Research Frontiers Inc (REFR) 2024 Q1 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 first quarter of 2024 results of operations and recent developments.

歡迎參加 Research Frontiers 投資者電話會議，討論 2024 年第一季的營運表現和最新進展。

(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 Frontier's 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 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.

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 and 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，許多重要因素可能導致未來時期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。

Thanks, Morgan, and welcome to the team.

謝謝摩根，歡迎加入我們的團隊。

And hello, everyone, and welcome to our investor conference call to discuss the first quarter of 2024.

大家好，歡迎參加我們的投資者電話會議，討論 2024 年第一季的情況。

Just nine weeks since our last call, we've already witnessed significant developments in progress, which I'm eager to share with you today.

距離我們上次通話僅九週，我們已經見證了重大進展，我今天迫不及待地與大家分享。

And in the interest of time and covering as much ground as possible, I've taken a number of the questions that we've received by email and have incorporated them into my presentation today.

為了節省時間並盡可能涵蓋更多內容，我回答了我們透過電子郵件收到的一些問題，並將它們納入我今天的演示中。

We'll start with the numbers.

我們將從數字開始。

I'm pleased to report that Research Frontier's continued its revenue growth momentum in the first quarter of 2024.

我很高興地報告，Research Frontier 在 2024 年第一季持續維持營收成長動能。

Our royalty revenues in Q1 2024 were up over 26% from the same quarter last year to $313,378, driven by robust double-digit percentage gains in our two largest markets, automotive and aircraft.

在汽車和飛機這兩個最大市場強勁的兩位數百分比成長的推動下，我們 2024 年第一季的特許權使用費收入比去年同期成長了 26% 以上，達到 313,378 美元。

This revenue growth is on top of strong revenue growth from 2023.

這一收入成長是在 2023 年收入強勁成長的基礎上實現的。

Fee income during 2023 increased by 69% over 2022, and overall revenue last year was up 109% from the prior year.

2023 年的費用收入比 2022 年增長 69%，去年的整體收入比上年增長 109%。

All of these increases in fee income were primarily the result of higher royalties from the automotive market.

所有這些費用收入的增加主要是汽車市場特許權使用費增加的結果。

And this past quarter, we also had increases in the aircraft royalties.

上個季度，我們的飛機特許權使用費也有所增加。

The first quarter of 2023 actually marked the beginning of five consecutive quarters so far of revenue growth from the prior quarters -- prior year rather.

2023 年第一季實際上標誌著迄今為止連續五個季度收入較前幾個季度（而不是去年）增長的開始。

Looking ahead, although we're not even halfway through the second quarter, we already expect higher royalty income in the second quarter.

展望未來，儘管第二季還沒有過半，但我們已經預期第二季的特許權使用費收入會更高。

In fact, we also expect higher royalties primarily in automotive in the third quarter and beyond.

事實上，我們也預期第三季及以後的特許權使用費將會上漲，主要是在汽車領域。

This is based upon revenues already booked and expected revenues yet to be reported.

這是基於已登記的收入和尚未報告的預期收入。

How do we know this?

我們怎麼知道呢？

Remember, our main market, automotive is more predictable than our other markets.

請記住，我們的主要市場車比我們的其他市場更具可預測性。

And as a former Federal Reserve economist, I always look for leading indicators of future activity.

作為前聯準會經濟學家，我總是尋找未來活動的領先指標。

Our best leading indicator of our future royalty revenues is our present SPD film sales.

我們未來特許權收入的最佳領先指標是我們目前的 SPD 電影銷售。

We expect our growth this year will come from growth in our existing markets and from new product introductions.

我們預計今年的成長將來自現有市場的成長和新產品的推出。

We continue to be debt-free and are in strong financial shape.

我們繼續沒有債務，財務狀況強勁。

As of March 31, 2024, the company had cash and cash equivalents of approximately $2.1 million and working capital of $2.7 million and no debt.

截至2024年3月31日，該公司擁有現金及現金等價物約210萬美元，營運資金為270萬美元，沒有債務。

Our cash burn rate is approximately $200,000 to $250,000 per quarter.

我們的現金消耗率約為每季 200,000 美元至 250,000 美元。

However, based upon projected revenue growth, I still do not think we will need to raise additional capital in the foreseeable future unless there's a strategic reason to do so.

然而，根據預期的收入成長，我仍然認為我們在可預見的未來不需要籌集額外的資金，除非有策略性原因這樣做。

So let's talk about other exciting things happening this year.

那麼讓我們來談談今年發生的其他令人興奮的事情。

At CES this past January, in addition to the automotive sunroof, side windows, sun visors built into the front windshield and other SPD-SmartGlass products, there was a potentially high unit volume specialty vehicle for the construction industry.

在今年 1 月的 CES 上，除了汽車天窗、側窗、前擋風玻璃內建遮陽板和其他 SPD-SmartGlass 產品外，還有一款潛在高單位銷售的建築業特殊車輛。

It had an augmented reality windshield that was made possible because of the combination of SPD film from Gauzy and the transparent OLED technology by LG Group was extremely well done.

它配備了擴增實境擋風玻璃，這得益於 Gauzy 的 SPD 薄膜和 LG 集團的透明 OLED 技術的完美結合。

You could see the vibrancy that happened with the augmented reality display by using 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, and it even made the show newsletter as to What's Hot at CES product on day two of the show.

該產品總體上受到了廣泛關注，甚至在展會第二天就成為了 CES 熱門產品的展會時事通訊。

New uses for SPD-SmartGlass such as this and dynamic headlights and heads-up displays are quite exciting.

SPD-SmartGlass 的新用途（例如動態車頭燈和平視顯示器）非常令人興奮。

Growth in the traditional areas such as sunroofs and windows is also exciting and, to some extent, much more predictable.

天窗和窗戶等傳統領域的成長也令人興奮，並且在某種程度上更可預測。

We are also very excited about the successful movement forward through the development process of another car in Asia.

我們也對亞洲另一款汽車的開發過程成功感到非常興奮。

That project is very much on track, and as I noted in our last conference call was going through its final development stages prior to launch.

該專案進展順利，正如我在上次電話會議中指出的那樣，該專案正在經歷啟動前的最後開發階段。

What's particularly exciting for all of us and also for the automotive industry in general is that the cost to manufacture of our technology has come down so much as to make it feasible for inclusion in a relatively moderately priced vehicle.

對於我們所有人以及整個汽車行業來說，特別令人興奮的是我們的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汽車中。

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

當然，這對 SPD-Smart 技術在全球中階市場車中的大量應用來說是個好兆頭。

Let's now talk about the architectural SmartGlass market.

現在我們來談談建築智慧玻璃市場。

One thing that we're all looking forward to is the launch of the retrofit application that I had discussed in some detail on our last conference call in March.

我們都期待的一件事是我在三月的上次電話會議上詳細討論過的改造應用程式的啟動。

Gauzy and another licensee of ours are each exhibiting at the AIA Architectural Glass Conference in Washington, DC in early June.

Gauzy 和我們的另一位被許可人將分別參加六月初在華盛頓特區舉行的 AIA 建築玻璃會議。

This conference is important in the architectural world because it is sponsored by the AIA, the American Institute of Architects, and it's also being held in the heart of the federal government in Washington, DC. The Federal GSA is the largest customer in the world for many things, including energy-efficient glass, and recent mandates and programs to upgrade government buildings for energy efficiency and security are very positive drivers for our business.

這次會議在建築界很重要，因為它是由美國建築師學會（AIA）贊助的，也是在華盛頓特區的聯邦政府中心舉行。聯邦總務署是世界上許多產品（包括節能玻璃）最大的客戶，最近升級政府建築以提高能源效率和安全性的指示和計劃對我們的業務來說是非常積極的推動力。

Apart from the public sector, the Dynamic Glass Act gives substantial 30% to 50% tax credits to private individuals and businesses for adopting SmartGlass.

除公共部門外，《動態玻璃法案》還為採用智慧玻璃的個人和企業提供 30% 至 50% 的稅收抵免。

This has a dramatic impact on the economics to encourage adoption of SmartGlass in all types of buildings and homes.

這對經濟產生了巨大影響，鼓勵在所有類型的建築和家庭中採用智慧玻璃。

And we've seen similar benefits from regulation caused -- the robust adoption of energy-efficient glass, starting with low-e glass in the 1970s, which had some initial trouble getting off the ground until government regulation made it a no-brainer.

我們也看到了監管帶來的類似好處——節能玻璃的大力採用，從 20 世紀 70 年代的低輻射玻璃開始，這種玻璃在起步階段遇到了一些困難，直到政府監管使其變得理所當然。

Now a substantial part of all new glass installation is low-e glass.

現在，所有新玻璃裝置的很大一部分都是低輻射玻璃。

It's pretty much a cost-effective and standard feature in all new construction or window replacement.

在所有新建建築或窗戶更換中，這幾乎是一個具有成本效益的標準功能。

The volumes that can occur from this typically have been -- have the effect of driving down the price of new technologies, assuming that inherent in those technologies are cost reductions with volume.

由此產生的銷售通常會降低新技術的價格，假設這些技術的本質是成本隨著銷售量的降低而降低。

If you read some of the technical analysis of electrochromic companies, they all promised substantial cost reductions if only.

如果你讀過一些電致變色公司的技術分析，他們都承諾大幅降低成本，但願如此。

If only they could have a bigger factory, if only they could invest in new equipment, if only, if only, if only.

要是他們能有一個更大的工廠，如果他們能投資新設備就好了，要是了，要是了，要是了。

All of these companies over the many decades that have tried have not begun to see these economies of scale and production efficiencies.

所有這些幾十年來進行過嘗試的公司都沒有開始看到這些規模經濟和生產效率。

We have.

我們有。

Let me highlight how we were able to achieve these things.

讓我強調一下我們是如何實現這些目標的。

One of the strategies early on at Research Frontiers was to focus on businesses with predictable volumes that could support substantial usage of SPD film.

Research Frontiers 早期的策略之一是專注於具有可預測產量的業務，這些業務可以支援 SPD 薄膜的大量使用。

Everything else in our supply chain is basically already mass produced, whether it be the glass or the inter layers or the edge seals or the aluminum framing or the electronics.

我們供應鏈中的其他所有東西基本上都已經批量生產，無論是玻璃、中間層、邊緣密封、鋁框架還是電子產品。

So the missing element in cost reduction, could we get the cost down for the SPD film?

那麼，在降低成本方面所缺少的要素，我們能否降低 SPD 薄膜的成本呢？

We did.

我們做到了。

This came focusing on markets such as automotive with very predictable volumes and large usage in terms of surface area of SPD film that allowed all of our licensees to plan, to build, and to supply their customers.

這主要針對汽車等市場，這些市場的銷售量非常可預測，而且 SPD 薄膜的表面積使用量很大，這使得我們所有的被授權者能夠規劃、建造並向其客戶供貨。

Over time, as you would imagine, they got better and better at this, and the customers became more and more comfortable.

隨著時間的推移，正如你想像的那樣，他們在這方面做得越來越好，顧客也變得越來越舒服。

Another early strategy was to focus on our launch customer, Mercedes.

另一個早期策略是專注於我們的首發客戶梅賽德斯。

Their reputation for quality assurance, and innovation, and reliability was respected and followed quickly not only in the automotive industry, but also in the aircraft industry, the design industry, and many other places.

他們在品質保證、創新和可靠性方面的聲譽不僅在汽車行業，而且在飛機行業、設計行業和許多其他領域都受到尊重和迅速追隨。

Our job was to make Mercedes happy, and we did.

我們的工作是讓梅賽德斯開心，我們做到了。

There still has not been one reported problem with our SPD-SmartGlass since its introduction by Mercedes in 2011 in the first SLK Roadster.

自 2011 年梅賽德斯在第一輛 SLK Roadster 中引入我們的 SPD-SmartGlass 以來，尚未收到任何有關 SPD-SmartGlass 問題的報告。

Since then, tens of thousands of cars are on the road with our glass, some for over a dozen years.

從那時起，數以萬計的汽車都使用了我們的玻璃，有些已經使用了十多年。

Once introduction by Mercedes was announced, we saw an up-tick in aircraft industry interest, which is part of the follow-on strategy and also automakers following Mercedes lead and also adopting SPD-SmartGlass.

梅賽德斯宣布推出後，我們看到飛機產業的興趣上升，這是後續策略的一部分，汽車製造商也緊跟著梅賽德斯的腳步，也採用了 SPD-SmartGlass。

McLaren has very, very high take rates.

麥克拉倫的採用率非常非常高。

Ferrari also has very, very high take rates.

法拉利的採用率也非常非常高。

We saw McLaren migrate from one initial relatively low volume model to many more models.

我們看到麥克拉倫從最初的一款銷量相對較低的車型轉向了更多車型。

There is talk of the same thing happening at Ferrari.

有傳言說法拉利也發生了同樣的事情。

We also have Cadillac with their Celestiq flagship, which is just starting production now.

我們還有凱迪拉克的 Celestiq 旗艦產品，目前剛開始生產。

I look forward to SPD-SmartGlass following a similar migration pattern within General Motors.

我期待 SPD-SmartGlass 在通用汽車內部遵循類似的遷移模式。

And of course, we have other carmakers that have not yet announced that should have the same results that is where it starts in one car model and quickly migrates to other models within that automaker.

當然，我們還有其他汽車製造商尚未宣布應該具有相同的結果，即從一種車型開始，然後迅速遷移到該汽車製造商內的其他車型。

Another nice thing about our business in automotive is that they tend to be very long-term contracts, the same in aircraft.

我們汽車業務的另一個好處是，它們往往是非常長期的合同，飛機也是如此。

Once you're speced in, you're in for years.

一旦你被指定，你就可以在裡面待很多年。

And of course, that's assuming you have a good product, we do.

當然，這是假設您有好的產品，我們也是。

With the background and context of Gauzy's pending IPO, growing revenues in the automotive and aircraft industry this past quarter and with the new markets such as augmented reality windshields and other displays, as well as non-traditional uses besides sunroofs and vehicles and homes and in retail environments and other buildings and the introduction of retrofit solutions, I'd like to now open the conference call up to questions.

在 Gauzy 即將進行 IPO 的背景和背景下，上個季度汽車和飛機行業的收入不斷增長，增強現實擋風玻璃和其他顯示器等新市場，以及天窗、車輛和家庭以外的非傳統用途以及零售環境和其他建築以及改造解決方案的介紹，我現在想在電話會議上提出問題。

First, I'll read and answer some of the questions we received by e-mail.

首先，我將閱讀並回答我們透過電子郵件收到的一些問題。

And I encourage people to e-mail in their questions before each conference call, so we can tailor our presentation to cover the most ground for the benefit of all shareholders.

我鼓勵人們在每次電話會議之前透過電子郵件提出問題，這樣我們就可以調整我們的演示文稿，以涵蓋所有股東利益的最大範圍。

Here are some of the additional questions that were e-mailed to us.

以下是透過電子郵件發送給我們的一些其他問題。

And in some cases, I'm going to be combining several related questions into one.

在某些情況下，我會將幾個相關問題合併為一個。

During only the past two months since our last conference call in March, some fairly substantial development in the SmartGlass industry.

自從三月上次電話會議以來僅過去兩個月，智慧玻璃產業就取得了一些相當大的發展。

Our largest competitor View filed for bankruptcy, and they were also de-listed from trading on NASDAQ.

我們最大的競爭對手View申請破產，他們也從納斯達克交易中摘牌。

I will hardly spend any time on them.

我幾乎不會在他們身上花任何時間。

This was probably not a surprise to anyone who has listened to our calls over the last couple of years as they have had substantial cash burn problems and limited access to new capital.

對於過去幾年聽過我們呼籲的人來說，這可能並不奇怪，因為他們面臨大量現金消耗問題，並且獲得新資本的機會有限。

Another public competitor after years of promises of imminent production has not produced even their first commercial switchable tin product and is resorting to digging ditches and laying cable to pay their bills.

另一個公共競爭對手在多年承諾即將生產之後，甚至還沒有生產出他們的第一個商業可轉換錫產品，而是依靠挖溝渠和鋪設電纜來支付賬單。

These developments and companies are in my opinion insignificant.

在我看來，這些發展和公司都是微不足道的。

There is another much more positive development for us in our industry.

我們的行業還有另一個更積極的發展。

This is something we got a lot of questions about.

我們對此有很多疑問。

Our SPD film producing licensee Gauzy filed for their initial public offering.

我們的 SPD 電影製作授權商 Gauzy 申請首次公開募股。

Many people have carefully reviewed their F1 registration statement, which gives a lot more detail to many of the things we've been talking about on these conference calls over the past 18 months to 24 months.

許多人都仔細查看了他們的 F1 註冊聲明，該聲明為我們在過去 18 個月到 24 個月的電話會議上討論的許多事情提供了更多細節。

To answer another shareholder question that I received, we believe that Gauzy's IPO filing will greatly benefit our SPD-SmartGlass industry and RFI and our shareholders.

為了回答我收到的另一個股東問題，我們相信 Gauzy 的 IPO 申請將大大有利於我們的 SPD-SmartGlass 產業、RFI 和我們的股東。

And our shareholders incidentally includes Gauzy as they are a strategic investor in us.

我們的股東也包括 Gauzy，因為他們是我們的策略投資者。

First, you should know that an IPO is something that I've been encouraging Gauzy to do since we first met.

首先，你應該知道，自從我們第一次見面以來，我就一直鼓勵 Gauzy 去做 IPO。

To do the SmartGlass industry correctly, if you're a manufacturer or a marketer, and Gauzy is both, you need production capacity, factories, people and a diverse geographic footprint to cover the world and the industries that SPD-SmartGlass serves.

要正確經營SmartGlass 行業，如果您是製造商或行銷商（Gauzy 兩者兼而有之），您需要生產能力、工廠、人員和多樣化的地理足跡，以覆蓋全球和SPD-SmartGlass 所服務的行業。

They do a great job with this.

他們在這方面做得很好。

This takes financial resources, and they also have great access to capital.

這需要財政資源，而且他們也有大量獲得資本的機會。

I'm told that one of their directors, a good and successful businessman who I've had lunch with, recently committed $60 million of its personal funds to Gauzy.

我聽說他們的一位董事，一位優秀且成功的商人，我曾與他共進午餐，最近將 6000 萬美元的個人資金承諾給 Gauzy。

A strong Gauzy is good for our industry, and it is good for Research Frontiers.

強大的 Gauzy 對我們的行業有好處，對研究前沿也有好處。

You could see that Gauzy has deployed their resources to substantially grow their businesses around SPD, have hired people around the world to manage and implement the various projects they had for SPD, have built factories, have expanded production capacity, and have large marketing and business development teams throughout the world.

你可以看到Gauzy已經部署了他們的資源來圍繞SPD大幅發展他們的業務，在世界各地聘請了人員來管理和實施他們為SPD所做的各種項目，建造了工廠，擴大了產能，並擁有龐大的行銷和業務開發團隊遍佈世界各地。

There is also a unique openness and candor in our relationship that allows us to collaborate well in all of these areas.

我們的關係還具有獨特的開放性和坦誠性，使我們能夠在所有這些領域進行良好的合作。

You're seeing a company that has grown from 55 people when Eyal Peso and I first met to more than 600 people worldwide, and they are growing in all areas.

你看到的公司已經從我和 Eyal Peso 第一次見面時的 55 名員工發展到全球範圍內的 600 多名員工，而且他們在各個領域都在不斷發展。

I have not encountered after this growth an area of the world where our two companies cannot arrange an in-person meeting or product demonstration with a customer no matter where that customer is.

在這種成長之後，我還沒有遇到我們兩家公司無法與客戶安排面對面會議或產品演示的情況，無論客戶身在何處。

Having a diversified and local presence is a key to winning the business because it allows for a much more thorough education of the customer as to the benefits of SPD-SmartGlass.

擁有多元化的本地業務是贏得業務的關鍵，因為它可以讓客戶更全面地了解 SPD-SmartGlass 的優勢。

Matter of fact, in about two hours we're having a meeting with a customer in Southeast Asia.

事實上，大約兩個小時後我們將與東南亞的一位客戶開會。

And with the data and education, there's just no comparison in terms of performance, proven reliability, and now we're also beginning to see price.

透過數據和教育，在性能、經過驗證的可靠性方面沒有可比性，現在我們也開始看到價格。

And if you want to invest in the top two companies in the SmartGlass industry, you would invest in Research Frontiers and you'd invest in Gauzy.

如果你想投資 SmartGlass 行業的前兩家公司，你會投資 Research Frontiers，然後投資 Gauzy。

Also, I think for the first time actually, you're beginning to see how a vertically integrated company in the SmartGlass industry implements best practices and a focused and sensible business approach.

另外，我認為實際上您第一次開始看到智慧玻璃行業中的垂直一體化公司如何實施最佳實踐以及專注且明智的業務方法。

00000We have had positive gross margins in our industry consistently.

00000我們的產業毛利率一直為正。

Not having this and trying to quote by market share has really hurt our competitors, View, and now we see the end results with the bankruptcy is but one example.

沒有這一點並試圖以市場份額報價確實傷害了我們的競爭對手，View，現在我們看到破產的最終結果只是一個例子。

Gauzy's IPO also creates better transparency in the industry because now there are two public companies focused on SPD and more disclosure of our collective activities.

Gauzy 的 IPO 也為該行業創造了更好的透明度，因為現在有兩家上市公司專注於 SPD，並且更多地披露了我們的集體活動。

This should give everyone on our call a better insight and more details into your investment in Research Frontiers.

這應該能讓我們通話中的每個人對您在研究前沿的投資有更好的了解和更多細節。

We also believe that the market valuation that Gauzy is expected to go public at along with the fact that they are a sensibly and well-run company, and they strategically deploy their resources to achieve results will better demonstrate the value of SPD-SmartGlass in the world economy.

我們也相信，Gauzy 預計上市的市場估值，以及他們是一家明智且經營良好的公司，以及他們策略性地部署資源以取得成果的事實，將更好地體現 SPD-SmartGlass 在行業中的價值。世界經濟。

So that answers the comments I've had about asking me to reflect on Gauzy's IPO.

這回答了我要求我反思 Gauzy 首次公開募股的評論。

And Eyal Peso and his entire team are working quite hard on the IPO and road shows relating to it.

Eyal Peso 和他的整個團隊正在非常努力地進行 IPO 和與之相關的路演。

And I hope after things settle down for them and they're out of their quiet period, we can have Eyal join us on a future call.

我希望當事情安定下來並且他們走出平靜期後，我們可以讓埃亞爾加入我們未來的電話會議。

I received a related shareholder question about the SEC filing process.

我收到了有關 SEC 備案流程的相關股東問題。

Since Gauzy had originally filed their F1 registration statements on a confidential basis, these registration statements only became publicly available to all of us in April.

由於 Gauzy 最初是在保密的基礎上提交 F1 註冊聲明的，因此這些註冊聲明直到四月才向我們所有人公開。

After which Jared and other shareholder asked me, are there any non-obvious parts of the F1 that you would like to point REFR shareholders' attention to?

之後 Jared 和其他股東問我，F1 中有哪些不明顯的部分是您希望 REFR 股東注意的嗎？

Well, these are great questions all around.

嗯，這些都是很好的問題。

And with Gauzy's initial public offering in the process, you can go back and see how the registration statement has evolved over time.

在 Gauzy 首次公開募股的過程中，您可以回頭看看註冊聲明是如何隨著時間的推移而演變的。

And many of the things you see reflected in the registration statement are things we've touched upon in past conference calls.

您在註冊聲明中看到的許多內容都是我們在過去的電話會議中談到的內容。

And if you think about it, it's obvious there is such a very strong correlation between their business activities and ours.

如果您仔細考慮一下，您會發現他們的業務活動與我們的業務活動之間顯然有非常強的相關性。

Their business is basically built on ours.

他們的業務基本上是建立在我們的基礎上的。

This is not a surprise to us because we work very closely with them on a daily or weekly basis on various projects throughout the world.

這對我們來說並不奇怪，因為我們每天或每週都與他們在世界各地的各種項目上密切合作。

Sharing information and ideas and business development opportunities makes both of our companies much stronger.

分享資訊、想法和業務發展機會使我們兩家公司變得更強大。

Also, please keep in mind that as a public company, most of the detailed communications with shareholders occurs in our quarterly reports and our quarterly conference calls.

另外，請記住，作為一家上市公司，與股東的大部分詳細溝通都發生在我們的季度報告和季度電話會議中。

You're now going to see the same thing happen with Gauzy as they emerge as a public company.

現在，當 Gauzy 作為上市公司出現時，你會看到同樣的事情發生。

There will be a lot more good and meaningful information to digest, and I believe you'll really like what you see from both of our companies.

將會有更多好的、有意義的資訊需要消化，我相信您會非常喜歡從我們兩家公司看到的資訊。

Gauzy and Research Frontiers are both well-diversified and well-managed companies.

Gauzy 和 Research Frontiers 都是多元化且管理完善的公司。

Gauzy is diversified across two types of SmartGlass, PDLC for privacy and SPD for everything else.

Gauzy 擁有兩種類型的 SmartGlass：用於隱私的 PDLC 和用於其他所有功能的 SPD。

They even combine the two as well as give the benefits of both to customers.

他們甚至將兩者結合起來，並為客戶提供兩者的好處。

Gauzy also has other business units such as Safety Tech with various driver assistance technologies.

Gauzy 還擁有其他業務部門，例如擁有各種駕駛員輔助技術的安全技術部門。

Sometimes these are quite separate offerings, but it also only takes a little imagination to figure out that they are synergistic and complementary to each other.

有時，這些是完全獨立的產品，但也只需要一點想像力就能發現它們是協同和互補的。

For example, the ability to detect things happening outside the vehicle from the safety tech division products can be fed to make the glass even smarter inside the vehicle.

例如，安全技術部門的產品能夠偵測車外發生的事情，使車內的玻璃變得更加智慧。

Also, there are synergistic relationships because the customers for both are often the same.

此外，由於兩者的客戶通常相同，因此存在協同關係。

Here are some more questions that were emailed to us.

以下是透過電子郵件發送給我們的更多問題。

Alan Yakobov, at which revenue run rate would the company be EPS profitable and what would be your best guess estimate when that could be achieved?

艾倫·雅科博夫（Alan Yakobov），公司在什麼收入運行率下每股收益（EPS）能夠盈利，您對何時能夠實現這一目標的最佳猜測是多少？

With stable to lower expenses and now entering our fifth consecutive quarterly growth on a year-over-year basis, we are well on our way and can be quite close to becoming cash flow positive and profitable.

隨著費用穩定下降，現在進入連續第五個季度同比增長，我們正在順利前進，並且非常接近實現正現金流和盈利。

Jared Albert, how concerned should Research Frontiers shareholders be that Gauzy's SPD black development leads to a product not subject to REFR royalty contracts?

Jared Albert，Research Frontiers 的股東應該如何擔心 Gauzy 的 SPD 黑色開發導致產品不受 REFR 特許權使用費合約的約束？

Well, I think Jared is picking up on something in the F1 where they mentioned their SPD black program where they are trying to develop a black or color-neutral particle.

嗯，我認為 Jared 注意到了 F1 中的一些內容，他們提到了他們的 SPD 黑色計劃，他們正在嘗試開發一種黑色或中性色粒子。

And first, understand that both of our companies are working on a black or color-neutral particle.

首先，請了解我們兩家公司都在研究黑色或中性色粒子。

And of course, we are going to share what we develop with Gauzy because we want them to put it into a film.

當然，我們將分享我們與 Gauzy 的開發成果，因為我們希望他們將其放入電影中。

It's not necessary for our success, but it would, in my opinion, greatly expand the potential for some markets outside of sunroofs.

這對我們的成功來說並不是必要的，但在我看來，它將極大地拓展天窗以外的一些市場的潛力。

Now to directly answer your question about whether we should be concerned, our license agreements, including the one with Gauzy are set up to prevent workarounds of our IP without us getting paid.

現在直接回答您關於我們是否應該擔心的問題，我們的許可協議（包括與 Gauzy 的許可協議）的目的是防止我們在沒有獲得報酬的情況下繞過我們的 IP。

Also, as the Florida Federal Court in the GGT litigation confirmed, we also actually get the IP of our licensees if their license agreements expire or terminate.

此外，正如佛羅裡達聯邦法院在 GGT 訴訟中所證實的那樣，如果被許可人的許可協議到期或終止，我們實際上也可以獲得他們的智慧財產權。

David asks, would you provide an update during Thursday's call on the current status of REFR's poison pill?David

David 問，您能否在周四的電話會議上提供有關 REFR 毒丸當前狀態的最新資訊？

is referring to the rights plan, which was readopted and extended in December 2022 until February 11, 2033, so we have plenty of time on that.

指的是權利計劃，該計劃於 2022 年 12 月重新通過並延長至 2033 年 2 月 11 日，因此我們有充足的時間。

And it's triggered if any unwanted hostile takeover is started by someone acquiring 15% or more of our stock.

如果某人收購了我們 15% 或更多的股票而發起任何不受歡迎的敵意收購，就會觸發該行為。

Everyone should understand, though, that under Delaware law, our directors have a fiduciary duty to redeem the poison pill if our shareholders are offered fair value for their shares.

不過，每個人都應該明白，根據德拉瓦州法律，如果我們的股東獲得其股票的公允價值，我們的董事就有贖回毒丸的信託義務。

So it is meant to prevent abusive tactics and takeovers that are often used to pressure shareholders, but it's not designed to totally prevent a takeover.

因此，它的目的是防止濫用策略和經常用來向股東施壓的收購，但它並不是為了完全阻止收購。

Jay Moskowitz asks, RFI's competitors have all focused on the architectural market.

Jay Moskowitz 問道，RFI 的競爭對手都專注於建築市場。

Architectural glass is perhaps 70% of the market, whereas automotive glass is around 30%.

建築玻璃約佔市場的 70%，而汽車玻璃約佔 30%。

What are the major licensees doing to have a showcased architectural project to show against all of the existing competitors' SmartGlass projects?

主要被授權人正在做什麼來展示一個建築項目來與所有現有競爭對手的 SmartGlass 項目進行比較？

Well, thanks, Jay.

嗯，謝謝，傑伊。

They're working on commercial and government projects in this area.

他們正在該領域開展商業和政府項目。

And we touched on some of this earlier today and on prior conference calls.

我們在今天早些時候和之前的電話會議上談到了其中的一些內容。

I think the main difference between what we are doing -- we and our licensees are doing and is that all the projects that we're working on have positive gross margins.

我認為我們正在做的事情——我們和我們的被許可人正在做的事情之間的主要區別是，我們正在做的所有項目都有正的毛利率。

We're all in business to make money and not just buy market share.

我們做生意都是為了賺錢，而不僅僅是為了購買市場份額。

Jay's other question, does Gauzy have a control system that is capable of operating a large commercial building or a skyscraper of SPD windows or are they thinking of employing a Lutron or GE lighting control system to operate such buildings as was done in Milan, Italy in 2015 at the World's Fair?

Jay 的另一個問題是，Gauzy 是否擁有能夠操作大型商業建築或 SPD 窗戶摩天大樓的控制系統，或者他們是否考慮採用 Lutron 或 GE 照明控制系統來操作此類建築，就像義大利米蘭所做的那樣2015年世界博覽會？

Thanks, Jay.

謝謝，傑伊。

And electronics is something quite a bit about.

電子產品是相當重要的東西。

Yes, all of our licensees have access to the extensive IP in this area.

是的，我們所有的被授權人都可以存取該領域的廣泛智慧財產權。

Also, I point out that Gauzy itself not only makes smart film, but also the electronics to control it.

另外，我指出 Gauzy 本身不僅生產智慧薄膜，還生產控制它的電子設備。

In fact, the founders of Gauzy came out of one of Israel's leading telecom companies, and Gauzy first started as a company asked to make electronics for the PDLC SmartGlass industry.

事實上，Gauzy 的創辦人來自以色列領先的電信公司之一，Gauzy 最初是一家為 PDLC SmartGlass 產業製造電子產品的公司。

So their roots are in the electronics.

所以他們的根源在於電子產品。

Chuck, I think I've answered your questions, but if not, feel free to e-mail me, especially if you need more detail.

Chuck，我想我已經回答了您的問題，但如果沒有，請隨時給我發電子郵件，特別是如果您需要更多詳細資訊。

I answered Steve's question about, do we expect Gauzy going public to be beneficial to REFR, and if so, what are the positives?

我回答了 Steve 的問題，我們是否期望 Gauzy 上市對 REFR 有利？

Steve's other question also, the annual shareholders meeting in June, will this be an attending event, and if not, why?

史蒂夫的另一個問題是，六月的年度股東大會是否會出席，如果不是，為什麼？

Well, shareholders are welcome to attend.

那麼，歡迎股東參加。

These meetings are now mostly administrative corporate housekeeping.

這些會議現在主要是行政性的公司內務會議。

In the past, we used to have one big report on operations at our annual meetings.

過去，我們每年的年會上都會做一份大型的營運報告。

Now, we have moved these detailed reports to be more frequent, four times per year instead of just once.

現在，我們已經提高了這些詳細報告的頻率，每年四次，而不是一次。

Of course, as a long-term shareholder, you're welcome to attend.

當然，作為長期股東，歡迎您參加。

It will be at 11 a.m. on June 13 here at our corporate headquarters in Woodbury, Long Island.

時間為 6 月 13 日上午 11 點，地點為我們位於長島伍德伯里的公司總部。

But if last year is any guide, it would be simply administrative, reelection of directors, ratification of accountants, et cetera.

但如果說去年有任何指導意義的話，那就是行政管理、董事連任、會計師批准等。

John Nelson writes, hope all at Gauzy are well and safe.

約翰·納爾遜寫道，希望 Gauzy 的所有人都安好、安全。

They are, John, and thanks for asking.

他們是，約翰，感謝您的詢問。

Both of our companies really appreciate the question.

我們兩家公司都非常重視這個問題。

His next question, any significant changes in the competitive landscape for SPD products?

他的下一個問題是，SPD產品的競爭格局有什麼重大變化嗎？

Well, yes.

嗯，是。

We are stronger and stronger and stronger as we move forward.

當我們前進時，我們會變得越來越強大。

Costs are coming down; performance is moving up; and new uses are being developed for our technology.

成本正在下降；業績正在上升；我們的技術正在開發新的用途。

On the competition side, there continues to be a lot of wannabes as SPD has really become a badge of honor.

在競爭方面，仍然有很多追隨者，因為 SPD 確實成為了一種榮譽徽章。

There have been companies trying to use either decades-old versions of the technology that are off-patent, and those have high haze levels and limited ranges of light transmission variability.

有些公司試圖使用該技術的幾十年前的版本，這些版本已不再獲得專利，而且這些版本的霧度水平很高，光傳輸變化範圍有限。

And some are even calling things SPD that are not SPD.

有些人甚至將非 SPD 的事物稱為 SPD。

I don't worry about these wannabes because the customer usually will discover the difference.

我不擔心這些崇拜者，因為客戶通常會發現其中的差異。

Some even put SPD on their website with no ability to sell it just to attract customers or give them the impression about having cutting-edge technology.

有些人甚至將SPD放在他們的網站上，但無法銷售，只是為了吸引客戶或給他們留下擁有尖端技術的印象。

John's other question, what are the implications of Gauzy buying Resonac's, formerly Hitachi Chemicals, full SPD intellectual property portfolio, and anything related to manufacturing facilities and capacity potential for SPD film production?

John 的另一個問題是，Gauzy 購買 Resonac（前身為日立化學）的完整 SPD 智慧財產權組合以及與 SPD 薄膜生產的製造設施和產能潛力相關的任何內容有何影響？

Without going into the details, John, these are somewhat related questions.

約翰，無需詳細說明，這些都是有些相關的問題。

And this was a substantial multimillion dollar investment by Gauzy, which we encouraged for the good of the -- we encouraged them really for the good of the industry and our licensees and their customers to make that investment.

Gauzy 進行了數百萬美元的巨額投資，我們鼓勵他們這樣做是為了整個行業以及我們的被許可人和他們的客戶的利益。

It is up to Gauzy to discuss and disclose more details of their deal, but it is mentioned in their F1 registration statement.

Gauzy 需要討論和披露更多交易細節，但在他們的 F1 註冊聲明中提到了這一點。

John's other question, any progress on black SPD program that you can discuss?

約翰的另一個問題，黑人社民黨計畫有什麼進展可以討論嗎？

Well, RFI has made tremendous progress here and is a sustained and focused development effort, and this has been the holy grail for decades in our industry, and I think we're going to achieve it.

嗯，RFI 在這裡取得了巨大的進步，是一項持續而專注的開發工作，這一直是我們行業幾十年來的聖杯，我認為我們將實現它。

Okay.

好的。

Well, we've discussed a lot of exciting topics so far today, and I'll now ask our operator, Morgan, to open up the conference to additional questions people participating today might have that we've not already covered.

好吧，今天到目前為止我們已經討論了很多令人興奮的話題，現在我將請我們的操作員摩根在會議上開放，回答今天參加的人們可能提出的我們尚未討論的其他問題。

Our largest shareholders, though, several of them have suggested that we also try to keep our conference calls shorter, so I ask your assistance with this.

不過，我們最大的股東中的一些人建議我們也盡量縮短電話會議的時間，所以我請您幫忙。

(Event Istructions) And many of you have done this in the past, and we've had a very productive conversation as a result.

（活動說明）你們中的許多人過去都這樣做過，因此我們進行了一次非常富有成效的對話。

(Event Istructions) Anyway, let's open up the call for questions.

（活動說明）無論如何，讓我們開始提問吧。

(Operator Instructions) Michael Kay, Kay Associates.

（操作員說明）Michael Kay，Kay Associates。

Hello, Joe, how are you?

你好，喬，你好嗎？

Hi Professor Kay, how are you?

嗨，凱教授，你好嗎？

Okay.

好的。

I was just wondering, given the synergies and excellent relationship you have with Gauzy, has it ever crossed your mind, probably it has, some type of merger or acquisition by Gauzy, Research Frontiers that could be beneficial to the Research Frontiers shareholders since as you know, many of them have been holding the stock for over 20, 25 years and they purchased it, their average price is much higher.

我只是想知道，考慮到您與Gauzy 之間的協同效應和良好的關係，您是否曾經想過，可能有，Gauzy、Research Frontiers 進行某種類型的合併或收購，這可能對Research Frontiers 股東有利，因為您要知道，他們中的許多人已經持有該股票超過 20、25 年，他們購買了它，他們的平均價格要高得多。

So do you think that will be beneficial or is it part of potential in the future?

那麼您認為這會是有益的還是未來潛力的一部分？

We've discussed it.

我們已經討論過了。

And I'm not sure who would be acquiring who or what the transaction would look like specifically, but there are synergies clearly between our companies and we could benefit.

我不確定誰會收購誰或交易具體會是什麼樣子，但我們公司之間顯然存在協同效應，我們可以從中受益。

But we're also benefiting because in essence, our minds are merged together.

但我們也從中受益，因為從本質上講，我們的思想融合在一起。

We have the same view of the smart glass industry and how to do smart glass correctly.

我們對智慧玻璃產業以及如何正確做智慧玻璃有著相同的看法。

And I think that that our fortunes are aligned whether they're an owner or we're an owner.

我認為，無論他們是所有者還是我們是所有者，我們的命運都是一致的。

Their success will be our success and vice-versa.

他們的成功就是我們的成功，反之亦然。

And also, was it specified when Gauzy will go public or is that still look to be determined?

另外，是否已指定 Gauzy 何時上市，還是仍待確定？

So the way the process works is you file a registration statement with the SEC.

因此，該流程的運作方式是向 SEC 提交註冊聲明。

US companies, it's called an S1; foreign companies, it's called an F1.

美國公司，稱為S1；國外的公司，就叫F1。

And it has very detailed disclosure, very similar to what you've seen in our 10-K over the years and in our registration statements.

它有非常詳細的披露，與您多年來在我們的 10-K 和我們的註冊聲明中看到的非常相似。

The SEC comments on that.

美國證券交易委員會對此發表評論。

And you respond to those comments.

然後你回應這些評論。

And when you've adequately responded to those comments, you can ask the SEC to what's called accelerate the effectiveness of your registration statement, which means you could go public, start road shows, and start talking and taking orders for the stock.

當你對這些評論做出充分回應後，你可以要求美國證券交易委員會加速你的註冊聲明的有效性，這意味著你可以公開上市，開始路演，並開始談論和接受股票訂單。

So that process has been going on.

所以這個過程一直在進行。

If you go on the SEC's EDGAR website and did a redline, you could see maybe some of the changes that were requested by the SEC.

如果您造訪 SEC 的 EDGAR 網站並進行紅線修改，您可能會看到 SEC 要求的一些變更。

I must say they were relatively modest changes requested because Gauzy is a company that has good accounting systems and is in good shape and they're ready to go.

我必須說，他們所要求的改變相對較小，因為 Gauzy 是一家擁有良好會計系統、狀況良好的公司，他們已經準備好了。

So I look forward to that happening soon.

所以我期待這一切盡快發生。

Okay.

好的。

Thank you very much, Joe.

非常感謝你，喬。

Yes, thanks.

對了謝謝。

Appreciate it.

欣賞它。

(Operator Instructions) Leonard Leetzow, Wealth Planning and Design

（操作員指示）Leonard Leetzow，財富規劃與設計

Good afternoon, Joe.

下午好，喬。

Hey Len, how are you?

嘿，萊恩，你好嗎？

Doing fine, thank you.

做得很好，謝謝。

We have noticed some activity in the stock, finally, in the last few days or weeks

最後，我們注意到在過去幾天或幾週內股票出現了一些活動

Did something happen?

發生了什麼事嗎？

Yeah.

是的。

But it's still way undervalued, so that's good.

但它仍然被低估，所以這很好。

I just wondered, are you getting any context from institutional buyers?

我只是想知道，您是否從機構買家那裡得到了任何背景資訊？

Yeah.

是的。

And I think that's kind of a natural result.

我認為這是一個自然的結果。

If you consider the much larger market valuation that Gauzy is probably going to get in their IPO and their underwriters are some of the finest in the world, and I've spoken to them directly, that kind of attention is also going to attract attention to Research Frontiers by those same institutional owners because to some extent, an investment in Gauzy is an investment in a diversified business and in some respects, an investment in Research Frontiers is also an investment in a diversified business because of the many industries that we cover.

如果你考慮到Gauzy 可能會在首次公開募股中獲得更大的市場估值，而他們的承銷商是世界上最好的承銷商之一，而且我已經直接與他們交談過，那麼這種關注也將吸引人們的關注研究前沿由這些機構所有者進行，因為在某種程度上，對Gauzy 的投資是對多元化業務的投資，在某些方面，對研究前沿的投資也是對多元化業務的投資，因為我們涵蓋了許多行業。

And we're more of a pure asset-light IP play with higher valuations.

我們更多的是純粹的輕資產IP遊戲，估值較高。

So if you consider, for example, that a million-dollar increase in revenue for us is a $20 million increase in revenue for Gauzy and you're traded on a multiple of revenue growth and earnings growth, the leverage could be much higher with Research Frontiers.

因此，如果您認為，我們的收入增加一百萬美元，Gauzy 的收入就會增加 2000 萬美元，並且您以收入增長和盈利增長的倍數進行交易，那麼研究的槓桿率可能會高得多邊境。

But you also have a different diversified business with very stable and predictable earnings within Gauzy.

但 Gauzy 還擁有不同的多元化業務，收入非常穩定且可預測。

So they're both great companies to invest in.

所以他們都是值得投資的偉大公司。

And I think what you're going see is what we've been seeing, which is the work that Gauzy is doing in connection with their IPO is having a favorable effect on us as well, and people are paying attention.

我認為你將看到的是我們一直在看到的，即 Gauzy 正在做的與 IPO 相關的工作也對我們產生了有利的影響，人們正在關注。

I don't know if people are paying attention also because the other public smart glass companies are no longer available, to put nicely.

我不知道人們是否也在關注，因為其他上市智慧玻璃公司已經不再可用了。

But I think that it's really more of the former.

但我認為更多的是前者。

It's the attention that Gauzy is bringing to the smart glass industry is favorable because they have a lot of good things that are underneath the hood there.

Gauzy 為智慧玻璃產業帶來的關注是有利的，因為他們在幕後有很多好東西。

Yeah, in response to that previous question of yours, I think it's premature to do something with REFR.

是的，為了回答你之前的問題，我認為現在用 REFR 做一些事情還為時過早。

We're just getting to the point where the royalty income will start to get better, and as that happens, dividends will be paid, and why give all of that up at the beginning of the explosion?

我們剛剛到達特許權使用費收入將開始好轉的地步，當這種情況發生時，將會支付股息，為什麼在爆炸開始時放棄所有這些？

Right.

正確的。

Yeah, I agree.

是的，我同意。

And I don't think anybody on our Board would even remotely consider something at the current valuation, so

我認為我們董事會中的任何人都不會以目前的估值來考慮某些事情，所以

--

--

Okay, good.

好的。

Thank you.

謝謝。

Allan Ginsburg.

艾倫·金斯堡。

Yeah.

是的。

Hi, Joe, how are you have?

嗨，喬，你好嗎？

Hi, Alan.

嗨，艾倫。

How are you?

你好嗎？

Okay.

好的。

Thank you.

謝謝。

Well, just a follow-up to some of the other things that were being talked about with Gauzy.

嗯，這只是與 Gauzy 討論的其他一些事情的後續。

Now that hopefully they're going to become public and it's going to be more visibility for Research Frontiers, and maybe, hopefully, new investors joining some of us that have been in the stock for a long, long time, do you think it would be a good thing to go over the benefits of the royalty agreements that Research Frontiers is able to get from their intellectual property as you have in the past.

現在希望他們能夠公開，並且研究前沿的知名度會更高，也許，希望新投資者加入我們中的一些人，他們已經在股票中呆了很長時間了，你認為這會嗎？過去一樣從其智慧財產權中獲得特許權使用費協議的好處，這是一件好事。

But now you're going have new investors, it would be -- I think a smart thing to focus on?

但現在你將有新的投資者，我認為關注這一點是明智之舉嗎？

What do you think?

你怎麼認為？

Right.

正確的。

Well, thank you, and if there are new investors on the call, we license our hundreds of patents to licensees in different industries, and we get a royalty of between 10% and 15% of their revenue.

好吧，謝謝，如果有新的投資者參加電話會議，我們會將數百項專利授權給不同行業的被授權人，並獲得他們收入的 10% 到 15% 的特許權使用費。

And we get minimum royalties from many of those companies, so they're guaranteed minimums.

我們從許多這樣的公司獲得了最低的特許權使用費，因此他們得到了最低的保證。

As companies get established, those minimums become irrelevant because the earned royalties are quickly surpassing them.

隨著公司的成立，這些最低限度變得無關緊要，因為賺取的特許權使用費很快就會超過它們。

And because of that, we don't have to build factories.

正因為如此，我們不必建造工廠。

We could focus on what we do best, the R&D, the development, the improvement, the care and feeding of the industry, and things like that.

我們可以專注於我們最擅長的事情，研發、發展、改進、行業的照顧和餵養，等等。

And basically, our expenses are essentially fixed for all practical purposes.

基本上，出於所有實際目的，我們的費用基本上是固定的。

So it becomes all profit.

所以它就變成了全部利潤。

So we're talking about gross margins approaching 100% in our business.

所以我們談論的是我們業務的毛利率接近 100%。

So it's a very good business once it gets started, and I think if you look at the last year, you're starting to see it really get started, five consecutive quarters of growth over the prior quarter -- prior years.

因此，一旦開始，這就是一項非常好的業務，我認為如果你看看去年，你就會開始看到它真正開始了，比上一季（前幾年）連續五個季度增長。

So we keep plugging away, and as new products come out, as existing customers expand their use of SPD, like you're seeing, for example, within Ferrari, where they've had very nice growth quarter over quarter in terms of the number of units using our technology.

因此，我們不斷努力，隨著新產品的出現，隨著現有客戶擴大 SPD 的使用，就像您所看到的，例如，在法拉利內部，他們的數量逐季增長非常好使用我們技術的單位。

It's a very popular item in the car.

這是車上非常受歡迎的物品。

You start to see that happen, and then as I mentioned earlier, migrating from one car within an automaker to more than one car, like what happened with Mercedes, and then what happened with McLaren.

你開始看到這種情況發生，然後正如我之前提到的，從汽車製造商內的一輛汽車遷移到不止一輛汽車，就像梅賽德斯發生的事情，然後麥克拉倫發生的事情。

So being a licensing company and not having to change your cost structure, but having your revenue change is very, very significant I think.

因此，作為一家授權公司，不必改變你的成本結構，但我認為改變你的收入是非常非常重要的。

And thanks for suggesting that, Alan.

感謝您的建議，艾倫。

You're welcome.

不客氣。

Thank you.

謝謝。

Thomas McCarthy, Investor.

湯瑪斯·麥卡錫，投資者。

Hi there, Joe?

嗨，喬？

Hey, Tom.

嘿，湯姆。

I'm a retired financial advisor now, but committed to Research Frontiers even more than before.

我現在是一名退休的財務顧問，但比以前更致力於研究前沿。

Great.

偉大的。

Question about Gauzy.

關於高齊的問題。

By the way, we're noticing that many of our long-time shareholders have substantially increased their positions over time, and it must be that we're doing a better job than we have in the past of communicating some of the successes and the growth, and where it's coming from.

順便說一句，我們注意到，隨著時間的推移，我們的許多長期股東大幅增加了他們的持倉，這一定是我們在傳達一些成功和未來方面比過去做得更好。 。

So thank you for the increased participation participation there.

所以感謝你們增加了參與度。

And I believe all my old clients are also adding to their positions.

我相信我所有的老客戶也都在增加他們的部位。

Question about Gauzy, do they plan on being listed in Israeli and European stock exchanges?

關於 Gauzy 的問題，他們是否計劃在以色列和歐洲證券交易所上市？

I don't know the details of that right now.

我現在還不知道那件事的細節。

Our discussions have really focused on the US, and they were considering the NASDAQ and the New York Stock Exchange.

我們的討論主要集中在美國，他們正在考慮納斯達克和紐約證券交易所。

And I think they're focusing on NASDAQ like most tech companies and material science companies should.

我認為他們像大多數科技公司和材料科學公司一樣專注於納斯達克。

But they do have it really -- they do have investors throughout the world, so I wouldn't be surprised if they had co-listings on some of the other exchanges as well.

但他們確實擁有——他們確實在世界各地都有投資者，所以如果他們也在其他一些交易所聯合上市，我不會感到驚訝。

Great.

偉大的。

Keep up the good work, Joe.

繼續努力，喬。

Thanks a lot, Tom.

非常感謝，湯姆。

Good talking to you.

很高興跟你說話。

August Berman.

奧古斯特·伯曼.

Hey, couple questions for me.

嘿，有幾個問題要問我。

And I might've missed the initial comments.

我可能錯過了最初的評論。

You mentioned that we're expecting some increase in revenues in Q2 and Q3?

您提到我們預計第二季和第三季的營收會增加？

Yes, I did.

是的，我做到了。

So Q1 was up over Q4.

所以第一季高於第四季。

Q4 was, every quarter so far in the last five quarters, have been up compared to the prior quarter -- the same quarter of the prior year.

過去五個季度到目前為止，第四季的每個季度都比上一季（去年同期）有所增長。

And what I did say is, even though we're not even halfway through the first -- the second quarter, we already know that royalty income and automotive income is going to be higher.

我所說的是，儘管第一季和第二季還沒有過半，我們已經知道特許權使用費收入和汽車收入將會更高。

Are you able to say if that's from a new OEM or not?

你能說這是否來自新的 OEM 廠商嗎？

I'm not about -- I'm not allowed to say where it's coming from.

我不打算——我不被允許說出它來自哪裡。

One of the things is that we -- the automotive industry is somewhat predictable.

其中之一就是我們——汽車產業在某種程度上是可以預測的。

We get production call-outs and things like that, so we know what is going to happen.

我們收到生產通知和類似的事情，所以我們知道會發生什麼。

But also, the leading indicator usually is film sales, and we've seen some dramatic increases in film purchases by our licensees, and they don't do that to keep it in the garage or the basement.

而且，領先指標通常是電影銷量，我們已經看到我們的授權商購買的電影數量急劇增加，而且他們這樣做並不是為了將其保存在車庫或地下室。

Perfect.

完美的。

Okay.

好的。

And then just two other real quick.

然後很快就有另外兩個。

Maybe indirectly answer your question.

也許間接回答你的問題。

I did mention that with the Asian automaker, we've successfully passed through the product development process with them.

我確實提到過，我們與這家亞洲汽車製造商一起成功完成了產品開發流程。

So we expect good things to start happening there.

因此，我們期望那裡會開始發生好事。

Yeah.

是的。

Great news.

好消息。

Okay.

好的。

And then a while back when the Vision Systems Gauzy merger occurred, there was talk of some sort of implementation with their ADAS -- the ADAS, and our SmartGlass.

不久前，當 Vision Systems Gauzy 合併時，有人討論了他們的 ADAS（ADAS）和我們的 SmartGlass 的某種實施方式。

Is work still being done on that or is that not a big of a market as we thought?

這方面的工作仍在進行中嗎？

Yes, sure.

是的，當然。

I mean, one of the things I said earlier, which maybe was an indirect way of answering the question, was that some people think of these as distinct markets, cameras, for example, on the outside of vehicles, but they're providing data for the SmartGlass as well.

我的意思是，我之前說過的一件事（這可能是回答這個問題的間接方式）是，有些人認為這些是不同的市場，例如車輛外部的攝像頭，但他們提供數據也適用於 SmartGlass。

So it makes the glass system much more intelligent if you could combine that.

因此，如果能將其結合起來，它會使玻璃系統變得更加智慧。

And also, it's just a great way to hone your skills in the electronics and controller area.

而且，這也是磨練您在電子和控制器領域中技能的好方法。

So there is a synergy there.

所以那裡存在協同作用。

And then usually, the companies that are doing very high-end ADAS systems and things like that are also the prime candidates for energy efficient, switchable glass like ours.

通常，從事非常高階 ADAS 系統及類似產品的公司也是像我們這樣的節能、可切換玻璃的主要候選人。

That's the good stuff, not the light stuff.

這是好東西，而不是輕東西。

Yes.

是的。

And any other -- it sounds like they have a pretty large installed base, too, just looking at all the bases they've been installed on, so that's really exciting to see.

還有其他任何 - 聽起來他們也有相當大的安裝基礎，只要看看他們安裝的所有基礎，所以這真的很令人興奮。

Okay.

好的。

And then just last thing here, I know we didn't -- we're not talking much about View, but with View's demise to an extent, are we still talking to their customers about potentially taking on their projects or replacing their projects?

最後一件事，我知道我們沒有——我們沒有太多談論 View，但隨著 View 在某種程度上的消亡，我們是否還在與他們的客戶談論可能接受他們的專案或替換他們的專案？

I know that was something that they had mentioned a while back, that they're talking to you or reaching out to our licensees.

我知道他們不久前曾提到過這一點，他們正在與您交談或與我們的被許可人聯繫。

Yeah.

是的。

And also, what it does also is it creates a more rational bidding process for projects because that's subsidizing seven-eighths of the cost of a project.

此外，它還為專案創建了更合理的招標流程，因為這補貼了專案成本的八分之七。

It's very hard to compete against that until they run out of money.

在他們耗盡資金之前，很難與之競爭。

Well, they did.

嗯，他們做到了。

So now you're going to get actual economics happening.

所以現在你將讓實際的經濟學發生。

And at the same time, it's happening when two other very important developments are happening.

同時，它發生在另外兩個非常重要的事態發展發生的時候。

Number one, the cost of the SPD technology is coming down considerably, as you can see from the fact that we're working with a mid-level car on this.

第一，SPD 技術的成本大幅下降，您可以從我們正在與中級汽車合作的事實中看到這一點。

But also, you have the economic drivers of the Dynamic Glass Act, which gives a 30% to 50% tax credit.

而且，還有《動態玻璃法案》的經濟驅動力，該法案提供 30% 至 50% 的稅收抵免。

So you have costs coming down in general, you have tax credits coming up to subsidize it, and then you have also the cost of installation and the ancillary costs plummeting because of the retrofitability.

因此，成本總體下降，稅收抵免來補貼它，而且由於可改造性，安裝成本和輔助成本也大幅下降。

So a lot of good things are converging at the same time this year.

因此，今年有很多好事同時匯聚。

All good news, and good to see a little bit of horse sent into our stock as well, so that's exciting.

所有的好消息，很高興看到一些馬也進入我們的股票，所以這是令人興奮的。

That's all I had, Joe. Thank you.

這就是我所擁有的一切，喬。謝謝。

Thanks a lot.

多謝。

Good luck, Dr. Berman.

祝你好運，伯曼博士。

Dave Paradiso, Investor.

戴夫·帕拉迪索，投資者。

Hi, Joe.

嗨，喬。

Hey Dave, how are you?

嘿戴夫，你好嗎？

I'm doing good.

我很好。

I have a question.

我有個問題。

Have you ever considered using artificial intelligence to see if you can better maximize the SPD technology, like for particles or whatever?

您是否考慮過使用人工智慧來看看是否可以更好地最大化 SPD 技術，例如粒子或其他技術？

Yeah.

是的。

We use AI in different aspects of our business, both internally and also how we interact with the glass.

我們在業務的不同方面使用人工智慧，包括內部以及我們與玻璃的互動方式。

So yes, it's something that works.

所以是的，這是有效的。

Yeah, it's so new, but it's pretty good, so.

是的，雖然很新，但也很不錯，所以。

Yes, you just have to know how to talk to it.

是的，你只需要知道如何與它交談。

It's prompt engineering.

這是即時工程。

Well, thank you.

嗯，謝謝。

Thanks a lot.

多謝。

Sam Tinto, Private Investor.

薩姆·廷托，私人投資者。

Hello, Joe. I think that's the first time I'm calling in on a conference call.

你好，喬。我想這是我第一次參加電話會議。

I usually e-mail questions.

我通常透過電子郵件提問。

I think it is, Sam.

我想是的，山姆。

I have two questions.

我有兩個問題。

In the past, you mentioned a range of what we collect per vehicle as far as royalty.

過去，您曾提到我們對每輛車收取的一系列費用，包括特許權使用費。

So with the costs coming down, has that range been lowered or because of increased glass use for the larger roofs, et cetera, et cetera, we're still around the same range.

因此，隨著成本的下降，該範圍是否已降低，或者由於較大屋頂的玻璃使用量增加等等，我們仍然在相同的範圍內。

Can you give any color on that?

你能給它任何顏色嗎？

Yes.

是的。

In some cases, it's actually gone up.

在某些情況下，它實際上已經上升了。

Because the fact mentioned, Sam, so fact that we're using larger areas of glass has increased obviously, the selling price per vehicle, the unit price.

因為山姆提到的事實，我們使用更大面積的玻璃的事實明顯增加了，每輛車的售價、單價。

And the movement towards panoramic roofs or these all glass roofs that you see now like on the Ferrari, they're very large pieces of glass.

全景屋頂或您現在在法拉利上看到的全玻璃屋頂的趨勢，它們是非常大的玻璃磚。

And there are also a lot of functionality added to that glass as well.

該玻璃還添加了許多功能。

So we get paid a nice royalty on that.

所以我們為此獲得了可觀的版稅。

We've invested $125 million to develop SPD technology over the years, and we're getting paid back.

多年來，我們已投資 1.25 億美元來開發 SPD 技術，並且我們正在獲得回報。

Right.

正確的。

And then my second question was about the Asian automaker.

我的第二個問題是關於亞洲汽車製造商的。

You made some comments about it a few minutes ago.

幾分鐘前你對此發表了一些評論。

Development has, is -- we passed through the development.

發展已經，是──我們經歷了發展。

So in a prior call, you mentioned this year.

在之前的電話會議中，您提到了今年。

So can you -- do you have any more visibility on that?

那麼您對此有更多的了解嗎？

Could we see that before the fourth quarter or could that be at the end of the year?

我們能否在第四季度之前或年底之前看到這一點？

I don't -- the truth of the matter is I don't know if it's going to happen.

我不知道——事實是我不知道這是否會發生。

As far as when we can have news on it?

至於什麼時候可以有消息？

No, I don't know.

不，我不知道。

It's up to the automaker, but it could be the third quarter, it could be the fourth quarter, it could be the first quarter of next year.

這取決於汽車製造商，但可能是第三季度，可能是第四季度，也可能是明年第一季。

I'm probably guessing that they're going to want to say something about it earlier in the process than later, so.

我可能會猜測他們會想在這個過程中儘早談論一些事情，所以。

Right, okay.

對了，好吧。

Well, thank you, those were my two

嗯，謝謝，那是我的兩個

--

--

Yeah.

是的。

Everyone will get the confirmation.

每個人都會得到確認。

I think we've all -- are expecting.

我想我們都在期待。

great.

偉大的。

Thank you very much.

非常感謝。

Thanks, Sam.

謝謝，山姆。

And one other thing, we are working on the website.

另一件事是，我們正在開發該網站。

Yes.

是的。

Great.

偉大的。

Because, I see it as especially as we saw today, the stock sets a new 52-week high.

因為，我認為就像我們今天看到的那樣，該股創下了 52 週新高。

So there were 56 stocks on the NASDAQ today setting a 52-week high.

今天納斯達克有 56 隻股票創下 52 週新高。

That brings attention to the company, and they don't even know what this is.

這引起了公司的注意，但他們甚至不知道這是什麼。

So the first thing they're going to go is go to the website.

所以他們要做的第一件事就是訪問該網站。

So I appreciate you.

所以我很感激你。

Yes.

是的。

It's our director of first impression.

這是我們導演的第一印象。

I get it.

我得到它。

Okay.

好的。

Great.

偉大的。

And I'll wait patiently.

而我會耐心等待。

I'll stop blowing the trumpet on that.

我不會再大肆宣揚這一點了。

You could always blow the trumpet.

你總是可以吹喇叭。

Some time, we do listen.

有時，我們確實會聽。

Okay.

好的。

Thanks.

謝謝。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝。

At this time, I would like to turn the call back to Mr. Harary for any further remarks.

此時，我想將電話轉回給哈拉里先生，請進一步發表意見。

Okay, thanks.

好的謝謝。

I'm going to make a few closing remarks.

我想講幾句結束語。

The outlook for the smart glass industry remains extremely positive, bolstered by growing revenues in automotive and aircraft, and increasing regulatory support like the Dynamic Glass Act providing substantial tax credits for adoption.

智慧玻璃產業的前景仍然非常樂觀，這得益於汽車和飛機收入的成長，以及《動態玻璃法案》等監管支持的增加，為採用提供了大量稅收抵免。

The foundations are firmly in place for Research Frontiers to capitalize on the multibillion dollar smart glass opportunity emerging globally.

研究前沿已經奠定了堅實的基礎，可以利用全球新興的數十億美元的智慧玻璃機會。

We are the proven leader with an innovative, high-performing and reliable solution and are seeing increasing demand from respected iconic brands worldwide.

我們是久經考驗的領導者，擁有創新、高性能和可靠的解決方案，並且看到全球受人尊敬的標誌性品牌的需求不斷增長。

Our close strategic relationship with Gauzy continues to create opportunities in multiple sectors as we work together on business development and product innovation.

我們與 Gauzy 的密切策略關係繼續在多個領域創造機會，共同致力於業務開發和產品創新。

Gauzy's upcoming IPO will bring greater transparency and resources to the industry and their marketing will further highlight the immense potential of SPD technology.

Gauzy 即將進行的 IPO 將為業界帶來更大的透明度和資源，其行銷將進一步凸顯 SPD 技術的巨大潛力。

In Q1 2024, we continued our strong growth trajectory, increasing royalty revenues by 26% over Q1 2023, driven by significant gains in the automotive and aircraft sectors.

2024 年第一季度，我們持續保持強勁的成長軌跡，在汽車和飛機產業大幅成長的推動下，特許權使用費收入比 2023 年第一季成長了 26%。

This builds on a robust performance for full year 2023 where total revenues surged by 109% and royalty income jumped 69% over the prior year.

這是建立在 2023 年全年強勁業績基礎上的，總收入較上一年猛增 109%，特許權使用費收入猛增 69%。

This past quarter marked the fifth consecutive quarter where revenues were higher than the same quarter of the prior year.

上個季度是營收連續第五個季度高於去年同期。

Looking ahead, we expect automotive and aircraft revenues to continue rising in the coming quarters, driven by new product introductions, the introduction of new automakers offering SPD-SmartGlass on their new car models, and increasing penetration at existing customers.

展望未來，我們預計，在新產品推出、新汽車製造商在其新車車型上提供 SPD-SmartGlass 以及現有客戶滲透率不斷提高的推動下，未來幾個季度汽車和飛機收入將繼續增長。

The retrofit market for buildings also represents a significant new growth catalyst as we work to enable smarter, more sustainable infrastructure worldwide.

在我們致力於在全球範圍內打造更智慧、更永續的基礎設施的過程中，建築改造市場也是一個重要的新成長催化劑。

This coming year, we expect you to see even better results.

新的一年，我們希望您能看到更好的結果。

I think in the coming year, you'll also begin to see more and more details becoming public about what is happening in our industry.

我認為在接下來的一年裡，您還將開始看到越來越多的有關我們行業正在發生的事情的細節被公開。

These are achievements that we are quite proud of.

這些都是我們感到非常自豪的成就。

We're happy to share them with you and as always appreciate your trust and support.

我們很高興與您分享，並一如既往地感謝您的信任和支持。

As we look ahead, Research Frontiers stands at the forefront leading the smart glass industry, driven by a great and reliable technology, regulatory support, and innovative breakthroughs.

展望未來，在卓越可靠的技術、監管支援和創新突破的推動下，研究前沿站在智慧玻璃產業的前沿。

We and our licensees take immense pride in our achievements thus far and remain steadfast in our commitment to driving innovation and growth within the smart glass industry.

我們和我們的被授權者對我們迄今為止所取得的成就感到非常自豪，並堅定不移地致力於推動智慧玻璃產業的創新和成長。

We're grateful for your unwavering trust and support and we look forward to sharing our continued success as we usher in a new era of intelligent glass solutions.

我們感謝您堅定不移的信任和支持，並期待與您分享我們不斷取得的成功，共同開創智慧玻璃解決方案的新時代。

As I walk through my office here at Research Frontiers, a motion detector automatically switched my window from energy-saving dark to clear, as if to read my mind that as I approached the window that I wanted to look at the view outside.

當我走過研究前沿的辦公室時，運動探測器自動將我的窗戶從節能的黑暗切換為透明，彷彿讀取了我的想法，當我接近窗戶時，我想看看外面的景色。

A key fob on my desk allowed me to instantly turn the bank of windows in my office into a wall for privacy.

我辦公桌上的鑰匙圈讓我可以立即將辦公室的窗戶變成一面牆以保護隱私。

And just outside my office, I spoke to Alexa and asked it to turn on another large window.

就在我的辦公室外面，我與 Alexa 交談並要求它打開另一個大窗戶。

Curved glass sunroofs and aircraft and yacht windows instantly switched from dark to clear.

弧形玻璃天窗以及飛機和遊艇的窗戶瞬間從黑暗變為清晰。

But none of this technology is only available just to me.

但這些技術都不是只有我才能使用的。

Anyone on this call can have it and no other smart glass company in the world, other than our licensees can provide it.

這次通話中的任何人都可以擁有它，除了我們的被許可人之外，世界上沒有其他智慧玻璃公司可以提供它。

We are not just anticipating the future, we have created it, and thank you all for being part of this.

我們不僅在預測未來，也創造了未來，感謝大家的參與。

This concludes today's Research Frontiers investment call.

今天的研究前沿投資電話會議到此結束。

Thank you for attending.

感謝您的出席。

Have a wonderful rest of your day.

祝您有個愉快的一天。