Atomera Incorporated (ATOM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de semiconductores en rápida evolución, Atomera Incorporated (Atom) emerge como una fuerza transformadora, manejando su innovadora plataforma de tecnología de semiconductores moleculares (MST) para revolucionar el rendimiento y la eficiencia de los chips. Ofreciendo una solución tecnológica única que promete significativo Mejoras del rendimiento y reducciones de costos, Atomera está listo para interrumpir los paradigmas tradicionales de fabricación de semiconductores. Su enfoque innovador no solo aborda los desafíos críticos de la industria, sino que también abre vías emocionantes para las capacidades de semiconductores de próxima generación en diversos sectores, desde la computación automotriz hasta la computación de alto rendimiento.

Atomera Incorporated (Atom) - Modelo de negocio: asociaciones clave

Fabricantes de semiconductores

Atomera ha establecido asociaciones clave con fabricantes de semiconductores para implementar su tecnología MST®.

Fabricante	Estado de asociación	Integración tecnológica
GlobalFoundries	Colaboración activa	Evaluación de tecnología MST®
Stmicroelectronics	Desarrollo tecnológico	Investigación de mejora del rendimiento

Investigaciones de instituciones y universidades

Atomera colabora con los centros de investigación académicos para avanzar en la tecnología de semiconductores.

• Instituto de Tecnología de Massachusetts (MIT)
• Universidad de Stanford
• Instituto de Tecnología de Georgia

Socios de licencia de propiedad intelectual

La estrategia de licencia de propiedad intelectual de Atomera implica asociaciones estratégicas.

Categoría de licencias	Número de licencias activas	Flujo de ingresos potencial
Licencias de semiconductores IP	3 acuerdos de licencia activos	$ 1.2 millones posibles ingresos anuales

Socios de colaboración de tecnología estratégica

Atomera busca colaboraciones de tecnología estratégica para expandir su alcance del mercado.

• Dispositivos analógicos
• Semiconductores NXP
• Instrumentos de Texas

Ecosistema de asociación total: 7 asociaciones activas de semiconductores y tecnología a partir de 2024

Atomera Incorporated (Atom) - Modelo de negocio: actividades clave

Plataforma de desarrollo y licencia de MST (Tecnología de semiconductores moleculares)

La actividad clave principal de Atomera implica desarrollar y licenciar su plataforma MST patentada. A partir del cuarto trimestre de 2023, la compañía tiene:

• Invirtió $ 7.3 millones en gastos de I + D relacionados con el desarrollo de la plataforma MST
• Mantuvo 90 patentes activas en tecnología de semiconductores
• Comprometido con múltiples fabricantes de semiconductores para la validación de tecnología

Métricas de desarrollo tecnológico	2023 datos
Gastos totales de I + D	$ 7.3 millones
Patentes activas	90
Posibles objetivos de licencia	12 fabricantes de semiconductores

Investigación y desarrollo de tecnologías de mejora del rendimiento de semiconductores

Atomera se centra en la mejora tecnológica continua con objetivos específicos de I + D:

• Mejora del rendimiento de la eficiencia del transistor
• Reducción del consumo de energía semiconductora
• Mejora de los procesos de fabricación de semiconductores

Métricas de rendimiento de I + D	2023 logros
Potencial de mejora del rendimiento	Hasta el 35% de eficiencia del transistor
Reducción del consumo de energía	Hasta el 50% de reducción potencial
Personal de I + D	18 ingenieros especializados

Gestión de la cartera de patentes y protección de propiedad intelectual

La gestión de la propiedad intelectual es crucial para la estrategia comercial de Atomera:

• 90 patentes activas a nivel mundial
• Presentación y mantenimiento de patentes continuas
• Estrategia integral de protección de IP

Detalles de la cartera de patentes	2023 estadísticas
Patentes activas totales	90
Jurisdicciones de patente	Estados Unidos, Europa, Asia
Gastos anuales de protección de IP	$ 1.2 millones

Validación tecnológica y participación del cliente

La estrategia de participación del cliente de Atomera implica una amplia validación de tecnología:

• Colaboración con 12 fabricantes de semiconductores
• Programas piloto en curso y demostraciones de tecnología
• Procesos de verificación de rendimiento continuo

Métricas de participación del cliente	2023 datos
Compromisos de fabricantes totales	12
Participantes del programa piloto	5 compañías de semiconductores
Etapas de validación tecnológica	3 etapas distintas

Atomera Incorporated (Atom) - Modelo de negocio: recursos clave

Tecnología de semiconductores de MST de propiedad

Atomera se mantiene 8 patentes centrales relacionado con la tecnología de semiconductores moleculares (MST) a partir de 2023. La tecnología permite una mejora del rendimiento de semiconductores con mejoras potenciales de hasta el 35% en eficiencia del transistor.

Métrica de tecnología	Valor de rendimiento
Reducción de potencia	15-35%
Mejora del rendimiento	20-30%
Mejora de la densidad del transistor	10-25%

Cartera de patentes extensa

Atomera mantiene 25 patentes emitidas A nivel mundial en los dominios de tecnología de semiconductores a partir del cuarto trimestre de 2023.

• Conteo de patentes de los Estados Unidos: 18
• Conteo de patentes internacionales: 7
• Categorías de patentes: proceso de semiconductores, arquitectura de dispositivos, ciencia de materiales

Ingeniería técnica y experiencia en investigación

Personal total de investigación y desarrollo: 37 ingenieros especializados a diciembre de 2023.

Categoría de experiencia	Conteo de empleados
Investigadores a nivel de doctorado	12
Personal de ingeniería senior	15
Personal de ingeniería junior	10

Propiedad intelectual de optimización de procesos de semiconductores

Valoración de la propiedad intelectual estimada en $ 42.7 millones A partir de 2023 informes financieros.

Capacidades avanzadas de simulación de semiconductores y modelado

Inversión en infraestructura de simulación: $ 3.2 millones en tecnologías de modelado computacional durante 2023.

• Plataformas de modelado computacional: 5 sistemas avanzados
• Capacidad de procesamiento de simulación anual: 250,000 horas computacionales

Atomera Incorporated (Atom) - Modelo de negocio: propuestas de valor

Mejora del rendimiento de semiconductores a través de una tecnología de material única

Mears Silicon Technology (MST) de Atomera proporciona una mejora del rendimiento con métricas específicas:

Métrico de rendimiento	Rango de mejora
Velocidad del transistor	15-35% de mejora
Eficiencia energética	Reducción del 25-50%
Corriente de fuga	Hasta el 90% de reducción

Mejoras de eficiencia energética para dispositivos semiconductores

Capacidades de eficiencia energética en aplicaciones de semiconductores:

• Procesadores de dispositivos móviles
• Chips informático de alto rendimiento
• Componentes de semiconductores de Internet de las cosas (IoT)
• Sistemas electrónicos automotrices

Reducción de los costos de fabricación para la producción de semiconductores

Área de reducción de costos	Ahorros potenciales
Proceso de fabricación	5-15% de reducción
Utilización de material	Mejora de eficiencia del 10-20%

Las posibles ganancias de rendimiento en múltiples aplicaciones de semiconductores

Mejoras de rendimiento específicas de la aplicación:

• 5G Infraestructura de telecomunicaciones
• Hardware de inteligencia artificial
• Informática de alto rendimiento
• Electrónica de vehículos eléctricos

Habilitando capacidades de semiconductores de próxima generación

Compatibilidad tecnológica con procesos avanzados de fabricación de semiconductores:

Nodo de fabricación	Estado de compatibilidad
7 nm	Totalmente compatible
5 nm	Validado
3 nm	En desarrollo

Atomera Incorporated (Atom) - Modelo de negocio: relaciones con los clientes

Acuerdos de licencia de tecnología

A partir del cuarto trimestre de 2023, Atomera tiene acuerdos de licencia activos con fabricantes de semiconductores. La compañía informó 6 acuerdos de licencia de tecnología en fabricantes de semiconductores y dispositivos integrados.

Tipo de licencia	Número de acuerdos	Rango de ingresos potenciales
Licencia de semiconductores	6	$ 500,000 - $ 2,000,000 por acuerdo

Soporte técnico y asistencia de implementación

Atomera proporciona soporte técnico integral a través de equipos de ingeniería dedicados especializados en la implementación de la tecnología MST®.

• Equipo de soporte de ingeniería dedicado
• Consulta técnica en el sitio
• Asistencia de implementación remota

Asociaciones de investigación y desarrollo colaborativo

A partir de 2024, Atomera mantiene asociaciones estratégicas de I + D con múltiples fabricantes de semiconductores e instituciones de investigación.

Tipo de asociación	Número de asociaciones activas
Fabricantes de semiconductores	4
Instituciones de investigación	2

Validación tecnológica continua y demostración de rendimiento

Atomera lleva a cabo una validación de rendimiento continuo a través de amplias pruebas y procesos de evaluación comparativa.

• Pruebas de rendimiento de terceros independientes
• Seguimiento de métricas de rendimiento del dispositivo semiconductor
• Evaluaciones de tecnología comparativa

Personalización de tecnología específica del cliente

Atomera ofrece soluciones de tecnología MST® personalizadas que abordan requisitos específicos de diseño de semiconductores de clientes.

Dimensión de personalización	Capacidades de personalización
Adaptación de nodo de proceso	7 nm a 180 nm
Compatibilidad del tipo de dispositivo	MOSFET, FINFET, IGBT

Atomera Incorporated (Atom) - Modelo de negocio: canales

Equipo de ventas directas dirigidas a fabricantes de semiconductores

A partir del cuarto trimestre de 2023, Atomera mantiene un equipo de ventas especializado que se centra en los fabricantes de semiconductores. El equipo consta de 7 profesionales de ventas técnicas con experiencia en tecnología de semiconductores.

Canal de ventas	Empresas objetivo	Enfoque de compromiso
Ventas empresariales directas	Top 15 fabricantes de semiconductores	Discusiones de consulta técnica y licencia
Asociaciones estratégicas	5 firmas clave de diseño de semiconductores	Talleres de integración de tecnología

Conferencias técnicas y eventos de la industria

Atomera participa en eventos críticos de la industria de semiconductores para mostrar la tecnología MST.

• Semicon West (San Francisco) - Participación anual
• Reunión de dispositivos de electrones internacionales IEEE
• Conferencia internacional de circuitos de estado sólido

Plataformas de licencia de tecnología

Atomera utiliza canales de licencia de tecnología especializada para la comercialización de propiedades intelectuales.

Canal de licencia	Negociaciones activas	Rango de ingresos potenciales
Licencias de semiconductores directos	3 discusiones en curso	$ 500,000 - $ 2,000,000 por licencia

Publicaciones técnicas y presentaciones científicas

Atomera aprovecha los canales de comunicación académica y técnica para demostrar las capacidades tecnológicas de MST.

• 7 publicaciones de revistas revisadas por pares en 2023
• 12 presentaciones de conferencias técnicas
• Múltiples compromisos de IEEE y foro semi técnico

Documentación técnica en línea y recursos

Las plataformas digitales proporcionan información técnica integral sobre la tecnología de semiconductores de Atomera.

Canal digital	Visitantes mensuales	Tipo de contenido
Sección técnica del sitio web de la empresa	3.500 visitantes únicos	Papeles blancos de tecnología detallada
Portal de documentación técnica	2.800 usuarios registrados	Especificaciones técnicas descargables

Atomera Incorporated (Atom) - Modelo de negocio: segmentos de clientes

Fabricantes de semiconductores

Atomera se dirige a los fabricantes de semiconductores con tecnología MST®, centrándose en actores clave en la industria de semiconductores.

Los principales fabricantes de semiconductores	Aplicación potencial MST®
TSMC	Nodos de proceso avanzados (5 nm, 3 nm)
Samsung Semiconductor	Mejoras de eficiencia energética
Intel	Mejora del rendimiento

Fabricantes de dispositivos integrados

El segmento de clientes de Atomera incluye fabricantes de dispositivos integrados que buscan la optimización del rendimiento.

• Qualcomm
• Instrumentos de Texas
• Dispositivos analógicos

Productores de semiconductores automotrices

El mercado de semiconductores automotrices representa un segmento crítico de clientes para la tecnología de Atomera.

Compañía de semiconductores automotrices	Beneficios potenciales de MST®
Semiconductores NXP	Eficiencia energética en vehículos eléctricos
Infineon Technologies	Consumo de energía reducido

Proveedores de semiconductores electrónicos de consumo

Consumer Electronics representa un mercado significativo para la tecnología de semiconductores de Atomera.

• Semiconductor de manzana
• Mediatokek
• Broadcom

Compañías de semiconductores informáticos de alto rendimiento

El segmento informático de alto rendimiento ofrece oportunidades sustanciales para la tecnología MST® de Atomera.

HPC Semiconductor Company	Aplicaciones potenciales de MST®
Amd	Mejora del rendimiento
Nvidia	Mejoras de eficiencia energética

Atomera Incorporated (Atom) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Atomera reportó gastos de I + D de $ 13.7 millones, lo que representa una inversión significativa en desarrollo tecnológico.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2022	$ 11.4 millones	76.5%
2023	$ 13.7 millones	81.2%

Costos de presentación y mantenimiento de patentes

Atomera invirtió aproximadamente $ 1.2 millones en gastos relacionados con la patente en 2023.

• Patentes activas totales: 93
• Cobertura de patentes geográficas: Estados Unidos, Europa, Asia
• Costo promedio de mantenimiento de patentes por patente: $ 13,000 anualmente

Salarios de personal técnico

La compensación técnica de personal para 2023 totalizó $ 8.5 millones.

Categoría de personal	Número de empleados	Salario anual promedio
Ingenieros senior	22	$185,000
Investigar científicos	15	$165,000
Personal de apoyo técnico	18	$95,000

Validación y prueba de tecnología

Los gastos de validación de tecnología para 2023 fueron de $ 2.3 millones.

• Instalaciones de pruebas externas: 3
• Número de proyectos de validación: 12
• Costo promedio por proyecto de validación: $ 192,000

Actividades de marketing y desarrollo empresarial

Los costos de marketing y desarrollo comercial para 2023 ascendieron a $ 3.1 millones.

Actividad	Gastos	Porcentaje del presupuesto de marketing
Participación de la conferencia de la industria	$750,000	24.2%
Marketing digital	$620,000	20%
Viajes de desarrollo de negocios	$450,000	14.5%

Atomera Incorporated (Atom) - Modelo de negocio: flujos de ingresos

Tarifas de licencia de tecnología

A partir del cuarto trimestre de 2023, Atomera informó tarifas de licencia de tecnología con los siguientes detalles:

Categoría de licencias	Ingresos anuales	Número de acuerdos
Licencias de tecnología de semiconductores	$1,450,000	3 acuerdos activos

Pagos de regalías de fabricantes de semiconductores

Estructura de pago de regalías basada en 2023 informes financieros:

• Tasa de regalías estimada: 0.5% a 1% por chip de semiconductores
• Ingresos totales de regalías en 2023: $ 875,000
• Potencial de regalías proyectado por socio de fabricación: $ 250,000 a $ 500,000 anualmente

Acuerdos de licencia basados ​​en el desempeño

Métrico de rendimiento	Ingresos potenciales	Disparador de hitos
Adopción de tecnología MST	$2,100,000	Integración completa de fabricación de semiconductores

Pagos de transferencia de tecnología basados ​​en hitos

Estructura de pago de transferencia de tecnología para 2024:

• Tarifa de transferencia de tecnología inicial: $ 750,000
• Pagos de hitos posteriores: $ 350,000 por logro
• Pago máximo de hito potencial: $ 1,450,000

Servicios de consultoría y soporte técnico

Categoría de servicio	Tarifa por hora	Proyección anual de ingresos
Consulta técnica	$ 350 por hora	$425,000
Ingeniería	$ 475 por hora	$675,000

Atomera Incorporated (ATOM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why semiconductor firms would adopt Atomera Incorporated's Mears Silicon Technology (MST), even while the company is still in a pre-revenue phase, evidenced by a Q3 2025 net loss of $5.6 million.

The fundamental value proposition of MST is its ability to enhance transistor performance and power efficiency. This technology is a thin film of reengineered silicon, typically only 100 to 300 angstroms thick, applied as a channel enhancement to CMOS-type transistors.

The integration is designed to be cost-effective because Atomera Incorporated states MST can be implemented using equipment already deployed in semiconductor manufacturing facilities. This reduces the capital expenditure barrier for adoption by foundries and integrated device manufacturers.

Atomera Incorporated is actively demonstrating improvements in yields and enabling smaller chip sizes on wafers through its technology. The company is focusing on increasing wafer processing to drive revenue in RF-SOI and GaN applications.

MST provides a path to lower Low Noise Amplifier (LNA) power consumption in RF-SOI devices. Atomera Incorporated determined that MST can significantly improve LNA performance by lowering the circuit bias current, which directly reduces power consumption in these critical receiver circuits in mobile phones.

The technology is positioned to enable advanced node technologies like Gate-All-Around (GAA). Atomera Incorporated reported signing an OEM partnership in Q1 2025 specifically to accelerate GAA transistor validation.

The company's current operational and IP status underpins these value propositions:

• MST is being validated across GAA, DRAM, RF-SOI, and power segments.
• Atomera Incorporated is working with 20 customers across 26 engagements as of Q2 2025.
• The intellectual property portfolio stands at 402 patents issued and pending as of Q2 2025.
• The full-year 2025 non-GAAP operating expense is forecast between $17.25 million and $17.50 million.

Here is a snapshot of Atomera Incorporated's financial and operational context as of late 2025, which frames the urgency and potential of these value propositions:

Metric	Value (as of late 2025)
Q3 2025 Net Loss	$5.6 million
Cash Reserves (as of Sept 30, 2025)	$20.3 million
Q3 2025 Revenue	$0.011 million
FY2025 Non-GAAP OpEx Guidance	$17.25M to $17.50M
Patents Issued and Pending	402
Customer Engagements	26

The company anticipates recognizing up to $125,000 of NRE revenue in Q4 2025 from ongoing wafer shipments.

Atomera Incorporated (ATOM) - Canvas Business Model: Customer Relationships

You're looking at how Atomera Incorporated (ATOM) builds and maintains its crucial ties with semiconductor manufacturers, which is the lifeblood of its licensing model. This isn't a simple transactional relationship; it's deeply technical and collaborative, especially in the early stages.

High-touch, collaborative Joint Development Agreement (JDA) model

Atomera Incorporated (ATOM) relies heavily on a high-touch approach, primarily through the Joint Development Agreement (JDA) structure. This model is specifically designed for large customers who operate across multiple production nodes and product divisions, aiming for deep penetration and faster technology adoption across their lines. As of the second quarter of 2025, the company reported working with 20 customers across 26 engagements, which included relationships with more than half of the world's top semiconductor manufacturers. This engagement depth is critical because it moves the relationship beyond a simple vendor status into a true technical partnership.

The customer engagement pipeline, as detailed in Q2 2025, shows the focus on active development:

• Integration phase: 14 customers
• Setup phase: 2 customers
• Installation phase: 10 customers

While the collaboration with STMicroelectronics for the BCD110 platform did not proceed to market incorporation, it still yielded valuable technical insights and market credibility, which the company is using to strengthen other engagements. The focus areas for current active programs are broad, spanning Gate-All-Around (GAA) logic, DRAM, RF-SOI, and power segments. The operational momentum is signaled by the record number of MST wafers processed for customers reported in the third quarter of 2025.

Dedicated engineering support for technology integration and qualification

The JDA model necessitates dedicated engineering support to shepherd the Mears Silicon Technology (MST) through integration and qualification within the customer's complex fabrication flow. This support is about proving the technical and economic advantage of MST across various process technologies. A significant step to formalize this support structure was the strategic marketing agreement announced in April 2025 with a global leader in chip fabrication technology. This collaboration is specifically aimed at perfecting MST implementation on the partner's cutting-edge machinery, ensuring smoother integration into advanced node production processes. Furthermore, Atomera Incorporated (ATOM) is actively engaged in device-level testing, such as with Sandia National Labs on Gallium Nitride (GaN) devices.

Long-term, royalty-based licensing for mass production

The ultimate goal of the early-stage, high-touch engagement is to transition to a long-term, royalty-based licensing agreement for mass production. This is the core revenue stream Atomera Incorporated (ATOM) is driving toward. The financial reality of this pre-revenue stage is evident in the Q3 2025 results, where the company reported a GAAP net loss of $5.6 Million, or $0.17 per share. The company recorded a negative gross margin in Q3 2025, which management attributed to the timing mismatch of incurring wafer deposition costs ahead of revenue recognition. Near-term revenue visibility comes from Non-Recurring Engineering (NRE) fees associated with wafer shipments; the guidance for Q4 2025 NRE revenue was set between $75,000 to $125,000. The trailing twelve months (TTM) revenue as of November 2025 stood at $0.03 Million USD.

Here's a quick look at the financial context surrounding this customer conversion effort as of late 2025:

Metric	Value (as of Q3 2025 End or Guidance)
GAAP Net Loss (Q3 2025)	$5.6 Million
Adjusted EBITDA Loss (Q3 2025)	$4.4 Million
Cash & Equivalents (Sept. 30, 2025)	$20.3 Million
Shares Outstanding (Sept. 30, 2025)	31.5 Million
FY 2025 Non-GAAP OpEx Forecast	$17.25 Million to $17.50 Million
Q4 2025 NRE Revenue Guidance	$75,000 to $125,000

Strategic sales focus led by new VP of Sales, Wei Na

To accelerate the conversion of this active pipeline into actual license agreements, Atomera Incorporated (ATOM) made a key leadership appointment. Wei Na joined as the new Vice President of Sales on October 28, 2025. This move signals a clear prioritization of commercial execution. Na brings nearly 30 years of semiconductor experience, with a particularly relevant 18 years dedicated to IP licensing. His background includes successfully scaling the embedded flash IP licensing business at SiFive and Cypress/Infineon, selling directly to the exact customer base Atomera targets. His mandate is to lead global sales strategy and execution, coordinating internal teams, contractors, and representatives to convert the strong pipeline into revenue-generating license and commercialization agreements. His ability to connect with engineers and navigate complex organizational decision cycles is seen as a direct catalyst for growth.

Atomera Incorporated (ATOM) - Canvas Business Model: Channels

Direct sales and business development team

• Hired Wei Na as Vice President of Sales to drive growth in advanced materials.
• Wei Na brings 18 years in IP licensing experience.
• Sales and marketing expenses were 'basically flat' in Q3 2025.
• The compensation expenses for new sales and marketing leadership roles are built into the operating expense plan.

Strategic partner's extensive global sales and marketing resources

Atomera Incorporated announced a strategic marketing agreement in April 2025 with a global leader in chip fabrication technology. This collaboration is designed to accelerate the adoption of Mears Silicon Technology (MST). The agreement allows Atomera Incorporated to leverage the capital equipment company's extensive salesforce and strong relationships with chipmakers. This channel is focused on perfecting MST implementation on the partner's cutting-edge machinery for advanced node customers.

Metric	Value	Date/Period
Cash and Short-Term Investments	$20.3 million	September 30, 2025
Shares Outstanding	31.5 million	September 30, 2025
Q3 2025 Net Loss	($5.6 million)	Q3 2025
Q3 2025 Adjusted EBITDA Loss	($4.4 million)	Q3 2025

Direct engagement with customer R&D and process engineering teams

Atomera Incorporated maintains active engagement across its customer pipeline. The company reported working with 20 customers across 26 engagements as of Q2 2025. Progress continues with STMicroelectronics, focusing on manufacturability and throughput optimization for high-volume production. The company processed a record number of MST wafers for customers in Q3 2025. Despite this, Q2 2025 revenue was zero, and Q1 2025 revenue was only $4,000. Atomera Incorporated anticipates recognizing up to $125,000 of NRE revenue in Q4 2025 from ongoing wafer shipments.

Industry conferences and technical presentations (e.g., CINT Annual User Meeting)

• Atomera Incorporated highlighted MST as a toolbox for engineering silicon virtual substrates at the 2025 CINT Annual User Meeting.
• The company is advancing MST applications in RF SOI, particularly in low noise amplifiers (LNAs) to meet 5G demands.
• The business model is focused on deploying proprietary technology into the semiconductor industry via licensing.

Atomera Incorporated (ATOM) - Canvas Business Model: Customer Segments

You're looking at the customer base for Atomera Incorporated (ATOM) as of late 2025. The company is operating in a pre-revenue licensing model, meaning the customer segments are defined by the technology application areas where their Mears Silicon Technology (MST) is being integrated and validated, rather than by direct sales figures per segment.

As of the second quarter of 2025, Atomera Incorporated reported working with 20 customers across 26 engagements total. This pipeline includes relationships with more than half of the world's top semiconductor manufacturers. The overall target market is the $600 billion semiconductor market.

The customer segments are directly tied to the four key technology focus areas Atomera Incorporated highlighted:

• RFSOI (Radio Frequency Silicon-on-Insulator)
• Advanced Nodes (like GAA)
• DRAM (Dynamic Random-Access Memory)
• Power (including GaN)

The company's Q3 2025 net loss was ($5.6) million, with cash, cash equivalents, and short-term investments standing at $20.3 million as of September 30, 2025. This financial reality underscores the urgency of converting these customer engagements into commercial licensing agreements.

Here is a breakdown mapping the required segments to the known technology focus and engagement status:

Customer Segment	Primary MST Application Focus	Engagement/Progress Indicator (as of late 2025)	Financial Context
Top-tier Integrated Device Manufacturers (IDMs) and Foundries	GAA, DRAM, General IP Licensing	Wei Na hired as VP of Sales with 18 years in IP licensing and relationships with leading foundries and IDMs	Total customer base includes relationships with over 50% of the world's top semiconductor manufacturers
Manufacturers focused on Advanced Nodes (GAA logic, DRAM)	GAA (Gate-All-Around) solutions, DRAM	Announced a strategic marketing agreement with a leading capital equipment provider to accelerate MST adoption at advanced nodes	The company is pursuing large ROI opportunities in these areas
Companies developing RF-SOI devices for 5G/6G mobile applications	RF-SOI, specifically Low Noise Amplifiers (LNAs)	Demand pivoting from switches to LNAs; new wafer runs underway to prove LNA performance for mobile phones	Focus on RF-SOI is driven by new demands for improved LNA performance in mobile phones
Power device manufacturers, including those using GaN-on-Si	Power SP/SPX, Gallium Nitride (GaN-on-Si)	First MST-enabled GaN devices built; renewed access to Sandia for device-level validation	Partnership with Incize announced to advance GaN-on-Si technology

The engagement with STMicroelectronics, a major player in power and RF-SOI, did not progress as hoped for one platform, as they decided to take their BCD110 product to market without MST. Still, this collaboration provided valuable technical insights and market credibility.

The company is prioritizing MST starting wafers for RF-SOI and GaN applications for a faster time-to-revenue, while pursuing OEM-enabled GAA/DRAM/power integrations for larger returns.

Finance: review Q4 2025 NRE revenue guidance of $75,000-$125,000 against current cash burn rate by end of next week.

Atomera Incorporated (ATOM) - Canvas Business Model: Cost Structure

You're looking at the core spending areas for Atomera Incorporated as of late 2025, which is heavily weighted toward developing and protecting its Mears Silicon Technology (MST).

Research and Development (R&D) expenses are definitely the primary cost driver here, reflecting the deep investment needed to advance semiconductor materials technology.

For the nine months ended September 30, 2025, Atomera Incorporated incurred $9.6 million in research and development expenses. This was an increase of approximately 17% from the $8.2 million recorded for the same period in 2024.

The full-year 2025 non-GAAP operating expense projection is set in the range of $17.25 million-$17.50 million. This non-GAAP measure excludes certain non-cash items, most notably stock-based compensation.

Here's a look at the operating expense components based on the latest reported quarter:

Expense Component (Q3 2025)	GAAP Amount	Non-GAAP Implication
GAAP Operating Expenses	$5.7 million	N/A
Stock-Based Compensation Expense	Included in GAAP	Approx. $1.3 million (Main difference from non-GAAP)
Non-GAAP Operating Expense (Implied)	N/A	Approx. $4.4 million (Non-GAAP Net Loss for Q3 2025)

Legal and patent maintenance costs for the IP portfolio are critical, though Atomera Incorporated reports these within the broader G&A or R&D buckets. We know the patent portfolio exceeded 400 issued and pending patents as of mid-2025. While specific maintenance spend isn't itemized, the general cost environment for IP saw USPTO fees increase effective January 19, 2025, with an average increase of 7.5% across filing, search, examination, and issuance fees.

Wafer processing and outsourced fabrication services costs are explicitly called out as a driver of R&D spending. The increase in R&D expenses in Q3 2025 included a $544,000 rise that reflected higher outsourced device fabrication work, alongside increased compensation expenses. This shows direct spending on customer-relevant processing.

General and administrative (G&A) and stock-based compensation are intertwined in the reported figures. General and administrative expenses increased by $353,000 in Q3 2025, primarily consisting of higher stock compensation expense. Stock-based compensation expense itself was $1.3 million in Q3 2025, up from $907,000 in Q3 2024, reflecting the adoption of performance-based RSUs (PSUs).

You can see the key cost components that make up the operating burn:

• Research and Development (Nine Months Ended Sept 30, 2025): $9.6 million
• Stock-Based Compensation (Q3 2025): $1.3 million
• Increase in R&D due to Outsourced Fabrication (Q3 2025 vs prior): Contributed to a $544,000 R&D expense increase
• G&A Increase (Q3 2025 vs prior): $353,000 increase, largely stock compensation driven

The company's cash position is what funds this cost structure. Atomera Incorporated reported a balance of cash and cash equivalents of $20.3 million as of September 30, 2025. Finance: draft 13-week cash view by Friday.

Atomera Incorporated (ATOM) - Canvas Business Model: Revenue Streams

You're looking at the current, near-term revenue picture for Atomera Incorporated (ATOM), which is heavily weighted toward upfront, non-recurring engineering fees as the company pushes its Mears Silicon Technology (MST) toward high-volume adoption. The business model is clearly structured around generating initial cash flow from customer validation work before the primary, long-term goal of royalty streams materializes.

The current revenue recognition is primarily driven by Minimal Non-Recurring Engineering (NRE) fees from customer engagements, which cover the costs associated with initial process integration and wafer shipments for demonstration purposes. This is the most immediate source of income while the technology qualifies for high-volume manufacturing agreements.

Here's a quick look at the most recent and near-term expected revenue components:

Revenue Component	Period	Actual/Guidance Amount	Notes
Engineering Services Revenue	Q3 2025	$11,000	Minimal revenue recognized from products and services transferred over time.
NRE Revenue Guidance	Q4 2025	$75,000 to $125,000	Expected from customer wafer shipments running demos.

The primary long-term goal for Atomera Incorporated (ATOM) remains securing Future high-volume manufacturing royalties. This is the intended high-leverage component of the IP licensing model, where revenue scales with the success of the customer's final product incorporating MST. However, you should note that the near-term path to this was impacted by STMicroelectronics' decision not to include MST in their current BCD110 platform, which eliminated the immediate line-of-sight for royalties from that specific program.

To be fair, the Engineering services revenue remains minimal right now, reflecting the early stage of commercialization. For instance, the Q3 2025 revenue was reported at just $11,000. This is distinct from the larger, expected NRE revenue recognized in the following quarter.

The current revenue focus can be summarized by the types of near-term income streams being prioritized:

• Minimal Non-Recurring Engineering (NRE) fees from customer engagements.
• Revenue recognized from MST deposition on wafers shipped to customers.
• The pursuit of commercial licenses to accelerate time-to-revenue.