Atomera Inc (ATOM) 2025 Q4 法說會逐字稿

Hello, everyone, and welcome to Atomera's fourth-quarter and fiscal year 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.

大家好，歡迎參加Atomera 2025財年第四季業績更新電話會議。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。

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

與前幾季一樣，我們將繼續使用 Zoom，並採用類似的演示形式，參與者將以僅收聽模式參與。我們將首先由Atomera總裁兼執行長Scott Bibaud和Atomera財務長Francis Laurencio發表準備好的演講。接下來我們將開放提問環節。

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. Before we begin, I'd like to remind everyone that during today's call, we will make forward-looking statements.

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「活動與簡報」部分中查看與我們的發言相關的幻燈片簡報。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。

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.

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中「風險因素」部分進行了詳細說明，尤其是在公司於 2025 年 3 月 4 日向美國證券交易委員會提交的 10-K 表格年度報告中進行了詳細說明。

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 would 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, Mike, and good afternoon to everyone. In Atomera's fourth-quarter, we made great progress moving existing customers forward in our targeted segment, achieving very strong technical advantages, commencing new customer engagements in nontraditional areas and made our first foray into the world of government-funded collaborative developments, all positioning us strongly for commercial execution in 2026. Today, I will give you an update on all of our activities as we set the table for our business prospects in the new year.

謝謝你，麥克，大家下午好。在Atomera的第四季度，我們在目標細分市場中推動現有客戶取得了巨大進展，獲得了非常強大的技術優勢，在非傳統領域開始了新的客戶合作，並首次涉足政府資助的合作開發領域，所有這些都為我們在2026年的商業執行奠定了堅實的基礎。今天，我將向大家報告我們為迎接新的一年業務前景所做的所有工作。

Technology news recently has been dominated by the rapid advancement of artificial intelligence and the associated semiconductor challenges that AI entails from the allocation of limited GBU supply, the enormous stresses put on our energy infrastructure and the associated surge in memory prices. Atomera's technology is positioned to assist with each of these industry issues as we deliver materials, which help to relieve each pain point. So let me start off with our recent exciting progress on Gate-All-Around transistor technology, which is the foundational architecture used in AI GPUs, CPUs and bleeding edge network components.

最近的科技新聞主要集中在人工智慧的快速發展以及人工智慧帶來的相關半導體挑戰上，例如有限的GBU供應分配、對能源基礎設施的巨大壓力以及相關的記憶體價格飆升。Atomera 的技術旨在幫助解決這些行業問題，我們提供的材料有助於緩解每個痛點。首先，我想介紹一下我們最近在全環柵極電晶體技術方面取得的令人興奮的進展，這是人工智慧 GPU、CPU 和尖端網路元件所使用的基礎架構。

The challenges with manufacturing these next-generation transistor devices at 2-nanometer and below are widespread and a concerted effort by the full ecosystem of industry players is required to manufacture them at scale with economically viable throughput and yield. This has been the focus of our recently announced strategic partnership with a large equipment OEM.

製造 2 奈米及以下尺寸的下一代電晶體元件面臨許多挑戰，需要整個產業生態系統的共同努力，才能以經濟可行的產量和良率大規模生產這些元件。這正是我們近期宣布與一家大型設備原始設備製造商建立策略合作夥伴關係的重點。

Target customers or TSMC, Samsung and Intel, who are in production and Rapidus, a new Japanese manufacturer, which is deep in development. Atomera's MST technology delivers some very compelling solutions in this space, in particular, for diffusion blocking. These tiny Gate-All-Around on transistors require extremely high phosphorotoping levels constrained to a very small area in the source and drain of the nanosheet. Under the intense semiconductor manufacturing environment, it's difficult to keep these dopant atoms in their proper positions and just a small amount of migration into the channel can severely impact performance, efficiency, and yield.

目標客戶包括台積電、三星和英特爾等正在生產的公司，以及正在深入研發的日本新興製造商 Rapidus。Atomera 的 MST 技術在這個領域提供了一些非常有吸引力的解決方案，尤其是在擴散阻擋方面。這些微小的環柵電晶體需要極高的磷化水平，且磷化水平被限制在奈米片源極和汲極的極小區域內。在半導體製造的嚴苛環境下，很難將這些摻雜原子保持在正確的位置，即使少量摻雜原子遷移到通道中也會嚴重影響元件的性能、效率和良率。

Atomera's MST is uniquely well suited to hold these roving phosphorus atoms in place. Although this MST characteristic is well proven in older technologies, implementing MST in devices that are around 2 nanometers, while maintaining its efficacy is something that industry players insist must be validated on silicon at real world scale, and we've been working hard to do so. Our target customers have been looking into two results to prove high-volume manufacturability.

Atomera 的 MST 技術非常適合將這些遊動的磷原子固定在適當的位置。儘管 MST 的特性在較老的技術中得到了充分的驗證，但在 2 奈米左右的裝置中實現 MST，同時保持其有效性，是業內人士堅持認為必須在矽上以實際規模進行驗證的事情，而我們一直在努力做到這一點。我們的目標客戶一直在研究兩項結果，以證明大規模生產的可行性。

First, that MST can be effectively deposited into the actual nanosheet structure. And second, that the diffusion blocking characteristics are better than other methods, the industry is currently evaluating or using. Obtaining these results is not straightforward and requires access to advanced structures that are not generally available are very expensive and frequently proprietary. But we've been able to make steady progress with the help of Gate-All-Around customer and our strategic partner.

首先，MST 可以有效沉積到實際的奈米片結構中。其次，擴散阻隔特性優於業界正在評估或目前使用的其他方法。要獲得這些結果並不容易，需要接觸到通常無法獲得的高級結構，這些結構非常昂貴，而且往往是專有的。但在 Gate-All-Around 客戶和我們的策略夥伴的幫助下，我們取得了穩步進展。

Just in the last month, we obtained very exciting silicon results in both targeted areas, which we believe provides the definitive proof to drive adoption of MST at all four of the world's Gate-All-Around customers in the future. Not only can MST be deposited into those structures using existing tools and standard gases, but it is a far superior diffusion blocking material than those currently used by the industry. We anticipate that we will be able to implement this technology with leading industry players over the next few quarters.

就在上個月，我們在兩個目標領域都獲得了非常令人興奮的矽片測試結果，我們相信這為未來推動全球所有四家全環柵客戶採用 MST 技術提供了確鑿的證據。MST不僅可以使用現有工具和標準氣體沉積到這些結構中，而且它是一種比目前行業中使用的擴散阻擋材料優越得多的材料。我們預計在未來幾個季度內，我們將能夠與行業領先企業合作，實施這項技術。

Of course, we're quite excited by these recent results since our advanced node, our Gate-All-Around business segment has extremely high revenue potential. But we're also making convincing progress in our other customer areas, so let me provide a short update there.

當然，我們對這些最新成果感到非常興奮，因為我們先進的節點——全方位門控業務部門——具有極高的收入潛力。但我們在其他客戶領域也取得了令人信服的進展，所以讓我簡單介紹一下這方面的情況。

In DRAM, the technology road map is at a key inflection point as DRAM finally follows other logic and memory architectures in making better use of the vertical dimension. We are getting involved in offerings to enhance the performance of next-generation architectures in addition to solutions for products currently in production by the major memory suppliers. During the last few months, we have had two major solution offerings that we're working hard to validate since their market potential is very high.

在 DRAM 領域，技術路線圖正處於關鍵的轉折點，因為 DRAM 終於開始像其他邏輯和記憶體架構一樣，更好地利用垂直維度。除了為主要記憶體供應商目前正在生產的產品提供解決方案外，我們還參與提供增強下一代架構效能的產品。在過去的幾個月裡，我們推出了兩個主要的解決方案，我們正在努力驗證它們的市場潛力，因為它們的市場潛力非常高。

Notably, these are both wafer-based solutions, which are easier to adopt and test, avoiding many of the integration complexities required in some of our other applications. And with the current robust market for memories, we believe our potential customers will have a generous R&D budget to pursue these ideas.

值得注意的是，這兩種解決方案都是基於晶圓的，更容易採用和測試，避免了我們其他一些應用中所需的許多整合複雜性。鑑於目前記憶體市場強勁，我們相信我們的潛在客戶將有充足的研發預算來實現這些想法。

Atomera is currently conducting many wafer runs with our various customers. Most of these are processing through their fabs, so we will expect more information soon. One customer has just gotten preliminary results, which look promising. But we will get a better view when the final data is available in about a month. If the results look good, we'll be pushing for a joint development agreement and a license to advance this technology to production.

Atomera目前正在與眾多客戶進行多場晶圓生產。這些產品大多正在晶圓廠進行生產，因此我們預計很快就會得到更多資訊。一位客戶剛剛收到了初步結果，看起來很有希望。但大約一個月後，當最終數據公佈時，我們就能看得更清楚了。如果結果令人滿意，我們將努力爭取聯合開發協議和許可，以推進這項技術投入生產。

In the RF-SOI space, our offering is very strong, considering that it can provide performance improvements for multiple important areas, including for the RF switch and the low-noise amplifier. Because we are working with so many of the key players in this industry, including foundry and fabless suppliers, we hope to drive adoption broadly. Again, in this space, our solution can be implemented with a wafer-based solution, meaning our customers can choose to deposit it on wafers themselves before starting their full manufacturing process or they can even buy RF-SOI MST wafers from a third-party supplier. Our license structure supports both of these approaches.

在射頻SOI領域，我們的產品非常強大，因為它可以為包括射頻開關和低雜訊放大器在內的多個重要領域提供效能改進。由於我們與該行業的眾多關鍵參與者（包括晶圓代工廠和無晶圓廠供應商）合作，我們希望能夠廣泛推動其應用。同樣，在這個領域，我們的解決方案可以採用基於晶圓的解決方案來實現，這意味著我們的客戶可以選擇在開始完整的製造過程之前將其沉積到晶圓上，或者他們甚至可以從第三方供應商處購買 RF-SOI MST 晶圓。我們的許可結構支持這兩種方法。

In power, we are working with some very large players to ultimately be incorporated into their product offerings. Although we had a setback with ST last year, we continue to work with them on MST solutions across multiple business units. In addition to our traditional BCD business opportunities, this quarter, we had several other inbound interests emerge for power applications.

在電力方面，我們正在與一些大型企業合作，最終目標是將我們納入他們的產品組合中。儘管去年我們在與ST的合作中遇到了一些挫折，但我們仍然繼續與他們合作，在多個業務部門開發MST解決方案。除了我們傳統的 BCD 業務機會外，本季我們還收到了一些其他關於電力應用的商業諮詢。

Through our own internal analysis and modeling, we have uncovered an opportunity for MST entrench bets, which are an important component in optimizing energy efficiency in AI data centers. Our simulation show the potential for MST to improve performance by more than 40%. We got this to result after Christmas and already have a customer interested in kicking off development.

透過我們自己的內部分析和建模，我們發現了 MST 鞏固投資的機會，這是優化 AI 資料中心能源效率的重要組成部分。我們的模擬結果表明，MST 有潛力將效能提高 40% 以上。我們在聖誕節後取得了成果，並且已經有一位客戶表示有興趣啟動開發工作。

Similarly, using our MSTcad simulation capability, we have demonstrated how MST can improve HBT devices, which are high-speed transistors frequently used for amplifying and switching signals in RF communication systems. Discussions are underway with a potential first customer in this application as well.

同樣，利用我們的 MSTcad 模擬功能，我們已經展示了 MST 如何改進 HBT 裝置，HBT 是一種高速晶體管，常用於射頻通訊系統中的訊號放大和切換。目前，我們也正在與該應用領域的潛在首位客戶進行洽談。

In GaN, I'm happy to report that our first customer -- commercial customer has now started running wafers for GaN on silicon with MST technology. For many reasons, this is exciting. This large customer can grow their own GaN wafers and manufacture electrical devices on them, which means they can move even faster than our in-housework with Sandia National Labs in Texas State. So we expect that we will actually move ahead of our own internal development efforts over the next few quarters.

在氮化鎵領域，我很高興地報告，我們的第一位客戶——商業客戶——現在已經開始使用 MST 技術生產矽基氮化鎵晶圓。這令人興奮，原因有很多。這位大客戶可以自行生長氮化鎵晶圓，並在上面製造電子裝置，這意味著他們的速度甚至比我們在德州桑迪亞國家實驗室的內部工作還要快。因此，我們預計在接下來的幾個季度裡，我們的研發工作實際上會領先於我們自身的內部研發工作。

Second, they are exploring GaN in both RF and power technologies. These independent efforts by multiple industry and scientific partners frequently can accelerate time to revenue, which is what we're hoping to accomplish. Last month, we announced that our GaN on Silicon concept paper had been approved to move to the proposal stage for a project with Power America to advance the state-of-the-art and wideband GaN materials. We announced this for a variety of reasons.

其次，他們正在探索氮化鎵在射頻和功率技術的應用。多個產業和科學合作夥伴的這些獨立努力通常可以加快獲利的速度，而這正是我們希望實現的。上個月，我們宣布我們的矽基氮化鎵概念文件已獲批准進入提案階段，將與美國電力公司合作推動最先進的寬頻氮化鎵材料項目。我們出於多種原因宣布了這一消息。

First, we wanted to show the widespread interest from customers, the science community, and industrial organizations for an MST solution for GaN on Silicon. Indeed, we've already received several letters of support for multiple future customers showing interest in this solution.

首先，我們希望展示客戶、科學界和工業組織對矽上氮化鎵的MST解決方案的廣泛興趣。事實上，我們已經收到多封來自未來客戶的支援信，他們對這個解決方案很感興趣。

Second, this concept paper was our first application for outside development funding. And although the funds sought for this first effort are modest, they put us in the pathway for a variety of future material development funding opportunities, which can provide us assistance going down the path we are planning to travel anyway. By engaging in these joint development opportunities, we are promoting our technology, receiving financial assistance and assuring a customer base all in one project.

其次，這份概念文件是我們首次申請外部發展經費。雖然我們第一次嘗試尋求的資金並不多，但這讓我們有機會在未來獲得各種材料開發資金，這可以幫助我們繼續走我們計劃要走的道路。透過參與這些共同開發機會，我們可以在一個專案中推廣我們的技術、獲得資金援助並確保客戶群。

To summarize, the past few months have been an incredibly productive time in terms of technical development and the buildup of a variety of new customer opportunities that I believe will lead to business deal announcements later this year.

總而言之，過去幾個月在技術開發和各種新客戶機會的累積方面都取得了巨大的成果，我相信這將在今年稍後促成商業交易的宣布。

Finally, as we close out 2025, let me give you a thought on -- a few thoughts on our accomplishments. Last year, we took our early development and simulation results on Gate-All-Around and converted it into what I now believe is our greatest company opportunity. We did that through working with a lead customer and with a strategic partner who is also a major equipment OEM. This is a significant departure from how we've approached the market in the past. The industry has a long history of relying on this OEM to deliver them material solutions for their problems.

最後，在2025年即將結束之際，我想和大家分享一些關於我們所取得成就的想法。去年，我們利用早期在 Gate-All-Around 上的開發和模擬結果，將其轉化為我現在認為是我們公司最大的機會。我們透過與一家主要客戶和策略合作夥伴（同時也是一家大型設備 OEM 廠商）合作實現了這一目標。這與我們過去進入市場的方式截然不同。該行業長期以來一直依賴這家原始設備製造商 (OEM) 為其問題提供材料解決方案。

So we truly believe that their influence will help us to convert our recent strong technical results to licenses and revenue. We made technical breakthroughs in our other core markets to enable tiller applications like LNA for RF-SOI, a new architecture for BCD and next-gen DRAM solutions. Using AI, our development team has gotten better results more efficiently than ever before. We kicked off a record number of wafer runs without leading customers, initiated several new projects, and solidified the business talent on our team, which should lead to further contract announcements over the course of this year. And much of this work was done, emphasizing wafer-based products, which we believe will result in faster time to revenue.

因此我們堅信，他們的影響力將有助於我們將近期取得的強勁技術成果轉化為許可證和收入。我們在其他核心市場取得了技術突破，從而實現了諸如用於 RF-SOI 的 LNA、用於 BCD 的新架構和下一代 DRAM 解決方案等舵手應用。借助人工智慧，我們的開發團隊比以往任何時候都更有效率地取得了更好的成果。我們在沒有主要客戶的情況下啟動了創紀錄數量的晶圓生產，啟動了幾個新項目，並鞏固了我們團隊的業務人才，這應該會在今年內帶來更多合約的宣布。這項工作的大部分都集中在晶圓產品上，我們相信這將加快實現盈利的速度。

In short, 2025 efforts have set us up well for commercial announcements later this year. With that, I'll turn the call over to Frank to review our financials.

簡而言之，2025 年的各項努力已經為我們今年稍後的商業公告做好了充分準備。接下來，我將把電話交給法蘭克，讓他來審核我們的財務狀況。

Thank you, Scott. At the close of the market today, we issued a press release announcing our fourth-quarter and full year results for 2025. This slide shows our summary financials. Revenue in 2025 was $65,000 and consisted of NRE fees for wafer deliveries and MST CAD licensing. Our GAAP net loss for the year ended December 31, 2025, was $20.2 million or $0.65 per share, compared to a net loss of $18.4 million or $0.68 per share in 2024.

謝謝你，斯科特。今天收盤時，我們發布了一份新聞稿，宣布了我們 2025 年第四季和全年業績。此投影片展示了我們的財務概要。2025 年的收入為 65,000 美元，其中包括晶圓交付的 NRE 費用和 MST CAD 授權費。截至 2025 年 12 月 31 日止年度，我們以美國通用會計準則計算的淨虧損為 2,020 萬美元，即每股虧損 0.65 美元，而 2024 年的淨虧損為 1,840 萬美元，即每股虧損 0.68 美元。

On a non-GAAP basis, 2025 net loss was $16.1 million or $0.52 per share and 2024 net loss was $15.4 million or $0.57 per share. GAAP operating expenses were $20.9 million in 2025, which was an increase of approximately $1.5 million from $19.3 million of GAAP operating expense in 2024. The main driver of the increase in GAAP operating expense was a $1.1 million increase in stock compensation expense due to a change in our executive equity-based compensation.

以非GAAP準則計算，2025年淨虧損為1,610萬美元，即每股虧損0.52美元；2024年淨虧損為1,540萬美元，即每股虧損0.57美元。2025 年 GAAP 營運費用為 2,090 萬美元，比 2024 年 GAAP 營運費用 1,930 萬美元增加了約 150 萬美元。GAAP 營運費用增加的主要原因是，由於高階主管股權激勵政策的變化，股票薪酬費用增加了 110 萬美元。

In Q1 2025, we implemented PSUs for executives which vest based on the performance of our stock price as compared to the Russell 2000 Index. These PSUs vest over three years whereas the options and time-based RSUs that had been granted to executives in prior years, vested over four years. Although the vesting period is shorter, executives only vest in PSUs based upon our stock price performance.

2025 年第一季度，我們為高階主管實施了績效股份計劃 (PSU)，該計劃的授予取決於我們股票價格相對於羅素 2000 指數的表現。這些績效股票單位 (PSU) 的歸屬期為三年，而前幾年授予高階主管的選擇權和基於時間的限制性股票單位 (RSU) 的歸屬期為四年。雖然歸屬期較短，但高階主管只能根據公司股價表現來獲得績效股份單位 (PSU)。

With the exception of stock compensation expense, the drivers of GAAP and non-GAAP expenses are substantially the same. And therefore, the rest of my remarks will only refer to non-GAAP results. Please refer to the slide presentation for a reconciliation between GAAP and non-GAAP expenses.

除了股票補償費用外，GAAP 和非 GAAP 費用的驅動因素基本上相同。因此，我接下來的發言將只涉及非GAAP業績。請參考投影片簡報，以了解 GAAP 費用與非 GAAP 費用之間的調整。

Total operating expenses in 2025 were $15.9 million, an increase of $429,000 from $15.4 million in 2024. R&D expenses increased by $794,000 from $9.4 million in 2024 to $10.2 million in 2025, primarily due to a $676,000 increase in outsourced engineering as we utilize various new device fabrication vendors replacing TSI semiconductor.

2025 年的總營運支出為 1,590 萬美元，比 2024 年的 1,540 萬美元增加了 42.9 萬美元。研發費用從 2024 年的 940 萬美元增加到 2025 年的 1020 萬美元，增加了 79.4 萬美元，這主要是由於外包工程費用增加了 67.6 萬美元，因為我們採用了各種新的裝置製造供應商來取代 TSI 半導體。

G&A expenses decreased by $272,000 from $5.1 million to $4.8 million, primarily due to a $421,000 decrease in compensation expense, offset in part by $118,000 increase in professional fees for legal, IP and audit fees. Sales and marketing expense decreased by $94,000, reflecting lower head count but offset by some recruiting fees. Company-wide, our compensation expense, again, on a non-GAAP basis, excluding stock compensation, declined by $582,000 in 2025 compared to 2024.

一般及行政費用從 510 萬美元減少到 480 萬美元，減少了 27.2 萬美元，主要原因是薪資支出減少了 42.1 萬美元，部分被法律、智慧財產權和審計費用等專業費用的增加 11.8 萬美元所抵銷。銷售和行銷費用減少了 94,000 美元，這反映出員工人數減少，但部分招聘費用抵消了這一減少。從公司整體來看，2025 年的薪酬支出（以非 GAAP 準則計算，不含股票薪酬）比 2024 年減少了 582,000 美元。

The reduction in compensation expense reflects our Board's pay-for-performance discipline. While we achieved important technical milestones in 2025, the Compensation Committee determined that payout of the full executive bonus was not justified by commercial progress made during the year.

薪酬支出減少反映了董事會按績效支付薪酬的原則。儘管我們在 2025 年取得了重要的技術里程碑，但薪酬委員會認為，在這一年中取得的商業進展不足以證明支付全部高階主管獎金的合理性。

Therefore, the committee withheld approximately $669,000 in executive bonus compensation affecting the full executive team. The withheld amount may be earned in 2026, based on achieving rigorous commercial objectives.

因此，委員會扣留了約 66.9 萬美元的高階主管獎金，影響整個高階主管團隊。扣留的金額可能會在 2026 年獲得，具體取決於是否實現了嚴格的商業目標。

Turning to our quarterly results. Fourth-quarter 2025 non-GAAP net loss was $3.3 million or $0.10 per share, compared to a net loss of $4.4 million or $0.14 per share in Q3 and a net loss of $3.9 million or $0.14 per share in Q4 2024. Non-GAAP operating expenses decreased by $1.1 million to $4.3 million -- sorry, from $4.3 million in Q3 2025 to $3.2 million in Q4, primarily due to the reversal of our bonus accrual, which occurred in Q4.

接下來來看看我們的季度業績。2025 年第四季非 GAAP 淨虧損為 330 萬美元，即每股虧損 0.10 美元，而第三季淨虧損為 440 萬美元，即每股虧損 0.14 美元，2024 年第四季淨虧損為 390 萬美元，即每股虧損 0.14 美元。非GAAP營運費用減少了110萬美元，至430萬美元——抱歉，是從2025年第三季的430萬美元降至第四季的320萬美元，這主要是由於我們在第四季度衝回了獎金計提。

Our balance of cash, cash equivalents and short-term investments on December 31 was $19.2 million compared to $26.7 million at the end of 2024 and $20.3 million at the end of Q3 2024. We used $14.9 million of cash in operating activities during 2025, $3.2 million of which was used in Q4.

截至 12 月 31 日，我們的現金、現金等價物和短期投資餘額為 1,920 萬美元，而 2024 年底為 2,670 萬美元，2024 年第三季末為 2,030 萬美元。2025 年，我們在經營活動中使用了 1,490 萬美元現金，其中 320 萬美元在第四季使用。

During 2025, we sold approximately 1.6 million shares under our ATM facility at an average price per share of $5.15, resulting in net proceeds of approximately $7.6 million after commissions and offering expenses. As of December 31, 2025, we had 32.4 million shares outstanding. After year-end, we've raised an additional $3.2 million of net proceeds by selling approximately 1.3 million shares at an average price of $2.47.

2025 年，我們透過 ATM 機制出售了約 160 萬股股票，平均每股價格為 5.15 美元，扣除佣金和發行費用後，淨收益約為 760 萬美元。截至 2025 年 12 月 31 日，我們有 3,240 萬股流通股。年末，我們以平均每股 2.47 美元的價格出售約 130 萬股股票，額外籌集了 320 萬美元的淨收益。

For Q1, we expect to recognize revenue in the range of $50,000 to $100,000 from shipment of MST wafers to customers. Consistent with our usual practice, we are not providing revenue guidance beyond this quarter. Our 2025 non-GAAP operating expense was $15.9 million, which is well below the guidance range I provided last quarter. That's primarily due to reversing $669,000 of accrued bonus. For 2026, we will continue to aggressively control costs, and we've limited our expense growth to those areas directly related to revenue and near-term commercial progress.

第一季度，我們預計從向客戶出貨 MST 晶圓中獲得 5 萬至 10 萬美元的收入。按照我們一貫的做法，我們不提供本季以後的營收預期。我們 2025 年的非 GAAP 營運費用為 1,590 萬美元，遠低於我上個季度提供的指引範圍。這主要是由於沖銷了 66.9 萬美元的累計獎金。2026 年，我們將繼續積極控製成本，並將支出成長限制在與收入和近期商業進展直接相關的領域。

Those increases mainly consist of adding two senior go-to-market leaders. The first of those was our VP of Sales, who came on board in October, and the next will be a new Head of Marketing. The comparison of our planned spending in 2026 versus 2025 looks distorted by the potential payout this year of the executive bonus withheld from 2025 because withheld amount will have to be accrued this year on top of accruing 2026 bonus. As a result, we expect our non-GAAP operating expense to be approximately $18.5 million in 2026.

這些成長主要包括增加兩名資深市場推廣負責人。第一個是我們的銷售副總裁，他於 10 月加入公司；下一個將是新的行銷主管。由於 2025 年扣留的高階主管獎金可能在今年支付，因此 2026 年與 2025 年的計畫支出對比看起來存在偏差，因為扣留的金額除了要計入 2026 年的獎金外，還必須在今年計入。因此，我們預計 2026 年的非 GAAP 營運費用約為 1,850 萬美元。

Now on paper, this is a 17% increase. But if normalized for the timing of the executive bonus accrual, it is more in the range of 8%. I would point out also that earning back deferred executive bonuses as well as earning 2026 bonus will require us to execute against aggressive, commercially focused milestones.

從帳面上看，這是17%的成長。但如果考慮到高階主管獎金累積的時間因素，這個比例更接近 8%。我還想指出，要收回遞延的高階主管獎金以及獲得 2026 年的獎金，我們需要積極主動地完成以商業為導向的里程碑目標。

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?

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？

Thank you, Frank. The entire focus of our efforts in 2025 is getting to commercial agreements. The work we've done up to now have positioned us well to close on those opportunities and I look forward to sharing our successes with you as the year progresses. Mike, we will now take questions.

謝謝你，弗蘭克。我們2025年的全部工作重點是達成商業協議。我們迄今為止所做的工作已經為我們抓住這些機會做好了充分準備，我期待著在今年餘下的時間裡與大家分享我們的成功。麥克，現在開始回答問題。

(Event Instructions)

（活動須知）

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Great, Mike. Can you hear me?

太好了，麥克。你聽得到我嗎？

Yes. Yes, we can.

是的。是的，我們可以。

Okay. Great. I'm in the airport here. A little bit of noise, so apologies for that. I don't have a ton of time before I got to run to my plane here. But let me ask just a few questions here. Scott, some really interesting statements regarding Gate-All-Around here. If I caught your comments correctly here, you said that you're expecting some -- I forgot the exact language you used, but some sort of important next steps here in the next few quarters. typically, you've been reticent to give somewhat definitive time frames for getting to major milestones and that you are here.

好的。偉大的。我現在在機場。有點噪音，抱歉。我時間不多了，得趕快趕飛機。但請容許我問幾個問題。斯科特，你這裡關於「全面封鎖」的一些說法非常有趣。如果我理解沒錯，您說您預計未來幾季會有一些——我記不清您確切的措辭了——但總之是一些重要的後續步驟。通常情況下，您不太願意給出達成重大里程碑的具體時間表，但您目前確實處於這個階段。

So maybe give us a sense of why you're saying this. Your confidence level is clearly quite high. So help us understand this level of confidence and why?

所以，或許您可以解釋一下您這麼說的原因。你的自信心顯然很高。那麼請您幫助我們理解這種程度的自信以及背後的原因？

Yes, I would say on the Gate-All-Around technology, let me -- do you mind if I just share this slide to answer your question, Richard?

是的，關於全方位門控技術，我想說的是──理查德，我可以分享這張投影片來回答你的問題嗎？

Please do.

請這樣做。

Okay. On the right-hand side, you can see where MST is deposited around the source and drain structures. That is an incredibly hard thing to do. We've been talking with our Gate-All-Around customers about using MST to block dopant diffusion like where these little red arrows going to one of the biggest problems that people have is that the phosphorus opens get into these channels here. And the channels can only handle a couple of phosphorus atoms before they really start to agree very significantly, which affects yield and performance and so forth.

好的。在右側，您可以看到 MST 沉積在源極和汲極結構周圍的位置。那是一件極為困難的事。我們一直在和我們的全覆蓋閘極客戶討論使用 MST 來阻止摻雜劑擴散，就像這些紅色小箭頭指向的地方一樣，人們遇到的最大問題之一是磷開口進入這些通道。而且，這些通道只能處理幾個磷原子，之後它們就會開始發生非常明顯的相互作用，這會影響產量和性能等等。

So all along, they've been saying, okay, that's interesting. We know MST can block the phosphorus. But first of all, can you even deposit it in these tiny little structures that are -- they're two nanometers. And just to give you an idea, it takes about 100,000 nanometers to get to the width of a hair. That's how small these are.

所以一直以來，他們都在說，好吧，這很有趣。我們知道MST可以阻斷磷。但首先，你能把它沉積到這些只有兩奈米的微小結構中嗎？為了讓你們有個概念，要達到頭髮絲的寬度，大約需要 100,000 奈米。它們就是這麼小。

And so we had to prove that, and we spent a long time in the lab building devices like this to show that we can deposit MST with high quality there, and we have done that. Second thing is when we put that tiny layer of MST, does it really still block the phosphorus in that very, very small space because they're using something else right now that isn't very effective at blocking it, but are we better than that of the thing?

因此，我們必須證明這一點，我們在實驗室裡花了很長時間建造像這樣的設備，以證明我們可以在那裡高品質地沉積 MST，而我們已經做到了。第二點是，當我們塗上那薄薄一層 MST 時，它真的還能阻擋那非常非常小空間裡的磷嗎？因為他們現在用的東西阻擋磷的效果不太好，但我們的方法比他們的方法好嗎？

And the answer to that question is, yes as well. We've recently just gotten the technology -- gotten the test data to prove that. And so it's early days. We've gotten that in the last month. We haven't been able to get out and talk to each of the data all around customers yet, but with our partnership, with our strategic partner, we really think we're going to talk to those guys, and they're going to immediately want to start testing that and trying it.

這個問題的答案也是肯定的。我們最近才獲得了這項技術——也獲得了測試數據來證明這一點。所以現在還處於早期階段。我們上個月就收到了這些資訊。我們還沒有機會與所有客戶進行一對一的數據交流，但透過與我們的策略夥伴的合作，我們相信我們一定能夠與他們進行交流，他們也會立即想要開始測試和嘗試。

So I'd say that's why my confidence is much higher. I would say we've rarely been as excited about some technology results inside the company as we are by what we have right now.

所以我覺得這就是我信心倍增的原因。我想說，我們公司內部很少有像現在這樣對某些技術成果感到如此興奮的事情。

Okay. Great deal. I'm sure I'll follow up a little bit on that one. Second other -- second question here is, you mentioned some -- you mentioned two things you have to prove; you are better than alternative solutions. We haven't really heard you talk about what other -- what your potential customers are considering here.

好的。非常划算。我肯定會就此事做一些後續調查。第二個問題——你提到了一些——你提到了兩件你需要證明的事情：你比其他替代方案更好。我們還沒有真正聽你談過你的潛在客戶還在考慮哪些其他因素。

Any way you can describe what those are, whether they're internal developments or something looking from other research organizations and to what degree you have visibility into how well those are doing as well?

您能否描述一下這些是什麼，無論是內部進展還是其他研究機構的進展，以及您對這些進展的了解程度如何？

Yes. So they're not -- we're not really talking about some lineup of other technologies. But what the industry has tried using in the past is silicon arsenic, and silicon arsenic is effective at just putting a spacer between the phosphorus and the channel, but it doesn't really prevent the dopant diffusion very well at all. And so we've actually done a lot of testing of our MST technology against silicon arsenic and proven that we have vastly better diffusion blocking results.

是的。所以他們不是——我們實際上並不是在討論其他一些技術。但過去業界嘗試使用的是矽砷，矽砷只能有效地在磷和通道之間放置一個間隔層，但它並不能很好地阻止摻雜劑的擴散。因此，我們實際上對我們的 MST 技術進行了大量的測試，以對抗矽砷，並證明我們具有更好的擴散阻擋效果。

And the second thing is that the industry does not like to use arsenic in its manufacturing process -- that can help it. It's expensive to use and dangerous and therefore, offering a solution that removes that material is probably considered good by the industry.

第二點是，該行業不喜歡在生產過程中使用砷——這可能對它有利。它使用成本高昂且危險，因此，提供一種可以去除這種材料的解決方案，很可能被業內人士認為是件好事。

Okay. Fair enough. Very interesting here. My last question before I've got to run here, Scott, is you talked about a number of inbound calls here in the power space, which I know it's a space that you've been pushing for a while. And obviously, STMicro was aiming towards that before it's, call it, set back.

好的。很公平。這裡很有意思。史考特，在我離開之前，我的最後一個問題是，你剛才提到電力領域有很多來電，我知道你一直在推動這個領域的發展。顯然，STMicro 在遭遇挫折之前，一直朝著這個方向努力。

You'd characterize this in the RF-SOI space a few years ago about having significant coverage, I think, more than half of the market share of the space here. Anyway to characterize how much of the power space you're covering with -- when you add up all these new companies that are coming to you? Any way you'd characterize that?

幾年前，在射頻-SOI領域，你會這樣描述它：擁有顯著的覆蓋率，我認為，它佔據了該領域一半以上的市場份額。總之，如何描述你透過這些新加入的公司所佔據的權力空間有多大？你會如何描述這種情況？

Yes, it's a little bit harder. I think on RF-SOI, it's a pretty compact group of companies, and we feel very confident that we're working with the vast majority of them. On power, it's a much bigger market. It's a much more diverse customer base. So I wouldn't say we're working with most of the people, of course, -- we -- like we talked a little bit about the work we've done in TrenchFET when we did do some work on TrenchFET.

是的，這稍微難一點。我認為在 RF-SOI 領域，公司數量相當有限，我們非常有信心與其中絕大多數公司合作。電力市場大得多。它的客戶群更加多元化。所以，我當然不會說我們正在與大多數人合作——我們——就像我們之前在 TrenchFET 上做一些工作時，稍微談了一下我們在 TrenchFET 上所做的工作。

We reached out to the leaders in TrenchFET and some other folks that we know are interested in advancing their technology and started talking to them and that worked well and the same thing with HBT. And so yes, I think we're expanding -- and then a lot of the GaN work that we're doing is in power as well. So we're talking to a lot of companies working in the power space, but I can't really give you -- I can't really say it's the vast majority in that case.

我們聯繫了 TrenchFET 的領導者以及一些我們知道對推進其技術感興趣的其他人士，並開始與他們交談，效果很好，HBT 也是如此。所以，是的，我認為我們正在擴張——而且我們所做的許多氮化鎵工作也與電力相關。所以我們正在與許多從事電力行業的公司進行洽談，但我真的不能告訴你——我真的不能說這就是絕大多數情況。

I wasn't expecting the vast majority, but since the power space is very large. Well, I thought if there was -- I mean, if you even had 10% or 20%, that would be a pretty good coverage there. But I appreciate that characterization. I've got to jump out of line, Scott.

我並不指望能佔絕大多數，但因為權力空間非常大。嗯，我想如果——我的意思是，即使只有 10% 或 20%，那也算是相當不錯的覆蓋率了。但我很欣賞這種描述。史考特，我得插隊了。

All right. Thank you, Richard.

好的。謝謝你，理查。

All right. Thank you, Richard. We have some questions coming in on the Q&A line. Although I will start with one, Scott. Do -- can you give an update on the progress for your Vice President of Sales, Wei?

好的。謝謝你，理查。我們收到了一些來自問答專線的問題。雖然我會先從一個開始，斯科特。請問您能否回報一下銷售副總裁魏先生的工作進度？

Sure. Wei joined in October, and he's been coming up to speed and generally very, very helpful. I'm super enthusiastic about having someone who's pushing the team as hard as he is on the sales side. He's not only driving our efforts very specifically with existing customers and helping us find some new ones. He's also targeting a bunch of relationships that he's had in the past that he's bringing in with us and that does allow him to -- for us to engage with customers from kind of a different angle, and that's been very positive. So I think so far, so good.

當然。魏於十月加入公司，他一直在努力適應工作，而且整體來說非常非常樂於助人。我非常高興能有像他這樣在銷售方面如此努力推動團隊前進的人加入。他不僅在積極推動我們與現有客戶的合作，也幫助我們尋找新客戶。他也利用過去建立的一些關係，將這些關係帶到我們這裡，這確實使我們能夠從不同的角度與客戶互動，而且效果非常好。所以我覺得目前為止一切順利。

Great. And a number of questions about wafer activity at the fab. And as it relates to general activity level, how would you characterize that?

偉大的。還有一些關於晶圓廠晶圓生產活動的問題。那麼，就整體活動水準而言，您會如何描述呢？

Yes. So I think just starting earlier in the middle of 2025, we started to get a lot of customers coming in with wafer run simultaneously, which is quite busy for us to get them into our fab and deposit MST on a very high-quality basis and they get it back out, so they can start running the wafers. Today, we're still running things in our own fab, but for the most part, we've shipped out a lot of that stuff out to our customers.

是的。所以我覺得從 2025 年年中開始，我們開始有很多客戶同時進行晶圓生產，這讓我們非常忙碌，我們需要把他們的晶圓送到我們的晶圓廠，以非常高的質量沉積 MST，然後讓他們把晶圓拿回來，這樣他們就可以開始生產晶圓了。如今，我們仍然在自己的工廠裡生產產品，但大部分產品我們已經出貨給客戶了。

And now we're kind of in a waiting game, it takes six to nine months for customers to run their wafers once we send them back to them and then get the test results, and then we'll review those and we'll figure out the next steps from there. But we really feel confident that what we have done in these runs is good stuff.

現在我們只能等待，客戶收到晶圓後需要六到九個月的時間進行測試並獲得測試結果，然後我們會審查這些結果，並據此確定下一步的措施。但我們真的很有信心，我們在這些比賽中取得的成績是很好的。

We use MST CAD simulation software to figure out what we expect the outcome of these runs to be and we're really hopeful that our TCAD has been accurate. And if we get the results that we hope for, that our customers want to move forward into a productization effort.

我們使用 MST CAD 模擬軟體來計算這些運行的預期結果，我們非常希望我們的 TCAD 能夠準確預測結果。如果我們獲得了我們所希望的結果，即我們的客戶希望推進產品化工作。

Okay. And generally speaking, I have a question here, and I think we've covered it on prior calls, but can you describe why selling blank wafers makes it easier to go to market?

好的。一般來說，我這裡有個問題，我想我們之前的電話會議已經討論過這個問題了，您能解釋一下為什麼銷售空白晶圓更容易進入市場嗎？

Yes, absolutely. Okay. I just showed this graphic of a Gate-All-Around device, and that is a really, really hard device to integrate into. But you can imagine when -- if we're trying to integrate into that device, the customer starts a starting wafer, they build up a whole bunch of structures. And then at some point, they make a hole in those structures and they say, okay, put your MST in here. And then we'll have to figure out how to fill around it and all of the different layers that surround it affected, right?

是的，絕對的。好的。我剛剛展示了一個全方位門控裝置的示意圖，這種裝置真的很難整合。但你可以想像一下，如果我們要將晶片整合到該設備中，客戶會從一個起始晶圓開始，建構大量的結構。然後，在某個時候，他們會在這些結構上開個洞，然後說，好吧，把你的MST放在這裡。然後我們得想辦法填滿它周圍的區域，以及所有受影響的不同圖層，對吧？

That's called integration engineering, it's very challenging. But for many of our applications, we talk about wafer-based products, that would be when the customer buys a wafer, and they put MST on immediately, the blank wafer. And then they start processing their -- all of their -- the rest of that process on top of it.

這叫做整合工程，非常具有挑戰性。但對於我們的許多應用來說，我們談論的是基於晶圓的產品，也就是客戶購買晶圓，然後立即將 MST 安裝在空白晶圓上。然後他們開始處理他們——他們所有的——其餘的流程。

Therefore, we don't have to work through all those challenging integration issues that we would have for something that where MST gets deposited in the middle.

因此，我們不必像 MST 被置於中間那樣，去解決所有那些具有挑戰性的整合問題。

So today, I talked about a couple of applications we're looking at for DRAM that would be wafer-based products, where we're shipping them to wafer. I mean, obviously, we won't be wafer manufacturers, but we would help the most solution that would go right on the wafer.

今天，我談到了我們正在研究的 DRAM 的幾個應用，這些應用都是基於晶圓的產品，我們將它們交付給晶圓製造商。我的意思是，很顯然，我們不會成為晶圓製造商，但我們會盡力提供最直接適用於晶圓的解決方案。

RF-SOI, our solutions that are wafer-based products and also our gallium nitride, our GaN solutions are wafer-based products. So we've talked about it before. We're excited about those because they're easier to integrate, and therefore, we think faster time to revenue.

RF-SOI 是我們基於晶圓的解決方案產品，而我們的氮化鎵 (GaN) 解決方案也是基於晶圓的產品。我們之前討論過這個問題。我們對這些產品感到興奮，因為它們更容易整合，因此我們認為可以更快地實現盈利。

Okay. Great. Here's another one. Can you please explain more about power saving in AI than how MST can help achieve that?

好的。偉大的。還有一個。您能否詳細解釋一下人工智慧中的節能原理，而不是只介紹MST如何幫助實現節能？

Yes. So it's a lot of ways. I just showed you the Gate-All-Around transistor. So fundamentally, in semiconductor manufacturing like that, if you can bring a performance improvement, you could also probably trade that off to get lower power if you chose to do so. So that's one way.

是的。所以有很多種方法。我剛才給你展示了環柵電晶體。因此，從根本上講，在半導體製造領域，如果你能提高性能，你也可以選擇犧牲性能來降低功耗。這是其中一種方法。

Another way is with our power solutions like on our BCD products or our TrenchFET products or our GaN products. Those are targeted for the type of electronics that will be developed that go into AI data center to help lower the power in the racks. So I'll give you one industry dynamics that we're tracking in AI data centers. They have historically used a 12-volt power supply on the rack.

另一種方法是使用我們的電源解決方案，例如我們的 BCD 產品、TrenchFET 產品或 GaN 產品。這些技術的目標是開發用於人工智慧資料中心的電子產品，以幫助降低機架的功耗。那麼，我將向你們介紹我們在人工智慧資料中心領域正在追蹤的一個產業動態。他們歷來都在機架上使用 12 伏特電源。

But recently, the industry is moving away from 12 volts and they're moving to 48 volts because 48 volts is four times more efficient at saving power when you're providing power to the racks for all of those servers. The 48-volt power supplies use a lot of TrenchFET devices. That's the primary device that they use in there. And so we are trying to offer solutions for TrenchFET, so we can help to address that.

但最近，業界正在從 12 伏特轉向 48 伏特，因為在為所有伺服器機架供電時，48 伏特的節能效率是 12 伏特的四倍。48伏電源使用了大量的溝槽FET元件。那是他們在裡面使用的主要設備。因此，我們正在努力為溝槽式場效電晶體 (TrenchFET) 提供解決方案，以便我們能夠幫助解決這個問題。

The other thing is gallium nitride obviously, a very power-efficient devices. Those of you who have the small power supplies that go into your backpack or suitcase like they weren't able to do before you understand that those are much more efficient, and that's why we're trying to engage in gallium nitride.

另一個顯然是氮化鎵，它是一種非常節能的裝置。那些擁有可以放進背包或行李箱裡的小型電源的人，現在應該明白，這些電源效率更高，這也是我們嘗試使用氮化鎵的原因。

Interesting. Thank you. Okay. Can you give us an update on your JDA1 and JDA 2?

有趣的。謝謝。好的。能否提供一下 JDA1 和 JDA 2 的最新進展？

Yes. So and JDA 1, I have to be careful that I'm not kind of divulging too much about what they're working on. But we continue to have to be working with JDA 1, and I'm hopeful that some of the technologies that I talked about today will kick them into high gear to -- in a business unit to kind of move that forward towards a production development effort like we've been waiting for -- honestly, for a little bit too long.

是的。所以，對於 JDA 1，我必須小心，不要透露太多他們正在研究的內容。但我們仍然需要與 JDA 1 合作，我希望我今天談到的一些技術能夠加速推進——在一個業務部門中，推動它朝著我們一直期待的生產開發工作邁進——說實話，我們已經等得太久了。

JDA 2 is one of the customers that is currently running wafers with us. And so I can't say too much about exactly where they are right now, but they're running wafers.

JDA 2 是目前在我們這裡生產晶圓的客戶之一。所以，我不能透露太多關於他們目前具體情況的信息，但他們正在生產晶圓。

Great. And going back to the Gate-All-Around, is MST being evaluated at the customer's fab at this point?

偉大的。回到「全方位門控」的問題，目前客戶的晶圓廠是否正在評估MST？

Yes. So we mentioned that we're working with one Gate-All-Around customer today who helped us -- so when I showed that structure, and I showed that we had to do deposits inside there, you really need to work with someone to get access to those wafers to try out things on those structures. And the good news is we have been working with one of the Gate-All-Around potential customers to evaluate MST today. So yes, we are in one of them. I hope to be in all four of them.

是的。所以我們提到，我們今天正在與一位 Gate-All-Around 的客戶合作，他幫助了我們——所以當我展示那個結構，並展示我們必須在裡面進行沉積時，你真的需要與某人合作才能獲得那些晶圓，以便在這些結構上進行試驗。好消息是，我們今天一直在與 Gate-All-Around 的一位潛在客戶合作，評估 MST。是的，我們正身處其中之一。我希望能夠參與所有這四項活動。

Okay. And when do you expect an evaluation to be completed of the wafers ?

好的。預計何時能完成晶圓的評估？？

For Gate-All-Around or?

是全方位大門還是其他什麼？

Yes. For Gate-All-Around.

是的。適用於全方位大門。

For Gate-All-Around, it's very hard to say with some of the customers we're planning our visit to show them all this data that we have. We believe that the data that we have is good enough that they may not even require us to do deposition inside their Gate-All-Around structure because we've proven that we can physically do it. And then what we'd be trying to do is to convince those customers to install MST in their fabs and have their R&D team take over and start implementing this.

對於 Gate-All-Around 來說，很難說我們會對一些客戶進行拜訪，並向他們展示我們掌握的所有數據。我們相信我們掌握的數據足夠好，他們甚至可能不需要我們在他們的全方位閘極結構內進行沉積，因為我們已經證明我們可以在物理上做到這一點。然後，我們要做的是說服這些客戶在他們的晶圓廠安裝MST，並讓他們的研發團隊接手並開始實施這項技術。

How fast that will happen? It's hard to say, but I will say the people that are working on Gate-All-Around are working very fast -- and if they adopt, they're going to be pushing us as hard as we ever been pushed by a customer in the past.

這會以多快的速度發生？很難說，但我可以說，Gate-All-Around 的開發人員工作速度非常快——如果他們採用這項技術，他們將會給我們帶來前所未有的壓力，就像我們過去受到的客戶壓力一樣。

Okay. Great. And just one last question here is on how MST can help or improve quantum computing ?

好的。偉大的。最後一個問題是關於 MST 如何幫助或改進量子計算。？

It's interesting. That's something we're working on right now. I don't really -- I can't really talk about the way that our MST technology will address quantum, but I can tell you that's something we're working very hard on right now. In the past, we had a theory about MST's ability to improve the purity and availability at a cheaper price of Silicon-28, which is a critical wafer type that's used for quantum wells. But we -- yes, that really just didn't pan out.

很有意思。這是我們目前正在努力的方向。我真的——我真的不能談論我們的 MST 技術將如何解決量子問題，但我可以告訴你，這是我們目前正在努力研究的主題。過去，我們曾設想 MST 能夠以更低的價格提高矽-28 的純度和可用性，而矽-28 是一種用於量子井的關鍵晶圓類型。但是我們——是的，那件事真的沒能成功。

So we're working on other technologies right now. And I hope we'll be able to talk to you guys about that later this year.

所以我們目前正在研究其他技術。我希望今年晚些時候我們能和大家談談這件事。

And Scott, you can proceed with any closing comments.

史考特，你可以繼續發表總結發言了。

All right. Well, I guess -- I want to just thank you all for joining us to hear the progress being made here at Atomera. Continue to look for our news, articles, and blog posts, which are available along with investor alerts on our website atomera.com. Should you have additional questions, please contact Mike Bishop, who will be happy to follow up. Thanks again for your support, and we look forward to our next update call.

好的。嗯，我想說的是──感謝各位蒞臨現場，聆聽Atomera的最新進展。請繼續關注我們的新聞、文章和部落格帖子，這些內容以及投資者提醒均可在我們的網站 atomera.com 上找到。如有其他疑問，請聯絡 Mike Bishop，他將樂意為您解答。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 Atomera fourth-quarter conference call.

謝謝。Atomera第四季電話會議到此結束。