Research Frontiers Inc (REFR) 2023 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen.

女士們、先生們，午安。

Welcome to Research Frontiers investor conference call to discuss the fourth quarter and full-year 2023 results of operations and recent developments.

歡迎參加 Research Frontiers 投資者電話會議，討論 2023 年第四季和全年的營運表現和最新發展。

During today's presentations, all parties will be in a listen-only mode.

在今天的演示中，各方都將處於只聽模式。

(Operator Instructions) This conference is being recorded today.

（操作員指示）今天正在錄製本次會議。

A replay of this conference call will be available starting later today in the Investors section of Research Frontiers website at www.smartglass.com and will be available for replay for the next 90 days.

從今天稍晚開始，我們將在 Research Frontiers 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.

請注意，今天發表的一些評論可能包含前瞻性資訊。

The words expect, anticipate, plans, forecasts and similar expressions are intended to identify forward-looking statements.

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。

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.

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。

These statements reflect the company's current beliefs, that a number of important factors could cause actual results for future periods to differ materially from those expressed.

這些陳述反映了公司目前的信念，即許多重要因素可能導致未來期間的實際結果與所表達的結果有重大差異。

Significant factors that could cause results to differ from those anticipated are described in our filings with the SEC.

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。

Research Frontiers undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties.

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 this conference call, either in their presentation or as part of the Q&A session at the end.

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, in order to answer more questions of general interest to shareholders on this call.

在某些情況下，公司會在本次電話會議之前或之後直接回覆電子郵件問題，以便在本次電話會議上回答更多股東普遍關心的問題。

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

（操作員說明）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.

現在我想將會議交給研究前沿公司總裁兼執行長喬·哈拉里 (Joe Harary)。

Please go ahead, sir.

請繼續，先生。

Hey, thank you, Paul, and hello everyone, and welcome to our fourth quarter and full year 2023 investor conference call.

嘿，謝謝 Paul，大家好，歡迎參加我們的 2023 年第四季和全年投資者電話會議。

As you have seen from the numbers that we released about 30 minutes ago in our 10-K, revenues were up quite substantially, 109% in this past year, costs have been reduced and we're much closer to profitability.

正如您從大約 30 分鐘前我們在 10-K 中發布的數據中看到的那樣，收入大幅增長，去年增長了 109%，成本降低了，我們更接近盈利。

Today, we're going to discuss what's underneath these numbers and why we can all expect 2024 to be an even better year for Research Frontiers and its shareholders and licensees.

今天，我們將討論這些數字背後的內容，以及為什麼我們都可以預期 2024 年對於 Research Frontiers 及其股東和被授權人來說會是更好的一年。

Research Frontiers is the market leader in smart glass.

Research Frontiers 是智慧玻璃市場的領導者。

We're also the most diversified company in the smart glass industry, with product applications in automotive, aircraft, architectural glass, marine glass, and augmented reality displays, and other areas, including consumer products.

我們也是智慧玻璃產業最多元化的公司，產品應用遍及汽車、飛機、建築玻璃、船用玻璃和擴增實境顯示器以及包括消費產品在內的其他領域。

We're also the most diversified in terms of skills and capabilities of the companies we work with and geographically diverse, with licensees operating on almost every continent except Antarctica.

就與我們合作的公司的技能和能力而言，我們也是最多元化的，而且地理位置也多樣化，被許可人的業務遍及除南極洲之外的幾乎每個大陸。

This broad and diverse footprint allows us to coordinate, collaborate and service the needs of our customers locally and rapidly, wherever they are.

這種廣泛而多樣化的足跡使我們能夠在本地快速協調、協作和服務客戶的需求，無論他們身在何處。

Right now, the markets we primarily serve are automotive and aircraft, and this has been our bread and butter since 2011, when the first Mercedes came out in series production with our technology in it.

目前，我們主要服務的市場是汽車和飛機，自 2011 年以來，這一直是我們的麵包和黃油，當時第一輛梅賽德斯汽車採用了我們的技術進行了批量生產。

We were the first to apply switchable tint technology to the aircraft industry in both general aviation and transport category aircraft.

我們是第一個將可切換色調技術應用於飛機工業的通用航空和運輸類飛機。

We are the only switchable tint technology in helicopters.

我們是直升機上唯一的可切換色調技術。

And this past year, we were introduced on several aircraft produced by Airbus and more recently by Boeing.

去年，空中巴士公司生產的幾架飛機以及最近波音公司生產的幾架飛機都介紹了我們。

Perhaps of even greater significance here is the change in the way that the switchable tint technology being used in these aircraft was selected.

也許更重要的是這些飛機中使用的可切換色調技術的選擇方式的變化。

It was selected by the customer and not just by the manufacturer.

它是由客戶選擇的，而不僅僅是由製造商選擇的。

That is a result of the sustained and focused effort by Research Frontiers and our licensees to highlight the benefits that SPD technology brings to the passengers, to the cabin crew, and to the comfort and passenger experience of everyone on board.

這是 Research Frontiers 和我們的被授權者持續、專注努力的結果，旨在強調 SPD 技術為乘客、機組人員以及機上每個人的舒適度和乘客體驗帶來的好處。

In terms of reliability and confidence, SPD-Smart technology is the longest smart glass technology being used in cars and aircraft, and even architectural applications, which up until recently was something we didn't speak about too much.

就可靠性和信心而言，SPD-Smart技術是在汽車和飛機甚至建築應用中使用時間最長的智慧玻璃技術，直到最近我們還沒有過多談論這一點。

Fortunately, Gauzy is able to currently produce much wider film than Hitachi Chemical was able to produce in the past.

幸運的是，Gauzy 目前能夠生產比日立化學過去能夠生產的薄膜更寬的薄膜。

This has opened up the architectural markets with new products, including an elegant and easy to implement retrofit solution with the potential to dramatically reduce the costs and streamline the installation process of smart windows throughout the world.

這透過新產品開啟了建築市場，包括優雅且易於實施的改造解決方案，有可能大幅降低成本並簡化全球智慧窗戶的安裝過程。

I'm happy to say today that this retrofit solution is not only ready for use, but it's already passed years and years of field testing.

今天我很高興地說，這個改造解決方案不僅可以使用，而且已經通過了多年的現場測試。

We're quite excited about it because it has the enormous revenue potential for Research Frontiers and our licensees, and also makes incorporating or adding a smart window system to any home or building in the world a much easier decision.

我們對此感到非常興奮，因為它為 Research Frontiers 和我們的被許可人帶來了巨大的收入潛力，並且還使在世界上任何家庭或建築物中合併或添加智慧窗戶系統變得更加容易。

Let's talk more about the three areas we see for near-term focus in the architectural market.

讓我們多討論一下我們認為建築市場近期重點關注的三個領域。

First, let's first focus on the benefits, energy efficiency, elegant shading capabilities, and view preservation.

首先，讓我們先專注於好處：能源效率、優雅的著色功能和視野保存。

Homes, offices and apartments with magnificent views don't want to block them with shades or blinds.

擁有壯麗景色的家庭、辦公室和公寓不希望用遮陽簾或百葉窗遮擋它們。

SPD-SmartGlass allows you to tune the amount of light coming in from clear to blocking 99.5% of the light, making them very effective shading devices and saving energy.

SPD-SmartGlass 可讓您調節進入的光量，從透明到阻擋 99.5% 的光，使其成為非常有效的遮陽設備並節省能源。

In some cases, homeowners saw a 20% reduction in electricity usage in areas of the home that use just SPD-Smart skylights.

在某些情況下，房主發現僅使用 SPD-Smart 天窗的家中區域的用電量減少了 20%。

And let's further talk about skylights for a moment.

讓我們進一步討論一下天窗。

They are typically hard to shade and quite expensive to shade.

它們通常很難遮蔽並且遮蔽成本相當昂貴。

At the national home builders show about a week ago, I saw skylight shades add about $500 to $700 to the cost of a skylight.

在大約一週前的全國住宅建築商展上，我看到天窗遮陽簾使天窗的成本增加了約 500 至 700 美元。

Add the contractor markup and it's even higher.

加上承包商的加價，它甚至更高。

So we're quite cost effective in that market and can eliminate the space, mechanical systems that can break, and of course, the cost and maintenance that skylight shades require.

因此，我們在該市場上具有相當的成本效益，並且可以消除可能損壞的空間和機械系統，當然還有天窗遮陽簾所需的成本和維護。

Next, let's talk about architectural government building upgrades.

接下來，我們來談談建築政府大樓升級。

There are GSA government mandates for upgrading non-energy efficient glass in government buildings with more efficient energy efficient glass.

GSA 政府要求將政府建築中的非節能玻璃升級為更有效率的節能玻璃。

Some of our key licensees are already approved and on the GSA list, and supplying advanced window products to the US and state and local governments, including embassies, courthouses, schools, prisons, and other facilities.

我們的一些主要被許可方已獲得批准並列入 GSA 名單，並向美國、州和地方政府（包括大使館、法院、學校、監獄和其他設施）提供先進的窗戶產品。

This is a large and natural near-term customer for SPD-Smart windows.

這是 SPD-Smart 窗戶的一個大型且天然的近期客戶。

The GSA is actually, I think, the largest customer in the world.

我認為 GSA 實際上是世界上最大的客戶。

And with the new retrofit applications for SPD-SmartGlass, the broader market for homes, office buildings, and apartments now becomes wide open.

隨著 SPD-SmartGlass 的新改造應用，更廣闊的住宅、辦公大樓和公寓市場現已開放。

And with government incentives such as the investment tax credit introduced by the Dynamic Glass Act that gives a 30% to 50% tax credit to users and similar incentives around the world by other governments, the economics behind introducing smart glass as a result of all these factors have become much better as governments have begun to financially support this with various incentives.

憑藉政府激勵措施，例如《動態玻璃法案》引入的投資稅收抵免，為用戶提供 30% 至 50% 的稅收抵免，以及世界各地其他政府的類似激勵措施，引入智慧玻璃背後的經濟因素隨著政府開始透過各種激勵措施在財政上支持這一點，因素已經變得好多了。

We've spoken about cost reductions through streamlined implementation techniques such as the retrofit applications and government incentives.

我們已經談到了透過簡化實施技術（例如改造應用和政府激勵措施）來降低成本。

Another factor that has reduced costs is the production efficiencies in the way that SPD film is made and distributed throughout the world.

降低成本的另一個因素是 SPD 薄膜的製造和在世界各地分銷的方式的生產效率。

We are fortunate to have the leadership and vision of our licensee, strategic investor and partner, Gauzy, in this area.

我們很幸運能夠擁有我們的被授權人、策略投資者和合作夥伴 Gauzy 在這一領域的領導力和遠見。

We have had a very strong working relationship with Gauzy from day one and this past year, their business expansion, along with very positive developments in our industry, have both significantly increased the frequency in which we meet and collaborate.

從第一天起，我們就與 Gauzy 建立了非常牢固的工作關係，在過去的一年裡，他們的業務擴張以及我們行業非常積極的發展，都顯著增加了我們見面和合作的頻率。

We're working with them in Israel, Germany, France, China, South Korea, and of course, throughout the United States.

我們正在以色列、德國、法國、中國、韓國，當然還有美國各地與他們合作。

And just this week alone, we introduced a new automotive project to Gauzy in Asia.

光是本週，我們就在亞洲向 Gauzy 推出了一個新的汽車項目。

Returning back to automotive for a moment, let's look at the numbers there.

回到汽車領域，讓我們看看那裡的數字。

It is clearly our largest market now, but it may be supplanted in the medium term by architectural or information display applications such as augmented reality.

它顯然是我們現在最大的市場，但從中期來看，它可能會被擴增實境等建築或資訊顯示應用所取代。

We had an overall increase in royalty income in 2023 compared to 2022 of 69%, which is in itself a quite healthy growth rate.

與 2022 年相比，我們 2023 年的特許權使用費收入整體成長了 69%，這本身就是一個相當健康的成長率。

Even more dramatic, automotive royalties were up by triple digits, 178% between 2023 and 2022, and even within 2023, automotive royalty income more than doubled between the third and fourth quarters of this year.

更引人注目的是，汽車特許權使用費增加了三位數，2023 年至2022 年期間成長了178%，甚至在2023 年之內，今年第三季和第四季的汽車特許權使用費收入也增加了一倍以上。

As many of you know, Ferrari introduced an all glass roof in their new sold out four-door Purosangue.

眾所周知，法拉利在其新售罄的四門 Purosangue 中引入了全玻璃車頂。

If you want a glass roof on this car, it must have SPD-SmartGlass in it.

如果您想在這輛車上安裝玻璃天窗，則必須配備 SPD-SmartGlass。

You don't have a choice.

你別無選擇。

Sales started in Q1 2023 for our licensees supplying Ferrari, and more than tripled between the first and third quarter of this year, and then unit volumes more than doubled again between the third quarter and the more recently reported fourth quarter.

我們為法拉利供貨的授權商的銷售從2023 年第一季開始，今年第一季到第三季的銷量增加了兩倍多，第三季和最近報告的第四季的銷量再次增加了一倍多。

And we expect continued growth in the Ferrari program based on this trend and also based upon higher SPD film orders at Gauzy for 2024 from our licensee that's supplying Ferrari.

我們預計，基於這一趨勢，以及我們向法拉利供貨的被授權者 2024 年 Gauzy 的 SPD 薄膜訂單量增加，法拉利計劃將持續成長。

We also expect higher automotive royalties in 2024 based upon new products and models, including the one from Asia and some new models to be produced in Europe.

我們也預計，基於新產品和車型（包括來自亞洲的產品和歐洲生產的一些新車型），2024 年汽車特許權使用費將會上漲。

With that, I look forward to answering your questions, and we'll take some of the ones that have been emailed to us first.

因此，我期待著回答您的問題，我們將首先處理透過電子郵件發送給我們的一些問題。

First of all, thank you Jared A. Jeff K, Jeff H, Chuck M, Bob P, Robert B, Steve A, and John Nelson for your questions, and also thank you for your kind words about the safety of Gauzy, whose operations have thankfully not been disrupted by the war in Israel and are all safe.

首先，感謝 Jared A. Jeff K、Jeff H、Chuck M、Bob P、Robert B、Steve A 和 John Nelson 提出的問題，也感謝您對 Gauzy 的安全性提出的善意之言，Gauzy 的運作值得慶幸的是，我們沒有受到以色列戰爭的干擾，一切都很安全。

To save time and to be able to cover more ground here today.

為了節省時間並能夠今天在這裡討論更多內容。

I've answered many of these questions in my presentation.

我在演講中回答了其中的許多問題。

I will address some of them further in my closing remarks, and of course, if I don't fully answer them in the interest of time, please follow up with me by email.

我將在結束語中進一步討論其中的一些問題，當然，如果由於時間原因我沒有完全回答這些問題，請透過電子郵件與我聯繫。

So here are some of the additional questions that were emailed to us, and in some cases, I'm combining several related questions into one.

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，我會將幾個相關問題合併為一個。

Joe, can you comment on the lawsuit that was brought against Research Frontiers, Gauzy, and Vision Systems in Florida?

喬，您能評論一下佛羅裡達州針對 Research Frontiers、Gauzy 和 Vision Systems 提起的訴訟嗎？

Well, this was recently resolved, and it was a total victory for us.

嗯，這個問題最近得到了解決，這對我們來說是一次徹底的勝利。

The Federal Court threw out all the claims against our companies.

聯邦法院駁回了針對我們公司的所有索賠。

However, even prior to this filing, we have always maintained that it was a lawsuit that never should have been brought, and that this was because there was, of course, no infringing or other improper activity.

然而，即使在提交此文件之前，我們也一直堅稱這是不應該提起的訴訟，因為當然不存在侵權或其他不當活動。

But more significantly for the future was the fact that the court agreed with us as to the effect and validity of the provision that is in all of our license agreements in one form or another, that gives us a license back in the smart glass related intellectual property of our licensees when their license terminates or expires.

但對未來更重要的是，法院同意我們以某種形式存在於所有許可協議中的條款的效力和有效性，這使我們獲得了智能玻璃相關知識產權的許可當我們的被許可人的許可證終止或到期時，其財產是我們的被許可人的財產。

The fact that this provision was blessed by the court is a significant precedent.

該條款得到法院認可的事實是一個重要的先例。

This provision basically says that if a license agreement ends for any reason, Research Frontiers and through us, our licensees gets the right to use the invention and improvements developed by our licensees relating to smart glass.

該條款基本上規定，如果許可協議因任何原因終止，Research Frontiers 並透過我們，我們的被授權人有權使用我們的被授權人開發的與智慧玻璃相關的發明和改進。

This has resulted in the expansion of our intellectual property portfolio.

這導致我們的智慧財產權組合不斷擴大。

And from an economic standpoint, this ruling also has significance because the court awarded us sanctions against the attorney and law firm that brought the suit for their conduct in this case.

從經濟角度來看，這項裁決也具有重要意義，因為法院對我們提起訴訟的律師和律師事務所在本案中的行為給予了製裁。

Our recently filed proof of damages puts this amount at over $600,000 currently.

我們最近提交的損害證明顯示，目前金額超過 60 萬美元。

Another question, we've heard nothing on the development of black particles.

另一個問題，我們還沒有聽到任何關於黑色粒子發展的消息。

Is this still a possibility, and does it offer a greater opportunity?

這仍然是一種可能性嗎？它是否提供了更大的機會？

Well, thanks, Jeff, for the question.

嗯，謝謝傑夫提出的問題。

We, as well as Gauzy have been actively working throughout the years to develop a more color neutral form of SPD besides the current blue particle.

除了目前的藍色粒子之外，我們以及 Gauzy 多年來一直積極致力於開發一種色彩更中性的 SPD 形式。

And we have achieved this in the way that existing materials are fabricated.

我們透過製造現有材料的方式實現了這一目標。

But we'd love to also change the particles themselves used in our SPD film to do this.

但我們也希望改變 SPD 薄膜中使用的粒子本身來實現這一點。

And we've made great progress at Research Frontiers.

我們在研究前沿方面取得了巨大進展。

And I can't speak for Gauzy, but our progress will certainly benefit them.

我不能代表 Gauzy，但我們的進步肯定會讓他們受益。

So stay tuned on that.

所以請繼續關注。

And to answer your other question, when we are successful with a new particle, it certainly would further enhance the markets and opportunities for our SPD-SmartGlass.

回答你的另一個問題，當我們成功開發出一種新粒子時，它肯定會進一步增強我們 SPD-SmartGlass 的市場和機會。

New product improvements always do that.

新產品的改進總是能做到這一點。

However, you can see from our results of operations reported for 2023 that the existing blue colored SPD is also gaining great traction across multiple industries and for new uses.

然而，從我們報告的 2023 年營運結果中可以看出，現有的藍色 SPD 也在多個產業和新用途中獲得了巨大的吸引力。

We've discussed a lot of exciting topics so far today, and I'll now ask our operator, Paul, to open up the conference to any additional questions people participating today might have had that haven't already been covered.

到目前為止，我們今天已經討論了很多令人興奮的話題，現在我將請我們的接線員保羅在會議上開放，回答今天參加會議的人們可能提出的尚未討論的任何其他問題。

(Operator Instructions) Ted Campbell, Private Investor.

（操作員說明）Ted Campbell，私人投資者。

Hey, Joe, how are you?

嘿，喬，你好嗎？

Ted, it's great to hear from you.

泰德，很高興收到你的來信。

I hope you've been well.

我希望你一切都好。

I've been well.

我一直都很好。

Thanks for asking.

謝謝你的詢問。

It's always a pleasure talking with you.

與你交談總是很愉快。

And I just wanted to congratulate you on a nice fourth quarter, a really nice fourth quarter, and an improved 2023.

我只想祝賀你們第四季度表現出色，非常出色，並且在 2023 年取得了進步。

It's great to see the increase in revenues for both of those, but especially this fourth quarter.

很高興看到這兩家公司的收入都在成長，尤其是第四季。

Is that something you think we're going to…

你認為我們會這麼做嗎？

Yes.

是的。

I mean thank you, Ted.

我的意思是謝謝你，泰德。

I can't take full credit though.

但我不能完全相信。

It's a team effort among us and our licensees, but we've all worked hard, and I'm really pleased with it as well.

這是我們和我們的被許可人之間的團隊努力，但我們都努力工作，我也對此感到非常滿意。

But thank you for that.

但謝謝你。

I know that.

我知道。

I appreciate everybody's hard work.

我感謝每個人的辛勤工作。

But is this increase in revenues, especially in the fourth quarter?

但這是否是營收的成長，尤其是第四季的營收成長？

You think that's something we can build on in the 2024, or was this like a one-time event in the fourth quarter?

您認為這是我們可以在 2024 年繼續發展的事情，還是說這只是第四季的一次性事件？

I think based on the trends that we're seeing, I mean a lot of that was due to Ferrari coming on Board with their all glass roof, using our technology.

我認為根據我們所看到的趨勢，我的意思是，這很大程度上是由於法拉利採用了我們的技術，採用了全玻璃屋頂。

And based on the film orders for 2024 by the licensee that's supplying Ferrari, I expect that to actually grow quite a bit in the coming year.

根據為法拉利供貨的被授權人 2024 年的薄膜訂單，我預計來年實際上會成長相當多。

So yes, I don't think it's a one-time event.

所以，是的，我認為這不是一次性事件。

So you think this

所以你認為這個

--

--

It's not a one-time event.

這不是一次性事件。

Yeah, definitely.

是的，絕對是。

We'll build on it.

我們將以此為基礎。

Plus, we have a car coming on Board from Asia that everybody's quite excited about that's more of a medium sized car.

另外，我們還有一輛來自亞洲的汽車，每個人都對它是一輛中型車感到非常興奮。

And then also a couple more cars that are being produced in Europe that will be new introductions for SPD.

此外，還有幾款正在歐洲生產的汽車將成為 SPD 的新產品。

So, yes, I think that we're going to do quite well in the coming year.

所以，是的，我認為我們來年會做得很好。

Yes.

是的。

I'm excited about the upcoming models.

我對即將推出的型號感到興奮。

But I also liked your comments on the retrofit market.

但我也喜歡你對改造市場的評論。

I'm really looking forward to revenues coming from that.

我真的很期待由此帶來的收入。

I think it's a game changer, and I appreciate you picking up on that.

我認為這是一個遊戲規則的改變者，我很感謝你能接受這一點。

Right now, if you wanted to put a smart window in a building, you got to take out the glass.

現在，如果你想在建築物中安裝智慧窗戶，你必須拆掉玻璃。

And if you're on a building that has more than one or two floors, you have to put up scaffolding, which is very expensive and disruptive to the retail stores on the ground floor and things like that.

如果你所在的建築物超過一層或兩層，你必須搭建鷹架，這非常昂貴，而且會對底層的零售店等造成破壞。

So this retrofit solution allows you actually to install smart windows from the inside of the building.

因此，這種改造解決方案實際上允許您從建築物內部安裝智慧窗戶。

And you don't have to put up scaffolding, you don't have to get landlord approval.

而且你不必搭建鷹架，也不必獲得房東的批准。

You don't have to do a lot of things that can either add to the cost or increase the delays in getting a system in.

您不必做很多可能增加成本或增加系統安裝延遲的事情。

And we've seen installations of this system where you come in over the weekend and do it, so you're probably not even disrupting the workflow in an existing office.

我們已經看到該系統的安裝，您可以在周末進來並進行操作，因此您甚至可能不會擾亂現有辦公室的工作流程。

All right.

好的。

Well, I don't want to hog anybody else's time asking questions, but it's always good talking to you.

好吧，我不想佔用別人的時間問問題，但和你交談總是很好的。

And thanks again and to everybody at Research Frontiers and Gauzy for all the hard work you put in.

再次感謝 Research Frontiers 和 Gauzy 的每個人所付出的辛勤工作。

Thank you, Ted.

謝謝你，泰德。

Appreciate it very much.

非常欣賞。

All right.

好的。

Have a good one.

祝你有個好的一天。

You, too.

你也是。

Alan Ginsberg, Private Investor.

艾倫金斯伯格，私人投資者。

Yes.

是的。

Hi, Joe, how are you?

嗨，喬，你好嗎？

Hey Alan, how are you?

嘿艾倫，你好嗎？

I'm fine.

我很好。

Last call, you mentioned Hitachi in passing, but I've heard nothing since then.

上次通話時，您順便提到了日立，但從那時起我就再也沒有聽到任何消息。

Is there anything going on there, which might lead us to believe that they might again be part of the manufacturing process here?

那裡發生了什麼事情，可能會讓我們相信它們可能再次成為這裡製造過程的一部分？

I think you haven't seen the last of Hitachi's technology.

我想你還沒看到日立最後的技術。

I think that part of this I have to defer until a time when that could be more fully announced.

我認為這一部分我必須推遲到可以更全面地宣布的時候。

But it's good for the industry.

但這對產業來說是好事。

So you think there's a chance that they're going to be reintroducing different products?

那麼您認為他們有可能重新推出不同的產品嗎？

I think you're going to see their technology come into the marketplace, perhaps from different paths than you would expect, but significant for us.

我認為您將看到他們的技術進入市場，也許來自與您預期不同的途徑，但對我們來說意義重大。

And today still – obviously they still have a license even though they still…

今天仍然——顯然他們仍然擁有許可證，儘管他們仍然…

Right.

正確的。

They still have a license.

他們仍然有許可證。

They still have a license.

他們仍然有許可證。

Even though the company itself was sold to Showa Denko and then renamed itself.

儘管該公司本身被出售給昭和電工，然後更名。

The license still is intact.

許可證仍然完好無損。

Okay.

好的。

Thanks.

謝謝。

That's all I wanted to ask.

這就是我想問的。

Thank you.

謝謝。

You're welcome.

不客氣。

Gerald Sherman, Strategic Planning Group.

傑拉爾德·謝爾曼，戰略規劃小組。

Thank you.

謝謝。

Hi, Joe, question for you on the cash flow situation and the current cash you guys have in the bank.

嗨，喬，請問您有關現金流狀況以及目前銀行有現金的問題。

I was kind of under the impression from the last couple of calls that we had, like a four-year running room.

我們最近幾次通話給我的印像是，就像四年的連續運轉室一樣。

And now after reading this last financial that came out, it looks like you got a negative cash flow of about $1 million for next year.

現在，在閱讀最後一份財務報告後，您明年的現金流量似乎約為 100 萬美元。

Are you…

你是…

What – yes, we actually have a five-year runway.

什麼——是的，我們實際上有一條為期五年的跑道。

We put that in the press release.

我們將其放在新聞稿中。

The – what you're seeing is kind of an accounting way of expressing it, which the way they test things is, do you have enough cash to last you at least 12 months from the filing date.

- 你所看到的是一種會計表達方式，他們測試的方式是，你是否有足夠的現金來維持自申請之日起至少 12 個月。

But if you look at our MD&A section or in the press release that came out, it's about a five-year runway.

但如果你看一下我們的 MD&A 部分或發布的新聞稿，你會發現這是一個為期五年的跑道。

Now, some of that is cash on hand.

現在，其中一些是手頭現金。

We had $2.5 million at the end of the year and much lower burn rate as we approach breakeven, and then also anticipated revenues from the existing project.

年底我們有 250 萬美元，當我們接近盈虧平衡時，燒錢率要低得多，然後還預期現有項目的收入。

So I don't know if we're going to raise money or not.

所以我不知道我們是否要籌募資金。

Mercedes or Ferrari or McLaren wants to make a strategic investment, I might say, yes, that's always good.

梅賽德斯、法拉利或麥克拉倫想要進行策略性投資，我可能會說，是的，這總是好的。

Gauzy has a strategic investment from Hyundai, and that's been very helpful for their business.

Gauzy 獲得了現代汽車的策略性投資，這對他們的業務非常有幫助。

So you never know where those things can lead you.

所以你永遠不知道這些東西會把你引向何方。

But I don't anticipate doing an offering.

但我預計不會進行捐贈。

Okay.

好的。

All right.

好的。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions) And our next question comes from Leonard (inaudible), a Private Investor.

（操作員說明）我們的下一個問題來自私人投資者 Leonard（聽不清楚）。

Your line is open.

您的線路已開通。

Hey, good afternoon, Joe.

嘿，下午好，喬。

Hey Leon, great to hear from you.

嘿萊昂，很高興收到你的來信。

It's great to be here, buddy.

很高興來到這裡，夥計。

When do you think we're going to be over the hump to positive cash flow?

您認為我們什麼時候才能渡過難關，實現正現金流？

Is that going to happen in 2024?

這會在 2024 年發生嗎？

I don't know if the trends continue, it's a possibility.

我不知道這種趨勢是否會持續下去，但有可能。

I don't want to predict when we become cash flow positive or profitable, but – because that depends on things outside of our control.

我不想預測我們什麼時候現金流為正或盈利，但是——因為這取決於我們無法控制的事情。

But a lot of those seeds that we've planted over the last several years, you're beginning to see pop-up nicely.

但我們在過去幾年裡播下的許多種子，現在已經開始很好地出現了。

And we're also seeing kind of a movement towards SPD in the automotive industry, which is more predictable for us.

我們也看到汽車產業出現了向 SPD 發展的趨勢，這對我們來說更容易預測。

So I have a greater degree of confidence that we're on the right path there.

因此，我更有信心我們走在正確的道路上。

They're using it more windows then, right.

他們在更多的視窗中使用它，對吧。

More windows, and a lot of people are beginning to realize in the automotive industry the benefits of putting this in a vehicle and the shortcomings of what other technologies that have promised the world and haven't delivered it have.

更多的車窗，汽車行業的許多人開始意識到將車窗安裝到車輛中的好處，以及其他向世界承諾但尚未實現的技術的缺點。

So I think you'll see that there's a lot more cars that are using SPD than anything else, and new ones coming in or switching over from other technologies to us.

因此，我認為您會看到使用 SPD 的汽車比其他任何技術都多得多，並且有新的汽車進入或從其他技術轉向我們。

I think that'll all be very good for us and for our licensees.

我認為這對我們和我們的被許可人來說都是非常好的。

Okay.

好的。

And you've had some retrofit with the government buildings recently?

最近你們對政府大樓進行了一些改造嗎？

We've had it over the last several years as part of test programs to make sure that the system is reliable and easy to work with and easy to implement.

在過去的幾年裡，我們一直將其作為測試計劃的一部分，以確保系統可靠、易於使用和易於實施。

And we've improved the system even more since those initial tests started.

自最初的測試開始以來，我們對系統進行了更多改進。

But everything is moving in a very positive direction.

但一切都在朝著非常正面的方向發展。

And I think that's a game changer for architectural.

我認為這改變了建築業的遊戲規則。

And then with the tax credits, it would seem like everybody, how long do those last?

然後，對於稅收抵免，每個人都會覺得這些可以持續多久？

Do you know how many years we can look forward to that?

你知道我們還能期待多少年嗎？

It's a fairly complicated calculation, but I think you can get a lot of it up front.

這是一個相當複雜的計算，但我認為你可以預先得到很多。

So it makes implementation a lot easier.

所以它使實施變得更加容易。

And you never know with the government when they're going to either increase or decrease a program.

你永遠不知道政府什麼時候會增加或減少某個計畫。

They usually increase them, though.

不過，他們通常會增加它們。

Yes.

是的。

But I mean, it's nice to be mentioned in the same sentences as other recognizable energy efficient technologies like solar energy and other things like that.

但我的意思是，很高興能在同一句話中與其他公認的節能技術（如太陽能和其他類似技術）一起提及。

It just adds a lot of credibility that SmartGlass in general and us specifically have made it, got the recognition.

它只是增加了 SmartGlass 的可信度，特別是我們已經做到了這一點，並得到了認可。

Yes.

是的。

With those projections, I saw the other day again that was from a marketing company.

有了這些預測，前幾天我又看到了來自一家行銷公司的預測。

And so the reason they didn't mention you very much.

這就是他們沒有太多提及你的原因。

Is it was their clients that they were making the comments for, because that's…

他們是在為他們的客戶發表評論嗎，因為那是…

Right.

正確的。

So I talked to the analyst and that's what he told me, so that's okay.

所以我跟分析師談過，他就是這麼告訴我的，所以沒關係。

There is – that's why what…

有——這就是為什麼…

I don't mind if anyone increases awareness of SmartGlass.

我不介意是否有人提高對 SmartGlass 的認識。

I'm so confident in our performance.

我對我們的表現非常有信心。

And as you'll find, probably the costs have come down fairly considerably, to the point where we can get into the mid level cars, which tells you something.

正如您會發現的那樣，成本可能已經大幅下降，以至於我們可以進入中級汽車，這告訴您一些事情。

And because of that, it makes us cost competitive on a real economic basis, not on a subsidized basis like some companies do.

正因為如此，它使我們在實際經濟基礎上具有成本競爭力，而不是像某些公司那樣在補貼基礎上。

So on a real basis, we're cost competitive and we don't take on business.

因此，實際上，我們具有成本競爭力，而且我們不接受業務。

It's not going to be profitable for our licensees, but it's nice to be able to have the awareness built out by these other companies and then take the business.

對於我們的被許可人來說，這不會有利可圖，但能夠獲得這些其他公司的認可並獲得業務，這是很好的。

Yes.

是的。

Okay.

好的。

Well, thank you very much, Joe.

嗯，非常感謝你，喬。

Thanks, Lynn.

謝謝，林恩。

Art Brady, Private Investor.

阿特·布雷迪，私人投資者。

Hi, Joe. Art Brady here.

嗨，喬。阿特·布雷迪在這裡。

Hey, Art, how are you?

嘿，阿特，你好嗎？

Good.

好的。

I'm just kind of curious if you and Gauzy have had any conversation regarding building of homes using smart glass.

我只是有點好奇你和 Gauzy 是否有過關於使用智慧玻璃建造房屋的對話。

In other words, a whole house built out of smart glass.

換句話說，整棟房子都是用智慧玻璃建造的。

You mean, no concrete or wood, just smart glass?

你的意思是，沒有混凝土或木材，只有智慧玻璃？

Yes.

是的。

Like, something like…

比如說，像…

We haven't had that conversation.

我們還沒有進行過這樣的談話。

What was that?

那是什麼？

We have not had that conversation.

我們還沒有進行過這樣的談話。

But I'll say that the old adage about people living in glass houses shouldn't throw rocks with our glass.

但我要說的是，關於住在玻璃屋裡的人不應該用玻璃扔石頭的古老格言。

It would protect you from the rocks and the privacy.

它可以保護您免受岩石和隱私的侵害。

So it's possible.

所以這是可能的。

I think there are some individuals would go wild over it, especially nature lovers.

我認為有些人會對此感到瘋狂，尤其是大自然愛好者。

And the considerations are that this is part of the real future.

考慮到這是真實未來的一部分。

Because if one of the car companies, from what I heard, was building a car out of smart glass, we could actually build a house out of smart glass.

因為據我所知，如果一家汽車公司用智慧玻璃製造汽車，那麼我們實際上可以用智慧玻璃建造一棟房子。

And I think you guys should really give it significant consideration, especially what's going on with interactive, possible building of facilities down in the future on the Moon and Mars.

我認為你們真的應該認真考慮這一點，特別是未來在月球和火星上可能建造的互動式設施的情況。

Okay, well, I think we're going to go for the low hanging fruit first, but it's such a big market that I don't rule anything out.

好吧，我想我們首先要追求容易實現的目標，但這是一個很大的市場，我不會排除任何可能性。

But thanks for the question, Art.

但謝謝你的提問，藝術。

I appreciate it.

我很感激。

Sure.

當然。

John Nelson, Private Investor.

約翰·納爾遜，私人投資者。

Hi, Joe. How are you doing?

嗨，喬。你好嗎？

Good.

好的。

Hey, John.

嘿，約翰。

How are you doing?

你好嗎？

And thank you for your question and also your kind words about Gauzy earlier.

感謝您提出的問題以及您之前對 Gauzy 的善意之言。

Excellent.

出色的。

Thank you.

謝謝。

A couple of questions on the Asian and European car projects that you discussed.

關於您討論的亞洲和歐洲汽車項目的幾個問題。

Are they just for involving the sunroof, moonroof?

他們只是為了涉及天窗、天窗嗎？

Or are they also any either of them involved with shading the windows.

或者他們中的任何一個人也參與遮蔽窗戶。

So one of the vehicles is just a sunroof.

所以其中一輛車只是一個天窗。

We're excited about that because the cost of the manufacturer is the lowest I've ever seen since 2010 when Mercedes started with that.

我們對此感到興奮，因為製造商的成本是自 2010 年梅賽德斯開始使用以來我見過的最低成本。

So you're talking about a fairly substantial reduction in cost for that.

所以你說的是成本的大幅降低。

So that's exciting in that respect.

所以這在這方面是令人興奮的。

And then the other one actually uses side glass as well as roof glass.

另一種實際上使用側玻璃和車頂玻璃。

But thank you for the question, because that could vastly expand the way our glass is being used and also the volumes.

但謝謝你提出這個問題，因為這可以大大擴大我們玻璃的使用方式和數量。

Great.

偉大的。

Okay.

好的。

And then regarding the retrofit solution, I should say, are your licensees in position now to be taking orders?

然後關於改造解決方案，我應該說，你們的被授權人現在可以接受訂單了嗎？

They will be in several months.

他們將在幾個月後。

Some of the data that we want to now generate with the latest and greatest SPD needs to be generated for the architects.

我們現在想要使用最新、最好的 SPD 產生的一些資料需要為架構師產生。

The system itself is ready for primetime.

該系統本身已準備好迎接黃金時段。

Now, as part of the selling process, when you go to architects, they want to know all the data about energy savings and reflectivity and all the things that are important to them.

現在，作為銷售過程的一部分，當你去找建築師時，他們想了解有關節能和反射率的所有數據以及對他們來說重要的所有事情。

So that's being generated.

這就是正在生成的。

Okay.

好的。

And then regarding skylights, are the products being worked on simply the laminated product for new or is there retrofit product being tested for skylights also?

關於天窗，正在加工的產品是否只是新的層壓產品，或者是否也有針對天窗進行測試的改裝產品？

Both.

兩個都。

Both.

兩個都。

So sometimes when you're putting in a skylight, it's new glass.

所以有時當你安裝天窗時，它是新玻璃。

So you just put in smart glass there, and there's usually wiring very close to where the skylight is anyway, going through the ceiling or through those areas.

所以你只需在那裡安裝智慧玻璃，並且通常有非常靠近天窗的地方的佈線，穿過天花板或穿過這些區域。

With the retrofit, you can do that also.

透過改造，您也可以做到這一點。

So if you wanted to retrofit an existing skylight with an SPD functionality, we've done that.

因此，如果您想用 SPD 功能改造現有天窗，我們已經做到了。

And it's actually had very good energy characteristics doing that, because it also creates this air gap between the outer glass and the inner SPD pane.

事實上，它具有非常好的能量特性，因為它還在外部玻璃和內部 SPD 玻璃之間形成了氣隙。

So you can actually enhance even further some of the energy efficiency, because you're not really so concerned about losing space like you would, like if you put it in your living room on vertical glass on a know skylight, adding that air gap actually could be beneficial.

因此，您實際上可以進一步提高一些能源效率，因為您並不像您那樣擔心失去空間，就像您將其放在客廳的已知天窗上的垂直玻璃上一樣，實際上增加了空氣間隙可能是有益的。

It's not so much of a detriment.

這並沒有那麼大的損害。

Okay, very good.

好的，非常好。

That's all I have.

這就是我的全部。

Thank you.

謝謝。

Great.

偉大的。

Thanks a lot, John.

非常感謝，約翰。

(Operator Instructions) August Berman, Private Investor.

（操作員說明）August Berman，私人投資者。

Hey, Joe, how are you?

嘿，喬，你好嗎？

Hey, Dr. Berman, how are you?

嘿，伯曼博士，你好嗎？

I'm well, thank you.

我很好，謝謝。

Happy earnings day.

收入日快樂​​。

Nice.

好的。

Thank you very much.

非常感謝。

I hope everyone is as happy as I am about the numbers.

我希望每個人都像我一樣對這些數字感到高興。

Absolutely.

絕對地。

Good to see that for sure.

很高興看到這一點。

Just had a couple of questions.

只是有幾個問題。

First, for the press release, it looks like there was a slight modification in some of the language for the Asian model.

首先，就新聞稿而言，亞洲型號的某些語言似乎略有修改。

Has the Asian model indicated it might not be first half, 2024?

亞洲模型是否顯示這可能不是 2024 年上半年？

They haven't indicated one way or another.

他們沒有表明這樣或那樣的方式。

I just like to build in a cushion, given what happened, because we were expecting that in the second half of 2023, and for reasons unrelated to SPD and more in general, with their kind of production and QA issues that they had with the rest of the car, things got delayed.

考慮到所發生的事情，我只是想建立一個緩衝，因為我們預計在 2023 年下半年，並且出於與 SPD 無關的原因以及更一般的原因，以及他們與其他公司遇到的生產和品質保證問題出了車，事情就耽誤了。

So being a little cautious, that's all.

所以要小心一點，僅此而已。

Understand.

理解。

And then I also noticed that it had mentioned, instead of at least one, just referring to one Asian model.

然後我還注意到它提到了，而不是至少一個，只是提到了一位亞洲模特兒。

Are we still looking at multiple Asian models or have things changed in conversation?

我們是否還在關注多個亞洲模特，或者談話中的情況發生了變化？

Things haven't changed.

事情沒有改變。

I just once again, want to be as conservative as possible.

我再次希望盡可能保守。

And the numbers will speak for themselves and the car introductions will speak for themselves.

數字不言而喻，汽車介紹也不言而喻。

And one of the things I hope happens is that the car makers will be a little bit more forthcoming as to what technology they're using.

我希望發生的一件事是汽車製造商能夠更願意透露他們正在使用的技術。

And if you kind of remember, when Mercedes came out with the SLK, it was a little bit of a sales job, but we needed, we wanted and we impressed upon them the benefit of making the connection between the name Magic Sky Control and SPD-SmartGlass, and they allowed us to do that.

如果你還記得的話，當梅賽德斯推出 SLK 時，這有點像銷售工作，但我們需要，我們想要，並且我們給他們留下了將 Magic Sky Control 和 SPD 這個名稱聯繫起來的好處。 - SmartGlass，他們允許我們做到這一點。

When McLaren came out with their SPD roof, they just called it, electrochromatic, the generic term.

當麥克拉倫推出 SPD 車頂時，他們只是將其稱為“電致變色”，這是通用術語。

And up until this year, now you're seeing they're starting to refer to it as SPD, which I think it indicates we're more of a badge of honor now.

直到今年，你會看到他們開始稱之為 SPD，我認為這表明我們現在更像是一個榮譽徽章。

For a while there, they didn't want to reveal what the secret sauce is in their cars in terms of what technology they were using, but now it's become a badge of honor.

有一段時間，他們不想透露他們​​的汽車所使用的技術的秘密，但現在它已成為一種榮譽徽章。

It's like putting a BLAUPUNKT or Harman Kardon stereo system.

這就像放置一個 BLAUPUNKT 或 Harman Kardon 立體聲系統。

It's a badge of honor to put SPD in there.

將 SPD 放在那裡是一種榮譽徽章。

So you're starting to see more car makers, I think, and I hope, continue to do that where they mention us by name, but if they don't, we'll find a way to make sure that our shareholders know what cars we're in.

所以你開始看到更多的汽車製造商，我想，我希望，繼續這樣做，他們提到我們的名字，但如果他們不這樣做，我們會找到一種方法來確保我們的股東知道什麼我們乘坐的汽車。

Like, Ferrari hasn't mentioned us as SPD in official pronouncements, but McLaren now did.

例如，法拉利在官方聲明中沒有提到我們是 SPD，但麥克拉倫現在卻提到了。

So I think the gate is beginning to open there.

所以我認為大門已經開始打開。

Yes.

是的。

No, I was very excited to see that when they came out with that.

不，當他們推出這一點時，我非常興奮地看到這一點。

And we pretty much seem to be in every car for McLaren that has a glass roof.

麥克拉倫的每輛玻璃車頂汽車中幾乎都有我們的身影。

So that's great to see and hopefully, Ferrari kind of falls at the same process as other models.

所以很高興看到這一點，希望法拉利能像其他車型一樣陷入同樣的過程。

I just had one other question.

我只是還有一個問題。

When I saw the news, I was very excited, and then I didn't see much follow up afterwards.

當我看到這個消息的時候，我很興奮，然後就沒有看到太多的後續了。

And I kind of thought maybe it was just because of poor timing with the 737 issues.

我覺得這可能只是因為 737 問題的時機不對。

Are we under NDA for discussing that further the Boeing 737 that…

我們是否根據保密協議進一步討論波音 737...

Yes.

是的。

We're still waiting for permission to talk about the aircraft market.

我們仍在等待談論飛機市場的許可。

But I will say this, and you kind of raised an interesting thing that may be helpful to everyone on the call.

但我要說的是，你提出了一件有趣的事情，可能對電話會議中的每個人都有幫助。

People should pay attention to a couple of things.

人們應該注意幾件事。

I mentioned in the past, pay attention to what you see in patent applications and patents, because it'll tell you companies that are working with our technology that we can't necessarily say are working with our technology, but also pay attention to what happens at trade shows.

我過去提到過，要注意你在專利申請和專利中看到的內容，因為它會告訴你正在使用我們的技術的公司，我們不一定說正在使用我們的技術，但也要注意什麼發生在貿易展覽會上。

And trade shows are not only a forum for us to meet key decision makers and have meaningful conversations with them, but there's a lot of other benefits.

貿易展覽不僅是我們會見關鍵決策者並與他們進行有意義對話的論壇，而且還有許多其他好處。

And at CES this year, there was a number of things that were publicly announced, but there are also some things that we're still waiting on permission to be able to talk about publicly.

在今年的 CES 上，有很多事情被公開宣布，但也有一些事情我們仍在等待許可才能公開談論。

And I'll tell you a little bit about something that we're still waiting on permission for.

我會告訴你一些我們仍在等待許可的事情。

So I can't give a lot of details, but I'll give probably enough to make everyone understand where some of these things are going.

所以我不能提供很多細節，但我會提供足夠的信息，讓每個人都了解其中一些事情的進展。

One specialty vehicle, for example, at CES that's slated for production next year, and it's not a car, incorporated a novel approach to augmented reality in the windshield.

例如，在 CES 上，一款定於明年生產的特殊車輛（它不是汽車）在擋風玻璃上採用了一種新穎的擴增實境方法。

And a key part of this was made possible by a combination of transparent OLED technology by LG and SPD technology that was produced by Gauzy.

其中一個關鍵部分是透過 LG 的透明 OLED 技術和 Gauzy 生產的 SPD 技術的結合而實現的。

And the implementation of this was extremely well done.

而且這項措施的實施非常出色。

You could see the vibrancy added to the augmented reality display by using SPD in the windshield.

您可以看到透過在擋風玻璃上使用 SPD 為擴增實境顯示器增添了活力。

Joe, you still there?

喬，你還在嗎？

Ladies and gentlemen, please stand by.

女士們先生們，請稍候。

We've lost.

我們輸了。

Mr. Harary, again, please stand by.

哈拉里先生，再次請您待命。

We've lost, Mr. Harary.

我們輸了，哈拉里先生。

Okay.

好的。

I'm back.

我回來了。

I apologize.

我道歉。

So what I was saying is, at CES, there was a specialty vehicle, but it's not a car.

所以我想說的是，在 CES 上，有一種特殊車輛，但它不是汽車。

And it was an augmented reality windshield that was made possible because of the combination of SPD film from Gauzy and the transparent OLED technology by lucky LG Group.

這是一款擴增實境擋風玻璃，它的誕生得益於 Gauzy 的 SPD 薄膜和幸運的 LG 集團的透明 OLED 技術的結合。

And it was extremely well done.

而且做得非常好。

And you could see the vibrancy that happened with the augmented reality display by using the SPD film in the windshield.

透過在擋風玻璃上使用 SPD 薄膜，您可以看到擴增實境顯示器所產生的活力。

This product got a lot of attention in general.

該產品總體上受到了廣泛關注。

And at one point, when I was at the booth of this company, the Chairman of their South Korean parent corporation came to pay tribute to this vehicle.

有一次，當我在這家公司的攤位時，他們韓國母公司的董事長來向這輛車致敬。

And he didn't know who I was.

而且他不知道我是誰。

I was standing on the side, and I was watching him.

我站在一邊，看著他。

He even politely and reverently bowed towards it while I was there.

當我在那裡時，他甚至禮貌而虔誠地向它鞠躬。

And it even made the show newsletter as the what's hot at CES product on day two of the show.

它甚至還成為 CES 展會第二天的熱門產品。

And while SPD was not mentioned in the public articles about that, we're hoping to be able to talk about this in more detail when we and Gauzy have permission on that.

雖然公開文章中沒有提及 SPD，但我們希望在我們和 Gauzy 獲得許可的情況下能夠更詳細地討論這個問題。

But it gives you an idea of some of the things that are very pleasant surprises when you go to some of these shows.

但它讓您了解一些當您觀看其中一些演出時非常令人驚訝的事情。

So we pay very much attention and we try to attend all the major trade shows for a variety of reasons, including that.

因此，我們非常關注，並出於各種原因嘗試參加所有主要的貿易展覽，其中包括。

And just so there's no misunderstanding, even though this company is owned by a South Korean company, I'm not referring to the Asian car that we expected towards the end of last year with SPD.

不要誤會，儘管這家公司是一家韓國公司所有，但我指的並不是我們去年年底預計與 SPD 合作的亞洲汽車。

That's totally different and very much on track and going through its final development stages prior to launch.

這是完全不同的，而且非常步入正軌，正在經歷發布前的最後開發階段。

And that promises to be just a very exciting project, because the cost to the manufacture of our technology has come down so much as to make it feasible for inclusion in a relatively moderately priced vehicle.

這有望成為一個非常令人興奮的項目，因為我們技術的製造成本已經大幅下降，以至於可以將其納入價格相對適中的車輛中。

And that, of course, bodes well for SPD-Smart technology being incorporated in much higher volumes across the middle market cars throughout the world.

當然，這對 SPD-Smart 技術在全球中階市場車的應用量大增來說是個好兆頭。

But pay attention to trade shows, and I think you'll get some very good information as to what's going on.

但請注意貿易展覽，我認為您會獲得一些關於正在發生的事情的非常好的信息。

Sorry for that long winded answer, Dr. Berman, but I…

伯曼博士，很抱歉回答這麼冗長，但我…

I appreciate that.

我很感激。

And honestly, I think shareholders have also noticed just a substantial increase in just commentary, mostly by Gauzy.

老實說，我認為股東們也注意到了公正評論的大幅增加，主要是由 Gauzy 發表的。

Just looking at their social media page, seems to be every couple of days they mentioned something SPD.

只要看看他們的社群媒體頁面，似乎每隔幾天他們就會提到一些關於社會民主黨的事情。

So I want to say this is the time, and I'm hoping it is.

所以我想說現在是時候了，我也希望如此。

But it appears that things are more ready than ever before.

但事情似乎比以往任何時候都更準備好。

And, yes, good luck to shareholders.

是的，祝股東好運。

And I think we're on the right track.

我認為我們走在正確的軌道上。

And thanks for noticing the increased frequency of the communications by Gauzy.

感謝您注意到 Gauzy 溝通頻率的增加。

Like us, we try to say as much as we can when we have permission.

和我們一樣，在得到許可的情況下，我們會盡量多說。

And I think you probably have surmised that the frequency that we communicate with Gauzy is very often.

我想你可能已經猜到我們和 Gauzy 交流的頻率是非常頻繁的。

I mean, it was much less when it was just Hitachi making film, but Gauzy has just been a wonderful partner, both in making film and in products and unlocking new industries and things like that.

我的意思是，當日立製作膠片時，這個數字要少得多，但 Gauzy 一直是一個出色的合作夥伴，無論是在製作膠片、產品還是解鎖新行業等方面。

And they're very visionary and very dedicated to this.

他們非常有遠見並且非常致力於此。

And their future is betting on SPD.

而他們的未來則押注於SPD。

So we work very closely together.

所以我們合作非常密切。

And they were in New York 10 days ago.

十天前他們還在紐約。

They're coming back to New York.

他們要回紐約了。

I've met with them in Israel.

我在以色列見過他們。

I've met with them in France.

我在法國見過他們。

I've met with them in Germany.

我在德國見過他們。

There's just a wealth of opportunity for our industry and they and we are very much at the center of that.

我們的行業有大量的機會，他們和我們處於其中的中心。

But thanks for notice that they've become a lot more visible about this.

但感謝您注意到他們在這方面變得更加明顯。

Yep.

是的。

Well, appreciate it, Joe. Thank you.

好吧，謝謝你，喬。謝謝。

Thank you.

謝謝。

Thanks a lot.

多謝。

Mike Zelnick, Private Investor.

麥克·澤爾尼克，私人投資者。

Thank you.

謝謝。

Hi, Joe.

嗨，喬。

Hey, Mike.

嘿，麥克。

Good to hear from you.

很高興聽到你的消息。

And you, too.

你也是。

And just been reading your latest report that was posted about an hour ago, and I see revenues are up 109%.

剛剛閱讀了大約一個小時前發布的最新報告，我發現收入增加了 109%。

That's what we like to see.

這就是我們喜歡看到的。

That's good.

那挺好的。

I like triple digits.

我喜歡三位數。

Yes.

是的。

Question I have has to do with Boeing and Airbus.

我的問題與波音和空中巴士有關。

I read the other day in the newspaper that both companies, and I think some other airlines as well, both companies have received orders from major airlines for hundreds of passenger jets, large passenger jets.

前幾天我在報紙上看到，這兩家公司，我想其他一些航空公司也是如此，這兩家公司都收到了主要航空公司的數百架客機、大型客機的訂單。

What do you think the prospects are that on these orders using SPD on their windows?

您認為這些在 Windows 上使用 SPD 的訂單的前景如何？

I think they're quite good.

我覺得他們都挺好的

And it's a great question.

這是一個很好的問題。

Let me kind of go a little deeper into why I think that.

讓我更深入地解釋一下我為什麼這麼想。

So if we take, for example, the automotive market when Mercedes and Research Frontiers was developing the SPD-SmartGlass product for the SLK, we had blinders on.

因此，如果我們以汽車市場為例，當 Mercedes 和 Research Frontiers 為 SLK 開發 SPD-SmartGlass 產品時，我們就被蒙蔽了。

We were just focusing on doing everything possible to make sure that Mercedes was happy.

我們只是專注於盡一切可能確保梅賽德斯高興。

And it was a good strategy because we knew that if they were happy, and they have a very good reputation for quality assurance and production and innovation, that everyone else would follow.

這是一個很好的策略，因為我們知道，如果他們感到高興，並且他們在品質保證、生產和創新方面擁有良好的聲譽，那麼其他人都會效仿。

And then you started to see all the other industries fall into place nicely after that.

然後你開始看到所有其他行業都很好地步入正軌。

So it was a good strategy to focus on making your launch customer happy.

因此，專注於讓您的啟動客戶滿意是一個很好的策略。

And once it was validated for automotive use, more and more companies like McLaren and General Motors and everyone jumped on board because they knew that it was something they could reliably and safely put in their cars and the same thing with aircraft.

一旦它被驗證用於汽車用途，越來越多的公司，如麥克拉倫和通用汽車，以及每個人都加入了進來，因為他們知道這是他們可以可靠、安全地放入汽車中的東西，同樣的東西也可以放入飛機中。

I think one of the significant things that happened this year is that we've been chosen for transport category aircraft, the big ones, the big aircraft.

我認為今年發生的一件重要的事情是我們被選為運輸類飛機，大型飛機。

And the other thing that I think is significant is that we've gone from being pushed by manufacturers on their customers.

我認為另一件重要的事情是，我們已經擺脫了製造商向客戶施壓的情況。

That's what they were doing at Boeing and Airbus before, to having the customer decide what technology they want in the aircraft.

這就是他們之前在波音和空中巴士所做的事情，讓客戶決定他們想要在飛機上採用什麼技術。

So you now have a technology that's been validated, it's in a number of different aircraft and it's been reliably flying for decades and you have something that performs better than the current electrochromics that are there.

因此，您現在擁有了一項經過驗證的技術，它已應用於許多不同的飛機中，並且已經可靠地飛行了數十年，並且您擁有了比現有的電致變色技術性能更好的技術。

Two second switching speed with no iris effect compared to a minute and a half for an electrochromic window to switch.

切換速度為兩秒，無虹膜效應，而電致變色車窗的切換速度為一分半鐘。

So you have something that the customers can see as a much better performing aircraft window and greater dynamic range, just a whole host of things, right?

所以你有一些東西，客戶可以看到性能更好的飛機窗口和更大的動態範圍，只是一大堆東西，對吧？

So we're excited about that, because when judged on the merits, I don't think there's any reason not to use SPD in an aircraft.

所以我們對此感到興奮，因為根據其優點來判斷，我認為沒有任何理由不在飛機上使用 SPD。

And it doesn't have some of the things that if you go on YouTube, you could see windows that are heating up and catching fire and cracking and doing things with other technologies because they're more like a battery.

而且它沒有一些東西，如果你上 YouTube，你可以看到窗戶正在升溫、著火、破裂，以及用其他技術做事，因為它們更像是電池。

And when a battery gets damaged, it gets hot.

當電池損壞時，它會變熱。

Think about your cell phone battery.

想想你的手機電池。

So I think that there's a lot of things that are pointing towards great success in the aircraft industry and especially the transport category aircraft.

因此，我認為有很多事情都表明飛機工業，特別是運輸類飛機將取得巨大成功。

So Airbus and Boeing, I think, are significant developments, and they're going to have legs.

因此，我認為空中巴士和波音是重大發展，並且它們將會有立足之地。

Good to hear.

很高興聽到。

Let's hope those contacts with those two companies play out this year.

希望今年與這兩家公司的接觸能有成果。

Thank you, Joe.

謝謝你，喬。

We stay in good shape with everyone.

我們和每個人都保持良好的狀態。

Thank you, Mike.

謝謝你，麥克。

Bruce Denny, Private Investor.

布魯斯·丹尼，私人投資者。

Hi, Joe. How are you?

嗨，喬。你好嗎？

Hey, Dr. Denny, how are you?

嘿，丹尼博士，你好嗎？

Very well, thanks.

很好，謝謝。

Hey, just one question.

嘿，只有一個問題。

Congratulations on everything that's going on.

祝賀正在發生的一切。

My question I think I've asked in past conference calls, but it always seems like a no brainer to me to couple the transparent solar cells with our window applications.

我想我在過去的電話會議中已經問過我的問題，但對我來說，將透明太陽能電池與我們的窗戶應用結合起來似乎是理所當然的。

Has anyone ever looked into this that you know of?

據您所知，有人研究過這個嗎？

Yes.

是的。

So let me give you a couple of examples where it's been successfully implemented.

因此，讓我舉幾個成功實施的例子。

Vision Systems had an aircraft window that generated 20 times as much power as the window needed to operate using transparent photovoltaics.

Vision Systems 擁有一個飛機窗戶，其產生的電力是使用透明光伏發電的窗戶所需電力的 20 倍。

And because of that, they actually put a charging port so you could charge your phone on the aircraft window with a USB port.

正因為如此，他們實際上設置了一個充電端口，這樣你就可以透過 USB 連接埠在飛機窗戶上為手機充電。

With the retrofit application that's something that we're very much looking into is the combination of photovoltaics with SPD, because if you think about it, then you don't need to have an electrician come to the job site when you're doing the retrofit.

對於改造應用，我們非常關注的是光伏發電與​​ SPD 的結合，因為如果你考慮一下，那麼你在做改造時就不需要電工到工作現場了。改造。

Even in a commercial installation, you just pop it into the window and you're good to go.

即使在商業安裝中，您只需將其彈出視窗即可開始使用。

And we actually had discussions about that two days ago also about that.

事實上，我們兩天前也對此進行了討論。

So, yeah, this is very much in the plans.

所以，是的，這在計劃中。

Excellent.

出色的。

So glad to hear it.

很高興聽到這個消息。

Thank you so much, Joe.

非常感謝你，喬。

Thanks a lot.

多謝。

Jeff Harvey, Private Investor.

傑夫哈維，私人投資者。

Hi, Joe.

嗨，喬。

Hey, Jeff.

嘿，傑夫。

How are you?

你好嗎？

Good.

好的。

On your last conference call, you did mention that the car wasn't going to happen until the second half of the year.

在上次電話會議上，您確實提到這款車要到今年下半年才會上市。

So has that changed any, or you still anticipate the Asian car in the second half of the year?

那麼這種情況有改變嗎？或者您仍然期待下半年的亞洲汽車？

The second half of last year was the original expectation, and then we basically said, well, based on what we know, it's probably going to be the first half of this year.

去年下半年是最初的預期，然後我們基本上說，嗯，根據我們所知，可能是今年上半年。

And my expectation is we're very much on track.

我的期望是我們已經步入正軌。

But with everything else that kind of caused the delay in the car that wasn't related to SPD.

但與其他一切因素一樣，這導致了與 SPD 無關的汽車延誤。

I don't want to pin it down too much.

我不想把它限制得太多。

But believe me, when the car company implements it, we're all going to be thrilled.

但請相信我，當汽車公司實施它時，我們都會感到興奮。

So, one thing you haven't talked about at all is the display market, which you talked about, I think, last time.

所以，您根本沒有談到的一件事是顯示器市場，我想您上次談到過。

Isn't there anything going on in the display market, I know you've talked about before?

我知道您之前談過，顯示器市場沒有發生任何變化嗎？

Yeah.

是的。

No.

不。

So, one of the things that we talked about in the past is windows that incorporated display inside the glass using a combination of either electroluminescent displays and Gauzy Vision Systems has been doing that and things like aircraft windows and train windows and bus windows for years, and then more recently using transparent OLEDs with SPD film to make a very vibrant display.

因此，我們過去討論過的一件事是，使用電致發光顯示器和 Gauzy Vision Systems 的組合將顯示器整合到玻璃內的窗戶，多年來一直在這樣做，例如飛機窗戶、火車窗戶和巴士窗戶，最近又使用帶有SPD 薄膜的透明OLED 來製作非常生動的顯示器。

And that's what I was talking about at CES, the specialty vehicle that had an augmented reality display.

這就是我在 CES 上談論的，帶有擴增實境顯示器的特殊車輛。

It was a display that combined transparent OLEDs and an SPD film.

這是一款結合了透明 OLED 和 SPD 薄膜的顯示器。

And it was just really amazing to look at.

看起來真是太神奇了。

It wasn't only me, but the press loved it, too.

不只我，媒體也喜歡它。

But when can we expect to see some business from that?

但我們什麼時候才能看到一些業務呢？

Well, they're talking about that vehicle coming out next year.

嗯，他們正在談論明年推出的那輛車。

No, I'm talking about the display in a window, like in a department store.

不，我說的是櫥窗裡的展示，就像百貨公司裡的展示。

Well, that could come out anytime.

嗯，這隨時可能會出現。

That's just a matter of implementation and if you look at kind of the frequency that LG, who's kind of leading the charge on that, has been exhibiting this.

這只是一個實施問題，如果你看看LG（在這方面處於領先地位）展示這一點的頻率。

If you walked around CES, you'd see about four or five different booths from different companies that had transparent OLEDs that were being used to display things.

如果你在 CES 上走一走，你會看到來自不同公司的大約四到五個不同的展位，這些展位都使用透明 OLED 來顯示東西。

And when you want that display to be vibrant, you would use SPD, especially if there's ambient light that can wash it out.

當您希望顯示器充滿活力時，您可以使用 SPD，特別是當環境光可以將其沖淡時。

But do you know that any of that have actually been installed?

但您知道其中任何一個實際上已經安裝了嗎？

Oh, there have been installations, but a lot of that I wouldn't consider high volume.

哦，已經有安裝了，但其中很多我不認為是高容量的。

In the past, before LG went into this, they did museums and all sorts of things that were combining this.

過去，在 LG 涉足這一領域之前，他們做過博物館以及各種將其結合起來的事情。

And because of the success of that, they did more.

由於這一點的成功，他們做了更多的事情。

And now they're putting it into more mainstream stuff.

現在他們正在將其融入更主流的東西中。

But it's not something that we have prediction.

但這不是我們可以預測的事情。

Okay, when do you think we actually get some architectural business?

好吧，你認為我們什麼時候才能真正獲得一些建築業務？

I mean, I'm very disappointed that that hasn't happened sooner, I mean as you know.

我的意思是，我對這種情況沒有早點發生感到非常失望，我的意思是如你所知。

I don't know if you heard the earlier part of the call, but there's three prongs we're going after in architectural.

我不知道你是否聽到了電話會議的前半部分，但我們在建築方面追求的是三個方面。

One is the hard to shade areas like skylights, and then the second is government, and the third is traditional homes, offices, and apartments.

一是天窗等難以遮陽的區域，二是政府，三是傳統住宅、辦公室和公寓。

And the game changer on that is the retrofit application.

改變遊戲規則的是改造應用程式。

You could have sales this year in that in all of those areas.

今年所有這些領域都可以實現銷售。

Last year, especially with the retrofit, makes a lot of sense.

去年，尤其是改造後，意義重大。

The retrofit is really ready now.

現在改造真的已經準備好了。

I live in a house that had, I'm in a climate where everybody has skylights, and I had to spend lots of money to put shades up in all my skylights.

我住在一棟有天窗的房子裡，我所處的氣候是每個人都有天窗，我必須花很多錢在我所有的天窗上安裝遮陽簾。

So be great if somebody like Budget Blinds could carry a SPD line that you could go and get and put up and cover your skylights.

因此，如果像 Budget Blinds 這樣的人能夠攜帶一條 SPD 線，您可以去拿來安裝並遮蓋您的天窗，那就太好了。

Right.

正確的。

Although I don't know if Budget Blinds is the right entree into the market, because then you kind of have a race to the bottom in terms of innovation and profitability.

儘管我不知道「預算盲注」是否是進入市場的正確選擇，因為這樣你就可以在創新和獲利能力方面進行逐底競爭。

But your point is well taken that SPD would be a great solution for it.

但你的觀點很好，SPD 將是一個很好的解決方案。

And when you consider what your traditional motorized shades in a skylight would cost.

當您考慮天窗中傳統的電動遮陽簾的成本。

And also, if you live in an area where there's snow, you can't put these shades on the outside of a skylight.

而且，如果你住在有雪的地區，你就不能把這些遮陽簾放在天窗的外面。

It has to be on the inside or inside the glass.

它必須位於玻璃內部或內部。

So SPD doesn't have those limitations.

所以 SPD 沒有這些限制。

You can put it in any environment you want.

您可以將其放置在任何您想要的環境中。

So, speaking of the airline industry, I did see today that I think United has stopped ordering new planes because they don't have enough pilots.

所以，說到航空業，我今天確實看到聯合航空已經停止訂購新飛機，因為他們沒有足夠的飛行員。

Well, put it this way, they've stopped hiring new pilots because they can't get new planes.

好吧，這麼說吧，他們已經停止僱用新飛行員，因為他們無法獲得新飛機。

So, I'm not sure that the growth in the airline industry is going to be that great, because certainly Boeing has had an awful lot of problems with everything that they've been working at.

所以，我不確定航空業的成長是否會如此巨大，因為波音公司在他們所做的一切工作中確實遇到了許多問題。

Well they certainly have.

嗯，他們當然有。

They certainly have.

他們當然有。

I hope, I mean, I know Airbus I hope…

我希望，我的意思是，我希望我了解空中巴士公司…

I don't think that's a sustained problem.

我認為這不是一個持續存在的問題。

I think that it's a terrible PR problem.

我認為這是一個可怕的公關問題。

I think it's a structural problem within Boeing that needs to be addressed.

我認為這是波音內部需要解決的結構性問題。

But I don't think that it's a permanent problem.

但我不認為這是一個永久性的問題。

So I think that – and believe me, there's a lot of – but remember, Jeff, one thing to remember also, you could retrofit an existing plane with SPD.

所以我認為——相信我，有很多——但請記住，傑夫，還要記住一件事，你可以用 SPD 改造現有的飛機。

We do it all the time.

我們一直這樣做。

So you don't have to wait for new planes.

所以您不必等待新飛機。

I'm surprised it hasn't happened because, like when I fly down to the church in Caicos, the first thing that the stewardess says is everybody shut their blinds.

我很驚訝這件事沒有發生，因為就像當我飛往凱科斯群島的教堂時，空服員說的第一件事就是每個人都關上百葉窗。

She could just…

她可以只是…

Right, imagine flipping a switch.

是的，想像一下扳動開關。

Yeah.

是的。

Flip a switch.

扳動開關。

Yes.

是的。

Yes.

是的。

So besides this Asian company, which is going to be a mid price car, are there any other manufacturers that potential have a mid price car that are going to put SPD on?

那麼，除了這家將推出中價車的亞洲公司之外，還有其他製造商可能推出配備 SPD 的中價車嗎？

We're talking to them.

我們正在和他們交談。

Yes, but I think, because of the strategic relationship that this car company has with one of our licensees, you're probably going to see them have it first.

是的，但我認為，由於這家汽車公司與我們的一個被許可人之間的戰略關係，你可能會先看到他們擁有它。

Okay, very good.

好的，非常好。

Thank you, Joe.

謝謝你，喬。

Thanks, Jeff.

謝謝，傑夫。

Good talking to you.

很高興跟你說話。

[Leonard Litzo] Private Investor.

[倫納德·利佐]私人投資者。

I'm back.

我回來了。

I'm thinking, is anything going on in the industrial market with SPD?

我在想，工業市場上的SPD有什麼變化嗎？

When you say the industrial market, what are you referring to?

當你說工業市場時，你指的是什麼？

Well, I'm referring to things like people are doing things with bobcats, different things around.

嗯，我指的是人們與山貓一起做事，周圍有不同的事情。

Oh, yeah.

哦耶。

It's funny you mentioned that.

你提到這一點很有趣。

If you were at CES, you probably would have seen a very nice bobcat.

如果您參加 CES，您可能會看到一隻非常漂亮的山貓。

That's all I'm going to say about it.

這就是我要說的全部。

Okay.

好的。

(Operator Instructions) Alan Ginsberg, Private Investor.

（操作員說明）Alan Ginsberg，私人投資者。

Yes.

是的。

Hi, Joe. It's a follow up question.

嗨，喬。這是一個後續問題。

You haven't mentioned anything about sun visors.

你沒有提到任何關於遮陽板的事情。

Has there been any progress there?

那裡有什麼進展嗎？

Yes, there has.

是的，有。

Still in development, and a lot of that is driven by when the launch customer wants to come out with something.

仍在開發中，其中很大一部分是由啟動客戶想要推出某些產品所驅動的。

So it's just like one launch customer has to be the first one.

因此，就像啟動客戶必須是第一個客戶一樣。

Is that it?

是這樣嗎？

Yeah.

是的。

I mean, there's always the possibility this would become aftermarket, and if somebody doesn't do it, I would probably just do it.

我的意思是，這總是有可能成為售後市場，如果有人不這樣做，我可能會這樣做。

But I have to also respect the businesses and my licensees.

但我也必須尊重企業和我的被授權人。

Okay.

好的。

Thank you.

謝謝。

Thanks a lot.

多謝。

You're welcome.

不客氣。

Our next question comes from [Tom S] Private Investor.

我們的下一個問題來自[Tom S]私人投資者。

Your line is open.

您的線路已開通。

Yeah.

是的。

Hi, Joe. How you doing?

嗨，喬。你好嗎？

Hey, Tom.

嘿，湯姆。

Yes, I was going to ask about the car you mentioned coming out from Asian car there, and it sounds consistent in your words, and you've been steady with it, so I do have faith it's coming this year.

是的，我想問你提到的來自亞洲汽車的那輛車，你的話聽起來很一致，而且你一直在穩定地對待它，所以我確實相信它會在今年上市。

Without revealing.

無需透露。

I know you can't reveal a lot, but could you give an idea on volume?

我知道你不能透露太多，但你能透露一下數量嗎？

Not exactly an SPD, but even the car or anything at all, is it going to be a trim package or how many we're going to get in of that volume would have SPD?

不完全是 SPD，但即使是汽車或其他任何東西，它是否會是一個裝飾套件，或者我們將在該卷中獲得多少輛會有 SPD？

They have – I know what the initial, we're going to call it a test market, but the test market for a car with this volume worldwide, the volume is pretty high.

他們有 - 我知道最初的情況是什麼，我們將其稱為測試市場，但是全球範圍內具有這種數量的汽車的測試市場，數量相當高。

The test volume is greater than when Mercedes had all of their cars using this.

測試量比梅賽德斯所有汽車都使用它時還要大。

So even a test market for something with this kind of volume was a significant number.

因此，即使是具有這種數量的測試市場也是一個很大的數字。

I also expect, though, that the royalty per car is going to be lower than Mercedes, because the price of the roof to this car company is lower than what Mercedes was paying back in 2010, 2011.

不過，我還預計每輛車的特許權使用費將低於梅賽德斯，因為這家汽車公司的屋頂價格低於梅賽德斯在 2010 年、2011 年支付的價格。

But it could be significant.

但這可能意義重大。

So we're excited.

所以我們很興奮。

Yeah, and that's good to hear.

是的，很高興聽到這個消息。

One follow up on that.

對此進行了跟進。

When you say the test market and the amount and all that.

當你說測試市場和金額等等時。

So you're basing this test market on cars that will have SPD, not just is that like kind of essentially a forecast of how many?

因此，您將這個測試市場建立在具有 SPD 的汽車上，而不僅僅是對數量的預測？

Because not every car, unless it's a standard.

因為不是每輛車，除非它是標準的。

The forecast we were given – right, the forecast we were given for what they consider a test market, which I consider substantial volume, is pretty significant.

我們得到的預測——正確的，我們得到的針對他們認為的測試市場的預測，我認為這個市場的交易量很大，是相當重要的。

And that's the test market that's forecasted for SPD, not just the volume of cars, it's the forecast of SPD.

這就是SPD預測的測試市場，不只是汽車的數量，這是SPD的預測。

Right.

正確的。

These are the number of SPD roofs that are going to be produced.

這些是將要生產的 SPD 屋頂的數量。

Okay.

好的。

And I'm sure you probably can't say anything about if it might be or more leaning towards an option or trim package or.

我確信您可能無法說出它是否可能或更傾向於選項或裝飾包或。

You can't say anything on that.

對此你不能說什麼。

I don't think they know.

我認為他們不知道。

But if I was going to guess based on what I know about the way car companies implement this, they like to put things as an option, because that's where they make their money.

但如果我根據我對汽車公司實施這種方式的了解來猜測，他們喜歡把東西當作一種選擇，因為那是他們賺錢的地方。

But sometimes an option can be a very high percentage take rate.

但有時一個期權的採用率可能非常高。

If you look at McLaren versus Mercedes, the McLaren take rate for SPD is enormous.

如果你看看麥克拉倫與梅賽德斯的對比，你會發現麥克拉倫對 SPD 的接受率是巨大的。

Yes, no, I'm sorry to interrupt.

是的，不，很抱歉打擾。

I'm aware of that.

我對此很清楚。

I'm just thinking trim package is technically an option.

我只是認為裝飾包在技術上是一種選擇。

There's like a standalone option or a trim package as an option.

有一個獨立的選項或裝飾包作為選項。

Trim package would be ideal.

裝飾包將是理想的選擇。

I don't know if they're going to do a trim package.

不知道他們會不會做一個裝飾包。

Yes, I don't know if they're going to do it as part of a trim package or if they're going to do it as a standalone option, or, God willing, one day it'll be standard equipment, because then you could totally downsize the size of your air conditionings to be a fraction of what they are.

是的，我不知道他們是否會將其作為裝飾包的一部分，或者是否會將其作為獨立選項，或者，上帝願意，有一天它將成為標準設備，因為那麼你就可以將空調的尺寸完全縮小到原來的一小部分。

And it could be because the ix is pretty much, I think 95% or more of the PDLC is in 95% of the [IX] So that could happen, but hopefully we at least get out of a trim package.

這可能是因為 ix 相當多，我認為 95% 或更多的 PDLC 都在 95% 的 [IX] 中，所以這可能會發生，但希望我們至少擺脫了裝飾包。

I noticed they started doing that in some cars, too.

我注意到他們也開始在一些汽車上這樣做。

Well, thanks for your answers.

嗯，謝謝您的回答。

Sure.

當然。

Appreciate it.

欣賞它。

Thanks for the question, Tom.

謝謝你的提問，湯姆。

[Michael J] Private Investor.

[邁克爾J] 私人投資者。

Hello, Joe. I'd like to ask to what extent is cost still a barrier to having more organizations adopt SPD, especially the architectural one, someone who, you know, posted in quite detail comparing the costs of SPD with non-SPD windows.

你好，喬。我想問一下，成本在多大程度上仍然是讓更多組織採用 SPD 的障礙，尤其是建築組織，您知道，有人發布了相當詳細的文章，比較了 SPD 與非 SPD 窗口的成本。

And it seemed that there still was a great disparity and that cost.

而且似乎仍然存在著很大的差距和成本。

I didn't see the post, so I can't speak to what the post said.

我沒有看到這個帖子，所以我無法評論帖子裡的內容。

But if you look at, and if you go back to my earlier comments about why we're excited about this Asian car maker, the price of the film, the price of the cost reduction from streamlining due to the retrofit use can be significant.

但如果你看一下，如果你回到我之前關於為什麼我們對這家亞洲汽車製造商感到興奮的評論，薄膜的價格，由於改裝使用而簡化的成本降低的價格可能是巨大的。

And if you look at some of the costs that you're comparing it to, like, let's say the skylight, we're cheaper than a skylight shade.

如果你看一下與之比較的一些成本，例如天窗，我們比天窗遮陽簾便宜。

So it depends on how you analyze the market.

所以這取決於你如何分析市場。

The market is going to decide, if someone wants it, they're going to buy it.

市場將決定，如果有人想要它，他們就會購買它。

But I don't believe in side by side costs unless you have a context.

但我不相信並列成本，除非你有背景。

To what extent is Mercedes still using SPD in their vehicles.

梅賽德斯在多大程度上仍在其車輛中使用 SPD？

It seems we don't have too much information regarding its adoption and other models.

看來我們沒有太多關於其採用和其他模型的資訊。

So what is the status of Mercedes and SPD?

那麼梅賽德斯和SPD的現況如何呢？

We have a very good relationship with the people at Mercedes, and their name pops up on royalty reports from time to time.

我們與梅賽德斯的員工關係非常好，他們的名字不時出現在版稅報告中。

That's all I'm going to say.

我要說的就是這些。

Okay.

好的。

Thank you.

謝謝。

Thanks a lot, Michael.

非常感謝，麥可。

Seth Nickerson, Private Investor.

塞思·尼克森，私人投資者。

Yes, hi.

是的，嗨。

Hey, Seth.

嘿，塞思。

How are you?

你好嗎？

I'm doing well, Joe. Thanks for asking.

我做得很好，喬。謝謝你的詢問。

I noticed on a chat board that Gauzy had posted about an MOU with LG back in January.

我在聊天板上註意到 Gauzy 一月份就發布了與 LG 的諒解備忘錄。

I was wondering when

我想知道什麼時候

--

--

Yes, they've had, when we were talking about transparent OLED displays, that's LG, providing, they have a unique technology, which is a transparent form of OLED.

是的，當我們談論透明 OLED 顯示器時，他們是 LG，他們擁有獨特的技術，這是 OLED 的透明形式。

And just to kind of go, what's underneath that?

就這樣，下面是什麼？

So there's OLED displays out there, and typically they're what's in your television on the wall.

因此，市面上有 OLED 顯示器，通常它們就是牆上電視中的顯示器。

A transparent OLED allows you to actually put that on a clear substrate, like a piece of glass, like a window.

透明 OLED 可讓您實際放置在透明基板上，例如玻璃，例如窗戶。

So the idea is you can turn a window into a television, but if you think about the optics of that, if you have that window face with daylight coming in from behind it, it's going to wash out the image.

所以我們的想法是你可以把窗戶變成電視，但如果你考慮它的光學原理，如果你的窗戶表面有日光從後面射進來，它就會洗掉影像。

So if you now combine that transparent OLED with an SPD film, you have the ability to turn on the OLED, to turn the window, if you will, into a television and block the ambient light by using an SPD film.

因此，如果您現在將透明 OLED 與 SPD 薄膜結合起來，您就可以打開 OLED，將窗戶（如果您願意）變成電視，並使用 SPD 薄膜阻擋環境光。

So all of a sudden, you go from having a washed out television image to a vibrant, clear one.

所以突然之間，你的電視影像就從褪色的變成了充滿活力、清晰的影像。

And then let's say you want to turn that window, that television, back into a clear window.

然後假設您想將那扇窗戶、那台電視重新變成透明的窗戶。

You would clear up the SPD film and turn off the OLED, and you have a clear window.

你可以清除 SPD 薄膜並關閉 OLED，然後你就得到了一個清晰的視窗。

So that's the idea.

這就是我們的想法。

It's quite remarkable when you see it in practice.

當你在實踐中看到它時，這是非常了不起的。

And as I mentioned, when we were at CES, there was flat panel displays that had the combination transparent OLED and SPD film at Gauzy's booth and elsewhere.

正如我所提到的，當我們參加 CES 時，Gauzy 的展位和其他地方都有採用透明 OLED 和 SPD 薄膜組合的平板顯示器。

But also they had an augmented reality windshield, where imagine a piece of construction equipment, for example, and superimposed on the windshield was where all the gas and electrical lines were on the site that you're digging.

而且他們還有一個擴增實境擋風玻璃，例如，想像一個建築設備，疊加在擋風玻璃上的是你正在挖掘的現場的所有天然氣和電線。

So you could see, as you're digging, where the areas you need to avoid are.

因此，您在挖掘時可以看到需要避開的區域。

Well, if you're on a construction site and there's daylight, it may be hard to read what's on your windshield.

好吧，如果您在建築工地並且有日光，則可能很難看清擋風玻璃上的內容。

So now, with the combination of SPD and transparent OLEDs, you could see quite clearly where the lines were, where the gas lines were, what to avoid.

現在，透過 SPD 和透明 OLED 的結合，您可以非常清楚地看到管線在哪裡、氣體管線在哪裡以及要避免什麼。

It was actually kind of cool too, because they have external cameras on these construction equipments, and you can actually, with a gesture of your hand, move the display over to the side.

這實際上也很酷，因為他們在這些建築設備上安裝了外部攝影機，實際上，您可以透過手勢將顯示器移到一側。

So let's say you're digging, and you want to see where you're digging.

假設您正在挖掘，並且您想看看正在挖掘的位置。

You'd look at the camera, because sometimes there's blind spots, and the camera would help you.

你會看著相機，因為有時會有盲點，相機會幫助你。

But let's say it's getting in the way of you doing your job.

但假設它妨礙了你的工作。

You just kind of just touch the screen and swipe it to the side.

您只需觸摸螢幕並將其滑動到一側即可。

And it's very much like minority report, where you can just play with these things in real time.

這很像少數派報告，你可以即時玩這些東西。

So it was quite remarkable.

所以這是非常了不起的。

And LG and Gauzy have been working together on this combination for quite a while.

LG 和 Gauzy 在這組合上的合作已經有一段時間了。

And I had encouraged them to do that because we saw that there was some real traction in that market.

我鼓勵他們這樣做，因為我們看到這個市場有一些真正的吸引力。

I was watching the LG CES thing, and at 32 minutes, they brought out their T OLED, and they had that [silly] black screen come up from the bottom.

我正在觀看 LG CES 的活動，在 32 分鐘時，他們推出了 T OLED，並且從底部出現了[愚蠢的]黑屏。

And I remember what Gauzy had.

我記得高齊有什麼。

It seemed like the answer.

這似乎是答案。

Right exactly.

完全正確。

I'm just surprised with the stock languishing like, below a dollar at times, that you wouldn't make a press release about that?

我只是對股票的疲軟狀態感到驚訝，有時甚至低於一美元，你不會就此發布新聞稿嗎？

Yes.

是的。

Seth if we could make a press release about things, we certainly would.

塞斯，如果我們可以就此事發布新聞稿，我們當然會的。

A lot of times, we're specifically asked not to or not now, and you have to respect the customer.

很多時候，我們被特別要求不要或現在不這樣做，你必須尊重客戶。

True.

真的。

Okay.

好的。

Thank you.

謝謝。

But Gauzy and I would love nothing more than to be able to talk about that.

但高齊和我最樂意談論的是這個問題。

All right, that's all I've got.

好吧，這就是我所擁有的一切。

Thank you, Joe.

謝謝你，喬。

Thanks a lot.

多謝。

And see no further questions.

並且看不到更多問題。

I'll turn the call back over to our host.

我會將電話轉回給我們的主持人。

Thanks, Paul.

謝謝，保羅。

And remember, if we've not fully answered any questions that were emailed or asked today, just email us and we'll do our best.

請記住，如果我們沒有完全回答今天透過電子郵件發送或提出的任何問題，請給我們發送電子郵件，我們會盡力而為。

A couple closing remarks this past year has been transformative for Research Frontiers marked by financial growth, strategic expansions and innovative breakthroughs and new uses for SPD SmartGlass technology.

去年的幾句結束語對研究前沿產生了變革性影響，其特點是財務成長、策略擴張、創新突破以及 SPD SmartGlass 技術的新用途。

And as we look forward, we are committed to continuing this momentum, improving the way people live, work and get around, and enhancing our global impact.

展望未來，我們致力於持續保持這一勢頭，改善人們的生活、工作和出行方式，並增強我們的全球影響力。

In the past year, Research Frontier has achieved significant accomplishments, including 109% increase in revenues and a reduction in cost, moving us much closer to profitability.

在過去的一年裡，Research Frontier 取得了重大成就，包括營收成長 109% 和成本降低，使我們離獲利更近了一步。

The company solidified its market leadership in the smart glass industry, expanded its collective global footprint, and diversified its product applications across automotive, aircraft and architectural sections, as well as augmented reality and other advanced uses of SPD SmartGlass technology.

該公司鞏固了其在智慧玻璃行業的市場領導地位，擴大了其全球足跡，並在汽車、飛機和建築領域實現了產品應用多元化，以及擴增實境和 SPD SmartGlass 技術的其他先進用途。

Other notable achievements include the introduction of SPD technology in Boeing and Airbus aircraft and the development of the SPD SmartGlass retrofit solution and triple digit percentage growth in automotive royalties.

其他值得注意的成就包括在波音和空中巴士飛機中引入 SPD 技術、開發 SPD SmartGlass 改造解決方案以及汽車特許權使用費的三位數百分比增長。

A few weeks ago, the market research from firm SNS Insider reported that in the smart glass market, quote, the transportation application segment holds a considerable market share of around 48% in 2022, driven by automakers inclination towards adopting SPD glass, especially in luxury cars.

幾週前，SNS Insider 公司的市場研究報告稱，在智慧玻璃市場中，由於汽車製造商傾向於採用 S​​PD 玻璃，尤其是豪華車，交通應用領域將在 2022 年佔據約 48% 的可觀市場份額。汽車。

Well, first let me say nice to have our technology accurately and specifically mentioned by name as the leader in the automotive smart glass market.

好吧，首先我要說的是，很高興我們的技術被準確而具體地提及為汽車智慧玻璃市場的領導者。

And as we noted, their conclusion about the dominance in the transportation section held true not only in 2022, but based upon the numbers we just reported for 2023 as well.

正如我們所指出的，他們關於交通運輸領域主導地位的結論不僅在 2022 年成立，而且基於我們剛剛報告的 2023 年數據也成立。

And in 2024 and beyond, there may be new markets for SPD that dwarf and build upon our current ones.

到 2024 年及以後，SPD 可能會出現新的市場，使我們現有的市場相形見絀並進一步發展。

We and our licensees will relentlessly pursue those opportunities as well.

我們和我們的被授權人也將不懈地尋求這些機會。

We all have an incentive to do that.

我們都有動力去做。

This past year, we have gotten into both Boeing and Airbus aircraft for the first time.

去年，我們首次接觸了波音和空中巴士飛機。

We've also expanded a number of car models, from first Mercedes and then to McLaren, and then to General Motors and then to Ferrari.

我們還擴展了許多汽車型號，從最初的梅賽德斯，然後到麥克拉倫，然後到通用汽車，然後到法拉利。

We're looking forward to an upcoming introduction in Asia for the middle market, as well as SPD SmartGlass being introduced in new cars produced in Europe.

我們期待即將在亞洲推出中階市場的產品，以及在歐洲生產的新車中引進 SPD SmartGlass。

Our focus has been, and will continue to be to help our licensees introduce new products into markets, which means hard and coordinated work to meet the timeframe of existing customers, and also to introduce and constantly push new products across the finish line.

我們的重點一直是，並將繼續是幫助我們的被許可人將新產品引入市場，這意味著要努力協調工作，以滿足現有客戶的時間要求，並引入並不斷推動新產品衝過終點線。

All of this is with one goal in mind, growing revenue and becoming significantly profitable.

所有這一切都是為了一個目標：增加收入並實現大幅利潤。

We have made tremendous progress over this past year significantly increasing our revenues and moving closer towards profitability.

在過去的一年裡，我們取得了巨大的進步，顯著增加了我們的收入，並更接近獲利。

With the strong growth we're seeing in automotive applications, our expansion into major aircraft manufacturers like Boeing and Airbus, notably through decisions to use our technology by their customers, and the enormous potential of the architectural market, we are well positioned for continued revenue growth in 2024 and beyond.

隨著我們在汽車應用領域看到的強勁增長，我們向波音和空中巴士等主要飛機製造商的擴張，特別是透過他們的客戶決定使用我們的技術，以及建築市場的巨大潛力，我們已做好持續收入的準備2024 年及以後的成長。

Our strategic partnership with Gauzy has allowed us to increase production efficiencies, reduce costs, ease logistics and expand our product offerings and enter into new products and applications.

我們與 Gauzy 的策略合作夥伴關係使我們能夠提高生產效率、降低成本、簡化物流、擴大我們的產品範圍並進入新產品和應用領域。

Our collective global presence gives us an important competitive advantage.

我們在全球的集體影響力為我們帶來了重要的競爭優勢。

The lawsuit victory we achieved helps solidify and validates the intellectual property position we've built over decades of research and development.

我們所取得的訴訟勝利有助於鞏固和驗證我們在數十年的研發中建立的智慧財產權地位。

The Federal Court's ruling on the licensee IP provision in our contracts is a significant precedent that strengthens our intellectual property portfolio and adds value to what we can do for our licensees.

聯邦法院對我們合約中被授權人智慧財產權條款的裁決是一個重要的先例，它加強了我們的智慧財產權組合，並增加了我們為被授權人所做的事情的價值。

We continue to make advancements to our SPD Technology, including developing color neutral particles that can further enhance the aesthetics and market opportunities.

我們不斷改進 SPD 技術，包括開發可進一步增強美觀性和市場機會的中性顏色顆粒。

Product and market innovation remains a key priority.

產品和市場創新仍然是重中之重。

With rising energy costs, government incentives for energy efficient buildings, and growing demand for user controllable tinted glass, the market outlook for smart glass remains extremely promising across the automotive, aerospace, architectural and other sections.

隨著能源成本的上升、政府對節能建築的激勵措施以及對用戶可控有色玻璃的需求不斷增長，智慧玻璃在汽車、航空航太、建築和其他領域的市場前景仍然非常光明。

And now more real world examples have been practically demonstrated to show how our SPD smart technology can be used in new applications such as adaptive headlights and heads up displays such as the ones that BMW developed and demonstrated at last year's CES and the augmented reality displays at this year's CES.

現在，更多現實世界的例子已經得到實際證明，以展示我們的 SPD 智慧技術如何應用於新應用，例如自適應頭燈和平視顯示器，例如BMW在去年的 CES 上開發和展示的應用以及今年的CES。

Looking ahead, we are poised for even greater success.

展望未來，我們將取得更大的成功。

Our robust pipeline of new products and technologies promises to revolutionize the way SPD SmartGlass impacts our daily lives and the environment.

我們強大的新產品和技術系列有望徹底改變 SPD SmartGlass 影響我們日常生活和環境的方式。

Research Frontiers is the clear innovation leader and the most diversified player in the smart glass industry.

Research Frontiers 是智慧玻璃產業明顯的創新領導者和最多元化的參與者。

Our patented SPD smart technology provides proven performance advantages over competitors.

我們的專利 SPD 智慧技術提供了優於競爭對手的經過驗證的效能優勢。

We have built a global licensing network and portfolio of cutting edge products that were used in 2023 was a year of substantial progress, and we have positioned the company for accelerated growth and financial success in the years ahead.

我們已經建立了全球授權網路和尖端產品組合，並在 2023 年使用了這些產品，這是取得重大進展的一年，我們已為公司在未來幾年的加速成長和財務成功做好了準備。

We remain intently focused on execution, innovation and driving shareholder value.

我們仍然專注於執行、創新和推動股東價值。

We remain committed to substantially pushing the boundaries of what is possible and enhancing shareholder value in the process.

我們仍然致力於大幅突破可能的界限，並在此過程中提高股東價值。

Our journey together continues and I'm excited about what the future holds for Research Frontiers and our stakeholders.

我們的共同旅程仍在繼續，我對研究前沿和我們的利益相關者的未來感到興奮。

Thank you to everyone who has contributed to our journey thus far.

感謝迄今為止為我們的旅程做出貢獻的所有人。

Your support, dedication and belief in our vision and mission have been instrumental in our success.

您的支持、奉獻以及對我們願景和使命的信念對我們的成功至關重要。

I look forward to working together to achieve our goals and set new and more ambitious benchmarks in the years to come.

我期待著共同努力實現我們的目標，並在未來幾年設定新的、更雄心勃勃的基準。

Thank you.

謝謝。

That concludes today's conference call.

今天的電話會議到此結束。

Thank you for attending and have a pleasant day.

感謝您的出席並祝您度過愉快的一天。