Research Frontiers Inc (REFR) 2024 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen.

女士們、先生們，午安。

Welcome to the Research Frontiers investor conference call to discuss the second 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 年第二季的營運表現和最新進展。

(Operator instructions)

（操作員說明）

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, forecast, and similar expressions are intended to identify forward-looking state 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.

期望、預期、計劃、預測和類似表達等詞語旨在識別非歷史事實的前瞻性聲明，這些前瞻性聲明是根據《證券訴訟改革法》中的安全港條款做出的。

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-and-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。

If you find that your question has been substantially answered as a courtesy and to allow time for other shareholders to ask their questions, please remove yourself from the queue by pressing star two.

如果您發現您的問題已出於禮貌得到了實質回答，並為其他股東留出時間提問，請按星號二將自己從隊列中刪除。

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

此外，為了節省時間，我們也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.

請繼續。

Thank you, Paul, and hello, everyone.

謝謝你，保羅，大家好。

Welcome to our investor conference call to discuss the second quarter of 2024.

歡迎參加我們的投資者電話會議，討論 2024 年第二季的情況。

On our last conference call, we anticipated higher royalty income for the second quarter based on leading indicators.

在上次電話會議上，我們根據領先指標預計第二季的特許權使用費收入將會更高。

Indeed, compared to the same quarter last year, our royalty income increased by 165%.

事實上，與去年同期相比，我們的特許權使用費收入成長了 165%。

The first quarter of 2024 was dynamic and the second quarter saw royalty income rise by over 56% from those elevated levels.

2024 年第一季充滿活力，第二季特許權使用費收入較上一季成長了 56% 以上。

For the first half of this year, royalty income surged by over 85% compared to the same period last year, driven by substantial growth in our two largest markets, automotive and aircraft.

今年上半年，在汽車和飛機這兩個最大市場的大幅成長的推動下，特許權使用費收入比去年同期成長了85%以上。

This impressive revenue growth builds on the strong performance from 2023, where fee income increased by 69% over 2022, and overall revenue was up by 109% from the prior year.

這一令人印象深刻的收入成長建立在 2023 年的強勁業績之上，其中費用收入比 2022 年增長了 69%，整體收入比上一年增長了 109%。

The second quarter of 2024, marked our sixth consecutive quarter of revenue growth compared to the prior year.

2024 年第二季度，我們的營收與前一年相比連續第六個季度成長。

Looking ahead to the second half of this year, we expect Q3 and Q4 royalty income to surpass last year's levels, further solidifying our growth trajectory.

展望今年下半年，我們預計第三季和第四季的特許權使用費收入將超過去年的水平，進一步鞏固我們的成長軌跡。

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。

Expenses this quarter were about $105,000 lower. bringing our net loss for the second quarter to just $94,000 or zero cents per share.

本季的費用減少了約 105,000 美元。使我們第二季的淨虧損僅為 94,000 美元或每股零美分。

Our average cash burn rate has been steadily decreasing.

我們的平均現金消耗率一直在穩定下降。

Based on projected revenue growth, I do not anticipate the need to raise additional capital in the foreseeable future unless a strategic reason arises.

根據預期的收入成長，我預計在可預見的未來不需要籌集額外資金，除非出現策略性原因。

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

我們繼續沒有債務，財務狀況強勁。

And as of June 30, 2024, the company had over $1.9 million in cash and cash equivalents, and our working capital was $2.8 million.

截至 2024 年 6 月 30 日，公司擁有超過 190 萬美元的現金和現金等價物，我們的營運資金為 280 萬美元。

We currently expect to have sufficient working capital for more than the next five years of operations.

我們目前預計有足夠的營運資金來支持未來五年的營運。

Now, let's together look underneath these numbers so we can all better understand where we are and what we can expect.

現在，讓我們一起看看這些數字，以便我們更好地了解我們的處境以及我們的期望。

Sales of cars using our SPD-Smart Glass technology at Ferrari and McLaren remain quite strong.

法拉利和麥克拉倫使用我們的 SPD 智慧玻璃技術的汽車銷售仍然相當強勁。

Ferrari has stated that in order to maintain the exclusivity of the Purosangue, which uses our SPD-Smart Glass, they will voluntarily limit production to 20% of their total unit production for all Ferrari cars.

法拉利表示，為了保持使用我們的 SPD 智慧玻璃的 Purosangue 的獨家性，他們將自願將所有法拉利汽車的產量限制在總產量的 20% 以內。

Based on these numbers, an extremely high percentage of Ferrari customers are opting for the SPD-Smart Glass roof option.

根據這些數字，極高比例的法拉利客戶選擇了 SPD 智慧玻璃車頂選項。

Ferrari just reported an excellent second quarter in terms of sales.

法拉利剛剛公佈了第二季的銷售業績。

Additionally, third quarter production at Ferrari is typically their highest.

此外，法拉利第三季的產量通常是最高的。

So if these trends continue with the Purosangue, we can expect higher royalties from it next quarter as well.

因此，如果 Purosangue 繼續保持這些趨勢，我們預計下個季度的特許權使用費也會更高。

Remarkably, even though we're only halfway through the current 2024 year, these roofs have almost equaled the total number of roofs from all of last year.

值得注意的是，儘管 2024 年才剛剛過去一半，但這些屋頂的數量幾乎等於去年全年的屋頂總數。

The popularity and high take rates of the McLaren models using SPD-Smartglass are also evident.

使用 SPD-Smartglass 的麥克拉倫車型的受歡迎程度和高採用率也顯而易見。

Even though we're only halfway through 2024, the total number of roofs on just one model of McLaren puts us on track to triple the number of SPD roofs this year as compared to last year.

儘管 2024 年才剛過半，但僅麥克拉倫一款車型的車頂總數就使我們今年的 SPD 車頂數量預計將比去年增加三倍。

I also want to take this opportunity to congratulate our licensee, Isoclima, on the introduction of SPD-Smartglass on the panoramic roof of the Gemera by Koenigsegg Automotive, a beautiful car made even more beautiful and comfortable by SPD-Smartglass.

我還想藉此機會祝賀我們的授權商 Isoclima 在 Koenigsegg Automotive 的 Gemera 全景車頂上引入 SPD-Smartglass，這款漂亮的汽車透過 SPD-Smartglass 變得更加美觀和舒適。

Isoclima announced this new program in June.

Isoclima 在六月宣布了這個新計劃。

In our last conference call, we noted with anticipation the IPO of our licensee, Gauzy, and the introduction of a retrofit application by our licensee, LTI, at the AIA show in Washington DC. Both took place in early June.

在上次電話會議中，我們滿懷期待地註意到我們的被許可人 Gauzy 的首次公開募股，以及我們的被許可人 LTI 在華盛頓特區的 AIA 展會上推出的改造應用程式。兩次都發生在六月初。

We also highlighted the successful development of an SPD-Smartglass sunroof for a flagship, relatively lower priced, mid-sized model from an Asian auto manufacturer.

我們也重點介紹了亞洲汽車製造商為一款價格相對較低的中型旗艦車型成功開發的 SPD-Smartglass 天窗。

This program is still on track for introduction and we, along with Gauzy, are eagerly awaiting the OEM's launch announcement to share more details.

該計劃仍在按計劃推出，我們與 Gauzy 一起熱切等待 OEM 發佈公告以分享更多細節。

There is a meeting about the launch of this car scheduled for later this month.

本月稍後將召開關於這款車發布的會議。

What's particularly exciting is that the manufacturing cost of products using our technology has decreased significantly, making it feasible for use for the first time in moderately priced vehicles like the one I just mentioned.

特別令人興奮的是，使用我們技術的產品的製造成本顯著降低，使其首次可以用於像我剛才提到的中等價格的車輛。

This creates opportunities for higher volumes of SPD-Smart technology in middle market cars worldwide.

這為全球中階市場車款中更多 SPD-Smart 技術的應用創造了機會。

Moving to our second largest royalty generating market, aircraft, we also once again had higher revenues there in the second quarter.

轉向我們的第二大特許權使用費產生市場——飛機，我們在第二季度也再次獲得了更高的收入。

And there's been a fundamental improvement in that market for us as well.

對我們來說，這個市場也有了根本性的改善。

This stems from the way that decisions are made.

這源自於決策的方式。

For general aviation aircraft, private jets mostly, we are on the HondaJet and the King Air and a number of other models.

對於通用航空飛機，主要是私人飛機，我們有 HondaJet 和 King Air 等一些型號。

In those and other cases, the OEM made the decision about putting our high performing SPD technology on their aircraft.

在這些情況和其他情況下，原始設備製造商 (OEM) 決定將我們的高性能 SPD 技術應用到他們的飛機上。

The significant shift is that in larger aircraft made by Boeing and Airbus, now it's the customer that decides.

重大轉變是，在波音和空中巴士製造的大型飛機中，現在由客戶決定。

This has been tremendously enabling for our licensees selling SPD electronically dimmable windows or EDWs because the performance in terms of switching speed, being instantaneous, and the wide change in tint, also being uniform, has made it an easier choice by the customer to pick SPD.

這對我們銷售 SPD 電子調光窗或 EDW 的授權商來說是極大的便利，因為開關速度、瞬時性以及色調的廣泛變化和均勻性方面的性能使客戶更容易選擇 SPD 。

Apart from the obvious benefits of improving the passenger experience by giving them more control over their environment and reducing noise in the aircraft cabin, there are temperature benefits as well.

除了透過讓乘客更好地控制環境和減少機艙噪音來改善乘客體驗的明顯好處外，還有溫度方面的好處。

Half of heat comes from infrared and the other half from solar heat gain from visible light.

一半熱量來自紅外線，另一半來自可見光所獲得的太陽熱量。

IR has always been relatively easy to block.

IR 一直比較容易被阻擋。

It is the visible light where the other half of heat comes from that historically has been challenging.

另一半熱量來自可見光，這在歷史上一直是個挑戰。

We block 99.5% of that visible light.

我們阻擋了 99.5% 的可見光。

Heat inside the cabin has always been a known issue and, until takeoff, aircraft had to hook up expensive. terminal or auxiliary power electricity or run their engines and waste fuel to generate power while on the tarmac.

機艙內的熱量一直是眾所周知的問題，在起飛之前，飛機必須花費昂貴的費用。終端或輔助電源電力或在停機坪上運行發動機和廢棄燃料來發電。

I'll give you one example of what's been observed.

我將給你一個觀察到的例子。

Our licensee and spec tech had done a SPD EDW installation on a Learjet.

我們的被授權人和規格技術人員已在裡爾噴射機上安裝了 SPD EDW。

One day there were two Lears parked next to each other on the ramp.

有一天，兩個李爾父子並排停在坡道上。

They were in the same environmental conditions.

他們處於相同的環境條件。

Both Lears were being worked on that day for maintenance.

當天，兩架李爾飛機都在進行維修工作。

One of them had InspecTech's SPD-EDW and the other didn't.

其中一台配備了 InspecTech 的 SPD-EDW，另一台則沒有。

The maintenance crew said the cabin in the Lear with SPD was 26 degrees Fahrenheit cooler than the one right next to it.

維修人員表示，裝有 SPD 的李爾號客艙比旁邊的客艙溫度低 26 華氏度。

Now remember in CARS, Mercedes tests show that there's an 18-degree Fahrenheit reduction in temperature.

現在請記住，在《賽車》中，梅賽德斯測試表明溫度降低了 18 華氏度。

Once we had a NASA scientist at our office at the Research Frontiers, and I asked him why he would be hiring an aircraft.

有一次，我們研究前線的辦公室裡有一位美國太空總署科學家，我問他為什麼要租一架飛機。

And he went to the whiteboard and seven different equations and three diagrams of the fuselage.

他走到白板前，看到七個不同的方程式和三張機身圖。

And later he stopped talking and said, and that's why.

後來他就不再說話了，說，那就是這個原因。

And I told him that I simply was glad it worked well.

我告訴他我很高興它運作得很好。

The first line of defense against heat right now while aircraft is sitting on the ground is trying to prevent the cabin from becoming excessively hot to begin with, according to Charles Horning, who's a Professor of Aviation Maintenance Science at Embry-Riddle Aeronautics University.

安柏里德航空大學航空維修科學教授查爾斯·霍寧表示，目前飛機停在地面上時，應對高溫的第一道防線是從一開始就試圖防止機艙變得過熱。

He says, many of us have been on flights where the flight attendants have all asked passengers to close the sliding windows before they got off the aircraft.

他說，我們很多人都搭過航班，空服員都要求乘客在下飛機前關閉推拉窗。

That's probably the best thing that could be done to try to keep the cabin from heating up.

這可能是防止機艙升溫的最佳方法。

But here's the problem with that approach.

但這種方法有問題。

It's been historically difficult to get passengers to close shades, and the flight attendant unions have balked at directing their passengers to do that.

從歷史上看，讓乘客關閉百葉窗一直很困難，空服員工會也不願指導乘客這樣做。

And rather than simply closing the shades, SPD EDWs have proven to be more effective at blocking light than closed shades are.

事實證明，SPD EDW 並不是簡單地關閉遮光簾，它在阻擋光線方面比關閉遮光簾更有效。

And I think it's noteworthy that other technologies, such as electrochromic technology, can actually create unwanted heat.

我認為值得注意的是，其他技術，例如電致變色技術，實際上會產生不必要的熱量。

They can actually generate heat, and this sometimes has been shown in videos to cause the window to crack in mid-flight, because they operate a lot like your cell phone battery.

它們實際上會產生熱量，有時影片中會顯示這種熱量會導致窗戶在飛行中破裂，因為它們的工作原理很像手機電池。

So electrochromic EDWs automatically switch to their maximum heat transmitting state when a plane is at the gate.

因此，當飛機到達登機口時，電致變色 EDW 會自動切換到最大傳熱狀態。

And notably, SPD EDWs automatically switch to their maximum heat blocking state when at the gate.

值得注意的是，SPD EDW 在登機口時會自動切換到最大熱阻狀態。

So it's a much more preferable environment and effect.

所以這是一個更好的環境和效果。

It was recently reported about cabins being so hot sitting on the tarmac that passengers were taken off the plane and some passengers were hospitalized.

最近有報導稱，停機坪上的機艙太熱，導致乘客被帶下飛機，一些乘客被送往醫院。

This has caused some to call for more stringent government and FA regulations about heat in the cabin, and we are an excellent solution there.

這導致一些人呼籲政府和英足總對機艙內的熱量製定更嚴格的規定，而我們是一個出色的解決方案。

And the customers themselves are now picking SPD for the larger aircrafts.

現在，客戶自己也在為大型飛機選擇 SPD。

Comlux and Airbus just delivered another ACJ TwoTwenty in late June and have another one expected to be delivered later this year.

Comlux 和空中巴士剛剛在 6 月下旬交付了另一架 ACJ TwoTwen0，預計今年稍後將交付另一架。

And next year they're targeting four to six of these large aircraft with SPD EDWs.

明年，他們的目標是在四到六架此類大型飛機上配備 SPD EDW。

Even bigger is the international airline referred to in Gauzy's IPO registration statement.

Gauzy 的 IPO 註冊聲明中提到的國際航空公司規模更大。

In this case, it's part of their Boeing fleet.

在本例中，它是波音機隊的一部分。

So we have Boeing and Airbus.

所以我們有波音和空中巴士。

Now let's discuss the architectural glass market.

現在讓我們來討論一下建築玻璃市場。

In our last conference call, we highlighted the cost and logistical benefits of an architectural retrofit application for SPD-SmartGlass.

在上次電話會議中，我們強調了 SPD-SmartGlass 建築改造應用的成本和物流優勢。

AIT, the parent of our licensee, LTI SmartGlass, launched this publicly at the American Institute of Architects, or AIA, in Washington, DC. That was in early June.

AIT（我們的被授權人 LTI SmartGlass 的母公司）在華盛頓特區的美國建築師學會 (AIA) 公開推出了該產品。那是在六月初。

The General Services Administration of the US Government, or the GSA, is the world's largest customer for energy-efficient glass, and has new mandates and programs to upgrade government buildings for energy efficiency and security.

美國政府總務管理局（GSA）是全球最大的節能玻璃客戶，並制定了新的任務和計劃來升級政府建築的能源效率和安全性。

These initiatives are positive drivers for our business.

這些舉措是我們業務的積極推動力。

And since the AIA's show, we've identified and are working to scope out some initial government projects for SPD-Smartglass.

自 AIA 展會以來，我們已經確定並正在努力尋找 SPD 智慧玻璃的一些初步政府計畫。

Additionally, the Dynamic Glass Act offers substantial tax credits of between 30% and 50% for adopting smartglass and putting it into servicing, encouraging its adoption in all types of buildings and homes.

此外，《動態玻璃法案》為採用智慧玻璃並將其投入使用提供 30% 至 50% 的大量稅收抵免，鼓勵其在所有類型的建築和家庭中採用。

This legislation will help the private sector adopt SPD-Smartglass.

該法案將幫助私營部門採用 SPD 智慧玻璃。

We have also begun work on private projects utilizing SPD-Smartglass as well.

我們也開始利用 SPD-Smartglass 進行私人專案。

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

現在，為了節省時間並盡可能涵蓋更多內容，我整理了透過電子郵件收到的一些問題，並將它們納入今天的簡報中。

I now like to open up the conference to additional questions.

我現在想在會議上提出更多問題。

And first I'll read and answer some of the questions we received by email.

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 email their questions before the conference call so we can tell our presentation to cover the most ground for the benefit of all shareholders and cover all of the topics of interest.

我鼓勵人們在電話會議之前透過電子郵件發送他們的問題，以便我們可以告訴我們的簡報涵蓋了所有股東利益的最大基礎，並涵蓋了所有感興趣的主題。

So here are some of the additional questions that were emailed 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 combining several related questions into one.

在某些情況下，我會將幾個相關的問題合併為一個。

Can you please talk about some of the developments with your competitors in the smart glass industry?

您能和您的競爭對手談談智慧玻璃產業的一些發展嗎？

Well, as many of you know, View recently filed for bankruptcy and Crown Electrokinetics dodged another delisting bullet on NASDAQ by effectuating a second reverse stock split.

正如你們許多人所知，View 最近申請破產，而 Crown Electrokinetics 透過實施第二次反向股票分割，在納斯達克躲過了另一顆退市子彈。

This time it's 150-to-one reverse stock split.

這次是 150 比 1 的反向股票分割。

So if anyone's keeping track, they've done a cumulative of 9,000 for one reverse stock split during the past year or so.

因此，如果有人追蹤的話，他們在過去一年左右的時間裡已經累積進行了 9,000 次反向股票分割。

And pre the reverse split, Crown would be trading at [3,100] to the penny as of yesterday's close.

在反向分拆之前，截至昨天收盤，皇冠的交易價格為每美分 3,100 美元。

So that's why they did the split.

這就是他們分手的原因。

And they've yet to produce their long promise smart window inserts after many years of it being just around the corner.

而且他們還沒有生產出他們長期承諾的智慧窗嵌，儘管它已經指日可待了很多年。

And I actually welcome the day if it ever comes when they finally do that because I think their product in a side-by-side comparison.

事實上，如果他們最終做到這一點，我真的很歡迎這一天，因為我認為他們的產品是可以並列比較的。

It may actually be our best salesperson.

它實際上可能是我們最好的銷售人員。

Another company, Halio, which used to be known as Kinestral, and has received substantial glass company investments, is in the process of liquidation.

另一家公司 Halio 曾被稱為 Kinestral，並獲得了玻璃公司的大量投資，目前正處於清算過程中。

We and our licensees actually have been approached to see if we want to buy any of their equipment or hire some of their senior executives.

事實上，我們和我們的被許可人已經聯繫過，詢問我們是否想購買他們的任何設備或僱用他們的一些高級管理人員。

And the severe negatives in the smartglass world, fortunately for our shareholders, not for the other companies, are all related to other technologies.

幸運的是，對我們的股東來說，智慧玻璃世界的嚴重負面影響都與其他技術有關，而不是其他公司。

SPD is doing quite fine in comparison.

相比之下，SPD 的表現相當不錯。

And on a positive note for our industry, squarely in the SPD-Smartglass column, our licensee Gauzy had a successful and traditional IPO rather than trying to go public using the SPAC route and raised their target at $75 million.

對我們行業來說，積極的一面是，在 SPD-Smartglass 專欄中，我們的被許可人 Gauzy 進行了一次成功的傳統 IPO，而不是試圖通過 SPAC 途徑上市，並將目標提高到 7500 萬美元。

They'll be using this money to expand production lines, further R&D, and increase their sales and marketing.

他們將利用這筆資金擴大生產線、進一步研發並增加銷售和行銷。

All of this helps Research Frontiers and the SPD-Smartglass industry.

所有這些都有助於研究前沿和 SPD 智慧玻璃產業。

And if you remember my comments on our last conference call together, I noted that to do the smart glass 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-Smart Glass serves.

如果您還記得我在上次電話會議上的評論，我指出，要正確發展智慧玻璃產業，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、人員和多元化的地理足跡，涵蓋全球以及 SPD-Smart Glass 所服務的產業。

And now with their IPO, Gauzy has expanded resources to do all of that.

現在，透過首次公開募股，Gauzy 擴大了資源來實現這一切。

I would also pay attention to their actual quarterly financial filings and investor calls.

我也會關注他們實際的季度財務報告和投資者電話。

There'll be a good source of information, not only about Gauzy, but about research frontiers as well.

將會有一個很好的資訊來源，不僅關於 Gauzy，還有研究前沿。

And as I noted last time, our shareholders now have the benefit of two leading players in the SPD industry, Research frontiers and Gauzy, as public companies releasing information and announcing developments.

正如我上次提到的，我們的股東現在受益於 SPD 行業的兩家領先企業 Research Frontiers 和 Gauzy，作為上市公司發布資訊和宣布發展。

And while we're on this subject, I wanted to address another shareholder question we received.

當我們討論這個主題時，我想回答我們收到的另一個股東問題。

You know, as we noted many times, Gauzy film sales is a leading indicator of sales of SPD smart products, end products.

要知道，正如我們多次提到的，Gauzy 薄膜銷售量是 SPD 智慧產品、終端產品銷售的領先指標。

Gauzy sells their SPD film to our end product licensees, such as the glass laminators, who then fabricate them and sell the finished product to the customers, such as the automakers, the airlines, and the aircraft manufacturers.

Gauzy 將其 SPD 薄膜出售給我們的最終產品授權商（例如玻璃層壓機），然後由後者製造這些薄膜並將成品出售給客戶（例如汽車製造商、航空公司和飛機製造商）。

One of our shareholders, Sam Finta, emailed us this question.

我們的股東之一 Sam Finta 透過電子郵件向我們提出了這個問題。

Good to see the Ferrari PuroSangue showing up all over the place with a very high percentage having the SPD-SmartGlass.

很高興看到法拉利 PuroSangue 隨處可見，並且擁有 SPD-SmartGlass 的比例非常高。

Sam, if you knew how high it was, you'd be amazed.

山姆，如果你知道它有多高，你會感到驚訝的。

The Cadillac Celestique has also been spotted on the road in addition to the McLaren that has offered SPD for years.

除了多年來提供 SPD 的麥克拉倫之外，凱迪拉克 Celestique 也出現在路上。

All three of these are very high-end vehicles ranging from $400,000 to $700,000.

這三款都是非常高端的車輛，價格從 40 萬美元到 70 萬美元不等。

Can we assume that the royalty on these vehicles are much higher versus a $50,000 to $100,000 vehicle such as the Mercedes, where it was a $2,500 option.

我們是否可以假設，這些車輛的特許權使用費比 50,000 美元到 100,000 美元的車輛（例如梅賽德斯）要高得多，後者的選裝價格為 2,500 美元。

The Ferrari smartglass roof is a $20,000 option.

法拉利智慧玻璃車頂的選配價格為 20,000 美元。

It would seem that we collect a far bigger royalty than we used to on a $2,500 option.

看來我們收取的特許權使用費比以前 2,500 美元的選擇權要高得多。

Well, thanks, Sam, for that question.

嗯，謝謝山姆提出這個問題。

And as many of you know, we get our royalty based on the selling price from the glass laminator or the end product licensee to the car manufacturer.

正如你們許多人所知，我們根據玻璃層壓機或最終產品被許可人向汽車製造商的銷售價格獲得特許權使用費。

So it's the selling price of the glass to the car manufacturer.

這是玻璃賣給汽車製造商的價格。

And we can only collect the royalty once, so we currently collect it on the highest practical value area of the supply chain, which is on the end product sale, rather than on the SPD film sales.

而且我們只能收取一次特許權使用費，因此我們目前在供應鏈中實用價值最高的區域收取，即最終產品銷售，而不是SPD薄膜銷售。

And as you would expect, this royalty could be higher on more expensive cars because the bells and whistles that go along with the SPD-SmartGlass roof are often part of that selling price by the laminator to the customer.

正如您所料，對於更昂貴的汽車，特許權使用費可能會更高，因為 SPD-SmartGlass 車頂附帶的附加功能通常是層壓機向客戶銷售價格的一部分。

As a practical matter, the higher price cars can put more of those bells and whistles and additional functionality into their roofs because of the price point that they sell at.

實際上，由於售價較高，價格較高的汽車可以在車頂上安裝更多的花哨功能和附加功能。

So the higher the price of the smartglass roof, the higher our royalty.

因此，智慧玻璃屋頂的價格越高，我們的特許權使用費就越高。

And the higher the price of the car, the more features that can be put into the roof systems.

汽車的價格越高，車頂系統可以安裝的功能就越多。

That's clear.

很清楚。

So it's still only on the selling price from the laminator to the car manufacturer, but usually that's a much higher end piece of asset they're selling, so it's selling for a higher price, and the royalty should be higher per car.

因此，它仍然只取決於從層壓機到汽車製造商的銷售價格，但通常這是他們出售的高端資產，因此它的售價更高，每輛車的特許權使用費應該更高。

Now for high-volume cars, such as the upcoming Asian auto manufacturer in the mid-price range that we talked about, as you could expect, the economies of scale and also just higher sales volumes and purchasing power would result in a lower selling price for the SPD roof from the licensee to that automaker.

現在，對於大批量汽車，例如我們談到的即將推出的中等價格範圍的亞洲汽車製造商，正如您所期望的那樣，規模經濟以及更高的銷量和購買力將導致更低的售價從被許可人到該汽車製造商的SPD 車頂。

And there we'll get a lower royalty per car. presumably much higher overall royalties based upon the higher expected volumes.

這樣我們每輛車的特許權使用費就會降低。基於較高的預期數量，整體特許權使用費可能會高得多。

So getting back to Gauzy, SPD film sales are a leading indicator for activity for research or interiors and for sales buyer and product licensees where we generate our royalties.

因此，回到 Gauzy，SPD 薄膜銷售是研究或室內裝飾活動以及我們產生版稅的銷售買家和產品被授權人活動的領先指標。

Gauzy gave guidance about their second quarter revenues about two weeks ago.

Gauzy 大約兩週前給出了有關第二季度收入的指引。

And their second quarter 2024 revenues are expected to be in the range of $24 million to $24.5 million, which is up 22% compared to the prior year quarter.

他們 2024 年第二季的營收預計在 2,400 萬美元至 2,450 萬美元之間，比去年同期成長 22%。

First half 2024 revenues are expected to be in the range of $48.7 million to $49.2 million, which is up 31% compared to the prior year.

2024 年上半年營收預計在 4,870 萬美元至 4,920 萬美元之間，比上年增長 31%。

This basically puts Gauzy on a target to generate almost $100 million in revenues this year.

這基本上使 Gauzy 的目標是今年實現近 1 億美元的收入。

And I'm going to read a quote from Eyal Peso, who is the Gauzy Co-Founder and CEO, and he's also one of our newest and esteemed directors.

我要讀 Eyal Peso 的一句話，他是 Gauzy 聯合創始人兼首席執行官，也是我們最新的、受人尊敬的董事之一。

He noted, Our exceptional start to 2024 extended into the second quarter with revenue that is expected to exceed expectations.

他指出，我們 2024 年的出色開局一直持續到第二季​​度，收入預計將超出預期。

As expected, the robust pace of revenue growth in the first half is driven by a number of key customers that accelerated a portion of their full year purchasing commitments to earlier in the year to meet robust demand.

正如預期的那樣，上半年收入的強勁增長是由一些主要客戶推動的，他們將全年採購承諾的一部分提前到了今年早些時候，以滿足強勁的需求。

We believe we are poised to produce strong double digit revenue expansion in the second quarter.

我們相信，我們將在第二季度實現強勁的兩位數營收成長。

And then even more notably, Mr. Peso continued in this press release.

更值得注意的是，比索先生在本新聞稿中繼續說道。

Since our IPO, we continue to be laser focused on executing against our goals.

自首次公開募股以來，我們繼續專注於執行我們的目標。

We are seeing OEMs expand utilization of our smartglass technologies, major cities replacing mirrors on their bus fleets with their ADAS and CMS systems, and our products being incorporated into iconic new commercial and hospitality projects.

我們看到 OEM 擴大了對我們智慧玻璃技術的利用，主要城市用 ADAS 和 CMS 系統取代了公車隊的後視鏡，並且我們的產品被納入標誌性的新商業和酒店項目。

We are highly excited for the future and the progress we are making to fully deliver against our plan for 2024 and beyond.

我們對未來以及我們為全面實現 2024 年及以後的計劃而取得的進展感到非常興奮。

Okay, so here's some more questions that were emailed to us from Steve Azer.

好的，以下是 Steve Azer 透過電子郵件發送給我們的更多問題。

Can you update on Hyundai and did they pull out of their investment in REFR-Guazy?

您能介紹一下現代汽車的最新情況嗎？

Well, as many of you know, Hyundai was a strategic investor in Gauzy.

眾所周知，現代汽車是 Gauzy 的策略投資者。

I saw a confusing report on one of the websites that talked about a Hyundai exit from their investment in Gauzy.

我在一個網站上看到了一份令人困惑的報道，其中談到現代汽車退出了對 Gauzy 的投資。

But I think that's because they consider an IPO an exit event.

但我認為這是因為他們認為首次公開發行是退出事件。

But I asked and I found out Hyundai did not sell its Gauzy stock before or during the IPO, and is still a strategic investor in Gauzy.

但我詢問後發現，現代汽車在IPO之前或IPO期間並未出售其Gauzy股票，並且仍然是Gauzy的戰略投資者。

So they didn't sell anything.

所以他們什麼也沒賣。

Also, next question from Steve Azer.

另外，史蒂夫·阿澤提出下一個問題。

Also, Gauzy had higher revenue forecast.

此外，Gauzy 的收入預測也較高。

Will this be tied to future REFR sales?

這會與未來的 REFR 銷售掛鉤嗎？

Yes, as I noted earlier in my presentation, Steve, SPD film sales are a very good leading indicator of our royalties.

是的，正如我在演講中提到的，史蒂夫，SPD 電影銷售是我們版稅的一個非常好的領先指標。

And if you start tracking things, you'll probably see a correlation.

如果您開始追蹤事物，您可能會發現相關性。

This is another question from Steve.

這是史蒂夫提出的另一個問題。

Finally, my concern is still the lack of any new positive news releases over the last few years as it seems there is less business coming in.

最後，我擔心的仍然是過去幾年缺乏任何新的正面新聞發布，因為似乎進來的業務較少。

We had more press releases years ago, but it seems now less news, thank you.

幾年前我們有更多的新聞稿，但現在似乎新聞較少，謝謝。

I wouldn't say there's less business coming in.

我不會說生意減少了。

If you look at the revenues, there's actually a lot more business coming in.

如果你看看收入，你會發現實際上有更多的業務進來。

And Steve, you've been a long-term and loyal shareholder and never just a cheerleader, so I really appreciate all of that.

史蒂夫，你一直是一位長期而忠誠的股東，而不僅僅是一個啦啦隊長，所以我真的很感激這一切。

But I think the fact that we've moved from being a technology company in the development stage to one where products are used by many different large companies like Ferrari and General Motors and Mercedes, McLaren and Boeing and Airbus and Bobcat and others as maybe paradoxically reduced our ability to make announcements.

但我認為，事實上，我們已經從一家處於開發階段的科技公司轉變為一家產品被許多不同的大公司使用的公司，如法拉利、通用汽車、梅賽德斯、麥克拉倫、波音、空中巴士和山貓等，這可能是自相矛盾的降低了我們發佈公告的能力。

In the past, we can announce the entry of a new license agreements, and this type of announcement was in our control.

過去，我們可以宣布新許可協議的加入，而這種類型的公告是在我們的控制範圍內的。

But now that we basically have the who's who of the major companies in the glass industry and their customers as licensees and customers, we have less new licensees that need to be signed on board.

但現在我們基本上已經掌握了玻璃行業主要公司的名人錄及其客戶作為被許可人和客戶，因此需要簽署的新被許可人減少了。

And with the major companies as customers, industry practiced by us and by our licensees, such as Gauzy, is that we must wait for the customer to announce.

而有了大公司作為客戶，我們和我們的被許可人（例如Gauzy）所實踐的行業是我們必須等待客戶宣布。

And that may change somewhat in the architectural industry because it's less keeping things close to the vest by the customers there.

在建築業，這種情況可能會有所改變，因為那裡的客戶不再保守秘密。

But until then, we must. wait for the customers in the automotive and aircraft industries to speak first.

但在那之前，我們必須這麼做。等汽車、飛機產業的客戶先發言。

And those are our two biggest industries right now, so it's the world we live in.

這是我們現在最大的兩個行業，所以這就是我們生活的世界。

And as I noted, that might change as we move to architectural.

正如我所指出的，隨著我們轉向建築領域，這種情況可能會改變。

But in the meantime, the numbers will do the talking.

但同時，數字會說話。

And I think this quarter and last quarter, they've spoken loudly.

我認為這個季度和上個季度，他們大聲疾呼。

Both we and Gauzy have had high growth, especially in the first and second quarters of this year, as we all gain more and more traction.

我們和 Gauzy 都實現了高速成長，特別是在今年第一季和第二季度，因為我們都獲得了越來越多的關注。

We've discussed a lot of exciting topics so far today and now I'll ask our operator, Paul, to please open up the conference to any additional questions people participating today might have that we have not already 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開放會議，回答今天參加的人們可能提出的我們尚未討論的任何其他問題。

Some of our largest shareholders have suggested trying to keep these conference calls much shorter.

我們的一些最大股東建議盡量縮短這些電話會議的時間。

So I'm gonna ask your assistance with this.

所以我要請你幫忙。

If your question was substantially answered but you need more details, feel free to email us

如果您的問題得到了實質解答，但您需要更多詳細信息，請隨時給我們發送電子郵件

As you've done in the past, we've had very productive conversations as a result.

正如您過去所做的那樣，我們進行了非常富有成效的對話。

And today, please try to keep your questions short and focused.

今天，請盡量讓你的問題簡短並集中。

So Paul, if you wouldn't mind opening up the queue for questions.

保羅，如果你不介意開放提問隊列的話。

(Operator instructions)

（操作員說明）

Neal Goldman, Goldman Capital Management.

尼爾‧戈德曼，高盛資本管理公司。

First question is, Gauzy was up 22%.

第一個問題是，Gauzy 上漲了 22%。

We were up 56% in royalties.

我們的版稅增加了 56%。

Who are the other key distributors for us?

我們的其他主要經銷商是誰？

Well, they're supplying the film, and then it depends on the markup.

嗯，他們提供膠片，然後就取決於加價了。

So, Ferrari is a substantial portion, McLaren.

所以，法拉利是很大一部分，麥克拉倫。

Cadillac has a small contribution by one of the same licensees that's doing the Ferrari.

凱迪拉克獲得了與法拉利相同的授權商之一的一小部分貢獻。

And then you have the aircraft markets, which is Vision Systems and InspecTech primarily.

然後是飛機市場，主要是 Vision Systems 和 InspecTech。

So those are the things where you have – the film price is basically the same for all the industries.

這些就是你所擁有的東西——所有行業的電影價格基本上是相同的。

The end product price can change dramatically depending on who the customer is, and the bells and whistles like I talked about before can contribute also.

最終產品的價格可能會根據客戶是誰而發生巨大變化，而且像我之前談到的附加功能也可以有所貢獻。

And, you know, it's all good.

而且，你知道，這一切都很好。

Before Gauzy does major expansion with the incremental funds they got from the IPO, if they were operating at capacity today, the demand was there, what kind of incremental revenues would be receiving from Gauzy?

在Gauzy利用IPO的增量資金進行大規模擴張之前，如果他們今天滿負荷運營，需求是存在的，Gauzy會獲得什麼樣的增量收入？

Well, that's a hard question to answer.

嗯，這是一個很難回答的問題。

So if they were at capacity, it would probably be about a million square meters.

因此，如果滿載運轉的話，可能會達到一百萬平方公尺左右。

And figure the average Ferrari sunroof is 1.267 square meters, or roughly 1.3 square meters.

計算得出，法拉利天窗的平均面積為 1.267 平方米，約 1.3 平方米。

A typical sunroof may be one meter.

典型的天窗可能是一米。

And then if you have the front and back panoramic, it could be a 1.5 meters to 1.8 meters.

然後如果你有前後全景的話，可能是1.5米到1.8米。

So that'll give you kind of an idea of the number of sunroofs.

這樣您就可以了解天窗的數量。

But if they're at a million square meters capacity, I imagine that the royalty per car, because of the volumes, will be lower for us.

但如果產能達到一百萬平方米，我想，由於數量的原因，每輛車的特許權使用費對我們來說會更低。

So, you know, it could be, $25, $50, $75, $100, $150, or even $200 per car, depending on the dynamics.

所以，你知道，每輛車可能是 25 美元、50 美元、75 美元、100 美元、150 美元，甚至 200 美元，這取決於動態。

If that same film is going to aircraft, you know, a million square meters could produce a couple hundred million dollars in revenue.

如果同一部電影用飛機上飛機，一百萬平方公尺可以產生數億美元的收入。

Them.

他們。

What would be our share?

我們的份額是多少？

No, to us.

不，對我們來說。

To us.

對我們來說。

Right.

正確的。

So it really depends on the market it goes to.

所以這實際上取決於它所在的市場。

Like the same 1.2 square foot window for example would sell for a lot less if it was put into a sunroof than if it was put into an aircraft window just because the selling price to be

例如，同樣的 1.2 平方英尺窗戶，如果放入天窗，其售價會比放入飛機窗戶低得多，因為售價為

--

--

And what did you say the price would be if they were all aircraft?

你說如果都是飛機的話價格是多少？

incremental volume to us?

給我們帶來增量？

Probably about $100.

大概100美元左右。

I'm not predicting that because you know there's wide plains, but that'd be the high end of the market.

我不是這樣預測的，因為你知道那裡有廣闊的平原，但那將是市場的高端。

Okay, but that would be

好吧，但那就是

--

--

Yeah, that would be probably the highest price per square foot we were getting.

是的，這可能是我們得到的每平方英尺的最高價格。

Yeah, $3 a share in earnings from that.

是的，每股收益為 3 美元。

Okay, thank you Joe.

好的，謝謝喬。

Thanks, Neal.

謝謝，尼爾。

And our next question comes from Michael

我們的下一個問題來自邁克爾

[Kay of Kay Associates].

[凱凱聯合公司]。

Hello, Joe.

你好，喬。

Hey, Michael.

嘿，麥可。

How are you?

你好嗎？

Okay.

好的。

Let me just say.

我就說一下吧。

Okay.

好的。

Yes, just a dissenting voice about something.

是的，只是對某件事有不同的聲音。

One of the reasons I'm still in Research Frontiers and haven't sold this year, for the last 25, 50 years, is because your conference calls are so detailed.

在過去的 25 年、50 年裡，我今年仍然處於研究前沿並且沒有出售的原因之一是因為你們的電話會議非常詳細。

You entertain questions and you don't put any time limits, compared to some other companies where I'm a shareholder, where I can't even get on the line because they have very strict time frames.

與我作為股東的其他一些公司相比，你會接受問題，並且不會設定任何時間限制，因為他們有非常嚴格的時間框架，所以我甚至無法上網。

And so I think that's a tremendous plus.

所以我認為這是一個巨大的優勢。

I don't even care.

我甚至不在乎。

Thank you.

謝謝。

And it's a self-serving plus because sometimes the only way to really get information when you see the noise of a stock price that fluctuates is to actually listen to what's going on.

這是一個自私的優點，因為有時，當你看到股價波動的噪音時，真正獲取資訊的唯一方法就是真正傾聽正在發生的事情。

And when you have a company that happens to be in industries where you can't always talk about everything, sometimes these conference calls are the best venue for doing it.

當你的公司恰好處於你不能總是談論所有事情的行業時，有時這些電話會議是這樣做的最佳場所。

So it's our pleasure to do that.

所以我們很高興這樣做。

Thank you.

謝謝。

Yes, and I really appreciate the fact that you don't put time limits, take email questions, and give everyone a chance, regardless of how many shares they own, to answer questions.

是的，我真的很欣賞你們不設定時間限制，接受電子郵件問題，並給每個人一個機會，無論他們擁有多少股份，回答問題。

What I want, I think now we have now consistent earnings the last few quarters, uptrend, things with Gauzy.

我想要的是，我認為現在我們在過去幾個季度的盈利穩定，上升趨勢，Gauzy 的情況。

The fact that any technology, given the climate change, which now I think even the most ignorant individuals who thought it was a Chinese hoax, must agree just by reading the newspapers or listening to the news, that any technology that could show to decrease interior. temperature certainly is a major plus.

事實上，考慮到氣候變化，我認為即使是最無知的人認為這是中國的騙局，只要閱讀報紙或聽新聞，任何技術都必須同意，任何能夠減少室內溫度的技術。溫度當然是一個主要優點。

And I'm wondering what is the company doing to inform institutions, money managers, there are mutual funds, micro cap funds, about the existence of Research Frontiers because even if they buy a car with SPD, they may not realize that that is, has been developed by Research Frontiers.

我想知道公司正在做什麼來告知機構、基金經理、共同基金、微型資本基金有關研究前沿的存在，因為即使他們購買帶有 SPD 的汽車，他們也可能沒有意識到，由研究前沿開發。

So will you be initiating any systemic program to inform money managers about the existence and prospects of the company?

那麼，您會啟動任何系統性計畫來向資金經理通報公司的存在和前景嗎？

Excellent question, Michael.

很好的問題，麥可。

First of all, let me say that regardless of whether climate change exists or doesn't, it's always good to be energy efficient and increase comfort and security and all of the things that SPD does.

首先，我要說的是，無論氣候變遷是否存在，提高能源效率、提高舒適度和安全性以及 SPD 所做的所有事情總是好的。

Back in 1965, I'm not really sure that the world was thinking so much about those things and now they are, fortunately, but it's always a good thing.

早在 1965 年，我不太確定世界是否對這些事情進行瞭如此多的思考，幸運的是，現在他們已經考慮了這麼多，但這總是一件好事。

So we would be doing it whether there was climate change or not because, you know, conserving resources is always a good thing.

因此，無論是否存在氣候變化，我們都會這樣做，因為，你知道，節約資源總是一件好事。

In terms of making this known, I'll tell you what we won't do and what we will do, okay, if I could do that.

為了讓大家知道這一點，我會告訴你我們不會做什麼以及我們會做什麼，好吧，如果我能做到的話。

Yes, there's been a number of companies that, what the SEC refers to as ESG washing, where they basically just tout ESG.

是的，有很多公司進行了 SEC 所說的 ESG 清洗，他們基本上只是在宣揚 ESG。

And they've gotten into big trouble because there's nothing underlying that.

他們遇到了大麻煩，因為沒有任何根本原因。

We're probably the opposite.

我們可能恰恰相反。

We've been a green company since day one, before the term green was even coined, and that's fine.

我們從第一天起就是一家綠色公司，甚至在「綠色」一詞被創造之前，這很好。

What are we gonna do to bring this to the attention of money managers?

我們要做什麼才能引起資金管理者的注意？

Well, the message is very, very consistent, okay?

嗯，訊息非常非常一致，好嗎？

And now it's being amplified by another licensee that is even dealing with larger money managers. and that's Gauzy, is you talk about the benefits of the technology and what you're doing.

現在，另一家被授權人甚至正在與更大的資金管理公司打交道，從而擴大了這種影響。那是 Gauzy，您正在談論這項技術的好處以及您正在做的事情。

Electric vehicles, we're increasing the range of the driving range.

電動車，我們正在增加行駛里程。

Cars were increasing fuel economy.

汽車正在提高燃油經濟性。

Buildings were increasing energy efficiency.

建築物正在提高能源效率。

Planes were doing, we talked a lot about the energy efficiency aspects and the comfort aspects and there's the security aspects as well.

飛機在做，我們討論了很多關於能源效率方面和舒適方面的問題，還有安全方面的問題。

So you talk about the messages consistently.

所以你一直在談論這些資訊。

And we were talking about CO2 reduction in vehicles before it became fashionable to do that because it's the right thing to do.

在減少車輛二氧化碳排放成為時尚之前我們就已經討論過，因為這是正確的做法。

So we'll continue to do that, but now we have kind of a partner with a megaphone next to us doing the same thing.

所以我們會繼續這樣做，但現在我們身邊有一個拿著擴音器的夥伴在做同樣的事情。

And what you're having also is a lot of the noise that used to be in the market dropping away.

而且市場上過去的許多噪音也正在消失。

What do I mean by that?

我這麼說是什麼意思？

Well, you had a public company view that is now no longer public.

嗯，你有一個上市公司的觀點，但現在不再公開了。

You have a company, Crown, that was promising a smart window technology and hasn't yet delivered it.

Crown 公司曾承諾推出智慧窗戶技術，但尚未交付。

You had companies like Halio, which were getting a lot of very favorable publicity, probably right up until the day they liquidated.

像 Halio 這樣的公司，可能一直到它們清算的那一天都獲得了很多非常有利的宣傳。

So there's a lot of these players that have tried and failed, tried and failed, tried and failed, and you're gonna see more of them.

所以有很多這樣的玩家嘗試過但失敗了，嘗試過但失敗了，嘗試過但失敗了，你會看到更多的人。

We've tried and succeeded.

我們已經嘗試並成功了。

And we've done it in a way where it allowed us to remain in the game as the markets developed around our technology.

我們這樣做的方式使我們能夠在市場圍繞我們的技術發展的過程中繼續參與其中。

It allowed us to remain in the game to have the resources to help our licensees.

它使我們能夠繼續參與遊戲，並擁有資源來幫助我們的被授權者。

It allowed us to remain in the game so that these licensees can build their businesses like Gauzy did and some of our other licensees around our technology.

它使我們能夠留在遊戲中，以便這些被許可人可以像 Gauzy 和我們的其他一些被許可人一樣圍繞我們的技術建立自己的業務。

So you have more and more players out there that are highly credible, highly well-resourced and focused on this. carrying that same message as we are.

因此，越來越多的玩家高度可信，資源豐富，並專注於這一點。傳達與我們相同的訊息。

And if you look at the post-Gauzy IPO, research frontiers did well just based on the attention they got.

如果你看看 Gauzy IPO 後的情況，你會發現研究前沿僅基於它們所受到的關注就表現良好。

Because you don't have to be a genius to look at a company like Gauzy, look at the reliance they put in SPD-SmartGlass as a key technology, and come to us.

因為您不必是天才才能看到像 Gauzy 這樣的公司，看看他們對 SPD-SmartGlass 作為關鍵技術的依賴，然後來找我們。

So all of these things are very positive and we'll continue to build on them.

因此，所有這些事情都是非常積極的，我們將繼續在此基礎上繼續發展。

Thank you.

謝謝。

One more brief question.

還有一個簡短的問題。

Is Gauzy basically the only company or the major one that does the production of the film?

Gauzy 基本上是唯一一家還是主要的製作這部電影的公司？

Or is it like, is Hitachi or some other company, Isoclima?

或是日立公司或其他公司，Isoclima？

Well remember, they bought Hitachi's SPD business from them.

還記得嗎，他們從他們手中收購了日立的 SPD 業務。

So yes, that was in their registration statements.

是的，這是他們的註冊聲明中的內容。

That's a very positive development because now they've expanded capacity through acquisition and they've also expanded expertise through that process because HItachi was a very smart company, I could tell you.

這是一個非常積極的發展，因為現在他們透過收購擴大了產能，並且透過這個過程擴大了專業知識，因為日立是一家非常聰明的公司，我可以告訴你。

And they developed a lot of good know-how around SPD technology which now is residing with Gauzy and allows them to really accelerate what they're doing even further.

他們開發了許多圍繞 SPD 技術的優秀專業知識，這些知識現在由 Gauzy 掌握，使他們能夠真正加速他們正在做的事情。

Does Isoclima make a film?

《Isoclima》拍電影嗎？

They don't make a film.

他們不拍電影。

They buy it.

他們買了。

They buy it from Gauzy.

他們從 Gauzy 那裡購買。

(Operator instructions)

（操作員說明）

[Jeff Harvey], a private investor.

[傑夫哈維]，私人投資者。

Hi, Joe. A couple of things.

嗨，喬。有幾件事。

First of all, I have to say, I think the Gauzy IPO was one of the worst IPOs I've ever seen in my 35 years in business.

首先，我必須說，我認為 Gauzy IPO 是我 35 年從業經歷中見過的最糟糕的 IPO 之一。

I don't know what happened there, but the underwriters are supposed to support the market after the initial offering, and they certainly didn't do that very well.

我不知道那裡發生了什麼，但承銷商應該在首次公開募股後支持市場，但他們確實做得不好。

No.

不。

Judging from the stock price, they didn't.

從股價來看，他們沒有。

But Gauzy did get its target price and the $75 million they were looking for, so they have the resources they expected.

但 Gauzy 確實達到了目標價和他們想要的 7500 萬美元，因此他們擁有了預期的資源。

But it would be nice if you would see price appreciation.

但如果你能看到價格上漲那就太好了。

And look, they had a very good first quarter compared to last year and they had an excellent second quarter.

看，與去年相比，他們的第一季表現非常好，第二季也表現出色。

And we'll see what the market does when the actual numbers are released.

當實際數據公佈時，我們將看看市場的表現。

I think I missed what you talked about, the middle level car that's going to be introduced from Asia.

我想我錯過了你所說的，即將從亞洲引進的中級車。

When do you expect that to happen now?

您現在預計什麼時候會發生？

As I said, there's a meeting at the end of this month about the launch, so we'll know more about it probably then, us and Gauzy.

正如我所說，本月底將召開一次關於發布的會議，因此我們和 Gauzy 可能會在那時了解更多。

[Alan Ginsberg], a private investor.

[艾倫·金斯伯格]，一位私人投資者。

Hi, Joe. How are you?

嗨，喬。你好嗎？

Hey, Alan.

嘿，艾倫。

How are you?

你好嗎？

Okay.

好的。

Is there going to be a breakdown at some point between what Gauzy does with PDLC as opposed to SPD, because that would be helpful to see what Gauzy is doing with both technologies.

Gauzy 對 PDLC 和 SPD 所做的工作是否會在某個時刻出現細分，因為這將有助於了解 Gauzy 對這兩種技術所做的事情。

I doubt it because the SEC rules kind of require companies to lump things into what they call business units.

我對此表示懷疑，因為美國證券交易委員會的規則有點要求公司將事物歸類在他們所謂的業務部門。

So Gauzy, if you look at their business units, they have ADAS and they have other things like that and they have SmartFilm.

Gauzy，如果你看看他們的業務部門，他們有 ADAS，還有其他類似的東西，還有 SmartFilm。

So I think this would be probably combined with SmartFilm.

所以我認為這可能會與 SmartFilm 結合。

Okay, because that would be helpful if that would be possible.

好的，因為如果可能的話那會很有幫助。

Sure, but remember they also have a much higher margins on the SPD business, so they and we have a vested interest in more of their business paying that.

當然可以，但請記住，他們在 SPD 業務上的利潤率也高得多，因此他們和我們在支付這筆費用的更多業務中擁有既得利益。

If their interest is revenue growth and profitability, and I read you the quote from the Eyal Peso, I think you can see the same thing..

如果他們的興趣是收入增長和盈利能力，我給你讀了埃亞爾比索的報價，我想你也會看到同樣的事情。

Just as a follow up to a question that was just asked about getting the word out to various stock people.

正如剛剛被問到的關於向各種股票人士傳達訊息的問題的後續行動。

Wouldn't it be a good idea to hire a financial public relations firm at this point since you have so much going on and not just depend on Gauzy?

既然你有這麼多事情要做，而不僅僅是依賴 Gauzy，那麼此時聘請金融公關公司不是一個好主意嗎？

We've been interviewing, yes.

我們一直在採訪，是的。

[Leonard Leitzel], a private investor.

[Leonard Leitzel]，私人投資者。

Hey, Joe. Since they raised their $75 million and since in their notes in their S1 where they had contracts on all of the SPD film for this year that they could make, I would assume that they're expanding their line, I think they could put a second line right next to the one they got right now.

嘿，喬。由於他們籌集了 7500 萬美元，而且在他們的 S1 記錄中，他們與今年可以製作的所有 SPD 電影簽訂了合同，我認為他們正在擴大他們的產品線，我認為他們可以放第二部就在他們現在得到的那一行旁邊。

That's exactly right.

完全正確。

They've laid out the second line if they wanted it to be in Germany right next to the first one in the Stuttgart area.

如果他們希望第二條線位於德國，緊鄰斯圖加特地區的第一條線，那麼他們已經佈置了第二條線。

Or they may decide they're going to do it in Asia near the other customer, or the US, depending on where the need is logistically.

或者，他們可能決定在靠近其他客戶的亞洲或美國進行，這取決於物流需求所在。

Film is pretty easy to ship wherever it needs to be in the world.

膠片可以輕鬆地運送到世界上任何需要的地方。

If it was all done in Germany and shipped worldwide, there's plenty of companies that successfully do that with even harder things to ship.

如果這一切都在德國完成並運往世界各地，那麼有很多公司可以成功地做到這一點，而運送的東西甚至更難。

And film is relatively light and easy to ship.

而且膠片相對較輕，易於運輸。

So it could be anywhere, but they have the ability to do that.

所以它可能在任何地方，但他們有能力做到這一點。

With architecture and that coming on and with autos and airplanes using everything that they can make right now, I would think that they have to get something up and running pretty good if they're going to

隨著建築和汽車和飛機的出現，他們正在使用他們現在可以製造的一切，我認為他們必須得到一些東西並運行得很好，如果他們想要

--

--

We've seen this now twice where large capable companies develop SPD production lines, first Hitachi and now Gauzy.

我們已經看到兩次有能力的大公司開發 SPD 生產線，第一次是日立，現在是 Gauzy。

And once you know what to build, and that's part of the know-how, and how to configure it, which is another part of it because there's a whole system of rollers and other things.

一旦您知道要建造什麼，那就是專業知識的一部分，以及如何配置它，這是專業知識的另一部分，因為有一個由滾筒和其他東西組成的完整系統。

The tension that you put on the film and things like that becomes very important in keeping yields up.

您對膠片施加的張力以及類似的事情對於保持產量非常重要。

Once you know how to do all that stuff, it's not hard to replicate it.

一旦你知道如何做所有這些事情，複製它就不難了。

And assuming you had the building permits or the factory line or the warehouse was already there, it doesn't take more than I would say six to eight months to get another line up.

假設你有建築許可證，或者工廠生產線或倉庫已經在那裡，我認為不需要超過六到八個月的時間就可以建立另一條生產線。

Okay, because that's the only way we can continue to grow revenue, is to be able to sell more films.

好吧，因為這是我們繼續增加收入的唯一方法，就是能夠賣出更多的電影。

Right.

正確的。

And as long as Gauzy is making money on that film, they have every incentive to keep making more and more factories.

只要高齊在那部電影上賺錢，他們就有動力繼續建造越來越多的工廠。

And seeing no further questions in the queue, I'll turn the call back over to our host.

看到隊列中沒有其他問題，我會將電話轉回給我們的主持人。

Okay.

好的。

Well look, as a reminder, if we haven't fully answered any questions, they're either emailed to us or in our presentation today or in the live Q&A, please feel free to call or email us.

好吧，提醒一下，如果我們沒有完全回答任何問題，這些問題要么通過電子郵件發送給我們，要么在我們今天的演示中或在現場問答中，請隨時致電或發送電子郵件給我們。

And now I'm just going to make a few closing remarks.

現在我要作總結發言。

The outlook for the smartglass industry remains extremely promising, bolstered by growing revenues in automotive and aircraft and increasing regulatory support, like the Dynamic Glass Act, providing substantial tax credits for adoption, that should bring other markets, like the architectural market, more mainstream for us as well.

智慧玻璃產業的前景仍然非常光明，這得益於汽車和飛機收入的成長以及監管支持的增加，例如動態玻璃法案，為採用提供大量稅收抵免，這應該會使建築市場等其他市場成為主流。我們也是。

Research Frontiers is a recognized leader with an innovative, high-performing, and reliable solution. and we and our licensees are seeing increasing demand from respected iconic brands worldwide and from their customers.

Research Frontiers 是公認的領導者，擁有創新、高效且可靠的解決方案。我們和我們的被授權人看到全球受人尊敬的標誌性品牌及其客戶的需求不斷增長。

And in some industries where the customer can choose, they are selecting SPD as shown by the new Airbus and Boeing programs.

在一些客戶可以選擇的行業中，他們正在選擇 SPD，正如空中巴士和波音的新計劃所示。

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

我們與 Gauzy 的緊密策略合作夥伴關係不斷在業務開發和產品創新方面共同努力，在多個領域創造機會。

Matter of fact, we have a meeting on Monday coming up together.

事實上，我們週一要一起開會。

Gauzy's recent IPO also has brought greater transparency and resources to the industry, and their expanded production and marketing will further reduce cost of using SPD-Smartglass and highlight the immense potential of SPD technology to an ever-widening audience of customers and investors.

Gauzy 最近的IPO 也為該行業帶來了更大的透明度和資源，其擴大的生產和營銷將進一步降低SPD-Smartglass 的使用成本，並向不斷擴大的客戶和投資者受眾展示SPD 技術的巨大潛力。

In our last conference call, we predicted higher royalty income for the second quarter based on the leading indicators that we saw at that time.

在上次電話會議中，我們根據當時看到的領先指標預測第二季的特許權使用費收入會更高。

And we were right.

我們是對的。

We achieved this and saw 165% increase compared to the same quarter last year.

我們實現了這一目標，與去年同期相比成長了 165%。

And we had a great first quarter this year, and our second quarter royalty income rose over 56% from those elevated levels from the first quarter.

今年第一季的表現非常出色，第二季的特許權使用費收入比第一季的高水準成長了 56% 以上。

And if you go to the first half of the year, our royalty income increased by over 85%, driven by significant growth in our automotive and aircraft markets.

如果你看看今年上半年，我們的特許權使用費收入成長了 85% 以上，這得益於我們的汽車和飛機市場的顯著成長。

Looking ahead, we expect Q3 and Q4 royalty income to surpass last year's levels.

展望未來，我們預計第三季和第四季的特許權使用費收入將超過去年的水平。

This growth, just to put it in context, builds on a very strong 2023, where fee income increased by 69% over 2022, and overall revenue was up 109%.

簡而言之，這種成長建立在非常強勁的 2023 年基礎上，其中費用收入比 2022 年成長了 69%，整體收入成長了 109%。

And in the second quarter of 2024, it marked our sixth consecutive quarter of revenue growth compared to the prior year.

2024 年第二季度，我們的營收與前一年相比連續第六個季度成長。

So you got this now sustained revenue growth.

所以你現在得到了持續的收入成長。

I think I mentioned in prior calls that as we get further and further along, revenues are going to look less choppy.

我想我在之前的電話會議中提到過，隨著我們的進展越來越遠，收入看起來不會那麼波動。

You're not going to have a lot of up-and-down quarters.

你不會有很多起起落落的季度。

They're mostly going to be you know in one direction and we all hope and work towards it being up and we got it.

他們大多會朝一個方向發展，我們都希望並努力實現這一目標，我們做到了。

And looking ahead we expect automotive and aircraft revenues to continue rising in the coming quarters.

展望未來，我們預計汽車和飛機收入在未來幾季將繼續成長。

And that's driven by new product introductions and the introduction of new automakers offering SPD Smart Glass on the new car models, and increasing penetration at existing customers.

這是由新產品的推出和新汽車製造商的推出在新車型上提供 SPD 智慧玻璃以及現有客戶滲透率的提高所推動的。

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

當然，隨著我們致力於在全球範圍內實現更智慧、更永續的基礎設施，建築改造市場也代表了一個重要的新成長催化劑。

As we conclude today's call, I want to thank our shareholders for their steadfast support.

在我們結束今天的電話會議時，我要感謝股東的堅定支持。

It's really helped us all.

這確實對我們所有人都有幫助。

The momentum we've built over the past six quarters evidenced by our consistent revenue growth and successful strategic initiatives positions us strongly for current success and future opportunities.

我們持續的收入成長和成功的策略舉措證明了我們在過去六個季度建立的勢頭，使我們在當前的成功和未來的機會中處於有利地位。

Our SPD-Smartglass technology is increasingly recognized as a standard of excellence in the smartglass world, further validating our leadership in the industry.

我們的 SPD-Smartglass 技術越來越被認為是智慧玻璃領域的卓越標準，進一步驗證了我們在業界的領導地位。

And our industry itself has become stronger, at least the SPD part of it, with our licensees gaining more resources to expand and our technology being adopted across diverse industries and for new uses.

我們的產業本身變得更加強大，至少是其中的 SPD 部分，我們的被授權者獲得了更多的資源來擴展，我們的技術被跨產業和新用途所採用。

So we're constantly gaining more traction, leveraging our innovative energy efficient light control technology, and our strong partnerships to drive further advancements in value creation for our shareholders and for our industry.

因此，我們不斷獲得更多關注，利用我們創新的節能光控制技術和強大的合作夥伴關係，推動為股東和產業創造價值的進一步進步。

And I want to thank you all for being part of our efforts and we look forward to sharing more milestones with you in the near future.

我要感謝你們所有人參與我們的努力，我們期待在不久的將來與你們分享更多的里程碑。

Thank you all very much.

非常感謝大家。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for attending.

感謝您的出席。