Hello, everyone, and welcome to Atomera's Fourth Quarter Fiscal Year 2022 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 will follow a similar format with participants in a listen-only mode. We will open with prepared remarks from Scott Bibaud, Atomera's President and CEO; and Frank Laurencio, Atomera’s CFO. Then, we will open the call for questions. If you are joining by telephone, you may follow a slide presentation to accompany our remarks on the Events and Presentations section of our Investor Relations page on our website. Before we begin, I would like to remind everyone that during today’s call, we will make forward-looking statements. These forward-looking statements, whether in prepared remarks or during the Q&A session, are subject to inherent risks and uncertainties. These risks and uncertainties are detailed in the Risk Factors section of our filings with the Securities and Exchange Commission, specifically on the company’s annual report filed on Form 10-K filed with the SEC today, February 15th, 2023. Except as otherwise required by Federal Securities laws, Atomera disclaims any obligation to update or make revisions to such forward-looking statements contained herein or elsewhere to reflect changes in expectations with regard to those events, conditions, and circumstances. Also, please note that during this call, we will be discussing non-GAAP financial measures as defined by SEC Regulation G. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in today's press release, which is posted on our website. Now, I'd like to turn the call over to our President and CEO, Scott Bibaud. Go ahead, Scott.

Thanks, Mike. Good afternoon, and welcome to Atomera's fourth quarter 2022 update call. I'd like to bring you all up to date on our progress in the last three months and summarize our accomplishments for 2022, which I consider to be a very strong year for Atomera. But first, let me give some context to the events happening in our industry. More so than in most areas, semiconductors have gone through a quite predictable business cycle ever since manufacturing started in the early 1960s with consistent sequences of very sharp growth, followed by an equally sharp decline happening roughly every four or five years. The last few years have been very high growth ones with the associated capacity crunches and ASP inflation that you would expect in that environment. Now, we're experiencing the downside with leading forecasters predicting a contraction greater than 20% in the industry for 2023. Semiconductor veterans understand the cycle and know how to react to it. So, what we're starting to see is a reduction in last year's aggressive capex forecasts and foundry prices moderating along with some announcements of layoffs and budget restrictions. But what is also in the standard playbook for this part of the cycle is to invest counter-cyclically to get first-mover advantage when the inevitable rebound happens. In other words, to double down on R&D and invent your way out of the problem. This part of the semiconductor economic cycle is where Atomera thrives. Due to fab over utilization, our customers have postponed their normal development efforts for the last few years, so there's now a pent-up demand for improvements that must be executed, particularly in the application areas which experienced the greatest constraints. And that is exactly where Atomera provides readily available solutions that are otherwise difficult for our customers to achieve. Our customers have the fab capacity to run wafers, and we have the technology to help them invent their way to long-term competitive advantage. Our business activity has absolutely accelerated to reflect the growth and new market opportunities you would expect in such an environment. New engagements do take time to work through the pipeline, so this chart on slide four does not do a great job showing our progress. In searching for a metric that can illustrate our activity level better, I found that travel to customers for new projects is up between 450% to 500% over the last three months versus the same period last year. This rate of close customer engagement is not letting up, and I am confident it will result in more licensing opportunities over the next few quarters. As the first indicator, one of our customers in the pipeline who ran more tests in Phase IIs than is typical has now very enthusiastically moved on to Phase III based on the test results. Since this is another large customer, we expect it will lead to great things. We continue to work very closely with our two JDA customers and collaborated with them to achieve fresh results in Q4, which we believe will start us on a path towards production with one or more business units. Likewise, we continue to work closely with our licensees, and we are optimistic that the work we're doing together will result in further licensing stages on a near-term path to production. Progress through our pipeline, especially over the last couple of years, has been frustratingly slow. But I will reiterate, it is only a matter of time before improvements come to market, and our degree of competence has increased over the past quarter. Cycles of learning are starting to speed up again now that fabs have the capacity to run wafers on shorter lead time. We do expect to see a growing customer pipeline and to announce additional licensees in the months ahead. During the last quarter, we have seen unprecedented interest and activity in the leading digital nodes where our technology provides a number of benefits for 3D technologies as discussed on our last call and shown on this slide. We put out preliminary information on this topic in August, gave an important paper at the IEEE Conference in November, and had many discussions with potential customers and ecosystem partners at the IEDM Show in December. Finally, in January, we put together all of our ideas on the topic and released a comprehensive white paper called MST Benefits for Gate-All-Around, a document that is technical enough for a semiconductor device engineer but also comprehensible to a technology-savvy investor. I really encourage you to look it over. For customers under NDA, we can go into much greater depth on both the physics and the measured silicon results that back up our findings. Development of these next-generation transistors is incredibly costly and difficult. It is widely held that an industry-wide cooperative approach is the only way forward. In other words, it will take an ecosystem of innovators composed of more than just the leading semiconductor players to bring the newest nodes to market. Advanced semiconductor equipment, materials, metrology, and development partners are all required. The US government has invested in the ecosystem through the CHIPS Act and the creation of the National Semiconductor Technology Center, which will serve as the focal point for research and engineering here in the United States. This past quarter, Atomera announced the collaboration with Arizona State University, which we believe will become a regional hub of the DoD Microelectronics Commons Lab to Fab efforts, due to its advanced macro technology works facility, where Atomera's state-of-the-art epi-deposition tool currently resides. We likewise intend to become active in other US regional initiatives, and with our university partners in areas related to CHIPS Act funding. And these are not just domestic efforts, we're also in discussions to engage with ecosystem partners overseas. Overall, we're very excited about the prospects for Atomera in the most advanced semiconductor architectures. It's a perfect showcase for our technology. There are plenty of R&D dollars being devoted to it, and it will establish Atomera's MST technology on the bleeding edge of transistor development. In 2022, we made great advances on both our technologies focused on the mature process nodes. In particular, we're very excited by the benefits MST can bring to RF SOI devices, which are critical to 5G cellular phones and beyond. Our simulations and semiconductor test devices show great promise, although results have been taking longer than expected. But we have learned things in our customers' real-world test environments that will make MST even more successful in upcoming testing sessions. We are confident these new techniques will be considered a critical enabling step in the development of optimized RF SOI devices, leading to licenses and royalty revenue from all the players in the industry. We continue to get traction with our MST SP product offerings due to the strong benefits we bring to 5-volt transistors. Customers also want to use MST for higher voltage transistors used in a wide set of applications requiring greater power. Over a year ago, Atomera started experiments to enhance these very hard-to-design devices. Although we have not rolled out the technology yet, our early test data shows very encouraging results that may open up a larger slice of the power market for us, and one where we know there is widespread customer interest. We call this new technology MST SPX and I want to tell you more about it in the near future. 2022 was an extremely productive year for Atomera. We announced new licensing joint development agreements and made very strong progress in each of our product focus areas to the point where we are involved in major conversations about how to enable the next generation of semiconductor transistors. We've deepened our relationships with many critical players and positioned ourselves to take advantage of this innovation cycle within the industry. Another thing we've been quietly doing has been strengthening our patent strategy. As you can see from this chart, we are now at 339 patents granted and pending, which is triple the patents we had at our IPO. Our efforts reflect the fact that Atomera is not just a materials technology inventor; we are also an expert in using this valuable material to make transistors work better in many applications. That is where our recent new patents have been focused. So, as some of our earliest fundamental patents start to sunset, we have built a portfolio of new patents that cover the device designs that can only be enabled by MST and that are in growing use today. Nobody understands better than Atomera how MST can make products better, so we continue to create a portfolio of these competitive ideas well into the future. Not only does it strengthen our licensing potential, but it also helps customers to understand the potential of MST. I know it can be frustrating for investors to gauge our progress. But big customer development activities often don't happen on a predictable schedule, even when you've proven your technology is a winner. But our customers are seeing the advantages they get from using MST, and they will eventually get their programs on a path to production. I am confident we'll be able to make exciting customer announcements like that during the course of this year. In the meantime, morale inside Atomera is running very high. We are so busy with customer projects and new developments we're straining to keep up. There is no doubt that at this pace, we will need to add resources to handle all of our new opportunities. We continue to believe strongly in a future where licensing activity followed by commercialization will make Atomera a recognized innovation leader in the semiconductor industry. Now, let's have Frank review our financials.

Thank you, Scott. At the close of the market today, we issued a press release announcing our fourth quarter and full year 2022 results. This slide shows our summary financials. Our GAAP net loss for the year ended December 31, 2022 was $17.4 million or $0.75 per share compared to a net loss of $15.7 million or $0.70 per share in 2021. Revenue in 2022 was $380,000 and consisted of the success fee earned on completion of the technical objectives in the JDA with our first JDA customer, an integration license fee from our foundry licensee, and MST CAD revenue. GAAP operating expenses were $17.8 million in 2022, which was an increase of $1.9 million from $15.9 million in 2021. This increase was mainly due to a $1.3 million increase in R&D expenses, primarily reflecting lease payments for our EPI tool, as our payments commenced in August of 2021 and 2022 reflect a full year of the tool lease. Sales and marketing expenses increased by approximately $362,000, and general and administrative expenses increased by approximately $277,000. Non-GAAP net loss for 2022 was $14.1 million and reflected $14.4 million of non-GAAP operating expenses. In 2021, our non-GAAP net loss was $12.5 million reflecting $12.9 million of non-GAAP operating expenses. The differences between GAAP and non-GAAP operating expenses in both years and accordingly between GAAP and non-GAAP net loss are almost entirely due to non-cash stock compensation expenses, which were $3.4 million in 2022 and $3 million in 2021. Turning now to our quarterly results, our Q4 2022 GAAP net loss was $4.3 million or $0.18 per share, compared to a net loss of $4.2 million in Q4 2021, which was also $0.18 per share. In Q3 of 2021, our GAAP net loss was $4.6 million or $0.20 per share. Our cash balance on December 31, 2022, was $21.2 million compared to $28.7 million at the end of 2021. Cash at the end of Q3 2022 was $23.3 million. During 2022, we used $12.5 million of cash in operating activities, $2.9 million of which was in Q4. On May 31, 2022, we established an at-the-market equity financing facility. From the time we set up the ATM through the end of 2022, we sold a total of 527,093 shares at an average price of $11.68. Most of the cash from financing in 2022 came from ATM sales executed during Q3. During Q4, we sold 109,026 shares at an average price of $9.47. We have not sold any shares under the ATM since November. In fact, we have only used the ATM on four trading days in the past six months, evidence that we are using this tool judiciously. As of December 31, 2022, we had 24 million shares outstanding. As usual, we have a good handle on our spending plans for the year. But it is still difficult to predict the timing of revenue, so we will not provide revenue guidance beyond the current quarter, and our Q1 revenue guide is zero. Turning to expenses, our non-GAAP OpEx in 2022 was $14.4 million, and our 2023 guidance is a range of $16.25 million to $16.75 million. I want to stop and add some further color to our OpEx plan. Back in 2020, the first year of the pandemic, our non-GAAP OpEx was $11.7 million. This increased to $12.9 million in 2021 as some COVID-related restrictions eased off, and we brought our new EPI tool fully online in the second half of the year. Coming into 2022, I had given a range of around $15.5 million of non-GAAP OpEx for the year. But we hired and spent below our plan due to capacity shortages and a tight labor market. Looking forward to 2023, our plan to ramp up spending reflects the positive outlook. We're actively working on programs across the spectrum power and analog, RF SOI, and advanced logic, and doing this requires more human resources, more wafer processing, and more metrology to support the variety of opportunities we see in this environment. As Scott said in his remarks, we're confident that we will be able to make exciting customer announcements during the course of this year, and we're making the investments needed to support them.

Thanks, Frank. Atomera is preparing now for growth driven by an industry-wide innovation cycle that we are perfectly positioned to take advantage of due to our strong R&D efforts in the last few years. Our offerings and legacy technologies have already been explored with a variety of customers, which we believe will soon lead to a path to production. And our work at the leading edge is now well-recognized and is gaining traction. Our team is executing well, building new product offerings and tools to help our customers get to production faster. Our IP portfolio and know-how have become a powerful asset for us to leverage across multiple segments and applications. This combination of attributes makes Atomera ideally positioned to partner with the industry's most successful semiconductor companies to innovate their way out of this downturn and benefit both themselves and Atomera in the future. With that, Mike, we will now take questions.

Thank you, Scott. Our first question comes from Richard Shannon of Craig-Hallum. Richard, if you can hear me, go ahead. We will move on to Cody Acree of Benchmark. Cody, go ahead.

Yes. Thanks, Mike and Frank, and Scott, good to see you all. Maybe if you can just talk a little bit more. Scott, on the optimism that you're portraying here. Obviously, you're not optimistic enough to give us revenue guidance yet. So, that would be nice. But can you talk about what it is that's giving you this optimistic level of engagements that you believe are filling a pipeline of activity? Is there anything tangible to those comments? That attitude will be helpful?

Yes, let me just talk about that a little further, Cody. Our team is all out on the road today, and it seems like in the last several months, we've constantly been reacting to customer interest in our technology. What we have is that in the last few years, we've been telling people about our technology, they've been interested, but they haven't really been able to do much work on the R&D side because they were trying to figure out how to move more wafers through their fabs. But now they suddenly have the interest and the capacity to do some of that work. One thing I've talked about in the past but I'd like to reiterate now is, a lot of times when you work with a big customer, you get results that look good, but they don’t immediately move forward because they just aren't funded to do an R&D pass or make a new process technology come out that year. So it sits on the bench, but at some point, they take it off the bench, and they say, okay, now we're ready to go. With what we're seeing in the industry and the interest from new and existing customers, we're hopeful that some of those things will come off the bench, and we'll start to see movement towards production. That's what's driving a lot of the optimism.

And I guess if you had to handicap the layer of, I guess, the rate of the discussions, do you feel like you're getting more towards fruition? Or I guess do you have a funnel that you feel like you're filling? And how is that different today than it was 90 days ago?

Yes, definitely, the wide mouth of the funnel is much more full. We're having a lot of conversations with new customers as well as renewing discussions about fresh experiments and paths forward with existing customers. So all of those are positives. The other thing I would say is, we've opened some new fronts to talk to people. I spoke in this call about the bleeding edge and gate-all-around devices. Across a range of what we consider customers that include not just the obvious big players but also memory manufacturers who are doing many advanced things, we're seeing a lot of interest in the technology that we've been releasing information on and giving presentations about at conferences. So, there's a lot of back and forth with those types of customers too, and we hope that will lead to great things in the future.

And any color that you can provide on your existing customers or existing licensees, what their progress has been?

Yes, I mean, as I mentioned in my remarks, we continue to be engaged with all of our existing licensees where we've been working on experiments, some with others where we're planning for new things. The only one that is still not really actively making new products for is AKM, which had a fab fire a couple of years ago. That's been solved for them, but we are also in discussions with them about doing some innovative new things as well. All of our licensees and all of our JDA partners are still quite active with us.

Maybe last for you, Scott, and I'll get one from Frank. Where do you stand in your engagements with China? What are your thoughts about the US trade tensions and the limitations that the governments are putting on technology transfers?

Yes. Right now, we have no exposure to China. We have a lot of interests around the world. I think there's too much uncertainty about how far we'll be able to take our technology within China for us to make that move up the priority chain for our business development activities. If the United States and China reach a point where they become a little more cooperative in semiconductor development in the near future, then we'll revisit that, but for now, we have very little activity in China.

Okay, great. Thank you, Scott. And then Frank, just always back to the liquidity question. You've been very sparsely engaging in your ATM, which is good. But what is the minimum level of cash that you're comfortable running the operations at?

Well, I think it’s well understood that public companies keep well over a year's worth of cash on their balance sheet at all times. That's sort of a fundamental audit issue for a public company. You can draw your own conclusions about that, but also, because we have always been conscious and forward-looking about maintaining that liquidity, we haven't needed to load up on additional cash when the stock and equity markets, particularly growth stocks and tech stocks, were performing poorly over the last six months. If we felt more concerned and needed to fill our balance sheet, we would have been more active in the past few months. Our hiring plans and the financing activities reflect our optimism about 2023.

Very good, Frank. And I’m sorry, what am I saying? Did I miss in your prepared remarks a cash burn target for 2023?

Yes. Our target for 2023, and we always give it in non-GAAP operating expenses, which effectively reflects our cash outflow, is $16.25 million to $16.75 million for the year.

All right. Great. Thank you guys. I appreciate it.

All right. Thank you, Cody. Some questions have been coming in through the chat and I'll just go ahead and ask some of those. First is, why do some Phase III customers pay for an integration license and others do not?

Yes. So let me take that. There are no hard and fast rules on this. If we have a customer that we think has incredibly high potential, and they push back on the concept of an integration license, we’re probably going to be flexible on that. It’s more important to us to get those very high-potential customers going using our technology than to collect money right away. For others, especially where we've done multiple runs, we can talk them into the integration license at some point. It’s not a matter of paying it or not paying it; it's only a matter of when you pay it. Customers understand that if they avoid paying it up front, when they finally get to manufacturing license, they will need to pay the integration license.

Okay. And another question goes around the JDA, do the first JDA licenses allow for limited sampling to their customers?

Yes.

Let me follow up because there are other questions about whether the JDA includes our sampling in general for their customers?

Yes. Let me first talk about our JDA and licenses in general, because I can't talk about specifics for individual JDA customers. But typically, when a customer gets to a manufacturing license level with us, at least for our first JDA customer, it did include a manufacturing license. We do include the right for them to do limited sampling. Remember, these companies typically aren't making devices to sell; they are working on process technology. It’s more likely that they'd be sampling wafers with devices that can be measured or using PDKs that have characteristics of the new transistors. But yes, that is a right we give people once they reach a manufacturing license level.

Okay. And then we had a question concerning MST CAD revenue. Can we elaborate on it? Are there any metrics to measure?

You want to take that, Frank?

Yes. Sure. So we offer MST CAD to customers under a free trial for 90 days, and many of our customers take us up on that. After that, they may either decide not to continue using MST CAD themselves, or they convert to a paying customer. I noticed the question asked this was the first time we've disclosed that we had a small amount of MST CAD revenue in Q3, which we disclosed in our 10-Q for that quarter. Just because a customer isn't paying for MST CAD doesn’t mean they’re not using our TCAD capabilities. Sometimes customers do the TCAD work themselves because we’ve delivered MST CAD scripts to them, in which case, it would be under that 90-day trial, and then they would need a paid license thereafter. In other cases, they send us process details and we run the TCAD for them. There’s a wide range of approaches that customers take; some rely much more heavily on TCAD and have internal TCAD resources, while others have very little and are willing to look at results from what we do. As you can see from the numbers, we don’t plan to rely on TCAD as a major revenue source; it’s really an enabler for getting to the right solution for a customer more quickly.

Okay. And Richard Shannon joined us. Richard, if you want to go ahead and ask a question.

Can you hear me now, Mike?

Yes, we can.

All right. Excellent. Apologies up front here. I'm traveling and cell coverage isn't great. So, I hope the ambient noise isn’t too bad here. But that said, Scott, I think my first question here is, I'm going to paraphrase your language in your prepared remarks here. You talked about more licensees in the months ahead. This sounds like a more certain and maybe aggressive statement than you've used in the past. So what exactly do you mean by this? Can you help us understand what activities or actions you can publicly talk about that will happen in these months ahead?

Yes. Thanks for the question, Richard. Of course, it's a bit dicey because I am not trying to announce something that hasn’t happened yet. But I definitely would say, there’s no doubt if you look at our customer pipeline over the last couple of years, we've had good traction with customers, and we've been working with customers, but everything has been slowed down by this capacity crunch the industry was facing. We talked about a JDA customer taking nine months to get a sample. In fact, it was taking more than 12 months because the fabs were so slow. Now, that’s all changing. We're seeing much faster throughput times on our internal R&D lots, and we’re seeing customers who are much more interested in starting to meet with us and discuss potential programs because they can get into those paths. That's one of the driving factors of our optimism. We’ve got very good relationships with most of our licensees and JDA partners, and we can see the progress they're making, and we're hopeful that they’ll get licenses this year. It’s always tricky because we don’t pre-announce anything. Any decision by them to do one more wafer run can take nine to 12 months more, but we’ve got many shots on goal here with all the customers in our pipeline, and we’re hopeful that some of them will result in licenses soon.

Okay. Fair enough. I know you don’t want to negotiate against yourself by declaring something overly strong. But I just wanted to get a sense of the level of improvement of confidence, and I think you portrayed that. So thanks for that. Scott, in one of your prepared remarks, you talked about travel activity up 450% to 500% I think quarter-on-quarter. How should we think about what this really means? Is this a sign of activity in earlier stages or kind of my follow-up question here will be, I think one of the key things for your story and impact on your stock will be getting somebody over the finish line and getting them to production. Is this travel activity? Is this more early stage or potentially later stage such that it could help you get over that finish line?

Yes, I’m sure you won’t be surprised that I say it’s a mix of both, Richard. I want to be clear, I’m comparing the three months from the beginning of November until now from last year to this year. Last year, we weren’t significantly impacted by COVID, so it’s a fair comparison. This is normally a time of year with the holidays, where you don’t see a lot of travel. But we have lots of irons in the fire, and it’s an exciting atmosphere where we're constantly preparing for the next customer meeting and the next set of data that we need to show to convince them to move in the application area that we’d like them to pursue. So yes, that’s where all that comes from.

Okay, fair enough. And let’s see here. Because you announced a customer moving into Phase III, and you’re guiding to zero revenues for the quarter. It’s obviously not a revenue-generating event—or at least not immediately. What do you expect to happen with this relationship, whether in Phase III or not? Can you characterize any sort of work technology product or etc. that you’re working with them on?

Yes. I don’t think I can talk about the specific work area, but I can say it’s a large customer. We’ve been in Phase III; most of our customers move through Phase III in a month or two. This customer wanted to run some very expensive tests in Phase III because it helps them understand what our technology can do. They’ve been in Phase III for a few quarters, got the final results in December, and are excited by them, and have moved quickly into Phase III. Usually, when we start Phase III, it means a customer has to start running new wafers on their side, build them up to a certain point, and send them to us. That can take a while, but this customer was so excited, they reacted extremely quickly and sent us the wafers quite rapidly. It feels like this is a high priority situation, and hopefully will move quickly through the development pipeline toward a good outcome.

Okay, fair enough. And let’s see. On the fourth quarter revenues, you recognized a small amount here, which you guided for zero. Can you describe the activity that triggered that? Did I understand correctly, this customer came from North America? Is this one of the licensees that you've been asked about in the past?

What I can say is that it’s MST TCAD revenue, which we disclosed; so it’s MST TCAD revenue from North America.

Okay. But you can’t say whether it’s an announced licensee?

No.

Okay. Fair enough. And let’s see here. Scott, maybe I’ll finish up with a question here on leading edge. Just wondering, can you help us understand the importance of what you’re doing with Gate-All-Around and other initiatives in leading edge? If there’s any way you could characterize the probability of success and timeframe, I think most people on this call are expecting a fairly long period of time.

Yes, it’s a very interesting situation. We do a lot of work in the legacy nodes, and the legacy nodes could, in theory, change over pretty quickly. They are in volume production, which leads to a simpler design process. However, we've found that even if we show a customer great benefit on the legacy nodes, sometimes they're not planning to make a change to their legacy nodes for some time, and we have to wait for that time to come around. But on the leading edge, gate-all-around is a different situation. We know every major semiconductor company is working on gate-all-around, and they have a ton of engineers dedicated to it. When we bring our ideas to the table, there’s a large audience ready to listen. If they like what they see, they’re likely to want to start running experiments, and they will have ample resources to do those experiments quickly. That’s an important aspect, as it can lead to a quicker production cycle. Gate-all-around is very complicated; it takes inputs from many players like equipment OEMs and universities, and we’re contributing ideas as well. We’re hopeful that if we are adopted by one or more of these players, it will become a standard technology incorporated into the semiconductor roadmap. This would create a straightforward opportunity for us to continue licensing our technology out to the companies developing those processes in the future. It’s a big opportunity. We have done extensive work on it, and I think there's great excitement for us in this area.

Scott, I appreciate that perspective. That’s all from me, guys. Thank you.

All right. Thank you, Richard. Just two more quick questions here before we conclude the call. Has Atomera done any simulation or MST TCAD work on 3 nanometers?

Yes. For those who don't know about 3 nanometers, the most advanced transistor being worked on right now is the 3-nanometer transistor. There’s already work and thought going on beyond 3 nanometers, but 3 nanometers is currently the most advanced node using gate-all-around architecture that we spoke about. There are significant challenges at 3 nanometers because everything is so small. Our technology helps control dopant deposition in very small areas and assists in other areas as well, which I have discussed previously. So to answer the question about whether we've done simulation or MST TCAD at that level? Yes, we have. Technically, when we run TCAD, we don’t run a transistor; we run areas smaller than the transistor, and we've conducted many simulations on how to use MST in a gate-all-around 3-nanometer or smaller device to show prospective customers. We talk frequently about our MST being a technology that is 100 angstroms thick, which translates to 1 nanometer. We’ve even experimented with making it thinner for these applications, and we’ve conducted experiments on simulations using TCAD, which we can show to prospective customers.

All right. And then last question here, is MST being applied to AI, Artificial Intelligence in any way?

Yes, I mean, it’s hard to make a direct comparison. AI, for the most part, is software that runs on different kinds of processes, including advanced processors that MST could help optimize and improve. But there’s no direct connection between our MST technology and AI so far.

Okay. All right, Scott. At this point, we'll just move to conclude the call. You may proceed with any closing comments.

Thanks a lot, Mike. I want to thank everybody here for attending today's presentation. I'm really happy we were able to share with you our recent progress and give you a sense of the optimism we're experiencing inside Atomera. Please continue to look for our news articles and blog posts to keep you up to date on our progress, which are available along with investor alerts on our website at atomera.com. We look forward to seeing some of you during our upcoming scheduled marketing activities. Should you have any questions in the meantime, please contact Mike Bishop, who'll be happy to follow up. Thank you again for your support, and we look forward to our next update call.

Thank you. This concludes the Atomera fourth quarter 2022 conference call.