Atomera is a semiconductor IP licensing company. Its sole product is Mears Silicon Technology (MST), a thin engineered film deposited onto silicon wafers during chip fabrication that improves transistor speed, reduces power leakage, and lowers manufacturing variability. MST is applied using standard epitaxial deposition equipment already in use at semiconductor fabs, requiring minimal changes to existing production processes. Atomera does not design or manufacture chips — it licenses MST to foundries, IDMs, and fabless chip designers. Atomera also offers MSTcad, a simulation tool built on Synopsys' TCAD platform that lets engineers model MST's benefits before committing to expensive wafer runs, accelerating customer evaluation cycles. Atomera's target markets include Gate-All-Around logic (used in leading-edge AI GPUs and CPUs), DRAM memory, RF-SOI components for mobile phones, and power management ICs. A newer initiative targets GaN devices, where MST acts as a buffer layer to reduce crystal defects. Atomera's licensing model progresses from engineering service fees to R&D license fees, then to high-volume manufacturing license fees, and ultimately to per-unit royalties — the core long-term value driver, though no royalty revenue has begun as of FY25. The path from engagement to royalty-generating production is long; Atomera spends roughly $12M/year on R&D and funds itself via equity raises. A co-marketing partnership with an undisclosed major semiconductor capital equipment vendor, announced in 2025, is intended to accelerate adoption at leading-edge GAA manufacturers.