Research Frontiers Inc (REFR) 2023 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to Research Frontiers's investor conference call to discuss the third quarter of 2023 results of operations and recent developments. (Operator Instructions) This conference is being recorded today. A replay of this conference call will be available starting later today in the Investors section of research Frontier's website at www.smartglass.com, and will be available for replay for the next 90 days.

女士們、先生們，午安。歡迎參加 Research Frontiers 的投資者電話會議，討論 2023 年第三季的營運業績和最新進展。 （操作員指示）今天正在錄製本次會議。從今天稍晚開始，我們將在 Research Frontier 網站 www.smartglass.com 的投資者部分提供本次電話會議的重播，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 Litigations 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資訊。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在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. The company will be answering many of the questions that were e-mailed to it prior to this conference call, either in their presentation or as part of the Q&A session at the end.

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。該公司將回答本次電話會議之前透過電子郵件發送給其的許多問題，無論是在演示中還是在最後的問答環節中。

In some cases, the company has responded directly to e-mail questions prior to this call, or will do so afterwards. (Operator Instructions)

在某些情況下，該公司會在此次電話會議之前或之後直接回覆電子郵件問題。 （操作員說明）

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

我現在想將電話會議轉交給研究前沿公司總裁兼執行長喬·哈拉里 (Joe Harary)。請繼續，先生。

Thank you, Paul. And hello, everyone, and welcome to our third quarter of 2023 investor conference call. First, let me start off by saying a number of our shareholders have asked about Gauzy and their safety and business with the war going on in Israel.

謝謝你，保羅。大家好，歡迎參加我們的 2023 年第三季投資者電話會議。首先，我首先要說的是，我們的一些股東詢問了 Gauzy 的情況以及他們的安全以及與以色列正在進行的戰爭有關的業務。

Some of the questions to date, has Israeli war with Hamas impacted the Gauzy's business operations in any significant way? Please comment on the effect of any of the war in the Middle East is having on Gauzy's operations in Israel. Is Gauzy currently producing and shipping SPD film coating to their plant in Germany? Gauzy has worldwide locations, but can it continue to function effectively if its headquarters location is seriously impacted by conflict?

迄今為止的一些問題是，以色列與哈馬斯的戰爭是否對 Gauzy 的業務運作產生了重大影響？請評論中東戰爭對 Gauzy 在以色列業務的影響。 Gauzy 目前是否正在生產 SPD 薄膜塗層並將其運送到他們位於德國的工廠？ Gauzy 的分店遍佈全球，但如果總部所在地受到衝突嚴重影響，它還能繼續有效運作嗎？

Well, first of all, I want to thank all of you for your concern, and Eyal Peso and I and everyone at Gauzy really appreciate the messages inquiring about their safety. Thankfully, everyone is safe.

嗯，首先，我要感謝大家的關心，Eyal Peso 和我以及 Gauzy 的每個人都非常感謝詢問他們安全的資訊。值得慶幸的是，每個人都很安全。

And while I'm horrified by the situation in Israel and see things happening in the world that I never thought I'd see in my lifetime or ever, I can report that Gauzy's operations have not been interrupted by the war there. Of course, they pay attention to it. How can one not do that? Good entrepreneur must factor in things like resources and competitions, and Israeli entrepreneur has a whole different dimension of things to add to that normally, and especially right now.

雖然我對以色列的局勢感到震驚，並看到世界上發生的事情是我一生中從未想過會看到的，但我可以報告說，高齊的業務並未因那裡的戰爭而中斷。當然，他們也很注意這一點。怎麼能不這樣做呢？優秀的企業家必須考慮資源和競爭等因素，而以色列企業家通常會添加完全不同的因素，尤其是現在。

And Gauzy has been incredibly busy both before and after October 7. And they've been admirably juggling work and family safety and doing it with very calm determination. Everyone pulls together in normal times and especially now. And they know they have investors and employees and customers, and they're depending on them.

Gauzy 在 10 月 7 日之前和之後都非常忙碌。他們令人欽佩地兼顧工作和家庭安全，並以非常冷靜的決心做到這一點。平時大家都會齊心協力，尤其是現在。他們知道自己有投資者、員工和客戶，而且他們依賴這些人。

And we've been working with them daily, and things appear much closer to normal than one would expect. As a matter of fact, the only reason Eyal Peso cannot be on this call today is that he has a pack business schedule. And that should give you an idea about business pressing on even more time. But at once again, thank you. And on behalf of Eyal, he asked me to thank everyone for their good wishes and concerns.

我們每天都在與他們合作，事情看起來比人們想像的更接近正常。事實上，埃亞爾·比索今天不能參加這次電話會議的唯一原因是他有繁忙的工作日程。這應該會讓您了解業務需要更多的時間。但再次謝謝你。他代表埃亞勒請我感謝大家的祝福和關心。

The Tesla Cybertruck was announced in 2019 with production slated for late 2021. Reports now indicate that production will start November 30 of this year, 2023. When the first prototype of the Cybertruck was demonstrated at the launch event, my friend, Franz von Holzhausen, Tesla's Chief Designer, threw a metal ball at the bulletproof glass and it cracked.

特斯拉Cyber​​truck 於2019 年宣布，預計於2021 年底生產。現在有報導稱，生產將於今年2023 年11 月30 日開始。當在發布會上展示Cyber​​truck 的第一個原型時，我的朋友Franz von Holzhausen特斯拉的首席設計師向防彈玻璃扔了一個金屬球，防彈玻璃破裂了。

When I first met Elon Musk in person, it was at the Model S concept launch event in New York. And prior to that, Tesla was making the Tesla Roadster with the body being produced by Lotus out of fiberglass. At another in-person meeting, Elon Musk was trying to figure out how to produce 10,000 cars a year.

我第一次見到伊隆馬斯克本人是在紐約的 Model S 概念發表會上。在此之前，特斯拉正在製造特斯拉跑車，其車身由蓮花公司用玻璃纖維生產。在另一次現場會議上，馬斯克試圖弄清楚如何每年生產 10,000 輛汽車。

On 2022, Tesla produced 1.37 million vehicles, which was a 47% increase over 2021. And in 2023, Tesla is expected to produce and sell around 1.8 million vehicles, far more than the 10,000 they were originally trying to figure out how to produce.

2022年，特斯拉生產了137萬輛汽車，比2021年成長了47%。而到2023年，特斯拉預計將生產和銷售約180萬輛汽車，遠遠超過他們最初試圖弄清楚如何生產的1萬輛。

So what do all these things tell us? That if you're in the automotive industry, even the most capable players don't always get it right, at least not right away. And sometimes there's technical issues like the glass on the Cybertruck prototype, which incidentally was not our smart glass at the time. And sometimes it's timing issues as shown by the multiple delays in the introduction of the Cybertruck.

那麼所有這些事情告訴我們什麼呢？如果你身處汽車產業，即使是最有能力的參與者也不總是能做對，至少不能立即做對。有時會出現技術問題，例如 Cyber​​truck 原型車上的玻璃，順便說一下，當時它不是我們的智慧玻璃。有時是時間問題，正如 Cyber​​truck 推出的多次延遲所表明的那樣。

But for the most part, a company that had never produced a car is now the dominant player in the electric vehicle market with the highest margins and volumes. In other words, things get done and they often get done in a big way, but really on schedule and almost never in a straight line. This is the world of the automotive manufacturer, and it's also the world we live in.

但在大多數情況下，一家從未生產過汽車的公司現在是電動車市場的主導者，擁有最高的利潤和銷售量。換句話說，事情會完成，而且通常會以很大的方式完成，但實際上是按計劃完成的，幾乎從來沒有直線完成。這是汽車製造商的世界，也是我們生活的世界。

We are told timeframes and sometimes they're delayed as witnessed by the first car to use our technology, the SLK convertible roadster, which is five months overdue, once again, not because of our glass by the way. And sometimes things are ahead of schedule. The SLK convertible came out with our glass, and it was ahead of the target date.

我們被告知時間表，有時它們會被推遲，第一輛使用我們技術的汽車 SLK 敞篷跑車證明了這一點，它再次推遲了五個月，順便說一句，並不是因為我們的玻璃。有時事情會提早。 SLK 敞篷車配備了我們的玻璃，比目標日期提前了。

And sometimes marketing plans change. Just six months before the launch of the Cadillac's CELESTIQ at CES, the head of the project did not know when it would be launched and when it would be announced. It came out six months later with much fanfare.

有時行銷計劃會發生變化。就在凱迪拉克的 CELESTIQ 在 CES 上推出的六個月前，該專案的負責人並不知道它何時推出，何時公佈。六個月後，它大張旗鼓地問世了。

So we do our best to operate in this environment. And we try to strike a balance between providing guidance when we can to our shareholders or simply waiting for something to happen and announcing it afterwards. So there's a balance there. And many people, including myself and our licensees were disappointed to learn that an Asian mid-priced auto manufacturer had decided to move back the introduction of its special luxury edition for the first half of next year.

所以我們盡力在這樣的環境下運作。我們試圖在盡可能向股東提供指導或只是等待事情發生後再宣布之間取得平衡。所以那裡有一個平衡。許多人，包括我自己和我們的授權商，都對一家亞洲中價汽車製造商決定推遲在明年上半年推出其特別豪華版感到失望。

We share what we know when we can, and often it is just what we're told. And in the world we live in, it's not possible to thread the needle in terms of timing. So there is that balance, and the Asian automaker has moved the timetable back by about half a year. But it's still on track there.

我們盡可能地分享我們所知道的事情，而通常這只是我們被告知的事情。在我們生活的世界裡，不可能在時間上穿針引線。因此，存在這種平衡，這家亞洲汽車製造商將時間表推遲了大約半年。但它仍然在正軌上。

Fortunately, we plan for such contingencies to make sure we're not going to run out of resources before anticipated events happen. For the past 37 years, we've been debt free. We have been successful at raising capital long before we may need it to keep the number of shares outstanding relatively low compared to our peers.

幸運的是，我們為此類突發事件做好了計劃，以確保我們不會在預期事件發生之前耗盡資源。過去 37 年來，我們一直沒有負債。早在我們可能需要資金之前，我們就成功地籌集了資金，以保持流通股數量與同行相比相對較低。

For the past eight years, we've been constantly focusing on reducing operating expenses. Some of our competitors are not so fortunate or successful at achieving the same thing, and we are rapidly running out of cash. While they may measure their cash runway in terms of weeks, we have over five years' worth of cash and continue to be debt free.

在過去的八年裡，我們致力於降低營運費用。我們的一些競爭對手在實現同樣的目標方面沒有那麼幸運或成功，而且我們很快就耗盡了現金。雖然他們可能會以周為單位來衡量他們的現金跑道，但我們擁有超過五年的現金，仍然沒有債務。

View is trading pre-reverse stock split at less than a nickel per share, and Crown is less than half a penny. At Research Frontiers, we don't want our shareholders to have to speculate about whether our technology will make it out of the lab and into the real world. It has already done that in multiple industries.

View 在反向股票分割前的交易價格低於每股 5 美分，而 Crown 的交易價格不到半美分。在研究前沿，我們不希望我們的股東必須猜測我們的技術是否會走出實驗室並進入現實世界。它已經在多個行業中做到了這一點。

We don't want our shareholders to have to speculate about whether the technology will be high-performing and reliable, two qualities that are essential in any upscale market. Mercedes and then McLaren and then General Motors and then Ferrari, all have proven this in serial production. Airbus and Boeing and numerous other jet and turboprop and helicopter manufacturers are also proving this.

我們不希望我們的股東不得不猜測該技術是否高性能和可靠，這兩個品質在任何高端市場都是必不可少的。梅賽德斯、麥克拉倫、通用汽車和法拉利，都在批量生產中證明了這一點。空中巴士公司、波音公司以及眾多其他噴射機、渦輪螺旋槳飛機和直升機製造商也證明了這一點。

New products, in addition to the manufacturers I just mentioned, will be coming out. Since our last conference call, we added yet another auto manufacturer project. This one is from North America.

除了我剛才提到的製造商之外，還會有新產品問世。自上次電話會議以來，我們又增加了另一個汽車製造商專案。這個是來自北美的。

Now, as a caveat for this new project, do we have an estimated timeline and volumes? Yes. Will there be a straight line towards commercial production on that timeline? Maybe yes, maybe no. However, our long-standing experience in both -- in this industry has taught us to plan for both: things coming out ahead of schedule and things coming out behind schedule.

現在，作為這個新項目的警告，我們是否有估計的時間表和數量？是的。在那條時間表上會直接走向商業化生產嗎？也許是，也許不是。然而，我們在這個行業的長期經驗告訴我們要為這兩方面做好計劃：提前完成的事情和落後計劃完成的事情。

Let's go to the numbers. Our fee income was up 46% for the first nine months of this year. Automotive income was up 81% in Q3 2023 compared to Q3 2022. For the first nine months of this year, automotive fee income was up over 120% from last year. And Ferrari has shown healthy growth in sales each quarter of this year for their new Purosangue.

讓我們看一下數字。今年前 9 個月，我們的費用收入成長了 46%。與 2022 年第三季相比，2023 年第三季的汽車收入成長了 81%。今年前 9 個月，汽車費用收入比去年增加了 120% 以上。法拉利今年每季的新款 Purosangue 銷售都呈現出健康成長的態勢。

Our net loss is substantially lower. And we're looking forward to becoming cash flow positive and profitable by executing on our business plan. We expect revenue in all market segments to increase as new car models, aircraft, trains, and other products using our SPD-SmartGlass technology are introduced into the market.

我們的淨虧損大幅降低。我們期待透過執行我們的業務計劃來實現正現金流和盈利。我們預計，隨著使用我們的 SPD-SmartGlass 技術的新車型、飛機、火車和其他產品進入市場，所有細分市場的收入都會增加。

And with that, I look forward to answering your questions. And we took some of them that were e-mailed to us and included them in my presentation earlier. Here are some additional questions that were e-mailed to us. And in some cases, I'm combining several related questions into one.

至此，我期待回答您的問題。我們選取了其中一些透過電子郵件發送給我們的內容，並將其包含在我先前的演示中。以下是透過電子郵件發送給我們的一些其他問題。在某些情況下，我會將幾個相關的問題合併為一個。

[John Nelson] had asked, in the markets that the film was sold into, which market sales are growing fastest quarter over quarter and year over year?

[約翰·尼爾森]曾問過，在電影銷售的市場中，哪個市場的銷售季度環比和年增長最快？

Clearly, automotive followed by aircraft. And we expect the architectural to become more significant in 2024 and later years.

顯然，汽車緊隨其後的是飛機。我們預計該架構將在 2024 年及以後的幾年中變得更加重要。

Another question by Mr. Nelson. Any potential new markets that REFR plans to move into?

納爾遜先生的另一個問題。 REFR 計劃進入哪些潛在的新市場？

I'm certainly excited about our bread-and-butter industry growth prospects, more cars, trains, and planes; the traditional usage. As far as non-traditional markets, I'm particularly excited about the use of SPD with transparent OLED technology for displays; and alternative areas of the car to the sunroof such as headlights, heads-up displays, and sun visors; and in sun visors, both as an attached visor or built into the windshield.

我當然對我們的麵包和黃油行業的成長前景感到興奮，更多的汽車、火車和飛機；傳統用法。就非傳統市場而言，我對 SPD 與透明 OLED 技術在顯示器中的使用感到特別興奮；以及汽車天窗的替代區域，例如前燈、平視顯示器和遮陽帽；以及遮陽板，無論是作為附加遮陽板還是內建於擋風玻璃中。

I'm also excited about some of the new projects for SPD-SmartGlass and architectural. And there, we believe it's going to be both in retrofit and in new installations. And I think that's going to be very significant.

我也對 SPD-SmartGlass 和建築領域的一些新項目感到興奮。在那裡，我們相信它將同時用於改造和新安裝。我認為這將非常重要。

Next question. Given the slow sales of EVs and no announced adoptions, the market for SPD may not be a high priority considering, say, Ford is losing $40,000 a vehicle. The EV market is slowing down as the lack of interest stems from the lack of charging stations. Coupled with the auto strikes, I presume the royalties from the auto sector are now pushed out further. And also, why have we not heard about any architectural wins?

下一個問題。鑑於電動車銷售緩慢且沒有宣布採用，考慮到福特每輛車損失 40,000 美元，SPD 市場可能不是重中之重。由於缺乏充電站而缺乏興趣，電動車市場正在放緩。再加上汽車罷工，我認為汽車產業的特許權使用費現在被進一步推高。而且，為什麼我們沒有聽過任何建築上的勝利？

Well, thank you, Jeff, for that question. First of all, based on what's in the pipeline, I expect architectural projects, both new and retrofit in 2024. And I don't think the UAW strike affected us at all. We're mostly in Europe and in Asia, and the strike is also basically over now. And things are returning to normal.

好吧，謝謝傑夫提出這個問題。首先，根據正在進行的項目，我預計 2024 年將有新建和改造的建築項目。而且我認為 UAW 罷工根本不會影響我們。我們主要在歐洲和亞洲，罷工現在基本上已經結束了。一切正在恢復正常。

Regarding EVs, I think a lot of companies were caught up in the EV development momentum and did not fully realize the economic and technical challenges. I don't think that will help us. It will affect us, however, I don't think it's going to hurt us.

關於電動車，我認為很多公司都被電動車的發展勢頭所吸引，並沒有充分意識到經濟和技術的挑戰。我認為這對我們沒有幫助。它會影響我們，但是，我不認為它會傷害我們。

For some companies like BMW and Mercedes and Tesla have a leg up on other traditional card companies trying to make EVs, much higher margins than, let's say, Ford. Also, the same 5.5% increase in driving range for EVs applies to increase gas mileage for internal combustion engine vehicles and is also added in ICE's, 4 grams per kilometer reduction in CO2 emissions. So we'll be fine either way. I mean, there's even an argument, Jeff, that if EV slow down, you're going to have to do more to reduce CO2 emissions through the reduction techniques of using things like smart glass.

對於寶馬、梅賽德斯和特斯拉等一些公司來說，它們在生產電動車方面比其他試圖生產電動車的傳統信用卡公司具有優勢，其利潤率比福特等公司要高得多。此外，電動車的行駛里程同樣增加了 5.5%，從而增加了內燃機汽車的油耗，並且在 ICE 中也增加了每公里二氧化碳排放量減少 4 克。所以無論如何我們都會沒事的。我的意思是，傑夫，甚至有人認為，如果電動車減速，你將不得不採取更多措施，透過使用智慧玻璃等減排技術來減少二氧化碳排放。

So it may actually help us, although, I'm not rooting for a reduction in EVs. I think some are very good vehicles, and some have challenges that eventually will be overcome.

所以它實際上可能對我們有幫助，儘管我並不支持減少電動車。我認為有些是非常好的車輛，有些則面臨最終將被克服的挑戰。

Next question. LG is introducing multiple models of transparent OLED for commercial and residential applications. I would think that any used in windows in an outdoor sunny environment, we need SPD. Do you have any ballpark estimate as to what percentage of these different markets might use SPD? Thank you.

下一個問題。 LG 正在為商業和住宅應用推出多種型號的透明 OLED。我認為任何用於室外陽光明媚環境的窗戶，我們都需要SPD。對於這些不同市場中可能使用 SPD 的百分比，您有什麼大致的估計嗎？謝謝。

First of all, I agree that anytime a transparent OLED is used outdoors or with daylight behind it, such as turning the window in your home into a television or putting infill on a vehicle window. Like BMW spoke about at CES this year with their SPD-SmartGlass equipped car that they demo then -- highlighted at Oliver Zipse's keynote address, you're going to need SPD film. Anytime there's daylight behind a display, I think you're going to need it.

首先，我同意在任何時候在戶外或在日光照射下使用透明 OLED，例如將家中的窗戶變成電視或在車窗上填充填充物。就像BMW在今年的 CES 上展示的配備 SPD-SmartGlass 的汽車一樣 - Oliver Zipse 的主題演講中強調，您將需要 SPD 薄膜。每當顯示器後面有日光時，我想你都會需要它。

I don't think anyone can predict today, including LG, the penetration rates there. But I think that the markets are enormous. And I mentioned earlier, it's one of the new markets for SPD that I'm quite excited about.

我認為今天沒有人能夠預測那裡的滲透率，包括 LG。但我認為市場是巨大的。我之前提到過，這是令我非常興奮的 SPD 新市場之一。

Another question. Hi, Joe. In the Q1 2023 conference call, you talked about retrofit SPD windows accordingly. But we have a very well established, mature, well-capitalized licensee that has developed their own retrofit solution or architectural. And we see that as being a game changer for architectural SPD-Smart windows too.

另一個問題。嗨，喬。在 2023 年第一季的電話會議中，您相應地談到了改造 SPD 窗戶。但我們有一個非常完善、成熟、資本充足的被授權人，他們開發了自己的改造解決方案或架構。我們認為這也將改變建築 SPD 智慧窗戶的遊戲規則。

And then in Q2, I'm quoted at saying, we haven't put a timeframe on it. I don't see any showstoppers and why it could come out tomorrow if it needed to. And I think we're all pushing for that because I think we all understand that in the architectural market, it's a game changer.

然後在第二季度，有人引用我的話說，我們還沒有設定時間表。我沒有看到任何精彩的內容，也不知道為什麼如果需要的話明天就會發布。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，它是遊戲規則的改變者。

Well, thank you, Rick, for the question. As I mentioned earlier, this is one of the new emerging areas that I'm quite excited about and expect retrofit architectural applications to come online next year.

嗯，謝謝你，里克，提出這個問題。正如我之前提到的，這是我感到非常興奮的新興領域之一，並期望改造架構應用程式明年上線。

And just to maybe put a little bit more detail into why I think it's a game changer. Right now, you either have to take out your glass and put a new glass, which in a residential application for a home is not that big of a deal. But for a building, a multi-family unit, which is the prime area for smart glass, you'd have to put up scaffolding if you're in New York, get landlord approval, and all sorts of things.

也許只是為了更詳細地解釋為什麼我認為它會改變遊戲規則。現在，您必須取出玻璃並安裝新玻璃，這在住宅應用中並不是什麼大問題。但對於一棟建築、一個多戶單元，這是智慧玻璃的主要區域，如果你在紐約，你必須搭建鷹架，獲得房東的批准，等等。

So being able to retrofit it from the inside like the system we have allows us to do, I think, is definitely a game changer and would substantially reduce the costs and simply allow a building to be retrofitted, perhaps even over a weekend when there's nobody in the buildings, if it's an office building.

因此，我認為，能夠像我們現有的系統一樣從內部對其進行改造，絕對會改變遊戲規則，並且會大大降低成本，並且只需允許對建築物進行改造，甚至可能在周末沒有人的情況下進行改造在建築物中，如果是辦公大樓。

Another, Jeff asked four questions. We've answered three of them. Here's the fourth. Does management believe the company website is adequate and upgrading with fresh content and a new design is unnecessary?

另外，傑夫問了四個問題。我們已經回答了其中三個。這是第四個。管理階層是否認為公司網站足夠，無需升級新內容和新設計？

Well, thanks for that question, Jeff. We're a business-to-business company. So while websites are important, it's less critical than if we were a B2C business. And then I'm sure some differences of opinion.

好吧，謝謝你提出這個問題，傑夫。我們是一家企業對企業的公司。因此，雖然網站很重要，但它的重要性不如 B2C 企業那麼重要。然後我肯定會有一些意見分歧。

Some of the automakers we work with actually have complimented us on our current website. So I don't think it's affecting sales. And they know where to go, and they want to get the best switchable glass.

事實上，一些與我們合作的汽車製造商在我們目前的網站上對我們表示了讚揚。所以我認為這不會影響銷售。他們知道該去哪裡，並且希望獲得最好的可切換玻璃。

But having said that, and to put this in context, in 1995, when the Internet was first becoming commercialized, we saw the potential. In 1995, there were an estimated 23,500 websites in the world. We were one of them. And I actually had to learn HTML coding because the current tools for web design just didn't exist back then. And today, there's over 1.5 billion estimated websites around the world.

但話雖如此，並結合上下文來看，在 1995 年，當網路首次商業化時，我們看到了潛力。 1995 年，全球估計有 23,500 個網站。我們就是其中之一。事實上，我必須學習 HTML 編碼，因為當時還不存在目前的網頁設計工具。如今，全球估計有超過 15 億個網站。

Over the years, we've gone through multiple evolutions of our website. And while it may not be an immediate priority, I'm sure we will upgrade it. And while opinions can differ on our website, there's always room for improvement in everything we do. So it's something that we'll probably focus on.

多年來，我們的網站經歷了多次演變。雖然它可能不是當務之急，但我確信我們會對其進行升級。儘管我們網站上的意見可能有所不同，但我們所做的一切總有改進的空間。所以這是我們可能會關注的事情。

Next question. The Lucid car has a large sunroof, and I have read that they're complaining about the interior heat. Has anyone approached Research Frontiers for a solution?

下一個問題。 Lucid 汽車有一個大天窗，我讀到他們抱怨車內過熱。有人向研究前沿尋求解決方案嗎？

Well, thank you, Mr. Hutton, for that question. Yes, we actually have an ongoing project with Lucid to help them with this. And we're seeing heat buildup inside the vehicle is becoming more and more of a problem in need of a solution, especially with panoramic glass roofs becoming more common. And if you just go out there and look at the blogs, you'll see a lot of people are complaining about a number of different vehicles that have massive heat buildup.

嗯，謝謝赫頓先生提出這個問題。是的，我們實際上與 Lucid 正在進行一個專案來幫助他們解決這個問題。我們發現車內的熱量累積越來越成為一個需要解決的問題，尤其是隨著全景玻璃天窗變得越來越普遍。如果您出去看看博客，您會發現很多人都在抱怨許多不同的車輛產生大量熱量。

And I remember, there was a wonderful video actually. When the McLaren first came out, the automotive news reported that was doing the test drive did a video. And he was talking about how the prior version of it was like sitting in a microwave oven but how cool the SPD-SmartGlass was in that vehicle and how cool to the touch it was.

我記得，實際上有一個很棒的視頻。當麥克拉倫第一次問世時，汽車新聞報道稱正在試駕並製作了影片。他正在談論它的早期版本就像坐在微波爐中一樣，但 SPD-SmartGlass 在該車輛中是多麼酷，而且摸起來是多麼酷。

Anyway, today, we've discussed a lot of exciting topics. And I'll now ask our operator, Paul, to open up the conference to any additional questions people participating today might have that we haven't already covered.

無論如何，今天我們討論了很多令人興奮的話題。我現在請我們的接線員保羅在會議上開放，回答今天參加的人們可能提出的我們尚未討論的任何其他問題。

(Operator Instructions) [Francis Cortado].

（操作員說明）[弗朗西斯·科塔多]。

Hello. Good afternoon, Joe.

你好。下午好，喬。

Hi. How are you doing?

你好。你好嗎？

Pretty good. Last conference call, you mentioned that the shareholders are going to be greatly rewarded in this particular 2023. Do you stand by that statement?

不錯。上次電話會議，您提到股東將在2023年獲得豐厚回報。您支持這項說法嗎？

Well, the timing is obviously off. Our stock is down. And as a shareholder, I don't -- I'm not happy about that because my net worth is tied up in this company.

嗯，時機顯然不對。我們的庫存下降了。作為股東，我對此並不滿意，因為我的淨資產與這家公司息息相關。

But I do think that part of this was the delay in the Asian vehicle that we were expecting to have happen in the fourth quarter. And like I said, we take ownership of that.

但我確實認為部分原因是亞洲車輛的延遲，我們預計在第四季發生這種情況。就像我說的，我們擁有它。

Yeah. But with all the uncertainly, why would you make such a statement like that Joe?

是的。但在一切不確定的情況下，為什麼要像喬一樣發表這樣的聲明呢？

Because we were told that that would be the timing, and then we were told that the timing changed. That's the nature of the automotive industry.

因為我們被告知那將是時間安排，然後我們被告知時間安排發生了變化。這就是汽車產業的本質。

But it's the nature of the CEO to present himself in such a case that he doesn't bring all the hope together for all the shareholders, don't you agree?

但執行長的本性就是在這樣的情況下表現自己，他不能為所有股東帶來所有的希望，你不同意嗎？

It's a fair point. Like I said, we do the best we can with the information we're given. I mean, the alternative is just wait for everything to happen and announce it after the fact. But I think that a lot of people would prefer to get at least a sense as to the directions that we're moving in and the progress we're making. (multiple speakers) And I'll admit it was a judgement call, and I was wrong on that one.

這是一個公平的觀點。就像我說的，我們會盡力利用所獲得的資訊。我的意思是，另一個選擇是等待一切發生並在事後宣布。但我認為很多人至少希望了解我們正在前進的方向和正在取得的進展。 （多名發言者）我承認這是一種判斷，而我在這一點上是錯誤的。

Thank you.

謝謝。

Thank you.

謝謝。

John Nelson.

約翰·納爾遜.

Hi, Joe.

嗨，喬。

Hi, John. By the way, thank you for your renewed investment in the company.

你好，約翰。順便說一下，感謝您對公司的重新投資。

Well, it's all about potential. So I'm feeling good about my investment in Research Frontiers.

嗯，一切都與潛力有關。所以我對我在研究前沿的投資感覺很好。

The press release states that fee income during the first nine months was up 46% versus nine months last year. And then the income for the third quarter was up 9% compared to last year's quarter. What accounted for the difference --?

新聞稿稱，前 9 個月的費用收入比去年 9 個月增加了 46%。第三季的營收比去年同期成長了9%。是什麼造成了這種差異──？

What's the difference?

有什麼不同？

Yeah.

是的。

A lot of it is timing. I mean, when you're comparing quarter to quarter, there could be specific events in one particular quarter last year that where there was a blip up. And when you take a longer period of time like nine months versus nine months, you get -- it's a little more smoothed out. And that's why the automotive income was up substantially for the nine months.

很多都是時間問題。我的意思是，當你比較季度與季度時，去年的某個特定季度可能會發生一些特定事件，導致突發事件。當你花更長的時間，例如九個月與九個月相比，你會得到——它會更平滑一些。這就是汽車收入在這九個月大幅成長的原因。

Okay. Good --

好的。好的 -

And also, as I mentioned earlier, I think you started to see Ferrari really kick in with some good growth in the adoption of SPD. Just to --

而且，正如我之前提到的，我認為您開始看到法拉利在 SPD 的採用方面取得了一些良好的增長。只為了 -

Okay. Thank you.

好的。謝謝。

Thanks a lot.

多謝。

(Operator Instructions) [Art Brady].

（操作員說明）[Art Brady]。

Hi, Joe. Art Brady here.

嗨，喬。阿特·布雷迪在這裡。

Hi, Art.

嗨，藝術。

Can you give us a little picture on when the actual billings would start with LG?

能為我們介紹一下 LG 何時開始實際計費嗎？

All of our license agreements have a provision that the licensee typically pays us 45 days after the end of the quarter in which a product is sold. So there may be products sold as part of the development process and things like that. But the real numbers come in when it hits the consumer markets, just like automotive, just like aircraft, just like architectural.

我們所有的授權協議都有一項規定，即被授權人通常在產品銷售季度結束後 45 天向我們付款。因此，可能會有作為開發過程的一部分出售的產品以及類似的事情。但當它進入消費市場時，真正的數字就會出現，就像汽車、飛機、建築一樣。

So that would mean starting maybe early January?

那麼這意味著可能從一月初開始？

When they decide to introduce the products, that's when you'll start to see revenues kick in. And to understand, there's also a lot of licensees have to achieve a minimum royalty before you see additional income. And they would have to exceed the minimum royalty for the year before you start having accretive new income.

當他們決定推出產品時，您會開始看到收入開始增加。要了解的是，還有很多被授權人必須達到最低特許權使用費才能看到額外收入。在您開始增加新收入之前，他們必須超過當年的最低特許權使用費。

So just to use numbers, if somebody had a $100,000 minimum royalty, that means -- and a 10% royalty, let's say, for automotive, you only see new revenue come in after they've achieved the $1 million in sales of products, which would generate $100,000 in royalty income. Then the next dollar after that generates another additional revenue.

因此，僅用數字來說，如果某人的最低特許權使用費為100,000 美元，這意味著- 比如說，對於汽車業，特許權使用費為10%，您只有在產品銷售額達到100 萬美元後來才會看到新的收入，這將產生 10 萬美元的特許權使用費收入。然後下一美元就會產生另一筆額外收入。

Okay. Thank you.

好的。謝謝。

Thanks a lot, Art.

非常感謝，藝術。

(Operator Instructions) [David Paradiso].

（操作員說明）[David Paradiso]。

Hi, Joe.

嗨，喬。

Hi, Dave.

嗨，戴夫。

I've been a shareholder for 29 years now and still waiting. And given that the price of the stock is where it is, I'm concerned once again about delisting. Can you talk about the timing of when REFR could be delisted and ramifications and all that?

我已經成為股東 29 年了，但仍在等待。鑑於該股的價格就是現在的水平，我再次擔心退市問題。您能談談 REFR 何時下市以及後果等問題嗎？

Sure. So first of all, I don't expect it to happen. And I don't think we're going to have to do what our two competitors did with the 60-to-1 reverse stock split just to get their stock over $1. And one of them has already drifted down and got another delisting notice.

當然。所以首先，我不希望它發生。我認為我們不必像我們的兩個競爭對手那樣，透過 60 比 1 的反向股票分割來讓他們的股票超過 1 美元。而其中一家已經漂流下來，再次收到下市通知。

But typically, the Nasdaq rules require that if you trade below $1 for a certain period of time, then you have 180 days to come into compliance and trade above $1. And if that doesn't happen, typically, there's another six-month period that's granted. And usually, what companies have done is do things like Woodview and Crown did, which is reverse stock splits to try to get their stock above $1. I don't expect that to happen.

但通常情況下，納斯達克規則要求，如果您在一段時間內的交易價格低於 1 美元，那麼您有 180 天的時間遵守規定，交易價格高於 1 美元。如果這種情況沒有發生，通常還會再給予六個月的期限。通常，公司所做的就是像 Woodview 和 Crown 那樣做，即反向股票分割，試圖讓他們的股票高於 1 美元。我不希望這種情況發生。

I think we're in a period where there hasn't been any news. And I'm pretty confident that there will be good news well within the timeframe I just mentioned. So I'm not at all even thinking about it.

我認為我們正處於一個沒有任何消息的時期。我非常有信心在我剛才提到的時間內將會有好消息。所以我根本就沒有去想它。

Okay. Thank you.

好的。謝謝。

Thanks a lot, Dave.

非常感謝，戴夫。

[David Forrester].

[大衛‧福雷斯特]。

Well, actually, it's Michael Forrester, if you can hear me.

嗯，實際上，我是邁克爾·福雷斯特（Michael Forrester），如果你能聽到我的話。

It's Michael Forrester. How are you doing, Michael?

我是麥可‧福雷斯特。你好嗎，麥可？

I apologize, sir. Michael Forrester.

我很抱歉，先生。麥可·福雷斯特.

In regard to -- we had two suppliers of the film, Gauzy for one and Hitachi, which I think sold off its interest. Is there a problem in getting people to adapt the SPD technology because of a lack of multiple suppliers?

關於——我們有兩家薄膜供應商，一家是 Gauzy，另一家是日立，我認為日立已經賣掉了它的權益。由於缺乏多個供應商，讓人們採用 SPD 技術是否有問題？

No. There's more to the Hitachi story, which I think people will be pleased with when they hear about it. But no, we haven't encountered that.

不。日立的故事還有更多內容，我認為人們聽到後會很高興。但不，我們還沒有遇過這種情況。

What the automakers, especially where they like to have multiple suppliers, have been focusing on is on multiple sources of lamination. So they have the glass laminator that -- which is the person that set -- the company that sets the price for the automaker for things like sunroofs.

汽車製造商，尤其是喜歡擁有多個供應商的汽車製造商，一直關注的是層壓板的多種來源。因此，他們擁有玻璃層壓機——也就是設定者——該公司為汽車製造商設定天窗等產品的價格。

It's having multiples. And that's part of the supply chain that has been important. And then we have basically the who's who of the auto glass industry license.

它有多個。這是供應鏈中非常重要的一部分。然後我們基本上就掌握了汽車玻璃產業牌照的名人錄。

So the automakers seem very comfortable with everything. And in this recent North American project, we went through a good list of potential licensees to supply the project. And they were all companies that the automaker would welcome working with. So it's been fine.

所以汽車製造商似乎對一切都很滿意。在最近的這個北美專案中，我們仔細檢查了一份為該專案供貨的潛在被授權人名單。這些都是汽車製造商歡迎與之合作的公司。所以一切都很好。

Well, you brought up at the beginning the problems in Israel right now. And I'm just -- it strikes me that if it's realistically that Gauzy is the only producer of volume of film, there's a limit on what Gauzy can currently produce, and maybe they haven't hit the limit yet. But is that a barrier? Do you get that feedback from potential customers?

嗯，你一開始就提到了以色列現在的問題。我只是 - 令我震驚的是，如果 Gauzy 實際上是唯一電影產量的製片人，那麼 Gauzy 目前可以製作的內容是有限的，也許他們還沒有達到極限。但這是障礙嗎？您是否從潛在客戶那裡得到了回饋？

No, I don't. It's a fair question, though. So let me delve a little bit deeper into that, maybe give people some comfort on that.

不，我不。不過，這是一個公平的問題。因此，讓我更深入地研究這一點，也許可以給人們一些安慰。

So Gauzy actually has locations throughout the world, not just in one place. And they also have multiple locations even within Israel. So if God forbid something happened to their main facility in Tel Aviv-Yafo, and I've seen the Iron Dome at work, and it works quite well. So it's a low chance in a populated area like that of something striking.

所以 Gauzy 實際上在世界各地都有分支機構，而不僅僅是一處。即使在以色列境內，他們也有多個地點。因此，如果上帝保佑他們在特拉維夫-雅法的主要設施發生什麼事，我已經看到鐵穹正在工作，而且效果很好。因此，在人口稠密的地區，像引人注目的地方那樣，發生這種情況的可能性很小。

But even if it did, there's a facility not 10 minutes away that things can be moved to. And then there's also facilities in Germany and other places that can house it. So they -- unfortunately, the world they live in involves contingency planning that we don't have to do in New York. Nobody's threatened, thankfully, not right now.

但即使這樣做了，不到 10 分鐘路程就有一個設施可以把東西搬到那裡。德國和其他地方也有可以容納它的設施。因此，不幸的是，他們所處的世界涉及應急計劃，而我們在紐約則不必這樣做。謝天謝地，目前沒有人受到威脅。

So it's very much part of their strategic planning to be able to deal with situations like that. And --

因此，能夠處理此類情況是他們策略規劃的重要組成部分。和 -

I have another.

我還有一個。

Sure.

當然。

Yeah. You've talked about reduction of costs that's primarily administrative or internal. And I --

是的。您談到了主要是管理或內部成本的降低。和我 -

Yeah, at Research Frontiers. The other focus on cost is that the end product side. And there, we've gotten the cost of the SPD film to a fraction of what it was in the beginning.

是的，在研究前沿。成本的另一個重點是最終產品方面。在那裡，我們已經將 SPD 膠片的成本降低到了最初的一小部分。

Well, I'll preface my question with -- I understand you have contracts with various licensees. And I presume, correct me if I'm wrong, that a typical provision is that the licensee gets the cheapest price that's offered to any licensee now or in the near future.

好吧，我將用以下內容作為我的問題的開頭：我了解您與各個被授權人簽訂了合約。我認為，如果我錯了，請糾正我，一個典型的條款是被許可人獲得現在或不久的將來向任何被許可人提供的最便宜的價格。

No.

不。

No?

不？

No.

不。

Okay.

好的。

There's no most favorite nations provisions. But with volume, you get discounts. And if somebody is developing a large use of SPD film, for example, they'll get a better price I'm sure from Gauzy than someone that's doing a couple of windows.

沒有最受喜愛國家的規定。但隨著數量的增加，你會得到折扣。例如，如果有人正在開發大量使用 SPD 膠片的產品，我確信他們會從 Gauzy 那裡得到比生產幾扇窗戶的人更好的價格。

Well, return, as I understand it, is typically 10%.

嗯，據我了解，回報率通常為 10%。

10% in automotive, 15% in the other markets of the revenue.

收入的 10% 用於汽車市場，15% 用於其他市場。

Okay. In that regard, if we offered 9.5% to a big buyer, so that increases the use of the product and gets other competitors of that buyer interested in competing. Has that been considered as a way of even though if we lose some revenue in the [short] --?

好的。在這方面，如果我們向大買家提供 9.5% 的折扣，那麼就會增加產品的使用，並使該買家的其他競爭對手有興趣競爭。即使我們在[短期]中損失一些收入，這是否被視為一種方式？

It's certainly been -- yeah, yeah. No. I mean, look. We're -- and that's an excellent question. Maximizing revenue, because we get paid based on revenue, is positive for Research Frontiers. So going from, let's say, 10% to 9.5%, if there was huge volumes in a product that someone could commit to, it's definitely something we've considered and discussed.

這當然是——是的，是的。不，我是說，看。我們是——這是一個很好的問題。收入最大化，因為我們根據收入獲得報酬，這對研究前沿是積極的。因此，從 10% 到 9.5%，如果有人可以承諾生產大量產品，那麼這絕對是我們考慮和討論過的事情。

The issue, though, is that for that to happen, the licensee has to commit to large volumes. And for that to happen, their automotive customers have to commit to large volumes. So they have to either make the standard equipment, and you know how much class place you're putting in a vehicle and how much of it is smart glass, or commit to a certain make rate. So you know, once again, how much glass you're putting.

但問題是，要實現這一點，被授權人必須承諾大量生產。為此，他們的汽車客戶必須承諾大量生產。因此，他們必須要么製造標準設備，並且你知道你要在車輛中放置多少級別，其中有多少是智慧玻璃，要么承諾一定的製造率。所以你再一次知道你放了多少玻璃。

Or the way it is now, it's the customer deciding the configuration of what cars they want. And that's less predictable for the automaker, obviously. And less predictable for the glass laminating licensee. So if someone's willing to make a commitment, we certainly would consider a reduction if it was an impediment, or if we can get more some more revenue out of it. Because our cost (multiple speakers)

或者說現在的情況是，由客戶決定他們想要什麼汽車的配置。顯然，這對汽車製造商來說不太可預測。對於玻璃層壓被授權人來說更難以預測。因此，如果有人願意做出承諾，如果它是一個障礙，或者我們可以從中獲得更多收入，我們當然會考慮減少。因為我們的成本（多個發言者）

Last topic. I see that there's -- warrants were purchased. Can you tell us what the lowest cost price to purchase stock of Research Frontiers by a warrant holder?

最後一個話題。我看到有——認股權證被購買了。您能否告訴我們認股權證持有人購買 Research Frontiers 股票的最低成本價格是多少？

I'd have to look. I don't have that number in front of me. It's in our 10-Q though, the weighted average and the exercise price of the warrants. Some go as high as $4 or $5.

我得看看。我面前沒有這個號碼。不過，它是在我們的 10-Q 中，即認股權證的加權平均價和行使價。有些價格高達 4 或 5 美元。

(multiple speakers) warrants.

（多位發言者）認股權證。

Yeah. Some go -- some are exercisable at $4, $4.30. Some are exercisable at lower prices.

是的。有些行使——有些可以以 4 美元、4.30 美元的價格行使。有些可以以較低的價格行使。

No warrants were purchased, though. I mean, there were some that were exercised in the first nine months of this year because they were in the money. And I think that was at $1.38, if I remember right, per share.

不過，沒有購買任何認股權證。我的意思是，今年前九個月有一些股票被行使，因為它們是實值的。如果我沒記錯的話，我認為每股價格為 1.38 美元。

All right. Well, last question. Are there any warrant holders who could purchase stock now at a price less than the market?

好的。好吧，最後一個問題。是否有認股權證持有人現在可以以低於市場的價格購買股票？

No.

不。

All right. Thanks.

好的。謝謝。

Thanks a lot, Michael.

非常感謝，麥可。

John Nelson.

約翰·納爾遜.

Hi, Joe. This is a follow-up. Earlier in the call, you mentioned the project near and dear to both of us due to the massive potential size of the market of the visor project, either attached or built into --

嗨，喬。這是後續行動。在電話會議的早些時候，您提到了這個對我們雙方來說都非常重要的項目，因為遮陽板項目的市場潛力巨大，無論是附加的還是內置的——

Or built the window field, right?

或是建個視窗字段吧？

Yeah. Without naming names, can you share any further details on the visor project?

是的。在不透露姓名的情況下，您能否分享更多有關遮陽板專案的細節？

So I could probably talk about what's been public only. In McLaren, there's one version of the McLaren that has, what's called, the charlotte roof, which is a panoramic roof that wraps down into the windshield of the car, if you can imagine. So that band between the windshield and the roof is not metal. It's a curved piece of glass.

所以我可能只能談公開的內容。在麥克拉倫，有一個版本的麥克拉倫具有所謂的夏洛特車頂，如果您能想像的話，這是一個全景車頂，可以包裹到汽車的擋風玻璃中。因此擋風玻璃和車頂之間的帶子不是金屬的。這是一塊彎曲的玻璃。

And they've actually done the sun visor built into that. It's been done in low volume. And for other manufacturers that have much higher volumes, we've had development projects, building that into this -- into the windshield itself.

他們實際上已經在其中內建了遮陽板。它是小批量完成的。對於其他產量更高的製造商，我們已經制定了開發項目，將其融入擋風玻璃本身。

And what's cool about that, John, is that you can actually do multi segmented -- multiple segments in the sun visor. So then if you combine that with, let's say, a photocell, it detects where the (technical difficulty).

約翰，這很酷的是，你實際上可以在遮陽板中進行多個分段——多個分段。因此，如果您將其與光電管結合起來，它就會檢測到（技術難度）。

Hello?

你好？

I'm sorry. Mr. Harary, we seemed have lost you.

對不起。哈拉里先生，我們似乎失去了你。

Okay. Is that better now?

好的。現在好點了嗎？

Yes. You're back, sir.

是的。你回來了，先生。

Okay. Thank you. Yeah. So you could adjust the -- which segment of the sun visor actually goes up and down or goes dark or light with a photocell when you build it into the windshield.

好的。謝謝。是的。因此，當您將遮陽板內建到擋風玻璃中時，您可以使用光電管來調整遮陽板的哪一部分實際上會上下移動或變暗或變亮。

[Alan Ginsberg].

[艾倫金斯伯格]。

Okay. Yes. Hello. Joe, how are you?

好的。是的。你好。喬，你好嗎？

I'm good. My question is a follow up to one of the previous questions, and that has to do with suppliers. Now, I understand what you said about fabricators, et cetera. But I'm sure that end users also look at the situation in Israel.

我很好。我的問題是前一個問題的後續問題，與供應商有關。現在，我明白你所說的有關製造商等的內容。但我確信最終用戶也會注意以色列的情況。

So you mentioned Hitachi, and that will be hearing something. And I'm very interested in that as a second supplier. So can you give us a little more color on that?

所以你提到了日立，那將會聽到一些東西。作為第二供應商，我對此非常感興趣。那你能給我們更多的資訊嗎？

At this point (technical difficulty).

至此（技術難度）。

Okay. Thank you. I apologize. We had a voiceover Internet issue, and I think it's been resolved now.

好的。謝謝。我道歉。我們遇到了網路配音問題，我認為現在已經解決了。

Hello?

你好？

Yes. Can you hear me?

是的。你聽得到我嗎？

Yeah. Am I on the line with you now, Joe?

是的。我現在正在跟你通話嗎，喬？

You still are. Okay.

你仍然是。好的。

Hi. I asked you about Hitachi, and that's when we got cut off.

你好。我向你詢問了日立的情況，然後我們就被切斷了。

Okay. Yeah. At this point, I'm not able to give more details about that, but I think everyone will be very happy with some of the details when they do come out. And hopefully, there will be a time soon when I can do that.

好的。是的。目前，我無法提供更多細節，但我認為當某些細節出來時，每個人都會對它們感到非常滿意。希望很快我就能做到這一點。

So is that a near-term thing that we might hear something about it?

那麼這是近期我們可能會聽到的事情嗎？

It's not within my control, but it could be very near term.

這不在我的控制範圍內，但可能很快就會發生。

Okay. That's important to me. Thank you.

好的。這對我很重要。謝謝。

You're welcome.

不客氣。

(Operator Instructions) [Tom Smith].

（操作員說明）[湯姆·史密斯]。

Hi, Joe.

嗨，喬。

Hi, Tom. How are you?

你好湯姆。你好嗎？

Good, good. So as you've probably seen, there was rumors that Cybertruck might have electrochromic. You opened the conference call and mentioned the Cybertruck. Then you mentioned that at that time it didn't have SPD. I don't think investors have much -- (multiple speakers)

好好。正如您可能已經看到的那樣，有傳言稱 Cyber​​truck 可能具有電致變色功能。您打開電話會議並提到了 Cyber​​truck。然後你提到當時沒有SPD。我認為投資者沒有太多——（多位發言者）

I don't want you to read too much. I don't want you to read too much into that. It was more of an example of a vehicle that came out from a very reputable and innovative auto manufacturer that had its share of delays and technical issues too. And it is the world we live in.

我不想讓你讀太多書。我不想讓你對此有過多的解讀。這更多的是來自一家非常有信譽和創新的汽車製造商生產的車輛的一個例子，該製造商也有延遲和技術問題。這就是我們所生活的世界。

(multiple speakers) making sure.

（多個發言者）確保。

Thanks for asking that.

謝謝你這麼問。

Yeah. And then how about Rivian? Anything on Rivian talk, because they seem to be growing, and they have shown SPD before?

是的。那麼 Rivian 呢？有什麼關於 Rivian 的談話嗎？因為他們似乎在成長，而且他們以前也表現過 SPD？

Yeah, they have shown SPD. And we hope that they will show it again, because they are having issues with the heat buildup inside the vehicle. So we're out there [as] this solution for many, many people.

是的，他們展示了 SPD。我們希望他們能再次展示它，因為他們遇到了車內熱量積聚的問題。因此，我們為許多很多人提供了這個解決方案。

And then as far as the Hyundai, you said first half. I mean, that's a large timeframe. Do you have -- is it more towards Q1 or Q2, or you just have no idea?

至於現代，你說的是上半場。我的意思是，這是一個很長的時間範圍。你有嗎——是更傾向於第一季度還是第二季度，或者你只是不知道？

I'm reluctant to give more of a precise timing, because last time I did I was called out on it. So if you don't mind, I got to leave it somewhat long term.

我不願意提供更多準確的時間，因為上次我這樣做時就被叫到了。所以如果你不介意的話，我得把它擱置得更久一些。

Has there been any more (multiple speakers)?

還有其他人嗎（多位發言者）？

I was talking about the next. Yeah. First half, we're talking about within the next six to eight months.

我正在談論下一步。是的。上半年，我們談的是未來六到八個月內。

Has there any been more -- any more confirmation on it, or does it stand where the confirmation was before? Or is it looking more certain, or you can't say, or you don't know?

是否有更多的確認，或者它是否與先前的確認保持一致？或者它看起來更確定，或者你不能說，或者你不知道？

It's looking more certain. But, like I said, I'm reluctant to make any predictions given the fact that one of them just bit me in the butt.

看起來更加確定了。但是，就像我說的，鑑於其中一個剛剛咬了我的屁股，我不願意做出任何預測。

Okay. All right. Thank you.

好的。好的。謝謝。

Thanks.

謝謝。

John Nelson.

約翰·納爾遜.

Hi. Joe, we got cut off.

你好。喬，我們被切斷了。

Sorry about that, John.

很抱歉，約翰。

Don't know what happened.

不知道發生了什麼事。

We had an Internet issue that -- [he] said.

我們遇到了一個網路問題—[他]說。

Did I miss anything on comments? Any more comments on the -- or details on the visor project?

我錯過了評論中的任何內容嗎？遮陽板項目還有更多評論或細節嗎？

Other than that we have development efforts in the past and currently, both in the windshield and as a standalone, and that McLaren had actually put it in series production. And you can have a system where it detects where the sun is on the horizon and decides which segment to darken and lighten based on where the sun is. So it's something that I think is a very good application, and something near and dear to my heart as well. (multiple speakers) quite a bit.

除此之外，我們過去和現在都在擋風玻璃和獨立產品方面進行了開發工作，麥克拉倫實際上已將其投入批量生產。您可以擁有一個系統，它可以偵測太陽在地平線上的位置，並根據太陽的位置決定哪個部分變暗或變亮。所以我認為這是一個非常好的應用程序，也是我所喜愛的。 （多個發言者）相當多。

Okay. Are the partners that you're in project with this -- one partner for both fixed and attached or two parts?

好的。您參與此專案的合作夥伴是固定零件和附加零件的一個合作夥伴還是兩個零件？

Different. Different licensees.

不同的。不同的被授權人。

Okay, excellent. Thank you very much.

好的，非常好。非常感謝。

Thank you. Thanks a lot, John.

謝謝。非常感謝，約翰。

[Tom McCarthy].

[湯姆·麥卡錫]。

Hi, Joe.

嗨，喬。

Hi, Tom. How are you?

你好湯姆。你好嗎？

Good. Enjoying retirement. And as a former financial adviser, I'm very aware that the investment community is going to be looking at Research Frontiers and painting it with the same as we did View and Crown and other similar companies or similar products that aren't going to be successful. In other words, Research Frontiers is going to have to do a good, strong, aggressive PR initiative, I believe, to really get the investment community to take a serious look at it. What are the plans to do that?

好的。享受退休生活。作為一名前財務顧問，我非常清楚投資界將專注於研究前沿，並以與 View 和 Crown 以及其他類似公司或類似產品相同的方式進行繪製，但這些公司不會成功的。換句話說，我相信，研究前沿必須採取良好、有力、積極的公關舉措，才能真正讓投資界認真對待它。這樣做的計劃是什麼？

Sure. So that's a fair question and something that both we and Gauzy incidentally have discussed many, many times in terms of that. There are big differences between us and Crown, and us and View. First of all, the economics.

當然。所以這是一個公平的問題，我們和高齊順便討論過很多次。我們和Crown、我們和View之間有很大的不同。首先是經濟。

View is a bad company, in my opinion, because the technology doesn't perform well. And they had an accounting fraud issue. And it's not for lack of sales, it's for lack of performance. And they are highly subsidized their sales, so they lost $250 million in cash last year.

在我看來，View 是一家糟糕的公司，因為技術表現不佳。他們還存在會計欺詐問題。這並不是因為銷量不足，而是因為業績不佳。而且他們的銷售得到了高額補貼，因此去年他們損失了 2.5 億美元的現金。

We didn't. And I can pretty much assure you that there's nobody in our supply chain that is building a business around that business model of highly subsidizing to the point of losing massive amounts of money. That's just not in anyone's DNA. Every project has to stand on its own economically, and it will, and that's one of the key differences.

我們沒有。我幾乎可以向你保證，我們的供應鏈中沒有人圍繞著高額補貼的商業模式建立業務，以至於損失大量資金。這不存在於任何人的 DNA 中。每個項目都必須在經濟上獨立，而且它會的，這是關鍵的區別之一。

Crown doesn't have a product that came out the door. So I don't think anybody is comparing us to them. There have been a lot of promises over the years and moving goalposts and things like that. But their Smart Window Insert has not come out yet, and it's always around the corner. So I don't think we have to worry too much about that.

Crown 還沒有推出任何產品。所以我認為沒有人將我們與他們進行比較。多年來，我們做出了許多承諾，也做出了許多改變，諸如此類。但他們的智慧窗插還沒有問世，而且它總是指日可待。所以我認為我們不必對此過於擔心。

And you have things like the Dynamic Glass Act. That's part of the IRA that is giving tax credits for smart windows. So that changes the economics also in our favor. So I wouldn't really say that View is a fair comparison. I think that it's certainly something that we and Gauzy have to work to distinguish ourselves from, and we do.

還有《動態玻璃法案》之類的法案。這是 IRA 的一部分，為智慧窗戶提供稅收抵免。因此，這對經濟的改變也對我們有利。所以我真的不會說 View 是一個公平的比較。我認為這肯定是我們和 Gauzy 必須努力使自己與眾不同的事情，而我們也確實做到了。

Yes.

是的。

But it's not a direct comparison. And I've been -- in the last three to four conference calls, pointing out from time to time some of the differences between us and them. But on the marketing side, you have a window that goes darker, goes lighter, and switches faster. It's not a direct comparison.

但這不是直接比較。在過去的三到四次電話會議中，我不時指出我們和他們之間的一些差異。但在行銷方面，你有一個變暗、變亮、切換速度更快的視窗。這不是直接比較。

We're much better performing than them. It's a film which makes the logistics easier, which means we don't have to ship glass across the world. We could ship film and have it laminated locally. So there's a lot of things that are different, and we point that out to the customers.

我們的表現比他們好得多。這是一部讓物流變得更容易的薄膜，這意味著我們不必將玻璃運送到世界各地。我們可以運送薄膜並在當地層壓。所以有很多不同的地方，我們向客戶指出這一點。

I know that, and there are major differences. I'm not talking about potential customers. I'm talking about brokerage firms and newsletter writers and research services. Excuse me.

我知道這一點，並且存在重大差異。我不是說潛在客戶。我說的是經紀公司、時事通訊作者和研究服務。打擾一下。

They can be very superficial when they're looking at something new. And the inclination is going to be -- to think that REFR is another View or another Crown. My point is --

當他們看待新事物時，他們可能會非常膚淺。人們傾向於認為 REFR 是另一種視圖或另一種皇冠。我的觀點是——

Yeah, except that anybody who does even more of a super visual -- than super visual analysis will see we're not losing a $0.25 billion a year in cash. We're not subsidizing the product, and we're in multiple industries. So it's a little bit different.

是的，除了超級視覺分析以外的任何人都會發現我們每年不會損失 2.5 億美元的現金。我們不對產品提供補貼，而且我們涉及多個行業。所以有點不同。

It's a good point. It's very different. But the point I'm trying to make, I guess -- and I'm sorry, I'm belaboring this, is you can expect the folks I'm talking about to come to you unless you've gone to them, so to speak, unless you've already do.

這是一個好點。這是非常不同的。但我想，我想表達的一點是——對不起，我在重複這一點，你可以期望我正在談論的人來找你，除非你去找他們，所以說話，除非你已經這樣做了。

Right. And I think that -- yeah. Yeah, and there is a messaging and PR initiative that is being launched, but you'll see as well.

正確的。我認為——是的。是的，正在啟動一項訊息傳遞和公關計劃，但您也會看到。

Terrific. Okay. Keep up the good work, Joe.

了不起。好的。繼續努力，喬。

But thanks, and I appreciate the question.

但謝謝，我很欣賞這個問題。

Jarrod Sherman, Strategic Planning Group.

Jarrod Sherman，策略規劃小組。

Thank you. Hey, Joe, at what point to you, yourself, or the Board, or any other insiders feel that it's a fairly cheap price to purchase the shares in the open market? I can't think of a better way because you can't control any other news of supporting the stock just to put your own money in it.

謝謝。嘿，喬，您、自己、董事會或任何其他內部人士何時認為在公開市場上購買股票的價格相當便宜？我想不出更好的方法，因為你無法控制任何其他支持該股票的消息，只是為了把自己的錢投入其中。

Yeah. Well, some of our Directors have purchased stock. There's, at any given time, different levels of information within the company that would restrict people also from buying it. I'm sure you're familiar with windows opening and closing. And right now, the window is closed. It may open up soon, it may not.

是的。嗯，我們的一些董事已經買了股票。在任何特定時間，公司內部都有不同程度的訊息，這些資訊也會限制人們購買它。我相信您熟悉窗戶的打開和關閉。而現在，視窗已關閉。可能很快就會開放，也可能不會。

Yeah. I guess, things like --

是的。我想，比如——

But we don't know free reign to purchase anytime we want because of the insider trading rules that apply.

但由於適用的內線交易規則，我們不知道可以隨時自由購買。

I understand that. But I mean, it's the year since of the news other the Ferrari. I'm sure there's been plenty of windows that you guys could have dabbled. And other than a few thousand shares here or there, which is not really an impactful purchase, I just think that it would bode us all well if you guys stepped up and actually purchase some shares in the open market.

我明白那個。但我的意思是，今年已經是法拉利以外的新聞發布的一年了。我確信你們可以涉足很多窗口。除了到處購買幾千股之外，這並不是一次真正有影響力的購買，我只是認為，如果你們加緊行動，在公開市場上實際購買一些股票，這對我們來說都是個好兆頭。

Yeah. Well, I agree. And we try to do what we can do when we can do it. There also, within the last year, was a fairly significant event that was expected to be right on the horizon, which would have made any kind of purchase in opportune. So you do have restrictions even within a long period of time.

是的。嗯，我同意。當我們能做到的時候，我們就會盡力去做。去年還發生了一件相當重大的事件，預計即將發生，這使得任何類型的購買都是適時的。所以即使在很長一段時間內你也確實受到限制。

But I hear what you're saying, and I appreciate the question.

但我聽到了你所說的，我很欣賞這個問題。

Okay. Thank you.

好的。謝謝。

Thanks.

謝謝。

Thank you. And seeing no further questions, I'll turn the call back over to Mr. Harary for final comments.

謝謝。由於沒有其他問題，我會將電話轉回給 Harary 先生以徵求最終意見。

Thanks. I'm going to make a few closing remarks, and thank you, Paul. This year, our fee income was up 46% for the first nine months of the year, with automotive income up 81% quarter over quarter and up over 120% for the first nine months of the year compared to last year.

謝謝。我將做一些結束語，謝謝你，保羅。今年，我們的前 9 個月的費用收入增長了 46%，其中汽車收入環比增長 81%，今年前 9 個月的收入比去年增長了 120% 以上。

Ferrari has shown healthy growth in sales in each quarter of this year for the new Purosangue. And that uses our SPD-SmartGlass in the roof. And I'm told that further growth is expected in sales in the fourth quarter.

法拉利今年每季的新款 Purosangue 銷售均呈現健康成長。這在屋頂上使用了我們的 SPD-SmartGlass。我獲悉第四季度的銷售額預計將進一步成長。

We expect revenue in all market segments to increase as new car models, aircraft frames, architectural, and other products using our SPD-SmartGlass are introduced into the market. And we're very much on our way of becoming cash flow positive and profitable by executing on our business plan.

我們預計，隨著使用我們的 SPD-SmartGlass 的新車型、飛機框架、建築和其他產品進入市場，所有細分市場的收入都會增加。透過執行我們的業務計劃，我們正在努力實現正現金流和盈利。

There's a lot of analogies between sports and business. And perhaps, I'm just making this analogy because I have the World Series on my mind. But in baseball, less than 2.7% of games are won at the end with a walk-off homerun. And in football, less than 10% of Hail Mary passes are completed.

運動和商業之間有很多相似之處。也許，我只是做這個類比，因為我腦子裡有世界職棒大賽。但在棒球比賽中，只有不到 2.7% 的比賽最終以離場本壘打獲勝。而在足球比賽中，只有不到 10% 的萬福瑪利亞傳球能夠完成。

Statistically, baseball games and division titles are the one mostly by hitting singles. And if you're investing in Research Frontiers based on the battery getting a grand slam home run, it has happened several times. But it's much more likely that your success will come from the singles and doubles and triples that we've hit, and all the preparation that has gone into that.

根據統計，棒球比賽和分區冠軍都是以單打為主的比賽。如果你投資研究前沿是基於電池獲得大滿貫本壘打，那麼這種情況已經發生過好幾次了。但更有可能的是，你的成功將來自我們已經擊中的單打、雙打和三打，以及為此所做的所有準備。

We have long-standing seats placed throughout many industries. And I'm pretty sure that we're well on our way to victory and have a very good team of players throughout the world to get us there.

我們在許多行業都擁有長期席位。我非常確定我們正在走向勝利，並且擁有一支來自世界各地的優秀球員團隊來幫助我們實現這一目標。

And in keeping with the sports analogy, some of the players on the opposing team are on the injury list and may have even had some career ending mistakes, but not us. We'll continue to focus on hitting singles, doubles, and triples, and an occasional home run. And we also hope to throw in a grand slam from time to time. We hope you'll be enjoying the game with us, and we're working hard to win in all of our industries. Thank you all.

與體育類比一致，對方球隊的一些球員在傷病名單上，甚至可能犯了一些職業生涯結束的錯誤，但我們不是。我們將繼續專注於擊打單打、雙打和三打，以及偶爾的全壘打。我們也希望時不時地丟出一個大滿貫。我們希望您能與我們一起享受這款遊戲，我們正在努力爭取在所有行業中取得勝利。謝謝你們。

The Research Frontiers's investors conference call has now come to an end. Thank you for joining and have a pleasant day.

研究前沿的投資者電話會議現已結束。感謝您的加入並祝您有個愉快的一天。