Atomera helped to drive for establishment of this hub because we believe that America needs an ecosystem of the most advanced development teams who can work together to redefine what’s possible in the semiconductor industry. This has always been Atomera’s focus, and we are gratified at the greater spotlight and resources that this funding will bring. And as a smaller company, we will gain great leverage from this partnership. We have no doubt that being part of this new ecosystem will assist us in implementing our technology at the biggest semiconductor makers who are interested in investing in advanced nodes today. Finally, you may have noticed that we added a new segment into our technology focus areas, MST for DRAM. During this past quarter, we published a comprehensive white paper on our website, giving some details of the physics around how MST can be combined with [indiscernible] circuit designs to make DRAM devices smaller and lower power.
In short, MST will be able to bring improvements to DRAM devices that are on a scale with the benefits we are bringing to our other technology-focused segments. This memory work is Atomera’s first direct foray into technologies that will enable the artificial intelligence revolution. It is clear that AI uses far more memory than traditional processors, which means the cost and power savings that American bring to these devices will be critical. Further, because AI accesses memory in different ways, it demands different latency and bandwidth, all of which are going to drive big changes in the memory requirements of the future. Atomera intends to be a leading innovator in this space to take advantage of the opportunity that AI will provide for growth in the semiconductor market.
As you can see from the wide set of exciting customer engagements, our business scope is expanding along with our potential. I do believe that the ST announcement has helped us get over a hurdle with many customers, which helps to explain this momentum. But more importantly, it is due to the efforts of our brilliant team of engineers and scientists, we’re constantly bringing cutting-edge solutions to the semiconductor industry. Inside Atomera, we are very optimistic about the bright future our company has in front of us, and we hope to prove that by announcing more license and production deals in the near future. Frank will now review our financials.
Francis Laurencio: Thank you, Scott. At the close of the market today, we issued a press release announcing our results for the third quarter of 2023. This slide shows our summary financials. Our GAAP net loss for the 3 months ended September 30, 2023, was $5 million or $0.20 per share, compared to a net loss of $4.6 million, which was also $0.20 per share in the third quarter of 2022. In Q2 of 2023, our GAAP net loss was $5.2 million or $0.21 per share. GAAP operating expenses were $5.4 million in Q3 2023, which was an increase of approximately $696,000 from $4.7 million in Q2 2022. The biggest driver of the year-on-year operating expense increase was a $562,000 increase in R&D expenses. of which was due to higher prices for wafer processing and engineering services at our contract foundry, TSI semiconductors.
General and administrative expenses increased by approximately $116,000, and sales and marketing increased by less than $20,000. Other income net in Q3 2023 increased by $261,000 as compared to Q2 2022, mainly reflecting higher interest income on an Arizona — from an Arizona refundable R&D tax credit. Sequentially, our GAAP operating expenses were flat at $5.4 million in both Q3 and Q2 2023. A $113,000 increase in R&D expenses, which was also due to TSI costs, was offset by declines in G&A and sales and marketing expenses. Non-GAAP net loss was flat sequentially at $4.3 million in Q3 and Q2 of 2023, and it compares to a loss of $3.7 million in Q3 of 2022. The differences between GAAP and non-GAAP operating expenses in all periods we’re presenting are primarily due to noncash stock compensation expenses, which were $1 million in both Q3 and Q2 of this year, and $889,000 in Q3 of 2022.
