Atomera Inc (ATOM) 2025 Q3 法說會逐字稿

Hello, everyone, and welcome to Atomera's third 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 Atomera's IR website for one-year. I'm Mike Bishop with the company's Investor Relations. (Operator Instructions)

大家好，歡迎參加Atomera 2025年第三季更新電話會議。我想提醒大家，本次電話會議和網路研討會將被錄製，並將在Atomera的投資者關係網站上提供一年的回放。我是公司投資人關係部的麥克畢曉普。（操作說明）

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

我們將首先由Atomera總裁兼執行長Scott Bibaud和Atomera財務長Frank Laurencio發表準備好的演講。接下來我們將開放提問環節。如果您是透過電話參加，您可以在我們網站的投資者關係頁面的「活動和演示」部分查看幻燈片演示，該演示將配合我們的發言。

Before we begin, I would like to remind everyone that during today's call, we will make forward-looking statements. These forward-looking statements, whether in prepared remarks or during the Q&A session, are subject to inherent risks and uncertainties. These risks and uncertainties are detailed in the risk factors section of our filings with the Securities and Exchange Commission, specifically in the company's annual report on Form 10-K filed with the SEC on March 4, 2025.

在開始之前，我想提醒大家，在今天的電話會議中，我們將發表一些前瞻性聲明。這些前瞻性陳述，無論是在事先準備好的發言稿中或問答環節中，都存在著固有的風險和不確定性。這些風險和不確定性已在公司向美國證券交易委員會提交的文件的風險因素部分中詳細說明，特別是公司於 2025 年 3 月 4 日向美國證券交易委員會提交的 10-K 表格年度報告中。

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. 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 posted on our website.

除聯邦證券法另有規定外，Atomera 不承擔任何義務更新或修改本文或其他地方所載的前瞻性聲明，以反映有關這些事件、條件和情況的預期變化。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 G 條例定義的非公認會計準則財務指標。這些非公認會計準則財務指標與最直接可比較的公認會計準則指標的調節表已包含在我們網站上發布的今天發布的新聞稿中。

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

現在我想把電話交給我們的總裁兼執行長史考特·比博德。請繼續，斯科特。

Thanks a lot, Mike, and good afternoon, all. This has been a quarter of both challenge and validation, one that underscores the reality of bringing a new material technology to market and the opportunities that come when you solve fundamental problems for the semiconductor industry. I'll start by addressing our update with STMicroelectronics and depart from our regular format to review the broader picture, the momentum we're building with new customers and the different market opportunities that Atomera's technology is being used to address.

非常感謝，麥克，大家下午好。這一個季度既充滿挑戰，也驗證了我們的成果，凸顯了將一種新的材料技術推向市場的現實，以及解決半導體產業的基本問題所帶來的機會。首先，我將談談我們與意法半導體的最新進展，然後打破常規，從更廣闊的視角來審視我們與新客戶建立的良好勢頭，以及Atomera的技術正在應對的不同市場機會。

As many of you have seen in our announcement, our work with STMicroelectronics on their smart power platform reached an inflection point this quarter. During this program, we were tackling a very difficult performance trade-off for their 200-millimeter platform. We achieved what we set out to do, significant performance improvements in key device metrics.

正如你們許多人在我們的公告中看到的那樣，我們與意法半導體在其智慧電源平台上的合作在本季度達到了一個轉折點。在這個專案中，我們正在努力解決他們 200 毫米平台性能方面一個非常棘手的權衡問題。我們實現了既定目標，關鍵設備指標的效能得到了顯著提升。

However, that higher performance came with a corresponding reduction in device lifetime, often referred to as reliability, which failed to meet all of ST's specifications. Over many months, our two teams worked closely to resolve this trade-off. Then ST, as part of a reshaping of its manufacturing footprint, announced they would discontinue development on 200-millimeter wafers to focus exclusively on 300-millimeter for the next-generation BCD110 platform.

然而，更高的性能卻帶來了設備壽命（通常稱為可靠性）的相應縮短，未能滿足 ST 的所有規格要求。幾個月來，我們兩個團隊緊密合作，最後解決了這個難題。然後，ST 作為其製造佈局調整的一部分，宣布將停止 200 毫米晶圓的開發，專注於下一代 BCD110 平台的 300 毫米晶圓。

At about the same time, Atomera discovered a new MST implementation validated through our TCAD simulations that doubled our performance improvement without the associated reduction in device lifetime. In other words, we found a way around the trade-off, and improvement only made possible by using MST. Over the last few months, ST validated our findings for the new implementation.

大約在同一時間，Atomera 發現了一種新的 MST 實現，並透過我們的 TCAD 模擬進行了驗證，該實現使我們的性能提高了一倍，而裝置壽命卻沒有相應縮短。換句話說，我們找到了一種繞過這種權衡的方法，而只有使用最小生成樹才能實現改進。在過去的幾個月裡，ST驗證了我們對新實施方案的研究結果。

However, because this new version required a device architecture change that would take multiple learning cycles to validate, they determined that they could not incorporate it and still meet their aggressive BCD110 launch schedule. Therefore, ST informed us that they will take BCD110 to market without MST, and currently, they have no plan for a future variant that includes it.

然而，由於這個新版本需要對設備架構進行更改，而這需要多個學習週期才能驗證，因此他們決定不能將其納入其中，同時還要滿足他們雄心勃勃的 BCD110 發布計劃。因此，ST告知我們，他們將把不帶MST的BCD110推向市場，目前他們沒有計劃在未來的版本中加入MST。

That means we no longer have a line of sight to royalty revenue at ST for this particular program. While that outcome is certainly disappointing, there are several important positives I want to emphasize. First, at STMicro, we demonstrated significant performance gains and proved MST's integration capability inside a Tier 1 production fab.

這意味著我們無法再從ST獲得該特定項目的版稅收入。雖然這個結果確實令人失望，但我想強調幾個重要的正面面向。首先，在 STMicro，我們展示了顯著的性能提升，並證明了 MST 在一級生產晶圓廠內的整合能力。

Second, we've now developed a very high-performance solution that eliminates the performance reliability trade-off, which is a significant new differentiator for us going forward, one that we are already actively discussing with other players in this market. And third, ST has reiterated their intent to continue working with us in other technology areas where MST could add value.

其次，我們現在已經開發出一種性能非常高的解決方案，消除了性能可靠性方面的權衡，這對我們來說是一個重要的全新差異化優勢，我們已經在積極地與該市場的其他參與者進行討論。第三，ST重申了他們繼續與我們在其他技術領域合作的意願，MST可以在這些領域發揮其價值。

Under their license with us, they continue to run experiments across several different businesses. This chapter with ST underscores that moving a new material into mass production is rarely linear. But the learning from this effort makes us a stronger -- gives us a stronger foundation as we engage with others in the same power market segment, including with a very large existing customer and even a new engagement that began this past quarter.

根據他們與我們簽訂的授權協議，他們繼續在多個不同的業務領域進行實驗。本章與 ST 一起強調，將一種新材料投入大規模生產很少是線性的。但從這項努力中學到的東西使我們變得更強大——為我們與同一電力市場領域的其他人合作奠定了更堅實的基礎，包括與一個非常大的現有客戶合作，甚至是與上個季度開始的新合作。

Customers are now evaluating MST for power devices between 5 volts and 48 volts. It's important to keep in perspective that ST is only one of many large customers we are working with today to take MST into production in the power area. We also have three other very active technology focus areas. In the Gate-All-Around space, there are three large competitors and one that's still emerging.

客戶目前正在評估 MST 對 5 伏特至 48 伏特電源設備的適用性。需要注意的是，ST 只是我們目前合作將 MST 應用於電力領域的眾多大客戶之一。我們還有其他三個非常活躍的技術重點領域。在全方位門禁系統領域，有三家大型競爭對手和一家新興企業。

We're working with or in discussions with all three of them. I mean, all four of them. In the DRAM space, there are three large manufacturers, and we are engaged with two of them right now and have good relationship with the third. In the RF-SOI area, we're doing integration work with four different fabs and a fabless player right now with many of them running wafers.

我們正在與他們三人合作或進行洽談。我的意思是，他們四個。在DRAM領域，有三家大型製造商，我們目前與其中兩家有合作關係，並與第三家保持良好的關係。在射頻-SOI領域，我們目前正在與四家不同的晶圓廠和一家無晶圓廠廠商進行整合工作，其中許多廠商都在生產晶圓。

So you can see that we have no lack of opportunities across several different segments. Indeed, during the last three-months, we processed a record number of wafers for our customers. When we look at all these opportunities, it's helpful to understand how we prioritize our business in terms of revenue potential. The first being the fastest time to market, second being the highest return on investment and the third being breakthrough long-term growth.

由此可見，我們在多個不同領域都有大量機會。事實上，在過去的三個月裡，我們為客戶加工了創紀錄數量的晶圓。當我們審視所有這些機會時，了解我們如何根據收入潛力對業務進行優先排序是很有幫助的。第一是上市速度最快，第二是投資報酬率最高，第三是實現突破性的長期成長。

One of the fastest ways to get Atomera's technology to market is through applications which use MST deposited on top of the starting wafer rather than inserted into the middle of the manufacturing line. There are many reasons why this can accelerate revenue. First, customers can simply acquire an MST starting wafer and run it through their standard production flow with very few process modifications for an easy experiment.

將 Atomera 的技術推向市場的最快方法之一是，透過應用在起始晶圓上沉積 MST，而不是將其插入生產線的中間。這可以加速收入成長的原因有很多。首先，客戶可以簡單地獲得 MST 起始晶圓，並透過其標準生產流程運行，只需進行極少的製程修改即可輕鬆進行實驗。

They don't have to install MST, deal with the complications of wafers being transferred in and out of their fab, make major changes to their process to integrate it or complete a license agreement. The price of MST can be built into the cost of the starting wafer, which gives Atomera the same revenue, but the customer will not view the cost as a royalty.

他們無需安裝 MST，無需處理晶圓進出晶圓廠的複雜運輸問題，無需對製程進行重大更改以整合 MST，也無需完成許可協議。MST 的價格可以計入初始晶圓的成本中，這樣 Atomera 就能獲得相同的收入，但客戶不會將成本視為特許權使用費。

And it's certainly faster to get MST starting wafers qualified than something integrated into the middle of the process. Today, we use MST starting wafers in our work in RF-SOI, in GaN and possibly soon in next-generation DRAM. We actively seek out these implementations because of the relatively easier integration and shorter path to revenue.

而且，讓 MST 起始晶圓獲得認證的速度肯定比將某些技術整合到流程中間要快得多。目前，我們在射頻SOI、GaN以及可能很快就會在下一代DRAM中採用MST起始晶圓。我們積極尋求這些實施方案，因為它們整合起來相對容易，而且能更快地產生收益。

The second set of applications have enormous revenue potential, but the development process can be more demanding because MST is inserted into the middle of a complex set of production steps. It is worth it, though, because the upside represents a massive return on investment, including in the areas of Gate-All-Around logic, DRAM, power devices and other memory products.

第二組應用具有巨大的收入潛力，但開發過程可能更具挑戰性，因為 MST 被插入一系列複雜的生產步驟。不過，這樣做是值得的，因為其帶來的收益將帶來巨大的投資回報，包括在全環柵邏輯、DRAM、功率元件和其他儲存產品領域。

One design win here will ensure the future success of the company. And as I mentioned earlier, we have at least six or seven of those efforts underway today. In Gate-All-Around and advanced memory, our partnership with a leading capital equipment company announced earlier this year is showcasing our competence at advanced nodes.

此次設計項目的成功將確保公司未來的成功。正如我之前提到的，我們目前至少有六、七項這樣的工作正在進行中。在全環柵極和先進記憶體領域，我們今年稍早宣布與一家領先的資本設備公司建立合作關係，這充分展現了我們在先進節點方面的能力。

Using their test infrastructure, we've been able to validate MST's ability to reduce contact resistance, improve channel reliability and be deposited in the tiny structures of nanosheet transistors. We are very excited by the deep cooperation and customer interest generated through this partnership. This quarter, we'll be hitting the road on joint visits with our customers to persuade them that issues in their manufacturing process can be solved using MST.

利用他們的測試基礎設施，我們已經能夠驗證 MST 降低接觸電阻、提高通道可靠性並沉積在奈米片電晶體的微小結構中的能力。我們對此次合作所帶來的深度協作和客戶興趣感到非常興奮。本季度，我們將與客戶一起進行聯合拜訪，以說服他們使用MST解決其製造過程中的問題。

The weight of our partners' endorsement cannot be overstated. Finally, we have an abundance of new breakthrough materials enabled by MST under development in the background through commercial partnerships and university collaborations. For many of them, we've already filed fundamental patents, and we're now in the process of making prototypes and understanding their capabilities.

合作夥伴的支持至關重要，其分量不容小覷。最後，透過商業合作和大學合作，我們正在開發大量由 MST 實現的突破性新材料。對於其中許多技術，我們已經提交了基礎性專利申請，現在我們正在製作原型並了解其功能。

This is the type of program, for instance, which launched our GaN work. We have a dozen similar initiatives in early investigation, several of which might become near-term disruptive technology announcements in areas like quantum computing, AI server power, high-bandwidth memory architectures, piezoelectric devices, optical networking and a variety of other areas, which have the potential to enable entirely new applications.

例如，正是這類計畫啟動了我們的氮化鎵（GaN）研究工作。我們有十幾個類似的計畫正在進行早期調查，其中一些計畫可能會在量子運算、人工智慧伺服器效能、高頻寬記憶體架構、壓電元件、光網路以及其他各種領域成為近期顛覆性技術公告，這些技術有可能催生全新的應用。

Farming out the early R&D whenever possible, allows Atomera's core team to keep a laser focus on the nearer-term revenue opportunities and apply more resources only when we see the potential of these innovations coming to fruition. Our gallium nitride initiative continues to deliver exciting progress. In collaboration with Sandia National Labs, we're in the process of completing device fabrication to highlight our improved electrical performance.

盡可能將早期研發工作外包，可以讓Atomera的核心團隊專注於近期的收入機會，並且只有在我們看到這些創新具有實現潛力時才會投入更多資源。我們的氮化鎵計畫持續取得令人振奮的進展。我們正在與桑迪亞國家實驗室合作，完成裝置製造，以突出我們改進的電氣性能。

Prior results have confirmed MST's ability to enhance GaN growth on silicon substrates, a major barrier for high-volume production and have garnered interest from our first commercial customers. We hope to release a complete data set publicly later this year, which will be the precursor to a full-scale rollout. As we continue our GaN work with Sandia, they are now seeking to expand the areas of R&D engagement on a range of Atomera technologies corresponding to their highest priority development areas.

先前的結果已經證實 MST 能夠增強矽基板上 GaN 的生長，這是大規模生產的主要障礙，並引起了我們首批商業客戶的興趣。我們希望在今年稍後公開發布完整的數據集，這將是全面推廣的先決條件。隨著我們繼續與桑迪亞國家實驗室開展氮化鎵 (GaN) 合作，他們現在正尋求擴大在 Atomera 一系列與其最高優先發展領域相對應的技術方面的研發合作領域。

The semiconductor industry is clearly entering a new materials innovation cycle. Across logic, memory, power and RF, engineers are hitting the limits of conventional scaling. They're searching for material solutions that can boost performance, improve reliability and reduce variability, exactly where MST delivers value.

半導體產業顯然正在進入一個新的材料創新週期。在邏輯、記憶體、功耗和射頻方面，工程師正面臨傳統擴展方式的極限。他們正在尋找能夠提高性能、增強可靠性和減少變異性的材料解決方案，而這正是 MST 能夠提供價值的地方。

This is particularly true in AI infrastructure and data centers, where the demand for power efficiency and thermal management is driving renewed focus on device-level innovation, which MST can deliver. One of our principal challenges is to ensure that potential customers know about MST -- and that is why I'm so excited to welcome Wei Na as our new VP of Sales.

在人工智慧基礎設施和資料中心領域，這一點尤其突出，因為對電源效率和散熱管理的需求正在推動人們重新專注於設備級創新，而 MST 可以滿足這一需求。我們面臨的主要挑戰之一是確保潛在客戶了解 MST——因此，我非常高興地歡迎魏娜加入我們，擔任新的銷售副總裁。

Wei has had experience growing a semiconductor technology licensing business very much like Atomera from scratch, selling to the exact same customers we are addressing, and we believe his leadership will help us both grow sales and convert existing opportunities into licenses.

Wei 曾有過從零開始發展半導體技術授權業務的經驗，與 Atomera 非常相似，他面向的客戶群與我們正在面對的客戶群完全相同，我們相信他的領導才能將幫助我們提高銷售額，並將現有機會轉化為許可。

Our priorities remain clear: emphasize MSD starting wafer products like RF-SOI and existing engagements to get to production and revenue as quickly as possible. Two, leverage our strategic OEM partnership to advance active engagements in Gate-All-Around logic, memory and power through our comprehensive silicon test results and early licenses.

我們的優先事項仍然明確：專注於推進 MSD 的晶圓產品（如 RF-SOI）和現有項目，以盡快實現生產和盈利。第二，利用我們與 OEM 的策略夥伴關係，透過我們全面的矽測試結果和早期許可，積極推動在全環閘極邏輯、記憶體和電源方面的合作。

Three, bring MST for GaN technology to a customer-ready stage with shareable electrical data. And four, maintain fiscal discipline as we transition from R&D validation and integration to revenue-generating licenses. Our mission hasn't changed. It's to enable better, faster and more efficient semiconductors through advanced materials engineering.

第三，使 GaN 技術的 MST 達到可供客戶使用的階段，並具備可共享的電氣資料。第四，在從研發驗證和整合過渡到產生收入的許可的過程中，保持財務紀律。我們的使命沒有改變。這是為了透過先進的材料工程技術，製造出更好、更快、更有效率的半導體。

That mission remains as relevant as ever. I want to thank our employees, our customers and our shareholders for their continued confidence and support. Every quarter, we move closer to the point where MST's impact will be felt across multiple product lines and foundries worldwide.

這項使命至今仍然至關重要。我要感謝我們的員工、客戶和股東們一直以來的信任與支持。每個季度，我們都離 MST 的影響遍及全球多個產品線和代工廠的目標更近一步。

With that, I'll turn the call over to our CFO, Frank Laurencio, to review our financials.

接下來，我將把電話交給我們的財務長弗蘭克·勞倫西奧，讓他來審查我們的財務狀況。

Thanks, Scott. At the close of the market today, we issued a press release announcing our results for the third quarter of 2025. Our summary financials are shown on this slide. Our GAAP net loss for the third quarter of 2025 was $5.6 million or $0.17 per share compared to a net loss of $4.6 million, which was also $0.17 per share in Q3 of last year.

謝謝你，斯科特。今天收盤時，我們發布了一份新聞稿，公佈了我們 2025 年第三季的業績。本投影片展示了我們的財務概要。根據美國通用會計準則 (GAAP)，我們 2025 年第三季的淨虧損為 560 萬美元，即每股虧損 0.17 美元，而去年同期淨虧損為 460 萬美元，每股虧損同樣為 0.17 美元。

GAAP operating expenses in the third quarter of this year were $5.7 million, an increase of $857,000 from $4.8 million in Q3 of 2024. This was due to a $544,000 increase in R&D expenses, reflecting both higher outsourced device fabrication work and increased compensation expenses, and the $353,000 increase in G&A expenses, primarily consisting of higher stock compensation expense.

今年第三季的 GAAP 營運費用為 570 萬美元，比 2024 年第三季的 480 萬美元增加了 85.7 萬美元。這是由於研發費用增加了 544,000 美元，反映出外包設備製造工作增加和薪酬費用增加；以及一般及行政費用增加了 353,000 美元，主要包括股票薪酬費用增加。

Sales and marketing expenses were basically flat. Non-GAAP net loss in Q3 2025 was $4.4 million compared to a loss of $3.9 million in Q3 of last year due to a $423,000 increase in non-GAAP operating expense, primarily reflecting the higher R&D expenses I just discussed. Stock compensation expense, which is the main difference between GAAP and non-GAAP operating expenses was $1.3 million in Q3 of 2025 and $907,000 in Q3 2024.

銷售和行銷費用基本持平。2025 年第三季非 GAAP 淨虧損為 440 萬美元，而去年同期虧損為 390 萬美元，這是由於非 GAAP 營運費用增加了 42.3 萬美元，主要反映了我剛才討論的研發費用增加。股票補償費用是 GAAP 和非 GAAP 營運費用之間的主要區別，2025 年第三季為 130 萬美元，2024 年第三季為 90.7 萬美元。

The increase in stock compensation expense, which is noncash, reflects the adoption of performance-based RSUs or PSUs for executive equity-based compensation in March of last year. PSUs vest over three-years rather than four-years as is the case for time-based RSUs. However, PSUs will only vest if we deliver shareholder returns that meet minimum targets relative to the Russell 2000 Index.

股票薪酬支出（非現金支出）的增加反映了公司從去年 3 月開始採用基於績效的限制性股票單位 (RSU) 或績效股票單位 (PSU) 作為高階主管股權激勵措施。與基於時間的限制性股票單位 (RSU) 不同，績效股票單位 (PSU) 的歸屬期為三年而不是四年。但是，只有當我們實現的股東回報達到相對於羅素 2000 指數的最低目標時，PSU 才會歸屬。

Sequentially, Q3 2025 non-GAAP net loss of $4.4 million compares to a $4 million net loss in Q2, primarily due to higher R&D expenses. Our balance of cash and cash equivalents as of September 30, 2025, was $20.3 million compared to $22 million as of June 30, 2025. We used $3.4 million of cash in operating activities during Q3 compared to $3.5 million in the second quarter of this year.

2025 年第三季非 GAAP 淨虧損為 440 萬美元，而第二季淨虧損為 400 萬美元，主要原因是研發費用增加。截至 2025 年 9 月 30 日，我們的現金及現金等價物餘額為 2,030 萬美元，而截至 2025 年 6 月 30 日為 2,200 萬美元。第三季我們在經營活動中使用了 340 萬美元現金，而今年第二季為 350 萬美元。

During Q2 -- sorry, during Q3, we raised approximately $2 million under our ATM facility, net of commissions and expenses, by selling approximately 393,000 shares at an average price of $5.23. Since the end of the quarter, we've raised an additional $836,000 from sales of approximately 171,000 shares at an average price of $5.03. As of today's date, we have 31.7 million shares outstanding.

在第二季（抱歉，應該是第三季），我們透過ATM機制出售約39.3萬股股票，平均售價為每股5.23美元，扣除佣金和費用後，籌集了約200萬美元。自該季度末以來，我們又透過出售約17.1萬股股票，平均售價為每股5.03美元，額外籌集了83.6萬美元。截至今日，我們共有3,170萬股流通股。

In Q4, we expect to recognize between $75,000 and $125,000 of NRE revenue from wafer shipments to customers running the demos that Scott mentioned in his remarks. Those shipments and the associated revenue recognition will happen in Q4 as well as into next year. Gross margin was negative this quarter because a portion of the cost for MST deposition on those wafers was incurred during this quarter, but the revenue will be recognized as we ship the wafers going forward.

第四季度，我們預計將確認 75,000 美元至 125,000 美元的非經常性工程收入，這些收入來自向客戶交付晶圓，這些客戶正在運行 Scott 在他的演講中提到的演示。這些出貨量和相關的收入確認將在第四季以及明年進行。本季毛利率為負，因為本季產生了部分用於在這些晶圓上進行 MST 沉積的成本，但隨著我們未來出貨晶圓，收入將會確認。

Moving to expenses. I expect our non-GAAP operating expense for the full year 2025 to be in the range of $17.25 million to $17.50 million. Sales and marketing expenses ticked up last quarter in connection with recruiting for both sales and marketing leadership roles. The compensation expenses associated with those roles are built into our plan. Our recruiting efforts have started to pay off with the hiring of Wei Na as our VP of Sales.

轉到費用部分。我預計我們 2025 年全年的非 GAAP 營運費用將在 1,725 萬美元至 1,750 萬美元之間。上季銷售和行銷費用有所增加，這與銷售和行銷領導職位的招聘有關。這些職位相關的薪資支出已納入我們的計劃。我們的招募工作開始取得成效，我們聘請了魏娜擔任銷售副總裁。

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?

接下來，我將把電話交還給斯科特，讓他做幾句總結性發言，然後再開放提問環節。史考特？

Sorry, a little trouble with the Zoom controls here. Thanks, Frank. Across all of our technology focus areas, we have strong developments underway with the leaders of the industry. I hope today, we've given you a sense of our wide and deep potential to deliver important material solutions that will ultimately make Atomera a financially successful technology provider across many different semiconductor segments. I appreciate you taking the journey with us.

抱歉，縮放控制方面有點小問題。謝謝你，弗蘭克。在我們所有重點技術領域，我們都與業界領導企業進行了強而有力的研發合作。我希望今天我們已經讓您感受到我們廣泛而深厚的潛力，能夠提供重要的材料解決方案，最終使 Atomera 成為在眾多不同的半導體領域取得財務成功的科技供應商。感謝您與我們同行。

Mike, we will now take questions.

麥克，現在開始回答問題。

(Operator Instructions) Richard Shannon, Craig-Hallum.

（操作說明）理查德·香農，克雷格-哈勒姆。

All right. Great. Hopefully, I'm unmuted here, Mike.

好的。偉大的。希望我在這裡沒有被靜音，麥克。

You got it.

答對了。

All right. Excellent. Thanks Scott and Frank, let me ask a few questions here. Scott, maybe let's do a redux on STMicro. So I guess my first question here is, so it sounds like you did a new design on 300 millimeters that you validated in your simulations, but there would have been multiple cycles of learning to validate for ST. So is that trying to match your simulation to the real world to their simulations to make sure that it worked, and that cycle time was just too much to fit within their time frame getting to 300-millimeter. Is that the kind of the dynamic here that led them to their decision?

好的。出色的。謝謝Scott和Frank，請容許我問幾個問題。Scott，或許我們應該重新檢視STMicro。所以我想我的第一個問題是，聽起來你設計了一個 300 毫米的新模型，並在模擬中進行了驗證，但是為了驗證 ST 的有效性，可能需要進行多次學習循環。所以，他們試圖將自己的模擬結果與現實世界的模擬結果進行匹配，以確保模擬有效，但週期時間太長，無法在他們的時間範圍內達到 300 毫米。是這種動態因素導致他們做出決定的嗎？

Yes. So first of all, the work -- the new implementation we came up with would have worked on 200-millimeter or 300-millimeter. And actually, if you let me digress one second here, Richard, because we've gotten a number of questions that have come in where people were asking, when did you know about this trade-off between the reliability and performance.

是的。首先，我們提出的新方案適用於 200 毫米或 300 毫米的規格。實際上，理查德，請允許我稍微岔開話題，因為我們收到了一些問題，有人問，你是什麼時候知道可靠性和性能之間存在這種權衡的。

Every time you do a development, it's about trade-offs. You're doing a trade-off on one thing -- I mean, you get -- that's why we always talk about cycles of learning. You get some big improvement in one area, it breaks something else. And then you have to go in and you have to work to fix the other thing and try to get to a point where it's all balanced out.

每次進行開發，意味著要權衡取捨。你在一件事上做了權衡——我的意思是，你得到了——這就是為什麼我們總是談論學習循環。某個方面有重大改進，卻會破壞其他方面。然後你必須進去，你必須努力解決其他問題，並努力使一切達到平衡狀態。

So this trade-off work that we were doing is not at all unusual. It's what we do with every customer all the time. What is unusual is that because they made the transition from 200 to 300, we lost the ability to bring in that ultimate solution and get it done for them in time because the 300-millimeter delayed their development efforts and then they needed to get into production fast.

所以，我們所做的這種權衡取捨的工作其實並不罕見。我們一直以來都是這樣對待每一位客戶的。不同尋常的是，由於他們從 200 毫米過渡到 300 毫米，我們失去了為他們提供最終解決方案並及時完成的能力，因為 300 毫米的規格延緩了他們的研發工作，而他們需要快速投入生產。

And so they just didn't have time to run the validation runs to get our new thing proven out. I'm not sure that answered your whole question. Let me know.

因此，他們根本沒有時間進行驗證運行來證明我們的新產品是有效的。我不確定這是否完全回答了你的問題。請告訴我。

I guess the point here is that it sounded like they were confident that this solves not only the performance, but the reliability issue that you discovered in 200-millimeter, and it was just the time frame that was too tight for them to want to continue right now?

我想重點是，他們似乎很有信心，這不僅能解決效能問題，還能解決你在 200 毫米版本中發現的可靠性問題，只是時間太緊，他們現在不想繼續下去？

Yes, that's right. Originally, you asked about the simulation work. So we do simulation based on what we believe a customer's process -- manufacturing process is, but that's usually very secretive. They don't give anybody that information exactly. We can make our best approximation. And so we made a TCAD simulation that showed, yes, we really got this great improvement. And we gave it to them in this summer.

是的，沒錯。最初，你問的是模擬工作。因此，我們會根據我們認為客戶的流程（製造流程）來進行模擬，但這通常是非常保密的。他們不會向任何人透露確切資訊。我們可以做出最佳近似值。因此，我們進行了 TCAD 仿真，結果表明，是的，我們確實取得了巨大的進展。今年夏天我們把它送給了他們。

And then they spent the next two months running their own simulations. Their simulations are very exact to their own manufacturing process. And so what they did was they put in all the improvements we saw -- we proposed. And they came back and they said, you know what, when we run our simulation, it also brings that level of improvement. So ultimately, I mean, the good news here is that they confirmed it.

接下來的兩個月，他們進行了自己的模擬實驗。他們的模擬結果與他們自己的製造流程非常吻合。所以他們採納了我們所看到的所有改進建議。他們回來後說，你知道嗎，當我們運行模擬時，它也帶來了這種程度的改善。所以說，最終的好消息是他們證實了這一點。

It makes us feel very confident to bring it out into the market as a new product. And it also makes us confident that at some point in time, we're hopeful we can reengage with ST on that particular product and have them take it forward and make it -- put it into their process.

這讓我們非常有信心將其作為新產品推向市場。這也讓我們相信，在某個時候，我們希望能夠與ST就該產品重新展開合作，讓他們繼續推進並生產該產品——將其納入他們的生產流程。

Okay. All right. Fair enough. Let me follow up on one other comments you made related to STMicro and then we'll move on to some other topics here. So what seems obvious and you just commented on is the ability to take some of the learnings from the process with ST, and take it to other customers in the power space here. What have you been able to do so far?

好的。好的。很公平。我想就您之前提到的與意法半導體相關的問題再做進一步評論，之後我們再討論其他主題。所以顯而易見的一點，正如你剛才提到的，就是我們可以從與 ST 的合作過程中學到一些經驗，並將其應用到電力領域的其他客戶身上。你目前為止完成了哪些工作？

Can you use similar kind of structures that you've built with ST and use those with other power customers? Maybe just kind of give us a sense of the benefits you can see from the situation.

您能否將您在ST公司建構的類似結構應用於其他電力客戶？或許您可以簡單介紹一下您認為這種情況有哪些好處。

Yes. Exactly. So what we did with ST, there's a technique and architecture that the industry has known about for some time, but it hasn't been implementable. When someone builds it, causes too many things to break and nobody has ever been able to get it to work. But because of the way MST works, because of the way it prevents dopants from diffusing uncontrollably, we believed that we could get that process to work.

是的。確切地。所以，我們與ST合作所採用的技術和架構，業內人士已經了解一段時間了，但一直無法實現。當有人建造它時，會導致太多東西損壞，而且從來沒有人能夠讓它正常工作。但由於 MST 的工作原理，由於它可以防止摻雜劑不受控制地擴散，我們相信我們可以讓這個過程奏效。

So this is not like something no one's ever heard of. It's something that -- one of those theoretical things that no one has been able to get working well and now we can get it to work well. And so yes, it's -- we're not taking anything from -- any proprietary ST information. This is like a standard design technique that we can suddenly make work because of MST. And so yes, we can take that out to other customers, and they kind of understand the concept immediately.

所以這並不是什麼聞所未聞的事情。這是那種理論上的事情，以前沒有人能夠把它做好，而現在我們終於可以把它做好了。所以，是的，我們沒有從任何ST專有資訊中獲取任何資訊。這就像是一種標準的設計技巧，因為 MST 的出現，我們突然就能讓它發揮作用了。所以，是的，我們可以把這個理念推廣給其他客戶，他們很快就能理解這個概念。

Okay. All right. Fair enough. Let's move on here. In the last number of quarters, you've talked about transformative customers here. And unless I missed something, you didn't necessarily use that phrase here today in your prepared remarks. But I think you did mention a large demo run, which I think refers to one of them. And I think is also contributing to some of the revenues this year.

好的。好的。很公平。我們繼續吧。在過去的幾個季度裡，你們一直在談論變革型客戶。除非我漏看了什麼，否則你今天在準備好的發言稿中並沒有使用這句話。但我認為你確實提到過一次大規模的演示運行，我想這指的是其中之一。我認為這對今年的收入也有所貢獻。

I will ask a question to Frank on the revenue side here in a second here. But maybe just kind of detail where we're sitting with the transformative customers. And I do want to hit on one specific point that I had a question on. I actually asked Mike Bishop offline earlier today, and he said to ask this question of you, which is you've talked about two or maybe three of these customers.

我馬上會就收入方面的問題問弗蘭克。但或許可以詳細說說我們與那些具有改變意義的客戶之間的關係。我的確想就我之前有個疑問的一個具體問題進行探討。今天早些時候，我私下問了麥克畢曉普這個問題，他說讓我問你，因為你已經談到了其中兩到三個客戶。

I want to make sure how many we're talking about and which ones are still ongoing versus any ones that may be stalled. So if you can enumerate that first and then discuss what's going on with this large demonstration you talked about last quarter, and I think you briefly mentioned today, that would be great.

我想確認我們討論的是多少個項目，哪些項目仍在進行中，哪些項目可能已經停滯。所以，如果您能先列舉一下這些，然後再討論一下您上個季度提到的、今天也簡要提及的那場大型示威活動的進展情況，那就太好了。

Okay. Yes. I know everybody is frustrated with the code words, and I am too. But we -- so in January or February, we unfortunately had to announce that one customer that we had called transformative had discontinued our -- we were negotiating a deal and they had backed out of the deal. And that customer, we continue to have good relations with them.

好的。是的。我知道大家都對這些暗語感到很沮喪，我也是。但是，在一月份或二月份，我們不得不遺憾地宣布，一位我們稱之為具有變革意義的客戶停止了與我們合作——我們當時正在與他們洽談一筆交易，但他們卻退出了交易。我們與這位客戶一直保持著良好的關係。

We talk with them regularly, but we are not on an active engagement with that customer right now. In that same call, which I think was early -- was in February. We mentioned two new transformative customers that were getting underway. And yes, we are working very actively with them. When we talked about a record number of wafers that we're processing, it includes those two customers that we call transformative back then.

我們定期與他們溝通，但目前我們與該客戶沒有積極的合作。在那次通話中，我認為時間還很早——那是在二月。我們提到了兩個即將成立的具有變革意義的新客戶。是的，我們正在與他們積極合作。當我們談到我們正在處理的晶圓數量創紀錄時，這其中包括我們當時稱之為具有變革意義的那兩家客戶。

And so now today, I mentioned these four different segments and how we're working with a lot of customers. And then I broke it down by revenue potential and the folks in the middle, folks that are doing Gate-All-Around, folks that are doing DRAM, there are really big players who are doing power and other memory architectures. They are all massive and they're all customers that I would call transformative and so we are -- we're working with more than just those two that I mentioned on the call.

今天，我提到了這四個不同的細分市場，以及我們是如何與許多客戶合作的。然後我按收入潛力進行了細分，中間的幾家公司，包括做全環門架構的公司、做DRAM的公司，還有一些真正的大公司在做電源和其他記憶體架構。它們規模都非常龐大，而且都是我稱之為具有變革意義的客戶，所以我們——我們合作的客戶不僅僅是我在電話中提到的那兩家。

More than just the two that you would refer to as transformative. Is that what you're saying, Scott?

不只是你所說的兩個具有改變意義的例子。史考特，你是這個意思嗎？

Yes.

是的。

Okay.

好的。

I mean I -- just discontinue the term transformative. We're good. These two customers I spoke about as transformative in February are just very, very large revenue potential customers with very big processes that we hope to get going on. But we're also working with other customers who are also very large and have the potential to be transformative.

我的意思是──乾脆別用「變革性」這個詞了。我們很好。我在二月提到的這兩位具有改變意義的客戶，都是收入潛力非常非常大的客戶，他們擁有非常龐大的流程，我們希望能夠啟動這些流程。但我們也正在與其他一些規模龐大、具有變革潛力的客戶合作。

Okay. Well, let's talk about the specific transformative customer you talked about last quarter that you're doing a large demo run here. What's the update on what's going there? And is that leading to at least some contribution to the revenues you're guiding to this quarter?

好的。好，我們來談談你上個季度提到的那位具有變革意義的客戶，你正在這裡進行大規模的演示。那裡正在發生的事情有什麼最新進展？這是否至少能對您本季的預期收入做出一些貢獻？

Yes. Maybe I'll let Frank answer that. But -- so one of the -- there's some trickiness about when we book revenues. And so we have a lot of customers. The revenue that we're putting out this quarter is based on several customers. I can't answer whether that specific one is in Q3 or it will be in the guidance that Frank gave for Q4, but it's -- yes, we're getting revenue from wafer runs with that customer.

是的。或許我應該讓弗蘭克來回答這個問題。但是——所以其中之一——關於我們何時確認收入，存在一些棘手的問題。因此我們有很多客戶。我們本季公佈的營收是基於幾位客戶的業績。我無法回答具體是第三季還是弗蘭克給出的第四季度業績指引中，但——是的，我們正在從與該客戶的晶圓生產中獲得收入。

Yes, that's right. I mean, the revenue guidance actually covers multiple customers, three different customers. And it's spaced out over time. And while I don't like to show negative gross margin, the timing issue gives a little bit more visibility in the sense that we do a bunch of the deposition work, which is when we incur the cost of our tools, the metrology and the labor associated with it.

是的，沒錯。我的意思是，營收預期實際上涵蓋了多個客戶，三個不同的客戶。而且它是分階段發生的。雖然我不喜歡顯示負毛利率，但時間問題讓我們更清楚地了解情況，因為我們在進行大量沉積工作時，會產生工具成本、計量成本以及相關的勞動成本。

And oftentimes, these are -- these can get matched up pretty quickly with the revenue because it's a small number of wafer runs, and that's been true in the past. But we've been talking now for a couple of calls that we've been working with a very large customer on one of the largest wafer -- on the largest wafer run that we've ever done. And we also have other customers.

而且通常情況下，這些——這些可以很快與收入相匹配，因為晶圓生產數量很少，過去一直如此。但我們最近幾次通話中都提到，我們正在與一位非常大的客戶合作，生產有史以來最大的晶圓之一——這是我們做過的最大規模的晶圓生產。我們還有其他客戶。

So now what you're seeing is, we do a lot of that work we don't ship all of those wafers out, but we don't necessarily do all the deposition because the nature of these engagements is it can be iterative. You may do some wafers for setup, you run a series of tests, the customer validates those, you get some feedback. You then do another run with slightly different conditions, either on the MST or how the customer processes it with implants and things of that nature.

所以現在你看到的是，我們做了很多這樣的工作，但我們並沒有把所有的晶圓都運出去，我們也不一定完成所有的沉積工作，因為這些合作的性質是迭代的。你可能會製作一些晶圓用於設置，你運行一系列測試，客戶驗證這些測試結果，你得到一些回饋。然後，你再進行一次運行，條件略有不同，要么是在 MST 上，要么是在客戶如何處理植入物等類似情況上。

So you can get a lot of activity in one quarter and then the wafers will ship out over time. And one of the challenges in sort of giving guidance is, it isn't set in a schedule of we're going to ship 25 wafers this month and 25 wafers two months after that. Sometimes it really depends on what the customer learns in the process of evaluating that, setting up a new set of experiments and then we ship out more. So yes, there's multiple customers here, and these are important engagements in different application areas.

所以你可以在一個季度內獲得大量的生產活動，然後晶圓會隨著時間的推移而陸續出貨。而給予指導意見的一大挑戰在於，它沒有固定的時間表，例如我們這個月要出貨 25 片晶圓，兩個月後再出貨 25 片晶圓。有時，這真的取決於客戶在評估過程中學到了什麼，我們會設定一系列新的實驗，然後才會推出更多產品。是的，這裡有多位客戶，而且這些都是不同應用領域的重要合作專案。

Okay. All right. That's helpful, Frank. I'll probably follow up with you a little later on that one. Maybe two more questions. I will jump out of line here. First of all, Scott, in your prepared remarks here, and I'm sure we'll review these in detail when the transcript comes out here, but you talked about kind of segmenting your opportunity based on where in the stack your MST is applied here and you talked about on top of the wafer versus somewhere in the middle.

好的。好的。那很有幫助，弗蘭克。我可能稍後會就此事與您聯繫。或許還可以再問兩個問題。我在這裡要插一句。首先，Scott，在你事先準備好的發言中（我相信等文字稿出來後我們會詳細討論這些內容），你談到了根據MST在堆疊結構中的位置來劃分你的機會，你還談到了在晶圓頂部和在中間位置的情況。

Certainly, layers in the middle or -- I think it's fairly understood, especially for me who is not a device guy per se that that's very complicated. But vice versa, if you can apply just on the top, that seems to be a much simpler process, which also implies it might be an area where by which you might expect to see or hope to see your first license here just from a time-to-market perspective.

當然，中間的幾層——我想這一點大家應該都比較清楚，尤其是對於我這種本身不是設備專家的人來說，這非常複雜。但反過來，如果你只申請最高級別的許可證，那似乎是一個更簡單的過程，這也意味著從上市時間的角度來看，你可能會期望或希望在這裡獲得你的第一個許可證。

So two questions for you is, I think I missed the applications areas that, that specifically applied for. And b, would you agree, that's a very -- a somewhat likely or very likely situation by which you first reach first manufacturing license and commercial production?

所以我想問你兩個問題，我覺得我錯過了具體申請的領域。其次，您是否同意，這是您首次獲得製造許可證和商業化生產的非常可能或極有可能的情況？

Yes. So first of all, yes, you're right about being deposited on top of the wafer makes it much easier. The applications that we specifically spoke about that do that is RF-SOI and gallium nitride. And also in the future, we have some ideas on next-generation DRAM that could use it. So one thing to understand very briefly is when we deposit MST in the bottom layer, it has to be on a process that doesn't use incredibly high heat for long periods of time.

是的。首先，是的，你說得對，沉積在晶圓上會容易得多。我們特別提到的能夠實現這一點的應用是射頻SOI和氮化鎵。而且未來，我們對下一代DRAM也有一些想法，可能會用到它。因此，需要簡要了解的一點是，當我們在底層沉積 MST 時，必須採用一種不會長時間使用極高溫度的製程。

So if we deposited -- if it was on an MST starting wafer and then someone put the wafer into an annealing step that was 1,100 degrees for an hour, then that would really damage the MST itself and it wouldn't work. So the only time we use MST on the starting -- on the start of a wafer is on -- manufacturing processes are going to be lower temperature. And there's a lot of those.

所以，如果我們沉積——如果它沉積在 MST 起始晶圓上，然後有人將晶圓放入 1100 度的退火步驟中持續一個小時，那麼這將嚴重損壞 MST 本身，使其無法工作。因此，我們只在晶圓製造過程的開始階段使用 MST，此時溫度會較低。這樣的事情很多。

Like RF-SOI is running at very low temperatures. The new Gate-All-Around processes, they're trying to run them at very low temperatures. So in theory, MST could be on the base -- on the starting wafer for those. Gallium nitride, we put MST on bottom before it grows the gallium -- yes, the gallium nitride on top of it. That one isn't quite as low temperature, but it doesn't matter.

例如，RF-SOI 的運作溫度非常低。他們正在嘗試採用全新的全方位澆鑄工藝，在非常低的溫度下進行生產。所以理論上，MST 可以位於基底上──也就是位於起始晶圓上。在氮化鎵生長之前，我們在底部放置 MST——是的，氮化鎵生長在頂部。雖然那個溫度沒有那麼低，但沒關係。

The MST still works as a starting wafer. So I think a layman might say, well, why don't you just do every process as a starting wafer if it's much easier and faster time to revenue. Well, it has to fit a certain dynamic, which has to do with this temperature range. You had a second half to your question, and I've talked those I might have forgotten it.

MST 仍可作為起始晶圓。所以我覺得外行人可能會說，如果直接把所有工序都當作起始晶圓來做比較容易、更快獲利，那為什麼不這麼做呢？嗯，它必須符合某種動態特性，而這種特性與這個溫度範圍有關。你的問題還有後半部分，我之前也談過，可能忘了。

You hit the applications. I think you've answered most of it. So I think that's very helpful. Last question for me, I'll jump out of line. You talked about this large capital equipment partner. And I think today, you mentioned about going on a road show here. Maybe just kind of give us a sense of how broad the engagements are with this company.

你點擊了應用程式。我覺得你已經回答了大部分問題。所以我認為這很有幫助。最後一個問題，我先插一句。你提到了這家大型資本設備合作夥伴。我想今天你提到了要在這裡巡迴演出。或許可以讓我們大致了解一下與這家公司的合作範圍有多廣。

I think in the past, you mentioned two. I don't know if that was the limit or there were more you just didn't mention, but -- well, how do we understand the scope and breadth of your interaction with customers through or with them?

我想你以前提到過兩個。我不知道這是否就是極限，或者還有你沒提到的其他情況，但是——我們該如何透過客戶或與他們互動來了解你與客戶互動的範圍和廣度呢？

Okay. So the stated aim of our partnership is in the Gate-All-Around market. And that was what we announced in our press release. However, I have to say that -- there's great value in this partner working with us in everything. And there's value in us working with them in everything. So we have talked to them a lot and done some work on DRAM as well.

好的。因此，我們合作的既定目標是全方位門禁市場。這就是我們在新聞稿中宣布的內容。但是，我必須說——這位合作夥伴在各個方面都與我們合作，這非常有價值。我們與他們合作在各方面都很有價值。所以我們和他們進行了很多交流，也對DRAM進行了一些研究。

So basically, yes, I would say our primary focus right now is Gate-All-Around and DRAM. And when we go out on the road, that's who we'll be really targeting most closely.

所以基本上，是的，我認為我們目前的主要關注點是全環閘極技術和DRAM。當我們巡迴演出時，這才是我們重點關注的目標群。

Okay. Thank you, Richard. A number of questions have come in on the Q&A line, and I will aggregate them and ask some of the more common ones. So first one is about the Gate-All-Around projects and when the -- there's a number of current projects underway that are expected to launch soon. And how many years do you expect the target process you are currently collaborating on to enter production?

好的。謝謝你，理查。問答專線收到了一些問題，我將總結這些問題，並提出一些比較常見的問題。首先是關於「全方位門戶」項目，目前有許多項目正在進行中，預計很快就會啟動。您預計目前正在合作開發的目標製程需要多少年才能投入生產？

Yes. So first of all, working with a few different customers, so there might be a different answer for each customer. In general, the guys working on Gate-All-Around, the great news is it's amazing working with them because they have armies of people working on this stuff, lots and lots of resources to test out your material. And the bad news on that is that they come back with a ton of requests for more information and more testing.

是的。首先，由於要與不同的客戶合作，所以每位客戶的答案可能都不一樣。總的來說，Gate-All-Around 的工作人員，好消息是和他們一起工作非常棒，因為他們有大批人負責這項工作，並且有很多資源可以測試你的材料。而壞消息是，他們會提出大量要求，要求提供更多資訊和進行更多測試。

But they're almost always working towards some kind of a launch that you would be built into. Some of them, I would say the majority are looking at a launch that's still a few years out. There is some of them that are actually looking at using MST to improve yield on processes that are in production today. I can't exactly say, well, if or how long it would take to get into production on those processes.

但他們幾乎總是在為某種形式的發布做準備，而你也會被納入其中。我認為，他們中的大多數人預計還要過幾年才能推出產品。其中一些公司正在研究如何利用 MST 來提高目前生產流程的產量。我無法確切地說，這些流程是否能夠投入生產，以及需要多長時間才能投入生產。

But my guess is if they integrated MST, they would have to do some qualification work on it. But if it did indeed improve their yield, which I think is what the majority of them are looking at for the current timing processes, they would try to move it into production very quickly. As long as it didn't break anything in the specifications of their production wafers, they would have every incentive to get it into production as soon as possible to improve yield.

但我猜測，如果他們要整合MST，他們就必須對其進行一些資格認證工作。但如果它確實能提高產量（我認為這是他們目前大多數生產商所關注的），他們會盡快將其投入生產。只要它不違反他們生產晶圓的任何規格，他們就會有充分的動力盡快將其投入生產，以提高良率。

All right. In the past, you've talked about JDA1 and the fabless RF licensee. Have you been doing wafer runs for those? And what do those results look like?

好的。過去，您曾談到 JDA1 和無晶圓廠射頻許可證持有者。你們有在做那些晶圓的生產線嗎？那麼結果如何呢？

Yes. So the answer is yes, we are doing wafer runs with them. Unfortunately, we don't have the results yet. I can't really commit that I'll be able to give you results from each customer. But generally, what happens is when the results come out, that's the timing when we'll be able to start driving towards licenses and transitions to production.

是的。所以答案是肯定的，我們正在與他們進行晶圓生產。很遺憾，我們目前還沒有結果。我無法保證能夠提供每位客戶的具體結果。但通常情況下，當結果出來後，我們就可以開始推進許可證發放並向生產環境過渡了。

Generally speaking, we have a number of different customers with wafers underway right now. None of them are coming out in the next few months. I would say we might have some coming out at the end of the year, but more likely into the first quarter before we start seeing a lot of results from those runs.

總的來說，我們目前有許多不同的客戶正在進行晶圓生產。未來幾個月內，這些影片都不會上映。我認為年底可能會有一些結果公佈，但更有可能要等到第一季才能看到這些試驗的大量成果。

Okay. And one for Frank. So the Incize partnership for GaN testing. Can you talk about the economics there of who's paying for the runs and -- or for the testing, if you could shed a little light on that?

好的。還有一份給弗蘭克。因此，Incize 與 GaN 測試公司建立了合作關係。您能否談談其中的經濟因素，例如誰在為跑步和/或檢測買單，如果您能對此稍作說明的話？

Yes. I mean at this stage, this is a -- an arrangement with RF Incize, where we're each bearing our own costs and we'll hopefully achieve a result that would lead us to some further activity. But right now, it's -- we're not paying them to run testing nor are they paying us for wafers. So it's early stage. And I think our hope right now would be to generate good RF data because that's something notoriously difficult.

是的。我的意思是，現階段，這是與 RF Incize 達成的一項協議，我們各自承擔自己的成本，希望能夠取得一些成果，從而開展進一步的活動。但目前的情況是──我們既不付錢給他們做測試，他們也不付錢給我們晶圓。所以現在還處於早期階段。我認為我們現在的希望是產生良好的射頻數據，因為這是一件出了名的困難的事情。

RF testing is complex. It's not something that we can typically do ourselves. So a lot of the work on RF-SOI that we can do is kind of physical characteristics of our film. But when you get into some of the testing of actual devices on kind of different figures of merit, then those are more specialized tests. And so getting more insight into that is very helpful from a marketing standpoint.

射頻測試很複雜。這通常不是我們自己能做到的事情。因此，我們在 RF-SOI 方面可以做的許多工作都是關於我們薄膜的物理特性。但是，當需要對實際設備進行一些不同性能指標的測試時，這些測試就更加專業化了。因此，從行銷的角度來看，深入了解這一點非常有幫助。

And our view is there was some question on work with Soitec and wafer-based products. The more information that we have to market to the ultimate customers of RF-SOI devices, the better it is in terms of building a relationship with Soitec, who's a wafer manufacturer. So the more end demand that they see, the closer the collaboration is with us. So I kind of see it as a means to an end there.

我們的觀點是，與 Soitec 的合作以及基於晶圓的產品方面存在一些問題。我們掌握的用於向 RF-SOI 裝置的最終客戶進行行銷的資訊越多，就越有利於與晶圓製造商 Soitec 建立關係。因此，他們看到的終端需求越多，與我們的合作就越緊密。所以我認為這在某種程度上是一種達到目的的手段。

Okay. And then Scott, going back to a topic we've touched on in the past, but is there an update on JDA2?

好的。然後，Scott，回到我們之前討論過的話題，JDA2 有什麼最新進展嗎？

JDA2 running wafers with us. And they're one of the ones that I talked about that we'd hope to get some results at the beginning of the year; and hopefully, see if we can turn that into a license and then plan to go to production.

JDA2 與我們合作運作晶圓。他們是我之前提到的幾個項目之一，我們希望在年初能取得一些成果；希望我們能把這些成果轉化為授權，然後計劃投入生產。

Okay. And then with regard to the STM news, we had a number of questions on disclosure channel. And can you talk about why you chose to put the news out on a blog post?

好的。關於STM新聞，我們收到了一些關於資訊揭露管道的問題。您能否談談為什麼選擇以部落格文章的形式發布這則訊息？

Yes. And we went back and forth on that. So I just want to be clear, we were in discussions with ST all through August, September and into October about implementing this new version -- a new architecture we had and moving forward on 300-millimeter, and we were waiting to find out from them what the plan was, when that work would start, when they had planned that it would be trying to take it to production.

是的。我們在這個問題上反覆討論了好幾次。所以我想澄清一下，我們整個八月、九月和十月都在與ST討論實施這個新版本——我們採用了一種新的架構，並推進300毫米技術的發展，我們一直在等待他們告訴我們計劃是什麼，這項工作何時開始，以及他們計劃何時嘗試將其投入生產。

And it was really just 1.5 weeks ago that we had a call with them, and that's when they told us that they did not have a plan in place to use MST to do that new architecture. So immediately after that call, we got off the phone and we started talking about, okay, we have an earnings call in 1.5 weeks. but it seems too long to wait for 1.5 weeks before we notify investors.

就在 1.5 週前，我們和他們通了電話，當時他們告訴我們，他們還沒有打算使用 MST 來實現這種新架構。所以掛斷電話後，我們立刻開始討論，好吧，我們將在1.5週後召開財報電話會議。但是，等待1.5週才通知投資者似乎時間太長了。

And so on the following Monday, we actually started speaking with ST to make sure that when we disclose this, we would be following their internal guidelines on what we could say and couldn't say. And then on Tuesday, we put out the blog post.

因此，在接下來的星期一，我們開始與ST公司溝通，以確保在披露此事時，我們能夠遵守他們的內部準則，了解哪些話可以說，哪些話不能說。然後，週二，我們發布了這篇部落格文章。

We could have put out a press release, but press releases tend to be, at least in our opinion, much more black and white about news that you're giving. In this case, we see it as a much more nuanced message. ST was telling us we're not -- we don't have a plan to use you guys on this next run. Yes, very bad news because I know all the investors want to know when the royalties will start flowing, and so do we.

我們本來可以發布新聞稿，但至少在我們看來，新聞稿對於你發布的新聞往往更加直白明了。在這種情況下，我們認為這是一個更微妙的訊息。ST告訴我們，我們沒有計劃在下一輪行動中使用你們。是的，這是個非常糟糕的消息，因為我知道所有投資人都想知道版稅何時開始發放，我們也是。

But they didn't say they'll never use us. And they also reassured us again and again that they are continuing work using our technology on other process areas. So we felt that using a blog would allow us to give a little more nuance than a press release. And we know that the channels of communication that we have with the blog, we push it immediately out to all of our investors, so -- that are at least registered with us.

但他們並沒有說他們永遠不會僱用我們。他們也一再向我們保證，他們將繼續在其他工藝領域使用我們的技術。因此，我們覺得使用部落格可以讓我們比發布新聞稿時表達得更加細緻入微。我們知道，透過我們與部落格的溝通管道，我們會立即將訊息推送給所有投資者，至少是那些在我們這裡註冊的投資者。

And so we felt it was a good channel of communication in this particular case. And the most important thing to us was to get it out there as soon as we can within the restrictions of making sure we were working everything out with ST and so forth.

因此，我們認為在這個特殊情況下，這是一個很好的溝通管道。對我們來說，最重要的是在確保與ST等各方協調好一切的前提下，盡快將消息發佈出去。

All right. And one more question here. Is there any chance of government funding now that Atomera has been working with Sandia for a while?

好的。還有一個問題。Atomera與桑迪亞國家實驗室合作已有一段時間，現在是否有可能獲得政府資助？

I talked a little bit on this call, which I've never done much about in the past about all of the different R&D efforts that we have underway. And many of them are, as I mentioned, through Academia, through outside commercial partners so that we don't have to burden our internal team with too much of it. But Sandia is very interested in many of those technologies, and they have government programs that are interested in implementing things that would use those. So yes, there's a lot of interest through Sandia.

在這次電話會議上，我稍微談了一下我們正在進行的各種研發工作，這在以前我很少談及。正如我所提到的，其中許多都是透過學術界和外部商業夥伴來實現的，這樣我們就不必為我們的內部團隊增加太多負擔。但桑迪亞國家實驗室對其中許多技術非常感興趣，而且他們還有一些政府計畫有興趣實施利用這些技術的計畫。是的，桑迪亞國家實驗室引起了很多人的興趣。

And we also continue to work with the government and with the CHIPS Act infrastructure such as it is to see what we can do to kind of deliver some of our technology in through that channel and get some near-term revenue that way as well.

我們也會繼續與政府以及 CHIPS 法案的基礎設施合作，看看我們能做些什麼，透過這個管道提供我們的一些技術，並以此獲得一些近期收入。

Okay. Thank you, Scott. At this time, we'll turn the call to Scott for closing comments.

好的。謝謝你，斯科特。現在，我們將把電話轉給史考特，請他做總結發言。

Okay. Thanks, Mike. Okay. Yes, thanks for joining us and listening to our progress that we've been making here at Atomera. Next month, we'll be attending the Craig-Hallum Alpha Select Conference in New York, and we look forward to seeing some of you there, if you'll also be attending. Please continue to look for our news articles and blog posts, which are available along with investor alerts on our website, atomera.com.

好的。謝謝你，麥克。好的。是的，感謝您加入我們，聆聽我們介紹Atomera的進展。下個月，我們將參加在紐約舉行的 Craig-Hallum Alpha Select 大會，如果您也參加，我們期待在那裡見到您。請繼續關注我們的新聞文章和部落格文章，這些內容以及投資者警報都可以在我們的網站 atomera.com 上找到。

Should you have additional questions, please contact Mike Bishop, who will be happy to follow up. Thanks again for your support, and we look forward to our next update call.

如果您還有其他疑問，請聯絡 Mike Bishop，他將很樂意為您解答。再次感謝您的支持，我們期待下次的進度報告電話會議。

Thank you. This concludes the conference call.

謝謝。電話會議到此結束。