Atomera, Inc. Q1 FY2025 earnings call

Partnership

• Long-standing relationship with a major capital equipment provider, focused on gate-all-around architectures, extending to advanced memories and other areas. Leverages partner's sales force and equipment capabilities to promote MST technology.

MST Progress

• Gate-all-around: Generating detailed silicon-validated performance data, establishing footholds with customers. Partnership helps close sales in this area.
• Memory: New patents on DRAM sense amplifiers, actively leveraging IP with memory providers.
• RF SOI: Interest in improving low noise amplifiers (LNAs) for 5G, working with RF SOI manufacturers on wafer runs.
• Power customers: Progress with STMicro on manufacturability, yield, and throughput; other ST groups interested in Atomera's technology.

Licensees

• Discussions with JDA-1 to meet new requirements, wafers running with JDA-2 and fabless licensees, discussions with foundry licensee for new lots.

GaN Work

• World's first GaN devices using MST technology, observed improved electrical performance, working on optimization for customer data.

GAAP net loss for Q1 2025 was $5.2 million or $0.17 per share, compared to a net loss of $4.8 million or $0.19 per share in Q1 2024. GAAP operating expenses in Q1 2025 were $5.5 million, an increase of $448,000 from Q1 2024. Non-GAAP net loss in Q1 2025 was $4.4 million compared to a loss of $4 million in Q1 2024. Cash, cash equivalents, and short-term investments on March 31, 2025, were $24.1 million. Q2 revenue is expected to be in the range of zero to $50,000. Full-year non-GAAP operating expense for 2025 is expected to be in the range of $17.25 million to $17.75 million.

Revenue

• Q2 revenue is expected to be in the range of zero to $50,000.

Operating Expenses

• Full-year non-GAAP operating expense for 2025 is expected to be in the range of $17.25 million to $17.75 million.

Risks

• Forward-looking statements subject to inherent risks and uncertainties detailed in SEC filings.
• Uncertainties in customer adoption timing and production rollout for MST technology.

Q: Details on partnership with capital equipment company, focus areas A: Long-term relationship with the equipment provider, focused on gate-all-around, leading edge, and memory applications. Partner helps with data collection for customers and has skin in the game for joint development Q: ST Micro other areas A: Other groups within ST are in active discussions beyond Smart Power devices, with overlaps in RF SOI, GaN, and fully depleted SOI technologies Q: RF SOI LNA progress A: Customer interest in LNA improvements for 5G, ongoing work with RF SOI manufacturers using Soitec's Ultra Thin RF SOI wafers Q: Transformative customers A: Discussions ongoing with transformative customers in various areas like 28nm, fully depleted RF SOI, and memory applications Q: ST Micro timeline, GaN electrical results A: STM working on manufacturability, yield, and throughput; GaN devices show improved electrical performance, with optimization work ongoing for customer data Q: Partnership business model A: No significant impact on royalty-based business model; partner helps in material development and sales, with no sharing of royalties