Earnings call transcript Q2 2023

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Mike Bishop

Hello, everyone, and welcome to Atomera’s Second Quarter Fiscal Year 2023 Update Call. I’d like to remind everyone that this call and webinar are being recorded, and a replay will be available on Atomera’s IR website for one year. I’m Mike Bishop with the Company’s Investor Relations.

As in prior quarters, we are using Zoom, and we’ll follow a similar format with participants in a listen-only mode.

We will open the call with prepared remarks from Scott Bibaud, Atomera’s President and CEO; and Frank Laurencio, Atomera’s CFO. the questions. open will we call to Then

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

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

Factors report section uncertainties Securities the are detailed XX-K XXXX. Risk XXth, with specifically in These filed February our risks the of the and in and filings the on with Commission, Exchange on company’s SEC annual Form

forward-looking changes conditions, and laws, regard as disclaims make to events, any statements required in to or those obligation such or contained to elsewhere expectations Federal Except herein otherwise with reflect Securities Atomera update circumstances. to by revisions

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

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

Scott Bibaud

momentum Atomera's second X, executing had on Mike. afternoon Welcome build newer for in developments. you Phase XXXX our I runs with those about building everyone. customers. to Thanks telling great customers update compelling call. with Good R&D, We quarter, relationships quarter to look a strong the to continuing performing forward and wafer new

the been our existing new busy to and QX the deal STMicro, generated customers urgency we've in taking adopting and by on MST license with commercial of production. momentum Capitalizing to emphasize first meeting with

our their progress, on companies of generating collaborating JDA MST for our them of particularly been with solutions applications. first both pipeline with partner, the customers. new already We've testing demonstration and in Efforts this and we've challenging semiconductor continue good quarter, made interest from engagement those and

regarding those taking forth place. and back of experiments been lot A has

We to production engage closer with central engineering We BEU we the much-needed the license to solutions business project. unit us their with steps speaking. a continue a signing whom for a bringing with bring these also for to units believe purpose of are

to performance continue focused the JDA their we customer can application, with JDA in the on and defined we efforts our around Likewise, associated second in work initiate milestone payments optimizing licenses agreement. so

have regularity with wafer and devices, and customer their planning our the and licensees of analysis, implementation our JDA Meetings other runs even about executing specifics MST today. continue with integration been TCAD happening the results and the of in

STMicro. license last A ST's a new We work remaining devices. for quick ST update on optimized commercialization integrating described agreement, signed after Shortly MST a CAD MSTcad to detail using the flow, began steps into create design quarter. in

greatest are Atomera performance responsibility this improvements ST and ST and to role. achieve As effort supporting described the primary design MST cost using before, possible with for closely in cooperating a Atomera with being the

to work MST installs of are deposition largely epi is logistics fourth the one tool on to milestone quarter. that's their revenue The with wafers. manufacturing fabs. already contract under be epi our ST's expecting vendor. modification, tool installation dependent Due on currently our delays this the early process we in happen ST first TCAD an will technology triggered in parallel when The The tool will in of run commenced on the

incorporating qualification volume Atomera's a point, technology. to royalty to high-yield is which tool they'll to can MST start ST trigger sell another we process milestone right installation create ST build ready enter in wafer their level will and work, that seeing dialed to and has will payment manufacture and grant expect will payments. them production the When At products ST has the successfully high-volume, they start and be Once manufacturing complete wafers. completed

build on license Our MST. with meetings us customers power definitely in working a design with announcement of are number has with and and interested of waves potential and agreement the who We've in the excellent had analog made ST products industry. who

already by on and have work near begun commencing TCAD several new in to hope add front us, with this the Some future. process customers the we

on substrates handsets. RF-SOI front show those drawbacks of very is related complex also But increasingly continues have an substrates some oxide technology, end the open good phones advantages frequency and which layer. mobile that bands expensive on to movement and piece Work available leverages expanding the becoming cellular can the RF-SOI of of promise buried specialized serious to large RF in the cellular in Because provide. number under world,

those solve and market which by lower excellent should to for technology. Atomera's provide complex help can ends an enabling less cost MST problems front

working customers to this number are expect on the with a today We more with in near of work and future.

how little want spend a I time provide to can MST a of talking to bit smaller lithography about nodes. benefit real

keep more phenomenon devices. doing implanted in nodes power advanced a as get increasing most get nodes cost dopant consumption lowering power people smaller, the One random the RDF, It's other prevents variations size or DRAMs as of is dopants, and in semiconductor impact smaller. and the logic, the called demon are challenges to few of is understand, of which those the significant variations them becomes that that of the and consumption get something the fluctuation biggest concentration from so semiconductors

is of MST news problem is The RDF. very adept at good the that mitigating

variation as power voltage to To is must manufacturing node. your the lower of you of the voltage. variation ways have in transistors more of consumption The effective harder transistors the of is your the little with RDF. to to each be manufacture to to able so, one scale process possible. the big is improve you transistor minimum And do drivers it One and down most design variation the each bigger as in

lower So to must voltages to controlled. be RDF successfully scale

are transistors the the X nanometer advanced for atom why A around node characteristics. analysis capability the control MST channel activities in of transistors, in alter the so R&D our Our the is big dopant to important gate This significantly customers. latest X today is shows that dopant proving into single all-around focus a of range. characteristics this diffusing can

power In the circuits challenging reading typically called most for of critical the XX% memory Since establishes and the leak, amps up the margin DRAM interval chip responsible area. margin to capacitor limits which is how on sense sense the so and DRAMs, the becoming amps DRAM these one XX% in unreadable, leak on manufacturing long make before capacitors are scaling the this define resulting bit, consumption. refresh of of the can

this less of between can improvement variability MST we sense By manufacturers smaller power. make a XX% variability chart, transistors show that amps, In improving use help them match of the and DRAM use MST.

size looking MST that the of this of at quarter way a an a normal same can be at transistor Another Sigma of is the transistor

applications MST's AI Again, control The to has random led improvement more variability. ability are dopant in memory very significant growth VT. fluctuation intensive. of to dramatically what is drives that this

which we're very MST. of interest these to So power within strong from type memory see particularly the segment players consumption is improvements are why using DRAMs starting important, for for

leveraging efforts scientists another segment leadership foundational to the bring Atomera's our achieve the to continues world-class of team age. on groundbreaking Amplifier. the on IEEE semiconductors. engineers early featured advance His the semiconductor in of technologies and to Atomera's state-of-the-art a to technical to to MST today's his find key material ways Founder his Spectrum advance result Erbium a Recently, team Internet in continues and career Fiber Doped That went enabling invention for industry. to market, drive the similarly become one of

seeing ever to applications seeing Atomera that and notice, interest is doubt ST more than this proof tangible are the of taking announcement more time we customers believe wider licensees. with no are standing before. and deal, across our revenue we that accelerate our recent There's With will up licensing

has for insight public you busier I us much than the is it opportunities, ever. difficult Although been that specific team into can provide tell to

year, this with Our promising corner, travel we customers and and about is enthusiastic because see new closing spending opportunities and them. every that has around existing we're doubled

now I'll financials review Frank to that, With our ask

Frank Laurencio

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

GAAP the the In or $X.XX of quarter a per second in GAAP share. months of QX loss per $X.X loss compared our XX, net million net or ended was $X.XX XXXX. three XXXX, Our per was or $X share June net million $X.X loss $X.XX of for share XXXX, to million

wafers $XXX,XXX of recent we than price where processed increases foundry, higher years $X.X our lots and substantially of increase of expenses, to contract $XXX,XXX expenses services. which was number million increase in absorbed TSI were The driver of increase XXXX, R&D GAAP in OpEx in QX $X.X a million the which of an in operating XXXX. year-on-year for spending was wafer a was $XXX,XXX from Semiconductors, engineering of higher biggest we with QX and approximately due

reflecting in main on QX and increased The increased factor hires the quarter payroll which General last sales marketing was XXXX, to $XXX,XXX compared July. than and year, that by by board new second increased expenses and last $XX,XXX. administrative other less $XXX,XXX, came costs. by of

spending $X.X $XXX,XXX $XXX,XXX due TSI. expenses in increased higher to QX, GAAP at by in operating also, from expenses million to XXXX of our $X.X million Sequentially, QX due to R&D increase primarily in

which was XXXX. non-GAAP XXXX expenses in QX $X million were to all presented, stock XXXX, Non-GAAP and million in periods differences of in and QX of $X.X compensation million of almost $XXX,XXX due we've million between XXXX operating QX QX loss $X.X net $XXX,XXX expenses, GAAP XXXX. $X.X versus non-cash and in QX the in The QX are entirely in in

to Our XXth, and June $XX.X of million, compared on million balance XXXX. on investments equivalents XX, XXXX, March short-term cash, cash was $XX.X

million of an and facility cash sales net per share. of X.X million QX, million from average of $X.X at we raised under and activities, ATM of our shares During proceeds $XX.X used price approximately $X.XX operating we've

This limited ATM in QX. very activity compares to a

liquidity we we and feel balancing are So carefully dilution.

June we shares XXth, of million XX.X As XXXX, outstanding. had

near spending to still for expect Moving that expenses range operating But likely, non-GAAP will the to with million. our million $XX.XX we TSI. the of due be guidance, of end to in range, we'll $XX.XX higher be mainly top XXXX

year, cycles faster. got to We while learning, expenses. the of our the wafer its increase April through cycle In TSI processing benefited this R&D their prices, increased time, price faster at increase but and more of this combined times from same substantially

as in customers which such interest, nearly half did levels, responding of of the to lead we to as to XXXX. additional back Also, we're year above and snapped pre-COVID to development, welcome our because has we This all travel should greater first that travel licenses much a commercialization. is in on faster the customer expect

that other MST. already evaluate to quickly As major at commercial install mentioned, players will is MST license ST's that and their the expect first time. we Scott ST which QX, tool more influencing trigger move in in early install revenue to will milestone

revenue royalty Each the price over when recurring with list million commercial license a to results involves, upfront and license fees customer goes $X in production.

while foundation sales wafer in confident are the So business. lack the during in half of is processing first of that revenue for activities picture, building our and the we're year our big headcount, disappointing, profitable a recurring revenue the investments

beyond We do guidance quarter. not the revenue give current

revenue to recurring we quarter. during So for may see revenue, from guiding early QX, MSTcad some licenses we're though zero this

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

Scott Bibaud

part built Atomera our material to Thanks, some and of Atomera's to and I the develop ahead. relationships are shareholders. MST. has licenses Frank. team will months expertise be and hope hardest believe solutions industry's to customers in large Once We to rewarding MST to the with working ultimately deeper deep provides again, by a closely deals problems this more semiconductor announced quarter, commitment share successes the the more number engagements and strong on of

will questions. Mike, now we take

Mike Bishop

you, Okay. Thank Scott.

you the of feel a the the please to to If and click question in them and the Raise button my best incoming Hand ask to queries live. type the Zoom I relay click then your management. free question, to call Alternatively, you bottom button question. Q&A ask window do may you wish on your aggregate we to at will can

if Hallum. And may and right would kindly now our Richard, you Shannon unmute Craig of begin. from you first Richard question comes

Richard Shannon

And Great. taking Scott questions. for Thanks, Frank, thanks my Mike. and

here Scott sure I'm a and something by being I in there fourth for industry-wide progress STMicro, tool is detail timing progress there to of I is here your done appreciate And specific on what's think an guess, STMicro. on here. here the is, the the confidence disappointed to I in one start my just question quarter? early first the the little that you're first issue? very

Scott Bibaud

an March, industry-wide is COVID issues through Yeah, is, quick logistics started it to this answer And it’s continue today. in they've working related and to even problem; been pull that in. in

hands. it not to in, able in chance some their It's pull to their they'd but it hard there's So trying that's very that vendor really they're be get accelerated. and

move, a the beginning done but late of is chance get urgency happen be could there there's is my now. at could QX. there's some QX, belief it to now, right And in the expectation all that to chance but think our I very that is it

we thing We're One would is, though out this with of doing them a talked I lot MSTcad. like about and in to today. the work point

the doing parallel and with getting happen in work wafers necessary we're up to So running. development that's the

installation I'm not delayed though an even the it bit, So the has overall been schedule on a has impact yet. sure

Richard Shannon

question Okay. That's may your able smart enough with asked products for related in you've on after maybe last the follow-on got find days All TAM there. other just you on fair the that to hours -- quarter. license my to looks last or help this I I'm this them. with that you I STMicro, quarter, be got really any detail to right. frame little answer and answer But like? My what us to that only of obviously, wondering bit a sense their more if better? a good any power engaging

Frank Laurencio

about I -- can't smart the there, quarter, we and But resides was that in we for sensor and MEMS analog STMicro. last provide billion is total provided we power about TAM. the the granularity don't any have of in what revenue we on that, group, any new really therefore, from more think anything the one-quarter don't have beyond which which $X.X

Richard Shannon

X ones upcoming, a that I of appreciate detail X the they up what me like there's doing made past Okay. I node. work a sounds call Fair specific few calls and a and all nanometers and advanced between on comment Obviously, foundry X here jump X out about but enough. X-nanometer nodes, nodes activity are nanometers. here. let the And one has and there here here, up it in is to could I'm I not intersecting and were topic with picking sure it's up soon. to seemingly want maybe nodes. may expecting you X, if progress -- the you here of intersection maybe to a frame be to node potential want kind wanted X-nanometer come talked I in X-nanometer But with didn't guess, there the time the but even for actually future. X. down about I advanced and not-too-distant But fairly happen talk Scott,

not? whether want a to possibility your that get of I So gives sense or

Scott Bibaud

Yes.

implementations the clarification. nanometers. working total So Richard, We're first, let me be nanometers to would make at a X size -- the film on of range MST that X

who's film very Of would MST course, to anybody working nodes an on want with be was very, thin that. those very that small like working

be -- So enough in appropriate it's node, range X-nanometer I node that like my would of not node nodes. a to a a but kind or reference X-nanometer small be that implementations specific of to was

of but obviously, Gate-All-Around to FinFET very guidance So node, haven't existing any upcoming either we kind adopted about hard that being made achieve. working thus we're or that's by an an something node

Richard Shannon

to asked that Glad clarification. that for call. question. Thanks proliferate I Want the enough. Fair beyond Okay. that thing

but or been I think here. than more both for Scott for calls One thanks talking questions, opportunity more you've two So for frankly, I few two, last RF-SOI. guess, In or for the about a just and year the that.

of I think, roughly One X.X made, your X, years statements is ago.

want talked I to market percentage customers has you widened RF-SOI. it mean, Would share sizable that think, is something You total majority looks back seems update a for This -- who it then since was like with then. about of that… had fairly like what today? engagement even a engaging the I

Scott Bibaud

about that that case. that's manufacturers. in I base said the still of back installed were I And majority the talked we expanding what with this further. RF-SOI of was think working I call device the then

work we since working that have made We all the continue comment, with and then. working I to we started with back more ones are with

yes, expand. to So continues

continue a R&D to matter important with fact, that progress and really RF-SOI of As we're in we partner area space. -- making good some players make in the

licenses and will that future? into turn the for hopeful in very us that, I'm some So near revenue

Richard Shannon

enough. out of I'll last Okay. maybe Fair And quick just question, All jump right. line.

a seems know little DRAM. are not a comments this your the certainly you've an well past. be placed only has talked here little to been dramatic on dynamic, have AI from in known many It bit in slowing It you the just from -- past. different effect. forceful but down like sounds think ways like Just DRAM a I more and in I bit a about

a you those would or so, for of accelerated. of Would capacity change DRAM since work with available characterize last like six the it in in How the DRAM looks with here have guys? you testing. engagement have makers months makers to the characterize Meaningfully lot the especially plenty

Scott Bibaud

I Richard. definitely would the case, say that's

We to for had AI coming solve problems we've not But how to some and new some by showed data but is these if in certainly see things. space had consumption in they're seen there we last the We've some today. But variability months. same uptick the that the can X manufacturers the because years. power This they absolutely need of past demand improvements. DRAM figure have have showed driving manufacturers in results I'm I and an variability we it's been on that good DRAM talking interest to our to in and technologies data, from is try to AI had out sure, going other DRAM driven solutions

And something hopeful that so leads we're to good.

Richard Shannon

were a would Well, market to for be happen. certainly that big it

see. there'll adopted even be seems wholesale one, So change interesting it were would very be that that to a by like so if

So, jump Thank excellent. I the time Well, you. on line. guys. I appreciate will the

Scott Bibaud

Richard.. Thanks, Okay.

Operator

All right.

Our Acree, ahead. comes Benchmark. go next The from Cody, Cody question

Cody Acree

of the that to -- for And talk that STMicro Scott new delays. expected just Maybe taking those or delays? question. you my findings back something those those implementation, guys this you you you quarter? about some are mentioned Can Thanks, -- the go more can

Scott Bibaud

No.

were when tool. we back I work. with actual that the And then at didn't think said we in parts are date to time, be their they announced just people need like issues we a case with logistics sooner, to to longer having or to just to We short There convert not to little going are the available commitment It's items This it are in know hoped. to do anything a while. are a that, it's we but going be the technology our anything. going do where do ST's May, STD little hopeful that and and lead looks that some supply not you than bit just be could it is scheduled or getting scheduled. had some some long for what parts be was

Cody Acree

I what mean, delays, of with sure that you're you're make I engagements about for process can guess subsequent and those little streamlining the you I Yeah, unique to talk most part bit the guess, doing estrogen?

Scott Bibaud

mean this unique of bit I a Yes. situation. little is one a

have Epi such spigots people change put typically For of to technology tools, the major gas into operations, the that and can have does they to they minor few a require the a tool they it's not change kind MSD. any most part, to to different over over switch and our then very support run tool

quickly normally is bit tool would don't -- this little confidential, a see. but the want to of we set is just what that it to an of than explain harder involves bit I it's up unusual little because it what modify In a details case, -- it's a

rapidly a weeks think within Phoenix, the do We've in can a conversion don't our conversions to do day in had problem. tool past. in I labs it's So in And very two. we or systemic a people

And you problem. not is can this single impact? dopant a talk atom the about So systemic

Frank Laurencio

Yeah,

Scott Bibaud

like come a sounds has that of issue up. that -- That's more newer

Frank Laurencio

Yes.

adopted very dopant the which shows transistors challenge all going the the in gate they're are, to are doped process level. in concentration can and some to transistors, their they know, small regions. drain that they dopants of the channel. increases you fluctuation so foundries channel is move be in X be by channel X-nanometer So moving the at of the want small the -- X- probably our with as case, highly And and dopant random Those as as X dopants this source analysis is nodes, a make those out possibly channel atoms into of or channel atoms and But that those can significantly that the it. in clear around into

the going from performance. that dopants bring So that MST, really improvement won't reliability chances by improves can implementing channel and random into big they perspective a see in which the we

Cody Acree

your engagement Frank, commitments for you if what outlook? that And to about the you're with, is that talked plan involved spending impact

Frank Laurencio

Yes, the the sort sort changing like year mid-$XX gave around which I full beginning million we're of to guidance the we not of said, range, at year. of be the

things we a used was the year One price TSI. We're to was of there of sort that that at saw beginning by imposed the the of increase that. was now

that had in have in we're waiting We past. also number quite a queue been about because the of we years talking lots

At because and was of the cycle there were times times, also contention all of in chain. the business with slow, supply their then commercial existed that constraints

So have of were got, year, the lots in we're And doing. to we backlog that be during on I of of that analyzing head wafers of half able running the a would on going second we the start say, year. a really the planning we to half been first lot clear

to spending. guidance part revert loaded will I they enough So didn't things full for more were really going in year say the first were will change because XXXX TSI but the to is -- in terms actually, year because normalized levels and moving be were of the while wafers, back slowly. think front-end this the weren't those our it's I'd too of not year. before that processing that I We

last year, are the the that guidance to between So added full that what's the and our is in couple -- and budget open we've have of we some of hire the terms of reflected and are still are now and it driving of end looking headcount, year. we yes, positions had we costs, a year the heads TSI in in

Cody Acree

level the for? look of you're like, looking personnel do the think your have what's what So optimal spending spending if or could today, you that you

Frank Laurencio

we million sort that's it's quarter. year has Well, that say at because, to optimal about the a scales, business to likely -- terms think needed would customers. I it's full were $X.X XX that to us we million whether resources of work the we I that as do mentioning additional support go about we the human certainly XX to But $X hard add constrained feeling to months, And the mean you back headcount. if or of obviously, were in do

I'd say as the still but be relative that severe it's needs in bit we're little a to understaffed it work was done, as not to the past.

So I think guidance -- happening we'll spending anything I see a annual function continue to the don't at provide step but and increase, will rate.

the does we continually providers. increase sort a in But in own what though, of owning it save that's very of price there by vendors have the an increases outside think show, I impact are honest if we price lot where it TSI number picture, us not them fab, thing our of big money prohibitive of do. a try a is to on to some because the mini on to does these rely on keep we is -- have --

Cody Acree

Scott, guess, might within are mentioned you encouraging engagement? spurred? engagement the progress as the have that looking to at forward. and others of give us Can STMicro move color of what you also STMicro that to expansion signing And I And any there greater you

Scott Bibaud

Yes.

being and decisions. afraid make in before. are end, Cody, are in very, The thorough fact, we've But lot think our spoken this, technology of of them in about first incredibly movers. sound very we work technically a with analysis their So guys the of I

have say, So okay, on serious. when very production go a cause them. like, and reaction we a parts to really we're seems going immediately and now can well-respected hey, like here's with company to into people's get That go "Oh, STMicro customer I to to

in -- quarter past and we and as they very my our analog you proactively in spaces, and to think announcement, when it with them but seriously. some this well, had of I them, course, need works started that and made better of commentary, a I out that to taking customers be effect, who production will well. start [ph] we power like folks with to this see as in ST be also we And positive think to forces are want said who there working the all the have seen just other said, that We've we of reached we

Cody Acree

And of any engagement? expansion the ST

Scott Bibaud

Okay. yet. of of the And we'll ST we're a can't hope where to working with announce technology one on. but anything can announce that be Not obviously, units has that now. that's our we that interesting outside them would time, something business do number we different over

Cody Acree

Right. Thank you guys. Appreciate it all.

Mike Bishop

looks has It like Shannon Okay. a follow-up question. Richard

Richard Shannon

Yes, close one obviously, RF-SOI talked But about to or Supporting point where large edge make quick resource talking How when you as change get in for things talk areas leading would certain DRAM, me. that to Thanks, that really gets of view just that about you Mike. in like time of be signed? license one reality, Scott, especially markets. do to follow-up have thing. and nodes you're initially little power you a bit contractual some from agreement a headcount sort bigger R&D wafer sort about

Scott Bibaud

budget expand basis. bit, but If it Yes. our I a on think but little those on we have than headcount do we'll R&D a impact simultaneous, -- of may more to hit headcount I all just

kind Materials the especially of to challenges have ASM used One or most we for Applied in nodes potential that are Tokyo like manufacturers the use the an the show in And they us. data, same improvement. wafers Electron. of with run when to about a or And improvement, market, working customers of with they the talk want the the equipment and standard is advanced that, lot they actually see to come

to and simulation on of a technologies actual to lot chart simulation. this can do lots do work prove of with these some that own expensive our news with lot we more to we that I showed So could was start a work we on outside advanced it's nodes if the and we're our and we epi type level to have advanced the epi tool work, start can page guys, epi of costs. companies to is up we earlier work tested doing silicon wafer that metrology do the data, contracting lot with like But good it's drive not tools, do think continue work outside. of more of the have advanced -- going a that We of I

mean, in that for that I see we that take rest. data. our don't much over part, have right now to some them can and wafers Richard. to have have the understand most we on that the own take I our over give don't mean, more at of think of their running we And any We time. headlights, But so customers generate they to will point, to start I competitive, be --

Cody Acree

Okay.

Scott Bibaud

I part, business engagement model -- goes leverage able generate in business the relatively this will team to be very still strongly if I established up a small small still we that little. and But to this that for burn we've opportunities, feel most it enormous -- even

Cody Acree

Right.

Perfect. Scott. only That you, question. was Okay. my Thank all That's for me. follow-up

Frank Laurencio

Richard If that, asking. ties I a because what very chat could in I just it and Yes. just closely kind continue was the on I of question thought saw

a on way see not kind SPX questioning, cost-effective devices as prove seven data. out and very silicon years. TSI? And benefit a was it. full power for impact like test was us and what the MSTSP to the the of we've with gives on that always worked We've complete that. Scott do go that have the of able device do Someone TSI for been and technologies saying, TSI and to And it's benefits has wafers we and easy build And to run MST over device for

epi also us tool It to keep helps calibrated. our

MST see we time. to how with and So run want wafers periodically run over devices

and in benefits alluding R&D So I to to as outsource ecosystems, node areas future, to silicon could to to in in advanced where can are do that of things both be terms doing. be participated call that future, of R&D on have we test in in-house. last more there there's And when those customers the there as the places us to. expensive trying Scott are that those alluded for really earnings internal get kind you geometries own But then simulate the work in to lot harder our that's a in of to, was advanced costs.

Cody Acree

right, All Frank.

Mike Bishop

good -- on And have in. the Frank, of questions a chat, number just -- the there's come couple that Q&A so

So, relatively there's quickly. couple let just maybe that me answer a can -- you

the forward rents. is burn cost expected wafer going headcount First increase the in cash given of quarterly and

Scott Bibaud

which million I we always because the XX.XX%, not to $X quarter, second said, of -- cash current operating to non-GAAP very giving year. we stand revenue close the non-GAAP by of I guidance the forward per half expect expense and to guidance give for expense, operating that Yes. we're is implies beyond year, I -- would like $X.XX million the operating But because for mean that quarter. the XX.XX%

Mike Bishop

how on much is And left the facility? aftermarket

Scott Bibaud

that. it we $XX.X the When ATM on million of $XX the Right. of established middle And total XXXX. it a was using million started in done we facility. facility, We've a

So million the on quarter. end there's after $XX.X remaining that of last

Mike Bishop

consideration, or other Okay. are universities -- color And the about? about? State question did here asks any relationship the the come then come how Arizona whether that other got with We of relationship under if how what's there, did generally a University that nature how And there's

Scott Bibaud

Yeah.

Okay.

in a and we over that Up you and public, to can wafers it it shortly a all XXXX, you started to point, use and And after it while went again, to to -- that you lose XXXX, up calibrated we it and regular getting we had get it expensive almost just and ago you lease needed on calibrated the some very So takes epi start a a then get to all this more lease time while probably is ready basis. run to your if leased it, again. problem you it it's get XXX-millimeter back access lease. tool

just to us and around able clean and it This flexible in install looking buy a put to that and be lease and to a be to tool. world the available. places maybe tool enough to for were there's world-class we not of be a So kind has room allow many

with with with I Pennsylvania UC lots with Austin Texas, the Berkeley with want Notre Dame long-term University had relationship of say with just Georgia with bit universities. to work that little Tech, of we a University ASU. of with a We've

So in space. doing in a of that out touch with we're R&D the there folks some us puts university lot

heard necessarily actually we them so you we looking universities, have were did in for about about as approached it wasn't we out but facility Arizona, other know, installation we facility and about So epi using XXX-millimeter had, there. in we ASU and that their this that

And where chamber. over got actually XXX-millimeter It's tool lease XXX-millimeter epi the got is it's and excellent an to which chamber facility, point two a to a out time, able that It's worked were we in that for chambers. us. --

and for X-nanometer talked it that of about. that we I very advanced simultaneously I run X-nanometer in wafers us do so work both allows the like some work can speaking there, the to about was And to

the at us, university. think we have a relationship. our ASU, bring good we the with overall, a with ASU as for have relationship there. At it's the I working customers But to in well. some And research partnerships are we positive with them doing that part, most work developed that work things We're

Mike Bishop

pipeline publish, All pipeline. outside the any movement of there's JDAs, not the the looking in right. And and engagement we that ST at is Thanks. the that here comment been

kind a so detail the And customers moving more the along bit can as of and activity pipeline you of potentially to provide level little there.

Scott Bibaud

I share that. your Yeah. with frustration

moving I on, we saw of mean, a we activities we think of slowdown but lot I see timeframe, a lot the the -- a going COVID didn't people through had phases. in in

in the say funnel. more customers, the we'll that getting much see in is will more X, really X Phase to We're customers like start with with and of beginning I pipeline. new active think I that and growth the Phase

cases, they into really And hurdle. actively enter X wafer us. have big Phase they run have to have a to signed us, NDA a on with can doing be in planning which, be someone For to some an with

active. we Phase of sometimes, people in upgrade the people then discussions quality so had less have it have became because of we we But rotate to them there. out that of lots and X with tried And we always the

near grow we'll the So more start see I that to think future. in

people -- along the further to focus get stages is move Of trying X. Stage hopefully later course, into my in to bigger our bigger into Stage and X

that just the we'll in so trying the on make than really to happen keep numbers growing And pipe. focusing more

Mike Bishop

course, on more of the for request And relationships. JDA detail there's

see to any their about just and moving JDA so X you units. if can toward additional wanted business was make there commentary And I

Scott Bibaud

versus I about their their Yeah, emphasize, We guidance on. we was times, the JDA want will business a give with Engineering right? saw speak both, group on nodes, the the trying what work about talk unit Business us question with in understand X achieve need this to do of units, with discussions I Central the to to what they're some they challenges what to lot market. And they with are, process in guys

share we do see central We come some look and group, do we okay, and simulations work steps the and do experiments. they then say, them are. then we experiments, next work and do and back go together the we'll you guys off, that on simulations engineering we with and Well, the what usually, some at results the with experiments

the are roles, really the with really what kind And that need testing between would so happening and ones dialogue us. engineering And setting are and they that the been terms or the results continuously. of business a It's of and central reviewing experiments of central are units business I units. say has saying up group the the us and the relationship engineering administering in groups

that on continue achieve we always be will in feel I JV. then experiments. chasing that. frustrating somebody people long that like if to we ask, we guys stop we say can last to most of we'll the asked you continuously it's something able be has And tests bad being as And But the judge we see happened they It have in can to fact, that as hope way experiments. we're and guess nothing know do been new soon. years can't lots results, I guys few I working and But and these that with the with

Mike Bishop

final one announced an data. if here was that the we could license There adjourn. was And you a a run were that. with and update a they a while second we for partner with question back foundry Okay. before update -- Wondering provide last waiting

Scott Bibaud

yet. on schedules the that, have results don't have been don't and We tell you have in first results I really really some but I plan think next that run working got position a see on with at Yeah. we a on defining hope we And give them soon. I'm and to compelling the that looked of data run have a can that then to

Mike Bishop

think I the wraps up Okay. that questions And here.

comments. for So Scott, I'll closing turn back to you,

Scott Bibaud

news, to some with Mike. our some new potential attending in Thanks, progress, our share our and you thank on to and you blog continue look right. posts keep to with articles our available I'm along I on recent are areas. Please presentation. want investor for All website, atomera.com. everyone of able alerts for we're technology to up-to-date today's happy which progress

We number are months. planning of a to investor in attend conferences coming the

contact happy our we update for as have again forward Bishop, out follow next well. and call. thanks support you to to additional Should be So please please look look who’ll those announcements any questions, Mike for And your up.

Mike Bishop

webinar concludes This you. Thank Atomera the

Atomera (ATOM) 2 Aug 232023 Q2 Earnings call transcript