Q4 2021 Atomera Inc Earnings Call
Okay.
Yeah.
Okay.
Okay.
Yes.
Yes.
Yes.
Hello, everyone and welcome to <unk> fourth quarter fiscal year, 2021 update call I would like to remind everyone that this call and webinar are being recorded and a replay will be available on <unk> IR web site for one 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 format with participants in a listen only mode.
We will open the prepared remarks, we'll open the call with prepared remarks from Scott Depot at Mers, President and CEO and Frank Lawrencium at a mere 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.
Specifically in the company's annual report on Form 10-K filed with the SEC C. On February 15th 2022.
Except as otherwise required by federal Securities laws at Amira disclaims any obligation to update or make revisions to such forward looking statements contained herein or elsewhere to reflect changes and expectations with regards 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 would like to turn the call over to our President and CEO Scott BMO go ahead Scott.
Thanks, Mike.
Good afternoon, and welcome to <unk> update call for Q4, 2021 .
We've had a very eventful three months capped by our recent announcements of an integration license with a foundry and progress I G. J D. A.
If you've been following us for any length of time, you know that large semiconductor companies are not fast moving especially in a period of capacity constraints, which makes philmont momentum we're building even more impressive.
I would first like to discuss these accomplishments and provide some additional insights into the latest changes in the semiconductor market and.
And how it impacts at a mirror before turning the call to Frank to briefly review the numbers and outlook.
A week ago, we announced our fifth license agreement and integration license with a foundry partner.
This builds on the license agreements with AKM and Ft micro plus another unnamed partner and of course, the J D. A.
Given the customary non disclosures we provided as much information as we are allowed to in the press release.
Let me say, however that we are very happy to be working with this foundry partner because they are very well known in the industry for being innovative technologies to market.
We started our engagement with them some time ago. So they are already a phase III customer.
Over the last year, they have used our MST CAD modeling software to unveil some compelling new uses of M. S. T that may enhance some of their specialty processes.
Once that advantage was made clear to them through our modeling software. They immediately took steps to start running MST on device wafers.
Electrical that resolved, which validate the modeling runs by this new licensee.
Would be a breakthrough in performance that I think they would be extremely enthusiastic about taking into production.
We also hit a significant milestone in our J D. A partnership with a large semiconductor manufacturer very recently, we were informed that we have passed all the technical specifications required required to complete the J D. A.
While some documentation is required before the J D. As officially completed our customary satisfied that Adam errors technology meets their challenging requirements.
Which validates the manufacture ability and the effectiveness of using MST and a world class fab.
At this point our focus with this customer will turn towards engaging with different business units are application areas within the company to have M. S. G integrated into their devices and hopefully taken to production.
As I have said in the past if a business unit wants to use M. S. T. The next step is for us to do integration work on those specific applications.
While it is hard for us to predict the required timeframe.
These are the opportunities that we've been looking forward to over the last year.
The completion of the J D. A is a revenue bearing event. So Frank we'll have more to say on that in our financial section.
As you can see from our engagement chart, we do remain flat with a number of customers last quarter.
But during Q4, we have seen a significant uptick in the amount of activity by those customers insight phase III and.
And we believe this will continue over the next year as availability of R&D wafers and a focus on innovation returns to the industry.
We have heard feedback asking for more details of the activities within phase III of our customer pipeline.
Although we have considered several ways to do this given the highly competitive nature of our industry small disclosures by us about the details of our work can be extrapolated by knowledgeable players into competitive intelligence.
I can tell you that within phases, three and four we have projects representing at least six different application areas.
And some of those were engaged with many different customers are working on very similar solutions.
In others. The focuses on quite different specifications within a single broad application area and in some applications that maybe only one or two customers in each of these engagements confidentiality is vital to our customers.
Our engineering team has got their hands full servicing the customer interest coming into Adam are these days in the past we've noticed an increase in interest by other semiconductor companies when new licensees are announced and we think this trend is very helpful for out of merit to build our customer base and the long term.
In November Adam era announced yield availability of MST SP technology, which was our first design package ready for customers to adopt as a bold transistor solution.
We accomplished this by developing MST SP on our own wafers in our partnered development Bob So he can really share all the designs and resulting data regenerate.
The detailed announcement of promote and promotional materials with very comprehensive and give us something we haven't had before.
The ability to market, our technology to potential customers without actually meeting them face to face.
Although quite technical information was picked up by many different publications as an example, I would point you to an E times article on January 26 call quantum engineered material boost transistor performance, which is available in the news section of our website.
We hope this type of article will extend the reach of MFC and the Fabless semiconductor designers worldwide.
Market reaction to the launch has been quite good we are seeing excellent incoming interest on this technology.
We are hopeful that MST SP, which is targeted at five volt devices, who gained strong traction will be introduced into new fab capacity being added at legacy nodes and will become a new standard for the industry.
The economic benefit of this technology is very compelling for all members of the value chain.
And we will continue to deliver that message until we get customers into production.
We also continue to see strong interest in MSP focused at RF, Soi, which is the technology fundamental to the success of the <unk> cellular market.
<unk> has a large body of simulation results and diffusion blocking data to prove that our technology will have significant performance benefits for RF Soi devices.
Which has led us to having multiple engagements underway in this area.
Earlier I spoke about how our newest licensee used MST CAD model, a big improvement and device performance using our technology.
This is an example of how MFC cabot's, becoming a more and more important tool for Adam era, especially in the earlier parts of customer engagements when they're trying to understand how best to integrate MST into their products.
MST cat as a tool that sits on top of the market leading industry tea CAD tools made by Synopsys. So it's vital that we work closely with them as a partner.
Synopsys believes and Adam era, because they understand the complex physics behind our film and how it can impact devices.
In March Synopsys will be sponsoring a webinar for their worldwide pecan user base to learn about <unk> technology, and how MST CAD can be used to optimize transistors.
We're very excited to leverage marketing strength of Synopsys to bring our technology to a much wider audience.
During our last earnings call, we announced that we had reached formal acceptance of our new 300 millimeter epic tool and had commenced MST deposition on wafers.
I am pleased to say that in the last three months, our epic tools have been utilized for multiple customer wafer runs and the operations of these tools is meeting all of our expectations.
Now I'd like to provide some thoughts on the overall semiconductor manufacturing environment.
Industry analysts seem to have a wide ranging set of estimates for wind capacity constraints in the semiconductor industry will start to dissipate.
Generally following some time from Q3 of this year into 2023.
As you know Adam era has been affected by these fab constraints in a few different ways essentially when customers can't run wafers or AD tools. They do not prioritize development that requires those resources.
I am pleased to report that out of Merit is currently engaged in a large number of different R&D runs with customers and phase three of our pipeline.
And we believe that this indicates the development pendulum starting to swing away from dealing with supply issues and back to new technology development.
As you can imagine this is a very beneficial trend for US. We also believe it's a strong vote of confidence in <unk> technology when companies with very limited R&D wafer capability are allocating it to development using MST technology.
We continue to see very strong capex growth by almost all players in the semiconductor industry.
Inevitably the most advanced nodes are getting a lot of that capex, but legacy nodes are now starting to get long overdue attention with capital directed towards building, new factories or extent expanding production in existing fabs to correct long term capacity issues.
Todays Intel announcement of the tower acquisition is a good example of this type of investment.
We believe this allocation of capital provides a very strong opportunity for Adam era.
<unk> MST can uniquely enhanced older nodes that have run out of other options.
Our MST SP product is a great example of how our technology can be used to improve both performance and die size and therefore, our capacity and our legacy fab. We are at the beginning of an unprecedented period of Pac capex growth in the semiconductor industry and with that growth come exceptional opportunities for Adam era.
I think you can agree that the last three months have been very productive for Adam era, Our company achieved several important milestones including publicly.
Publicly announcing MST SP, reaching 300 patents granted and pending including inclusion in Forbes list of Best American small companies for 2022, and more recently announcing a new license with a foundry and fulfillment of the technical milestones specified in our J D. A.
We are clearly entering 2022 with strong momentum, which is something we hope to carry forward through the remainder of the year.
Now Frank will 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, 2021 was $15 $7 million or <unk> 70 per share compared to a net loss of $14 9 million or <unk> 79 per share in 2020.
Revenue increased by $338000 from 62000 in 2020 to $400000 in 2021.
GAAP operating expenses were $15 $9 million in 2021, which was an increase of $960000 from 15.1 million in 2020.
non-GAAP net loss for 2021 was $12 $5 million and reflected $12 $9 million in non-GAAP operating expenses in.
In 2020, our non-GAAP net loss was $11 7 million the same as our non-GAAP operating expenses for that year.
Stock compensation expense, which was the largest component of non-GAAP costs was $3 million in both years.
Our press release and this slide contain a reconciliation between our GAAP and non-GAAP results.
In the fourth quarter of 2021, our GAAP net loss was $4 2 million or.
Or <unk> 18 per share compared to a net loss of $3 $9 million or <unk> 19 per share in Q4 of 2020, reflecting higher operating expenses.
Sequentially. The Q4 net loss in 2021 was approximately flat compared to Q3.
On a non-GAAP basis, our Q4 2021 net loss was $3 $4 million compared to a loss of $3 million in Q4 2020.
The $3 $4 million and non-GAAP net loss in Q4 was unchanged sequentially from Q3 2021.
Focusing now on the components of operating expenses, our full year research.
Research and development expenses in 2021 were $8 8 million, an increase of $355000 for $9 4 million in 2020.
This increase was mainly due to the new IP tools, which we started making payments on in August of 2021.
General and administrative expenses increased to $6 $2 million in 2021 through $5 6 million in 2020, mainly reflecting higher insurance and payroll costs.
Sales and marketing expenses in 2021 with $986000 compared to 921000 in the prior year.
Our cash balance at December 31, 2021 was $28 7 million.
Compared to $37 9 million at the end of 2020.
The $9 $2 million decline over the year.
<unk> $12 $4 million of cash used in operating activities offset by $3 $3 million of cash received from financing activities.
As of December 31, 2021, we had $23 2 million shares outstanding.
Last year, we recognized $400000 manufacturing license revenue when we transferred our MSG bus seats to our Canadian partner.
The <unk> also includes tactical objectives, which if achieved would resolve an incremental revenue of $300000 to us.
As Scott mentioned, we have now completed those tactical objectives and revenue recognition depends on receiving final documentation.
Which is likely to happen in Q2 2022, though it could happen in Q1, depending on our partners' internal process.
Likewise timing of revenue recognition under the new integration license is dependent on delivery of wafers and other factors.
So our estimate is revenue for Q1 will be between zero and $25000 and that the remaining J D. A revenue will be recognized in Q2 of 2022.
Our non-GAAP operating expenses for 2021 were $12 9 million.
At this time last year my guidance for 2021, Opex was a range of 14 to $14 $5 million.
Which was based on two assumptions that played out separately from what we had been expecting back then.
First we had assumed we would accept the tool and start making lease payments on it in Q1 of 2021.
As the year progressed, we provided updates on delays related to the tool and ultimately we only reached final acceptance acceptance in August .
Secondly, we did not grow our head count at the way we originally anticipate.
But now the lease payments of $150000 per month are part of our baseline R&D expenses and we are actively hiring primarily in engineering.
Based on these assumptions, we expect that our 2022 non-GAAP operating expenses will be in the range of $15 two five to $15 $75 million.
Earlier today, we filed a universal shelf registration statement on form S. Three with the SEC.
We have put up a similar a similar shelf registration in 2019 and those facilities have a term sleeves.
With that I will turn the call back over to Scott for a few summary remarks before we open the call up to questions.
Scott.
Thanks Frank.
Successes at Emera is experiencing as we enter into 2022 are based on our solid and impressive work our team accomplished in 2021.
Early in the year, we announced our J D E and the execution of our first manufacturing licenses in parallel we were busy creating strong positions in several specific technology areas, which we announced the customers over the year, including RF Soi high K metal gate advanced nodes and finally, our public release on MF.
ESP.
We solidified our development and customer support capabilities with MST, CAD, and our new World class Epic facility, which gives us the ability to get customers through the integration process and to market more quickly than ever before.
Adam Arris quantum engineered technology cementing its reputation over a broad swath of the semiconductor industry and we hope to continue expanding it.
We believe customers will take advantage of the upcoming industry investment cycle to incorporate <unk> technology and expand our competitive advantage in the market.
Inside at Emera, both our management and engineering teams are optimistic count on us to continue this momentum throughout the year to establish <unk> as a technology licensing leader in the semiconductor industry and I will look forward to sharing those successes with you in the future.
Mike will now take questions.
Okay. Thank you Scott if you wish to ask a question. Please click click the Q&A button at the bottom of the zoom window, and then feel free to type in your question I will do my best to aggregate the incoming queries and relay them to management. Alternatively, you can click the raise hand button and we may call on your line.
So right now our first question comes from Richard Shannon of Craig Hallum, Richard You May and mute and turn on your camera if you wish.
Alright, there we go thank you, Mike and Scott and Frank Thanks for taking my questions.
A lot of good stuff to ask about here, let's see here lets start with the.
J D. A where you said you met all of the technical requirements. So.
So I guess I'd love to understand and characterize what happens next year.
Obviously, we've got a constrained environment here from a test point of view with these business units you talk about how fast can we move with any particular business unit towards.
A more complete our agreement and getting to production there and what do you think is more realistic in this environment.
Yeah. Thanks Richard.
I'm pleased to share a little more details on.
On the JD. So when we entered into the J D E and the way it was structured a central engineering group.
And said, they're going to evaluate our technology for a number of things.
Importantly for manufacture ability and for how well it actually performed and doing the things that we have been saying it could do.
And so they wrote some specifications and they said when you guys passed those specifications. Then we can start sharing your technology with different business units and so what's happened now is that we've actually.
Officially passed those those specifications and we did not officially complete the J D, a which the paperwork thing but.
But the important thing is our technology has been proven to do what we said it would do.
Now, we will engage with different business units at least I hope we will that's our intent we're starting to talk to some about above.
About integrating MST.
And when they do that.
We'll start going through our normal integration process like we do with many customers, where we help them figure out how to put our technology into their designs and then they will probably run wafers to see what the impact is.
The timeframe for doing that is always hard to predict.
But I can say in the case of this J D. A.
Customer has got MST installed in their factories, so it shouldn't be much faster for them to perform integration than it would be for a customer that's flying wafers and all around the world to get MSG deposit by estimate and sending them back that can put months of delays into the process. So it could be fast they move very quickly.
<unk>.
Yeah like I say the integration phase is very difficult to predict but once it got into the next phase, which would be where it was in production qualification. We think that takes nine to 12 months and then they could get into production from there.
So with us the JD customer, having having MST installed how many cycles can they do a year I mean can they do three or four even more non overlapping cycles or or is it not that optimistic.
They can do cycles very quickly it's hard to say Richard because as you know like an older process nodes it might take just.
A couple of months to run through a full cycle and the newest process nodes that can take a very long time and so we're not.
Exactly sure where there will be using this and hopefully they'll be using it in multiple different areas, but.
Just to give you an idea about how much time, they would save over sending us the wafer is normally someone.
It probably takes two months to take the wafers out of your fab package them up send them to us we do all of our testing and make sure things nice and clean we do MST deposition.
<unk> sent it back to them they have to do a whole bunch of testing to make sure everything is clean.
Not contaminated and then find time to slot it into their production line and that whole process I just talked about can take.
Two months, sometimes even three months, but.
When since MSC is installed in their factory it can literally take a half an hour or less for them too to deposit MST.
And continue moving it down the line so it can save a lot of time.
Okay Fair enough then Scott.
Scott I may have missed this but I know last call you talked about kind of expanding <unk>.
Pipeline can you characterize the AR.
The pace in the last quarter, yes.
Yes.
Richard Your Youre right I didn't talk about that on the call. So you didn't miss it.
I I continue I'll continue to say the same thing we still have a number of J D. A customers that we are continuing.
Continuing to talk to and we are hopeful that those will turn into actual J D agreement sometime over the course of this year.
Okay.
Let's jump over to the foundry licensee announced last week I know you haven't given much Taylor and announcing its a foundry I think you said in your prepared remarks. It is a customer that is in has been in phase III for a while did I catch that correctly. That's correct. Yes. Okay can you characterize how long you've been engaged with them.
And any way to help us think about this yeah I would I would say we've been in we've been engaged with them for a few years now.
Correct.
And we've done some experiments and now the.
So that kind of more of a proof of concept experiments and so now.
As I as I talked about in the script. They did a bunch of work on on our MST CAD tools.
Our focus down on one particular applications area. They got very excited about we are talking to them about multiple different applications area itself.
Okay.
And this is your first foundry license that are that I recall. Please go ahead Kirk.
To me if I'm wrong, there, but maybe you can talk about the broader foundry environments and receptivity that you're hearing.
She is you've announced this foundry customer.
Yeah.
It is the first time we've.
We've said that we've had a license with a foundry and so.
Yes, let me address that a little bit foundries or are Ah interesting. Obviously, if our technology is adopted by a foundry and a standard.
<unk> it opens the door to Fabless design companies around the world designing chips that can be used in our process and thats quite exciting to us.
What we've found in the past is that.
Some foundries are.
Resistant to making a lot of changes to their own processes, unless there's a end customer of the spring and the demand for that.
And so.
So, whereas if you can get a foundry to adopt your technology is a massive opportunity, but sometimes its harder to get them to adopt it unless you bring a lead customer with you who's very interested in your technology and kind of says please please take this up Stefan.
One of the reasons why we're when we talked about our MST sp.
Public announcement in the rollout we did in November that so exciting because it's starting to go out the fabless designers. So they can learn what they would get from MST SP and then they can go to their foundry partners and tell them you need to adopt <unk> MST technology. So we can get these benefits.
Okay are you trying to draw a line between <unk> and this foundry license scatter is you're just noting noting that general opportunity I'm not I'm, not making any connection whatsoever between the three okay. Okay fair enough.
My last question I'll jump out of line here Scott in a minute, but may not have caught your comments directly here, but I think you said you are pleased to report that you've.
Done a large number of our R&D runs with a lot of companies in phase three I think it's towards the end of your prepared remarks can you can you help to help us understand.
The scale of improvement either in terms of number of wafer runs our customers doing this or just more detail behind that comment.
Yeah.
So.
In this period of the capacity constraints prevalent for a year and a half now we've continued to work with customers.
And we'd be working with them on MSC cat and planning and other things, but their ability to start wafer system quite constrained. So maybe they are they would say we have this great idea, we'd like to explore but for the time being we just can't run wafers to do it. So we'll have to do it through other engineering analysis.
Losses.
Suddenly in the last three months.
Three or four months I'd say, we've started to see that shift and shift across a number of different customers, where they're suddenly saying, okay. We can run wafers now and we want to run wafers quickly. So.
So as I mentioned, our <unk> tools are both our new and our.
Are all of our epic tools are being well utilized now many of them for customer runs on our R&D line. So we view this as a little bit of a barometer of the industry.
As I said in my remarks, not only having a little bit more room to be able to run R&D wafers, but also starting to really.
Get more serious thinking about product innovation instead of just trying to solve capacity issues.
Okay.
Very interesting comments I'm going to jump out of line, let others ask some questions, but I appreciate the time, thanks, a lot guys.
Thanks Richard.
Thank you Richard now I will.
Irrigate some questions coming in from the audience and if you again, if you have questions feel free to type them into the Q&A button at the bottom of the zoom window.
So the first question set.
I have rolling in is.
Can you give us a update on the prior licensees, we mentioned in the press releases, we've got five now licenses there.
That we've announced.
And just the question is can you provide an update on some of the prior ones and how the progress is going there.
Yeah. So.
Obviously, we can never give kind of detail.
Results on our licensees, but I can say that.
We continue to work actively with all of our.
Existing licensees and.
Planning and running wafers with them.
With one exception and that I have talked to you guys about before.
<unk>, our Japanese licensee 8-K M.
A little more than a year ago. They had a fire in their factory and they are still recovering from that and so there are there R&D efforts have really been put on hold for the time being we do have an agreement with that customer that when they can.
When they recovered and those they'll start those efforts back up with us and so we'll start going again.
Otherwise, we continue working very strongly with all of our existing licensees and hopefully moving closer to production all the time.
Alright.
And another question here is do you see traction more coming from legacy semi or are you seeing.
Traction from Fabless semiconductors companies as well.
I would say, we're seeing a mix, but we still.
Our sales efforts have been focused around idms and foundries.
In the past so I would say that the majority of the work. We're doing is there, but we're starting to see more and more.
Work going on with the Fabless semiconductor company sense of focus that we're going to try to.
Expand.
One thing to just understand is that.
The universe of interesting.
Ibms and boundaries as probably 50 or less companies and so we do have a good ability to reach out there with or.
With our direct sales team and be able to address them.
Universe of Fabless companies and is in the hundreds.
300, 400 different companies and so it's a little more challenging and that's one of the reasons why we're trying to use.
Broadridge methods like like public relations and articles in journals and things like that so we'll we'll combine that with our our direct sales force efforts as well.
Alright.
And then Frank a question for you about the the form the SEC form filed but can you give us a little bit more detail on the on the shelf registration and if theres any plans.
Yeah, I'm happy to do that so we <unk>.
Had a shelf registration statement that we filed in 2019 and under the SEC rules.
S. Three registration statement has a life of three years. So I consider it just good practice to always have.
And available shelf registration statement.
To take advantage of opportunities if we see it now.
So it was just a question of renewing that facility right now.
Okay, and a high level question here.
At what point is J D. A classified as phase five and what does that what does that look like in mean.
Yes.
Uh huh.
Regardless of whether it's a J D. A R. A licensee phase five is when a customer enters process qualification and that's a pretty well defined term in the semiconductor industry.
If you have a new manufacturing process that youre going to take to production you have to run it through a series of.
Test to test all the four corner, although many corners of.
Production variation you might be receiving with your tools that takes a while to do in our experience. It takes from nine to 12 months, but generally and it's and it's a relatively expensive process. So if a semiconductor company enters into process qualification that almost always going to take that process to production.
Obviously.
One of the most important steps for our customers to take before they go to production is to enter into process qualification, whether they're a straight licensee or a JV partner of ours and we'd be doing so as they enter into process qualification and get serious about selling the product we need to be finalizing negotiations.
<unk> of our distribution license with them, which give them the rights to sell products using our technology and also define the royalty rates.
Even with them so if.
If we were.
We were able to close one of those distribution licenses, obviously that was a very big news and we'd be letting you know about it as soon as well.
As possible.
Okay, great. Thanks.
And then a question about the new licensee given that it's a foundry.
Or did a one of their customers lead you to the foundry or or or did you approach the founder directly and adding on that do you have to do separate license agreements with the end customer through the through the foundry.
Okay. So.
So first on this found at this particular foundry, we engaged with directly as I mentioned, a few years ago and have been exploring a number of different areas with them. Although we also have spoken with some of their customers, but but question is who was thoughtful for kind of initially getting us in there I would say.
It was direct to the foundry.
And the last part of the question Mike.
Was whether there is a separate license agreement.
With the end customer that's a great question or.
There is.
There's actually some.
Technical structures, where there would be a license with both the.
Fabless customer and with the foundry that they use but in most cases the vast majority of.
Fabless semiconductor makers use a process that's owned by the foundry and in that case, the foundry would have a license with us to manufacture and sell their own foundry process in a case where a.
Our fabless customer might have a proprietary process their own proprietary process running at a foundry than they would be a licensee with us and so with the foundries.
Okay.
Okay and our last question.
Talks about MST cat and if you've seen an uptick of activity with the MST cabs and what metrics do you use to determine whether.
The MST CAD is impactful and the penetration into the market.
Yes, MSP CAD Ah, we definitely have seen a lot more customers come in MSC cat is definitely not like.
Generally off the shelf product.
It's extremely technical and we've made it a <unk>.
Made it and continue to make it easier to use but it does require a lot of handholding by our team to help them get the the technology properly integrated into their <unk> CAD stack.
And to interpret the results.
And we're constantly improving that and making new releases that improve the usability of it but I can tell you that our engineering team is supporting more and more customers and I don't think at this time it would be possible for customers to be playing with MST CAD without without working with us. So yeah. We were we have pretty good.
Metrics on how many customers are using it and what they're using it for.
And and we're very pleased with its with its uptake.
Great.
And Scott feel free to proceed with any closing comments you may have.
All right Mike Thanks.
And thank you all for attending today's presentation.
It's really been good to be able to share with you some of the information on our recent efforts and to give you a feeling of the enthusiasm we are experiencing inside Adam era.
Please continue to look for our news articles and blog posts to keep you up to date on our progress you can sign up for them along with Investor alerts on our website at <unk> Dot com.
We look forward to seeing some of you during our scheduled marketing activities.
Do you have additional questions. Please contact Mike Bishop will be happy to follow up.
Thank you again for your support and we look forward to our next update call.
Thanks, Scott and at this time this concludes the webinar for today.
Have a good evening.
Thank you. Thank you.