Atomera (ATOM) 27th Annual Needham Growth Conference summary

Technology overview and value proposition

• Mears Silicon Technology (MST) is a thin film applied to semiconductor wafers, enhancing transistor performance and reducing power consumption.

• MST enables benefits similar to node transitions—higher performance, lower power, and cost savings—without new factory investments.

• The company operates a capital-light, technology licensing model with over 300 patents and deep industry relationships.

• MST improves electron mobility, reduces leakage, and enhances device reliability across a range of process nodes.

• Collaborates closely with major equipment suppliers like Applied Materials, ASM, and Kokusai.

Customer engagement and business model

• Engaged with more than half of the largest semiconductor manufacturers globally, with 20 customers and 26 active engagements.

• Revenue streams include engineering services, upfront license fees, and downstream royalties, with three main license types: integration, R&D, and high-volume manufacturing.

• Joint development agreements span from engineering services to royalty-generating licenses.

• Multiple engagements per customer are targeted to expand within each organization.

• Licensing opportunities exist at each production node, increasing potential revenue per customer.

Market focus and technology applications

• Four main market segments: power devices (MST-SP/SPX), RF-SOI for consumer electronics, advanced nodes (3nm/2nm), and DRAM.

• MST-SPX, introduced in 2023, targets 5–48V power management devices, showing best-in-class performance and strong customer interest.

• Advanced node and DRAM markets benefit from MST's ability to address manufacturing challenges as nodes shrink and epi usage increases.

• Compound semiconductor work, including gallium nitride, is advancing through partnerships with Texas State University and Sandia National Labs.

• RF-SOI market is rapidly growing, with MST positioned as a key enabler for complex RF front ends in mobile and Wi-Fi devices.