Atomera Inc (ATOM) 2026 Q1 法說會逐字稿

Hello, everyone, and welcome to Atomera's first-quarter 2026 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.

各位好，歡迎參加 Atomera 2026 年第一季更新電話會議。我想提醒各位，本次電話會議與網路研討會正在錄音，重播將在 Atomera 的投資人關係（IR）網站上提供一年。我是公司投資人關係的 Mike Bishop。

As in prior quarters, we are using Zoom, and we will follow a similar format. (Operator Instructions) 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.

如同前幾季，我們使用 Zoom，並將採用類似的流程。（接線員指示）我們將先由 Atomera 總裁暨執行長 Scott Bibaud，以及 Atomera 財務長 Frank Laurencio 發表準備好的談話內容，接著開放提問。如果您以電話加入，您可在我們網站投資人關係頁面的「活動與簡報」區，查看用以搭配我們談話內容的投影片簡報。

Before we begin, I would like to remind everyone that during today's call, we will make forward-looking statements. These forward-looking statements, whether in prepared remarks or during the Q&A session, are subject to inherent risks and uncertainties. These risks and uncertainties are detailed in the Risk Factors section of our filings with the Securities and Exchange Commission, specifically in the company's annual report on Form 10-K filed with the SEC on February 24, 2026.

在開始之前，我想提醒各位，在今天的電話會議中，我們將作出前瞻性陳述。這些前瞻性陳述，無論是在準備好的談話內容中或在問答環節中，皆受固有風險與不確定性影響。這些風險與不確定性已在我們向美國證券交易委員會（SEC）提交文件的「風險因素」章節中詳述，特別是在公司於 2026 年 2 月 24 日向 SEC 提交的 Form 10-K 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.

除非聯邦證券法另有要求，Atomera 不承擔更新或修訂本文或其他地方所載任何前瞻性陳述之義務，以反映對相關事件、狀況與情勢之預期變化。

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

另外請注意，在本次電話會議中，我們將討論依 SEC Regulation G 所定義的非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標與最直接可比的 GAAP 指標之調節表，已包含於今日新聞稿中，並已張貼於我們的網站。

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

那麼，接下來我想把電話會議交給我們的總裁暨執行長 Scott Bibaud。Scott，請。

Thanks, Mike, and good afternoon, everyone. This quarter, we made solid progress with multiple customers across our highest value markets while also expanding the breadth of applications where MST can solve real current pain points for the semiconductor industry. We're seeing strong customer pull in advanced logic, memory and wide band gap materials like GaN and power and in RF, areas that are being shaped by the rapid growth of AI infrastructure, which is driving the need for better power efficiency, signal integrity and system performance.

謝謝你，Mike，各位下午好。本季我們在多個最高價值市場的多家客戶上取得紮實進展，同時也擴大了 MST 能夠為半導體產業解決當前實際痛點的應用廣度。我們在先進邏輯、記憶體，以及如 GaN 等寬能隙材料（用於功率）與 RF 等領域，看到強勁的客戶拉動需求；這些領域正受到 AI 基礎設施快速成長的影響，進而推動對更佳電源效率、訊號完整性與系統效能的需求。

Today, I'll start with an update on gate-all-around, where we've been working closely with customers and our strategic partners to validate MST in these advanced geometries. Then I'll touch on our customer pipeline and close with updates on GaN, giving insights on some exciting new technical results that are shaping near-term opportunities.

今天我將先從環繞閘極（gate-all-around）的最新進展談起，我們正與客戶及策略合作夥伴密切合作，在這些先進幾何結構中驗證 MST。接著我會談到我們的客戶管線，最後以 GaN 的更新作結，分享一些令人振奮的新技術成果，這些成果正在形塑近期的機會。

As we said before, the move to gate-all-around at 2 nanometers and beyond is one of the most important architectural transitions in the industry, and it's also one of the most difficult manufacturing environments since fabs must build incredibly complicated structures at line widths of 5,000x smaller than a human hair, where a small amount of atomic migration can cause big problems.

如我們先前所說，2 奈米及更先進節點導入環繞閘極，是產業最重要的架構轉換之一，同時也是最困難的製造環境之一，因為晶圓廠必須在比人類頭髮細度小 5,000 倍的線寬下建構極其複雜的結構，而少量的原子遷移就可能造成重大問題。

Gate-all-around transistors are the building blocks for AI infrastructure and dopant diffusion control is critical to their effectiveness in terms of performance and reliability. Therefore, the industry is demanding clear proof that any new material can be deposited precisely and that it delivers measurable benefits in advanced silicon devices.

環繞閘極電晶體是 AI 基礎設施的基礎元件，而摻雜擴散控制對其效能與可靠性至關重要。因此，產業需要明確證據，證明任何新材料都能精準沉積，並且在先進矽元件中帶來可量測的效益。

Today, there are 4 companies in the world developing gate-all-around transistors, TSMC, Samsung, Intel and Rapidus. We know that each of them can use the capabilities of MST, so it's our goal to achieve adoption at all four. Further, as these companies transition to the generation beyond gate-all-around called CFET, our technology becomes even more essential. So working with us now is in their best interest long term.

目前全球有 4 家公司正在開發環繞閘極電晶體：台積電、三星、英特爾與 Rapidus。我們知道他們每一家都能運用 MST 的能力，因此我們的目標是在這四家都達成採用。此外，當這些公司轉向環繞閘極之後的下一代技術 CFET 時，我們的技術將變得更為關鍵。因此，從長期來看，現在就與我們合作符合他們的最佳利益。

In our last earnings call, we have just received measured silicon results that prove MST is the best solution for a critical source strain liner application in these small geometry transistors. At this point, we're actively working on evaluations of our technology with two of our target gate-all-around customers and discussions are underway with the others.

在上一次財報電話會議中，我們剛收到量測到的矽晶結果，證明 MST 是這些小幾何電晶體中一項關鍵源極應變襯層（source strain liner）應用的最佳解決方案。目前，我們正積極與兩家目標環繞閘極客戶進行技術評估，並且也已與其他客戶展開討論。

It is typical that a customer asked to conduct multiple demonstrations before agreeing to accept a new technology for implementation in their fab wafer flow. These demonstrations help to validate our claims while simultaneously addressing the detailed implementation and functionality questions these customers are focused on solving.

客戶在同意接受一項新技術導入其晶圓廠製程流程之前，通常會要求進行多次展示驗證。這些展示有助於驗證我們的主張，同時也能回應客戶所關注、需要解決的細部導入與功能性問題。

We also expanded the scope of our work with our strategic development partner this quarter, which is important because it strengthens both our technical velocity and our credibility with the ecosystem. Their test and development infrastructure helps us generate the kind of data that advanced node customers insist on seeing before engaging and their endorsement will certainly help us engage a broader set of teams within each target account.

本季我們也擴大了與策略開發夥伴的合作範圍，這很重要，因為它同時強化了我們的技術推進速度與在生態系中的可信度。他們的測試與開發基礎設施，能協助我們產出先進節點客戶在投入合作前堅持要看到的那類數據；而他們的背書也必然有助於我們在每個目標客戶內部接觸更廣泛的團隊。

Each of the large memory manufacturers are facing similar challenges to the gate-all-around customers as they develop their next-generation transistors in DRAMs and high-bandwidth memories. Our team is in discussions with them right now, and we are currently working on multiple solutions using MST to assist in this area.

各大記憶體製造商在開發 DRAM 與高頻寬記憶體的下一代電晶體時，面臨與環繞閘極客戶類似的挑戰。我們團隊目前正與他們洽談，並正在運用 MST 針對此領域開發多項解決方案。

Right now, memory manufacturers would do almost anything to get greater fab capacity, and they have the resources to evaluate different methods of doing so. We hope to take advantage of that opportunity with solutions enabled by MST. The momentum we're seeing in the advanced node transistor space is a result of many years of work targeting current market trends.

目前，記憶體製造商幾乎願意採取任何方式來提升晶圓廠產能，而且他們也具備評估不同方法的資源。我們希望藉由 MST 所促成的解決方案把握這個機會。我們在先進節點電晶體領域所看到的動能，是多年來針對當前市場趨勢投入工作的成果。

The macro challenges that AI success has put front and center, capacity and performance of CPUs, GPUs, logic and memory, the power demands of cloud providers and the increased costs associated with these are all areas that Atomera can help solve. For that reason, we believe that MST is a fundamental tool for the future of AI.

AI 成功所凸顯的總體挑戰——CPU、GPU、邏輯與記憶體的產能與效能、雲端服務供應商的電力需求，以及與此相關的成本上升——都是 Atomera 能協助解決的領域。因此，我們相信 MST 是 AI 未來的基礎工具。

Our customer pipeline remains very active across multiple domains. For example, our work with our large IDM customer continues to go well, and we expect additional results from wafer runs soon. Our efforts with ST Microelectronics are bearing fruit, and we are confident we will reengage with them again in the near future, consistent with our view that MST can create value across multiple product lines, especially in a large diversified IDM or foundry.

我們的客戶管線在多個領域仍然非常活躍。例如，我們與大型 IDM 客戶的合作持續進展良好，我們預期很快會有更多晶圓試跑結果。我們與意法半導體（ST Microelectronics）的努力也已見成果，我們有信心在不久的將來再次與其重新接洽，這與我們的觀點一致：MST 能在多條產品線創造價值，特別是在大型多元化的 IDM 或晶圓代工廠中。

In RF SOI, we are seeing strong results confirming our extensive TCAD simulations. The technical results we've been focused on, including for both power switch and LNA have been confirmed through customer silicon runs. The near-term question is less about performance and more about the most efficient path to commercialization, particularly in cases involving fabless licensees where aligning the business structure with the manufacturing flow can be complex.

在 RF SOI 方面，我們看到強勁結果，驗證了我們大量的 TCAD 模擬。我們一直聚焦的技術成果（包括功率開關與 LNA）已透過客戶的矽晶試跑得到確認。近期的問題較少在於效能，而更多在於最有效率的商業化路徑，特別是在涉及無晶圓廠（fabless）被授權方的情況下，如何讓商業架構與製造流程對齊可能相當複雜。

In power devices, we're seeing excellent potential in new development work being done to target MST at both TrenchFET and HVT transistors, useful in high-frequency, high-speed and high-voltage applications. At the same time, wafers continue moving forward with our second JDA partner, and we'll keep pushing those efforts toward production pathway.

在功率元件方面，我們看到極佳的潛力：新的開發工作正將 MST 鎖定於 TrenchFET 與 HVT 電晶體，適用於高頻、高速與高電壓應用。同時，與我們第二家 JDA 夥伴的晶圓也持續推進，我們將持續推動這些工作朝向量產路徑前進。

Turning to GaN. We made meaningful advancements this quarter, including a breakthrough that could give us a technical leadership in RF GaN on silicon to augment the advantages previously outlined for power GaN on silicon. To explain the innovation, I need to give a little background.

接著談 GaN。本季我們取得具意義的進展，包括一項突破，可能使我們在矽基 RF GaN 上取得技術領先，以強化先前所概述之矽基功率 GaN 的優勢。為了說明這項創新，我需要先提供一些背景。

GaN on silicon is a much more economical growth method than alternatives built on exotic substrates like silicon carbide or sapphire. But when GaN on silicon is manufactured due to the GaN stack growth process, gallium and aluminum ions gather at the silicon substrate interface, forming an unwanted sheet charge layer called a parasitic channel, which is well known to limit RF performance and GaN on silicon applications.

相較於建立在碳化矽或藍寶石等特殊基板上的替代方案，矽基 GaN 是更具經濟效益的成長方式。然而，當製造矽基 GaN 時，由於 GaN 堆疊層的成長製程，鎵與鋁離子會在矽基板介面聚集，形成一層不希望出現的片狀電荷層，稱為寄生通道（parasitic channel）；眾所周知，這會限制 RF 效能以及矽基 GaN 的應用。

In fact, its elimination has been the subject of materials and growth studies for more than 20 years. In the past few weeks, we received preliminary performance data suggesting MST can dramatically reduce the parasitic channel. It does this by using MST's fundamental interface engineering to block the gallium and aluminum ions from getting into the silicon substrate.

事實上，消除它一直是材料與成長研究的主題，已超過 20 年。在過去幾週，我們收到初步效能數據，顯示 MST 能大幅降低寄生通道。其作法是運用 MST 的基礎介面工程，阻擋鎵與鋁離子進入矽基板。

An industry veteran told us that in his 20 years, this is the best measured sheet charge data he has ever seen. We're continuing to validate this very promising discovery with our test and measurement partners. RF GaN on silicon is a value in the wireless infrastructure, military, defense and satellite markets.

一位業界資深人士告訴我們，在他 20 年的經驗中，這是他見過最好的實測片電荷（sheet charge）數據。我們正與測試與量測合作夥伴持續驗證這項非常有前景的發現。矽基 RF GaN 在無線基礎設施、軍事、國防與衛星市場具有價值。

It's also being actively evaluated for high integrated RF front ends such as those for 6G cellular. So the market potential is large and growing fast. We are actively engaging on both 200-millimeter and 300-millimeter wafer sizes in GaN depending on our customers' requests.

它也正被積極評估用於高度整合的 RF 前端，例如 6G 行動通訊所需的前端。因此，市場潛力龐大且快速成長。我們正依客戶需求，積極推進 200 毫米與 300 毫米晶圓尺寸的 GaN 相關合作。

That matters because the wafer size for GaN on silicon is one of its key advantages leading directly to a customer's path to high-volume production, low-cost structure and a set of fabs that can support ramp, including opening doors for new applications with conventional silicon fabrication methods and devices.

這點很重要，因為矽基 GaN 的晶圓尺寸是其關鍵優勢之一，能直接引導客戶走向高產量製造、低成本結構，以及一套可支援產能爬坡（ramp）的晶圓廠，同時也為採用傳統矽製程方法與元件的新應用打開大門。

We're seeing expanded interest in partnerships across the ecosystem, including engagements involving Incize, Synopsys, Texas State University, Sandia and others. Those kinds of parallel tasks, commercial customers plus research and ecosystem partners can compress development cycles and accelerate the time from promising materials data to something customers can qualify and deploy.

我們看到整個生態系對合作夥伴關係的興趣擴大，包括與 Incize、Synopsys、德州州立大學、Sandia 等機構及其他單位的合作。這類並行任務——商業客戶加上研究與生態系夥伴——能壓縮開發週期，並加速從具前景的材料數據到客戶可進行認證與部署的成果之時間。

Work here is aimed at generating data that is both technically rigorous and directly translatable to customer device requirements. Finally, a quick note on our announcement last week about expanding our collaboration with Synopsys. We've worked with Synopsys for years to enable accurate modeling of MST inside the Sentaurus TCAD environment through our MST CAD tool set. This expanded collaboration extends that relationship into GaN workflows for both high-value RF and power devices.

此處的工作旨在產生同時具備技術嚴謹性、且可直接對應到客戶元件需求的數據。最後，簡要說明我們上週宣布擴大與 Synopsys 的合作。我們多年來與 Synopsys 合作，透過我們的 MST CAD 工具組，在 Sentaurus TCAD 環境中實現對 MST 的精準建模。此次擴大合作，將此關係延伸至 GaN 工作流程，涵蓋高價值的 RF 與功率元件。

Practically, this means we're working closely with Synopsys to provide feedback on their GaN models, and we'll be jointly developing marketing materials so customers and partners can evaluate the physical and electrical effects of MST and GaN more quickly and with higher confidence.

實務上，這表示我們正與 Synopsys 密切合作，針對其 GaN 模型提供回饋，並將共同開發行銷資料，讓客戶與合作夥伴能更快速、且更有信心地評估 MST 與 GaN 的物理與電性影響。

To summarize, we're making progress where it matters, expanding and deepening gate-all-around engagements, broadening GaN from power into RF with concrete technical innovations and continuing to advance multiple customer programs across our pipeline. We remain focused on converting technical validation into commercial structures that can drive repeatable revenue and are confident in our ability to do so. This is indeed an exciting time for Atomera.

總結來說，我們在關鍵之處持續取得進展，擴大並深化環繞閘極（gate-all-around）的合作案，透過具體技術創新將 GaN 從功率領域拓展到 RF，並持續推進我們管線中的多項客戶專案。我們仍專注於將技術驗證轉化為可帶來可重複收入的商業架構，並對達成此目標充滿信心。對 Atomera 而言，這確實是令人振奮的時刻。

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

接下來，我把電話會議交給我們的財務長 Frank，請他回顧我們的財務狀況。

Thank you, Scott. At the close of the market today, we issued a press release announcing our results for the first quarter of 2026, and this slide shows our summary financials. Our GAAP net loss for the first quarter of 2026 was $6.1 million or $0.17 per share compared to a net loss of $5.2 million, which was also $0.17 a share in Q1 of 2025.

謝謝你，Scott。我們在今天收盤後發布新聞稿，公布 2026 年第一季的業績，本投影片顯示我們的財務摘要。2026 年第一季 GAAP 淨損為 610 萬美元，或每股虧損 0.17 美元；相較之下，2025 年第一季淨損為 520 萬美元，同樣為每股虧損 0.17 美元。

On a non-GAAP basis, net loss last quarter was $4.9 million or $0.14 a share. And our Q1 2025 net loss was $4.4 million or $0.15 a share. GAAP operating expenses were $6.2 million in Q1 of 2026, which was an increase of $742,000 from $5.5 million of GAAP operating expense in Q1 2025.

以非 GAAP 基礎計算，上季淨損為 490 萬美元，或每股虧損 0.14 美元；而 2025 年第一季淨損為 440 萬美元，或每股虧損 0.15 美元。2026 年第一季 GAAP 營業費用為 620 萬美元，較 2025 年第一季的 550 萬美元 GAAP 營業費用增加 74.2 萬美元。

Stock compensation expense, which is excluded from non-GAAP results, increased by $397,000, primarily due to new hires and our adoption in Q1 of 2025 of performance stock units, or PSUs, for executives. PSUs vest over three years, whereas the time-based options and RSUs that we had previously granted to executives vested over four years.

股票薪酬費用（在非 GAAP 結果中排除）增加 39.7 萬美元，主要是因為新進人員招募，以及我們在 2025 年第一季為高階主管採用績效股票單位（performance stock units，PSUs）。PSU 的歸屬期為三年，而我們先前授予高階主管的時間型選擇權與限制型股票單位（RSUs）之歸屬期為四年。

Although the vesting period is shorter, PSUs vest only if our stock performs well relative to the Russell 2000. The first tranche of PSUs issued in Q1 2025 lapsed without vesting because we did not hit the required stock price performance threshold. With the exception of stock compensation expense, the drivers of GAAP and non-GAAP expenses are substantially the same.

雖然歸屬期較短，但 PSU 只有在我們的股價表現相對於 Russell 2000 表現良好時才會歸屬。於 2025 年第一季發行的第一批 PSU 因未達到所需的股價表現門檻而到期未歸屬。除股票薪酬費用外，GAAP 與非 GAAP 費用的驅動因素基本相同。

So I will drill down into other factors that impacted our expenses by focusing on non-GAAP numbers. Please refer to the slide presentation for a reconciliation between GAAP and non-GAAP results. Non-GAAP operating expenses in the first quarter were $4.8 million, a year-over-year increase of $348,000 from $4.4 million in Q1 2025.

因此，我將以非 GAAP 數字為重點，深入說明影響我們費用的其他因素。請參閱投影片簡報，以了解 GAAP 與非 GAAP 結果之間的調節。第一季非 GAAP 營業費用為 480 萬美元，較 2025 年第一季的 440 萬美元年增 34.8 萬美元。

Sales and marketing expense increased by $203,000, reflecting our two executive hires since October. R&D expenses increased by $127,000 from $2.8 million in Q1 of last year to $2.9 million in the first quarter of this year, primarily due to higher spending on outsourced engineering to support the wafer runs for our gate-all-around engagements, our IDM customer and our JDA customer, which drives spending on metrology. G&A expenses were basically flat from the first quarter of last year.

銷售與行銷費用增加 20.3 萬美元，反映自 10 月以來我們新增的兩位高階主管。研發費用由去年第一季的 280 萬美元增加 12.7 萬美元至今年第一季的 290 萬美元，主要因為為支援我們的環繞閘極合作案、我們的 IDM 客戶以及我們的 JDA 客戶之晶圓試產（wafer runs），而增加委外工程支出，並帶動量測（metrology）支出。一般與行政（G&A）費用與去年第一季相比基本持平。

Turning to sequential quarterly results. First quarter 2026 non-GAAP net loss was $4.9 million or $0.14 a share compared to net loss of $3.3 million or $0.10 a share in Q4 of 2025. Operating expenses were $4.8 million in Q1, which is a $1.6 million increase from $3.2 million in Q4.

接著看季度環比結果。2026 年第一季非 GAAP 淨損為 490 萬美元，或每股虧損 0.14 美元；相較之下，2025 年第四季淨損為 330 萬美元，或每股虧損 0.10 美元。第一季營業費用為 480 萬美元，較第四季的 320 萬美元增加 160 萬美元。

Let me offer some color on the magnitude of the sequential increase. As I explained on our last quarterly call, our Compensation Committee elected not to pay the full 2025 executive bonus, withholding approximately $669,000, which normally would have been paid out in January.

我補充一些關於環比增加幅度的說明。如同我在上次季度電話會議中所解釋的，我們的薪酬委員會決定不全額支付 2025 年高階主管獎金，扣留約 66.9 萬美元，該金額通常會在 1 月發放。

The committee provided the executive team the opportunity to earn back the withheld amount in 2026 upon achievement of commercial objectives. This led to us reversing accrued bonus expense in the fourth quarter, which skews the comparison of expenses between Q1 and Q4. Our balance of cash, cash equivalents and short-term investments on March 31, 2026, was $41.1 million compared to $19.2 million on December 31, 2025.

委員會提供高階主管團隊在 2026 年達成商業目標後賺回該扣留金額的機會。這使我們在第四季沖回已提列的獎金費用，從而扭曲了第一季與第四季之間的費用比較。截至 2026 年 3 月 31 日，我們的現金、約當現金及短期投資餘額為 4,110 萬美元，較 2025 年 12 月 31 日的 1,920 萬美元增加。

We used $4.6 million of cash in operating activities during Q1 compared to $3.2 million in Q4 and $4.8 million in Q1 of last year. As is typical for us, cash used in the first quarter of every year is higher than other quarters due to payments for items that are expensed over the year. In February of this year, we closed on a $25 million registered direct stock offering, selling 5 million shares of common stock at $5 per share, netting us proceeds of $23.6 million after fees and expenses.

第一季營運活動使用現金 460 萬美元，相較第四季為 320 萬美元、去年第一季為 480 萬美元。對我們而言，每年第一季的現金使用通常高於其他季度，因為會支付一些在全年攤銷認列的項目。今年 2 月，我們完成一筆 2,500 萬美元的註冊直接股票發行（registered direct stock offering），以每股 5 美元出售 500 萬股普通股，扣除費用與支出後淨募得 2,360 萬美元。

Prior to this offering, we had also raised $3.2 million in Q1 by selling approximately 1.3 million shares under our ATM at an average price of $2.47. Currently, we have 38.7 million shares outstanding. With the proceeds of our equity offering, we feel that our current cash balance puts us in a strong position to execute on the opportunities ahead of us, but we will continue to be disciplined about controlling our costs.

在此發行之前，我們也在第一季透過 ATM 以平均價格 2.47 美元出售約 130 萬股，募集 320 萬美元。目前我們流通在外股數為 3,870 萬股。憑藉本次股權發行的資金，我們認為目前的現金餘額使我們處於有利位置，得以把握未來機會，但我們仍將持續嚴格控管成本。

On our last call, I said that we expected our 2026 annual non-GAAP operating expense to be approximately $18.5 million, and we are holding to that number. To reiterate, the reason why the expense increase appears as large as it does over $15.9 million of OpEx in 2025 is the bonus deferral, which essentially shifted expenses out of Q4 and moved them into 2026.

在我們上一次的電話會議中，我提到我們預期 2026 年度的非 GAAP 年度營運費用約為 1,850 萬美元，而我們仍維持這個數字。再次強調，之所以相較於 2025 年 1,590 萬美元的營運費用（OpEx）看起來增幅如此之大，原因在於獎金遞延，這基本上是把費用從第四季移出並轉移到 2026 年。

Organic increases in spending mainly relate to the hiring of our VP of Sales in Q4 last year and our VP of Marketing in Q1. Revenue in Q1 was $11,000 and consisted of fees for wafer deliveries to the large IDM that Scott talked about. And we have $96,000 of deferred revenue on our balance sheet.

支出方面的有機性增加主要與我們在去年第四季聘任銷售副總裁，以及在第一季聘任行銷副總裁有關。第一季營收為 11,000 美元，主要由 Scott 提到的那家大型 IDM 的晶圓交付費用所構成。此外，我們的資產負債表上有 96,000 美元的遞延收入。

Approximately $46,000 of revenue that we expected to recognize in Q1 pushed out to Q2 because wafer shipments that we anticipating making last quarter pushed out to early this quarter. Accordingly, we expect Q2 revenue to be in the range of $50,000 to $100,000.

我們原本預期在第一季認列的約 46,000 美元營收延後到第二季，因為我們原先預計在上季出貨的晶圓延後到本季初才出貨。因此，我們預期第二季營收將落在 50,000 至 100,000 美元的區間。

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，我會把電話會議交回給 Scott，請他在我們開放提問前做幾點總結。Scott？

Thanks, Frank. And before we take questions, I want to thank our employees, our customers and our shareholders for their continued support. We're excited about the progress we're making, and we remain focused on translating our growing body of simulation and customer silicon evidence into commercial agreements that can drive long-term repeatable revenue and a strong sustainable business.

謝謝你，Frank。在我們開始提問之前，我想感謝我們的員工、客戶以及股東持續的支持。我們對目前取得的進展感到振奮，並且仍專注於把我們日益累積的模擬結果與客戶端矽驗證證據，轉化為可帶動長期、可重複的營收，以及強健且可持續的商業模式之商業協議。

Mike, we will now take questions.

Mike，我們現在開始提問。

(Operator Instructions)

（接線員指示）

And right now, it looks like Richard is ready to ask a first question. Richard, please go ahead.

目前看起來 Richard 準備好提出第一個問題了。Richard，請開始。

Hi, Mike. Thanks. Thanks, Scott and Franc. Mike, can you hear me? Just want to make sure the audio is okay.

嗨，Mike。謝謝。也謝謝 Scott 和 Franc。Mike，你聽得到我嗎？我只是想確認音訊沒問題。

Yeah, we can hear you, Richard.

有的，Richard，我們聽得到你。

Thanks. Great. Scott, the gate-all-around stuff here, you made some very interesting comments. I want to touch on a few of these things here. So you mentioned that you've got -- now have measured silicon results here and your customers have said that they're better than the other solutions that they have here. Just want to make sure that that's what you said, and then I have a couple of follow-ups on that topic.

謝謝。很好。Scott，關於這裡的全環繞閘極（gate-all-around）部分，你做了一些非常有意思的評論。我想針對其中幾點談一下。你提到你們現在已經有量測到的矽（silicon）結果，而且客戶表示這些結果比他們現有的其他解決方案更好。我想確認我理解無誤，然後我有幾個後續問題。

Yes, you maybe -- are you talking about GaN or gate-all-around?

是的，你可能——你是在談 GaN 還是全環繞閘極（gate-all-around）？

Gate-all-around.

全環繞閘極（gate-all-around）。

On gate-all-around, we do have measured silicon results. And we evaluated our results against another method that people in the industry are using to accomplish the same type of thing we're doing, and our results are a significant improvement. So yes, we have definitely had that, and we're showing that to customers.

就全環繞閘極而言，我們確實有量測到的矽結果。而且我們把自己的結果與業界用來達成我們同類目標的另一種方法做了比較，我們的結果有顯著改善。所以是的，我們確實已經做到這點，並且正在向客戶展示。

So to follow up on this, so I assume that the measured results are wafers run at one of these four targeted customers. Is that correct? Or it's independent?

那我追問一下，我假設這些量測結果是來自於四個目標客戶之一所跑的晶圓。這樣對嗎？還是說是獨立的？

In fact the measured results are something that we did in conjunction with our strategic partner, where they had gate-all-around structures, and we use those devices to grow MST on those gate-all-around structures in the wafer, and then we're able to conduct this testing. So now that's -- if you think about how we approach customers, we go out and we show customers our simulation data, which we can do without a strategic partner. But then having silicon tested data is a massive improvement over that.

其實這些量測結果是我們與策略合作夥伴共同完成的；他們有全環繞閘極結構，而我們使用那些元件，在晶圓上的全環繞閘極結構上成長 MST，然後我們就能進行測試。所以——如果你想想我們接觸客戶的方式，我們會先向客戶展示模擬資料，這在沒有策略合作夥伴的情況下也能做到。但有了經過測試的矽資料，相較之下是巨大的提升。

So that's been able to really open the doors for us to get into the customers. The next step from there is the customer will typically say, okay, we can see you did that on your strategic partners' structure. Now we want you to do it on our structure because our structure is different. Everybody is different.

這確實讓我們更容易打開大門、進入客戶端。接下來通常客戶會說：好，我們看到你在你們策略合作夥伴的結構上做到了。現在我們希望你在我們的結構上做，因為我們的結構不同；每一家都不一樣。

And when I mentioned that we're -- we have work underway with two of the target customers there doing demonstrations, that's the step we're at where we're trying to do -- implement our technology on their structures and show them that. We believe that the step after that, Richard, will be that they'll have to install MST in their fabs to do any further testing because these structures are so small and hard to manufacture that it's difficult to do a lot more work by having us run demonstrations in our fab.

當我提到我們正在與其中兩家目標客戶進行示範工作時，我們目前所處的階段就是：嘗試把我們的技術導入他們的結構並向他們證明。我們相信下一步，Richard，將會是他們必須在自家晶圓廠（fab）內安裝 MST 才能做進一步測試，因為這些結構非常微小且難以製造，若只靠我們在自家晶圓廠進行示範，會很難再做更多工作。

Okay. So to that point, do you have a commitment to attempt to do this on your customer structures? Or is just the discussions to get that agreed to?

了解。就這點而言，你們是否已經取得在客戶結構上嘗試的承諾？還是仍在討論以取得同意？

We're working on it with two of them actually -- I don't know what you mean by commitment, but I guess they're sending us wafers and we're putting on. So yes, that's pretty committed.

我們其實正在和其中兩家合作——我不太確定你所說的「承諾」是指什麼，但我想他們正在寄晶圓給我們，而我們在上面做製程。所以是的，這算是相當有承諾了。

Okay. That sounds pretty good. So what's the time frame for this work to get done? And then I assume, given what I've heard for the many years that I followed you guys that the analysis of these can often take a while, and these are more complex than most.

好，聽起來相當不錯。那這項工作完成的時間表是什麼？另外我假設——根據我多年追蹤你們的經驗——這類分析往往需要一些時間，而這些又比大多數更複雜。

So I would assume that analysis takes a while. So what's the kind of the turnaround time between getting that done, analyzing and getting to that next step? What do you foresee that taking?

所以我會假設分析需要一段時間。從完成製作、分析到進入下一步之間，大概的周轉時間是多久？你預期會花多長時間？

It's going to take several months. Just us doing the work, we have to really do a lot of development work to just figure out how to grow things effectively in these tiny devices that they're sending us. And so normally, when someone sends us wafers within three weeks to a month, we can turn those around and send them back.

這會需要好幾個月。就我們執行工作本身而言，我們必須做大量開發工作，才能弄清楚如何在他們送來的這些微小元件中有效地成長材料。因此一般來說，當有人寄晶圓給我們，我們在三週到一個月內就能處理完並寄回去。

In this case, my guess is it might take us longer than that, two to three months. And then when we sit in the back, they have to put them in their fab and run them for several months. So it could be in the order of 6 months before we start to see results coming out of this.

但在這個案例中，我猜可能會更久，大約兩到三個月。然後當我們寄回去後，他們必須把晶圓放進他們的晶圓廠並跑上好幾個月。所以在我們開始看到結果之前，可能需要大約 6 個月的時間。

Now in -- I mentioned a few times on the call and both structural analysis, which is where they are looking at what we did for deposition in those structures and making sure that what we did was appropriate, they can do that pretty quickly because you're taking TEM images like electron microscope images and looking at what we did, that -- those results will come quickly, but the electrical results will be the result of running the wafers through the whole line.

另外——我在電話會議中提過幾次——結構分析（structural analysis）是指他們檢視我們在那些結構中所做的沉積（deposition）並確認是否適當；這部分可以很快完成，因為他們會用 TEM 影像（例如電子顯微鏡影像）來看我們做了什麼，這些結果會很快出來。但電性結果則必須把晶圓跑完整條產線後才會得到。

Got it. Okay. And so you're expecting or expecting to run wafers with -- wafers from two different GAA customers then over the next few months?

了解。那你們預期在接下來幾個月，會分別跑來自兩個不同 GAA 客戶的晶圓嗎？

Yes.

是的。

Okay. Going back to my first question here and understanding the results you measured with the runs you did with your equipment partner. I want to get a sense of whether the customers agree that the comparisons you've done with, I think, an industry standard approach to dopant diffusion, they actually agree with that as well that, that is much better than what they've been -- what they can get internally? Or is this just what your equipment partners concluded for you?

好。回到我第一個問題，關於你們與設備合作夥伴一起跑出並量測到的結果。我想了解的是：客戶是否也同意你們拿來比較的——我想是某種業界標準的摻雜擴散（dopant diffusion）方法——並且也認同你們的結果確實遠優於他們內部能做到的？還是這只是你們設備合作夥伴替你們得出的結論？

I think there's no doubt that the customers that we've been able to engage with and get down to lots of details on it, they have been impressed enough that they want to move forward with these further demonstrations.

我認為毫無疑問，我們能夠接觸並深入討論細節的客戶，他們的確印象深刻到願意推進這些進一步的示範。

So yes, they definitely saw the benefit of using MST to conduct -- to block the dopant diffusion in the areas that we're talking about and how it works better than what they're currently implementing.

所以是的，他們確實看到了使用 MST 來進行——用以阻擋我們所談區域中的摻雜擴散——的效益，以及它如何比他們目前正在採用的方法更有效。

Okay. Okay. Fair enough. Some really interesting stuff going on there. Maybe a couple of other quick questions. So on the DRAM side, it sounds like we made some progress here. But if I'm to compare that with the progress on the logic side to the memory side, it sounds like the logic is reasonably farther ahead than memory. Is that a fair comparison?

好的。好的。很合理。那邊確實有一些很有意思的進展。也許再問幾個很快的問題。所以在 DRAM 這邊，聽起來我們有一些進展。但如果我把它跟邏輯端相對於記憶體端的進展做比較，聽起來邏輯端比記憶體端走得更前面一些。這樣的比較公平嗎？

Yes, that's true. We are talking with the memory manufacturers, and they -- one thing, memory is quite a different architecture than logic that we're using gate-all-around. But in memory, they're having the same type of dopant diffusion problems with their newer architectures as the gate-all-around folks are and our technology is directly applicable to that.

是的，沒錯。我們正在和記憶體製造商洽談，而他們——有一點是，記憶體的架構和我們在邏輯端使用的環繞閘極（gate-all-around）是相當不同的。但在記憶體方面，他們在較新架構上也遇到與環繞閘極同樣類型的摻雜擴散問題，而我們的技術對此可直接適用。

So we have a lot of interest in -- from the DRAM guys about that. We're also talking to them about some other solutions that may be able to help them in different ways. So it's lots of different vectors of how we're engaged with DRAM guys. I should say with the memory guys because it's also in high bandwidth memory, not just DRAM. But we're further ahead with the gate-all-around customers than we are with them.

所以我們從 DRAM 廠那邊看到非常多的興趣。我們也在跟他們討論一些其他可能以不同方式幫助他們的解決方案。所以我們與 DRAM 廠的合作切入點有很多不同的方向。我應該說是與記憶體廠，因為也包含高頻寬記憶體（HBM），不只是 DRAM。不過，相較之下，我們在環繞閘極客戶那邊的進度確實比在他們這邊更超前。

Okay. All right. Fair enough. Maybe a question on the GaN side here. So I think before -- my recollection is you're talking more about applications of GaN into the power space, but more recently, it's been in RF here.

好的。好。合理。那再問一個關於 GaN 的問題。我記得之前——我的印象是你們更多在談 GaN 在電源領域的應用，但最近則更多是在 RF 這邊。

How would you characterize kind of the -- which one is kind of the leader in terms of getting to the next step here and getting installation licenses, I know that's not the right term, but it's kind of what I think of it, installation licenses or using the wafers with that already built in there, which one is kind of in the lead here if either one is notably better?

你會怎麼描述——哪一個在邁向下一步、以及取得安裝授權（我知道這不是正確用語，但我腦中是這樣想的），也就是安裝授權或使用已經把那個東西做在裡面的晶圓方面，哪一個目前比較領先？如果其中有一個明顯更好、走得更快的話。

Okay. So it's kind of interesting where you're right saying that we initially targeted the power market for our GaN on silicon work. The power market is actually much larger than the GaN on RF market today. And that's one of the reasons why we targeted it first. And for the power market, we -- our big value that we've been talking about is to improve crystal quality and therefore, to allow people to manufacture on larger wafers because there'd be less bow and warp as they're growing the GaN and fewer defects and therefore, would have a lot of inherent value.

好的。這點其實滿有意思的。你說得對，我們一開始在做矽基 GaN（GaN on silicon）時，最初鎖定的是電源市場。就目前而言，電源市場其實比 GaN 的 RF 市場大得多，這也是我們先鎖定它的原因之一。對電源市場來說，我們一直在談的核心價值是提升晶體品質，進而讓大家能在更大尺寸的晶圓上製造，因為在成長 GaN 時會有更少的彎曲（bow）與翹曲（warp）、更少的缺陷，因此本身就具有很高的價值。

Now the only challenge with that is to validate all that work, you actually have to build wafers and build electrical devices and do a lot of testing. So that takes some time. And everybody's GaN growth properties are different. So there's some tuning that has to happen -- and so that takes time. The new things I just mentioned, GaN on RF, we got some test data and we just spoke about it at a big compound semiconductor conference last week, and there is a huge amount of interest in the industry.

不過唯一的挑戰是，要驗證這些成果，你其實必須做出晶圓、做出電性元件，並進行大量測試。所以這需要一些時間。而且每一家在 GaN 成長上的特性都不同，所以需要做一些調校——因此也會花時間。我剛剛提到的新方向，也就是 RF 用的矽基 GaN，我們拿到了一些測試數據，上週也在一個大型化合物半導體會議上分享了，產業界的興趣非常高。

And just looking at this early data that we got, it has to be validated and so forth. But just looking at that data could be enough for someone to adopt us because it's such a big breakthrough in such an area where the industry needs solutions. In RF, they don't actually have to do the full electrical testing before they can decide to move forward on something. So it could be that we're moving -- although we're earlier into the GaN on silicon for RF market, that one could move faster.

而且就我們目前拿到的這些早期數據來看，當然還需要進一步驗證等等。但光是看這些數據，可能就足以讓某些人採用我們，因為這在一個產業迫切需要解決方案的領域裡，是非常重大的突破。在 RF 領域，他們其實不需要在做決策前就完成全部的電性測試。因此有可能——雖然我們切入 RF 的矽基 GaN 市場比較晚、也比較早期，但那一塊反而可能推進得更快。

Okay. All right. Fair enough. One last question for me. And maybe going back to STMicro here, and I'm not sure if this is the -- who you're now referring to the IDM customer or not here. So maybe correct me if I'm misassuming that here. But maybe just kind of indicate where we're sitting here with those guys.

好的。好。合理。我最後一個問題。回到 STMicro 這邊，我不確定你現在提到的 IDM 客戶是不是指他們。所以如果我這樣假設有誤，請糾正我。不過能否大概說明一下我們目前跟他們的進展狀況？

Obviously, we have put a pause on the power stuff that you're hoping to move forward with that you talked about late last year. How about the other applications with them? Are they still moving as full force as you had expected and had been seeing since the cessation of the power work with them?

很明顯地，我們已經暫停了你們原本希望推進、且你們在去年底談到的電源相關工作。那他們那邊其他應用呢？在停止與他們的電源合作之後，其他項目是否仍如你們原先預期、以及之前看到的那樣全力推進？

Yes. Just to clarify, when I talk about the IDM, it's not STMicro. STMicro is another IDM, and we think we have a lot of different areas that we can engage with STMicro, but that's a separate engagement. So yes, we've been talking with multiple business units over there and been doing some work, some evaluation work, and we have recently got some results that lead us to believe that we're going to start reengaging with them on developing a product.

是的。先澄清一下，我提到的那家 IDM 不是 STMicro。STMicro 是另一家 IDM，我們認為可以在很多不同領域與 STMicro 合作，但那是另一個獨立的合作案。所以是的，我們一直在那邊與多個事業單位洽談，也做了一些工作、一些評估工作，而且我們最近拿到一些結果，讓我們相信我們將會開始重新與他們接觸、共同開發一個產品。

We aren't at the point where we can talk about that yet, and ST hasn't specifically given us any okay to talk about it. But yes, we've been saying since we had to give that unfortunate news about the BCD program at ST that we are working with other groups and that our relationship with the company was great. And the thing is they really know and understand MST technology and have seen it and they believe in it. So this is kind of an indication of those comments that we've been making and I haven't been able to announce a new deal with them yet, but we hope to be able to do that in the future.

我們還沒到可以對外談這件事的階段，而且 ST 也沒有明確允許我們談論。但沒錯，我們在不得不公布 ST 的 BCD 專案那個不幸消息之後就一直說，我們仍在與其他團隊合作，而且我們與該公司的關係很好。重點是，他們真的了解並理解 MST 技術，也看過它，並且相信它。所以這算是對我們一直以來那些說法的一個佐證。雖然我還不能宣布與他們的新合作案，但我們希望未來能做到。

Excellent. I will jump on the line, guys. Thank you very much.

太好了。我就先下線了，各位。非常感謝。

Thanks.

謝謝。

Okay. There are a few questions that have been asked in the Q&A line, and I'll just bring them up one by one.

好的。Q&A 線上有幾個問題，我會一個一個提出來。

So the first kind of question is about gate-all-around and it's that given the evaluation periods that we've seen in other areas of Atomera, are there specific milestones that need to be hit to convert these gate-all-around customers into JDA? And what's a realistic time frame for such a conversion?

第一個問題大概是關於環繞閘極（gate-all-around）：鑑於我們在 Atomera 其他領域看到的評估期，是否有一些特定里程碑必須達成，才能把這些環繞閘極客戶轉換成 JDA？而這樣的轉換，合理的時間範圍是多久？

Yes. At a high level, I'll -- maybe I'll put a little bit more structure on what I showed -- I talked about Richard before. It's typical customers who want to see kind of 4 different levels. They want to see TCAD results that show that you have the potential to deliver performance, and they have to understand all the TCAD background and believe in it.

是的。從高層次來說——我可能會把我剛剛展示的內容再加一點結構——我之前提到 Richard。典型的客戶通常想看到大概四個不同層級。他們首先想看到 TCAD 結果，證明你有潛力帶來效能提升，而且他們必須理解所有 TCAD 的背景並且相信它。

Then they'll move ahead and say, we want to see that captured on silicon. So we've done those two steps and gate-all-around. The next step, they say, okay, we want to see that captured in silicon, but on our silicon on our structure, we're going to send you guys wafers. We want you to deposit it on our structure and send it back to us, and we'll evaluate it.

接著他們會往前推進，說我們想看到這些成果在矽上實現。所以在環繞閘極方面，我們已經完成了前兩步。下一步他們會說，好，我們想看到它在矽上實現，但要在我們的矽、我們的結構上——我們會把晶圓寄給你們。我們希望你們在我們的結構上沉積，然後寄回來給我們，我們來評估。

Now they know they're not going to get the most perfect performance out of that because the work we have to do together and tuning them up and getting everything to work fully integrated. But they're just trying to do a proof of concept on their platform, right? That's the stage we're at right now with two of the customers.

他們也知道那樣不會得到最完美的效能，因為我們需要一起合作、調校，讓所有東西能夠完整整合並運作。但他們只是想在他們的平台上做概念驗證（proof of concept），對吧？我們目前在兩個客戶那邊正處於這個階段。

Beyond that, the stage after that would be where they install and do the actual implementation on their device, tuning it all appropriately. So yes, it's a fair question to say when should we expect to see a JDA sometime during -- in this period of us doing the evaluation on their devices and when we get to the point we'll install there because that would involve a license, then we should be having a JDA in place.

再往後的下一個階段，就是他們在自己的裝置上安裝並做實際導入，並把所有參數調校到位。所以是的，問什麼時候會看到 JDA 是合理的問題：在我們對他們裝置進行評估的這段期間，以及當我們進一步到他們那邊安裝時——因為那會涉及授權——那麼我們就應該會有一份 JDA 到位。

These companies do not move fast when you're talking about kind of legal agreements. So -- but we're working hard to make those happen, and we hope to be able to announce them at some point in the near future.

當你談到這類法律協議時，這些公司不會動作很快。所以——但我們正努力推動這些事情發生，並希望能在不久的將來某個時間點宣布。

Okay. And Frank, the question regarding the equity raise. An investor asked, he is curious about the background and reason for the third-party private placement. And given the stock price rise, was that -- could we have had better timing?

好的。Frank，還有一個關於股權募資的問題。有位投資人問到，他對第三方私募配售的背景與原因感到好奇。而且考量到股價上漲，那——我們是否可以抓到更好的時點？

Right. Yes, thanks for that. One of the comments I've made in talking about the capital that we raised in Q1 was some funding that we got via the ATM. And if you look at that, the average price on that was $2.47, which is roughly about where we were trading about 1.5 weeks or 2 before we did the equity raise.

是的。謝謝這個問題。我在談到我們第一季籌得的資金時提過，其中一部分是透過 ATM（隨市發行）取得的資金。若你看那部分，平均價格是 2.47 美元，這大約就是我們在進行那次股權募資前 1.5 週到 2 週左右的交易價位。

And so the $5 price that we executed on there, given what we had seen so far, not only in Q1, but really looking back over the last couple of years, it made us look at this as a very good opportunity because, sure, the stock had run up to $7. And now in the last couple of weeks, it's run up again.

因此，我們以 5 美元的價格完成那次交易，基於我們迄今所看到的情況——不僅是第一季，甚至回顧過去幾年——這讓我們認為這是一個非常好的機會。因為當然，股價曾經漲到 7 美元，而在最近幾週又再度上漲。

But given the past trading levels that we had and again, a lot of geopolitical uncertainty in the middle of February, which we've kind of seen play out since then. Of course, you can't know how the equity market is going to perform. But on balance, it seems like a very good opportunity for us to execute on that.

但考量到我們過去的交易水準，以及 2 月中旬期間存在的許多地緣政治不確定性——而我們此後也某種程度看到其發展——當然，你不可能知道股市會如何表現。但整體而言，這看起來是我們執行該交易的一個非常好的機會。

And then frankly, be able to work toward commercial outcomes and not worry about the day-to-day movements in the stock price to have to use the ATM to keep our balance sheet strong. So we've now strengthened the balance sheet. It's always kind of easier with the benefit of hindsight to second guess the price, but I think it was a very good decision to execute then.

而且坦白說，這也讓我們能夠朝商業成果努力，而不必擔心股價的日常波動、不得不透過 ATM 來維持資產負債表的強健。現在我們已經強化了資產負債表。事後回頭看，總是比較容易去質疑當時的價格，但我認為在那個時點執行是非常好的決定。

Okay. Thank you, Franc. Question on the tool partner. How has your relationship evolved with your tool partner, the strategic partner? And are they giving you more engineering personnel? And how has that relationship changed over time?

好的。謝謝你，Franc。關於設備工具合作夥伴的問題：你們與工具合作夥伴、策略合作夥伴的關係如何演變？他們是否提供更多工程人員？而這段關係隨時間如何改變？

Yes, that's a good question. We have been -- we try to be good partners with each of the big tool vendors. There's three main tool vendors that the industry uses for epi tools. And we typically want to be kind of an arms dealer work with whatever tool our customers want to work with. So we have good relationships with all of them.

是的，這是個好問題。我們一直——我們努力成為各大工具供應商的好夥伴。產業在外延（epi）設備方面主要使用三大工具供應商。我們通常希望扮演某種「軍火商」的角色，與客戶想使用的任何工具合作。因此我們與他們三家都有良好關係。

The tool vendor that we have the strategic partnership with we've been working with for more than a decade, and had a good relationship with. But now that we've entered into the strategic partnership, the level of co-development work that we're doing is at a whole new level.

而我們有策略合作關係的那家工具供應商，我們已合作超過十年，且一直維持良好關係。但現在我們進入策略合作後，我們共同開發的工作層級已提升到全新的高度。

So we have weekly meetings with their engineering team where we are working on developing the test data that we need for marketing to customers. And as customers ask us questions and want to get more demos, and we dig in and do work on that together. So yes, on an engineering cooperation level, it's at a whole new level.

因此，我們每週都會與他們的工程團隊開會，一起開發我們用於對客戶行銷所需的測試數據。當客戶向我們提問、希望看到更多展示時，我們會深入並共同完成相關工作。所以是的，在工程合作層面，已經是全新的高度。

The second area is on the marketing and sales to customers, and that's something that we've never really done with them in the past, and that's where we would be developing the right materials for us to both go into target customers and talk about MST technology and what a good solution that is.

第二個面向是在對客戶的行銷與銷售上，這是我們過去從未真正與他們一起做過的；在這方面，我們會共同開發合適的材料，讓我們雙方能一起拜訪目標客戶，介紹 MST 技術以及它為何是一個很好的解決方案。

Now one thing I've calculated a number of times is that if we are successful licensing our technology to customers, in many cases, the tool vendor is going to make more money from us winning designs there than we will. So there's obvious advantages for them making us successful. And so they're not doing this out of the goodness of their heart. But the good news is, I think they've recognized that in the last year since we started this, and we're really seeing the benefit as we're engaging with customers.

另外，我多次計算過一件事：如果我們成功將技術授權給客戶，在很多情況下，工具供應商因為我們在那裡贏得設計導入而賺到的錢，會比我們還多。因此，他們讓我們成功有很明顯的好處。所以他們並不是出於純粹的善意在做這件事。但好消息是，我認為他們在過去一年、從我們開始推動這件事以來已經意識到這點，而當我們與客戶互動時，確實正在看到這樣的效益。

Okay. And this is a follow-up kind of to the when moving of the gate-all-around customer -- engagement. But investor asked last -- commented that the last call sounded like 2026, we would see several deals being made. Is it safe to say that now that sounds unlikely? Or is there still hope for inking an agreement this year?

好的。這算是對「全環繞閘極（gate-all-around）客戶」互動進展的追問。有位投資人提到——評論說上次電話會議聽起來像是 2026 年會看到數筆交易落地。現在是否可以說，這聽起來不太可能了？或者今年仍有希望簽署協議？

We're only in the fifth month of the year, and I'm hopeful every month that we're going to be inking deals. So definitely, we'd say there's definitely a very strong chance.

今年才第五個月，我每個月都抱持著我們會簽下交易的希望。所以我們肯定會說，機會仍然非常大。

And if you look at all the areas in which you are working, which of the segments do you think is closest to producing a royalty-bearing license?

如果看你們正在推進的所有領域，你認為哪個細分市場最接近產生可帶來權利金的授權？

So I spoke a call or two ago about wafer-based products. And I think that the development effort in a wafer-based product is relatively easier. So some of the areas where we're offering wafer-based solutions are in gallium nitride and in RF SOI.

我在一兩次電話會議前談過晶圓型產品。我認為晶圓型產品的開發工作相對更容易。因此，我們提供晶圓型解決方案的一些領域包括氮化鎵（gallium nitride）以及 RF SOI。

And we have wafer-based solutions that we're offering in the memory space. So I think one of those could be the fastest. But we also have been working on power and on RF SOI with customers for a very long time. So those could also be quick time to market. It's very hard to call with so many moving pieces.

我們在記憶體領域也提供晶圓型解決方案。所以我認為其中某一項可能會是最快的。不過，我們也在電源以及 RF SOI 領域與客戶合作了很長時間，因此那些也可能很快上市。由於變動因素太多，很難下定論。

All right. And with that, Scott, I'll turn the call to you for closing comments here.

好的。那麼，Scott，我把電話交給你做結語。

Okay. Well, I want to just thank you all for joining us to hear the progress being made within Atomera. I hope you're feeling the excitement that we are. Please continue to look for our news, articles and blog posts, which are available along with investor alerts on our website, atomera.com. Should you have additional questions, please contact Mike Bishop. We'll be happy to follow up. Thanks again for your support, and we look forward to our next update call.

好的。我想先感謝各位加入我們，一起了解 Atomera 內部正在取得的進展。我希望你們也能感受到我們的興奮。請持續關注我們的新聞、文章與部落格貼文；這些內容以及投資人提醒都可在我們的網站 atomera.com 上取得。如果你們還有其他問題，請聯絡 Mike Bishop。我們很樂意後續跟進。再次感謝各位的支持，我們期待下一次的更新電話會議。

Thank you. This concludes the call.

謝謝。本次電話會議到此結束。