Here are 1-3 brief analogies for Atomera:

• Atomera is like ARM Holdings for silicon transistor enhancement, licensing foundational technology that improves chip performance.
• Atomera is like the Gore-Tex for semiconductor transistors, providing a specialized material that makes them perform better.

• Mears Silicon Technology (MST): A proprietary thin film of reengineered silicon designed to enhance the performance of CMOS-type transistors.
• Technology Licensing: The commercialization and licensing of Atomera's proprietary materials, processes, and technologies, primarily Mears Silicon Technology, to semiconductor industry customers.

Major Customers of Atomera (ATOM)

Atomera primarily sells its technology and licenses to other companies within the semiconductor industry, rather than directly to individuals. Due to the highly confidential nature of the semiconductor intellectual property (IP) licensing business and competitive reasons, Atomera does not publicly disclose the specific names of its major customer companies or partners. They typically refer to them as "leading foundries," "tier 1 semiconductor companies," or "major integrated device manufacturers."

Based on the company's description, Atomera's customers fall into the following categories of companies:

• Foundries
• Integrated device manufacturers (IDMs)
• Fabless semiconductor manufacturers
• Original equipment manufacturers (OEMs)
• Electronic design automation (EDA) companies

Scott Bibaud, President and Chief Executive Officer

Mr. Bibaud has over 25 years of experience in the semiconductor industry. He has successfully built a number of businesses in his career that grew to generate over $1 billion in revenue at some of the world's largest semiconductor companies. Before joining Atomera in October 2015, he was Senior Vice President and General Manager of Altera's Communications and Broadcast Division, where he grew the division to become Altera's largest, representing 60% of company revenue. Prior to that, he served as Executive Vice President and General Manager of the Mobile Platforms Group at Broadcom, turning the division around from significant losses to profitability in less than three years. He also held an Executive in Residence position at Foundation Capital, a venture firm.

Francis Laurencio, Chief Financial Officer and Principal Accounting Officer

Mr. Laurencio possesses over 20 years of experience in senior finance positions within high-growth technology companies across various sectors, including networking, storage, SaaS, and hardware distribution. Before joining Atomera in February 2016, he served as CFO at Sycomp, Orbis Global (which is now part of Infor), Bubbly, and OnStor (which subsequently became part of LSI/Avago). Earlier in his career, he worked as a corporate and securities attorney at Davis Polk & Wardwell and in technology investment banking at Lehman Brothers.

Robert Mears, Chief Technology Officer, Founder

Dr. Mears is a recognized pioneer and leading expert in photonics and nano-scale material engineering with more than 30 years of experience. In the mid-1980s, he invented and was the first to demonstrate the Erbium Doped Fiber Amplifier (EDFA), a transformative technology for broadband networks. In 2001, Dr. Mears founded Nanovis LLC, the original predecessor company to Atomera, to apply his insights into the nano-scale engineering of new materials. He has authored or co-authored approximately 250 publications and patents and is a co-inventor of 46 granted US patents.

Erwin Trautmann, Executive Vice President - Strategic Business Development

Mr. Trautmann holds the position of Executive Vice President - Strategic Business Development and is also a Director.

Hideki Takeuchi, Vice President of Engineering

Mr. Takeuchi brings over 30 years of experience in the semiconductor industry. He joined Mears Technologies, Atomera's predecessor, in 2008 and was appointed VP of Engineering in 2022. At Atomera, he has managed numerous customer projects and internal R&D projects for advanced CMOS, analog, low-voltage power switch, and RF switch products. Prior to Atomera, Mr. Takeuchi was a project manager for customer device development projects at ATDF/SEMATECH and a research associate in the semiconductor device group at UC Berkeley, where he was a member of the original FinFET development team.

• In 2024, the semiconductor market was estimated at over $600 billion.
• More recently, the semiconductor market has been referred to as a $750 billion market.
• The global semiconductor materials market alone is more than $100 billion annually.

• The global transistor market was valued at approximately $17.69 billion in 2025 and is projected to reach $30.49 billion by 2033, with a compound annual growth rate (CAGR) of 7.04% from 2025 to 2033. This market is estimated at $20.02 billion in 2026, growing to $28.66 billion by 2031 with a CAGR of 7.46% from 2026-2031.
  • In 2025, the Asia-Pacific region dominated the global transistor market with a 55.90% revenue share and is expected to exhibit the fastest growth.
  • North America held 31.55% of the global transistor market revenue in 2025, while Europe accounted for 27.79%.
• The global Enhancement MOSFET Transistor Market was valued at $6.34 billion in 2025 and is forecast to reach $11.46 billion by 2033, growing at a CAGR of 7.77% from 2026 to 2033.
  • The U.S. Enhancement MOSFET Transistor Market was valued at $1.16 billion in 2025 and is expected to grow to $2.02 billion by 2033, with a CAGR of 7.22% from 2026-2033.
  • The Asia Pacific region dominated the Enhancement MOSFET Transistor Market in 2025, accounting for approximately 44% of the market share.
• The global Enhancement-mode GaN Transistor Market was valued at $3.05 billion in 2025 and is projected to reach $8.69 billion by 2033, demonstrating a CAGR of 13.98% from 2026–2033. Atomera has initiated its first commercial customer engagement for GaN on silicon.
  • The U.S. Enhancement-mode GaN Transistor Market was valued at $0.68 billion in 2025 and is projected to reach $1.75 billion by 2033, growing at a CAGR of 12.47% from 2026–2033.
  • The Asia Pacific GaN Transistor Market is expected to expand at the fastest CAGR from 2026 to 2035.
• Atomera is also advancing its Gate-All-Around (GAA) transistor technology, and the global Gate-All-Around (GAA) Transistor Market is projected to reach $2.008 billion by 2034.

For Atomera (NASDAQ: ATOM), expected drivers of future revenue growth over the next 2-3 years include:

1. Commercialization and Broad Adoption of Mears Silicon Technology (MST) in Gate-All-Around (GAA) Transistors: Atomera's progress in integrating its MST technology into advanced Gate-All-Around transistor structures is a significant technological breakthrough. Successful deployment and adoption of MST in GAA transistors by semiconductor manufacturers are anticipated to be a primary driver for future licensing revenue.
2. Expansion into New Semiconductor Markets (DRAM and GaN-on-Silicon): The company is actively pursuing new opportunities by exploring the DRAM sector with new wafer-based solutions and has initiated its first commercial engagement for Gallium Nitride (GaN) on silicon applications, supported by external development funding. These new market penetrations are expected to diversify and grow revenue streams.
3. Securing and Scaling New Licensing Agreements and Strategic Partnerships: As a semiconductor materials and intellectual property licensing company, Atomera's revenue growth is fundamentally tied to securing and expanding licensing agreements with foundries, integrated device manufacturers, fabless semiconductor manufacturers, and major equipment OEMs. Progress in customer engagement and new partnerships are crucial for commercializing its technology.
4. Transition from Technology Development to Volume Production and Significant Commercial Deals: Atomera's current revenue is primarily from Non-Recurring Engineering (NRE) fees. Future substantial revenue growth is contingent upon its Mears Silicon Technology moving beyond promising lab results and development phases into broad commercial adoption, leading to concrete licensing and production deals that would generate larger, more consistent revenue streams.

Share Issuance

• In February 2026, Atomera closed a registered direct offering of 5,000,000 shares of common stock at $5.00 per share, generating net proceeds of approximately $23.6 million.
• During 2025, the company sold approximately 1.6 million shares under its at-the-market (ATM) facility, resulting in net proceeds of roughly $7.6 million at an average price of $5.15 per share.
• After December 31, 2025, an additional $3.2 million in net proceeds was raised by selling approximately 1.3 million shares at an average price of $2.47.

Capital Expenditures

• Atomera incurred approximately $12.3 million on research and development in 2025.
• Research and development expenses increased by $794,000 from $9.4 million in 2024 to $10.2 million in 2025, primarily due to increased outsourced engineering.
• The primary focus of capital expenditures is on evolving and expanding the company's technology and intellectual property portfolio, aligning with its business model as a semiconductor materials and technology licensing company.