Breakthrough Gate-All-Around (GAA) Results
Obtained silicon results showing MST can be deposited into nanosheet GAA structures and delivers superior diffusion blocking versus currently used silicon arsenic; company expects customer evaluations and potential implementations with leading GAA customers (TSMC, Samsung, Intel and a new Japanese manufacturer) over the next few quarters.
Advancement of Multiple Target Markets
Progress reported across DRAM (wafer-based offerings with promising preliminary results pending final data in ~1 month), RF-SOI (wafer-based solutions targeting RF switch and LNA markets), power devices (TrenchFET, HBT) and GaN (first commercial customer running GaN-on-silicon wafers with MST).
GaN and Government-Funded Development
GaN-on-silicon concept paper approved to proposal stage for a Power America project, marking the company's first external development funding application and yielding multiple letters of support from potential customers and partners.
Record Wafer Runs and Increased Customer Engagement
Kicked off a record number of wafer runs in 2025 with multiple customers; many runs sent to customers' fabs and final customer test cycles expected to take 6-9 months—setting up potential joint development agreements and licensing opportunities.
R&D Investment and Improved Development Efficiency
R&D increased to $10.2M in 2025 (up $794k, +8.4% YoY) to support multiple device fabrication vendors and new runs; company noted improved efficiency using AI-driven development and TCAD simulation to guide experiments.
Quarterly Operating Improvement
Q4 2025 non-GAAP net loss improved to $3.3M ($0.10/share) from $4.4M in Q3 2025 (a reduction of ~25%) and from $3.9M in Q4 2024 (improvement of ~15%), driven in part by reversal of bonus accrual.
Strategic Partnership with Equipment OEM
Announced a strategic partnership with a large equipment OEM to accelerate validation and potential adoption of MST in advanced-node manufacturing, leveraging the OEM's industry influence to facilitate customer trials.