Atomera Inc — Call Transcript 2026

We will begin in a moment. 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. 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 Frank Laurencio, Atomera's CFO. 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. 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 24th, 2026. 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. 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. With that, I'd like to turn the call over to our President and CEO, Scott Bibaud. Go ahead, Scott. Thanks, Mike. 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, in wide bandgap 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. 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. 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. As we've said before, the move to Gate-All-Around at two 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. 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. The industry is demanding clear proof that any new material can be deposited precisely and that it delivers measurable benefits in advanced silicon devices. Today, there are four 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. In our last earnings call, we had just received measured silicon results that prove MST is the best solution for a critical source drain 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. It is typical that a customer asks to conduct multiple demonstrations before agreeing to accept a new technology for implementation in their fab's wafer flow. These demonstrations help to validate our claims while simultaneously addressing the detailed implementation and functionality questions these customers are focused on solving. 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. 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. 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. 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. 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 STMicroelectronics are bearing fruit. We are confident we will re-engage 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. 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. In power devices, we're seeing excellent potential. New development work being done to target MST at both TrenchFET and HBT 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 a production pathway. 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. GaN on Silicon is a much more economical growth method than alternatives built on exotic substrates like silicon carbide or sapphire. 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 in GaN on Silicon applications. 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. 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. It's also being actively evaluated for high integrated RF front ends, such as those for 6G cellular. 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 customer's requests. 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. We are seeing expanded interest in partnerships across the ecosystem, including engagements involving Incize, Synopsys, Texas State University, Sandia, and others. Those kinds of parallel paths, 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. 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 MSTcad tool set. This expanded collaboration extends that relationship into GaN workflows for both high-value RF and power devices. 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. 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. With that, I'll turn the call over to Frank, our CFO, to review our financials. 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. On a non-GAAP basis, net loss last quarter was $4.9 million or $0.14 a share. 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. Stock compensation expense, which is excluded from non-GAAP results, increased by $397,000, primarily due to new hires and our adoption in Q1 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. 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. 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. 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. 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. Let me offer some color on the magnitude of this 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. 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 equivalents, and short-term investments on 31st March 2026 was $41.1 million, compared to $19.2 million on 31st December 2025. 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 use 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. 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. On our last call, I said that we expected our 2026 annual non-GAAP OpEx to be approximately $18.5 million. 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. 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. We have $96,000 of deferred revenue on our balance sheet. 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-$100,000. 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? Thanks, Frank. Before I take questions, I wanna 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. Mike, we will now take questions. Thank you, Scott. If you wish to ask a question, please click the Q&A button at the bottom of the Zoom window, then feel free to type in a question. I will do my best to aggregate the incoming queries and relay them to management. Alternatively, you can click the raise hand button, and we may call on you to ask your question live. Right now, looks like Richard's ready to ask a first question. Richard, please go ahead. Hi, Mike. Thanks, thanks, Scott and Frank. Mike, can you hear me? Just wanna make sure the audio's okay. Yeah, yeah, we can hear you, Richard, thanks. All right, great. Scott, the Gate-All-Around stuff here, you made some very interesting comments. I wanna touch on a few of these things here. You mentioned that you now have measured silicon results here, and your customers have said that they're better than the other solutions that they have here. Just wanna make sure that that's what you said, and then I'll have a couple follow-ups on that topic. yeah, you may be Are you talking about GaN or Gate-All-Around? 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. Yes, we have definitely had that, and we're showing that to customers. Okay. What more can I say? Yeah, to follow up on this, the measures I assume that the measured results or wafers run at one of these four targeted customers. Is that correct? Um, in that- Is this independent? The measured results are something that we did in conjunction with our strategic partner, where they had Gate-All-Around structures. We used those devices to grow MST on those Gate-All-Around structures in the wafer. We were able to conduct this testing. Okay. All right. 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. 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 partner's structure. Now we want you to do it on our structure," 'cause our structure is different. Everybody's is different. When I mentioned that 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. Okay. 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. Okay. To that point, do you have a commitment to attempt to do this on your customer structures, or is this the discussions to get that agreed to? 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 our stuff on it. Okay. Yeah, that's pretty committed. Okay. Okay. That sounds pretty good. What's the timeframe for this work to get done? 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. I would assume that analysis takes a while. What's kind of the turnaround time between getting that done, analyzing, and getting to that next step? What do you foresee that taking? Yeah. It's gonna 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. Normally when someone sends us wafers, within three weeks to one month, we can turn those around and send them back. In this case, my guess is it might take us longer than that, 2-3 months. When we send them back, they have to put them in their fab and run them for several months. It could be in the order of six months before we start to see results coming out of this. Okay I mentioned a few times on the call in 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 'cause you're taking TEM images like electron microscope images and looking at what we did. Those results will come quickly, but the electrical results will be the result of running the wafers through the whole line. Got it. Okay. You're expecting or expecting to run wafers with wafers from two different GAA customers then over the next few months? Yes. Okay. Going back to my first question here and understanding the results you measured with the runs you did with your, you know, equipment partner, I want to get a sense of whether the customers agree that the comparisons you've done with an, I think an industry standard approach to dope and 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 partner has concluded for you? 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. Yeah, they definitely saw the benefit of using MST to conduct, to block the dope and diffusion in the areas that we're talking about, and how it works better than what they're currently implementing. Okay. Okay, fair enough. Some really interesting stuff going on there. Thanks for all that detail, Scott. Maybe a couple other quick questions. On the DRAM side, it sounds like we've 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? Yes, that's true. We are talking with the memory manufacturers and they, one thing, memory is quite a different architecture than logic that they're using Gate-All-Around. In memory, they're having the same type of dope and diffusion problems with their newer architectures as the Gate-All-Around folks are, and our technology's directly applicable to that. 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. 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 on High Bandwidth Memory, not just DRAM. We're further ahead with the Gate-All-Around customers than we are with them. Okay. All right. Fair enough. Maybe a question on the GaN side here. I think before you, my recollection is you're talking more about applications of GaN into the power space, but more recently it's been in RF here. Yeah. How would you characterize kind of the, which one is kind of the leader in terms of getting to the next step here and, you know, getting, you know, installation licenses? I know that's not the right term, but it's kind of what I think of it. You know, installation licenses or using the wafers with that already built in there. Yeah Which one's kind of in the lead here, if either one is notably better? Okay. 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. That's one of the reasons why we targeted it first. For the power market, 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 were growing the GaN and fewer defects, and therefore. would have a lot of inherent value. 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. Everybody's GaN growth properties are different, so there's some tuning that has to happen. 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 huge amount of interest in it in the industry. Just looking at this early data that we got, now 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 and such a 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. It could be that we're moving, although we're earlier into the GaN-on-Silicon for RF market, that one could move faster. Okay. All right. Fair enough. One last question from me. Maybe going back to STMicro here, 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. Maybe just kind of indicate where we're sitting here with those guys, and obviously with putting a pause on the power stuff that you're hoping to move forward with that you talked about late last year. How about in 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? Yeah, just to clarify, when I talk about the IDM, it's not STMicro. Okay. STMicro is another IDM, and we think we have a lot of different areas where we can engage with STMicro, but that's a separate engagement. Yeah, 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 re-engaging with them on developing a product. We aren't at the point where we can talk about that yet. ST hasn't specifically given us any okay to talk about it. Yeah, we've been saying since we had to give that unfortunate news about the BCD program at ST that we were 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. This is kind of vindication of those comments that we've been making. Now, 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. Okay. Excellent. I will jump out of line, guys. Thank you very much. Thanks. Okay. Thanks, Richard. There are a few questions that have been asked in the Q&A line, and I'll just bring them up one by one. The first kind of question's about the 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? What's a realistic timeframe for such a conversion? Yeah. At a high level, I'll put a little bit more structure on what I showed, I talked about Richard before. It's typical that customers will wanna see kind of four different levels. They wanna 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. They'll move ahead and say, "We wanna see that captured on silicon." We've done those two steps in Gate-All-Around. The next step, they'd say, "Okay, we wanna see that captured in silicon, but on our silicon, on our structure. We're gonna send you guys wafers. We want you to deposit it on our structure and send it back to us, and we'll evaluate it. They know they're not gonna get the most perfect performance out of that because, you know, there's work we have to do together in tuning them up and getting everything to work fully integrated. 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. Beyond that, the stage after that would be where they install and do the actual implementation on their device, tuning it all appropriately. Yeah, it's a fair question to say when should we expect to see a JDA. Sometime in this period of us doing the evaluation on their devices, and when we get to the point we'll install there, 'cause that would involve a license, then we should be having a JDA in place. These companies do not move fast when you're talking about kind of legal agreements. We're working hard to make those happen, and we hope to be able to announce them at some point in the near future. Okay. Thank you. Frank, the question regarding the equity raise. The investor asks, he is curious about the background and reason for the third-party private placement, and, given the stock price rise, was that, you know, could we have had better timing? Right. Yeah, thanks for that. You know, 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 a week and a half or two before we did the equity raise. The $5 price that we executed on there, you know, 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. You know, given, the past trading levels that we had and again, a lot of geopolitical uncertainty in the middle of February, you know, which we've kind of seen play out since then. Of course, you can't know how the equity market's gonna perform, but on balance it seemed like a very good opportunity for us to execute on that and then frankly be able to work, you know, 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. We've now strengthened the balance sheet. It's always kind of easier in with the benefit of hindsight to second-guess the price, but I think it was a very good decision to execute then. Okay. Thank you, Frank. Question on the tool partner. How has your relationship evolved with your, you know, with your tool partner, the strategic partner? Are they giving you more engineering personnel, and how has that relationship changed over time? Yeah, that's a good question. We have been, you know, 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, we typically want to be kind of a arms dealer, work with whatever tool our customers want to work with. We have good relationships with all of them. 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. 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. We have weekly meetings with their engineering team where we are working on developing the test data that we need for marketing to customers. As customers ask us questions and wanna get more demos, then we dig in and do work on that together. Yeah, on a engineering cooperation level, it's at a whole new level. 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. That's where we would be, you know, developing the right materials for us to both go into target customers and talk about MST technology and what a good solution that is. 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 gonna make more money from us winning designs there than we will. There's obvious advantages for them making us successful. They're not doing this out of the goodness of their heart. 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. Okay. This is a follow-up kind of to the when would we be able to gauge Gate-All-Around custom engagement. An investor asked, 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? We're only in the fifth month of the year, and I'm hopeful every month that we're gonna be inking deals. Definitely would say there's definitely a very strong chance. You know, if you look at all the areas in which you know, are working, which of the segments do you think is closest to producing a royalty-bearing license? I spoke a call or two ago about wafer-based products, and I think that, you know, the development effort in a wafer-based product is relatively easier. Some of the areas where we're offering wafer-based solutions are in gallium nitride and in RFSOI. There's, you know, we have wafer-based solutions that we're offering in the memory space. I think one of those could be the fastest. We also have been working on power and on RFSOI with customers for a very long time, so those could also be a quick time to market. It's, you know, very hard to call with so many moving pieces. All right. With that, Scott, I'll turn the call to you for closing comments here. Oh, okay. Well, I wanna 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, who'll be happy to follow up. Thanks again for your support, and we look forward to our next update call. Thank you. This concludes the call.

Speaker 2: We will begin in a moment. 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. 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 Frank Laurencio, Atomera's CFO. 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. Before we begin, I would like to remind everyone that during today's call, we will make forward-looking statements. We will begin in a moment. we will begin in a moment 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'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. i'm mike bishop with the company's investor relations As in prior quarters, we are using Zoom, and we will follow a similar presentation format with participants in a listen-only mode. 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 Frank Laurencio, Atomera's CFO. we will open with prepared remarks from scott bibaud atomera's president and ceo and frank laurencio atomera's cfo We will open the call to questions. 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. 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 would like to remind everyone that during today's call, we will make forward-looking statements. 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 24th, 2026. 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. 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. These forward-looking statements, whether in prepared remarks or during the Q&A session, are subject to inherent risks and uncertainties. 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 24th, 2026. 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 24th 2026 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. 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 Please note that during this call, we will be discussing non-GAAP financial measures as defined by SEC Regulation G. 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. 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 With that, I'd like to turn the call over to our President and CEO, Scott Bibaud. Go ahead, Scott. With that, I'd like to turn the call over to our President and CEO, Scott Bibaud. with that i'd like to turn the call over to our president and ceo scott bibaud Go ahead, Scott. go ahead scott

Speaker 4: Thanks, Mike. 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, in wide bandgap 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. 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. 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. Thanks, Mike. thanks mike Good afternoon, everyone. 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. 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, in wide bandgap 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. we're seeing strong customer pull in advanced logic memory in wide bandgap 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 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. 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 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. 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 As we've said before, the move to Gate-All-Around at two 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. 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. The industry is demanding clear proof that any new material can be deposited precisely and that it delivers measurable benefits in advanced silicon devices. Today, there are four companies in the world developing Gate-All-Around transistors, TSMC, Samsung, Intel, and Rapidus. As we've said before, the move to Gate-All-Around at two 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. as we've said before the move to gate-all-around at two 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 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. 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 The industry is demanding clear proof that any new material can be deposited precisely and that it delivers measurable benefits in advanced silicon devices. the industry is demanding clear proof that any new material can be deposited precisely and that it delivers measurable benefits in advanced silicon devices Today, there are four companies in the world developing Gate-All-Around transistors, TSMC, Samsung, Intel, and Rapidus. today there are four 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. In our last earnings call, we had just received measured silicon results that prove MST is the best solution for a critical source drain 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. It is typical that a customer asks to conduct multiple demonstrations before agreeing to accept a new technology for implementation in their fab's wafer flow. We know that each of them can use the capabilities of MST, so it's our goal to achieve adoption at all four. 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. 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 In our last earnings call, we had just received measured silicon results that prove MST is the best solution for a critical source drain liner application in these small geometry transistors. in our last earnings call we had just received measured silicon results that prove mst is the best solution for a critical source drain 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. 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 It is typical that a customer asks to conduct multiple demonstrations before agreeing to accept a new technology for implementation in their fab's wafer flow. it is typical that a customer asks to conduct multiple demonstrations before agreeing to accept a new technology for implementation in their fab's wafer flow These demonstrations help to validate our claims while simultaneously addressing the detailed implementation and functionality questions these customers are focused on solving. 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. 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. These demonstrations help to validate our claims while simultaneously addressing the detailed implementation and functionality questions these customers are focused on solving. these demonstrations help to validate our claims while simultaneously addressing the detailed implementation and functionality questions these customers are focused on solving 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. 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. 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 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. 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. our team is in discussions with them right now and we are currently working on multiple solutions using mst to assist in this area 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. 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. 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. 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. 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. 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. the momentum we're seeing in the advanced node transistor space is a result of many years of work targeting current market trends 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. 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. Our customer pipeline remains very active across multiple domains. for that reason we believe that mst is a fundamental tool for the future of ai. 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. 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 STMicroelectronics are bearing fruit. We are confident we will re-engage 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. 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. In power devices, we're seeing excellent potential. New development work being done to target MST at both TrenchFET and HBT transistors, useful in high frequency, high speed, and high voltage applications. Our efforts with STMicroelectronics are bearing fruit. our efforts with stmicroelectronics are bearing fruit We are confident we will re-engage 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. we are confident we will re-engage 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 In RF SOI, we are seeing strong results confirming our extensive TCAD simulations. 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 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. 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 In power devices, we're seeing excellent potential. in power devices we're seeing excellent potential New development work being done to target MST at both TrenchFET and HBT transistors, useful in high frequency, high speed, and high voltage applications. new development work being done to target mst at both trenchfet and hbt 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 a production pathway. 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. GaN on Silicon is a much more economical growth method than alternatives built on exotic substrates like silicon carbide or sapphire. 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 in GaN on Silicon applications. At the same time, wafers continue moving forward with our second JDA partner, and we'll keep pushing those efforts toward a production pathway. at the same time wafers continue moving forward with our second jda partner and we'll keep pushing those efforts toward a production pathway 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. 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. to explain the innovation i need to give a little background GaN on Silicon is a much more economical growth method than alternatives built on exotic substrates like silicon carbide or sapphire. gan on silicon is a much more economical growth method than alternatives built on exotic substrates like silicon carbide or sapphire 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 in GaN on Silicon applications. 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 in gan on silicon applications 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. 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. It's also being actively evaluated for high integrated RF front ends, such as those for 6G cellular. The market potential is large and growing fast. In fact, its elimination has been the subject of materials and growth studies for more than 20 years. 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. 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. it does this by using mst's fundamental interface engineering to block the gallium and aluminum ions from getting into the silicon substrate An industry veteran told us that in his 20 years, this is the best measured sheet charge data he has ever seen. 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. 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. rf gan-on-silicon is a value in the wireless infrastructure military defense and satellite markets It's also being actively evaluated for high integrated RF front ends, such as those for 6G cellular. it's also being actively evaluated for high integrated rf front ends such as those for 6g cellular The market potential is large and growing fast. 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 customer's requests. 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. We are seeing expanded interest in partnerships across the ecosystem, including engagements involving Incize, Synopsys, Texas State University, Sandia, and others. Those kinds of parallel paths, 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. Work here is aimed at generating data that is both technically rigorous and directly translatable to customer device requirements. We are actively engaging on both 200 millimeter and 300 millimeter wafer sizes in GaN, depending on our customer's requests. we are actively engaging on both 200 millimeter and 300 millimeter wafer sizes in gan depending on our customer's requests 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. 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 We are seeing expanded interest in partnerships across the ecosystem, including engagements involving Incize, Synopsys, Texas State University, Sandia, and others. we are seeing expanded interest in partnerships across the ecosystem including engagements involving incize synopsys texas state university sandia and others Those kinds of parallel paths, 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. those kinds of parallel paths 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 Work here is aimed at generating data that is both technically rigorous and directly translatable to customer device requirements. 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 MSTcad tool set. This expanded collaboration extends that relationship into GaN workflows for both high-value RF and power devices. 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. 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. Finally, a quick note on our announcement last week about expanding our collaboration with Synopsys. 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 MSTcad tool set. we've worked with synopsys for years to enable accurate modeling of mst inside the sentaurus tcad environment through our mstcad tool set This expanded collaboration extends that relationship into GaN workflows for both high-value RF and power devices. this expanded collaboration extends that relationship into gan workflows for both high-value rf and power devices 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. 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 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. 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. With that, I'll turn the call over to Frank, our CFO, to review our financials. We remain focused on converting technical validation into commercial structures that can drive repeatable revenue and are confident in our ability to do so. 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. this is indeed an exciting time for atomera With that, I'll turn the call over to Frank, our CFO, to review our financials. with that i'll turn the call over to frank our cfo to review our financials

Speaker 1: 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. On a non-GAAP basis, net loss last quarter was $4.9 million or $0.14 a share. 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. Thank you, Scott. 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. 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. 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 On a non-GAAP basis, net loss last quarter was $4.9 million or $0.14 a share. on a non-gaap basis net loss last quarter was $4.9 million or $0.14 a share Our Q1 2025 net loss was $4.4 million or $0.15 a share. 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. 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 Stock compensation expense, which is excluded from non-GAAP results, increased by $397,000, primarily due to new hires and our adoption in Q1 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. 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. I will drill down into other factors that impacted our expenses by focusing on non-GAAP numbers. Stock compensation expense, which is excluded from non-GAAP results, increased by $397,000, primarily due to new hires and our adoption in Q1 2025 of Performance Stock Units or PSUs for executives. stock compensation expense which is excluded from non-gaap results increased by $397,000 primarily due to new hires and our adoption in q1 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. psus vest over three years whereas the time-based options and rsus that we had previously granted to executives vested over four years Although the vesting period is shorter, PSUs vest only if our stock performs well relative to the Russell 2000. 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. 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. with the exception of stock compensation expense the drivers of gaap and non-gaap expenses are substantially the same I will drill down into other factors that impacted our expenses by focusing on non-GAAP numbers. 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. 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. Please refer to the slide presentation for a reconciliation between GAAP and non-GAAP results. 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. 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 Sales and marketing expense increased by $203,000, reflecting our two executive hires since October. 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. 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. g&a expenses were basically flat from the first quarter of last year 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. Let me offer some color on the magnitude of this 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. The committee provided the executive team the opportunity to earn back the withheld amount in 2026 upon achievement of commercial objectives. 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. 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. operating expenses were $4.8 million in q1 which is a $1.6 million increase from $3.2 million in q4 Let me offer some color on the magnitude of this sequential increase. let me offer some color on the magnitude of this 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. 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 The committee provided the executive team the opportunity to earn back the withheld amount in 2026 upon achievement of commercial objectives. 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 equivalents, and short-term investments on 31st March 2026 was $41.1 million, compared to $19.2 million on 31st December 2025. 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 use in the first quarter of every year is higher than other quarters due to payments for items that are expensed over the year. This led to us reversing accrued bonus expense in the fourth quarter, which skews the comparison of expenses between Q1 and Q4. 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 equivalents, and short-term investments on 31st March 2026 was $41.1 million, compared to $19.2 million on 31st December 2025. our balance of cash equivalents and short-term investments on 31st march 2026 was $41.1 million compared to $19.2 million on 31st december 2025 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. 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 use in the first quarter of every year is higher than other quarters due to payments for items that are expensed over the year. as is typical for us cash use 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. 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. 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. 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 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. 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. 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. 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 On our last call, I said that we expected our 2026 annual non-GAAP OpEx to be approximately $18.5 million. 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. 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. On our last call, I said that we expected our 2026 annual non-GAAP OpEx to be approximately $18.5 million. on our last call i said that we expected our 2026 annual non-gaap opex to be approximately $18.5 million We are holding to that number. 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. 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 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. 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. revenue in q1 was $11,000 and consisted of fees for wafer deliveries to the large idm that scott talked about We have $96,000 of deferred revenue on our balance sheet. 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-$100,000. 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? We have $96,000 of deferred revenue on our balance sheet. 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. we have $96,000 of deferred revenue on our balance sheet. 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-$100,000. accordingly we expect q2 revenue to be in the range of $50,000-$100,000 With that, I will turn the call back over to Scott for a few summary remarks before we open the call up to questions. 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? scott

Speaker 4: Thanks, Frank. Before I take questions, I wanna 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. Mike, we will now take questions. Thanks, Frank. thanks frank Before I take questions, I wanna thank our employees, our customers, and our shareholders for their continued support. before i take questions i wanna 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. 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 Mike, we will now take questions. mike we will now take questions

Speaker 2: Thank you, Scott. If you wish to ask a question, please click the Q&A button at the bottom of the Zoom window, then feel free to type in a question. I will do my best to aggregate the incoming queries and relay them to management. Alternatively, you can click the raise hand button, and we may call on you to ask your question live. Right now, looks like Richard's ready to ask a first question. Richard, please go ahead. Thank you, Scott. thank you scott If you wish to ask a question, please click the Q&A button at the bottom of the Zoom window, then feel free to type in a question. if you wish to ask a question please click the q&a button at the bottom of the zoom window then feel free to type in a question I will do my best to aggregate the incoming queries and relay them to management. i will do my best to aggregate the incoming queries and relay them to management Alternatively, you can click the raise hand button, and we may call on you to ask your question live. alternatively you can click the raise hand button and we may call on you to ask your question live Right now, looks like Richard's ready to ask a first question. right now looks like richard's ready to ask a first question Richard, please go ahead. richard please go ahead

Speaker 3: Hi, Mike. Thanks, thanks, Scott and Frank. Mike, can you hear me? Just wanna make sure the audio's okay. Hi, Mike. hi mike Thanks, thanks, Scott and Frank. thanks thanks scott and frank Mike, can you hear me? mike can you hear me Just wanna make sure the audio's okay. just wanna make sure the audio's okay

Speaker 2: Yeah, yeah, we can hear you, Richard, thanks. Yeah, yeah, we can hear you, Richard, thanks. yeah yeah we can hear you richard thanks

Speaker 3: All right, great. Scott, the Gate-All-Around stuff here, you made some very interesting comments. I wanna touch on a few of these things here. You mentioned that you now have measured silicon results here, and your customers have said that they're better than the other solutions that they have here. Just wanna make sure that that's what you said, and then I'll have a couple follow-ups on that topic. All right, great. all right great Scott, the Gate-All-Around stuff here, you made some very interesting comments. scott the gate-all-around stuff here you made some very interesting comments I wanna touch on a few of these things here. i wanna touch on a few of these things here You mentioned that you now have measured silicon results here, and your customers have said that they're better than the other solutions that they have here. you mentioned that you now have measured silicon results here and your customers have said that they're better than the other solutions that they have here Just wanna make sure that that's what you said, and then I'll have a couple follow-ups on that topic. just wanna make sure that that's what you said and then i'll have a couple follow-ups on that topic

Speaker 4: yeah, you may be Are you talking about GaN or Gate-All-Around? yeah, you may be Are you talking about GaN or Gate-All-Around? yeah you may be are you talking about gan or gate-all-around

Speaker 3: Gate-All-Around. Gate-All-Around. gate-all-around

Speaker 4: 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. Yes, we have definitely had that, and we're showing that to customers. 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. 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 Yes, we have definitely had that, and we're showing that to customers. yes we have definitely had that and we're showing that to customers

Speaker 3: Okay. Okay. okay

Speaker 4: What more can I say? What more can I say? what more can i say

Speaker 3: Yeah, to follow up on this, the measures I assume that the measured results or wafers run at one of these four targeted customers. Is that correct? Yeah, to follow up on this, the measures I assume that the measured results or wafers run at one of these four targeted customers. yeah to follow up on this the measures i assume that the measured results or wafers run at one of these four targeted customers Is that correct? is that correct

Speaker 4: Um, in that- Um, in that- um in that-

Speaker 3: Is this independent? Is this independent? is this independent

Speaker 4: The measured results are something that we did in conjunction with our strategic partner, where they had Gate-All-Around structures. We used those devices to grow MST on those Gate-All-Around structures in the wafer. We were able to conduct this testing. The measured results are something that we did in conjunction with our strategic partner, where they had Gate-All-Around structures. the measured results are something that we did in conjunction with our strategic partner where they had gate-all-around structures We used those devices to grow MST on those Gate-All-Around structures in the wafer. we used those devices to grow mst on those gate-all-around structures in the wafer We were able to conduct this testing. we were able to conduct this testing

Speaker 3: Okay. All right. Okay. okay All right. all right

Speaker 4: 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. 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 partner's structure. Now we want you to do it on our structure," 'cause our structure is different. Everybody's is different. 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. 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 That's been able to really open the doors for us to get into the customers. 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 partner's structure. the next step from there is the customer will typically say "okay we can see you did that on your strategic partner's structure Now we want you to do it on our structure," 'cause our structure is different. now we want you to do it on our structure," 'cause our structure is different Everybody's is different. everybody's is different When I mentioned that 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. When I mentioned that 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. when i mentioned that 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

Speaker 3: Okay. Okay. okay

Speaker 4: 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. 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. 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

Speaker 3: Okay. To that point, do you have a commitment to attempt to do this on your customer structures, or is this the discussions to get that agreed to? Okay. okay To that point, do you have a commitment to attempt to do this on your customer structures, or is this the discussions to get that agreed to? to that point do you have a commitment to attempt to do this on your customer structures or is this the discussions to get that agreed to

Speaker 4: 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 our stuff on it. 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 our stuff on it. 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 our stuff on it

Speaker 3: Okay. Okay. okay

Speaker 4: Yeah, that's pretty committed. Yeah, that's pretty committed. yeah that's pretty committed

Speaker 3: Okay. Okay. That sounds pretty good. What's the timeframe for this work to get done? 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. I would assume that analysis takes a while. What's kind of the turnaround time between getting that done, analyzing, and getting to that next step? What do you foresee that taking? Okay. okay Okay. okay That sounds pretty good. that sounds pretty good What's the timeframe for this work to get done? what's the timeframe for this work to get done 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. 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 I would assume that analysis takes a while. i would assume that analysis takes a while What's kind of the turnaround time between getting that done, analyzing, and getting to that next step? what's kind of the turnaround time between getting that done analyzing and getting to that next step What do you foresee that taking? what do you foresee that taking

Speaker 4: Yeah. It's gonna 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. Normally when someone sends us wafers, within three weeks to one month, we can turn those around and send them back. In this case, my guess is it might take us longer than that, 2-3 months. When we send them back, they have to put them in their fab and run them for several months. It could be in the order of six months before we start to see results coming out of this. Yeah. yeah It's gonna take several months, just us doing the work. it's gonna 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. 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 Normally when someone sends us wafers, within three weeks to one month, we can turn those around and send them back. normally when someone sends us wafers within three weeks to one month we can turn those around and send them back In this case, my guess is it might take us longer than that, 2- 3 months. in this case my guess is it might take us longer than that 2- 3 months When we send them back, they have to put them in their fab and run them for several months. when we send them back they have to put them in their fab and run them for several months It could be in the order of six months before we start to see results coming out of this. it could be in the order of six months before we start to see results coming out of this

Speaker 3: Okay Okay okay

Speaker 4: I mentioned a few times on the call in 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 'cause you're taking TEM images like electron microscope images and looking at what we did. Those results will come quickly, but the electrical results will be the result of running the wafers through the whole line. I mentioned a few times on the call in 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. i mentioned a few times on the call in 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 'cause you're taking TEM images like electron microscope images and looking at what we did. they can do that pretty quickly 'cause you're taking tem images like electron microscope images and looking at what we did Those results will come quickly, but the electrical results will be the result of running the wafers through the whole line. those results will come quickly but the electrical results will be the result of running the wafers through the whole line

Speaker 3: Got it. Okay. You're expecting or expecting to run wafers with wafers from two different GAA customers then over the next few months? Got it. got it Okay. okay You're expecting or expecting to run wafers with wafers from two different GAA customers then over the next few months? you're expecting or expecting to run wafers with wafers from two different gaa customers then over the next few months

Speaker 4: Yes. Yes. yes

Speaker 3: Okay. Going back to my first question here and understanding the results you measured with the runs you did with your, you know, equipment partner, I want to get a sense of whether the customers agree that the comparisons you've done with an, I think an industry standard approach to dope and 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 partner has concluded for you? Okay. okay Going back to my first question here and understanding the results you measured with the runs you did with your, you know, equipment partner, I want to get a sense of whether the customers agree that the comparisons you've done with an, I think an industry standard approach to dope and 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 partner has concluded for you? going back to my first question here and understanding the results you measured with the runs you did with your you know equipment partner i want to get a sense of whether the customers agree that the comparisons you've done with an i think an industry standard approach to dope and 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 partner has concluded for you

Speaker 4: 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. Yeah, they definitely saw the benefit of using MST to conduct, to block the dope and diffusion in the areas that we're talking about, and how it works better than what they're currently implementing. 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. 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 Yeah, they definitely saw the benefit of using MST to conduct, to block the dope and diffusion in the areas that we're talking about, and how it works better than what they're currently implementing. yeah they definitely saw the benefit of using mst to conduct to block the dope and diffusion in the areas that we're talking about and how it works better than what they're currently implementing

Speaker 3: Okay. Okay, fair enough. Some really interesting stuff going on there. Thanks for all that detail, Scott. Maybe a couple other quick questions. On the DRAM side, it sounds like we've 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? Okay. okay Okay, fair enough. okay fair enough Some really interesting stuff going on there. some really interesting stuff going on there Thanks for all that detail, Scott. thanks for all that detail scott Maybe a couple other quick questions. maybe a couple other quick questions On the DRAM side, it sounds like we've 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. on the dram side it sounds like we've 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? is that a fair comparison

Speaker 4: Yes, that's true. We are talking with the memory manufacturers and they, one thing, memory is quite a different architecture than logic that they're using Gate-All-Around. In memory, they're having the same type of dope and diffusion problems with their newer architectures as the Gate-All-Around folks are, and our technology's directly applicable to that. 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. 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 on High Bandwidth Memory, not just DRAM. We're further ahead with the Gate-All-Around customers than we are with them. Yes, that's true. yes that's true We are talking with the memory manufacturers and they, one thing, memory is quite a different architecture than logic that they're using Gate-All-Around. we are talking with the memory manufacturers and they one thing memory is quite a different architecture than logic that they're using gate-all-around In memory, they're having the same type of dope and diffusion problems with their newer architectures as the Gate-All-Around folks are, and our technology's directly applicable to that. in memory they're having the same type of dope and diffusion problems with their newer architectures as the gate-all-around folks are and our technology's directly applicable to that We have a lot of interest in, from the DRAM guys about that. 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. we're also talking to them about some other solutions that may be able to help them in different ways It's lots of different vectors of how we're engaged with DRAM guys. 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 on High Bandwidth Memory, not just DRAM. i should say with the memory guys because it's also on high bandwidth memory not just dram We're further ahead with the Gate-All-Around customers than we are with them. we're further ahead with the gate-all-around customers than we are with them

Speaker 3: Okay. All right. Fair enough. Maybe a question on the GaN side here. I think before you, my recollection is you're talking more about applications of GaN into the power space, but more recently it's been in RF here. Okay. okay All right. all right Fair enough. fair enough Maybe a question on the GaN side here. maybe a question on the gan side here I think before you, my recollection is you're talking more about applications of GaN into the power space, but more recently it's been in RF here. i think before you my recollection is you're talking more about applications of gan into the power space but more recently it's been in rf here

Speaker 4: Yeah. Yeah. yeah

Speaker 3: How would you characterize kind of the, which one is kind of the leader in terms of getting to the next step here and, you know, getting, you know, installation licenses? I know that's not the right term, but it's kind of what I think of it. You know, installation licenses or using the wafers with that already built in there. How would you characterize kind of the, which one is kind of the leader in terms of getting to the next step here and, you know, getting, you know, installation licenses? how would you characterize kind of the which one is kind of the leader in terms of getting to the next step here and you know getting you know installation licenses I know that's not the right term, but it's kind of what I think of it. i know that's not the right term but it's kind of what i think of it You know, installation licenses or using the wafers with that already built in there. you know installation licenses or using the wafers with that already built in there

Speaker 4: Yeah Yeah yeah

Speaker 3: Which one's kind of in the lead here, if either one is notably better? Which one's kind of in the lead here, if either one is notably better? which one's kind of in the lead here if either one is notably better

Speaker 4: Okay. 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. That's one of the reasons why we targeted it first. For the power market, 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 were growing the GaN and fewer defects, and therefore. Okay. okay It's kind of interesting where you're right saying that we initially targeted the power market for our GaN-on-Silicon work. 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. the power market is actually much larger than the gan on rf market today That's one of the reasons why we targeted it first. that's one of the reasons why we targeted it first For the power market, 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 were growing the GaN and fewer defects, and therefore. for the power market 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 were growing the gan and fewer defects and therefore would have a lot of inherent value. 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. Everybody's GaN growth properties are different, so there's some tuning that has to happen. 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 huge amount of interest in it in the industry. would have a lot of inherent value. would have a lot of inherent value 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. 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 Everybody's GaN growth properties are different, so there's some tuning that has to happen. everybody's gan growth properties are different so there's some tuning that has to happen That takes time. 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 huge amount of interest in it in the industry. 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 huge amount of interest in it in the industry Just looking at this early data that we got, now 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 and such a 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. It could be that we're moving, although we're earlier into the GaN-on-Silicon for RF market, that one could move faster. Just looking at this early data that we got, now 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 and such a area where the industry needs solutions. just looking at this early data that we got now 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 and such a 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. in rf they don't actually have to do the full electrical testing before they can decide to move forward on something It could be that we're moving, although we're earlier into the GaN-on-Silicon for RF market, that one could move faster. it could be that we're moving although we're earlier into the gan-on-silicon for rf market that one could move faster

Speaker 3: Okay. All right. Fair enough. One last question from me. Maybe going back to STMicro here, 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. Maybe just kind of indicate where we're sitting here with those guys, and obviously with putting a pause on the power stuff that you're hoping to move forward with that you talked about late last year. How about in 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? Okay. okay All right. all right Fair enough. fair enough One last question from me. one last question from me Maybe going back to STMicro here, 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. maybe going back to stmicro here 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 Maybe just kind of indicate where we're sitting here with those guys, and obviously with putting a pause on the power stuff that you're hoping to move forward with that you talked about late last year. maybe just kind of indicate where we're sitting here with those guys and obviously with putting a pause on the power stuff that you're hoping to move forward with that you talked about late last year How about in the other applications with them? how about in 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? are they still moving as full force as you had expected and had been seeing since the cessation of the power work with them

Speaker 4: Yeah, just to clarify, when I talk about the IDM, it's not STMicro. Yeah, just to clarify, when I talk about the IDM, it's not STMicro. yeah just to clarify when i talk about the idm it's not stmicro

Speaker 3: Okay. Okay. okay

Speaker 4: STMicro is another IDM, and we think we have a lot of different areas where we can engage with STMicro, but that's a separate engagement. Yeah, 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 re-engaging with them on developing a product. We aren't at the point where we can talk about that yet. ST hasn't specifically given us any okay to talk about it. STMicro is another IDM, and we think we have a lot of different areas where we can engage with STMicro, but that's a separate engagement. stmicro is another idm and we think we have a lot of different areas where we can engage with stmicro but that's a separate engagement Yeah, 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 re-engaging with them on developing a product. yeah 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 re-engaging with them on developing a product We aren't at the point where we can talk about that yet. we aren't at the point where we can talk about that yet ST hasn't specifically given us any okay to talk about it. st hasn't specifically given us any okay to talk about it Yeah, we've been saying since we had to give that unfortunate news about the BCD program at ST that we were 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. This is kind of vindication of those comments that we've been making. Now, 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. Yeah, we've been saying since we had to give that unfortunate news about the BCD program at ST that we were 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. yeah we've been saying since we had to give that unfortunate news about the bcd program at st that we were 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 This is kind of vindication of those comments that we've been making. this is kind of vindication of those comments that we've been making Now, 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. now 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

Speaker 3: Okay. Excellent. I will jump out of line, guys. Thank you very much. Okay. okay Excellent. excellent I will jump out of line, guys. i will jump out of line guys Thank you very much. thank you very much

Speaker 4: Thanks. Thanks. thanks

Speaker 2: Okay. Thanks, Richard. There are a few questions that have been asked in the Q&A line, and I'll just bring them up one by one. The first kind of question's about the 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? What's a realistic timeframe for such a conversion? Okay. okay Thanks, Richard. thanks richard There are a few questions that have been asked in the Q&A line, and I'll just bring them up one by one. there are a few questions that have been asked in the q&a line and i'll just bring them up one by one The first kind of question's about the 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? the first kind of question's about the 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 What's a realistic timeframe for such a conversion? what's a realistic timeframe for such a conversion

Speaker 4: Yeah. At a high level, I'll put a little bit more structure on what I showed, I talked about Richard before. It's typical that customers will wanna see kind of four different levels. They wanna 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. They'll move ahead and say, "We wanna see that captured on silicon." We've done those two steps in Gate-All-Around. The next step, they'd say, "Okay, we wanna see that captured in silicon, but on our silicon, on our structure. We're gonna send you guys wafers. Yeah. yeah At a high level, I'll put a little bit more structure on what I showed, I talked about Richard before. at a high level i'll put a little bit more structure on what i showed i talked about richard before It's typical that customers will wanna see kind of four different levels. it's typical that customers will wanna see kind of four different levels They wanna 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. they wanna 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 They'll move ahead and say, "We wanna see that captured on silicon." We've done those two steps in Gate-All-Around. they'll move ahead and say "we wanna see that captured on silicon." we've done those two steps in gate-all-around The next step, they'd say, "Okay, we wanna see that captured in silicon, but on our silicon, on our structure. the next step they'd say "okay we wanna see that captured in silicon but on our silicon on our structure We're gonna send you guys wafers. we're gonna send you guys wafers We want you to deposit it on our structure and send it back to us, and we'll evaluate it. They know they're not gonna get the most perfect performance out of that because, you know, there's work we have to do together in tuning them up and getting everything to work fully integrated. 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. Beyond that, the stage after that would be where they install and do the actual implementation on their device, tuning it all appropriately. Yeah, it's a fair question to say when should we expect to see a JDA. We want you to deposit it on our structure and send it back to us, and we'll evaluate it. we want you to deposit it on our structure and send it back to us and we'll evaluate it They know they're not gonna get the most perfect performance out of that because, you know, there's work we have to do together in tuning them up and getting everything to work fully integrated. they know they're not gonna get the most perfect performance out of that because you know there's work we have to do together in tuning them up and getting everything to work fully integrated They're just trying to do a proof of concept on their platform, right? 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. that's the stage we're at right now with two of the customers Beyond that, the stage after that would be where they install and do the actual implementation on their device, tuning it all appropriately. beyond that the stage after that would be where they install and do the actual implementation on their device tuning it all appropriately Yeah, it's a fair question to say when should we expect to see a JDA. yeah it's a fair question to say when should we expect to see a jda Sometime in this period of us doing the evaluation on their devices, and when we get to the point we'll install there, 'cause that would involve a license, then we should be having a JDA in place. These companies do not move fast when you're talking about kind of legal agreements. We're working hard to make those happen, and we hope to be able to announce them at some point in the near future. Sometime in this period of us doing the evaluation on their devices, and when we get to the point we'll install there, 'cause that would involve a license, then we should be having a JDA in place. sometime in this period of us doing the evaluation on their devices and when we get to the point we'll install there 'cause that would involve a license then we should be having a jda in place These companies do not move fast when you're talking about kind of legal agreements. these companies do not move fast when you're talking about kind of legal agreements We're working hard to make those happen, and we hope to be able to announce them at some point in the near future. we're working hard to make those happen and we hope to be able to announce them at some point in the near future

Speaker 2: Okay. Thank you. Frank, the question regarding the equity raise. Okay. okay Thank you. thank you Frank, the question regarding the equity raise. frank the question regarding the equity raise The investor asks, he is curious about the background and reason for the third-party private placement, and, given the stock price rise, was that, you know, could we have had better timing? The investor asks, he is curious about the background and reason for the third-party private placement, and, given the stock price rise, was that, you know, could we have had better timing? the investor asks he is curious about the background and reason for the third-party private placement and given the stock price rise was that you know could we have had better timing

Speaker 1: Right. Yeah, thanks for that. You know, 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 a week and a half or two before we did the equity raise. The $5 price that we executed on there, you know, 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. Right. right Yeah, thanks for that. yeah thanks for that You know, 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 a week and a half or two before we did the equity raise. you know 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 a week and a half or two before we did the equity raise The $5 price that we executed on there, you know, 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. the $5 price that we executed on there you know 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 You know, given, the past trading levels that we had and again, a lot of geopolitical uncertainty in the middle of February, you know, which we've kind of seen play out since then. Of course, you can't know how the equity market's gonna perform, but on balance it seemed like a very good opportunity for us to execute on that and then frankly be able to work, you know, 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. We've now strengthened the balance sheet. It's always kind of easier in with the benefit of hindsight to second-guess the price, but I think it was a very good decision to execute then. You know, given, the past trading levels that we had and again, a lot of geopolitical uncertainty in the middle of February, you know, which we've kind of seen play out since then. you know given the past trading levels that we had and again a lot of geopolitical uncertainty in the middle of february you know which we've kind of seen play out since then Of course, you can't know how the equity market's gonna perform, but on balance it seemed like a very good opportunity for us to execute on that and then frankly be able to work, you know, 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. of course you can't know how the equity market's gonna perform but on balance it seemed like a very good opportunity for us to execute on that and then frankly be able to work you know 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 We've now strengthened the balance sheet. we've now strengthened the balance sheet It's always kind of easier in with the benefit of hindsight to second-guess the price, but I think it was a very good decision to execute then. it's always kind of easier in with the benefit of hindsight to second-guess the price but i think it was a very good decision to execute then

Speaker 2: Okay. Thank you, Frank. Question on the tool partner. How has your relationship evolved with your, you know, with your tool partner, the strategic partner? Are they giving you more engineering personnel, and how has that relationship changed over time? Okay. okay Thank you, Frank. thank you frank Question on the tool partner. question on the tool partner How has your relationship evolved with your, you know, with your tool partner, the strategic partner? how has your relationship evolved with your you know with your tool partner the strategic partner Are they giving you more engineering personnel, and how has that relationship changed over time? are they giving you more engineering personnel and how has that relationship changed over time

Speaker 4: Yeah, that's a good question. We have been, you know, 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, we typically want to be kind of a arms dealer, work with whatever tool our customers want to work with. We have good relationships with all of them. 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. 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. We have weekly meetings with their engineering team where we are working on developing the test data that we need for marketing to customers. Yeah, that's a good question. yeah that's a good question We have been, you know, we try to be good partners with each of the big tool vendors. we have been you know 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, we typically want to be kind of a arms dealer, work with whatever tool our customers want to work with. there's three main tool vendors that the industry uses for epi tools we typically want to be kind of a arms dealer work with whatever tool our customers want to work with We have good relationships with all of them. we have good relationships with all of them 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. 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 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. 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 We have weekly meetings with their engineering team where we are working on developing the test data that we need for marketing to customers. we have weekly meetings with their engineering team where we are working on developing the test data that we need for marketing to customers As customers ask us questions and wanna get more demos, then we dig in and do work on that together. Yeah, on a engineering cooperation level, it's at a whole new level. 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. That's where we would be, you know, developing the right materials for us to both go into target customers and talk about MST technology and what a good solution that is. 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 gonna make more money from us winning designs there than we will. There's obvious advantages for them making us successful. As customers ask us questions and wanna get more demos, then we dig in and do work on that together. as customers ask us questions and wanna get more demos then we dig in and do work on that together Yeah, on a engineering cooperation level, it's at a whole new level. yeah on a engineering cooperation level it's at a whole new level 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. 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 That's where we would be, you know, developing the right materials for us to both go into target customers and talk about MST technology and what a good solution that is. that's where we would be you know developing the right materials for us to both go into target customers and talk about mst technology and what a good solution that is 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 gonna make more money from us winning designs there than we will. 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 gonna make more money from us winning designs there than we will There's obvious advantages for them making us successful. there's obvious advantages for them making us successful They're not doing this out of the goodness of their heart. 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. They're not doing this out of the goodness of their heart. they're not doing this out of the goodness of their heart 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. 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

Speaker 2: Okay. This is a follow-up kind of to the when would we be able to gauge Gate-All-Around custom engagement. An investor asked, 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? Okay. okay This is a follow-up kind of to the when would we be able to gauge Gate-All-Around custom engagement. this is a follow-up kind of to the when would we be able to gauge gate-all-around custom engagement An investor asked, commented that the last call sounded like 2026 we would see several deals being made. an investor asked 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? is it safe to say that now that sounds unlikely or is there still hope for inking an agreement this year

Speaker 4: We're only in the fifth month of the year, and I'm hopeful every month that we're gonna be inking deals. Definitely would say there's definitely a very strong chance. We're only in the fifth month of the year, and I'm hopeful every month that we're gonna be inking deals. we're only in the fifth month of the year and i'm hopeful every month that we're gonna be inking deals Definitely would say there's definitely a very strong chance. definitely would say there's definitely a very strong chance

Speaker 2: You know, if you look at all the areas in which you know, are working, which of the segments do you think is closest to producing a royalty-bearing license? You know, if you look at all the areas in which you know, are working, which of the segments do you think is closest to producing a royalty-bearing license? you know if you look at all the areas in which you know are working which of the segments do you think is closest to producing a royalty-bearing license

Speaker 4: I spoke a call or two ago about wafer-based products, and I think that, you know, the development effort in a wafer-based product is relatively easier. Some of the areas where we're offering wafer-based solutions are in gallium nitride and in RFSOI. There's, you know, we have wafer-based solutions that we're offering in the memory space. I think one of those could be the fastest. We also have been working on power and on RFSOI with customers for a very long time, so those could also be a quick time to market. It's, you know, very hard to call with so many moving pieces. I spoke a call or two ago about wafer-based products, and I think that, you know, the development effort in a wafer-based product is relatively easier. i spoke a call or two ago about wafer-based products and i think that you know the development effort in a wafer-based product is relatively easier Some of the areas where we're offering wafer-based solutions are in gallium nitride and in RFSOI. some of the areas where we're offering wafer-based solutions are in gallium nitride and in rfsoi There's, you know, we have wafer-based solutions that we're offering in the memory space. there's you know we have wafer-based solutions that we're offering in the memory space I think one of those could be the fastest. i think one of those could be the fastest We also have been working on power and on RFSOI with customers for a very long time, so those could also be a quick time to market. we also have been working on power and on rfsoi with customers for a very long time so those could also be a quick time to market It's, you know, very hard to call with so many moving pieces. it's you know very hard to call with so many moving pieces

Speaker 2: All right. With that, Scott, I'll turn the call to you for closing comments here. All right. all right With that, Scott, I'll turn the call to you for closing comments here. with that scott i'll turn the call to you for closing comments here

Speaker 4: Oh, okay. Well, I wanna 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, who'll be happy to follow up. Thanks again for your support, and we look forward to our next update call. Oh, okay. oh okay Well, I wanna just thank you all for joining us to hear the progress being made within Atomera. well i wanna 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. 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. 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, who'll be happy to follow up. should you have additional questions please contact mike bishop who'll be happy to follow up Thanks again for your support, and we look forward to our next update call. thanks again for your support and we look forward to our next update call

Speaker 2: Thank you. This concludes the call. Thank you. thank you This concludes the call. this concludes the call