Atomera Incorporated (NASDAQ:ATOM) Q4 2023 Earnings Call Transcript
Atomera Incorporated (NASDAQ:ATOM) Q4 2023 Earnings Call Transcript February 14, 2024
Atomera Incorporated isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Mike Bishop: Hello, everyone and welcome to Atomera's Fourth Quarter and 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 website for 1 year. I'm Mike Bishop with the company's Investor Relations. As in prior quarters, we're using Zoom and we will follow a similar presentation 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 to 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, the company's annual report on Form 10-K filed with the SEC on February 15, 2023 and its quarterly report on Form 10-Q filed with the SEC on November 1, 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 also posted on our website. And with that, I'd like to turn the call over to our President and CEO, Scott Bibaud. Go ahead, Scott.
Scott Bibaud: Good afternoon and welcome to Atomera's fourth quarter and full year 2023 update call. I believe that when we look back at 2023, we will consider it the catalyst year, where our first major business deal that drove our success was announced and our fourth quarter will be where the execution of that mission became most obvious. In addition, we've seen excellent results from customers and partners and strong advances in R&D that will ultimately result in more commercial licenses. We will dive into the details but first, let me give you a view of the industry status and how to flex Atomera. As you know, 2023 was not the strongest year in the semiconductor industry, characterized by negative growth cutbacks in CapEx plans and some slowdown in spending.
As is usually the case in this type of environment, we saw increased interest in new design activity and plenty of fab capacity to run R&D lots. As we enter 2024, we are seeing much more optimism as growth prospects driven by new artificial intelligence capabilities start to emerge. We are happy to see this since our customers' cash flow will improve but we still expect to see modest fab utilization rates which benefits our business development prospects. This is really the ideal time for customers to adopt MST. Obviously, the big news of the quarter was the installation of our technology at STMicro's fab in Agrate, Italy. In case you are new to the Atomera name, in April of last year, we announced a commercial license agreement with STMicroelectronics that was important for our company in several ways.
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