我們的合作夥伴都對 MSD for GAN 感到非常興奮。就在最近，桑迪亞國家實驗室更新了我們的訪問計劃，以便我們能夠共同進行更多工作。Robert Meares 就此主題撰寫了一篇很棒的文章，最近發表在《化合物半導體》雜誌上，您可以在我們的網站上找到。

The beginning of this year has been a very busy time for us across all our markets and product areas. Work on SD Micro is moving towards completion. We are seeing customer expansion in power, RF, and in other application areas which we hope to talk about in future calls. The work we are doing on gate all around and memory is tied directly to the biggest driver of the semiconductor industry today.

今年年初對於我們所有的市場和產品領域來說都是非常忙碌的時期。SD Micro 的工作正在接近完成。我們看到客戶在電力、射頻和其他應用領域的擴張，我們希望在未來的電話會議中討論這些領域。我們在閘極全覆蓋和記憶體方面所做的工作與當今半導體產業的最大驅動力直接相關。

The rollout of AI infrastructure and our newly announced partnership with a major semiconductor equipment provider will help us accelerate and close license deals to take advantage. Finally, our GAN 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.

人工智慧基礎設施的推出以及我們新宣布的與一家主要半導體設備供應商的合作將幫助我們加速並達成許可協議，從而獲得優勢。最後，我們的 GAN 工作不僅與行業的主要推動力保持一致，而且我們相信它可以比我們的其他部門更快地實現收入。

The workload at Atomera has gotten to the point where we are actively recruiting for staff in our engineering team focused on transition to high volume production. And in our sales and marketing team focused on closing deals. With applications developing momentum in so many areas, we believe it's only a matter of time before Atomera becomes a technology licensing powerhouse within the semiconductor industry.

Atomera 的工作量已經到了我們必須積極招募員工加入工程團隊、致力於向大批量生產過渡的地步。我們的銷售和行銷團隊專注於達成交易。隨著應用在如此多領域的發展勢頭強勁，我們相信 Atomera 成為半導體行業的技術授權巨頭只是時間問題。

Now, Frank will review our financials.

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 results for the first quarter of 2025. This slide shows our summary financials. Our GAAP net loss for the first quarter of 2025 was $5.2 million or $0.17 per share, compared to a net loss of $4.8 million or $0.19 per share in Q1 2024.

謝謝你，斯科特。今天收盤時，我們發布了一份新聞稿，宣布了 2025 年第一季的業績。這張投影片展示了我們的財務摘要。我們 2025 年第一季的 GAAP 淨虧損為 520 萬美元或每股 0.17 美元，而 2024 年第一季的淨虧損為 480 萬美元或每股 0.19 美元。

GAAP operating expenses in the first quarter of this year were $5.5 million which was an increase of $448,000 from $5 million in Q1 2024. The increase in OpEx was due to a $397,000 increase in R&D expenses, reflecting higher outsourced device fabrication services to support increased customer activity, and a $277,000 increase in G&A expense, primarily due to higher legal expenses.

今年第一季的 GAAP 營運費用為 550 萬美元，比 2024 年第一季的 500 萬美元增加了 44.8 萬美元。營運支出的增加是由於研發費用增加了 397,000 美元，這反映了為支援增加的客戶活動而增加的外包設備製造服務，以及一般及行政費用增加了 277,000 美元，這主要是由於法律費用增加。

These increases were partly offset by a $226,000 decline in sales and marketing expenses, mostly due to larger to lower headcount. Non-GAAP net loss in Q1 2025 was $4.4 million compared to a loss of $4 million in Q1 of last year due to a $468,000 increase in non-GAAP operating expense, reflecting the same factors I just discussed.

這些成長部分被銷售和行銷費用的 226,000 美元下降所抵消，這主要是由於員工人數增加或減少。2025 年第一季非公認會計準則淨虧損為 440 萬美元，而去年第一季虧損 400 萬美元，原因是非公認會計準則營運費用增加了 468,000 美元，反映了我剛才討論的相同因素。

Stock compensation expense, which is the main difference between GAAP and non-GAAP operating expenses, were $1 million in both periods. Sequentially, Q1 non-GAAP net loss of $4.4 million compares to a $3.9 million loss in Q4 of 2024, primarily due to the same higher R&D and legal expenses I spoke about earlier, offset by lower sales and marketing due to headcount.

股票薪酬費用是 GAAP 和非 GAAP 營運費用之間的主要差異，在兩個期間均為 100 萬美元。環比而言，第一季非 GAAP 淨虧損為 440 萬美元，而 2024 年第四季的虧損為 390 萬美元，這主要是由於我之前提到的研發和法律費用增加，但因員工人數減少導致銷售和行銷費用下降。

Our balance of cash equivalents, and short-term investments on March 31, 2025, was $24.1 million compared to $26.8 million on December 31, 2024. We use $4.8 million of cash and operating activities in Q1, compared to $4.1 million in Q1 2024 and $3 million in Q4 of last year. As has been the case in prior years, cash outlays in the first quarter will be higher this year than in other quarters, reflecting payments for items that hit our P&L throughout the year.

截至 2025 年 3 月 31 日，我們的現金等價物及短期投資餘額為 2,410 萬美元，而 2024 年 12 月 31 日為 2,680 萬美元。我們在第一季使用了 480 萬美元的現金和經營活動，而 2024 年第一季為 410 萬美元，去年第四季為 300 萬美元。與前幾年的情況一樣，今年第一季的現金支出將高於其他季度，這反映了全年影響我們損益的項目的支付。

Early in Q1, we raised $2.4 million under our ATM facility by selling approximately 163,000 shares at an average price of $15.19 putting us in a comfortable cash position such that we have not needed to access the capital market during the recent volatile months. For Q2, revenue will depend on timing of wafer shipments to our fabulous licensee and will be in the range of $0 to $50,000.

在第一季初，我們透過 ATM 設施以平均 15.19 美元的價格出售了約 163,000 股股票，籌集了 240 萬美元，使我們處於舒適的現金狀況，因此在最近幾個月的動盪時期我們不需要進入資本市場。對於第二季度，收入將取決於向我們出色的授權商發貨晶圓的時間，範圍在 0 美元到 50,000 美元之間。

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. Moving to expenses, on our last call, I shared that we expected non-GAAP OpEx to be in the range of $17 million to $18 million in 2025.

按照我們的慣例，我們不會再提供任何收入指引。根據我們與 ST 達成的協議，下一個重要的收入里程碑將在他們進入正式的製程認證階段時實現。談到費用，在我們上次電話會議上，我曾表示，我們預計 2025 年非 GAAP 營運支出將在 1700 萬美元至 1800 萬美元之間。

Outsource fabrication work, which we used to do at TSI semiconductor, has now been spread over multiple vendors who can offer specialty services that are more specifically tuned to the range of technology areas that we're working on. We also have had lower headcount in sales and marketing which we're making progress on replacing.

我們過去在 TSI 半導體公司從事的外包製造工作現在已擴展到多個供應商，他們可以提供專門的服務，更具體地針對我們正在研究的技術領域。我們的銷售和行銷部門員工數量也有所減少，我們正在進行人員替換。

I now expect a full year non-GAAP operating expense for 2025 will be in the range of $17.25 million to $17.75 million. 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.

我現在預計 2025 年全年非 GAAP 營運費用將在 1,725 萬美元至 1,775 萬美元之間。說完這些，在我們開始提問之前，我將把電話轉回給斯科特，讓他做一些總結性發言。斯科特。

Thank you, Frank. With the announcement of our new partnership, as well as the progress we've made in the last quarter, Atomera is better positioned than ever to deliver important solutions for today's challenging electronic devices. We've worked very hard to build our technology and relationships at all the large semiconductor companies.

謝謝你，弗蘭克。隨著我們新的合作夥伴關係的宣布以及我們在上個季度的進展，Atomera 比以往任何時候都更有能力為當今具有挑戰性的電子設備提供重要的解決方案。我們非常努力地與所有大型半導體公司建立技術和關係。

And we believe that effort will be converted into a significant and sustainable business. I appreciate your support as we work hard to turn this vision into a reality. Mike, we will now take questions.

我們相信，這些努力將轉化為重大且可持續的業務。我感謝您的支持，我們正努力將這個願景變成現實。麥克，我們現在來回答問題。

Thank you, Scott. If you wish to ask a question, please click the Q&A button at the bottom of the zoom window, then feel free to type in your question. I will do my best to aggregate the incoming queries and relay them to management. Alternatively, you can click the raise hand button and we may call on you to ask your question live.

謝謝你，斯科特。如果您想提問，請點擊縮放視窗底部的問答按鈕，然後隨意輸入您的問題。我將盡力匯總收到的查詢並將其轉發給管理層。或者，您可以點擊舉手按鈕，我們可能會要求您現場提問。

And right now, our first question comes from Richard Shannon of Craig-Hallum. Go ahead, Richard.

現在，我們的第一個問題來自 Craig-Hallum 的 Richard Shannon。繼續吧，理查德。

Thank you, Mike, and thanks Scott and Frank for taking a few of my questions here. I think my first question is going to be on your announcement of, I don't know if this is early this week or last week about working with this semi-production equipment company here. I guess a few questions. I love to get a sense of, what kind of equipment we're talking about.

謝謝你，麥克，也謝謝斯科特和弗蘭克在這裡回答我的一些問題。我想我的第一個問題是關於您宣布與這家半生產設備公司合作的消息，我不知道這是本周初還是上周宣布的。我想問幾個問題。我很想知道我們正在談論的是什麼樣的設備。

Scott, I know in the past you've talked about partnering with API makers, API machine makers, of which there are 3, I believe that are major ones. I wonder if you can confirm whether that's it. Maybe suggest how long you've been working with them to, establish this sort of relationship, and maybe you can describe to the degree to which this partner has skin in the game here that, that's really kind of relaying, a real commitment to working with you in this regard.

斯科特，我知道您過去曾談到與 API 製造商、API 機器製造商合作，其中有 3 家，我相信是主要的。我不知道您是否可以確認是否如此。也許可以建議你與他們合作了多長時間來建立這種關係，也許你可以描述一下這個合作夥伴在多大程度上參與其中，這實際上是一種傳達，一種真正的承諾，在這方面與你合作。

Yeah. Okay, so it's always tricky to kind of answer the details about what tools they sell because it pretty much tells you who they are. So, I think, I'm going to defer a little bit on that, Richard, but I will say that it's a technology that we use very extensively, and this customer or this partner is someone that we've been working closely with for many years.

是的。好的，所以回答他們銷售什麼工具的細節總是很棘手，因為它幾乎告訴你他們是誰。所以，理查德，我想，我將稍微推遲一下，但我要說的是，這是我們廣泛使用的一項技術，而這位客戶或這位合作夥伴是我們多年來一直密切合作的對象。

I think the thing I can comment the most on is your last part of the question. So you know there's always in my remarks I talked about how customers ask for a lot of data from us and then when they get that data they ask for even more. And every time they ask for more data it gets to be something it's harder to test for. It's more expensive to set up, find the right type of wafers, process them to a certain point.

我認為我最能評論的是你問題的最後一部分。所以你知道，在我的演講中我總是談到客戶如何向我們索取大量數據，然後當他們獲得這些數據時，他們又要求提供更多資訊。每次他們要求提供更多數據時，數據就會變得更加難以測試。設定、找到正確類型的晶圓並將它們加工到一定程度的成本更高。

And then set it up and get that very expensive. Testing that you need to do to be able to test at the individual transistor level, and we can do some of that ourselves, but the big thing here is that our partner company has massively more capabilities than us, and they are, just like everybody budget constrained and what they can spend their money on.

然後進行設置，結果卻非常昂貴。您需要進行的測試才能在單個晶體管級別進行測試，我們自己也可以做一些，但最重要的是我們的合作夥伴公司擁有比我們更多的能力，他們就像每個人一樣，受到預算的限制，知道他們可以把錢花在什麼地方。

And so when we would go to them in the past and say, hey, we've got this great customer opportunity, but we really need you to help us. Spend a whole bunch of time and money with your resources and your equipment and your, capabilities to help us prove this for the customer. Their natural reaction would be like, well, what's in it for us?

因此，當我們過去去找他們並說，嘿，我們有這個很好的客戶機會，但我們真的需要你來幫助我們。投入大量的時間和金錢，利用您的資源、設備和能力來幫助我們向客戶證明這一點。他們的自然反應會是，這對我們有什麼好處？

How do we know that if we do all this work for you aren't going to just go to production with someone else. and so, this partnership is something that we talked about for a long time, where basically said, if we're going to be developing this technology together with them, then we're going to we're going to production with their tools on that technology and we're going to be upfront working with our end customers that we're doing this on a joint basis and so, the end solution is on a joint basis.

如果我們為您完成所有這些工作，我們怎麼知道您不會與其他人一起進行生產？因此，我們長期討論這種合作關係，基本上是說，如果我們要與他們一起開發這項技術，那麼我們將使用他們的工具在該技術上進行生產，我們將提前與我們的最終客戶合作，我們將在聯合的基礎上進行這項工作，因此，最終的解決方案是在聯合的基礎上進行的。

So in other words, the skin in the game that that our partner company is adding is that they're putting a bunch of equipment and personnel and engineering resources to help. Us get the data to be able to win this design and go to production, and it will be with their equipment.

換句話說，我們的合作夥伴公司在遊戲中投入的精力是他們投入了大量的設備、人員和工程資源來提供幫助。我們獲得數據才能夠贏得這個設計並投入生產，而且它將與他們的設備一起使用。

Okay. And I can't remember if you said this or not, Scott, but I just want to confirm, is this work largely focused on leading edge, both logic and DRAM?

好的。我不記得您是否說過這個，斯科特，但我只是想確認一下，這項工作主要集中在前沿技術上，包括邏輯和 DRAM 嗎？

It's focused on the gate all around, so leading edge. I would say whenever I talk about advanced nodes though I always include the leading memory manufacturers because the work they're doing is also very much bleeding edge. And so the techniques that we come up with for gate all around for logic, for example, are frequently applicable across to memories.

它的焦點集中在大門周圍，因此處於領先地位。我想說，每當我談論先進節點時，我總是會提到領先的記憶體製造商，因為他們所做的工作也非常前沿。因此，我們為邏輯閘提出的技術經常適用於記憶體。

Okay, fair enough. Let's jump to another topic here, that being ST micro here. Certainly understand you can only share what you've shared here so far, but an interesting comment you made was that you've got other areas within ST that are starting work with you. Maybe if you can you Describe what are their technology areas or at least describe whether there are areas that you already work with other customers.

好吧，夠公平。讓我們跳到另一個話題，即 ST micro。當然，我明白您只能分享到目前為止在這裡分享的內容，但您提出的一個有趣的評論是，ST 內的其他領域也開始與您合作。也許您可以描述他們的技術領域，或者至少描述您是否已經與其他客戶合作過某些領域。

And is it fair to think, and I think you said this, but I just want to make sure that these new divisions or groups within IT are doing it directly because of the work that the power of the smart Power group has already undertaken, and there's some communication between that suggests they should be working these new groups should be working on it as well.

這樣想公平嗎？我想您也這麼說過，但我只是想確保 IT 部門內的這些新部門或小組能夠直接執行此操作，因為智慧電源小組已經開展了相關工作，而且他們之間的一些溝通表明，這些新小組也應該開展這項工作。

Yes, so answer the last part. First, absolutely, I think at the most senior levels of ST we at this point have a lot of credibility and when a group goes to the smart power group and says, hey, we might be interested in MST for another application. What do you think? They say absolutely you should work with them. We've got a very good working relationship with them.

是的，所以回答最後一部分。首先，絕對的，我認為在 ST 的最高層，我們目前具有很高的可信度，當一個小組去智能電力小組說，嘿，我們可能對 MST 的另一個應用感興趣。你怎麼認為？他們說你絕對應該和他們合作。我們與他們有著非常良好的工作關係。

If you look at overall ST as a company, a very big company, and they have products focused in many different areas, but the overlap with what we have is quite high. They have RFSOI products. They have Gallium Nitride products. They have they have advanced node products, but not the most advanced nodes, but from, but they have something called fully depleted SOI products which are, as you probably know.

如果你把 ST 看作一家公司，一家非常大的公司，他們的產品專注於許多不同的領域，但與我們的產品重疊相當高。他們有RFSOI產品。他們有氮化鎵產品。他們有先進的節點產品，但不是最先進的節點，但他們有一種稱為完全耗盡的 SOI 產品的產品，正如您可能知道的那樣。

They're kind of like 28 nanometers and below focused on very low power applications and they're pretty advanced technologies and that's something that we could do a lot of work with them in. We're working with smart power. But they do, power in a number of other different areas that would be overlaps with us.

它們有點像 28 奈米及以下，專注於超低功耗應用，它們是相當先進的技術，我們可以利用它們做很多工作。我們正在利用智能電力。但他們在許多其他不同領域的權力確實與我們重疊。

So, it's just an enormous amount of Different areas that we can engage with them with and yeah, we've a lot of this has been incoming interests, some of it has been us reaching out and saying hey we know you're working in this area and trying to set up meetings and so forth, but a lot of it has been groups within ST who reach out to us directly and say we understand your technology and we think it could help us with something.

因此，我們可以與他們進行大量不同領域的交流，是的，我們對此有很多興趣，有些是我們主動聯繫他們，說“我們知道你們在這個領域工作”，並試圖安排會議等等，但很多是 ST 內部的團隊直接與我們聯繫，說我們了解你們的技術，我們認為它可以幫助我們做一些事情。

Okay, very interesting. Thanks for that detail. Maybe touching quickly on the topic of RFSOI, I think this is probably the technology era that we've been talking about for the longest. You mentioned customers interested in improving the LNAs and low noise amplifiers, which I'll be [H1st] with you, I don't understand that much other than I know they exist in front-end modules.

好的，非常有趣。謝謝你提供的詳細資訊。也許快速談談 RFSOI 的話題，我認為這可能是我們談論時間最長的科技時代。您提到客戶對改進 LNA 和低雜訊放大器感興趣，我會和您一起 [H1st]，除了我知道它們存在於前端模組中之外，我對此了解不多。

And you said you've been doing all this work in the past with power switches. Is this been kind of the limitation or a headwind to adoption by RFSOI customers in the past, and this could be the key to unlocking the opportunity here, or are there, can they be, can there be other, functions within the front-end module that you can also impact and therefore, finally get one of these guys over the finish line because it's been.

您說過，過去您一直在用電源開關做這些工作。這是否是過去 RFSOI 客戶採用的一種限製或阻力，這可能是開啟此處機會的關鍵，或者是否存在，它們是否可能存在，前端模組內是否存在其他功能，您也可以影響它們，因此，最終讓其中一個人越過終點線，因為它已經存在了。

I don't know, a number of years here and this one that I've been, I've always thought it would be the first one to go to production, and it's been, I guess stubbornly. Not quite there. So wondering if this work here is that kind of catalyst to move you across the finish line.

我不知道，我在這裡已經很多年了，我一直認為這將是第一個投入生產的，而且我猜它一直是第一個投入生產的。還沒到那一步。所以想知道這裡的工作是否是推動你跨越終點線的催化劑。

Yeah, I think on the front-end module, the power switching was the key application that we were first very much focused on and where I would say. There was more development effort by the RFSO SOI guys than a lot of other areas. It was a way, a key competitive advantage that they could have going onto the market.

是的，我認為在前端模組上，電源切換是我們首先關注的關鍵應用，也是我想說的。RFSO SOI 人員的開發努力比其他許多領域都要多。這是他們進入市場的一個方式，一個關鍵的競爭優勢。

That isn't to say that our technology only worked on the power switching, but that was where our biggest focus with the customers was. We'd run wafers and we do testing in that area, and I still think that we have shown a very significant ability to improve power switching, but there's a number of other areas in the front end that are important, and what seems to have happened, and I haven't.

這並不是說我們的技術只適用於電源切換，而是說電源切換是我們為客戶最關注的點。我們會運行晶圓並在該區域進行測試，我仍然認為我們已經展示了非常顯著的改進電源切換的能力，但前端還有許多其他重要的領域，以及似乎已經發生的事情，而我還沒有。

I don't know exactly where this came from, but I think one of the leading or maybe several of the leading mobile phone manufacturers or possibly even a large mobile phone operator has changed the specifications for their phones to say we need. Far better LNA performance. LNA is, it's a low noise amplifier. It helps you to receive signals at lower signal strengths so that you can get longer range and it just seems like I don't know.

我不知道這究竟是從哪裡來的，但我認為其中一個或幾個領先的行動電話製造商，甚至可能是一個大型行動電話運營商已經改變了他們的手機規格，以表明我們需要。LNA 效能更佳。LNA 是一種低雜訊放大器。它可以幫助您在較低訊號強度下接收訊號，以便您可以獲得更長的範圍，但似乎我不知道。

Where it came from, but all of our customers are simultaneously asking us about that. And so this seems to be a very hot area. So now we're working with our customers, not just on the power switch but also on the LA, and I think because there's a demand for this and there's going to be a competition to win those designs, I think people will move quickly.

它是從哪裡來的，但我們所有的客戶都在同時詢問我們這個問題。所以這似乎是一個非常熱門的領域。因此，現在我們正在與客戶合作，不僅在電源開關方面，還在洛杉磯方面，我認為因為對此有需求，而且將會有一場贏得這些設計的競爭，所以我認為人們會迅速採取行動。

Okay. Well, hopefully from my personal perspective, hopefully it's the Verizon that's asking for these changes because I'd love to get better performance out of my house here, but.

好的。好吧，從我個人的角度來看，希望是 Verizon 要求進行這些更改，因為我希望在這裡的房子中獲得更好的性能，但是。

Anyway.

反正。

There are probably two last questions for me, one for you and one for one for Frank. So just kind of touching again on the topic of the transformative customers. And Scott, I do want to make sure. I know two calls ago you talked about a transformative customer that then sounded delayed, but then you mentioned two others on the last call. I think you're referring to the ones on the last I guess

我可能還有最後兩個問題，一個是問你的，另一個是問法蘭克的。所以我們再談談轉型客戶這個主題。斯科特，我確實想確認一下。我知道在兩次通話之前您談到了一位轉型客戶，但聽起來有些拖延，但在最後一次通話中您又提到了另外兩位客戶。我想你指的是最後那幾個

I was the one on the last call.

我是最後一個打電話的人。

Okay, and I don't think I took good notes here, so I'm going to have to ask you to repeat the kind of the call out here with that particular set of two customers here. Can you repeat that for me Please?

好的，我認為我在這裡沒有記好筆記，所以我不得不請你重複一下與那兩位特定的顧客的通話內容。你能再說一次嗎？

Yeah, I mean what I said earlier was that things move really quickly with those guys and expansively, so they want to do a lot of work with us, and they want to do it. Very quickly, at least one of them is moving.

是的，我的意思是，我之前說過，這些人的事情進展非常快，而且範圍很廣，所以他們想和我們一起做很多工作，他們也想這樣做。很快，其中至少有一個人開始行動了。

At a pace that I didn't think that was going to be, I mean they're moving much faster than I expected. And the other one is also expanding to do a lot more than we had hoped for before. So, overall, I would love for us to be able to, make an agreement with these guys so we can start talking about them in some more detail, but it is something that I'm quite excited about.

他們的發展速度超出了我的預期，我的意思是他們的發展速度比我預想的要快得多。而另一個也在不斷擴展，其功能遠遠超出了我們先前的預期。所以，總的來說，我希望我們能夠與這些人達成協議，這樣我們就可以開始更詳細地討論他們，但這是我非常興奮的事情。

Okay. Does the work going on here involve the partner with the cap, the unnamed capital equipment company.

好的。這裡正在進行的工作是否涉及該上限的合作夥伴，即未具名的資本設備公司。

So we did not get involved with these customers as part of the capital equipment company, but one of the things I mentioned about that agreement is that it's going to expand so.

因此，我們並沒有作為資本設備公司的一部分與這些客戶打交道，但我提到的關於該協議的一件事是，它將會擴大。

We did focus the agreement around gate all around. We just want to put something in place and And make it more focused on parameters such that we could kind of close a deal, but I think this is going to establish a working relationship that we have together and it's really going to expand to include a whole bunch of our businesses, including possibly these two.

我們的協議確實圍繞著大門。我們只是想把一些事情落實到位，並使其更加專注於參數，以便我們能夠達成交易，但我認為這將建立我們之間的工作關係，並且它將真正擴展到包括我們的一系列業務，可能包括這兩家公司。

Okay. Frank, a quick question for you. I missed the number that you mentioned in terms of OpEx for this year, and I guess I'd love to understand kind of an exit rate for this year to think about it because it sounds like you're looking to add headcount here over time or based on some contingencies. I'd love to get a sense of both of those numbers, please.

好的。法蘭克，我想問你一個簡單的問題。我錯過了您提到的今年營運支出的數字，我想我很想了解今年的退出率，因為這聽起來像是您希望隨著時間的推移或基於某些意外情況在這裡增加員工人數。我很想了解這兩個數字。

Sure. I gave a range last time of 17 to 18. I basically just narrowed it down to the midpoint of that of [$17.25 million to $17.75 million], non-GAAP operating expense for the year and that's kind of ramping steadily through the year, because, as we are down sort of headcount in sales and marketing. As compared to last year and even as compared to Q4 last year.

當然。我上次給的範圍是 17 到 18。我基本上只是將其縮小到 [1725 萬美元到 1775 萬美元] 的中間值，即本年度非 GAAP 營運費用，並且該費用在全年穩步上升，因為我們在銷售和營銷方面裁減了員工人數。與去年相比，甚至與去年第四季相比。

So we're recruiting in that area and looking to add there. I think more significantly, we've had, historically when we were working with TSI, we're spending, on average around $1million to $1.25 million with them per year, on outsourced fabrication. And last year that went nearly to zero.

因此，我們正在該地區招募人才，並希望擴大規模。我認為更重要的是，從歷史上看，當我們與 TSI 合作時，我們每年平均花費約 100 萬至 125 萬美元用於外包製造。而去年這數字幾乎降至零。

And it's kind of bounced back and not, completely to, the $1.2 million a year that was kind of the historical average, but I could see it kind of, approaching that level as we exit the year. We had a big increase in outsourced R&D as Q1 versus Q1 of last year. The R&D expenses went up by about $300,000.

它已經有所反彈，雖然沒有完全恢復到歷史平均水平每年 120 萬美元，但我可以看到，在年底時它會接近這個水平。與去年第一季相比，我們第一季的外包研發支出大幅增加。研發費用增加了約30萬美元。

In this first quarter versus last year. And I would consider that to be, kind of more of the normalized, level of R&D spend is what we have this quarter, maybe ramping up a little bit, with more, outsourced device fabrication and headcount, but not substantially.

今年第一季與去年同期相比。我認為，本季的研發支出水準更加正常化，可能會略有增加，外包設備製造和員工數量也會增加，但幅度不會很大。

Okay, I think that helps me that, and that's all the questions I have guys. Thanks for your time.

好的，我認為這對我有幫助，這就是我所有的問題。感謝您的時間。

Thanks, Richard. And we have a number of questions that have come in on the Q&A text, line here, and so I'll just fire them off with you, Scott.

謝謝，理查。我們在問答文本中收到了許多問題，所以我將向你提出這些問題，斯科特。

In the previous call, you mentioned that two existing customers were planning demos and product areas entirely different from the original engagement scope. Could you share, they asked for specific customers, but could you share the customers or at least the initial engagement area and describe the new product areas they're planning demos for?

在先前的通話中，您提到兩位現有客戶正在規劃與原始參與範圍完全不同的簡報和產品領域。您能否分享一下，他們要求特定的客戶，但您能否分享客戶或至少最初的參與領域並描述他們計劃演示的新產品領域？

Yeah, we, I'm not going to talk about. Who the customers are, but I, I'll give you an idea about some of the areas we've had customers approach us about doing work in 28 nanometer. We've always done a lot of work on Hike metal gate and we believe that we can bring some big advantages there, so that's something that we're talking to people about. We are talking to people about.

是的，我們，我不想談論。客戶是誰？但是，我會向您介紹一些客戶就 28 奈米技術方面的工作與我們接洽的領域。我們一直在 Hike 金屬門上做大量工作，我們相信我們可以在那裡帶來一些巨大的優勢，所以這是我們正在與人們討論的事情。我們正在和人們談論。

Fully depleted RFSOI. We're talking to people about, I mean, there's widespread interest in some very specialized applications like, red hard and other things that we're considering doing work on. We're talking to people about different memory applications, but, and that's just scratching the surface, it's not unusual that when we meet with a customer.

完全耗盡的RFSOI。我們正在與人們討論，我的意思是，人們普遍對一些非常專業的應用程式感興趣，例如紅硬和其他我們正在考慮的工作。我們正在與人們討論不同的記憶體應用程序，但這只是觸及表面，當我們與客戶會面時這並不罕見。

In the early meetings they like to have kind of a CTO level person in the meeting who understands all of the different product areas. When they understand what MST can do, they say, maybe it'd be good for you to talk to these guys because I know they need to they need help in this area and that other group and that other group. So we have a lot of discussions around.

在早期的會議中，他們喜歡讓了解所有不同產品領域的 CTO 等級的人員參加會議。當他們了解 MST 能做什麼時，他們會說，也許你最好和這些人談談，因為我知道他們需要這個領域、那個群體和那個群體的幫助。因此我們進行了很多討論。

Different technology areas, it's, we don't really consider them that serious until we start getting an NDA in place and start planning to actually do demo runs together. But there's interest in a number of areas.

不同的技術領域，在我們開始簽訂保密協議並開始計劃實際一起進行演示運行之前，我們並沒有真正認真考慮它們。但人們對許多領域都感興趣。

Great, thank you. And another one is, what are the implications of the recently restated employment agreement that no longer provides severance upon change of control so that we filed that in the SEC document, so it's, what are the implications of that?

太好了，謝謝。另一個問題是，最近重申的僱傭協議在控制權變更時不再提供遣散費，因此我們在證券交易委員會的文件中提交了該協議，這會產生什麼影響？

Yeah, so I think the implication is that we screwed up. Our executive employment agreements expired at the end of last year and we put new ones in place and we wanted to have a double trigger change of control provision which has kind of become standard in the industry. All of our executives had that for some reason in mind. There were some extra words in there that should have been deleted that said basically that said.

是的，所以我認為這意味著我們搞砸了。我們的高階主管僱傭協議於去年年底到期，我們制定了新的協議，我們希望有一個雙重觸發控制權變更條款，這已經成為該行業的標準。出於某種原因，我們所有的高階主管都想到了這一點。其中有一些多餘的字應該被刪除，基本上就是說這個意思。

I would, it would change it to a single trigger, but those were, that was a mistake. We published it was pointed out to us. We had our lawyers redrafted and we we resubmitted it. There's no there's no bigger message than that in that we wanted to do the right thing and we messed up a little bit but we fixed it.

我會的，它會將其改變為單一觸發器，但那是一個錯誤。我們發表了有人向我們指出的內容。我們請律師重新起草了該法案並重新提交。沒有比這更大的資訊了，我們想做正確的事情，雖然我們搞砸了一點，但我們已經解決了。

Okay, thank you. And another question regarding ST micro and the question is whether the the current timeline is influenced because they went back and started doing phase three work similar to JDA1.

好的，謝謝。另一個問題是關於意法半導體的，問題是目前的時間表是否受到影響，因為他們回去並開始進行類似於 JDA1 的第三階段工作。

I've spoken before about the type of work they're doing. They're doing, I would say, broadly speaking, they're doing two parallel types of work. They're doing, always trying to optimize the performance of the device by using doing TCAD and running wafers and testing the results and, in parallel with that they're doing a lot of work towards.

我之前曾談過他們所從事的工作類型。我想說，從廣義上講，他們正在做兩種平行的工作。他們一直在嘗試透過使用 TCAD、運行晶圓並測試結果來優化設備的性能，同時也為此做了大量工作。

Productization, minimizing, I mean maximizing yield and throughput and so forth, and we've been working very hard with ST and both of those technologies for quite a while. I can't say exactly where they are, but. It's true that in phase 3, we also do optimization work like that, but this is the work that we've been talking about ST doing within their phase 4.

產品化、最小化，我的意思是最大化產量和吞吐量等等，我們已經與 ST 和這兩種技術一起努力工作了很長一段時間。我無法確切地說出他們在哪裡，但是。確實，在第 3 階段我們也做了類似的優化工作，但這是我們一直在談論的 ST 在其第 4 階段所做的工作。

Okay, and what is the current status of the of the transformative customer that was mentioned prior last quarter conference call that the deal that. Yeah.

好的，上個季度電話會議中提到的轉型客戶的當前狀態如何？是的。

So this this quarter we continue to have discussions with that customer. I won't say we have anything to report by the time of this earnings call, but, lines of communication are still open.

因此本季我們將繼續與該客戶進行討論。我不會說我們在本次收益電話會議時有任何要報告的內容，但是，溝通管道仍然暢通。

Okay. And on the last call, you said that electrical results from Sandia Lab were imminent, and how did those early results look?

好的。在上次通話中，您說桑迪亞實驗室的電氣結果即將公佈，這些早期結果看起來如何？

Yeah, we, I would say there was some delay late last year when we, it took us longer to get those electrical results than we expected. We do have them now. I said a few things about them on the call and the results of the of the electrical results show improved device performance.

是的，我想說，去年年底我們得到了一些電氣結果，但花了比預期更長的時間。我們現在確實有它們。我在電話中談到了它們一些情況，電氣結果顯示設備性能有所提高。

That's pretty consistent with what we're seeing as the level of improvement that we were seeing in terms of the physical improvement, the quality improvement of the GAN device itself and our electrical device. A is kind of validating those improvements. What I would, I mean, the next step for us is obviously to do some optimization to see if we can get those to be improved a lot more.

這與我們所看到的物理改進、GAN 設備本身的品質改進以及我們的電氣設備方面的改進水平非常一致。A 正在驗證這些改進。我的意思是，我們的下一步顯然是進行一些優化，看看我們是否可以進一步改進它們。

And even with the results that we have today, we are just in the early days of testing those, and our goal is to do enough work to get a really a full suite of electrical data that we can bring out to customers, and that's when they'll be really ready to start doing more work.

即使我們今天取得了成果，我們也才剛開始測試，我們的目標是做足夠的工作來獲得一整套可以提供給客戶的電氣數據，這樣他們才真正準備好開始做更多的工作。

I think at this time last year, we believed that we would go out to customers with the with the physical results showing improved strain within the GAN device and improved quality on the surface, less bow, and some other things. But it turns out that just that physical result was not enough for customers to adopt.

我想在去年的這個時候，我們相信我們會向客戶展示物理結果，顯示 GAN 設備內部的應變得到改善，表面品質得到改善，彎曲減少，以及其他一些方面。但事實證明，僅僅這種物理效果還不足以讓客戶接受。

We needed to have electrical results, and so that's what we're starting to get now and hopefully we'll get a lot more of that in the near future.

我們需要獲得電氣結果，這就是我們現在開始獲得的結果，希望在不久的將來我們能獲得更多結果。

Great, thank you. And with regard to the partnership with the capital equipment company, what's the business model look like between the two companies? Is it a royalty model or some other arrangement?

太好了，謝謝。關於與資本設備公司的合作，兩家公司之間的商業模式是什麼樣的？這是特許權使用費模式還是其他安排？

Yeah, and I did say this in our prepared remarks. We, there's no change to our business model. We're not sharing royalties.

是的，我在準備好的發言中確實說過這一點。我們的商業模式沒有改變。我們不會分享版稅。

We're there's no Really material impact to what we've always talked about of our business model, in essence, they're helping us in many ways, both with developing the material to sell to customers and also selling in conjunction with them and in exchange we'll be telling the customer that this is a partnership and we're going to go to production together as well.

這對我們一直在談論的商業模式沒有真正的實質影響，本質上，他們以多種方式幫助我們，既開發材料出售給客戶，也與他們聯合銷售，作為交換，我們會告訴客戶這是一種合作關係，我們也將一起進行生產。

Great. And with that, Scott, that concludes the questions here, so you may proceed with closing remarks.

偉大的。史考特，問題到此結束，你可以繼續做結束語了。

All right. Well, thank you all again very much for joining us to hear the progress we are making here within Atomera. Please continue to look forward to our news articles and blog posts which are available along with the investor alerts on our website atomera.com. Should you have additional questions, please contact Mike, who will be happy to follow up.

好的。好吧，再次非常感謝大家加入我們，了解我們在 Atomera 內部的進展。請繼續期待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，他將很樂意為您解答。

Thanks again for your support, and we really look forward to our next update call with you.

再次感謝您的支持，我們非常期待與您進行下一次更新通話。

Thank you. This concludes the first quarter, 2025 Atomera's conference call.

謝謝。Atomera 2025 年第一季電話會議到此結束。