Research Frontiers Inc (REFR) 2023 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to the Research Frontiers investor conference call to discuss the second quarter of 2023 results of operations and recent developments. (Operator Instructions)

女士們、先生們，下午好。歡迎參加 Research Frontiers 投資者電話會議，討論 2023 年第二季度的運營業績和最新進展。 （操作員說明）

This conference is being recorded today. A replay of the conference call will be available starting later today in the Investor's section of Research Frontiers website at www.smartglass.com and will be available for replay for the next 90 days.

今天正在錄製這次會議。從今天晚些時候開始，我們將在研究前沿網站 www.smartglass.com 的投資者部分提供電話會議的重播，並將在未來 90 天內提供重播。

Please note that some of the comments made today may contain forward-looking information. The words expect, anticipate, plans, forecasts, and similar expressions are intended to identify forward-looking statements. Statements that are not historical facts are forward-looking statements that are made pursuant to the Safe Harbor provisions that are part of the Securities Litigation Reform Act of 1995. These statements reflect the company's current beliefs, and a number of important factors could cause actual results for future periods to differ materially from those expressed.

請注意，今天發表的一些評論可能包含前瞻性信息。期望、預期、計劃、預測和類似表達等詞語旨在識別前瞻性陳述。非歷史事實的陳述是根據 1995 年《證券訴訟改革法案》中的安全港條款做出的前瞻性陳述。這些陳述反映了公司當前的信念，許多重要因素可能會導致實際結果未來期間與所表達的期間存在重大差異。

Significant factors that could cause results to differ from those anticipated are described in our filings with the SEC. Research Frontiers undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties.

我們向 SEC 提交的文件中描述了可能導致結果與預期不同的重要因素。研究前沿不承擔更新或修改這些前瞻性陳述以反映新事件或不確定性的義務。

The company will be answering many of the questions that were e-mailed to it prior to the conference call, either in the presentation or as part of the Q&A session at the end. In some cases, the company has responded directly to e-mail questions prior to this call, or will do so afterwards, in order to answer more questions of general interest to shareholders on this call. (Operator Instructions)

該公司將在電話會議之前通過電子郵件回答許多問題，無論是在演示中還是在最後的問答環節中。在某些情況下，公司會在本次電話會議之前或之後直接回復電子郵件問題，以便在本次電話會議上回答股東普遍關心的更多問題。 （操作員說明）

Also, we ask that you keep your questions brief in the interest of time.

此外，為了節省時間，我們要求您的問題保持簡短。

I would now like to turn the conference over to Joe Harary, President and Chief Executive Officer of Research Frontiers. Please go ahead, sir.

現在我想將會議交給研究前沿公司總裁兼首席執行官喬·哈拉里 (Joe Harary)。請繼續，先生。

Well, thank you, Jen, and welcome aboard. Hello, everyone, and welcome to our second quarter of 2023 investor conference call. First, I want to welcome Eyal Peso, the Chairman, CEO, and Co-Founder of our licensee and strategic investor, Gauzy Limited, to our Board of Directors. Eyal and I have worked together closely now for about 6.5 years since December 2016, and we share the vision of how smart glass can be done right.

好吧，謝謝你，Jen，歡迎加入。大家好，歡迎參加我們的 2023 年第二季度投資者電話會議。首先，我歡迎我們的被許可方和戰略投資者 Gauzy Limited 的董事長、首席執行官兼聯合創始人 Eyal Peso 加入我們的董事會。自 2016 年 12 月以來，Eyal 和我已經密切合作了大約 6.5 年，我們對如何正確完成智能玻璃有著共同的願景。

Gauzy has invested significant dollars not only in Research Frontiers, but in factories and business development teams around the world and cutting-edge R&D relating to SPD technology. They continue to break ever-increasing performance records set for themselves, and it is an honor and a pleasure to have Eyal Peso officially on our Board of Directors.

Gauzy 不僅在研究前沿領域投入了大量資金，還在世界各地的工廠和業務開發團隊以及與 SPD 技術相關的尖端研發領域投入了大量資金。他們不斷打破為自己設定的業績記錄，我們很榮幸也很高興 Eyal Peso 正式加入我們的董事會。

Turning to the numbers. We had good revenue growth in the first quarter of 2023, and this growth continued in the second quarter of 2023. As noted in our 10-Q filed earlier this afternoon, total fee income for the second quarter of 2023 was up over 116% compared to the second quarter of 2022. Most of this was from even higher percentage growth in the automotive market, as well as growth in the aircraft market.

轉向數字。我們在2023 年第一季度實現了良好的收入增長，並且這種增長在2023 年第二季度繼續。正如我們在今天下午早些時候提交的10-Q 報告中指出的，2023 年第二季度的總費用收入比去年同期增長了116% 以上。到 2022 年第二季度。其中大部分來自汽車市場更高的百分比增長以及飛機市場的增長。

For the first half of 2023, revenue was also up compared to the first half of last year, once again, driven by triple-digit percentage growth in the automotive and aircraft markets. We continue to drive down expenses. Compared to the same period last year, expenses were down $131,000 for the first six months ending June 30, 2023, and $118,000, or 14.3%, for the second quarter of 2023.

2023 年上半年，在汽車和飛機市場三位數百分比增長的推動下，收入也較去年上半年有所增長。我們繼續降低開支。與去年同期相比，截至 2023 年 6 月 30 日的前六個月費用減少了 131,000 美元，2023 年第二季度費用減少了 118,000 美元，即 14.3%。

Between higher revenues, lower expenses, and higher investment income, our net loss for the second quarter of 2023 was $0.01 per share, which is about $250,000, or 33.5% lower than the second quarter of 2022, and for the first half of this year was $0.03 per share, which was about $414,000, or 30.2% lower than the same period of last year.

在較高的收入、較低的費用和較高的投資收益之間，我們2023 年第二季度的淨虧損為每股0.01 美元，約為25 萬美元，比2022 年第二季度和今年上半年減少了33.5%每股0.03美元，約合41.4萬美元，比去年同期下降30.2%。

Let's talk now a bit about some of the other developments since the last conference call. In automotive, Ferrari's Purosangue are being delivered to customers with our SPD-SmartGlass roof, and we expect that deliveries of the SPD-SmartGlass roof for the Cadillac CELESTIQ will start in the second half of this year.

現在讓我們談談自上次電話會議以來的一些其他進展。在汽車領域，法拉利的 Purosangue 正在向客戶交付我們的 SPD-SmartGlass 車頂，我們預計凱迪拉克 CELESTIQ 的 SPD-SmartGlass 車頂將於今年下半年開始交付。

Looking towards our expectations for the future, more models are either specifying SPD while switching to us from other technologies. Also, since our last conference call, we made substantial progress on landing two new OEMs, and one of which has three models targeted for SPD. And while we can't always give specifics until the customer has spoken, I could give you some guidance as to places to look to give you a better idea of what's coming.

展望我們對未來的期望，更多的型號要么指定 SPD，要么從其他技術轉向我們。此外，自上次電話會議以來，我們在引進兩家新 OEM 方面取得了實質性進展，其中一家擁有針對 SPD 的三款車型。雖然在客戶發言之前我們不能總是給出具體細節，但我可以為您提供一些關於尋找地方的指導，以便您更好地了解即將發生的事情。

Simply put, even if we can't say something directly, you can look to see what other people are saying and doing. For example, if you look at the patent literature, a number of companies have filed patents for new and interesting innovations using our SPD materials for various applications, mostly in automotive.

簡單地說，即使我們不能直接說些什麼，你也可以看看別人在說什麼、在做什麼。例如，如果您查看專利文獻，就會發現許多公司已將我們的 SPD 材料用於各種應用（主要是汽車領域），並為新的有趣的創新申請了專利。

Looking elsewhere, sometimes you could find proud statements about their SPD projects on social media by people who work at these companies. And sometimes you can understand where a company is going and where they see their market and business opportunities by looking at how and where they are hiring. For example, Gauzy has about 70 job postings for new positions in key industries that we currently service. This is about double the positions they were hiring for just a short while ago.

看看其他地方，有時你會發現這些公司的工作人員在社交媒體上對他們的 SPD 項目做出了自豪的言論。有時，您可以通過查看公司的招聘方式和地點來了解公司的發展方向以及他們在哪裡看到市場和商機。例如，Gauzy 在我們目前服務的關鍵行業中發布了大約 70 個新職位的招聘信息。這大約是他們不久前招聘的職位的兩倍。

Let me also help you try to put some of the events that you might see in the near future in context, so you can understand their significance. Research Frontiers and our licensees exhibit and speak at many industry conferences about the benefits of smart glass. Sometimes, this has a very direct impact. For example, the Cadillac CELESTIQ came directly out of an automotive glass conference that I spoke at in Detroit several years ago.

讓我也幫助您嘗試將您在不久的將來可能會看到的一些事件放在上下文中，以便您能夠理解它們的重要性。 Research Frontiers 和我們的被許可方在許多行業會議上展示並發表有關智能玻璃優勢的演講。有時，這會產生非常直接的影響。例如，凱迪拉克 CELESTIQ 直接來自我幾年前在底特律參加的汽車玻璃會議。

Based upon our discussions with GM, we expect multiple cars from General Motors to use our SPD-SmartGlass. These conferences also serve to educate the industry as to the benefits of smart glass, and help them cut through the marketing clutter, claims, and other noise made by other technologies. This is beginning to bear fruit for us.

根據我們與通用汽車的討論，我們預計通用汽車的多款汽車將使用我們的 SPD-SmartGlass。這些會議還可以向行業宣傳智能玻璃的優勢，並幫助他們消除營銷混亂、主張和其他技術帶來的噪音。這已開始為我們帶來成果。

Some automakers that have selected other switchable technologies and even put them into production have now come to us and our licensees because of dissatisfaction with the performance and durability of these other technologies. We became the gold standard through hard work and helping to educate the industry as to the differences in smart glass technologies.

一些選擇了其他可切換技術甚至將其投入生產的汽車製造商現在已經來找我們和我們的授權商，因為對這些其他技術的性能和耐用性不滿意。通過努力工作並幫助行業了解智能玻璃技術的差異，我們成為了黃金標準。

As we have noted many times on these conference calls, not all smart window technologies are created equal. These automakers are coming to us and their glass suppliers from a position of knowledge and with better context. Don't be surprised that the placeholders they have set with other switchable technologies ultimately get satisfied with SPD-SmartGlass.

正如我們在這些電話會議上多次指出的那樣，並非所有智能窗戶技術都是一樣的。這些汽車製造商帶著知識和更好的背景來找我們和他們的玻璃供應商。不要驚訝他們用其他可切換技術設置的佔位符最終對 SPD-SmartGlass 感到滿意。

And in addition to the two new automakers I referred to above and their four different new car models targeted for SPD, in this latter category, another two to three automakers currently using other smart glass technologies are seriously considering switching to SPD. And why not? We have better performance and proven durability.

除了我上面提到的兩家新汽車製造商及其針對SPD 的四種不同新車型號之外，在後一類中，另外兩到三個目前使用其他智能玻璃技術的汽車製造商正在認真考慮轉向SPD。那麼為何不？我們擁有更好的性能和久經考驗的耐用性。

Sales also continue to grow and expand to various models of aircraft. Many of you saw announcements by our licensee vision systems that they are now supplying SPD electronically dimmable windows on two very large aircraft from Airbus, the ACJ A319neo with AMAC Aerospace, and the ACJ TwoTwenty with Comlux.

銷量也持續增長並擴展到各種型號的飛機。你們中的許多人都看到了我們的授權視覺系統公司的公告，他們現在正在為空中客車公司的兩架大型飛機（AMAC Aerospace 的 ACJ A319neo 和 Comlux 的 ACJ TwoTwenty）提供 SPD 電子調光窗戶。

My closing remarks today will have some very exciting further developments in aerospace. Deployment of SPD on trains and boats continues and for architectural applications as well.

我今天的閉幕詞將在航空航天領域帶來一些非常令人興奮的進一步發展。 SPD 在火車和船上的部署仍在繼續，建築應用也是如此。

Now, I took some of the questions previously sent in by our shareholders and incorporated them into my presentation. Let's take some additional questions.

現在，我將股東之前提出的一些問題納入我的演講中。讓我們提出一些其他問題。

First question came from [Jared Albert]. This was the New York one. Extreme heat can reduce EV battery range by 31%, a study shows. Jared mentioned, a 2019 study from the American Automobile Association found that EV range dropped 4% at 95 degrees, that's kind of timely with the heat wave going on here, without using air conditioning, and 17% when AC was running. So think about that.

第一個問題來自[Jared Albert]。這是紐約的。研究表明，極端高溫會使電動汽車電池續航里程減少 31%。 Jared 提到，美國汽車協會2019 年的一項研究發現，在不使用空調的情況下，電動汽車的續航里程在95 度時下降了4%，這在熱浪襲來的情況下是及時的，而在運行空調時則下降了17%。所以想一想。

Your range dropped 4% when it gets hotter and 17% when you have to turn on the air conditioning. And our Secretary of Energy actually was in an interview and started fanning herself because her staff had turned off the air condition to increase the driving range and combat the -- speed up the charging of the car when they stopped for charging.

當天氣變熱時，你的續航里程會下降 4%；當你必須打開空調時，續航里程會下降 17%。我們的能源部長實際上在接受采訪時開始給自己搧風，因為她的工作人員關閉了空調以增加行駛里程並對抗 - 當汽車停下來充電時加快充電速度。

To help combat range loss, recurrent -- this is the AAA study, recommends precooling a car while it's plugged in, as well as using sunshades or parking in the shade to help reduce heat. The initial cool down of a car takes more energy than maintaining it at a comfortable temperature, the study said. This is something we've been talking about for years.

為了幫助應對反復出現的里程損失問題，這是 AAA 的一項研究，建議在汽車通電時對其進行預冷卻，以及使用遮陽篷或將車停在陰涼處以幫助減少熱量。研究稱，汽車最初的冷卻比維持在舒適的溫度需要更多的能量。這是我們多年來一直在談論的事情。

Most air conditioning systems are four to six times bigger than they need to be because of the need to make people comfortable. And if you have an internal combustion engine vehicle, that's not such a big deal, you just run the air conditioning.

為了讓人們感到舒適，大多數空調系統都比實際需要的大四到六倍。如果您有一輛內燃機汽車，那沒什麼大不了的，您只需運行空調即可。

But when you get into an electric vehicle where you want more of the car's battery going towards driving it and less towards cooling it, we can reduce temperatures by about 18 degrees Fahrenheit, so instead of getting in the car being 90 degrees at 72 before you even turn on the air conditioning. So that initial cool down is actually done by our smart glass.

但是，當您乘坐電動汽車時，您希望汽車的電池更多地用於驅動它，而不是用於冷卻它，我們可以將溫度降低約18 華氏度，因此，在您進入汽車之前，不要讓溫度為72 華氏度90 度甚至打開空調。因此，最初的冷卻實際上是由我們的智能玻璃完成的。

Another question came from Mr. [Clare Hutton], why is research -- if SPD film is cost-effective commercial and residential buildings -- is SPD's film cost effective for commercial and residential buildings? And if so, why is Research Frontiers not experiencing more revenue from that area?

另一個問題來自[Clare Hutton]先生，為什麼研究——如果SPD薄膜對於商業和住宅建築具有成本效益——那麼SPD薄膜對於商業和住宅建築是否具有成本效益？如果是這樣，為什麼研究前沿沒有從該領域獲得更多收入？

To answer the question, it was until recently that we had a film that's available in 1.5- to 1.8-meter width. Now that that's happened, I'm happy to say that Gauzy and their development team have landed some pretty big contracts for architectural, including some high-visibility ones, which I'll mention again in my closing remarks.

為了回答這個問題，直到最近我們才推出了 1.5 至 1.8 米寬度的薄膜。既然已經發生了，我很高興地說 Gauzy 和他們的開發團隊已經獲得了一些相當大的建築合同，其中包括一些引人注目的合同，我將在結束語中再次提及。

Second question from Mr. Hutton. The Lucid car has a large sunroof, and they are complaining about the interior heat. Is any of Research Frontier's licensees approaching the OEM about SPD has a solution? Thanking you for your response.

赫頓先生的第二個問題。 Lucid 車有一個大天窗，他們抱怨車內太熱。 Research Frontier 的任何被許可方是否有就 SPD 問題與 OEM 接洽並提供解決方案？感謝您的回复。

Well, thank you for your question, Mr. Hutton. To answer your question directly, yes, Research Frontiers, myself personally actually have had presentations with Lucid, and our licensees have also worked with them.

好的，謝謝你的提問，赫頓先生。直接回答你的問題，是的，研究前沿，我個人實際上已經與 Lucid 進行過演示，我們的被許可人也與他們合作過。

And a lot of carmakers are beginning to wake up to the fact that when they go to a panoramic roof system where it's all glass, you need to have an effective way of cooling it. And sometimes they forget about it until a midyear or mid-model problem arises, when they get enough complaints. And I think you'll start to see more and more of that where cars with large glass roof areas are going to need a switchable solution, and because we have the most effective heat reduction, I think that the trends are pretty favorable there.

許多汽車製造商開始意識到這樣一個事實：當他們採用全玻璃的全景車頂系統時，您需要一種有效的冷卻方法。有時他們會忘記它，直到年中或模型中期出現問題，當他們收到足夠的投訴時。我認為您會開始看到越來越多的具有大玻璃屋頂區域的汽車需要可切換的解決方案，並且因為我們擁有最有效的散熱技術，所以我認為那裡的趨勢非常有利。

Mr. Nelson says, any new potential uses for SPD identified or exploring?

Nelson 先生說，SPD 是否已確定或正在探索新的潛在用途？

One of the nice things about this business is that I look at Research Frontiers as actually having 250 patents on basic materials, like if you had a patent on stainless steel or titanium, people figure out new and interesting uses for it. And even just this week, we've seen new uses for this in the automotive area that hadn't previously been done.

這項業務的好處之一是，我認為 Research Frontiers 實際上擁有 250 項基礎材料專利，就像你擁有不銹鋼或鈦專利一樣，人們會發現它的新的、有趣的用途。就在本週，我們已經看到了它在汽車領域的新用途，這是以前從未實現過的。

So yes, the answer is yes. There's constant work with new innovative activities, and of course, the bread and butter like sunroofs and other areas of a car or a plane or a boat or a building are out there.

所以是的，答案是肯定的。人們不斷致力於新的創新活動，當然，像天窗和汽車、飛機、船或建築物的其他區域這樣的麵包和黃油也在那裡。

This question came from Mr. Albert. You said that SPD pricing is a quarter to one-third when it started. Is that nominal or real? And is it Setra or SLK?

這個問題來自艾伯特先生。你說SPD剛開始定價是四分之一到三分之一。這是名義上的還是真實的？是 Setra 還是 SLK？

What he means by that reference is are we going back to the 1990s with the first vehicle, which was the Setra luxury bus by Mercedes, or we're going to later on when Mercedes put the series production in the SLK.

他所說的意思是我們要回到 20 世紀 90 年代的第一輛車，即梅賽德斯的 Setra 豪華巴士，或者我們稍後要回到梅賽德斯將系列產品放入 SLK 的時候。

The answer to your question is I haven't calculated the real reduction in cost, but the nominal -- and when you consider that most of that period inflation was 2% or less, it really hasn't been that of a cumulative effect. But it is the nominal reduction to one-quarter to one-third of where we started with the SLK.

你的問題的答案是，我沒有計算實際的成本減少，而是名義上的成本減少——當你考慮到那段時期的通貨膨脹大部分時間為2% 或更低時，它實際上並不是累積效應的減少。但這只是名義上減少到我們開始使用 SLK 時的四分之一到三分之一。

So a substantial reduction, and that's made this possible for even mid-level cars. And people keep asking me, are we still on target for the Asian carmaker with a mid-level car? And the answer is yes, as we said in today's press release.

如此大幅度的減少，甚至對於中級汽車來說也成為可能。人們不斷問我，我們是否仍朝著亞洲汽車製造商推出中級汽車的目標邁進？正如我們在今天的新聞稿中所說，答案是肯定的。

What I'll do now is, we've answered all of the questions that have come to us by e-mail. I've incorporated them into my presentation. I'd like to ask our operator, Jen, now to open up the conference to any additional questions people participating today might have that we haven't already covered.

我現在要做的是，我們已經回答了通過電子郵件向我們提出的所有問題。我已將它們納入我的演示文稿中。我想請我們的接線員 Jen 現在開放會議，回答今天參加會議的人們可能提出的我們尚未討論的任何其他問題。

(Operator Instructions) [Jeffrey Harvey], Investor.

（操作員指示）[Jeffrey Harvey]，投資者。

Hey, Joe.

嘿，喬。

Hey, Jeff.

嘿，傑夫。

I've asked you this before. I just wonder, Tecnoglass is a big installer of windows with different laminations. So I just wonder if that's a company that Gauzy has approached, or is that a potential customer.

我以前問過你這個問題。我只是想知道，Tecnoglass 是一家大型的不同層壓窗戶安裝商。所以我只是想知道 Gauzy 是否已經接觸過這家公司，或者是潛在客戶。

We both know them. And every glass laminator out there is a potential customer, but we know Tecnoglass very well. And as you could gather from maybe some of my earlier remarks that the quality of knowledge about smart glass technologies and what they can and can't do is definitely increasing, and a lot of that is because of our efforts to educate people.

我們都認識他們。每台玻璃層壓機都有潛在客戶，但我們非常了解 Tecnoglass。正如您可能從我之前的一些言論中了解到的那樣，有關智能玻璃技術以及它們能做什麼和不能做什麼的知識質量肯定在提高，其中很大一部分是因為我們努力教育人們。

In some cases, PDLC is perfectly fine for privacy and an interior application. But when you start moving to the building envelope, the outside of the building, which is at least 10 times the size of the market, people are realizing that you need something that actually can reduce heat and actually provide shading amount, just light scattering. It's nice to see that they're beginning to realize that there are these differences.

在某些情況下，PDLC 非常適合隱私和室內應用。但當你開始轉向建築圍護結構、建築外部（至少是市場大小的 10 倍）時，人們意識到你需要一些實際上可以減少熱量並實際提供遮陽量的東西，只是光散射。很高興看到他們開始意識到存在這些差異。

One other thing that I think -- I don't know if you've thought about this, but like in the state of Maryland, you're allowed to black out your side windows, which I think is very unsafe for policemen. If they had SPV on the side windows, you could still block the sun and yet the policemen could see inside the car.

我認為的另一件事 - 我不知道你是否考慮過這一點，但就像在馬里蘭州一樣，你可以遮蔽側窗，我認為這對警察來說非常不安全。如果他們的側窗有 SPV，你仍然可以擋住陽光，但警察可以看到車內。

So I think there are these some effort to -- obviously, cost is import -- compared to whatever film they put on cars now, I'm sure cheaper. But from police enforcement thing, I think that would be a great alternative to having blackout windows.

所以我認為，與他們現在在汽車上貼的任何薄膜相比，這些努力——顯然，成本很重要——我確信更便宜。但從警察執法的角度來看，我認為這將是遮光窗戶的一個很好的替代方案。

100% agree, Jeff. And as someone who cares about law enforcement, it's not the safety of the driver that they're worried about with window tint, it's the safety of the officers during traffic stops. And we've learned over the years, and I tell my kids and my grandkids this now, if you're stopped, of course, be respectful, it's not the place to argue. Take your keys, put it on top of the roof, so they know you're not going anywhere, and put both hands on the steering wheel and be very respectful.

100%同意，傑夫。作為關心執法的人，他們擔心的並不是車窗玻璃的司機安全，而是交通堵塞期間警察的安全。多年來我們已經學到了，我現在告訴我的孩子和孫子們，如果你被阻止，當然要尊重，這不是爭論的地方。拿起你的鑰匙，把它放在屋頂上，這樣他們就知道你不會去任何地方，並將雙手放在方向盤上，並保持非常尊重。

Officers safety is very important. And I think that in an age when you start having more and more side windows become switchable, anybody that doesn't untint their windows when approached by a officer during a traffic stop is going to get approached with maybe a hand on a gun and a lot of caution. And we could also -- yeah, we (multiple speakers) yeah, there is, and I think you'll start to see that on side windows of cars.

官員的安全非常重要。我認為，在這個時代，當你開始有越來越多的側窗變得可開關時，任何在交通堵塞期間被警察接近時不取消車窗顏色的人都可能會被拿著槍的手和一個拿著槍的人接近。非常謹慎。我們也可以——是的，我們（多個發言者）是的，有，我想你會開始在汽車的側窗上看到它。

And what you could do in most -- in Europe, you can do whatever you want behind the B pillar, so it's not an issue there. The B pillar is the area between the front and the rear of the car.

在歐洲，你可以在大多數地方做任何你想做的事，你可以在 B 柱後面做任何你想做的事，所以這在那裡不是問題。 B柱是汽車前部和後部之間的區域。

In America, you can do whatever you want on a B pillar and an SUV, which is more than half the vehicles on the road. So we're really -- when you want to get into the other areas, you're talking about 30% to 40% of the vehicles that are not SUVs on the road.

在美國，你可以在 B 柱和 SUV 上為所欲為，而 SUV 佔道路上一半以上的車輛。所以當你想進入其他領域時，我們實際上是在談論道路上 30% 到 40% 的車輛不是 SUV。

And we've had discussions, licensees and their customers, more importantly, have had discussions about what should the regulations look like in a world of switchable glass where you can now alleviate that safety concern. But thanks for the question, and it's something that we haven't really talked about in depth in the past. I'm glad that you raised it.

我們與被許可方及其客戶進行了討論，更重要的是，我們討論了在可調光玻璃的世界中，法規應該是什麼樣子，您現在可以減輕這種安全擔憂。但謝謝你提出這個問題，這是我們過去沒有真正深入討論過的問題。我很高興你提出了它。

Thank you.

謝謝。

[Lenard Litzau], Investor.

[Lenard Litzau]，投資者。

Hey, Joe.

嘿，喬。

Hey, Len.

嘿，萊恩。

Good to be on the call again today. I think I just have a couple of questions here. Are there any real contracts with redo to windows on buildings that are there, because now, we know you don't have to put scaffolding and things outside, you can do it from the inside. And with this heat wave we're having and everybody getting done out of shape, it would seem like if there was anything there, we would be hearing about it relatively soon. That's question number one.

很高興今天再次接到電話。我想我這裡只有幾個問題。是否有任何真正的合同來重做那裡的建築物的窗戶，因為現在，我們知道你不必把腳手架和東西​​放在外面，你可以從裡面做。隨著我們正在經歷的這股熱浪，每個人都變得不健康，似乎如果有什麼事情發生，我們很快就會聽到它。這是第一個問題。

Question number two --

問題二——

Great. And the answer to that question -- the answer, by the way, let me just take that, is that there are architectural projects in the works that I think will become very visible and very nice for SPD, and they use a lot of glass. I'm sorry, and then your second question?

偉大的。這個問題的答案——順便說一句，讓我這麼說吧，我認為正在進行中的建築項目將變得非常引人注目，對 SPD 來說非常好，他們使用了大量的玻璃。抱歉，那麼你的第二個問題呢？

The second question is now that you're cutting expenses and things are perking up and there's other people looking at putting it on, I think we're pretty close at the crossover point to actually becoming profitable by the end of this year. Is that a possibility?

第二個問題是，現在你正在削減開支，事情正在振興，而且還有其他人正在考慮實施它，我認為我們已經非常接近在今年年底真正實現盈利的交叉點。有這種可能嗎？

Well, I don't want to put a time frame on it because that never is a good idea. But I will -- I appreciate the fact that you recognize that we've done a lot of very continuous cost cutting. If you go back over the last seven years, almost every year has been lower expenses than the prior one. And as I mentioned earlier, our expenses were down fairly substantially again this quarter and for the first half of this year.

好吧，我不想給它設定一個時間框架，因為這從來都不是一個好主意。但我會——我很感激你認識到我們已經做了很多非常持續的成本削減。如果回顧過去七年，幾乎每一年的開支都比前一年要低。正如我之前提到的，本季度和今年上半年我們的支出再次大幅下降。

Thank you.

謝謝。

And the idea is exactly that. We want to basically hit profitability sooner, cash flow positive sooner. And if you look at -- that we've been very, very careful about how many shares that we've been issuing, we also want -- are planning for a day when the Board of Directors will declare a dividend for our shareholders, so that we could reward shareholders without them having to ever sell any stock. So that's always been our goal.

這個想法正是如此。我們希望更快地實現盈利，更快地實現現金流轉正。如果你看一下——我們一直非常非常謹慎地對待我們發行的股票數量，我們也希望——正在計劃有一天董事會將為我們的股東宣布股息，這樣我們就可以獎勵股東，而他們不必出售任何股票。所以這一直是我們的目標。

Yeah, that's always been our goal, and we've been very careful to do that. Some of our competitors, and I promise people I wouldn't talk about it, have done 60-to-1 reverse stock splits because they would have over 1 billion shares outstanding right now.

是的，這一直是我們的目標，而且我們一直非常小心地做到這一點。我們的一些競爭對手，我向人們保證我不會談論它，已經進行了 60 比 1 的反向股票分割，因為他們現在有超過 10 億股流通股。

And we've always just felt that you'd be very prudent on how you spend money, make sure that every project makes economic sense, so that you can -- we and our licensees can make money on this and achieve profitability sooner. So that's always been our goal, and we've been sticking to our knitting, and I think we're well on our way.

我們一直認為，您在花錢的方式上要非常謹慎，確保每個項目都具有經濟意義，這樣您和我們的被許可人就可以從中賺錢並更快地實現盈利。所以這一直是我們的目標，我們一直堅持我們的編織，我認為我們正在順利前進。

Thank you very much. We all appreciate that as stockholders.

非常感謝。作為股東，我們都對此表示讚賞。

Thanks, Len.

謝謝，萊恩。

[John Stroble], Investor.

[約翰·斯特羅布爾]，投資者。

Hi, Joe.

嗨，喬。

Hey, John. How are you?

嘿，約翰。你好嗎？

Good. Thanks. I got two questions. The first is a couple of weeks ago, a political blogger changed it from global warming to global heating, a huge jump in the concept of the problems going on in the world. Last week, UN Secretary General António Guterres says it's no longer global warming, it's global boiling.

好的。謝謝。我有兩個問題。第一個是幾週前，一位政治博客作者將其從“全球變暖”改為“全球變暖”，這是對世界上正在發生的問題的概念的巨大飛躍。上週，聯合國秘書長安東尼奧·古特雷斯表示，這不再是全球變暖，而是全球沸騰。

Given what's happening in the last couple three months, everywhere in the world, it's -- down in South America right now, it's wintertime and temperatures are in the hundred. Is RFI, Gauzy, and our OEMs going to have a concerted effort to point out that SPD is a wonderful way to fight the effects of global warming on the individual? And of course, architecture would certainly be a very big part of that.

考慮到過去三個月裡世界各地發生的事情，南美洲現在正值冬季，氣溫在一百度左右。 RFI、Gauzy 和我們的 OEM 是否會齊心協力指出 SPD 是對抗全球變暖對個人影響的絕佳方法？當然，建築肯定是其中非常重要的一部分。

Yeah. Thanks, John, for the question. First of all, we're all in this industry because there's environmental benefits to using our technology. And one environmental benefit, of course, is that we can substantially reduce the heat inside a building or inside a vehicle. The other benefit is that we're reducing CO2 emissions, and that's very important as well.

是的。謝謝約翰提出這個問題。首先，我們都從事這個行業，因為使用我們的技術可以帶來環境效益。當然，對環境的好處之一是我們可以大幅減少建築物內或車輛內的熱量。另一個好處是我們正在減少二氧化碳排放，這也非常重要。

So if you look at the regulations in Europe, they have certain CO2 emission targets for auto manufacturers for their fleet of vehicles. And for every gram per kilometer that they go above that, they're going to have a penalty of EUR95 times the number of cars they sell in Europe, that's quite a bit of a penalty.

因此，如果您查看歐洲的法規，就會發現他們為汽車製造商為其車隊制定了特定的二氧化碳排放目標。每超出這一克每公里，他們將受到 95 歐元的罰款，乘以他們在歐洲銷售的汽車數量，這是相當大的罰款。

We can reduce CO2 emissions by 4 grams per kilometer. And that's a message that isn't just something recent. We've been talking about this at conferences for many years now, because I think the data is very compelling.

我們每公里可以減少 4 克二氧化碳排放量。這並不是最近才發出的消息。多年來我們一直在會議上討論這個問題，因為我認為這些數據非常有說服力。

But yeah, in an area also, we have high energy prices, conservation of energy becomes very, very important. So in the Middle East, for example, you have a lot of sun, a lot of glass, and you want to make sure that things are going as efficiently as possible.

但是，是的，在一個地區，我們的能源價格很高，節約能源變得非常非常重要。例如，在中東，有充足的陽光、大量的玻璃，並且您希望確保一切盡可能高效地進行。

[Francis Cotriva], Investor.

[弗朗西斯·科特里瓦]，投資者。

Good afternoon, Joe.

下午好，喬。

Hey, how are you?

嘿，你怎麼樣？

Pretty good. On the previous call, you had mentioned something you don't want to put a timestamp on profitability. But last conference call, you put a timestamp on shareholders getting rewarded in the year 2023. We still -- but the only two ways I could see that happened is share price appreciation or dividends. And as of today, I don't see any of them happening.

不錯。在上次電話會議中，您提到了一些您不想在盈利能力上加上時間戳的事情。但在上次電話會議上，你們為股東在 2023 年獲得回報設定了一個時間戳。我們仍然——但我能看到這種情況發生的唯一兩種方式是股價升值或股息。截至今天，我還沒有看到這些情況發生。

So if it's to occur in the year 2023, this should happen within the next quarter, correct?

因此，如果要在 2023 年發生，那麼應該會在下個季度內發生，對嗎？

Well, we have five months left in 2023. But my point, I think, is first of all, dividends. We're going to consider declaring dividends when we have a comfortable cash position and steady revenue. I think that's just the prudent thing to do.

好吧，2023 年還剩五個月。但我認為，我的觀點首先是股息。當我們擁有充足的現金狀況和穩定的收入時，我們將考慮宣派股息。我認為這才是謹慎的做法。

So I think having said that, you could probably see our expectation that it's the share price appreciation, that is the way that we hope shareholders are rewarded this year. And as things become more visible and as people understand the progress that has been made, not only by us and our licensees, but by the industry itself in understanding the differences between different smart window technologies, I think you're going to start to see we rise to the top. So we still have an expectation and we've always operated the company for the benefit of shareholders.

所以我認為話雖如此，你可能會看到我們的預期是股價升值，這就是我們希望股東今年獲得回報的方式。隨著事情變得更加明顯，隨著人們了解所取得的進展，不僅是我們和我們的被許可人，而且是行業本身在理解不同智能窗戶技術之間的差異方面所取得的進展，我認為您將開始看到我們登上頂峰。所以我們還是有期望的，我們一直都是為了股東的利益來經營公司。

So if it were to occur in the year of 2023, this should happen within the next quarter, correct?

因此，如果發生在 2023 年，那麼應該會在下個季度發生，對嗎？

Well, we have we have five months left in 2023. But I'm but my point, I think is first of all, dividends and we're going to we're going to consider declaring dividends when we have a comfortable cash position and some steady revenue. I think that's just a prudent thing to do. So I think having said that, you could probably I see our expectation that it's the share price appreciation. That is the way that we hope shareholders are rewarded this year.

好吧，2023 年還剩五個月。但我的觀點是，我認為首先是股息，當我們擁有充足的現金頭寸時，我們將考慮宣布股息，並且一些穩定的收入。我認為這只是一個謹慎的做法。所以我認為話雖如此，你可能會看到我們的預期是股價升值。這就是我們希望股東今年獲得回報的方式。

And as things become more visible and as people we understand the progress that has been made not only by us and our licensees, but by the industry itself and understanding the differences between different smart window technologies, I think you're going to start to see, you know, we rise to the top. So we still have an expectation and we've always operated the company for the benefit of shareholders.

隨著事情變得更加明顯，隨著人們了解我們和我們的被許可人以及行業本身所取得的進步，並了解不同智能窗戶技術之間的差異，我認為您將開始看到，你知道，我們登上了頂峰。所以我們還是有期望的，我們一直都是為了股東的利益來經營公司。

But the only way I could see that occurring is if there were major announcements made.

但我能看到這種情況發生的唯一方法是發布重大公告。

Yeah. I can never predict what is going to move a market. In our history, we've had minor announcements that moved our stock a lot and major announcements that didn't. The only thing I know how to do is focus on our business and everything else will take care of itself.

是的。我永遠無法預測什麼會推動市場。在我們的歷史上，我們有過一些小公告使我們的股票大幅波動，但也有一些重大公告卻沒有。我唯一知道如何做的就是專注於我們的業務，其他一切都會水到渠成。

Okay, thanks.

好的謝謝。

Thanks a lot.

多謝。

(Operator Instructions) Jared Albert, Investor.

（操作員說明）Jared Albert，投資者。

Hey, Joe.

嘿，喬。

Hey, Jared.

嘿，賈里德。

I had a single question. It's kind of an orientation question. So let me just set the stage for the question, which is back at the annual meeting, we identified sunroofs is getting bigger, which turned out to be a good prediction, and the goal is to get SPD in today's systems to get the price down. And then it went into Mercedes, it approved the work and then it came out of Mercedes, and the thinking was that it was priced and just a difficulty with Hitachi.

我有一個問題。這是一個方向問題。因此，讓我為問題做好準備，回到年會上，我們發現天窗正在變得越來越大，結果證明這是一個很好的預測，目標是在當今的系統中採用 SPD 來降低價格。然後它進入梅賽德斯，它批准了這項工作，然後它從梅賽德斯出來，我們的想法是它的價格很高，而且只是日立的一個困難。

And now -- and then Gauzy came on board, and has taken them whatever their timeframe was, but they've been able to pass the OEM level testing that Ferrari required. So this is maybe 3,000 cars a year, with fairly -- I'm guessing fairly wide margins. But probably, given the experience with light tuner, they probably really wanted it to work. They didn't want to go through that again.

現在，Gauzy 加入了，無論他們的時間安排如何，他們都能夠通過法拉利要求的 OEM 級別測試。因此，這可能是每年 3,000 輛汽車，我猜利潤相當大。但考慮到使用燈光調諧器的經驗，他們可能真的希望它能夠工作。他們不想再經歷一次。

So now, so that's the stage we're at now, as far as I can tell. And we know that EV9 was shown in the investor presentation last March with side windows that were called smart glass. We know Hyundai is an investor in Gauzy. And we know that the CELESTIQ is coming out at the end of the year, presumably. And I assume it's Gauzy's SPV.

據我所知，這就是我們現在所處的階段。我們知道，去年 3 月的投資者演示中展示了 EV9，其側窗被稱為智能玻璃。我們知道現代汽車是 Gauzy 的投資者。我們知道 CELESTIQ 大概會在今年年底推出。我認為這是 Gauzy 的 SPV。

So my question is having been in this thing through three waves of production, for three film waves, I'm not going back to the Nippon Chemical boardroom in 1988, I'm talking about film production, where it could be put on rolls and shipped. Now you haven't mentioned Hyundai, and I am concerned because the grandeur was going to be like the big model.

所以我的問題是，在這件事上經歷了三波生產，對於三波電影，我不會回到1988 年的日本化學董事會會議室，我說的是電影生產，在那裡它可以被放在卷上，已發貨。現在你還沒有提到現代，我很擔心，因為它的宏偉將像大車型一樣。

Then maybe you don't want to mention it, but the point is are we now at the stage where SPD is going to go into cars and we're going to see a revenue ramp, or are we still stabbing around in the dark, where we can only get into the super high-end vehicles.

那麼也許你不想提它，但關鍵是我們現在正處於 SPD 將進入汽車領域並且我們將看到收入增長的階段，還是我們仍然在黑暗中摸索，在那裡我們只能進入超高端車輛。

And despite price reductions and everything else, there's some other issue, there's some optical clarity issue, there's some adhesion issue, there's something else. Because what I have seen is the backdrop to this has now been driven by high-temperature PDLC. They have been able to come in with roof systems that survive on horizontal services, and absolutely just penetrate this market all the way down to cars that are in the '30s.

儘管降價和其他一切，但還有一些其他問題，有一些光學清晰度問題，有一些粘附問題，還有其他問題。因為我所看到的背景是由高溫 PDLC 驅動的。他們已經能夠推出能夠在水平服務中生存的車頂系統，並且完全滲透到這個市場，直到 30 年代的汽車。

Now we've seen the AmberLite product now granted that hasn't yet shipped outside of China and Vietnam, but ZEEKR is going to start selling a product in England this year. And I don't know if that roof system is on there or not, but the point is, if they're start to sell it in markets outside of China, they have a competitive product at this point. So that's my open-ended question.

現在我們已經看到 AmberLite 產品尚未銷往中國和越南以外的地區，但 ZEEKR 將於今年開始在英國銷售產品。我不知道屋頂系統是否在那裡，但關鍵是，如果他們開始在中國以外的市場銷售它，那麼他們現在就有了有競爭力的產品。這就是我的開放式問題。

If PDLC may be the pioneers with arrows in their backs, and then they have opened the idea to switchable glazing for the mass market. But it seems like now is the opportunity to come in with a better product at a reasonable cost. If you has crashed and burned, is they totally distort the pricing market? I assume SPD is still too expensive for architectural, but the idea was to go into mass production, get the price down.

如果 PDLC 可能是背後中箭的先驅，那麼他們就為大眾市場開啟了可切換玻璃的想法。但現在似乎是以合理的成本推出更好的產品的機會。如果你已經崩潰並燒毀了，他們是否完全扭曲了定價市場？我認為 SPD 對於建築來說仍然太貴，但我們的想法是進行大規模生產，降低價格。

Okay. So -- that's my question. Now you may have seen --

好的。所以——這就是我的問題。現在你可能已經看到了——

I actually -- okay, I did in our press release today and I think earlier talked about an Asian manufacturer. And I think that's about as far as I can go at this point. It's always -- I did mention that you have to let the customer go first but take a look at what's going on around you, and I think it's pretty clear.

事實上，好吧，我在今天的新聞稿中做到了，我想早些時候談到了一家亞洲製造商。我認為目前我能做到的就這麼多了。我確實提到過，你必須先讓顧客離開，但看看你周圍發生的事情，我認為這是很清楚的。

I think your question, though, sets up a really great scenario here, which is -- there is a greater awareness of switchables. People have tried cheaper PDLC. Yeah, it could survive perhaps, although our experience in automotive testing is really -- it's a very, very vigorous environment, and they may think it's surviving.

不過，我認為你的問題在這裡提出了一個非常好的場景，那就是——人們對可切換的意識有了更高的認識。人們嘗試過更便宜的PDLC。是的，它也許可以生存下來，儘管我們在汽車測試方面的經驗確實是——這是一個非常非常充滿活力的環境，他們可能認為它正在生存。

And the fact that some of the people that are putting these in, and I think this is maybe an interesting takeaway, to think back to what I said earlier in the call. There's two to three manufacturers that are using a different switchable technology that are actively and seriously considering switching. And I have to answer the question why would they be doing that. And I think the answer is whatever it is that they're being promised, whether it's cost or durability or performance, it's just not happening.

事實上，有些人正在把這些放進去，我認為這可能是一個有趣的收穫，回想一下我之前在電話會議中所說的話。有兩到三個使用不同可切換技術的製造商正在積極認真地考慮切換。我必須回答他們為什麼要這樣做的問題。我認為答案是無論他們所承諾的是什麼，無論是成本、耐用性還是性能，它都沒有發生。

And then you have us where costs have come down. We've talked about it, and your question was an excellent one that you e-mailed in. And you have performance that has been proven, and you have adoption that's been expanding.

然後我們的成本就下降了。我們已經討論過這個問題，您通過電子郵件提出的問題非常好。您的性能已經得到證實，而且採用率也在不斷擴大。

And I don't really think PDLC has made great inroads. They got into some visible vehicles, but not in high volume. And the fact that these vehicles are considering changing tells me a lot of what I need to know. So yeah, I think you set the table right that this is a nice time in our history because there is a great awareness, there is a great need.

我並不認為 PDLC 取得了很大的進展。他們進入了一些可見的車輛，但數量不多。這些車輛正在考慮改變這一事實告訴了我很多我需要知道的事情。所以，是的，我認為你正確地表明，這是我們歷史上的美好時光，因為人們有很大的意識，有很大的需求。

There have been some mistakes made by competitive technologies and by automakers using it, and they're beginning to realize it and starting to remedy it. And that's where we come in. So as I said earlier, don't be surprised if the placeholder is the other technology and the way you're satisfied is SPD.

競爭性技術和使用這些技術的汽車製造商犯了一些錯誤，他們開始意識到這一點並開始糾正。這就是我們的切入點。正如我之前所說，如果占位符是其他技術並且您滿意的方式是 SPD，請不要感到驚訝。

Let me ask you just a follow-up. If in two years, we're listening to these kinds of conference calls and we switch seats, would it be time to get out? Because it's clear that for whatever reason, we're just not getting the adoption that we need, given the incredible tailwinds of switchable glazing is experiencing in sunroofs right now.

讓我問你一個後續問題。如果兩年後，我們正在聽這類電話會議並交換座位，是時候退出了嗎？因為很明顯，無論出於何種原因，鑑於目前天窗中可切換玻璃的令人難以置信的順風，我們只是沒有得到我們所需要的採用。

I expect two things to happen in the next two years. I think there is going to be a shakeout in the industry. Some people that are here now are not going to be here even six months from now. There is going to be a shakeout in technologies, because as the limitations of certain technologies become better known, and sometimes it's by trial and underlying error, people stop putting that in.

我預計未來兩年會發生兩件事。我認為這個行業將會發生一場洗牌。有些現在在這裡的人甚至六個月後也不會再在這裡。技術將會發生一場洗牌，因為隨著某些技術的局限性變得更加為人所知，有時是通過試驗和潛在的錯誤，人們不再將其引入。

And I think Ferrari is a great example of this. Ferrari had a Saint-Gobain electrochromic roof years ago and it was a disaster for the SuperAmerica. And now, Ferrari has an SPD roof. Mercedes had a PDLC roof years ago, and they switched to SPD. Now they have nothing. Well, there's still sales going on of MAGIC SKY CONTROL, but it's mostly out there in existing vehicles.

我認為法拉利就是一個很好的例子。法拉利多年前就使用了聖戈班電致變色車頂，這對超級美國隊來說是一場災難。現在，法拉利擁有了 SPD 車頂。梅賽德斯多年前就採用了 PDLC 車頂，後來改用了 SPD。現在他們什麼都沒有了。嗯，MAGIC SKY CONTROL 的銷售仍在進行，但主要是在現有車輛中銷售。

So what you have is a constant education. So on the one hand, you're going to have technologies that are being tried now that are going to be proven not to be good.

所以你所擁有的是持續的教育。因此，一方面，現在正在嘗試的技術將被證明不是很好。

And if you go on the AmberLite website, for example, and I'm not going to trash them because there's no real data on that site. But if you go on their website and look at the samples that they're showing, these very small samples of AmberLite and look how dark they get, that's not going to move anybody's needle in terms of heat rejection or light rejection or glare control.

例如，如果您訪問 AmberLite 網站，我不會將它們丟棄，因為該網站上沒有真實數據。但如果你訪問他們的網站，查看他們展示的樣品，這些非常小的 AmberLite 樣品，看看它們的顏色有多暗，這不會在散熱、防光或眩光控制方面改變任何人的立場。

Yeah, nobody is interested in AmberLite than I am. They could turn it to 11 and it would be basically agreed for -- at a very light setting. No, I understand all that, and yet they're selling all over China. Okay, that was my question. At this point we are (multiple speakers)

是的，沒有人比我對 AmberLite 更感興趣。他們可以把它調到 11，並且基本上會同意——在非常亮的環境下。不，我明白這些，但它們卻銷往全中國。好吧，這就是我的問題。此時我們（多個發言者）

In two years, I think that you're going to see some major changes in the industry. I think also you're going to see some of the strong players get even stronger and stronger. And when that happens, Katie bar the door, as Bob Sykes used to say.

兩年後，我認為您將看到該行業發生一些重大變化。我認為你也會看到一些強大的玩家變得越來越強大。當這種情況發生時，凱蒂就會把門擋住，正如鮑勃·賽克斯常說的那樣。

All right. Okay. I'm going to tell -- all right. Thanks, Joe.

好的。好的。我要告訴——好吧。謝謝，喬。

It's a fair question. Thank you.

這是一個公平的問題。謝謝。

[Art Brady], Investor.

[阿特·布雷迪]，投資者。

Hi, Joe, Art Brady here.

嗨，喬，我是阿特·布雷迪。

Hey, Art.

嘿，藝術。

So in the past, at certain of the annual meetings, you used to have a display by Lincoln on the Lincoln cars. And I'm wondering what the status is. We never hear a word about Lincoln. Are we still talking to them? Or is there something --

所以過去在某些年會上，你曾經在林肯汽車上有林肯的展示。我想知道狀態是什麼。我們從未聽說過有關林肯的任何一個字。我們還在和他們說話嗎？或者有什麼東西——

We are. We're talking to their parents, and we're talking to their competitors in the US too. And I think that with every car manufacturer, there's a continuum of when things get introduced and where they put it. Just like Mercedes, put it on the SLK first, because that was the car that was ready that needed it first, even though the S-class would have been a more logical first choice for them, right? So you have to look at a whole panoply of reasons why a manufacturer puts something in or not.

我們是。我們正在與他們的父母交談，我們也在與他們在美國的競爭對手交談。我認為對於每家汽車製造商來說，推出產品的時間和放置的位置都是連續的。就像梅賽德斯一樣，先把它放在 SLK 上，因為那是已經準備好的汽車，首先需要它，儘管 S 級對他們來說是更合乎邏輯的首選，對嗎？因此，您必須考慮製造商添加或不添加某些內容的所有原因。

In Lincoln's case, we were very honored to be put in the Continental when they were trying to rebrand it. They just, for whatever reason, and I don't want to go into more detail, weren't able to get their act together in terms of series production. And I don't think that was because of us at the time.

就林肯而言，當他們試圖重塑品牌時，我們非常榮幸地被安排在大陸航空中。他們只是，無論出於什麼原因，而且我不想透露更多細節，他們無法在系列製作方面齊心協力。我不認為這是因為我們當時的原因。

That doesn't mean that things haven't vastly improved where it's much easier now to get this into a vehicle, because if you think about it, back then, you had one manufacturer that would had it in series production. Now you have at least three laminators that are doing it, actually four. So it's much easier to get this into series production, SPD that is, now that you have four major players that have experience in cracking the code on, getting SPD into series production.

這並不意味著事情沒有得到很大的改善，現在將其應用到車輛中要容易得多，因為如果你仔細想想，那時候，你有一個製造商可以批量生產它。現在至少有三台層壓機正在執行此操作，實際上是四台。因此，將其投入系列生產（SPD）要容易得多，現在有四位主要參與者擁有破解代碼、將 SPD 投入系列生產的經驗。

Any timeframe as to when we could hear some announcement from that group?

我們什麼時候可以聽到該組織的一些公告？

Not that I could share.

不是我可以分享的。

But that's ongoing at this --?

但這仍在繼續——？

Remember, it's up to the customer to speak first. And sometimes, they'll allow us to say things on social media, but not in press releases. Sometimes they allow you to say something on a conference call, but not in a press release. They have their reasons, and we respect them.

請記住，首先由客戶發言。有時，他們會允許我們在社交媒體上發表言論，但不允許在新聞稿中發表言論。有時他們允許您在電話會議上發言，但不允許您在新聞稿中發言。他們有他們的理由，我們尊重他們。

But there is some communication continuing?

但有一些溝通仍在繼續嗎？

Yes, there is. Very recent as a matter of fact.

就在這裡。事實上，這是最近的事情。

Because another question that I have is it's so hot all over the world that your phone should be ringing constantly in that regard. And if we can't show some very tangible results with this kind of an environment, I don't know where we would have a better opportunity.

因為我的另一個問題是，世界各地都很熱，因此您的手機應該一直響個不停。如果我們不能在這種環境下展示出一些非常切實的成果，我不知道我們在哪裡會有更好的機會。

Well, I think it's -- yeah, and I appreciate the question, Art. I think it's not only our phone is ringing off the hook, it's our licensees too, and that's good. And remember, they have a lot of phones there because all of our key licensees have expanded dramatically their business development and customer service teams.

嗯，我認為這是——是的，我很欣賞這個問題，藝術。我認為這不僅是我們的電話響個不停，我們的被許可人也是如此，這很好。請記住，他們在那裡有很多電話，因為我們所有的主要被許可人都大幅擴展了他們的業務開發和客戶服務團隊。

And remember, I said look at where people are hiring. Look at the regions of the world and look at the industries they're hiring for, and you'll see a pretty clear picture of where things are going. And I did mention carmakers that are -- additional carmakers that are coming on board with multiple models, in some cases, for SPD, I mentioned an architectural initiative that is bearing fruit. So all these things are happening.

請記住，我說看看人們在哪裡招聘。看看世界上的各個地區，看看他們正在招聘的行業，你就會清楚地看到事情的發展方向。我確實提到了汽車製造商——更多的汽車製造商正在推出多種車型，在某些情況下，對於 SPD，我提到了一項正在取得成果的架構舉措。所以所有這些事情正在發生。

Okay, thank you.

好的謝謝。

Thanks a lot, Art.

非常感謝，藝術。

[August Berman], Investor.

[奧古斯特·伯曼]，投資者。

Good afternoon, Joe.

下午好，喬。

Hey, Dr. Berman. How are you?

嘿，伯曼博士。你好嗎？

I'm good.

我很好。

I know I always get a lot out of you when I said that because you're an impressive, but I know personally modest person. And I know that I could get a reaction out of you when I do that.

我知道，當我這麼說時，我總是從你身上得到很多啟發，因為你是一個令人印象深刻的人，但我認識一個謙虛的人。我知道當我這樣做時，你會做出反應。

Love it. Love it. Appreciate it. Just a couple from me. First things first, I know a couple of conference calls I go, there was a mention of an aftermarket storm resistance product. (technical difficulty)

愛它。愛它。欣賞它。只是我的一對。首先，我知道我參加過幾次電話會議，其中提到了售后防風暴產品。 （技術難度）

The audio broke up a little bit, but I think your question is it's still coming out, and the answer is yes. And that's something that we're very excited about because it totally transforms the way that smart glass is delivered to a building. You don't have to put up scaffolding, you don't have to get landlord approval, just a whole panoply of benefits from doing that.

音頻有點中斷，但我認為你的問題是它仍然出來，答案是肯定的。這是我們非常興奮的事情，因為它徹底改變了智能玻璃交付到建築物的方式。你不必搭起腳手架，也不必得到房東的批准，這樣做就能帶來一系列好處。

And also, it gives you this very big market because a lot of the government buildings have initiatives to increase their energy efficiency, but they have a monolithic glass. It's not even laminated glass anymore. So if you can tap into that market and create a super energy-efficient window, the government, being on the GSA schedule, is a huge, huge market.

而且，它還為您提供了一個非常大的市場，因為許多政府建築都採取了提高能源效率的舉措，但它們採用的是單片玻璃。它甚至不再是夾層玻璃了。因此，如果你能進入這個市場並創建一個超級節能的窗口，政府，在 GSA 計劃中，就是一個巨大的市場。

Okay. I'm sorry, you said that was going to be coming down in '23 still, or that's something we are looking at the future stuff?

好的。抱歉，你說這仍會在 23 年出現，或者這是我們正在考慮的未來內容？

We haven't put a timeframe on it. I don't see any showstoppers and why it couldn't come out tomorrow if it needed to. And I think that we're all pushing for that, because I think we all understand that in the architectural market, it's a game changer.

我們還沒有設定時間表。我沒有看到任何精彩的內容，也沒有看到為什麼它不能在明天發布（如果需要的話）。我認為我們都在推動這一點，因為我認為我們都明白，在建築市場上，它是一個遊戲規則的改變者。

Yeah. Okay. And then you had referenced that -- I think you mentioned GM versus Cadillac, who are interested in bringing additional models after the CELESTIQ. Is there a period of time where Cadillac wants to see, or GM wants to see how (technical difficulty) to get to another vehicle?

是的。好的。然後你提到了——我想你提到了通用汽車與凱迪拉克，後者有興趣在 CELESTIQ 之後推出更多車型。是否有一段時間是凱迪拉克希望看到的，或者通用汽車希望看到如何（技術難度）獲得另一輛車的？

The reason I ask you this because I have my sights set on the Escalade IQ coming out next week in terms of vehicle that seems to fit the price point and would be an awesome function to have. So anything you can in say terms of timing?

我之所以問你這個問題，是因為我的目標是下週推出的 Escalade IQ，這款車似乎符合這個價位，而且會是一個很棒的功能。那麼在時間方面你能說些什麼嗎？

It would be an awesome function for the Escalade. It probably will be an awesome function in the Escalade. It probably won't be next week when it comes out. But I think you start getting penetration on different SUVs out there, because remember, SUVs have a lot of glass. And you also have more flexibility because the requirements on an SUV are different than on a passenger car.

對於凱雷德來說，這將是一個很棒的功能。這可能會成為凱雷德中一個很棒的功能。可能不會在下週發布。但我認為你開始滲透到不同的 SUV 上，因為記住，SUV 有很多玻璃。而且您還擁有更大​​的靈活性，因為 SUV 的要求與乘用車的要求不同。

So it's a little bit more relaxed in terms of tints, let's say side windows and the back and things like that as well. So yeah, look, we're going to -- we're not stopping with what we have, let me put it to you that way.

因此，它在色調方面稍微寬鬆一些，比如說側窗和背面以及類似的東西。所以，是的，看，我們將——我們不會止步於我們所擁有的，讓我這樣告訴你們。

Okay, great. That's it. Thanks, Joe.

好的，太好了。就是這樣。謝謝，喬。

Thanks. Take care.

謝謝。小心。

[Tom S], Investor.

[湯姆·S]，投資者。

Yeah. Hi, Joe. Are you there?

是的。嗨，喬。你在嗎？

Hi, I'm here.

嗨，我在這裡。

Hi, Joe. Yeah. You mentioned the expected Asian car, at least one, maybe more than one last conference call -- this conference call. Is that -- can you speak to if that's an EV or gasoline? And is it mid-priced? I know you're not releasing what car it is, but I think you'd be able to share something on that.

嗨，喬。是的。你提到了預期的亞洲汽車，至少一輛，也許不止一輛，上次電話會議——這次電話會議。那是——你能談談那是電動汽車還是汽油車嗎？而且是中等價位的嗎？我知道您不會發布它是什麼車，但我認為您可以分享一些相關內容。

It has a mid-price and it has a luxury addition. And in terms of ICE versus EV, I think it could be on both, depending on how it sells, not our feature, but the drivetrain itself.

它有一個中等價格，並且有一個豪華的附加部分。就內燃機與電動汽車而言，我認為兩者都可以，這取決於它的銷售方式，不是我們的功能，而是動力傳動系統本身。

When you say it could be on both, but not our feature, you're saying not SPD?

當你說兩者都可以，但不是我們的功能時，你是說 SPD 不行嗎？

No, no, no. What I'm saying is -- thanks for clarifying. No, what I meant to say, and I apologize if I wasn't clear, is it can be on both in ICE and in EV, okay? And there's no reason why it could be on one and not the other. Whether they choose to introduce it on both is really a business decision on how the cars, the ICE versus the EV, is selling for that model. Has to do with SPD being better or not, it's good for both. On an ICE -- yeah, yeah.

不不不。我想說的是——謝謝你的澄清。不，我的意思是，如果我不清楚，我很抱歉，它可以在 ICE 和 EV 中使用，好嗎？沒有理由說它可以在其中一個而不是另一個上。他們是否選擇在兩者上引入它實際上是一個商業決策，取決於汽車（ICE 與 EV）的銷售情況。與SPD的好壞有關，這對雙方都有好處。在冰上——是的，是的。

Okay. So it's not then you could say it's definitely going to be one or the other, could be both. But when you say expected, you're confident it's going to be a mid-priced Asian car, one or the other, or you're just not sure at this point?

好的。所以，你不能說肯定是其中之一，也可能是兩者兼而有之。但是，當您說預期時，您有信心它將是一款中等價位的亞洲汽車，無論是其中之一，還是您現在只是不確定？

Confident it's going to be a mid-priced Asian car, and I think that it's up to the manufacturer. And they may not have even decided yet what the blend is between EV and ICE on that vehicle.

有信心這將是一款中等價格的亞洲汽車，我認為這取決於製造商。他們甚至可能還沒有決定電動汽車和內燃機汽車之間的混合是什麼。

Okay. So it sounds like you're confident in saying it's going to be at least one, either ICE or EV, could be both. That's what expected.

好的。所以聽起來你有信心說它至少會是一種，要么是內燃機，要么是電動汽車，也可能兩者兼而有之。這正是我們所期望的。

Yeah. I'm confident it's going to be on the vehicle question is what are they going to put out first. And I don't know that; they don't know it either.

是的。我相信這將是關於車輛的問題，他們將首先推出什麼。我不知道；他們也不知道。

And then we're thinking for timeframe, the models are being released in September. Do you have an idea on October? Any idea on timeframe when we might hear anything?

然後我們正在考慮時間框架，這些模型將於九月發布。十月你有什麼想法嗎？關於我們可能聽到任何消息的時間範圍有什麼想法嗎？

Not that I could share. Not that I could share, I'm sorry.

不是我可以分享的。我不能分享，抱歉。

We'll go on some history. When cars are released, what we are looking at for months usually from your past experience?

我們將繼續講述一些歷史。當汽車發佈時，我們通常會根據您過去的經歷幾個月來關注什麼？

Every carmaker has a different kind of introduction schedule. It used to be a little bit more rigid, so you knew, for example, when Mercedes was doing a mid-model changes and things like that. Now, it's pretty much across the board.

每個汽車製造商都有不同的推出時間表。它曾經有點僵化，所以你知道，例如，梅賽德斯何時進行中型車型的改變以及類似的事情。現在，這幾乎是全面的。

I think one of the things that changed this a little bit was the Tesla Model S is still the Tesla Model S. And what they've said is if we have an improvement that we want to put in that vehicle and it's ready today, we'll put it in today. If it's ready next month, we'll put it in next month. And if it's ready next year, we'll put it in next year.

我認為稍微改變這一點的事情之一是 Tesla Model S 仍然是 Tesla Model S。他們所說的是，如果我們想要對該車輛進行改進並且今天就準備好了，我們今天就把它放進去。如果下個月準備好了，我們就會在下個月投入。如果明年準備好了，我們就會在明年投入使用。

So they've changed the way that automakers think about upgrades on the vehicle to be almost like a continuous improvement, which I think is a good thing. I think it's a good thing that the marketing guys may like the fact that they had more predictability as to when new features are coming out if you're selling a car. But I think that for the consumer, you want the car that you go to the dealership to buy, to be the best it could be at any given time.

因此，他們改變了汽車製造商對車輛升級的看法，幾乎就像是持續改進，我認為這是一件好事。我認為營銷人員可能會喜歡這樣一個事實，即如果您要銷售汽車，他們可以更好地預測新功能何時推出，這是一件好事。但我認為，對於消費者來說，你希望去經銷商購買的汽車在任何特定時間都是最好的。

Last couple of things on this. The word ordering is expected. Can you give like an idea on confidence level? Are you talking 99% or 80%? And also, you think an option or maybe a trim package? I know you'll probably say you don't know, but anything you could share on these two questions?

最後幾件事。詞序是預期的。你能給出關於置信度的想法嗎？你說的是99%還是80%？而且，您認為有一個選擇或者也許是一個裝飾包？我知道你可能會說你不知道，但是關於這兩個問題你有什麼可以分享的嗎？

So you have a continuum here also. Something could be, quote, an option, but beyond 80% to 90% of the cars. For example, sunroofs, are on over 80% of premium cars. It's an option usually. Why? Because the carmakers make more money on options, and they make on standard equipment.

所以這裡也有一個連續體。有些東西可能是一種選擇，但超出了 80% 到 90% 的汽車。例如，超過 80% 的高檔汽車都配備天窗。通常這是一個選擇。為什麼？因為汽車製造商在選裝件上賺更多的錢，並且在標准設備上賺更多的錢。

So it has nothing to do with what you'd expect kind of an economic decision to be made. It's more like what is the carmaker going to make more money on.

因此，這與您期望做出的經濟決策無關。這更像是汽車製造商要靠什麼賺更多的錢。

And then the other one, last one, qualifying the expected. Can you get into that a little bit on -- we're talking 99% or 60%. Do you have any thoughts on how confident that level is?

然後是另一場，最後一場，符合預期。你能稍微談一下嗎——我們說的是 99% 或 60%。您對這個水平的信心有什麼想法嗎？

I'm very confident. But I've seen things that look like there were certain to happen, and the Continental, for example, was a very good example of something that -- you had the CEO of Ford going on CNBC and talking about our smart glass roof as a key feature of the car and it didn't make it into production.

我非常有信心。但我見過看起來肯定會發生的事情，例如，大陸集團就是一個很好的例子，福特的首席執行官在 CNBC 上談論我們的智能玻璃屋頂該車的主要功能，但並未投入生產。

So you could be 100% -- to the outside observer, if I saw that, I saw Mark Fields say on TV, hey, this is the greatest thing since sliced bread and we're really excited about it. And then it doesn't make it into production, you're never a 100% certain about anything.

所以你可以100%——對於外部觀察者來說，如果我看到這一點，我看到馬克·菲爾茲在電視上說，嘿，這是自切片麵包以來最偉大的事情，我們對此感到非常興奮。然後它就不會投入生產，你永遠無法對任何事情 100% 確定。

But with that said, it sounds like --

但話雖這麼說，聽起來就像——

Yeah. I'm sorry. Go ahead.

是的。對不起。前進。

That's all right. With that said, it sounds like you're pretty confident that either 90% or something in that realm of confidence.

沒關係。話雖如此，聽起來您對 90% 或處於該信心範圍內的某個程度非常有信心。

I'm very, very, very, very -- how's that? Four [very's]. Without putting a number on it, confident.

我非常非常非常——怎麼樣？四個[非常]。不用寫數字，自信。

Yeah. Okay. Well, thank you for your intake in the questions.

是的。好的。好的，謝謝您接受問題。

Sure. My pleasure. Thanks for asking it.

當然。我的榮幸。謝謝你的提問。

[Arnold Curnva], Investor. We're not able to hear you, sir. If you have a mute function, can you check to see if that's engaged? (Operator Instructions)

[阿諾德·科恩瓦]，投資者。我們聽不到您的聲音，先生。如果您有靜音功能，您可以檢查一下該功能是否已啟用嗎？ （操作員說明）

And Mr. Harary, it appears there are no further questions. I'll turn the call back to you for any additional or closing remark.

哈拉里先生，看來沒有其他問題了。如果您有任何補充或結束語，我會將電話轉回給您。

Okay. First of all, as a reminder, look, if we didn't get a chance to get to your question, or if you feel we haven't fully answered it, feel free to call or e-mail us. We're happy to do the best we can to make sure that everyone gets their questions answered.

好的。首先，提醒一下，如果我們沒有機會回答您的問題，或者您覺得我們沒有完全回答您的問題，請隨時致電或發送電子郵件給我們。我們很樂意盡最大努力確保每個人的問題都能得到解答。

A couple of closing remarks. First of all, as you can tell from the lead into this, it's been a very exciting year for us. Part of that excitement is the success we've had that people know about, and part of that excitement is what's coming. And let's talk about what's coming, what will the future bring.

幾句結束語。首先，正如您從一開始就可以看出的那樣，這對我們來說是非常激動人心的一年。這種興奮的部分原因是我們已經取得了人們所知道的成功，而這種興奮的部分原因是即將發生的事情。讓我們談談即將發生的事情以及未來會帶來什麼。

Certainly, continued penetration in our two largest markets, automotive and aircraft, is something that we have very good visibility on. And the way that this progress is happening is also very important to understand.

當然，我們對汽車和飛機這兩個最大市場的持續滲透有著非常好的了解。了解這種進步發生的方式也非常重要。

In automotive, we know about McLaren, Ferrari, Cadillac, and the Asian automaker coming out with SPD panoramic groups and their vehicles. In addition to them, today, I also mentioned two new automakers besides them and their four car models, as well as a reasonable expectation in another two to three automakers currently seriously consider switching from an alternative switchable glass technology to SPD.

在汽車領域，我們知道邁凱倫、法拉利、凱迪拉克以及亞洲汽車製造商都推出了 SPD 全景組及其車輛。除了他們之外，今天我還提到了除了他們之外的兩家新汽車製造商及其四款車型，以及合理預期的另外兩到三個汽車製造商目前正在認真考慮從替代可調光玻璃技術轉向SPD。

We're clearly seeing the benefits of switchable technology being better understood by the automakers. We're also seeing that they're getting more aware of the strengths and the limitations of different switchable technologies. And as the best-performing smart glass technology with proven durability and a very stringent requirement that it'd be on the heat clamping roof of a car. This will help us continue to win more business in the future in automotive.

我們清楚地看到汽車製造商更好地理解了可切換技術的好處。我們還看到他們越來越意識到不同可切換技術的優點和局限性。作為性能最佳的智能玻璃技術，其耐用性經過驗證，並且對汽車熱夾緊車頂的要求非常嚴格。這將幫助我們在未來繼續贏得更多汽車業務。

Another item, some pretty exciting architectural projects with high visibility are in the works. And the way that decisions are being made is evolving for our benefit as well. We spoke about more educated decisionmakers.

另一個項目是一些非常令人興奮的具有高知名度的建築項目正在進行中。決策的方式也在不斷發展，以利於我們的利益。我們談到了受過更多教育的決策者。

The other thing to understand is the locus of that decision-making is also changing for our benefit. For example, in some industries, the manufacturers call the shots. However, in others, it's the customer who makes decisions, if the manufacturer allows them the free will to do so.

另一件需要理解的事情是，決策的軌跡也在為了我們的利益而改變。例如，在某些行業，製造商說了算。然而，在其他情況下，如果製造商允許客戶自由意志地做出決定，則由客戶做出決定。

So what you want to do is you want to make sure that the customer is able to make a decision, because if you see SPD compared to anything else out there, and I'm not just bragging, it's what we've been told, there's no comparison. So letting the customer decide what they want is important.

所以你要做的是確保客戶能夠做出決定，因為如果你將 SPD 與其他任何產品進行比較，我不是在吹牛，這就是我們被告知的，沒有可比性。因此，讓客戶決定他們想要什麼很重要。

And in an area where the customer makes the decision, but heretofore, it's been the manufacturer that might be preventing that from happening clearly, one good example of that is the airline industry. And when you start to see airlines themselves and not just the manufacturers decide on aircraft contents and configurations, you'll understand the important [sea] change that has already occurred.

在由客戶做出決定的領域，但迄今為止，可能是製造商明顯阻止了這種情況的發生，航空業就是一個很好的例子。當您開始看到航空公司本身而不僅僅是製造商決定飛機內容和配置時，您就會明白已經發生的重要[海洋]變化。

So stay tune for a little while longer here. There are approximately 150 airlines out there, and they're competing with each other using the passenger experience primarily to win the business and to distinguish themselves from others.

所以請在這裡再多關註一會兒。大約有 150 家航空公司，它們之間的競爭主要是為了贏得業務並在競爭中脫穎而出，利用乘客體驗。

Research Frontiers, our licensees, and most importantly, our investors will all benefit from all of this. And I look forward to sharing these developments with you and thank you all for your support and encouragement.

Research Frontiers、我們的被許可方，以及最重要的是，我們的投資者都將從這一切中受益。我期待與大家分享這些進展，並感謝大家的支持和鼓勵。

This concludes today's conference call. Thank you for attending.

今天的電話會議到此結束。感謝您的出席。