Atomera Inc (ATOM) 2026 Q2 法說會逐字稿

Hello, everyone. Welcome to Atomera's second-quarter 2026 update call.

各位好。歡迎參加 Atomera 2026 年第二季更新電話會議。

I'd like to remind everyone that this call and webinar are being recorded. A replay will be available on Atomera's IR website for one year.

提醒各位，本次電話會議與網路研討會將會錄音錄影。重播將在 Atomera 的投資人關係（IR）網站上提供一年。

I'm Mike Bishop, with the company's Investor Relations.

我是 Mike Bishop，負責本公司的投資人關係。

As in prior quarters, we are using Zoom. We will follow traditional presentation format, with participants in a listen-only mode. 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.

如同先前各季，我們使用 Zoom。我們將依照傳統簡報形式進行，與會者將以僅收聽模式參與。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，我們將開放提問。

If you are joining by telephone, you may follow a slide presentation to accompany our remarks on the Events & Presentations section of our Investor Relations page on our website.

若您以電話加入，可在我們網站投資人關係頁面的「活動與簡報」區（Events & Presentations）查看投影片簡報，以搭配我們的談話內容。

Before we begin, I would like to remind everyone that, during today's call, we will make forward-looking statements. These forward statements, whether in prepared remarks or during the Q&A, are subject to risks and uncertainties.

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或問答環節中，皆受風險與不確定性影響。

These risks and uncertainties are detailed in the Risk Factor sections 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.

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 obligations to update or make revisions to such forward-looking statements contained herein or elsewhere to reflect changes in expectations with regards to those events, conditions, and circumstances.

除非聯邦證券法另有要求，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, 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。

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

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

Thanks, Mike. Good afternoon, everyone.

謝謝你，Mike。各位下午好。

Q2 was a quarter of real momentum. Our customer engagements advanced across each of our target markets. We've had promising signs of new markets developing. Again, we turned a technical breakthrough into the early stages of a genuine commercial pipeline.

第二季是一個真正具備動能的季度。我們在各個目標市場的客戶互動都有所推進。我們也看到新市場正在發展的正面跡象。我們再次把一項技術突破轉化為真正商業管線的早期階段。

Today, I'll move through Gate-All-Around; our broader customer activity; the growing pull we're seeing in memory; and then, I'll spend real time on GaN, where I believe we may be witnessing the opening of a significantly new market for Atomera.

今天我將依序談到環繞閘極（Gate-All-Around）；我們更廣泛的客戶活動；我們在記憶體領域看到的日益增強的拉動力；接著我會花一些時間談 GaN，我相信我們可能正在見證 Atomera 一個顯著新市場的開啟。

Let me start with Gate-All-Around. By now, you all know why this technology transition is so important so I'll go straight to the news:

我先從環繞閘極（Gate-All-Around）談起。到現在，各位都知道為什麼這次技術轉換如此重要，所以我直接進入最新進展：

We continue to work with two of the four players in this space. This quarter, we passed a significant milestone with one of the two active Gate-All-Around customers, opening the door to further work on their unique silicon structures.

我們持續與此領域四家業者中的兩家合作。本季，我們在兩家活躍的環繞閘極（GAA）客戶之一達成一個重要里程碑，為其獨特的矽結構進一步合作打開大門。

These customers typically ask for a sequence of demonstrations before they'll accept a new material into their process flow. Clearing this stage is a meaningful step, rather than a formality. It directly answers the manufacturability questions this customer had put in front of us.

這些客戶通常會要求一連串的展示，才會接受新材料導入其製程流程。通過這個階段是有意義的一步，而非形式上的程序。它直接回應了該客戶先前提出的可製造性問題。

We remain in active discussions with the other two of our four target GAA customers. Our strategic partner continues to provide both the advanced test infrastructure and the ecosystem credibility that enables us to get in the door and helps us to stay there.

我們仍與四家目標 GAA 客戶中的另外兩家保持積極討論。我們的策略夥伴持續提供先進的測試基礎設施與生態系的可信度，使我們得以敲開大門並協助我們持續留在其中。

Memory is an area where interest is clearly accelerating. The large memory manufacturers are under real pressure to add both capacity and performance. They have the budgets to evaluate options that can help them get there.

記憶體是一個興趣明顯加速的領域。大型記憶體製造商正承受必須同時提升產能與效能的實質壓力。他們也有預算去評估能協助達成目標的各種選項。

Up until recently, we had significant interest from DRAM customers, focused on our value proposition for planar periphery enhancements.

直到最近，我們都收到來自 DRAM 客戶的高度興趣，重點在於我們對平面周邊（planar periphery）增強的價值主張。

Then, suddenly, our customers' direction changed. The major underlying factor was that AI demand accelerated and pushed DRAM manufacturers to the vertical-scaling era, including [4F²]; and [3D DRAM]; and other advanced architectures.

接著，客戶的方向突然改變。主要的根本因素是 AI 需求加速，推動 DRAM 製造商進入垂直擴展（vertical-scaling）時代，包括 [4F²]、[3D DRAM] 以及其他先進架構。

We can be confident from our interactions, however, that the technical merit of our value proposition for planar periphery is strong. Today, we've established a new value proposition for 4F² DRAM, validated through discussions with multiple customers.

然而，從我們的互動中可以有信心的是，我們針對平面周邊的價值主張在技術上是強而有力的。目前，我們已建立一個針對 4F² DRAM 的新價值主張，並透過與多家客戶的討論加以驗證。

We have shown that an MST-starting wafer enables a vertical-DRAM access transistor to be built using a next-generation DRAM fabrication process that is much cheaper than most of the DRAM industry is currently pursuing.

我們已證明，以 MST 起始晶圓可讓垂直 DRAM 存取電晶體，使用下一代 DRAM 製造流程來建構，而其成本遠低於目前 DRAM 產業多數正在採行的方案。

Our new concept solves fundamental device challenges in 4F², while offering significant cost savings by leveraging MST's precise doping-profile control capabilities.

我們的新概念在解決 4F² 的基本元件挑戰之餘，也藉由運用 MST 精準的摻雜剖面控制能力，帶來顯著的成本節省。

In addition to meeting with customers, we have completed a TCAD simulation study, demonstrating its feasibility. The results have been accepted to be presented at an IEEE conference in September.

除了與客戶會面之外，我們也完成了一項 TCAD 模擬研究，證明其可行性。研究結果已獲接受，將於 9 月在一場 IEEE 會議上發表。

Traditionally, the technology in NAND flash memory's periphery circuit have lagged far behind DRAM, even though NAND memory cells, themselves, moved to 3D structures many years ago.

傳統上，NAND 快閃記憶體的周邊電路技術一直遠落後於 DRAM，儘管 NAND 記憶體單元本身多年前就已轉向 3D 結構。

In the history of Atomera, we have never established a serious value proposition for flash memory. However, that situation may be changing because, in the last few weeks, we have learned from a major NAND supplier that AI is now pushing NAND to the point that they need the planar periphery boost that MST can provide.

在 Atomera 的歷史上，我們從未為快閃記憶體建立過嚴肅的價值主張。然而，這種情況可能正在改變，因為在過去幾週，我們從一家主要 NAND 供應商得知，AI 現在正推動 NAND 走到一個程度，使其需要 MST 所能提供的平面周邊提升。

We have spent the last five years perfecting this value proposition for DRAM. Now, it is applicable to NAND. If adopted by NAND flash manufacturers, this more than doubles the TAM for MST, which would obviously be very commercially significant.

過去五年，我們一直在完善這個針對 DRAM 的價值主張。現在，它也適用於 NAND。若被 NAND 快閃記憶體製造商採用，MST 的可服務總市場（TAM）將增加一倍以上，這在商業上顯然具有重大意義。

Turning to the rest of our pipeline, our large IDM-customer program continues to progress according to plan. We're now at a stage where new device-test data is coming in, even as the next batch of experiments gets underway.

再談我們其餘的管線，我們與大型 IDM 客戶的專案持續依計畫推進。我們目前已進入一個階段：新的元件測試數據持續回傳，同時下一批實驗也已展開。

Development efforts are moving fast. Our teams are working closely together. We are also working with other companies and engagements in power. Our trench FET and HBT development continues to advance, aimed squarely at the efficiency and high-frequency demands emerging from AI data centers.

開發工作進展迅速。我們的團隊正緊密合作。我們也正與其他公司合作，並在電力（power）領域展開多項合作案。我們的溝槽式 FET（trench FET）與 HBT 開發持續推進，目標直指 AI 資料中心所浮現的效率與高頻需求。

In RF-SOI, wafers are still running with our second JDA partner. We remain confident they will replicate the positive results we've demonstrated on other-customer silicon.

在 RF-SOI 方面，我們的第二家 JDA 夥伴仍在使用我們的晶圓進行製程跑片。我們仍有信心，他們將能複製我們在其他客戶矽晶圓上所展示的正面結果。

Internally, our work on a high-throughput manufacturing process for RF-SOI, where the substrate supply chain is crucial, is also going well and may be applicable to multiple other applications.

在內部方面，我們針對 RF-SOI 的高吞吐量製造流程（其中基板供應鏈至關重要）的工作也進展順利，且可能適用於多個其他應用。

RF manufacturers have long relied on the characteristics of RF-SOI substrates for switch and LNA performance. But they're also interested in future designs using gallium nitride due to its significant performance advantages, including the potential for fully integrated RF front ends, including power amplifiers.

RF 製造商長期以來仰賴 RF-SOI 基板的特性，以提升開關與低雜訊放大器（LNA）效能。但他們也對未來採用氮化鎵（gallium nitride）的設計感興趣，因其具備顯著的效能優勢，包括有機會實現完全整合的 RF 前端，並包含功率放大器。

Unfortunately, due to silicon-substrate parasitics, GaN RF development has been mostly limited to GaN-on-silicon carbide, which is a very expensive specialty-starting wafer, which brings me to the exciting news regarding their preferred starting material, GaN-on-silicon:

不幸的是，由於矽基板的寄生效應，GaN 的 RF 開發多半受限於碳化矽基板上的 GaN（GaN-on-silicon carbide）。這是一種非常昂貴的特殊起始晶圓；這也引出關於他們偏好起始材料——矽基板上的 GaN（GaN-on-silicon）——的令人振奮消息：

In our May update call, we shared how MST could help solve parasitic-channel problems in GaN-on-silicon. But we hadn't gotten the RF test results that could completely illustrate MST's effect.

在我們 5 月的更新電話會議中，我們分享了 MST 如何協助解決 GaN-on-silicon 的寄生通道問題。但當時我們尚未取得能完整呈現 MST 影響的 RF 測試結果。

Later that month, performance data finally arrived. We announced a technical breakthrough: MST makes GaN-on-silicon for RF devices commercially attractive.

當月稍晚，效能數據終於到手。我們宣布了一項技術突破：MST 讓用於 RF 元件的 GaN-on-silicon 具備商業吸引力。

Our characterization partner, Incize, has now delivered RF data for MST-enabling GaN-on-silicon that is frankly outstanding.

我們的特性化合作夥伴 Incize 現已交付可支援 MST 的矽基氮化鎵（GaN-on-silicon）RF 數據，坦白說表現極為出色。

The devices deliver, effectively, lossless RF, together with outstanding harmonic-distortion performance, leading to exceptional linearity.

這些元件實現了幾乎無損的 RF 表現，並具備卓越的諧波失真性能，帶來非凡的線性度。

At the benchmark-drive level, linearity is roughly 1,000 times better than the GaN-on-silicon reference. That improvement remains two to three orders of magnitude across the full sweep of power. We know of no other GaN-on-silicon substrate that can duplicate these findings.

在基準驅動水準下，線性度約比矽基氮化鎵參考值好 1,000 倍。在完整的功率掃描範圍內，這項改善仍維持在 2 到 3 個數量級。我們尚未知有任何其他矽基氮化鎵基板能複製這些結果。

Just as important: These results approach the linearity and loss figures of advanced trap-rich RF-SOI, the technology RF designers typically reach for, when they need this class of performance.

同樣重要的是：這些結果已接近先進的高陷阱（trap-rich）RF-SOI 的線性度與損耗指標；當 RF 設計師需要此等級的性能時，通常會選用該技術。

Our partners at Incize independently confirmed these benefits on their own world-class baseline, which is exactly the third-party validation customers appreciate.

Incize 的合作夥伴也在其自有的世界級基準上獨立驗證了這些優勢，這正是客戶所重視的第三方驗證。

For more details on our GaN-on-silicon test results, please see the white paper on our website.

如需更多關於我們矽基氮化鎵測試結果的細節，請參閱我們網站上的白皮書。

In June, we took this data to IMS -- the International Microwave Symposium -- and the results were terrific. Our announcement generated real enthusiasm on the show floor. As a direct result, we are now working with several new potential customers who want to evaluate MST GaN-on-silicon in their own designs.

6 月，我們將這些數據帶到 IMS——國際微波研討會——結果非常出色。我們的公告在展場引發了真正的熱烈反響。因此，我們目前正與數家新的潛在客戶合作，他們希望在自家設計中評估 MST 矽基氮化鎵。

Here's why this matters strategically: Because our GaN-on-silicon results are now approaching RF-SOI class performance but on a low-cost silicon substrate; and with the inherent power and frequency headroom that GaN provides, we believe some designs that would traditionally be built in RF-SOI could, instead, move to GaN-on-silicon.

這在策略上之所以重要，原因如下：我們的矽基氮化鎵結果如今已接近 RF-SOI 等級的性能，但使用的是低成本矽基板；再加上氮化鎵本身所提供的功率與頻率裕度，我們相信，部分傳統上會採用 RF-SOI 的設計，可能改為轉向矽基氮化鎵。

That would be a meaningful shift in how RF front-end designs get built. MST's performance may well be the catalyst that sets it in motion.

這將是 RF 前端設計建構方式上的一項重大轉變。MST 的性能很可能就是推動這一轉變的催化劑。

If new RF-design activity begins migrating towards GaN-on-silicon, Atomera would be positioned right at the start of a new high-growth market. It's worth underscoring that MST is the enabler on both sides of that shift. Whichever path a customer chooses, Atomera benefits.

若新的 RF 設計活動開始向矽基氮化鎵遷移，Atomera 將站在一個全新高成長市場的起點。值得強調的是，MST 在這一轉變的兩端都是關鍵使能技術。無論客戶選擇哪條路徑，Atomera 都將受益。

To summarize, we cleared a key Gate-All-Around milestone; established a new next-gen value proposition for DRAM; opened a new front in memory with NAND; kept our pipeline moving across power and RF-SOI; and turned our GaN breakthrough into hard RF-performance data, real industry enthusiasm, and new customers, with the potential to seed an entirely new RF market.

總結來說，我們達成了一項關鍵的環繞式閘極（Gate-All-Around）里程碑；為 DRAM 建立了新一代的價值主張；在記憶體領域以 NAND 開闢了新戰線；持續推進我們在功率與 RF-SOI 的管線；並將我們的 GaN 突破轉化為扎實的 RF 性能數據、真實的產業熱度與新客戶，且有潛力孕育一個全新的 RF 市場。

This is an exciting time to be at Atomera. With that, I'll turn the call over to our CFO, Frank Laurencio, to review our financials.

現在是加入 Atomera 的令人振奮時刻。接下來我把電話會議交給我們的財務長 Frank Laurencio，請他回顧我們的財務狀況。

Thank you, Scott.

謝謝你，Scott。

At the close of the market today, we issued a press release, announcing our results for the second quarter of 2026. This slide shows our summary financials.

在今天收盤時，我們發布新聞稿，公布 2026 年第二季的業績結果。本投影片顯示我們的財務摘要。

Revenue in the second quarter was $158,000, consisting of fees for wafer deliveries to customers, primarily to our large IDM customer.

第二季營收為 15.8 萬美元，主要由向客戶交付晶圓所收取的費用構成，主要來自我們的大型 IDM 客戶。

Our GAAP net loss for the second quarter of 2026 was $6.3 million or $0.17 per share compared to a net loss of $5 million, also $0.17 per share, in the second quarter of 2025.

2026 年第二季我們的 GAAP 淨損為 630 萬美元（每股 0.17 美元），相較之下，2025 年第二季淨損為 500 萬美元（每股同為 0.17 美元）。

On a non-GAAP basis, our loss for the second quarter was $5 million compared to a loss of $4 million in the second quarter of 2025.

以非 GAAP 基礎計算，第二季虧損為 500 萬美元，相較 2025 年第二季虧損 400 萬美元。

GAAP operating expenses were $6.9 million in the second quarter of 2026, an increase of approximately $1.7 million from $5.2 million in the second quarter of 2025.

2026 年第二季 GAAP 營業費用為 690 萬美元，較 2025 年第二季的 520 萬美元增加約 170 萬美元。

Stock-based compensation, which is excluded from our non-GAAP results, increased by approximately $463,000 year over year and was $1.7 million in the second quarter of 2026 compared to $1.3 million in Q2 2025.

不含於非 GAAP 結果的股票基礎薪酬年增約 46.3 萬美元；2026 年第二季為 170 萬美元，2025 年第二季為 130 萬美元。

In the second quarter of 2026, as compared to the prior-year period, non-GAAP R&D expenses increased by $188,000; G&A expenses increased by $828,000; and sales and marketing expenses increased by $225,000. The increase in sales and marketing was mainly due to new executive hires in Q4 2025 and Q1 2026.

2026 年第二季相較去年同期，非 GAAP 研發費用增加 18.8 萬美元；一般及行政（G&A）費用增加 82.8 萬美元；銷售與行銷費用增加 22.5 萬美元。銷售與行銷費用的增加主要是因為我們在 2025 年第四季與 2026 年第一季新聘任了高階主管。

Turning to our sequential results, second-quarter GAAP operating expenses of $6.9 million compared to $6.2 million in the first quarter of 2026.

接著看我們的季比（sequential）結果，第二季 GAAP 營業費用為 690 萬美元，相較 2026 年第一季為 620 萬美元。

On a non-GAAP basis, operating expenses increased sequentially by $350,000 to $5.1 million in the second quarter from $4.8 million in Q1, primarily reflecting higher G&A expense, offset, partly, by lower R&D expenses.

以非 GAAP 基礎計算，營業費用季增 35 萬美元，第二季為 510 萬美元，高於第一季的 480 萬美元，主要反映 G&A 費用較高，部分被較低的研發費用所抵銷。

These sequential fluctuations largely reflected timing of expenses for IP legal costs in G&A, which were heavier in Q2; and outsourced metrology activity in R&D, which was more concentrated in Q1.

這些季比波動主要反映費用認列時點：G&A 中的智慧財產權法律費用在第二季較多；而研發中的委外量測（metrology）活動則較集中在第一季。

Our balance of cash, cash equivalents, and short-term investments on June 30, 2026, was $38.4 million, compared to $41.1 million on March 31, 2026.

截至 2026 年 6 月 30 日，我們的現金、約當現金及短期投資餘額為 3,840 萬美元，相較 2026 年 3 月 31 日為 4,110 萬美元。

We used $3.9 million of cash in operating activities in Q2 compared to $4.8 million in Q1 and $3.5 million in Q2 of last year. We did not sell any shares under our [ATM] during the second quarter of 2026. As of June 30, 2026, we had 39 million shares outstanding.

第二季營運活動使用現金 390 萬美元，相較第一季為 480 萬美元、去年第二季為 350 萬美元。2026 年第二季我們未透過 [ATM] 出售任何股份。截至 2026 年 6 月 30 日，我們流通在外股數為 3,900 萬股。

We believe our current cash, which includes $23.6 million of net proceeds from the registered direct offering we closed in Q1 puts us in a strong position to execute on the opportunities ahead of us. We will continue to be disciplined about controlling costs.

我們認為目前的現金水位（其中包含我們在第一季完成的註冊直接發行所取得的 2,360 萬美元淨收益）使我們具備強勁的條件來把握未來的機會。我們將持續嚴守成本控管紀律。

However, we are experiencing cost increases, particularly in our outsourced engineering work. The recent very rapid growth in the semiconductor industry has tightened supply. Our costs of tool leases, metrology, and device fabrication are going up.

然而，我們正面臨成本上升，尤其是在委外工程工作方面。近期半導體產業的快速成長使供給趨於吃緊。我們的設備租賃、量測與元件製造成本正在上升。

On our last two calls, I said we expected 2026 annual non-GAAP operating expense to be approximately $18.5 million. We budget for a range of plus or minus $250,000 around that number. We now expect that we will end the year in the high end of that range.

在前兩次電話會議中，我曾表示我們預期 2026 年全年非 GAAP 營業費用約為 1,850 萬美元。我們以該數字上下 25 萬美元作為預算區間。我們目前預期年底將落在該區間的高端。

With that, let me turn the call back over to Scott for a few summary remarks, before we open the call up to questions. Scott?

接下來，在我們開放提問之前，讓我把電話會議交回 Scott，請他做幾點總結。Scott？

Thanks, Frank.

謝謝你，Frank。

Before we take questions, I want to thank our employees, our customers, and our shareholders for their continued support.

在開始提問之前，我想感謝我們的員工、客戶以及股東持續的支持。

We're excited about the progress we made this quarter, clearing a key GAA milestone, broadening our memory opportunity in NAND, and turning our GaN breakthrough into real RF results.

我們對本季取得的進展感到振奮：達成一項關鍵的 GAA 里程碑、在 NAND 擴大我們的記憶體機會，並將我們的 GaN 突破轉化為實際的 RF 結果。

We remain focused on translating our growing body of simulation and customer silicon evidence into commercial agreements that drive long-term repeatable revenue and a strong, sustainable business.

我們仍專注於把日益累積的模擬結果與客戶矽驗證證據，轉化為商業協議，以帶動長期、可重複的營收，以及強健且可持續的業務。

We're happy to have you along for the ride. Mike, we will now take questions.

我們很高興你們一路同行。Mike，我們現在開始提問。

Thank you, Scott.

謝謝你，Scott。

(Event Instructions)

（活動說明）

Richard Shannon, Craig-Hallum.

Richard Shannon，Craig-Hallum。

Great. Thanks, Mike. Thanks, Scott and Frank, for letting me ask a few questions here.

太好了。謝謝你，Mike。也謝謝 Scott 和 Frank 讓我在這裡提幾個問題。

A lot of interesting comments here on your prepared remarks, Scott. Let me jump into those here:

Scott，你在事先準備的發言中有很多有意思的評論。我就從那些開始問起：

First, on Gate-All-Around, here, you're characterizing the -- and please correct my language here; I probably didn't get a good transcription of exactly what you said -- but I think you essentially said that one of these customers has accepted a new material into their ecosystem here.

首先，關於環繞閘極（Gate-All-Around），在這裡，你是在描述——也請你糾正我這裡的用詞；我可能沒有把你剛才說的內容完整、精準地轉錄下來——但我想你基本上是說，其中一位客戶已經接受了一種新材料進入他們的生態系統。

Can you convey the importance and difficulty of this? Like, can you compare it to other dynamics of a similar type in the past in the advanced logic space here?

你能說明這件事的重要性與難度嗎？例如，你能把它和過去在先進邏輯領域中類似性質的其他導入動態做個比較嗎？

And then, how would you describe the next steps here? How many other significant steps? Can you describe them? What has the customer told you about what they expect to do and to see from you next?

另外，你會如何描述接下來的步驟？還有多少個其他重要步驟？你能描述一下嗎？客戶有告訴你，他們預期接下來會做什麼，以及希望從你們這裡看到什麼嗎？

Great. Let me clear up any language from your quasi-transcription there:

很好。讓我先釐清一下你那段近似轉錄中的用詞：

What we talked about this time is that we've cleared a hurdle with our Gate-All-Around customers, where they have -- I'm glad we're actually shown a picture of a Gate-All-Around structure here. It shows you just how complicated it is.

我們這次談到的是：我們已經在環繞閘極客戶那裡跨過了一個門檻；而且——我很高興我們其實展示了一張環繞閘極結構的圖片。它讓你看到這有多麼複雜。

What we expect that Gate-All-Around customers will do is they will ask us to prove that we can deposit MST in a structure like this, both physically -- and have a positive electrical result on that, over time.

我們預期環繞閘極客戶會要求我們證明：我們能在像這樣的結構中沉積 MST，無論是在物理層面——並且隨時間推移能得到正向的電性結果。

One of the milestones that we passed this quarter is that we did actually show one of those steps that I just talked about.

我們本季達成的其中一個里程碑，就是我們確實展示了我剛才提到的其中一個步驟。

They'll ask us to do a few more. But, at some point, when we've deposited our technology into one of their structures, the next step for them is to take it into their own fab and deposit it on their own structure.

他們還會要求我們再做幾個。但在某個時間點，當我們把我們的技術沉積到他們的一個結構中之後，他們的下一步就是把它帶進他們自己的晶圓廠，並在他們自己的結構上進行沉積。

They'll keep that secret from us. Those are the very, very critical IP that they would not share with us. And so, in order to do that, they would need to take a license from us and then, install it in their fab.

他們會對我們保密。那些是非常、非常關鍵的智慧財產（IP），他們不會與我們分享。因此，為了做到這一點，他們需要向我們取得授權，然後在他們的晶圓廠內安裝。

I think, hopefully, that's a clear example of exactly where we are with them and what's left to be done before they would license it and start working towards production.

我想，希望這是一個清楚的例子，說明我們目前與他們進展到哪一步，以及在他們會授權並開始朝量產推進之前，還剩下哪些工作要做。

The other thing you asked is, how is that comparable to how other materials are introduced, right?

你另外問到的是：這和其他材料被導入的方式相比如何，對吧？

Yes.

是的。

It's unusual to have a material introduced by a third party like us. But it is more common for a company like, let's say, Applied Materials or ASM or Lam to introduce a new material to a customer.

由像我們這樣的第三方導入材料並不常見。但對於像應用材料（Applied Materials）、ASM 或 Lam 這類公司而言，向客戶導入新材料則更常見。

They might say, okay, we know you're having this problem here. We've figured out how you can use our tool and deposit some material in such a way that we think it will solve it for you.

他們可能會說：好，我們知道你在這裡遇到這個問題。我們已經找出你可以如何使用我們的設備，在某種方式下沉積某種材料，我們認為這能替你解決問題。

The way that an OEM typically approaches that is that they talk about it with the customer. The customer asks them to do the same thing they're asking us to do. We need to see a demonstration of how that will work. They will demonstrate it in their own labs.

OEM 通常的做法是先與客戶討論。客戶會要求他們做同樣的事情，也就是他們現在要求我們做的事。我們需要看到它如何運作的示範。他們會在自己的實驗室中示範。

And then, what frequently happens is that they'll go to one of these OEMs and say, okay, we need you to install a tool -- a multimillion-dollar tool -- in our factory so that we can test it in our own flow. And then, if we like what we see, then we'll buy the tool from you and we'll buy more of them, when we go to production.

接著，常見的情況是，客戶會去找其中一家 OEM 說：好，我們需要你在我們工廠安裝一台設備——一台數百萬美元的設備——讓我們能在自己的製程流程中測試。然後，如果我們喜歡看到的結果，我們就會向你購買這台設備，並在進入量產時再買更多台。

And so that's a very typical next step. You can see there's advantages for the equipment OEM. They get a real good chance to sell more tools. For the customer, the advantage is that they get to try it out without having a commitment.

所以這是一個非常典型的下一步。你可以看到這對設備 OEM 有好處。他們有很好的機會賣出更多設備。對客戶而言，好處是他們可以在不需要承諾的情況下先試用。

We don't quite have that flexibility. The next step for them will be to license from us; install it on one of their tools in their own fab; and do that testing.

我們就沒有那麼大的彈性。他們的下一步將是向我們取得授權；在他們自己晶圓廠的一台設備上安裝；並進行那樣的測試。

Okay. Scott, does that mean you're currently in some level of negotiation with the end customer here? Or do you expect that to start to happen soon?

了解。Scott，這是否表示你們目前已經在某個程度上與終端客戶進行談判？或者你預期很快就會開始發生？

Yeah. We've been in discussions with them about what that would imply and what our license terms would look like since we started working with them.

是的。自從我們開始與他們合作以來，我們就一直在和他們討論這會意味著什麼，以及我們的授權條款會長什麼樣子。

As we get close to the end of this, then it will accelerate so that we can close the deal. But we've already got terms on the table.

當我們接近這個流程的尾聲時，進度就會加速，以便我們能把交易談成。但我們已經把條款放在桌面上了。

Okay. I'm assuming you would expect this to not be a short sales cycle -- and unclear, exactly, how long this will take.

了解。我假設你會預期這不會是一個很短的銷售週期——而且也不清楚究竟需要多久。

Is that a fair conclusion? Or any perspective you can offer on timeframe and chances of success there?

這樣的結論合理嗎？或者你能提供任何關於時程與成功機率的觀點嗎？

Yeah. I think, so far, we've passed a lot of hurdles with them; and done some, I think, pretty impressive work. I think if we can complete this cycle and get good electrical results out of that, then we would move on to discussions about installing in the next step.

是的。我認為，到目前為止，我們已經和他們跨過了很多門檻，也做了一些我覺得相當令人印象深刻的工作。我想如果我們能完成這一輪並取得良好的電性結果，那麼我們就會進一步討論在下一步中進行安裝。

That could happen. It's not going to happen in the next two months. But it could, actually -- if things went really well -- happen as early as over the course of late this year or a little beyond.

這是可能發生的。不會在接下來兩個月內發生。但它確實可能——如果進展非常順利——最早在今年稍晚到再往後一點的期間內發生。

Now, the other thing that could happen is that we get the results and they say, oh, these results are good but they're not great. We need to do another round to prove because something went wrong. We have to fix it and try again. That could stretch it out by another nine months or so.

另外一種可能是：我們拿到結果後，他們說，喔，這些結果不錯，但還不夠好。我們需要再做一輪來證明，因為某些地方出了問題。我們必須修正後再試一次。那可能會把時程再拉長大約九個月左右。

That's why we're very hesitant to ever predict, exactly, when we'd get around to closing those deals.

這就是為什麼我們對於精準預測何時能完成那些交易，一向非常謹慎。

Always makes sense to be safe there. That makes a lot of sense.

謹慎一點總是合理的。這很有道理。

Let's step over to the DRAM space here. Just want to make sure I'm interpreting your comments correctly, Scott, here.

我們來談談 DRAM 領域。Scott，我只是想確認我對你評論的解讀是否正確。

It sounds like the technology transition process here within the DRAM space has probably restarted an investigation and testing cycle here. We're resetting a little bit here.

聽起來 DRAM 領域內的技術轉換流程，可能已經重新啟動了一個調查與測試週期。我們在這裡有點重新歸零。

Is that a fair conclusion of what I heard?

我聽到的意思這樣總結合理嗎？

In DRAM, yeah. The big opportunity for us in DRAM was in the periphery circuits. DRAMs have -- you could generally break them down into two parts:

在 DRAM 方面，是的。我們在 DRAM 的最大機會是在周邊電路（periphery circuits）。DRAM——你大致可以把它分成兩個部分：

There's the memory cell, which is very, very advanced. The periphery circuits are analog-like circuits that tended to lag the technology node of the memory cells by quite a bit.

一個是記憶體單元（memory cell），它非常、非常先進。周邊電路則是類比性質的電路，其技術節點往往會比記憶體單元落後不少。

One of the reasons they lagged it so much is because they needed to contend with variability across a wide set of process conditions and across the whole wafer.

它們落後這麼多的原因之一，是因為它們需要應對在廣泛製程條件下、以及整片晶圓範圍內的變異性。

That's one of the things that MST could help to solve. We have proven that; and had a bunch of papers on it; and worked with a number of customers on that.

這正是 MST 可以幫忙解決的其中一件事。我們已經證明了這點；也發表了不少論文；並且與多家客戶在這方面合作。

But what's happened is the emphasis in DRAM manufacturers has moved from advancing just regular DRAM to the next generation but, now, starting to think a lot more about how can they actually solve the big capacity and performance issues that are in front of them?

但目前發生的情況是，DRAM 製造商的重點已經從推進一般 DRAM 的下一代，轉移到開始更多思考：他們究竟要如何真正解決眼前巨大的容量與效能問題？

It's most likely that their next steps will go to 3D because DRAMs, right now, are still planar on a single plane. They're talking about 3D structures.

他們接下來的步驟很可能會走向 3D，因為 DRAM 目前仍然是平面式、在單一平面上。他們正在討論 3D 結構。

The first 3D structure they would build is something they call 4F². In 4F², as I mentioned on my remarks, we have some very compelling technology, where MST, through our doping-control capabilities, can really help them to simplify their manufacturing process and make it much more viable to make these things at a cost-effective manner.

他們要建構的第一個 3D 結構，是他們稱為 4F² 的東西。在 4F² 中，如同我在發言中提到的，我們有一些非常具吸引力的技術；MST 透過我們的摻雜控制能力，確實能幫助他們簡化製造流程，並讓以具成本效益的方式製作這些東西變得更可行。

And so we presented that to a few of them. They agree with the concept. And so we'll start moving further ahead with them in the near future.

因此我們把這個提案呈現給其中幾家。他們同意這個概念。所以我們將在不久的將來與他們進一步推進。

Okay. Fair enough. On the DRAM space, now, it did sound like -- if I heard your comments right -- you've made some great progress on the planar -- again, my transcription of your comments probably isn't perfect here -- but something regarding the planar mechanism within DRAM here that can be applied to the NAND flash space here.

好的。有道理。談到 DRAM 領域，聽起來——如果我沒聽錯你的評論——你們在平面（planar）方面取得了很大進展——再次說明，我對你評論的逐字稿可能不完全精準——但大意是 DRAM 裡某種與平面機制相關的東西，可以應用到 NAND 快閃記憶體領域。

Yes.

是的。

It sounds like that worked. While DRAM may be resetting here, it's actually a great dynamic here in the NAND flash.

聽起來那是可行的。雖然 DRAM 可能正在重置（resetting），但在 NAND 快閃記憶體這邊其實是一個很好的動態。

Am I interpreting that correctly?

我這樣解讀正確嗎？

Yes. Exactly. Yeah. In DRAM, as mentioned earlier, we have the great technology for their planar periphery.

是的。完全正確。對。在 DRAM 方面，如先前提到的，我們針對他們的平面周邊（planar periphery）有很棒的技術。

But, in NAND, they never really cared that much about the planar periphery. It wasn't a pressing issue for them. But, now, it's suddenly a pressing issue. They need to really amp up performance on their periphery.

但是在 NAND，他們過去其實沒有那麼在意平面周邊。那對他們不是迫切的議題。但現在突然變成迫切的議題了。他們需要大幅提升周邊電路的效能。

And so all that work that we've done for DRAM is now interesting to the guys in NAND flash, which is an entirely new TAM that we've never considered before because we didn't really think we had something to offer to the flash.

因此，我們為 DRAM 所做的所有工作，現在對 NAND 快閃記憶體的人來說變得很有興趣；這是一個我們以前從未考慮過的全新 TAM（可服務總市場），因為我們原本不認為自己能為快閃記憶體提供什麼。

As a matter of fact, I think you've asked me before if there are any parts of the semiconductor market we didn't think we were applicable to and I probably answered that it was flash memory. We didn't see a path. But, now, we see a real path. That's amazing.

事實上，我想你以前問過我，半導體市場中是否有任何我們認為不適用的部分，而我可能回答過是快閃記憶體。我們看不到路徑。但現在，我們看到一條真正的路徑。這太令人驚訝了。

NAND actually manufactures more wafers per year than DRAM, although I think DRAM revenue is higher. But, for us, where we're selling products, based on wafer shipments, that's a really good opportunity.

NAND 每年實際生產的晶圓數量比 DRAM 還多，雖然我認為 DRAM 的營收更高。但對我們而言，我們是以晶圓出貨量為基礎來銷售產品，這就是一個非常好的機會。

Okay. Great. That is helpful on those topics.

好的。很好。這些主題的說明很有幫助。

Let me touch on RF and GaN here, which is really interesting. Again, my transcription of your comments here about getting linearity 1,000 times better than the GaN-on-silicon reference seems an amazing accomplishment.

我想談一下 RF 和 GaN，這真的很有意思。同樣地，我對你評論的逐字稿顯示，你們的線性度比 GaN-on-silicon 的參考值好 1,000 倍，這似乎是非常驚人的成就。

I had never thought that anyone would consider using GaN-on-silicon as a replacement for RF-SOI. I know that space well enough to know that that goes into a lot of cell phones.

我從沒想過有人會考慮用 GaN-on-silicon 來取代 RF-SOI。我對那個領域夠熟，知道它被用在很多手機裡。

Are you basically saying that people are now considering using GaN-on-silicon?

你基本上是在說，現在人們正在考慮使用 GaN-on-silicon 嗎？

There's no doubt, if you've gone to technical conferences for RF-SOI for the last few years, they're all talking about how it's reaching its maximum performance headroom that it can get to. By that, they mean the high-frequency performance and the ability to handle higher powers.

毫無疑問，如果你過去幾年有去參加 RF-SOI 的技術研討會，他們都在談它已經接近可達到的最大效能上限。所謂上限，是指高頻效能以及承受更高功率的能力。

They're looking at all kinds of different ways of trying to keep that roadmap, going forward. But one of the most promising is GaN because GaN does handle high-frequency RF performance much better and high power.

他們正在尋找各種不同的方法，試圖讓那條路線圖能持續往前走。但其中最有前景的一個就是 GaN，因為 GaN 在高頻 RF 效能與高功率方面的表現確實更好。

What we have just demonstrated -- now, okay -- but, last call, we talked about how GaN-on-silicon carbide is what people have been using for RF in the past.

我們剛剛展示的——好，現在——但在上一通電話會議中，我們談到過，以往人們用於 RF 的是 GaN-on-silicon carbide。

But it's a very expensive substrate. It's specialty product. You're never going to start making fully integrated front ends for mobile phones with that substrate.

但那是一種非常昂貴的基板。它是特殊產品。你不可能用那種基板開始為手機製作完全整合的前端模組。

But GaN-on-silicon can be used to do that. It has the cost levels that you could do. But it was having problems with RF. Now, we seem to have solved the RF problems.

但 GaN-on-silicon 可以用來做到那件事。它的成本水準是可行的。只是它在 RF 方面一直有問題。現在，我們似乎已經解決了 RF 的問題。

This data that I showed in the call here is actually a great example of some of the big benefits that we are getting.

我在這次電話會議中展示的數據，其實就是我們正在獲得的一些重大效益的絕佳例子。

I will point out that, the end of May, we put out a white paper, explaining how MST improves GaN-on-silicon. And then, we did a press release, based on getting new data. We put that into our white paper.

我補充一下：5 月底我們發佈了一份白皮書，說明 MST 如何改善 GaN-on-silicon。接著我們又根據取得的新數據發了一則新聞稿。我們把那些內容納入白皮書中。

But this data I'm showing here is even newer data than what's in our white paper, showing how incredible the improvement in harmonic distortion is over a controlled GaN-on-silicon wafer.

但我在這裡展示的數據，比我們白皮書裡的還要更新，顯示在受控的 GaN-on-silicon 晶圓之上，諧波失真（harmonic distortion）的改善幅度有多麼驚人。

Okay. It looks impressive, from what I understand, which is probably only a small subset of what's really important here. But it seems like a very impressive achievement here.

好的。就我所理解的部分來看——可能只涵蓋了這裡真正重要內容的一小部分——但看起來確實是非常令人印象深刻的成果。

What do you think are the (multiple speakers) --

你認為有哪些(多位講者) --

Let me -- one last statement because you had asked about RF-SOI designs. The one thing that RF-SOI has not been able to do is to support power amplifiers because it just didn't handle the high-power performance.

我再補充——你剛才問到 RF-SOI 的設計。RF-SOI 一直做不到的一件事，是支援功率放大器，因為它無法處理高功率效能。

But what you can see here in this data, especially in the lower plot, is that our MST can handle -- a GaN-on-silicon, enabled by MST, can handle extremely high power levels.

但你在這些數據中可以看到，尤其是在下方那張圖，我們的 MST 能夠處理——由 MST 賦能的 GaN-on-silicon——能夠承受極高的功率水準。

Then, you could make a single design that's a fully integrated RF front end, including the switches; and the LNA; and the power amplifiers. That's a key breakthrough.

接著你就可以做出單一設計，成為完全整合的 RF 前端，包含開關（switches）、LNA，以及功率放大器。這是一項關鍵性的突破。

Interesting. Okay. Okay.

有意思。好的。好的。

My understanding is that the amount of power-amp content versus the RF-SOI probably leans towards the power-amp side. If you can include that content in there, it would seem to be a big increase in your TAM, then.

我的理解是，相較於 RF-SOI，功率放大器的內容占比可能更偏向功放那一側。如果你能把那部分內容也納入其中，看起來就會大幅增加你們的 TAM。

Is that how you see it?

你也是這樣看嗎？

I think so. I don't know, exactly, how much of the power-amplifier market this could take over. This is brand-new data. We haven't even dug in as far as we need to yet. But it seems like a very promising opportunity.

我想是的。我不確定這能夠取代多少功率放大器市場。這是全新的數據。我們甚至還沒有深入到需要的程度。但看起來是一個非常有前景的機會。

Okay. Thinking about where such products might be made here, do you look at guys who are making RF-SOI today as the obvious place to adopt these solutions?

好的。思考這類產品可能在哪裡製造，你是否認為目前正在生產 RF-SOI 的那些廠商，是採用這些解決方案的最明顯對象？

Do we need different infrastructure, different customer base, different material systems, et cetera, to commercialize this technology?

要將這項技術商業化，我們是否需要不同的基礎設施、不同的客戶基礎、不同的材料系統等等？

Certainly, I think the key designers that are leading, I don't see that changing too much because they understand the marketplace. They understand the RF challenges.

當然，我認為關鍵的領先設計者不太會改變，因為他們了解市場。他們了解 RF 的挑戰。

But the manufacturing infrastructure may change, if you go to GaN-on-silicon. All of the RF-SOI manufacturers today don't necessarily have a GaN-on-silicon capability. But it is something that we could work with them to enable by licensing our technology.

但如果轉向 GaN-on-silicon，製造基礎設施可能會改變。目前所有 RF-SOI 製造商不一定都具備 GaN-on-silicon 的能力。但我們可以透過授權我們的技術，與他們合作來促成（enable）這件事。

Okay. All right. Some great stuff here, Scott.

好的。好。這裡有些很棒的內容，Scott。

I think Frank is getting a little bored so I want to engage him for one question here. A very simple one, Frank, is on the OpEx here.

我覺得 Frank 可能有點無聊了，所以我想讓他加入，問他一個問題。很簡單的一個問題，Frank，是關於這裡的 OpEx（營運費用）。

Essentially, are you telling us that your $18.5 million OpEx number is now going to be closer to $21 million for the year? Is that what you're telling us?

基本上，你是在告訴我們，你們的 1,850 萬美元營運費用（OpEx）數字，現在全年會更接近 2,100 萬美元嗎？你是這個意思嗎？

No. I said plus or minus $250,000 (multiple speakers) --

不是。我說的是正負 25 萬美元（多位發言者）——

Oh.

喔。

-- is how we budget.

——這就是我們編列預算的方式。

$250,000? Okay.

25 萬美元？好。

But I think That is a range of $18.25 million to $18.75 million. It will be more on that $18.75 million range.

但我認為那代表的區間是 1,825 萬美元到 1,875 萬美元。會比較偏向 1,875 萬美元那一端。

Okay. I got the decimal point in the wrong place there so I'm glad I asked that question.

了解。我剛剛小數點放錯位置了，所以很高興我問了這個問題。

Yeah.

是啊。

How do we think about go-forward from this year? Is there any way we would annualize the step-up here? Or any other adds we need to have as we're -- sounds like we're having some great success across a number of different applications.

那我們該如何看待今年之後的走勢？有沒有辦法把這次的上調幅度年化？或者在我們——聽起來我們在多個不同應用上都取得很大成功——的情況下，還需要納入其他新增項目嗎？

Should we think about $1 million or $2 million step-up, as we get to next year?

展望明年時，我們是否應該把 100 萬或 200 萬美元的上調幅度納入考量？

Yeah. I'm not giving guidance, really, for next year. But I think what you'll see is, particularly next quarter -- you'll see some of these structural increases in cost go through our P&L. You'd be able to model that, going forward.

是的。我其實不會對明年提供指引。但我認為你會看到的是，特別是下個季度——你會看到其中一些結構性的成本增加反映在我們的損益表（P&L）上。你就能以此作為未來建模的依據。

But I would characterize the increases as significant from the costs our service providers are imposing on us. We haven't closed off negotiations on all of those. Those tend to be long-term contracts.

但我會把這些增加描述為：我們的服務供應商對我們施加的成本上升幅度相當顯著。我們尚未完成所有項目的談判。那些通常都是長期合約。

We have two major tool leases to support our development and activities. One of those is still in progress. I'm not ready to say where it's going to come out.

我們有兩項主要的工具租賃，用來支援我們的開發與相關活動。其中一項仍在進行中。我還沒準備好說最後會落在哪個數字。

But we've been spending about $1.8 million a year for one of our tool leases. That was in all of our 10-Q disclosure. I would expect that to go up pretty significantly. I don't have a number to land on that, yet.

不過，我們其中一項工具租賃每年大約花 180 萬美元。這在我們所有的 10-Q 揭露中都有提到。我預期那個數字會相當明顯地上升。但我目前還沒有一個可以定案的數字。

Okay. Fair enough.

了解。合理。

That'll really be a 2027, not as much in the second half of this year.

那主要會是在 2027 年，而不是今年下半年那麼多。

Got it. Okay. That's some good perspective. That's all from me, guys.

明白。好。這些觀點很有幫助。我這邊就到這裡，各位。

Congratulations on all the great work here. That's all from me.

恭喜你們在這裡做得非常出色。我這邊就到這裡。

Thank you, Richard. A few questions coming in here on the Q&A line.

謝謝你，Richard。這裡在問答線上有幾個問題進來。

First of all, is there an update on the PowerAmerica relationship?

首先，與 PowerAmerica 的關係有最新進展嗎？

Yeah. For those of you who are not aware, we made a proposal to PowerAmerica in early this year to do a partnership with a few other companies to do a development of a GaN power device and testing.

有。對於不清楚的各位，我們在今年年初向 PowerAmerica 提出一項提案，與另外幾家公司合作，進行 GaN 功率元件的開發與測試。

Our understanding is that that program would be awarded in May. We have not heard that we have been awarded that program. We also haven't heard we haven't been awarded it.

我們的理解是該計畫會在 5 月決標。我們沒有收到我們得標的通知。我們也沒有收到我們未得標的通知。

But I presume that we did not get it, based on the timing. I have heard that other companies -- although, I don't know who they are -- were awarded that.

但就時程來看，我推測我們沒有拿到。我聽說其他公司——雖然我不知道是哪幾家——拿到了該計畫。

Although disappointing, I would say a few things about that:

雖然令人失望，但我想就此說幾點：

First of all, that was a program in GaN-on-power. Early this year, we did think GaN-on-power was our primary focus.

首先，那是一個 GaN-on-power 的計畫。今年年初，我們確實認為 GaN-on-power 是我們的主要重點。

But, as of the recent test data that we've gotten, we're more focused on GaN-on-RF. In some ways, I'm almost glad that my engineering team will be more focused on that primary market.

但是，根據我們最近取得的測試數據，我們更聚焦在 GaN-on-RF。某種程度上，我幾乎很高興我的工程團隊能更專注在那個主要市場。

Second thing I'll say is, it was a good opportunity to partner with a number of people and show off our stuff. But it wasn't really a financially significant program for us. I think the entire program would've only brought in about $300,000 for us, if we had won it.

第二點是，這是個很好的機會，能與多方合作並展示我們的技術。但對我們而言，它並不是一個在財務上很重大的計畫。我認為整個計畫即使我們得標，對我們的收入貢獻也大概只有 30 萬美元。

We will continue to try to join in on CHIPS Act and other proposals that we think will benefit us in our target spaces. But, unfortunately, that one didn't come through.

我們會持續嘗試參與《CHIPS 法案》以及其他我們認為能在目標領域帶來助益的提案。但很遺憾，這一案沒有成。

Okay. Thank you.

了解。謝謝。

Is there an update on the relationship with STMicroelectronics?

與意法半導體（STMicroelectronics）的關係有更新嗎？

There's not really an update. Last quarter, we said that we were still working with their business units. We had hoped that we would put together a deal with them.

其實沒有什麼更新。上個季度我們說過，我們仍在與他們的事業單位合作。我們原本希望能與他們達成一項交易。

That's still on the table. But we don't have anything to announce at this time.

這件事仍在討論中。但目前沒有任何可以對外宣布的內容。

Okay. Thank you. A follow-up question on GAA: Specifically, what process does the major milestone at one customer refer to?

了解。謝謝。關於 GAA 的追問：具體來說，提到某位客戶的重大里程碑，是指哪一道製程？

And then, a follow-up to that would be: How long does it take? Can it be said to lead into license negotiations?

接著的追問是：需要多久時間？是否可以說這會導向授權談判？

Yeah. The goal of completing this demonstration is, absolutely, to lead into license negotiations. That would be what we hope will be our next step.

是的。完成這次示範的目標，確實就是要導向授權談判。那會是我們希望的下一步。

I can try to describe -- well, I think I described earlier but let me try to make a little bit clearer:

我可以試著描述——我想我先前有提過，但我再試著講得更清楚一些：

In the early stages of making a Gate-All-Around transistor, you are building that very complicated structure that we showed a picture of. We need to grow MST conformally all along those different structures inside there.

在製作環繞閘極（Gate-All-Around）電晶體的早期階段，你是在建構我們展示圖片中那種非常複雜的結構。我們需要沿著其中各種不同的內部結構，進行 MST 的共形成長（conformal growth）。

And then, the customer has to grow; fill in silicon that's doped to a certain level -- and every single piece of that has to -- our MST affects the doping level and what will happen there.

接著，客戶必須成長並填入摻雜到特定濃度的矽——而其中每一個部分都必須——我們的 MST 會影響摻雜濃度以及後續會發生的情況。

All the different pieces of that have to come together so that, if we can deposit it all properly and if we understand through TCAD modeling what the impact on the doping levels will be, then that will lead to an electrical result that's significantly better.

所有不同的環節都必須整合到位；如此一來，如果我們能正確沉積所有材料，並且透過 TCAD 建模理解對摻雜濃度的影響，那就會帶來顯著更好的電性結果。

And so that's what we're working on. We've done a lot of work on doing those depositions. We've got a bunch of the fill work done. We're working on that electrical result that we'll ultimately get to.

這就是我們正在做的事。我們已經在這些沉積上做了大量工作。我們也完成了不少填充（fill）相關的工作。我們正在推進最終要達成的電性結果。

Hopefully, if we can do that in one try, then it will lead to license discussions fairly soon. It may take more than one try, as I mentioned earlier to Richard.

希望如果一次就能成功，那麼很快就會進入授權討論。但如同我先前對 Richard 提到的，可能需要不只一次嘗試。

Okay. Thanks, Scott.

了解。謝謝，Scott。

If you want to proceed with any closing comments, I think that's all the time we have for Q&A, right now.

如果你想進行任何結語，我想我們目前的問答時間就到這裡，對嗎？

Oh. Okay. Well, let me thank you all for joining us to hear the progress within Atomera.

喔，好。那麼，讓我感謝各位加入我們，一起了解 Atomera 的進展。

Please continue to look for our news articles, white papers, and blog posts, which are available, along with investor alerts, on our website, atomera.com.

也請持續關注我們的新聞稿、白皮書與部落格文章；這些內容以及投資人提醒，都可在我們的網站 atomera.com 上取得。

Should you have additional questions, please contact Mike Bishop, who will be happy to follow up.

若您還有其他問題，請聯絡 Mike Bishop，他很樂意後續回覆。

Thank you, again, for your support. We look forward to our next update call.

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 Atomera call.

謝謝。Atomera 電話會議到此結束。