Q4 2025 Atomera Inc Earnings Call [BACKUP]

February 12, 2026

Frank Laurencio: beyond this quarter. Our 2025 non-GAAP operating expense was $15.9 million, which is well below the guidance range I provided last quarter. That's primarily due to reversing $669 thousand of accrued bonus. For 2026, we will continue to aggressively control costs, and we've limited our expense growth to those areas directly related to revenue and near-term commercial progress. Those increases mainly consist of adding two senior go-to-market leaders. The first of those was our VP of sales, who came on board in October, and the next will be a new head of marketing. The comparison of our planned spending in 2026 versus 2025 looks distorted by the potential payout this year of the executive bonus withheld from 2025, because the withheld amount will have to be accrued this year on top of accruing 2026 bonus.

Frank Laurencio: Our 2025 non-GAAP operating expense was $15.9 million, which is well below the guidance range I provided last quarter. That's primarily due to reversing $669 thousand of accrued bonus. For 2026, we will continue to aggressively control costs, and we've limited our expense growth to those areas directly related to revenue and near-term commercial progress. Those increases mainly consist of adding two senior go-to-market leaders. The first of those was our VP of sales, who came on board in October, and the next will be a new head of marketing. The comparison of our planned spending in 2026 versus 2025 looks distorted by the potential payout this year of the executive bonus withheld from 2025, because the withheld amount will have to be accrued this year on top of accruing 2026 bonus.

Frank Laurencio: As a result, we expect our non-GAAP operating expense to be approximately $18.5 million in 2026. Now, on paper, this is a 17% increase, but if normalized for the timing of the executive bonus accrual, it is more in the range of 8%. I would point out also that earning back deferred executive bonuses, as well as earning 2026 bonus, will require us to execute against aggressive, commercially focused milestones. 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 Bibaud: Thank you, Frank. The entire focus of our efforts in 2025 is getting to commercial agreements. The work we've done up to now has positioned us well to close on those opportunities, and I look forward to sharing our successes with you as the year progresses. Mike, we will now take questions.

Mike Bishop: 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 your 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, our first question comes from Richard Shannon of Craig-Hallum. Richard, go ahead.

Richard Shannon: Great, Mike. Can you hear me?

Richard Shannon [Senior Research Analyst: Great, Mike. Can you hear me?

Mike Bishop: Yes. Yes, we can.

Richard Shannon: Oh, okay, great. I'm in the airport here. A little bit of noise, so apologies for that. I don't have a ton of time for I got to run to my plane here, but let me ask just a few questions here. Scott, some really interesting statements regarding gate-all-around here. If I caught your comments correctly here, you said that you're expecting some. I forgot the exact language you used, but some sort of important next steps here in the next few quarters. Typically, you've been reticent to give somewhat definitive time frames for, you know, getting to major milestones, and yet you are here. So maybe give us a sense of why you're saying this. Your confidence level is clearly quite high, so help us understand this level of confidence and why.

Richard Shannon [Senior Research Analyst: Oh, okay, great. I'm in the airport here. A little bit of noise, so apologies for that. I don't have a ton of time for I got to run to my plane here, but let me ask just a few questions here. Scott, some really interesting statements regarding Gate-All-Around here. If I caught your comments correctly here, you said that you're expecting some. I forgot the exact language you used, but some sort of important next steps here in the next few quarters. Typically, you've been reticent to give somewhat definitive time frames for, you know, getting to major milestones, and yet you are here. So maybe give us a sense of why you're saying this. Your confidence level is clearly quite high, so help us understand this level of confidence and why.

Scott Bibaud: Yeah, I would say on the gate-all-around technology, let me... Do you mind if I just share this slide to answer your question, Richard?

Scott Bibaud: Yeah, I would say on the Gate-All-Around technology, Do you mind if I just share this slide to answer your question, Richard?

Richard Shannon: Please do.

Richard Shannon [Senior Research Analyst: Please do.

Scott Bibaud: Okay. Yeah, it seems here. Okay, here, here's the slide. On the right-hand side, you can see where MST is deposited around these source and drain structures. That is an incredibly hard thing to do. We've been talking with our gate-all-around customers about using MST to block dopant diffusion, like where these little red arrows go in. One of the biggest problems that people have is that the phosphorus dopants get into these channels here, and the channels can only handle a couple of phosphorus atoms before they really start to grade very, very significantly, which affects yield and performance and so forth. So all along, they've been saying, "Okay, that's interesting.

Scott Bibaud: We know MST can block the phosphorus, but first of all, can you even deposit it in these tiny little structures that are, you know, they're 2 nm? And just to give you an idea, it takes about 100,000 nm to get to the width of a hair. That's how small these are. And so we had to prove that, and we spent a long time in the lab building devices like this to show that we can deposit MST with high quality there, and we have done that. Second thing is, when we put that tiny layer of MST, does it really still block the phosphorus in that very, very small space? Because they're using something else right now that isn't very effective at blocking it, but are we better than that other thing?

Scott Bibaud: And the answer to that question is yes, as well. We've recently just gotten the technology, gotten the test data to prove that. So, you know, it's early days. We've gotten that in the last month. We haven't been able to get out and talk to each of the Gate-All-Around customers yet, but with our partnership with our strategic partner, we really think we're gonna talk to those guys, and they're gonna immediately want to start testing this and trying it out. So I'd say that's why my confidence is much higher. I would say we've rarely been as excited about some technology results inside the company as we are by what we have right now.

Richard Shannon: Okay, great deal. I'm sure I'll follow up a little bit on that one. Second question here is, you mentioned some, you mentioned two things you have to prove you are better than alternative solutions. We haven't really heard you talk about what your sense of customers are considering here. Any way you can describe what those are, whether they're, you know, internal developments or something looking, you know, from other research organizations, and to what degree you have visibility into how well those are doing as well?

Richard Shannon [Senior Research Analyst: Okay, great deal. I'm sure I'll follow up a little bit on that one. Second question here is, you mentioned some, you mentioned two things you have to prove you are better than alternative solutions. We haven't really heard you talk about what your sense of customers are considering here. Any way you can describe what those are, whether they're, you know, internal developments or something looking, you know, from other research organizations, and to what degree you have visibility into how well those are doing as well?

Scott Bibaud: Yeah. So, they're not-- we're not really talking about some lineup of other technologies, but what the industry has tried using in the past is silicon arsenic. And silicon arsenic is effective at just putting a spacer between the phosphorus and the channel, but it doesn't really prevent the dopant diffusion very well at all. And so we've actually done a lot of testing of our MST technology against silicon arsenic, and proven that we have vastly better diffusion blocking results. And the second thing is that the industry does not like to use arsenic in its manufacturing process if it can help it. It's expensive to use, and dangerous, and therefore, you know, offering a solution that removes that material is probably considered good by the industry.

Scott Bibaud: Yeah. So, they're not, we're not really talking about some lineup of other technologies, but what the industry has tried using in the past is silicon arsenic. And silicon arsenic is effective at just putting a spacer between the phosphorus and the channel, but it doesn't really prevent the dopant diffusion very well at all. And so we've actually done a lot of testing of our MST technology against silicon arsenic, and proven that we have vastly better diffusion blocking results. And the second thing is that the industry does not like to use arsenic in its manufacturing process if it can help it. It's expensive to use, and dangerous, and therefore, you know, offering a solution that removes that material is probably considered good by the industry.

Richard Shannon: Okay. Fair enough. Very interesting there. My last question, for I've got to run here, Scott, is you talked about a number of inbound calls here in the power space, which I know is a space that you've been pushing for a while, and obviously, ST Micro was aiming towards that before its, we'll call it a setback. You characterized this in the RF SOI space a few years ago about having significant coverage, I think more than half of the market share of the space here. Any way you'd characterize how much of the power space you're covering with the, when you add up all these new companies that are coming to you? Any way you'd characterize that?

Richard Shannon [Senior Research Analyst: Okay. Fair enough. Very interesting there. My last question, for I've got to run here, Scott, is you talked about a number of inbound calls here in the power space, which I know is a space that you've been pushing for a while, and obviously, ST Micro was aiming towards that before its, we'll call it a setback. You characterized this in the RF SOI space a few years ago about having significant coverage, I think more than half of the market share of the space here. Any way you'd characterize how much of the power space you're covering with the, when you add up all these new companies that are coming to you? Any way you'd characterize that?

Scott Bibaud: Yeah, it's a little bit harder. I think on the RF SOI, it's a pretty compact group of companies, and we feel very confident that we're working with the vast majority of them. On power, it's a much bigger market. It's a much more diverse customer base, so I wouldn't say we're working with most of the people. Of course, like we talked a little bit about the work we've done in TrenchFET. When we did do some work on TrenchFET, we reached out to the leaders in TrenchFET and some other folks that we know are interested in advancing their technology and started talking to them, and that worked well, and the same thing with HVT. And so, yeah, I think we're expanding. And then, you know, a lot of the GaN work that we're doing is in power as well.

Scott Bibaud: So we're talking to a lot of companies working in the power space, but I can't really give you. I can't really say it's the vast majority in that case.

Richard Shannon: Got it. I wasn't expecting the vast majority, but since the power space is very large, well, I thought if there was, I mean, if you even had 10% or 20%, that'd be pretty good coverage there. But appreciate that characterization. I've got to jump out of line, Scott. Thanks a lot.

Richard Shannon [Senior Research Analyst: Got it. I wasn't expecting the vast majority, but since the power space is very large, well, I thought if there was, I mean, if you even had 10% or 20%, that'd be pretty good coverage there. But appreciate that characterization. I've got to jump out of line, Scott. Thanks a lot.

Scott Bibaud: All right. Thank you, Richard.

Mike Bishop: All right. Thank you, Richard. We have some questions coming in on the Q&A line. Although I will start with one. Scott, can you give a update on the progress for your vice president of sales, Wei Na?

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

Mike Bishop: Great. And thank you. And a number of questions about wafer activity at the, at the fab, and as it relates to, you know, general activity level. How would you characterize that?

Scott Bibaud: Yeah, so I think just starting earlier in the middle of 2025, we started to get a lot of customers coming in with wafer runs simultaneously, which, you know, is quite busy for us to get them into our fab and deposit the MST on a very high quality basis, and then get it back out, so they can start running the wafers. Today, we're still running things in our own fab, but for the most part, we've shipped out a lot of that stuff to our customers, and now we're kind of in a waiting game. It takes 6 to 9 months for customers to run their wafers once we've sent them back to them and then get the test results, and then we'll review those, and we'll figure out the next steps from there.

Scott Bibaud: But we really feel confident that what we have done in these runs is good stuff. We use MST CAD simulation software to figure out what we expect the outcome of these runs to be, and we're, you know, we're really hopeful that our TCAD has been accurate, and if we get the results that we hope for, that our customers will wanna move forward into a productization effort.

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

Scott Bibaud: Yeah, absolutely. Okay, I just showed this graphic of a Gate-All-Around device, and that is a really, really hard device to integrate into. But you can imagine if we're trying to integrate into that device, the customer starts a starting wafer, they build up a whole bunch of structures, and then at some point, they make a hole in those structures, and they say, "Okay, put your MST in here," and then we'll have to figure out how to fill around it, and all of the different layers that surround it affect it, right? That's called integration engineering. It's very challenging.

Scott Bibaud: But for many of our applications, when we talk about wafer-based products, that would be when the customer buys a wafer and they put MST on immediately, the blank wafer, and then they start processing their, all of their, the rest of their process on top of it. Therefore, we don't have to work through all those challenging integration issues that we would have for something that, where MST gets deposited in the middle. So today, I talked about a couple of applications we're looking at for DRAM. That would be wafer-based products, where we're shipping them the wafer. I mean, obviously, we won't be wafer manufacturers, but, we would help them a solution that would go right on the wafer. Our RF SOI, our solutions that are wafer-based products, and also our gallium nitride, our GaN solutions, are our wafer-based products. So we've talked about it before.

Scott Bibaud: We're excited about those because they're easier to integrate, and therefore, we think faster time to revenue.

Mike Bishop: Okay, great. Here's another one. Can you please explain more about power saving in AI, then how MST can help achieve that?

Scott Bibaud: Yeah. So there's a lot of ways. I just showed you the Gate-All-Around transistor. So fundamentally, in semiconductor manufacturing like that, if you can bring a performance improvement, you could also probably trade that off to get lower power if you chose to do so. So that's one way. Another way is with our power solutions, like on our BCD products or our TrenchFET products or our GaN products. Those are targeted for the type of electronics that will be developed that go into a AI data center to help lower the power in the racks. So I'll give you one industry dynamic that we're tracking.

Scott Bibaud: In AI data centers, they have historically used a 12-volt power supply on the rack, but recently, the industry is moving away from 12 volts, and they're moving to 48 volts, because 48 volts is 4 times more efficient at saving power when you're providing power to the racks for all of those servers. The 48-volt power supplies use a lot of TrenchFET devices. That's the primary device that they use in there, and so we are trying to offer solutions for TrenchFETs, so we can help to address that. The other thing is gallium nitride. It's obviously a very power-efficient devices.

Scott Bibaud: Those of you who have the small power supplies that go into your backpack or suitcase, like they weren't able to do before, you understand that those are much more efficient, and that's why we're trying to engage in gallium nitride.

Mike Bishop: Interesting. Thank you. Okay, can you give us an update on, your JDA 1 and JDA 2?

Scott Bibaud: Yeah. So, JDA One and JDA Two—JDA One, I have to be careful that I'm not kind of divulging too much about what they're working on, but, you know, we continue to be working with JDA One, and I'm, I'm hopeful that some of the technologies that I talked about today will kick them into high gear to, in a business unit, to kind of move that forward towards, towards a production development effort like we've been waiting for, honestly, for a little bit too long. JDA Two is one of the customers that is, is currently running wafers with us, and, so I, I can't say too much about exactly where they are right now, but, but they're running wafers.

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

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

Mike Bishop: Okay. And when do you expect, you know, an evaluation to be completed of the wafers?

Scott Bibaud: For gate-all-around, or?

Scott Bibaud: For Gate-All-Around, or?

Mike Bishop: Yeah, for Gate-All-Around.

Scott Bibaud: For Gate-All-Around, it's very hard to say. With some of the customers we, you know, we're planning our visit to show them all this data that we have. We believe that the data that we have is good enough that they may not even require us to do deposition inside their Gate-All-Around structure, because we've proven that we can physically do it. And then what we'd be trying to do is to convince those customers to install MST in their fabs and have their R&D team take over and start implementing this. How fast that will happen is hard to say, but I will say the people that are working on Gate-All-Around are working very fast, and if they adopt, they're gonna be pushing us as hard as we've ever been pushed by a customer in the past.

Mike Bishop: Okay, great. And just one last question here is on how MST can help or improve quantum computing.

Scott Bibaud: You know, it's interesting. That's something we're working on right now. I can't really talk about the way that our MST technology will address quantum, but I can tell you that's something we're working very hard on right now. In the past, we had a theory about MST's ability to improve the purity and availability at a cheaper price of Silicon-28, which is a critical wafer type that's used for quantum wells. But yeah, that really just didn't pan out, so we're working on other technologies right now, and I hope to be able to talk to you guys about that later this year.

Mike Bishop: Thank you. Scott, you can proceed with any closing comments.

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

Mike Bishop: Thank you. This concludes the Atomera fourth quarter conference call.

non-GAAP operating expense was $15 9 million.

Which is well below the guidance range I provided last quarter.

That's primarily due to reversing $669000 of accrued bonus.

For 2026, we will continue to aggressively control costs.

And we've limited our expense growth to those areas directly related to revenue and near term commercial progress.

Those increases mainly consist of adding two senior go to market leaders.

The first of those was our VP of sales who came on board in October.

And the next will be a new head of marketing.

The comparison of our planned spending in 2026 versus 2025 looks distorted by the potential payout this year of the executive bonus withheld from 2025.

Because we withheld amount will have to be accrued this year on top of accruing 2026 bonus.

As a result, we expect our non-GAAP operating expense to be approximately $18 $5 million in 2026.

No on paper this is a 17% increase.

But if normalized for the timing of the executive bonus accrual it is more in the range of 8%.

I would point out also that earning back deferred executive bonuses as well as earning 2026 bonus will require us to execute against aggressive commercially focused milestones.

With that.

I'll turn the call back over to Scott for a few summary remarks before we open the call up to questions.

Scott Thank you Frank.

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

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 your question I will do my best to aggregate the incoming inquiries and relay them to management. Alternatively, you can click the race and button and we may call on you to ask your question.

And right now our first question comes from Richard Shannon of Craig Hallum. Richard Go ahead.

Great. Mike can you hear me, yes, okay, great I'm in the airport here a little bit of noise. So apologies for that I don't have a ton of time, where I got to run to my plane here, but let me ask a few questions here <unk> got some really interesting statements regarding.

All around here.

If I caught your comments correctly here you said that.

Are you expecting some.

I forgot the exact language you used but some sort of importance next steps here in the next few quarters.

Typically you've been reticent to give somewhat definitive timeframes for getting to major milestones and that you are here. So maybe give us a sense of why youre, saying that your confidence level is clearly quite high so help us understand that this level of competence and why.

Yes, I would say on the gate all around technology.

Do you mind, if I just shared this slide to answer your question Richard Please do.

Uh huh.

Okay.

Yeah.

Hi.

Yeah sure Okay. Thank you.

On the right hand side, you can see where MST is deposited deposited around these sourcing grain structures.

That is an incredibly hard thing to do we've been talking with our are indeed, all around customers about using MST two block dopant diffusion like where these little red arrows going one of the biggest problems that people have is net of phosphorus dobyns get into these channels here and the channels.

Can only handle a couple of phosphorus atoms before I really start degrade very very significantly which are ex yield in our orange and so forth.

So all along we've been saying, Okay. That's interesting we know MST can block the phosphorus, but first of all can you even deposited in these tiny little structures that are.

There are two nanometers and just to give you an idea.

It takes about 100000 nanometers to get to the width of a hair. That's how small these are and so we had to prove that and we spent a long time in the lab building.

Devices like this to show that we can deposit MST with high quality, there and we have done that second thing is when we put that tiny layer of MST does it really still blocked the phosphorous and thats very very small space, because they're using something else right now that isn't very effective at blocking it but are we better than that of the tank and the answer to that.

That question is yes, as well we recently just got in the technology.

<unk> gotten the test data to prove that and so.

It's early days, we've gotten that in the last month, we haven't been able to get out and talk to each of the gate all around customers, yet, but with our partnership with our strategic partner, we really think we're going to talk to those guys and they're going to immediately want to start testing thats been trying it out so I'd say, that's why my confidence is much higher we I would say we are rare.

<unk> been as excited about.

Some technology Rollouts inside the company as we are by what we have right now.

Okay, Great deal I'm sure I'll follow up a little bit on that one second other second question. Here is you mentioned some you.

You mentioned two things you have to prove you are better than alternative solutions.

We haven't really heard you talk about what other what's your central customers are considering here any way you can describe what those are whether they're internal development.

Developments are something looking you know from other research organizations and into a degree of visibility into how well those are doing as well.

So they're not we're not really talking about.

Some lineup of other technologies, but what the industry has tried using in the past is silicon arsenic and silicon arsenic is.

Effective it just putting us a spacer between the phosphorus and the channel, but it doesn't really prevent.

Dopant diffusion very well at all and so we've actually done a lot of testing of our MST technology against Silicon arsenic and.

And proven that we have vastly.

<unk> fusion walking.

Results in the second thing is that the.

The industry does not like to use arsenic and its manufacturing process that can help it.

It's expensive to use and dangerous and therefore.

Offering a solution that removes that material is probably considered good by the industry.

Okay fair enough very interesting there and my last question for I've got to run your Scott is.

You talked about a number of inbound calls here in the power space, which I know, it's a space that you've been pushing Oracle wilen, obviously SD micro was aiming towards that before it's oh call. It a setback.

You would characterize this in the RF Soi space, a few years ago about having significant coverage I think more than half about half of the market share of space here any way to characterize how much of the power space recovering with the we add up all these new companies that are coming to the way you characterize that.

Yeah, it's a little bit harder I think on the RF Soi, it's a pretty comp.

Compact.

Group of companies and we feel very confident that we're working with the vast majority of them on power.

Much bigger market, it's a much more diverse customer base. So I wouldn't say, we're working with most of the people of course.

<unk>.

We talked a little bit about the work we've done in <unk>. When we did do some work on transcript, we reached out to the leaders and transferred and some other folks that we know are interested in advancing their technology and started talking to them and that worked well and the same thing with HPT and so yeah, I think where we're expanding and then you know.

A lot of the Gan work that we're doing is in power as well, so where we're talking to a lot of companies working in the power space that I I can't really give you I can't really say, it's the vast majority in that case.

I wasn't expecting the vast majority, but since the power space is very large well I thought that there was I mean, it's even at gender, 20% that'd be pretty good coverage there, but I appreciate that characterization I've got to jump out of line Scott. Thanks, a lot alright. Thank you Richard.

Alright. Thank you Richard we have some questions coming in on the Q&A line.

Although.

I will start with.

One Scott.

Do can you give a update on the progress for your vice President of sales may not.

Sure way a way joined in October and he's been coming up to speed and generally.

Very very helpful and Super enthusiastic about having someone that's pushing the team as hard as he is on the sales side piece.

Not only driving our efforts very specifically with existing customers and helping us find some new ones. He's also.

You know targeting a bunch of relationships that he's had in the past that he is bringing in with us and that does allow him to.

For us to engage with customers from kind of a different angle and that's been very positive. So I think.

So far so good.

Great.

Thank you and a number of questions about <unk>.

Wafer activity at the at the Fab ads.

As it relates to general activity level, how would you characterize that.

Yeah. So I think just starting earlier in the middle of 2025, we started to get a lot of customers coming in with wafer run simultaneously, which you know.

Is is quite busy for us to get them into our fab and deposit MST on a very high quality basis, and they can get it back out they can so they can start running the wafers today, we're still running.

Things in our own fab, but for the most part we've shipped out a lot of that stuff out to our customers and now we're just kind of in a waiting game. It takes six to nine months for customers to run their wafers. Once we sent them back to them and then get the test results and then we'll review those and we'll figure out the next steps from there, but we really feel confident that what we have done in these.

Runge is as good staff.

We use S T CAD simulation software to figure out what we expect the outcome of these runs to be and where we're really hopeful that our <unk> has been accurate and if we get the results that we hope for that our customers want to move forward into our product innovation efforts.

Yeah.

Okay, and generally speaking that hasn't had a question here that I think we've covered on prior calls, but can you describe why filling blank wafers makes it easier to go to market.

Yeah, absolutely. Okay. I just showed this graphic of a gate all around device and that is a really really hard device integrate into but you can imagine.

When if we're trying to integrate into that device a customer starts are starting wafer they build up a whole bunch of structures and then at some point they make a hole in those structures when they say, okay put your MSP in here.

And then we'll have to figure out how to fill around it and all of the.

Different layers that surround it affect it right. That's that's called integration engineering, it's very challenging.

But for many of our applications when we talk about wafer based products that would be when the customer buys a wafer and they've put MST on immediately a blank wafer and then they start processing their all of their the rest of that process on top of it. Therefore, we don't have to work through all those challenging integration issues.

We would have for something that we're MST gets deposited in the middle.

So today I talked about a couple of applications. We're looking at for DRAM that would be wafer based products, where we're shipping them the wafer.

Obviously, we won't be wafer manufacturers, but.

We would help them a solution that would go right on the wafer.

<unk> our solutions that are wafer based products and also our gallium nitride or Gan solutions are wafer based product so.

We've talked about it before we're excited about those because they are easier to integrate and therefore, we think faster time to revenue.

Okay great.

Here's another one can you please explain more about power saving in AI, then how MST can help achieve that.

Yeah. So.

There's a lot of ways I just showed you the.

The gate all around transistor so fundamentally.

In.

In semiconductor manufacturing like that if you can bring a performance improvement you could also probably trade that off to get lower power. If you chose to do so so that's one way another way is with our power solutions like on our BCD products are our trench.

<unk> products are our Gan products those are.

Targeted for the type of electronics that will be developed that go into it.

Uh huh.

AI data center to help lower the power in the racks. So I'll give you one.

Industry dynamics that we're tracking.

In AI data centers. They has historically used a 12 volt.

Power supply on the rack, but recently the industry is moving away from 12 volts, and then moving to 48 volts. Because 48 volts is four times more efficient at saving power when you're providing power to the racks for all of those servers.

A 48 volt power supplies use a lot of trench FET devices. That's primary device that they use in there and so we are trying to offer solutions for transplant. So we can help to address that the other thing is gallium nitride and obviously a very power efficient.

Devices those of you who have the small power supplies that go into your backpack or our suitcase.

We weren't able to do before you understand that those are much more efficient and that's why we're trying to engage in gallium nitride.

Interesting. Thank you.

Okay.

Can you give us an update on your J D day, one N J D H two.

Yeah. So.

J B E one and J D.

<unk> one.

I have to be careful that I'm not divulging too much about what they're working on but we continue to have to be.

Working with GTA, one and then I'm hopeful that some of the technologies that I talked about today will kick them into high gear.

In a business unit to kind of move that forward towards.

Towards a production development effort like we've been waiting for for honestly for a little bit too long J D. <unk> is one of the customers that is is currently running wafers with us.

And.

So I can't say too much about exactly where they are right now, but but theyre running wafers.

Great.

And going back to the gate all around is MST being evaluated at the customer's fab at this point.

Yeah. So we mentioned that we're working with one gate all around customer today, who helped us. So when I showed that structure and I showed that we had to do deposits inside there.

You really need to work with someone to get access to those wafers to try out things on those structures and the good news is we have been working with one of the gate all around potential customers.

To evaluate MSG today. So yes, we are one of them I hope to be in all four of them.

Okay.

When do you expect in.

Valuation to be completed.

Of the wafers.

Okay.

Four eight all around her.

For Daytona.

Okay for gate all around.

It's very hard to say with some of the customers we.

We're planning our visit to show them. All this data that we have we believe that the data that we have is good enough that they may not even require us to do deposition inside their gate all around structure, because we've proven that we can physically do it and then what we'd be trying to do is to convince those customers to <unk>.

Install MST in their fabs and to have their R&D team team take over and start implementing this how fast that will happen is hard to say, but I will say the people that are working on gate all around our working very fast.

And and if they adopt theyre going to be pushing us as hard as we've ever been pushed by a customer in the past.

Okay.

Okay, great and.

Just one last question here is on how MST can help or improve quantum computing.

No.

It's interesting that's something we're working on right now I don't really I can't really talk about.

The Ah <unk>.

Way that our MST technology will will address quantum but I can tell you that's something we're working very hard on right now in.

In the past, we had a theory about <unk> ability to.

<unk> improves the.

Purity and availability at a cheaper price of Silicon 28, which is a critical wafer type that's used or.

Quantum wells, but we.

Yeah, that's really just didnt pan out so where we're working on other technologies right now and I hope to be able to talk to you guys about that later this year.

Thank you and Scott you can proceed.

Proceed with any closing comments.

Alright.

Okay.

Hmm.

Yeah.

Well I guess.

I wanted to just thank you all for joining us to hear the progress being made here at Adam era continue to look for our news articles and blog posts, which are available along with investor alerts on our website at <unk> Dot Com should you have additional questions. Please contact Mike Bishop who will be happy to follow up thanks again for your support.

And we look forward to our next update call.

Thank you. This concludes the item in our fourth quarter conference call.

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