Research Frontiers Inc (REFR) 2024 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to the Research Frontiers Investor Conference Call to discuss the Third Quarter of 2024 Results of Operations and Recent Developments (Operator Instructions)

女士們、先生們，午安。歡迎參加 Research Frontiers 投資者電話會議，討論 2024 年第三季營運業績和最新動態（操作員說明）

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

今天正在錄製這次會議。從今天稍晚開始，Research Frontiers 網站 www.smartglass.com 的投資者部分將提供本次電話會議的重播，並將在未來 90 天內提供重播。

Please note that some of the comments made today may contain forward-looking information. The words expect, anticipate, plans, forecasts and similar expressions are intended to identify forward looking statements. Statements that are not historical facts are forward-looking statements that are made pursuant to applicable safe harbor provisions.

請注意，今天發表的一些評論可能包含前瞻性資訊。期望、預期、計劃、預測和類似表達等詞語旨在識別前瞻性陳述。非歷史事實的陳述是根據適用的安全港條款做出的前瞻性聲明。

These statements reflect the company's current beliefs, any number of important factors that could cause actual results for future periods to differ materially from those expressed. Significant factors that could cause results to differ from those anticipated are described in our filings with the SEC.

這些陳述反映了公司目前的信念，以及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的任何重要因素。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. The company will be answering many of the questions that were e-mailed to it prior to this conference call either in the presentation or as part of the Q&A session at the end.

研究前沿不承擔更新或修改這些前瞻性陳述以反映新事件或不確定性的義務。該公司將在演示中或在最後的問答環節中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。

In some cases, the company has responded directly to e-mail questions prior to this call or will do so afterwards in order to answer more questions of general interest to shareholders on this call (Operator Instructions) Also, we ask that you keep your questions brief in the interest of time.

在某些情況下，本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股東普遍關心的更多問題（操作員說明）此外，我們要求您保留您的問題為了節省時間，簡短地講一下。

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

現在我將把電話轉給研究前沿公司總裁兼執行長喬‧哈拉里 (Joe Harary)。請繼續，先生。

Thank you, Erika. And hello, everyone. And welcome to our third quarter of 2024 investor conference call. As we anticipated in previous calls, based upon the leading indicators that we typically look at, we saw strong momentum this quarter. Compared to Q3 last year, Royalty income grew over 115%, fueled by triple digit growth in our two largest markets, the automotive and aircraft markets.

謝謝你，埃里卡。大家好。歡迎參加我們的 2024 年第三季投資者電話會議。正如我們在先前的電話會議中所預期的那樣，根據我們通常關注的領先指標，我們在本季度看到了強勁的勢頭。與去年第三季相比，在汽車和飛機市場這兩個最大市場三位數成長的推動下，特許權使用費收入成長了 115% 以上。

For the first nine months of this year, royalty income rose by over 93% compared to the same period last year. This was driven by double digit percentage growth in the aircraft and architectural markets and triple digit percentage growth in our largest market, the automotive market.

今年前9個月，特許權使用費收入比去年同期成長了93%以上。這是由飛機和建築市場的兩位數百分比增長以及我們最大的市場汽車市場的三位數百分比增長所推動的。

In fact, we are on track to almost double the number of roofs sold to Ferrari and triple the number of roofs sold to McLaren compared to last year. This marks our seventh consecutive quarter of revenue growth. And looking ahead, we expect to finish the year with double digit revenue growth over last year. In fact, as of the end of the third quarter of this year, we have already surpassed revenues for all of last year.

事實上，與去年相比，我們銷售給法拉利的車頂數量幾乎增加了一倍，銷售給麥克拉倫的車頂數量增加了三倍。這標誌著我們的營收連續第七個季度成長。展望未來，我們預計今年的營收將比去年實現兩位數的成長。事實上，截至今年第三季末，我們的收入已經超過了去年全年。

Our expenses were down by $92,000 this quarter alone and by over $150,000 over the nine months. With higher revenues and lower expenses, our quarterly net loss is one third of last year and for the full nine months is about half, translating to $0.00 on or almost breakeven per share for the quarter and $0.02 per share for the full nine months.

光是本季我們的開支就減少了 92,000 美元，在過去的 9 個月裡減少了 150,000 美元以上。由於收入增加和費用減少，我們的季度淨虧損是去年的三分之一，整個九個月約為去年的一半，相當於本季度每股虧損0.00 美元或幾乎盈虧平衡，整個九個月每股虧損0.02 美元。

Barring strategic reasons, we do not anticipate needing additional capital in the near term. We remain debt free with over $1.65 million in cash and stable working capital deficient for more than five years of operations.

除非戰略原因，我們預期短期內不需要額外資金。我們保持無債務狀態，擁有超過 165 萬美元的現金和穩定的營運資金，足以維持五年多的營運。

Now let's break down these results by market so we can all better understand where we are and what we could all expect. There's been a steady march forward in the automotive and aircraft industries towards the adoption of our SPD-SmartGlass technology.

現在，讓我們按市場細分這些結果，以便我們更好地了解我們的處境以及我們的期望。汽車和飛機行業在採用我們的 SPD-SmartGlass 技術方面穩步前進。

Starting with Mercedes, then McLaren, then Ferrari and now this quarter, Cadillac. In aircraft, our bread and butter were SPD-Smart EDW windows and turboprops, like the King Air and jets like the HondaJet and now much larger aircraft from Daher, Dessault and especially Boeing and Airbus aircraft, all with far more windows per plane.

首先是梅賽德斯，然後是麥克拉倫，然後是法拉利，現在是凱迪拉克。在飛機上，我們的麵包和黃油是SPD-Smart EDW 窗戶和渦輪螺旋槳飛機，例如King Air 和HondaJet 等噴射機，以及現在來自Daher、Dessault 的更大飛機，尤其是波音和空中巴士飛機，所有飛機的窗戶都多很多。

And more vehicle introductions using SPD technology are expected as early as this coming year. Sales of cars using our SPD-SmartGlass technology at Ferrari and McLaren remained quite strong, and Cadillac is just starting now. An extremely high percentage of Ferrari customers and McLaren customers are all opting for the SPD-SmartGlass roof and the SPD-SmartGlass roof is standard on the Cadillac CELESTIQ.

預計最快今年將推出更多採用 SPD 技術的車輛。法拉利和麥克拉倫使用我們的 SPD-SmartGlass 技術的汽車銷售仍然相當強勁，而凱迪拉克現在才剛起步。極高比例的法拉利客戶和麥克拉倫客戶都選擇 SPD-SmartGlass 車頂，而 SPD-SmartGlass 車頂是凱迪拉克 CELESTIQ 的標準配備。

We are on track to almost double the number of roofs sold to Ferrari and tripled the number of roofs sold to McLaren compared to last year. So there are excellent results with existing models as SPD-SmartGlass roof options become more and more popular on the cars that offer it.

與去年相比，我們預計將出售給法拉利的車頂數量增加一倍，將出售給麥克拉倫的車頂數量增加兩倍。因此，隨著 SPD-SmartGlass 車頂選項在配備該功能的汽車上越來越受歡迎，現有車型取得了出色的效果。

Now regarding new customers and new models. After good meetings in Asia in August and in Europe starting in September and October and more recently this week, I am quite optimistic that we will see multiple new car models with SPD Smart Glass come out as early as 2025 from carmakers in these different regions of the world.

現在關於新客戶和新型號。經過8 月在亞洲、9 月和10 月開始以及最近在本週在歐洲舉行的良好會議之後，我非常樂觀地認為，我們將看到這些不同地區的汽車製造商最早於2025 年推出多款配備SPD 智慧玻璃的新車型號。

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. This creates opportunities for higher volumes of SPD-SmartGlass technology and middle market cars worldwide. Our launch project in Asia for this is still on track.

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，使其首次可用於中等價格的車輛。這為 SPD-SmartGlass 技術和全球中端市場汽車的銷售增加創造了機會。我們在亞洲的啟動項目仍在按計劃進行。

All of this and the expansion both among new OEMs and the extension to new car models within each OEM reinforces the strong validation of the value of our SPD-SmartGlass technology that we offer to the automotive market.

所有這些以及新 OEM 之間的擴張以及每個 OEM 內新車型的擴展，都強化了對我們向汽車市場提供的 SPD-SmartGlass 技術價值的有力驗證。

Following LTI's retrofit product debut in AIA in June, we're seeing increased interest in SPD projects worldwide. While details aren't yet public, we expect further growth as architects adopt SPD for it’s energy saving and instant glare control capabilities.

繼 6 月 LTI 改造產品在 AIA 首次亮相後，我們發現全球對 SPD 專案的興趣日益濃厚。雖然細節尚未公開，但隨著建築師採用 SPD 的節能和即時眩光控制功能，我們預計會進一步成長。

As recently as this week, we discussed more new projects and opportunities for SPD in the architectural market and their specifications. I spent some time discussing our largest market in automotive and new models coming out there shortly as well as architectural markets.

就在本週，我們討論了 SPD 在建築市場中的更多新項目和機會及其規格。我花了一些時間討論我們最大的汽車市場和即將推出的新車型以及建築市場。

I now want to move to our second largest royalty generating market, aircraft. We also once again had higher revenues with double digit growth in the second quarter and triple digit growth in the third quarter. There have been a fundamental improvement in that market for us as well.

我現在想轉向我們的第二大版稅產生市場——飛機。我們的營收也再次實現更高，第二季實現兩位數成長，第三季實現三位數成長。我們的市場也有了根本性的改善。

This stems from the way that decisions are made. For general aviation aircraft, we're on the HondaJet and the King Air among other aircraft. In those in other areas, the OEM made the decision about putting our high performing SPD technology on the aircraft.

這源自於決策的方式。對於通用航空飛機，我們使用 HondaJet 和 King Air 等飛機。在其他領域，OEM 決定將我們的高性能 SPD 技術應用到飛機上。

The significant shift is that in the larger aircraft made by Boeing and Airbus, now the customer decides. This has been tremendously enabling for our licensees selling SPD EDWs because the performance in terms of switching speed is instantaneous and the wide change in tint also being uniform has made it an easier choice by the customer to pick SPD, and airlines and owners are picking SPD when given the choice.

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。這對我們銷售 SPD EDW 的授權商來說非常有利，因為切換速度方面的性能是瞬時的，而且色調的廣泛變化也很均勻，使客戶更容易選擇 SPD，航空公司和船東也選擇 SPD當有選擇的時候。

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. In automotive, we see a side-by-side reduction of 18 degrees Fahrenheit in a car.

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。在汽車領域，我們看到汽車內溫度並排降低了 18 華氏度。

In aircraft, we have seen as much as a 26-degree Fahrenheit reduction in cabin temperatures simply by using SPD. Once again and our growth in revenue from the aircraft market reinforces the value we add the aircraft and airlines around the world.

在飛機上，我們發現僅使用 SPD 即可將機艙溫度降低 26 華氏度。我們來自飛機市場的收入成長再次增強了我們為世界各地的飛機和航空公司增加的價值。

In the interest of time and to cover as much ground as possible today, I have taken a number of questions that we have received by e-mail and have incorporated them into my presentation today. I'm now going to open up the conference call to additional questions.

為了節省時間並盡可能多地討論今天的內容，我回答了我們透過電子郵件收到的一些問題，並將它們納入了我今天的簡報中。我現在將開始電話會議，回答其他問題。

And first, I'll read and answer some of the questions we received by e-mail and I encourage people to e-mail in their questions before the conference call, so we can tailor our presentation to cover the most ground for the benefit of all shareholders.

首先，我將閱讀並回答我們透過電子郵件收到的一些問題，我鼓勵人們在電話會議之前透過電子郵件提出他們的問題，這樣我們就可以調整我們的簡報，以涵蓋最多的內容，從而造福於全體股東。

To hear some of the additional questions that were e-mailed to us and in some cases, I'm combining several related questions into one. They basically cover three areas: one, the effect of the war in the Middle East; two, use of competitive technologies; and three, the architectural market.

為了聽取透過電子郵件發送給我們的一些其他問題，在某些情況下，我將幾個相關問題合併為一個。主要涵蓋三個面向：一是中東戰爭的影響；二是中東戰爭的影響。二、採用有競爭力的技術；三是建築市場。

First, on behalf of our friends at Gauzy, we appreciate the questions about the situation in the Middle East and their safety. Everyone is in fact safe. The war in Israel has not affected Gauzy operations. They plan and build redundancy into the Stuttgart facility for both emulsion and film production. They also have redundancies in other areas and a worldwide footprint in factories in the US, Germany, France and of course, Israel.

首先，我們代表 Gauzy 的朋友，感謝大家提出有關中東局勢及其安全的問題。事實上每個人都是安全的。以色列戰爭並未影響 Gauzy 的運作。他們在斯圖加特的乳劑和膠片生產設施中規劃並建立了冗餘設施。他們也在其他領域進行了裁員，並在美國、德國、法國，當然還有以色列的工廠進行了全球佈局。

Our next question, Joe, on prior conference calls, you mentioned that you were going to see other technologies tried on cars. We see some cars coming out with PDLC in the roof. Can you comment on this? First, I think it's important to understand the path that these other technologies might have to get into a car.

我們的下一個問題，喬，在之前的電話會議上，您提到您將看到其他技術在汽車上嘗試。我們看到一些汽車在車頂配備了 PDLC。你能對此發表評論嗎？首先，我認為了解這些其他技術可能進入汽車的路徑很重要。

And we've given a lot of thought and analysis to this. One path is due to suppliers overpromising the benefits of these other technologies. Another may be trying to avoid paying a royalty on our hundreds of patents. And the third might be the automakers simply trying to pick the cheapest solution or to keep the price point of car within a certain range vis-a-vis their competitors' models.

我們對此進行了很多思考和分析。一種途徑是供應商過度承諾這些其他技術的好處。另一個可能是試圖避免為我們的數百項專利支付特許權使用費。第三種可能是汽車製造商只是試圖選擇最便宜的解決方案，或將汽車的價格點相對於競爭對手的車型保持在一定範圍內。

So let's first take a look at this first path, focusing on the benefits. The benefits of SPD-SmartGlass are quite clear and have been demonstrated over tens of thousands of cars produced by Mercedes, McLaren, Ferrari and now this quarter, Cadillac. The benefits of PDLC on the other hand have really focused on its ability to deliver good privacy.

因此，讓我們先看一下第一個路徑，並專注於它的好處。SPD-SmartGlass 的優勢非常明顯，並已在梅賽德斯、麥克拉倫、法拉利以及本季度凱迪拉克生產的數萬輛汽車上得到證明。另一方面，PDLC 的優勢真正集中在其提供良好隱私的能力。

However, in the areas of heat, light and glare control and shade, this technology does quite poorly and less enhanced by using other technologies in conjunction with it. And if you read the blogs and the online user forums for car owners, you'll see that there have been numerous complaints about the use of PDLC in the roof systems of cars. It basically does nothing other than providing privacy.

然而，在熱、光、眩光控制和遮陽領域，該技術的表現相當差，與其他技術結合使用時的增強效果也較差。如果您閱讀部落格和車主線上使用者論壇，您會發現有很多關於在汽車車頂系統中使用 PDLC 的投訴。它基本上除了提供隱私之外什麼也不做。

And personally, I question why anyone would need privacy from people looking in through the top of their sunroof, especially since the SPD solution blocks 99.5% of the light. So both technologies will deliver privacy, but SPD also delivers the heat light and glare control, which is essential for energy efficiency and occupant comfort.

就我個人而言，我質疑為什麼有人需要從天窗頂部看到的隱私，特別是因為 SPD 解決方案阻擋了 99.5% 的光線。因此，這兩種技術都將提供隱私，但 SPD 還提供熱光和眩光控制，這對於能源效率和居住舒適度至關重要。

From a benefit standpoint, it's clear that SPD-SmartGlass offers the most practical benefits and the ones that the carmakers need. I'm also pretty confident that the automakers monitor these user forums and are aware that the PDLC solution leaves a lot to be desired.

從效益的角度來看，很明顯 SPD-SmartGlass 提供了最實際的效益，也是汽車製造商所需要的。我也非常有信心，汽車製造商會監控這些使用者論壇，並意識到 PDLC 解決方案還有很多不足之處。

Let's talk about the other path of getting an alternative technology into the car that I mentioned earlier, which is trying to avoid our 250 or so patents. You can see that some older and much lower performing technologies than SPD are currently trying to be introduced.

讓我們談談我之前提到的將替代技術引入汽車的另一個途徑，即試圖避免我們的 250 項左右的專利。您可以看到，目前正在嘗試引入一些比 SPD 更舊且性能低得多的技術。

When personal computers first came out, I'm going to show my age here. The first popular computer chip was the Intel XT chip. And about two years later the AT chip came out. And at that various Pentium and dual core processor chips came out.

當個人電腦剛出現時，我要在這裡展示我的年齡。第一個受歡迎的電腦晶片是 Intel XT 晶片。大約兩年後，AT晶片問世了。於是各種奔騰和雙核心處理器晶片就問世了。

Moore's Law named after Gordon Moore says that computing power doubles every 18 to 24 months or so. So if you take a 20 year lifespan of a patent and try to use technology that is 20 years older than what's available today, you undoubtedly would get much lower performance. In the case of a computer chip, over a 20 year lifespan the effect of computing power was 1,000 times better with the new technology. And the reason I used a 20 year lifespan as an example is because that's a typical term of a patent.

以戈登摩爾 (Gordon Moore) 命名的摩爾定律指出，運算能力每 18 到 24 個月左右就會翻一番。因此，如果您考慮一項專利的 20 年壽命，並嘗試使用比當今可用技術早 20 年的技術，那麼您無疑會獲得低得多的性能。就電腦晶片而言，採用新技術後，運算能力的效果在 20 年以上的壽命中提高了 1,000 倍。我之所以用 20 年的壽命作為例子，是因為這是專利的典型術語。

So if someone wanted to use off patent SPD, they're using 20 year old technology or they’re risking substantial liability for infringement as well as the ability to be shut down in any area of the world that respects intellectual property rights. My experience has been that no reputable carmaker that sells outside of China will introduce a car using infringing technologies.

因此，如果有人想要使用非專利 SPD，那麼他們就是在使用 20 年前的技術，否則他們將面臨承擔重大侵權責任以及在世界任何尊重智慧財產權的地區被關閉的風險。我的經驗是，在中國境外銷售的信譽良好的汽車製造商都不會推出使用侵權技術的汽車。

I'm going to say age again, a similar analogy might be someone trying to introduce an 8-track tape player into a car today, it's not going to work. The third path to getting an alternative technology into a car is similar and related to the benefits discussion we just had, it's cost versus performance.

我要再說一次年齡，類似的類比可能是今天有人試圖在汽車中引入 8 軌磁帶播放器，但這是行不通的。將替代技術引入汽車的第三途徑類似，並且與我們剛剛討論的好處相關，即成本與性能。

And carmakers are trying to figure out whether cheaper smart glass technologies such as PDLC are going to deliver any functional difference and deliver on their promises. We know the answer to that but they just have to see it for themselves sometimes. And carmakers typically try to make the best car they can at a price point that competes with others in their price class for that model.

汽車製造商正在試圖弄清楚 PDLC 等更便宜的智慧玻璃技術是否會帶來任何功能差異並兌現他們的承諾。我們知道答案，但有時他們必須親自看看。汽車製造商通常會盡力在價格點上製造出最好的汽車，以便與同價位的其他車型競爭。

Sometimes a few dollars is the difference between being in one class or another for these car makers. And this situation leads sometimes the bad decisions. Credible influencers certainly have an impact and I'm sure that automakers pay attention to consumer sentiment and complaints.

有時，對於這些汽車製造商來說，幾美元就是一個級別或另一個級別的區別。這種情況有時會導致錯誤的決定。可信的影響者肯定會產生影響，我確信汽車製造商會專注於消費者情緒和投訴。

And of course, different technologies and products in the automotive market coexists with each other, take tires, for example. There are many different manufacturers of tires of varying quality and performance that automakers put on their cars.

當然，汽車市場上不同的技術和產品是共存的，例如輪胎。汽車製造商在其汽車上安裝的輪胎有許多不同的製造商，其品質和性能各不相同。

And sometimes, it's a matter of getting to a particular price point. But if there's too big of a difference between the cost of the tires and they all had roughly the ability to do a similar job then the OEMs would pick the cheapest solution. But in our case, they're not.

有時，這是達到特定價格點的問題。但如果輪胎的成本差異太大，而且它們都大致有能力完成類似的工作，那麼原始設備製造商就會選擇最便宜的解決方案。但在我們的例子中，他們不是。

So it brings us back more directly to the question about PDLC versus SPD. Those technologies will coexist for a little while. But the fact of the matter remains that PDLC does little or nothing to block heat from visible light, which makes up half of the heat entering a vehicle through the roof.

因此，它讓我們更直接地回到 PDLC 與 SPD 的問題。這些技術將共存一段時間。但事實是，PDLC 在阻擋可見光熱量方面幾乎沒有作用，甚至沒有作用，而可見光熱量佔通過車頂進入車輛的熱量的一半。

So that's where the tire analogy sometimes -- somewhat breaks down, because you don't have relatively similar performance between two technologies. And it comes down to being an education process. We and our licensees are doing that education.

因此，這就是輪胎類比有時有些不成立的地方，因為兩種技術之間沒有相對相似的性能。這歸結為一個教育過程。我們和我們的被授權人正在進行這種教育。

And at the same time, we're also working hard and succeeding at bringing down the cost differential between PDLC and SPD. And that will also make the decision making a much different, easier and favorable process for us and for SPD.

同時，我們也在努力縮小 PDLC 和 SPD 之間的成本差異，並且取得了成功。這也將使我們和社會民主黨的決策過程變得更加不同、更容易和有利。

Our next question comes from Jordan. Gauzy produced a press release about Ferrari's adoption of SPD glass a few weeks ago, but Research Frontiers did not. Will Research Frontiers submit a public press release for when the Asian OEM model becomes official.

我們的下一個問題來自喬丹。Gauzy 幾週前發布了一份關於法拉利採用 SPD 玻璃的新聞稿，但 Research Frontiers 並沒有這樣做。Research Frontiers 會在亞洲 OEM 模式正式推出時提交一份公開新聞稿嗎？

Thanks, Jordan. Well, Jordan, we expect to make such announcement.

謝謝，喬丹。好吧，喬丹，我們預計會發布這樣的公告。

But first, let me say that sometimes automakers can put interesting conditions on who, what, when and even how something can be said. RFI, Vision Systems and Gauzy have all experienced this over the years. Ferrari put some conditions on the recent press release, rather than wait what could have been a long time to clarify or remove such conditions, we and Gauzy decided to release what we could sooner rather than later and with Gauzy naming Research Frontiers and SPD technology in their press release.

但首先，我要說的是，有時汽車製造商可以對誰、什麼、何時、甚至如何說某事設定有趣的條件。RFI、Vision Systems 和 Gauzy 多年來都經歷過這種情況。法拉利在最近的新聞稿中提出了一些條件，而不是等待可能需要很長時間的時間來澄清或消除這些條件，我們和 Gauzy 決定儘早發布我們可以發布的內容，並與 Gauzy 命名研究前沿和 SPD 技術他們的新聞稿。

Also, even though Gauzy put out the Ferrari press release on October 23rd, RFI noted Ferrari much earlier. As a matter of fact, a little more than two years ago, I started talking about the Ferrari Purosangue by name even before the car came out.

此外，儘管 Gauzy 在 10 月 23 日發布了法拉利新聞稿，但 RFI 更早注意到了法拉利。事實上，兩年多前，我甚至在這款車問世之前就開始談論它的名字了。

In fact, I actually discussed it on all nine of our last conference calls. And just to complete the question, we hope that the Asian car maker as well as the other OEMs and the car models that I mentioned earlier are in our near term pipeline and many of the things that we have been saying on these conference calls will be confirmed directly multiple times.

事實上，我在最近的九次電話會議中都討論過這個問題。為了完成這個問題，我們希望亞洲汽車製造商以及其他原始設備製造商和我之前提到的汽車模型都在我們的近期管道中，我們在這些電話會議上所說的許多事情都將是直接確認多次。

Next question is somewhat of a technical one. Joe, can you please comment on the recently completed study on SPD conducted in Saudi Arabia?

下一個問題有點技術性。Joe，您能否評論一下最近在沙烏地阿拉伯進行的 SPD 研究？

Well, thanks for the question. The study is entitled Daylighting Optimization of Integrated Suspended Particle Devices glazing in different school typologies, and that's a mouthful. And it highlights SPD-SmartGlass' substantial benefits for energy efficiency and daylighting control, particularly in hot climates like Saudi Arabia.

嗯，謝謝你的提問。這項研究的標題是“不同學校類型中集成懸浮粒子裝置玻璃的採光優化”，這很拗口。它還強調了 SPD-SmartGlass 在能源效率和日光控制方面的巨大優勢，特別是在沙烏地阿拉伯等炎熱氣候下。

Prior to this, the most visible study on SPD was from Cambridge University and it found that SPD was very effective in maintaining building temperatures by its ability to vary the tint of glass precisely. The new study goes a bit further. It talks about the best places in different areas of the building to use SPD to meet design and engineering challenges and to optimize the environment with a focus that are just on temperature but on energy efficiency and daylighting.

在此之前，關於 SPD 最引人注目的研究來自劍橋大學，研究發現 SPD 透過精確改變玻璃色調的能力，在維持建築溫度方面非常有效。這項新研究更進一步。它討論了建築物不同區域中使用 SPD 來應對設計和工程挑戰並優化環境的最佳位置，重點關注溫度、能源效率和採光。

And some of the key insights from the study include, and this is pretty remarkable. So they compared SPD to high energy efficient low-E double glazing. And the study concluded that compared to these low E-IGUs, SPD-SmartGlass reduced net energy consumption by up to 58%, thanks to the dynamic control of heat and light. And also this feature eliminates the need for additional shading devices, cutting both energy and maintenance costs.

這項研究的一些重要見解包括，這是非常了不起的。因此，他們將 SPD 與高能效低輻射雙層玻璃進行了比較。研究得出的結論是，與這些低 E-IGU 相比，由於熱和光的動態控制，SPD-SmartGlass 的淨能耗降低了高達 58%。而且此功能無需額外的遮陽設備，從而降低了能源和維護成本。

The other thing with daylighting optimization, the SPD study, the glass that we used had a dynamic range of 0.1 to 60% light transmission for reducing glare and enhancing visual comfort. And the study demonstrates that SPD's effectiveness across various building elements like skylights, courtyards and clerestory windows was dramatic.

採光優化的另一件事是 SPD 研究，我們使用的玻璃具有 0.1 至 60% 的透光率動態範圍，可減少眩光並提高視覺舒適度。研究表明，SPD 在天窗、庭院和天窗等各種建築元素上的效果非常顯著。

Years ago, over 6 million visitors saw these and other benefits of SPD firsthand at the World's Fair USA Pavilion. Their SPD glass was integrated into a 10,000 square foot roof controlled in real time, allowing for automatic adjustments as well as manual adjustments. For instance, in the peak sun, the glass darkened to reduce heat and protect occupants.

多年前，超過 600 萬參觀者在世界博覽會美國館親眼目睹了 SPD 的這些優勢和其他優勢。他們的 SPD 玻璃被整合到即時控制的 10,000 平方英尺屋頂中，允許自動調整和手動調整。例如，在陽光最強烈的情況下，玻璃會變暗以減少熱量並保護居住者。

But during evening events, it created a dynamic flashing disco event in the roof. What the study also noted in Saudi Arabia was that SPD-SmartGlass is especially advantageous for hard to shade areas like skylights and atrium offering a simpler, more reliable solution than mechanical shading systems.

但在晚間活動期間，它在屋頂創造了一個充滿活力的閃爍迪斯科活動。沙烏地阿拉伯的研究也指出，SPD-SmartGlass 對於天窗和中庭等難以遮陽的區域特別有利，提供比機械遮陽系統更簡單、更可靠的解決方案。

This flexibility helps architects tailor lighting to specific zones, such as maintaining optimal lighting in classrooms or enhancing user comfort in any environment. And if you noticed that the study has zeroed in on the optimum tint to be used on different areas of the building. And this is quite helpful data for architects and highlights the benefits further of SPD-SmartGlass technology.

這種靈活性有助於建築師根據特定區域客製化照明，例如在教室中保持最佳照明或在任何環境中提高使用者舒適度。如果您注意到該研究已將重點放在建築物不同區域使用的最佳色調上。這對建築師來說是非常有用的數據，並進一步凸顯了 SPD-SmartGlass 技術的優勢。

So let's say, for example, you're trying to maintain a 30% transmission rate in your skylights or glass atrium, which they said was the good target. With changing outdoor lighting conditions such as any movement of the sun or time of day, the ability to dynamically adjust the tint of glass to result in this 30% light transmission is quite easy and automatic with SPD.

舉例來說，您正試圖在天窗或玻璃中庭中保持 30% 的透射率，他們認為這是一個很好的目標。隨著室外照明條件的變化，例如太陽的任何移動或一天中的時間，使用 SPD 可以非常輕鬆且自動地動態調整玻璃色調以實現 30% 的透光率。

And the study also noted that SPD-SmartGlass helps achieve balanced daylighting distribution in clerestory windows. So basically, the idea is that there can be on-demand control. For example, when I was at CERN, where the super particle collider is in Switzerland, they use our SPD-SmartGlass in the large dome at the visitor center.

研究也指出，SPD-SmartGlass 有助於在天窗中實現平衡的採光分佈。基本上，這個想法是可以按需控制。例如，當我在 CERN 時，超級粒子對撞機位於瑞士，他們在遊客中心的大圓頂中使用我們的 SPD-SmartGlass。

And when the head of CERN met me and gave me a tour of the facility, he noticed that they constantly use the SPD-SmartGlass in different ways. For example, if they're having an event under the dome, they may let more light in. If they're doing a multimedia presentation inside the dome, they will darken the glass at the top of the dome using the SPD.

當 CERN 負責人見到我並帶我參觀設施時，他注意到他們不斷以不同的方式使用 SPD-SmartGlass。例如，如果他們在穹頂下舉辦活動，他們可能會讓更多的光線進入。如果他們在圓頂內進行多媒體演示，他們將使用 SPD 使圓頂頂部的玻璃變暗。

So there's the on-demand application of SPD and there's also the Ted it and forget it ability where in real time the glass can change instantly and automatically based on your user preferences to maintain constant control over heat, light and glare.

因此，有 SPD 的按需應用，還有「一勞永逸」功能，玻璃可以根據您的使用者偏好即時自動改變，以保持對熱、光和眩光的持續控制。

Now one of the questions we got from John Nelson is will AI be used to control our glass. And it's very, very simple to do that. And here's a good example where you could either use simple methods like photo cells or timers or building control systems or you could use AI to automatically tell the glass what to do.

現在，我們從約翰·尼爾森那裡得到的問題之一是人工智慧是否可以用來控制我們的玻璃。做到這一點非常非常簡單。這是一個很好的例子，您可以使用光電池、計時器或建築控制系統等簡單方法，也可以使用人工智慧自動告訴玻璃要做什麼。

And because we have instant response time, John, you get much better results than having to wait 40 minutes for your windows to switch as you would with an electrochromic window. So just getting back to the Saudi Arabian study, it concludes that SPD-SmartGlass proves to be an efficient, adaptable daylighting solution with transformative potential across various types of spaces, especially climates where controlling heat and light is crucial.

John，因為我們有即時回應時間，所以與使用電致變色窗戶時需要等待 40 分鐘才能切換窗戶相比，您可以獲得更好的結果。回到沙烏地阿拉伯的研究，它得出的結論是，SPD-SmartGlass 被證明是一種高效、適應性強的採光解決方案，在各種類型的空間中具有變革潛力，尤其是在控制熱和光至關重要的氣候條件下。

The study also adds to the body of knowledge started by the prestigious Cambridge University study about the benefits of SPD technology among architects and building designers and engineers.

這項研究也補充了著名的劍橋大學關於 SPD 技術對建築師、建築設計師和工程師的好處的研究的知識體系。

Getting back to some of the other series of questions that John Nelson had asked, for which I'll answer here or include in my closing remarks. Any indications that Ferrari is going to expand the SPD roof option to other models. John, we expect that to happen.

回到約翰·納爾遜提出的其他一系列問題，我將在這裡回答這些問題或將其包含在我的結束語中。有跡象表明法拉利將把 SPD 車頂選項擴展到其他車型。約翰，我們希望這會發生。

Based upon recent discussions I've had with Ferrari and also because it has happened with all of the other OEMs that adopted SPD and also when you consider this is a highly successful feature for Ferrari, I think it looks very good. Any potential for SPD use by the military for aircraft and/or vehicles?

根據我最近與法拉利的討論，也因為所有其他採用 SPD 的原始設備製造商都發生過這種情況，而且當你認為這是法拉利的一個非常成功的功能時，我認為它看起來非常好。軍隊在飛機和/或車輛上使用 SPD 是否有潛力？

Yes, the answer to that is yes. And here's one about competition. I've seen ads by Home Depot for smart glass windows and storm doors. Are these -- any of these using SPD? Well, that's the ones in the Home Depot. Note this is a small surface area of PDLC.

是的，答案是肯定的。這是關於競爭的一個。我看過家得寶 (Home Depot) 的智慧玻璃窗和防風門廣告。這些——其中有使用 SPD 的嗎？嗯，那是家得寶的那些。請注意，這是 PDLC 的小表面積。

Think of it as like an electronic depot. And the economics and requirements of these big box stores are not really conducive to SPD, which will likely require a premium window in custom sizes for high end homes. So things like store stocking requirements or the lack of standard sizes for premium windows, makes it less than an ideal distribution approach for SPD.

把它想像成一個電子倉庫。而且這些大型賣場的經濟效益和要求並不真正有利於 SPD，SPD 可能需要為高端住宅提供客製化尺寸的優質窗戶。因此，商店庫存要求或優質窗戶缺乏標準尺寸等因素，使其不是 SPD 的理想分銷方法。

Keep in mind, we're in the high end and custom windows and it would be very hard for our licensees to stock the inventory of what might be needed as opposed to what's actually needed at all these stores. But I do [believe] we've opened the possibility of using the retrofit application to address distribution in these stores.

請記住，我們處於高端和定制窗口，我們的被許可人很難儲存可能需要的庫存，而不是所有這些商店實際需要的庫存。但我確實[相信]我們已經開啟了使用改造應用程式來解決這些商店分銷問題的可能性。

So similar to when you're buying carpet, you come you have your home measured and then they come and install it, and that's kind of what the retrofit application is going to allow us to do. And just this week, we had some very specific discussions about that and even the analogy to the carpet sales.

與您購買地毯時類似，您來測量您的房屋，然後他們來安裝它，這就是改造應用程式允許我們做的事情。就在本週，我們對此進行了一些非常具體的討論，甚至與地毯銷售進行了類比。

Another question from a different shareholder. In light of Tuesday's election results, can you indicate whether our appeal of the Dynamic Glass Act would significantly reduced SPD's chances of architectural success or has the film cost decreased enough to minimize the possible impact.

另一個股東的另一個問題。根據週二的選舉結果，您能否指出我們對《動態玻璃法案》的上訴是否會顯著降低 SPD 建築成功的機會，或者膠片成本是否已降低到足以將可能的影響降至最低。

Well, let me first say, it's always better to have smart windows receive a 30% to 50% investment tax credit like they do now. And I also don't know whether the entire Inflation Reduction Act may be repealed, whether it'll be left in place or maybe just some of the port barrel or other provisions will be repealed.

好吧，我首先要說的是，讓智慧窗戶像現在一樣獲得 30% 到 50% 的投資稅收抵免總是更好。我也不知道整個《減少通貨膨脹法案》是否會被廢除，是否會保留，或者可能只是廢除一些港口桶或其他條款。

As a former Federal Reserve economist, I've always refused to call the legislation the Inflation Reduction Act, because many of the provisions had the opposite effect. And so I appreciate in the question, the fact that you refer to it as the Dynamic Glass Act or as Gauzy referred to in the Benzinga interview that came out yesterday.

作為一名前聯準會經濟學家，我一直拒絕將該立法稱為“減少通膨法案”，因為其中許多條款產生了相反的效果。因此，我很欣賞您在這個問題中將其稱為“動態玻璃法案”或昨天發表的 Benzinga 採訪中提到的 Gauzy。

Sometimes we call this the Gauzy Act. And it's important to keep the Dynamic Glass Act separate and distinct from the overall Inflation Reduction Act. And also, our area of the Dynamic Glass Act is similar to the incentives for other established energy efficient home and office products like energy efficient windows, water heaters, et cetera.

有時我們稱之為「Gauzy Act」。重要的是要將《動態玻璃法案》與整個《通貨膨脹削減法案》分開並區分開來。此外，我們的《動態玻璃法案》領域類似於其他已建立的節能家庭和辦公產品（如節能窗戶、熱水器等）的激勵措施。

So hopefully, that part will survive and they won't throw the baby out with the bathwater. And you'll see this discuss more if you listen to the Benzinga All Access interview.

所以希望這部分能夠存活下來，他們不會把嬰兒和洗澡水一起倒掉。如果您收聽 Benzinga All Access 採訪，您會看到更多討論。

So the bottom line is that while tax incentives are very helpful, our costs have come down naturally because unlike our current and former competitors, there are demonstrable economies of scale that exist with our SPD-Smart technology that have now allowed us to take on mid-market and not just premium market for SPD windows.

因此，底線是，雖然稅收誘因非常有幫助，但我們的成本自然下降了，因為與我們現在和以前的競爭對手不同，我們的 SPD-Smart 技術存在明顯的規模經濟，現在使我們能夠承擔中間業務- SPD 窗戶的市場而不僅僅是高端市場。

And there's one other thing I want to add here. So the cost of the film, the cost of the lamination, the reliability of the product, proven over tens of thousands of installations, have all worked very hard to bring the cost down of the basic materials.

我還想在這裡補充一件事。因此，薄膜的成本、層壓的成本以及經過數萬次安裝驗證的產品可靠性，都為降低基本材料的成本做出了巨大的努力。

And there's one other thing, which is the delivery system. So if you think about how a window is installed in a building, there's a lot of cost of ownership.

還有一件事，那就是輸送系統。因此，如果您考慮如何在建築物中安裝窗戶，您會發現擁有大量成本。

I'll mention a few. Number one, if you're going to put this on an office building in, let's say, Manhattan, if it was just replacing the glass with new smart glass, you would have to build scaffolding, hire unions to do that.

我會提到一些。第一，如果你要把它放在曼哈頓的一座辦公樓上，如果它只是用新的智慧玻璃替換玻璃，你就必須建造鷹架，僱用工會來做到這一點。

And also, you'd have to basically take the property out of circulation and disrupt the tenant's operations. So there's a lot of costs involved with that. This week, we also discussed a very specific project and that project talked about a bid by a competitor where the price per square foot of their glass, which was extremely highly subsidized was lower than ours.

而且，您還必須基本上停止該財產的流通並擾亂租戶的營運。所以這涉及很多成本。本週，我們還討論了一個非常具體的項目，該項目談到了競爭對手的出價，其玻璃每平方英尺的價格（補貼非常高）低於我們的價格。

But when you factored in the fact that their technology, the electrochromic technology is very sensitive to voltage fluctuations and can be burned out, the cost of the controllers brought the per square foot price and the annual cost of just maintaining those controllers well above SPD.

但是，當您考慮到他們的技術（電致變色技術）對電壓波動非常敏感並且可能被燒壞的事實時，控制器的成本帶來了每平方英尺的價格以及僅維護這些控制器遠高於SPD 的年度成本。

So even in a subsidized market, we have a cost advantage and we've seen that and turned bid. So a lot of that is just the natural tendency, as I mentioned, for the cost to come down. And the other is the delivery system, because if you think about it, it's -- you're avoiding substantial expenses by not having to do a lot of the things that you would do with an ordinary window.

因此，即使在補貼市場中，我們也具有成本優勢，我們已經看到了這一點並轉向了投標。正如我所提到的，這在很大程度上只是成本下降的自然趨勢。另一個是交付系統，因為如果你仔細想想，你就會避免大量的開支，因為你不必做很多你在普通窗戶上要做的事情。

So we've discussed a lot of exciting topics so far today. And now I'm going to ask our operator, Erika, to open up the conference to any additional questions people participating today might have that we've not already covered.

今天到目前為止我們已經討論了很多令人興奮的話題。現在我要請我們的接線生埃里卡（Erika）在會議上開放，回答今天參加的人們可能提出的我們尚未討論的任何其他問題。

And remember, I've gone through a lot of detail with some of the questions. So please if you can keep your questions short and focused in the interest of time.

請記住，我已經詳細介紹了一些問題。因此，為了節省時間，請確保您的問題簡短且集中。

(Operator Instructions)

（操作員說明）

Alan Ginsberg.

艾倫金斯伯格。

Yeah. Hi Joe. How are you?

是的。嗨喬。你好嗎？

Good, Alan, how are you?

很好，艾倫，你好嗎？

I'm fine. I have two questions, both comments on your prepared remarks. I just -- I was curious, the Saudi study, which sounds very positive. Did you have -- was there a press release on that?

我很好。我有兩個問題，都是對你準備好的發言的評論。我只是——我很好奇沙特的研究，這聽起來非常積極。你有——有關於此事的新聞稿嗎？

No. We didn't do a press release on that. It's part of our white papers and it's part of our data that we discussed with architects. And what's really good about this also is that for the first time, it's giving some meaningful targets for optimum daylighting and tint levels in -- which are all different between skylights, atrium, clerestory windows, classrooms and other things.

不。我們沒有就此發布新聞稿。這是我們白皮書的一部分，也是我們與建築師討論的數據的一部分。真正好的一點還在於，它第一次為最佳採光和色調水平提供了一些有意義的目標——天窗、中庭、天窗、教室和其他物體之間的採光和色調水平都是不同的。

So it really is giving some really practical data. And if you think about the challenges of achieving variable tint, I mean, right now, if you didn't have SPD-SmartGlass, you're not going to get any change or lighting change with PDLC. So you throw that out and you're going to have a 40-minute or more delay with electrotromics. And then if you're putting shades or blinds or curtains, they work, they're cumbersome.

所以它確實提供了一些非常實用的數據。如果您考慮實現可變色調的挑戰，我的意思是，現在，如果您沒有 SPD-SmartGlass，您將無法透過 PDLC 獲得任何變化或照明變化。所以如果你把它丟掉，電致學就會有 40 分鐘或更長的延遲。然後，如果你安裝遮陽簾、百葉窗或窗簾，它們會起作用，但很麻煩。

No, I agree and I thought that, because it's so compelling that a press release would be a good thing for the shareholders to see. It certainly would for me.

不，我同意並且我認為這一點，因為它是如此引人注目，以至於股東看到新聞稿將是一件好事。對我來說一定會的。

We might do that and it's not a bad idea, and I go have to discuss that with Gauzy to see if there are any restrictions placed on the public use of that.

我們可能會這樣做，這不是一個壞主意，我必須與 Gauzy 討論這個問題，看看是否對其公共使用有任何限制。

I have one other question, again, on your prepared remarks, on the intellectual property. Is it possible to give you -- to give us some updates on the patents, how long they are in effect and if there are any new patents, that type of thing?

關於您準備好的發言，我還有一個關於智慧財產權的問題。是否可以向您提供一些有關專利的最新信息，它們的有效期是多長時間以及是否有任何新專利之類的？

We always have new innovations coming online, some are patented, some aren't. I believe our existing patents at least go through 2034 and perhaps beyond, depending on when the one's issue. We have about 250 patents worldwide. So it's quite an extensive patent portfolio. And yes, we have some pretty exciting stuff coming, some of which people would consider the Holy Grail of our industry. But I don't want to promise timing or announce it until it's ready for pronto.

我們總是有新的創新上線，有些已獲得專利，有些則沒有。我相信我們現有的專利至少會持續到 2034 年，甚至更久，這取決於專利的發佈時間。我們在全球擁有約 250 項專利。所以這是一個相當廣泛的專利組合。是的，我們即將推出一些非常令人興奮的東西，其中一些會認為是我們行業的聖杯。但在準備就緒之前，我不想承諾時間或宣布它。

And those types of Holy Grail patents, if they do come about, will they be in your SEC filings, that type of thing?

這些類型的聖杯專利，如果它們真的出現，它們會出現在你向美國證券交易委員會提交的文件中嗎？

Yes. To the extent material, they will always -- we have an obligation to disclose material information. So yes. And from a marketing standpoint -- yes, from a marketing standpoint, the Holy Grail stuff is meant to generate ever increasing levels of sales, especially in some of the newer applications that we're posting.

是的。就重要程度而言，他們始終——我們有義務披露重要資訊。所以是的。從行銷的角度來看 - 是的，從行銷的角度來看，聖杯的東西旨在產生不斷增加的銷售水平，特別是在我們發布的一些較新的應用程式中。

Well, I can make my guess with that is, but that's just a guess. So I appreciate all the information.

好吧，我可以做出猜測，但這只是一個猜測。所以我很感激所有的資訊。

Michael Kay.

麥可凱.

Hello Joe. I have a few kind of lightning round questions and it will be very short.

你好喬。我有一些閃電般的問題，而且會很短。

Let me give you the answers. Yes, no, maybe yes. How is that?

讓我給你答案。是的，不，也許是的。怎麼樣？

Is Gauzy the only company that's making SPD film and do they plan to have a plant in the United States?

Gauzy 是唯一一家生產 SPD 薄膜的公司嗎？

You can ask the question about their future plans on their conference call next week. However, they are the only company, they bought the Showa Denko business from them. So right now, Gauzy has the supply advantage here. They don't have an exclusive license but right now they're the only ones, and they're doing a great job. When you see companies like Ferrari tell you that they want to put this in more and more cars and it's such a successful item, it speaks volumes of that. And we've been very blessed to have them as partners.

您可以在下週的電話會議上詢問有關他們未來計劃的問題。然而，他們是唯一的公司，他們從他們那裡收購了昭和電工業務。所以現在，Gauzy 在這裡擁有供應優勢。他們沒有獨家許可，但目前他們是唯一的，而且他們做得很好。當您看到像法拉利這樣的公司告訴您他們希望將其應用到越來越多的汽車中並且這是一個如此成功的產品時，這就說明了這一點。我們非常幸運能有他們作為合作夥伴。

And also, when will the sun visors be available that could be retrofitted to existing automobiles?

另外，可以改裝到現有汽車上的遮陽板什麼時候上市？

We have multiple approaches to getting that into the market. Some are very near term and some are more intermediate and longer term. The intermediate to longer term ones, and we're not talking about great periods of time, are incorporating it into the shade band of the windshield. So if you look on any car, there's something called the AS line.

我們有多種方法將其推向市場。有些是短期的，有些是中期和長期的。中長期的，我們不是在談論很長一段時間，是將其納入擋風玻璃的遮陽帶中。所以如果你看任何一輛車，都會有一種叫做 AS 系列的東西。

And from a regulatory standpoint, you could do anything you want tint wise on the windshield above the AS line. So sometimes you'll see a blue band across the car, that's usually the shape band and you could do what you want there. And then there's the one where you could either have the full down visor, traditional visor but have the SPD functionality or you can have other iterations where it’s an aftermarket or semi afmarket item?

從監管的角度來看，您可以在 AS 線上方的擋風玻璃上進行任何您想要的色調處理。所以有時你會看到車上有一條藍色的帶子，這通常是形狀帶，你可以在那裡做你想做的事。然後，您可以擁有完整的下遮陽板、傳統遮陽板但具有 SPD 功能，或者您可以擁有其他迭代，其中它是售後市場或半非市場產品？

But was the goal set in terms of when they'd be available to the public?

但目標是根據它們何時向公眾開放來設定的嗎？

Goals are always set and expectations are always set within the companies that are producing this. They're not things I could share.

目標和期望總是在生產目標的公司內部設定的。它們不是我可以分享的東西。

Yes, it's been a long time. Also, do you -- is Mercedes still involved in any way with the SPD.

是的，已經很久了。另外，梅賽德斯是否仍然以任何方式參與社會民主黨？

We have an involvement and so does Gauzy with Mercedes. And I think that a lot of the things that are on their wish list are things that we're going to be able to deliver. And when they see all of their other premium cars putting SPD on it, it just makes them realize that they had the first dance at the prom with the prettiest girl and maybe they should keep dancing.

我們有參與，Gauzy 也有梅賽德斯。我認為他們願望清單上的很多東西都是我們能夠提供的。當他們看到所有其他高檔汽車都安裝了 SPD 時，這讓他們意識到他們在舞會上與最漂亮的女孩跳了第一支舞，也許他們應該繼續跳舞。

Do you anticipate, even though it's lagging behind that eventually the architectural market will be the largest for SPD even surpassing autos and aircraft?

您是否預計，儘管落後，但最終建築市場將成為 SPD 最大的市場，甚至超過汽車和飛機？

I think so. And I think the drivers of that is the constant reduction in the price of the film, the retrofit application and what that really does. I mean I'll just give you one example of how it can grow very, very fast. The GSA, the Government Services Administration is the buyer of materials for the government.

我想是的。我認為其驅動因素是薄膜價格的不斷降低、改造應用及其真正的作用。我的意思是，我將舉一個例子來說明它如何能夠非常非常快地成長。GSA（政府服務管理局）是政府材料的採購者。

Our licensee that has the patents on the retrofit application is on the GSA schedule of approved vendors and they currently supply them with different types of advanced glass for the GSA to pick from and it comes on a menu.

我們擁有改造申請專利的被授權人已列入 GSA 批准供應商的清單中，他們目前向 GSA 提供不同類型的高級玻璃供 GSA 挑選，並出現在菜單上。

So just like you go to a restaurant, you could order a retrofit window with X, Y or Z type of glass and that Z type of glass would be SPD. So we're kind of already very much with our foot -- it's not our toe in the door, it's probably our entire foot and maybe or torso and three friends helping to probably open the door. So -- and that's the biggest customer in the world.

因此，就像您去餐廳一樣，您可以訂購帶有 X、Y 或 Z 型玻璃的改裝窗戶，而 Z 型玻璃將是 SPD。所以我們已經非常用我們的腳了——這不是我們的腳趾在門裡，可能是我們的整個腳，也許是軀幹和三個朋友可能幫助打開門。所以——這是世界上最大的客戶。

So that's one area where if you wanted to see stellar growth that could happen. And just we were discussing some of the projections they could be astronomical for us and our licensees even in year one of that. So something that I expect to be bigger.

因此，如果你想看到快速成長，這是一個可能發生的領域。就在我們討論一些預測時，即使在第一年，它們對我們和我們的被授權者來說也可能是天文數字。所以我希望有更大的東西。

And then you have the more traditional ways of installing the glass and more traditional new construction and things like that. And that also is big because basically almost 70% of the world's glass is going through the architectural market (multiple speakers) --

然後你有更傳統的安裝玻璃的方法和更傳統的新建築以及類似的東西。這也很重要，因為基本上世界上幾乎 70% 的玻璃都流向建築市場（多位發言者）——

And the final question, even though you once said that the sweet spot in terms of cost and attractiveness to the car manufacturers had been reached. I assume the company is still trying to reduce the cost of SPD, so it will even have (multiple speakers) --

最後一個問題，儘管您曾經說過，在成本和對汽車製造商的吸引力方面已經達到了最佳點。我認為該公司仍在努力降低 SPD 的成本，所以它甚至會（多位發言者）——

Yes, all the time. So there's two things you want to do. You want to decrease the cost of the materials that are going to the customer and you want to decrease the cost of ownership by constantly making it better, more versatile, more durable, et cetera. So we're constantly doing that. And just simple basic economies of scale because remember, we're a roll-to-roll web pressed process of production.

是的，一直都是如此。所以你想做兩件事。您希望降低交付給客戶的材料成本，並且希望透過不斷改進、更通用、更耐用等來降低擁有成本。所以我們一直在做這件事。只是簡單的基本規模經濟，因為請記住，我們是捲對捲筒紙壓制生產過程。

We're not a sputter coated vacuum deposition process that doesn't really have economy of scale as view is painfully aware of. So our yields are high, the efficiencies of production are high. The logistics are great because you could ship film anywhere you want in the world and then have it laminated relatively locally.

我們並不是真正沒有規模經濟的濺鍍鍍膜真空沉積工藝，正如人們痛苦地意識到的那樣。所以我們的產量高，生產效率高。物流很棒，因為您可以將膠片運送到世界上任何您想要的地方，然後在相對本地進行層壓。

So you don't have to shift fragile, heavy expensive glass around the world, you can throw a couple of roles of film on a car freight and get it there the next day without any real meaningful shipment costs.

因此，您不必在世界各地轉移易碎、笨重、昂貴的玻璃，您可以在汽車貨運上塗幾層膠片，並在第二天將其送達目的地，而無需任何真正有意義的運輸成本。

So these are the things that really, I think, are the hallmark. And then I talked about another one today, which is the reduction in the cost of delivery through things like the retrofit application where you don't have to have scaffolding put up. You don't have to even have maybe electricians come to the site. So a lot of benefits there.

所以我認為這些才是真正的標誌。然後我今天談到了另一個問題，那就是透過改造應用程式等方式來降低交付成本，而無需搭建鷹架。您甚至不必讓電工來到現場。所以那裡有很多好處。

Thank you very much. I appreciate your responses to those questions.

非常感謝。我感謝您對這些問題的答覆。

Thank you, Professor kay. Appreciate it.

謝謝你，凱教授。欣賞它。

Leonard Lietzow.

倫納德·利佐夫.

Good afternoon, Joe.

下午好，喬。

I noticed (multiple speakers) -- Gauzy's original S-1 report, they said that they had sold out all of their manufacturing, they had contracts on it all for the year. And apparently, a lot of things got pushed off from the third quarter to the fourth quarter. Is that what happened?

我注意到（多個發言者）--Gauzy 最初的 S-1 報告，他們說他們已經賣完了所有的製造品，他們有今年所有的合約。顯然，很多事情都從第三季推遲到了第四季。是這樣的事嗎？

Yes. Most of that, that they reported in their most recent revenue guidance was related to their production of the end products for aircraft in their in their French facility. And if you noticed the lead on that was that they got permission from the union to add a shift. So those kind of things don't really -- those problems don't really exist in all parts of the world. But in some areas, it's harder to get unions degree to do things. Happy to say also that the union issue with some of the architectural applications is zero to nonexistent because of the nature of it.

是的。他們在最新的收入指引中報告的大部分內容與他們在法國工廠生產飛機最終產品有關。如果你注意到的話，他們得到了工會的許可來增加輪班。因此，這些問題並不真正存在於世界各地。但在某些領域，要獲得工會學位來做事比較困難。也可以高興地說，由於其本質，某些架構應用程式的聯合問題為零甚至不存在。

Okay. Those are both positive things?

好的。這些都是正面的事情嗎？

Very much so. And the other thing to keep in mind, Len, is that part of this was because of the war. And sometimes, good decisions come out of bad situations. When they went public, I'm sure they got more than their fair share of question about what happens if something happens to their Yafo Tel Aviv facility.

非常如此。萊恩，另一件事要記住，這部分是因為戰爭。有時，好的決定是在糟糕的情況下做出的。當他們公開時，我確信他們收到了更多關於如果特拉維夫雅法工廠發生問題會發生什麼的問題。

So they started expanding even before this, because their planners emulsion production outside of Israel. But when that happened, they stepped up that process. So expanding emulsion and film production capability was something that very much was in the works.

因此，他們甚至在此之前就開始擴張，因為他們的計劃者將乳液生產轉移到以色列境外。但當這種情況發生時，他們加快了這一進程。因此，擴大乳劑和膠片的生產能力是一項非常重要的工作。

And I will say that in the automotive market, I mean, you see these very stellar growth rates that have been consistently high, this year they've been asked to exceed what their requirements were for that for certain customers and they've done it. They stepped up to the plate and they got it done. So neither them or us or companies that like to turn down good business.

我想說的是，在汽車市場，你會看到這些非常出色的成長率一直很高，今年他們被要求超出他們對某些客戶的要求，他們已經做到了。他們走上盤子並完成了任務。因此，無論是他們還是我們，還是那些喜歡拒絕好生意的公司。

Which means that the fourth quarter should be pretty exciting?

這意味著第四季應該會非常令人興奮？

I think every quarter going forward is going to be exciting. And well, let me leave it at that.

我認為未來的每個季度都會令人興奮。好吧，我就這樣吧。

I thank you for that, Joe.

我為此感謝你，喬。

Sure.

當然。

John Nelson.

約翰·納爾遜.

Hi, Joe. I have a couple of questions just related to the comments made earlier. The Saudi study, related to the Saudi study, they are constructing a giant new city in the desert. Is this -- will this study help to market SPD to -- for potential use there?

嗨，喬。我有幾個與之前評論相關的問題。沙烏地阿拉伯的研究，與沙烏地阿拉伯的研究有關，他們正在沙漠中建造一座巨大的新城市。這項研究是否有助於將 SPD 推向市場以供潛在用途？

I think it will. I think that if you consider the whole Saudi Arabian market, they've built remarkable buildings there and most of them use glass and glass is very good and very bad in the desert. Very good that it withstands a lot of abuse but it's very bad and that it brings in a lot of heat, light and glare. So being able to control it becomes even more important.

我想會的。我認為，如果你考慮整個沙烏地阿拉伯市場，他們在那裡建造了非凡的建築，其中大多數都使用玻璃，而玻璃在沙漠中非常好，也非常糟糕。非常好，它可以承受大量的濫用，但它非常糟糕，它會帶來大量的熱量、光線和眩光。因此，能夠控制它變得更加重要。

And if you look at the study, they were talking about schools but the study really has applicability on any place that glass is used in a building, whether it's an atrium, which they have plenty of, skylights, conference rooms, entrance ways, everything like that.

如果你看一下這項研究，他們談論的是學校，但這項研究確實適用於建築物中使用玻璃的任何地方，無論是中庭（他們有很多天窗、會議室、入口通道，等等）像那樣。

And what's really good about it is I think that they've now put some traction underneath what the target should be for designing those buildings, which is very good. And if you have a choice of several ways of achieving those tint targets, well, one is the old fashioned way.

真正好的一點是，我認為他們現在已經為設計這些建築的目標提供了一些動力，這非常好。如果您可以選擇多種方法來實現這些色調目標，那麼，其中一種是老式方法。

If you need 30% tint, you put glass with a 30% tint and it doesn't switch, which means many times during the day is wrong, because the sun has moved or you have part to shade areas like a glass atrium. I mean imagine trying to put a skylight shade 50 feet in the air, it's very hard to do or you could have the glass to it.

如果您需要 30% 的色調，則放置 30% 色調的玻璃，但它不會切換，這意味著白天很多時候都是錯誤的，因為太陽已經移動，或者您有部分遮擋風玻璃中庭等區域。我的意思是想像一下，嘗試將天窗遮光罩放置在 50 英尺高的空中，這很難做到，否則您可以將玻璃放在上面。

So I think it's really going to be a layup, not only in Saudi Arabia but pretty much anywhere that people are either building corporate headquarters or museums or very high profile installations. And the city would be great when it happens.

因此，我認為這確實會成為一種擱置，不僅在沙烏地阿拉伯，而且幾乎在人們建造公司總部或博物館或非常引人注目的設施的任何地方。當它發生時，這座城市將會變得非常棒。

And one other thing. I think this is maybe a testament to the importance of the retrofit. So I was born in West Palm Beach, Florida and an architect friend of mine told me early on when we -- I first started asking him questions about SPD. Now we're talking about the 1990s.

還有一件事。我認為這也許證明了改造的重要性。我出生在佛羅裡達州西棕櫚灘，我的一位建築師朋友很早就告訴我，當我第一次開始向他詢問有關 SPD 的問題時。現在我們談論的是 20 世紀 90 年代。

He said, Joe, we always get the tint wrong when we design a building here in South Florida. What he mean is like we usually put too heavy a tint on the outside of the building. And because of that, we have to waste energy by putting more interior illumination, more lighting. Before we put two less of a tint and we have to spend more money on air conditioning.

他說，喬，當我們在南佛羅裡達州設計一棟建築時，我們總是會弄錯色調。他的意思是我們通常在建築物的外部塗上太重的色調。正因為如此，我們必須透過增加室內照明、照明來浪費能源。之前我們少放了兩層色調，就得花更多的錢買冷氣。

And if we spend more money on air conditioning, sometimes you can do it and sometimes you have to totally revamp your mechanical rooms to be bigger and have less rentable space. So what you're doing, this was even before we were commercial with this, what you're doing can be very, very important.

如果我們在空調上花更多的錢，有時你可以做到，有時你必須徹底改造你的機械室，使其更大並減少可出租空間。所以你正在做的事情，甚至在我們將其商業化之前，你正在做的事情可能非常非常重要。

Now I add to that, John, the layer of the ability to take that basic fact, which is architects and nothing wrong with them, they often get it wrong in terms of what tint to put on a building, they're not perfect. The ability to retrofit that building with SPD, they're going to tint err on the side of less tint in the glass because they know that if they're wrong, they could dial in the tint in those problem areas with SPD.

現在我要補充一點，約翰，接受這個基本事實的能力層，即建築師，他們沒有錯，他們經常在建築物的色調上犯錯誤，他們並不完美。使用 SPD 改造建築物的能力，他們會在玻璃上減少色調，因為他們知道如果他們錯了，他們可以用 SPD 在那些有問題的區域調整色調。

So it really changes, I think, the dynamic and the risk profile of doing these majorly beautiful buildings.

因此，我認為，這確實改變了建造這些美麗建築的動態和風險狀況。

That kind of -- just kind of an add-on question to that is, are you -- what else are you -- what else are you doing to increase the awareness of the product and its capabilities?

那種——只是一種附加問題，你——你還能做什麼——你還在做什麼來提高產品及其功能的認知度？

One thing is being on a plane whenever you can, because this is a very visual technology that if you see it and press the button, you're hooked. And I think anybody that's had the opportunity to press an SPD-SmartGlass window will always remember that feeling and it doesn't wear off for me almost 40 years later.

有一件事是只要有機會就坐飛機，因為這是一種非常視覺化的技術，如果你看到它並按下按鈕，你就會被迷住。我認為任何有機會按下 SPD-SmartGlass 車窗的人都會永遠記得那種感覺，而且這種感覺在我幾乎 40 年後也不會消失。

So it's that that becomes demonstrable. And also coordinating with these ever expanding marketing departments and business development partners and our licensees. And I'll talk a little bit more about that in my closing remarks. But yes, the marketing is something that's becoming a lot of fun now that we have architectural with film and iconic brands that are using this and visibility.

所以這就是可以證明的。並與這些不斷擴大的行銷部門、業務開發合作夥伴以及我們的被授權人進行協調。我將在結束語中進一步討論這一點。但是，是的，行銷變得很有趣，因為我們有電影建築和標誌性品牌正在使用它和知名度。

Okay, excellent. And on the new models mentioned for 2025 introduction. Have they decided yet?

好的，非常好。並提到了2025年推出的新車型。他們決定了嗎？

Thank you for picking up on its models, plural and 2025.

感謝您了解其型號“複數”和“2025”。

Have they decided yet whether it's going to be an option or standard on certain of those models?

他們是否已經決定將其作為某些型號的選項或標準配置？

In some cases, I think it may be standard. In some cases, it's going to be entirely new uses of SPD, I believe. So it's going to be kind of exciting because it has the ability to really open up new thinking about SPD. It's not just for sun roofs anymore.

在某些情況下，我認為這可能是標準的。我相信，在某些情況下，這將是 SPD 的全新用途。所以這將是令人興奮的，因為它有能力真正開啟關於 SPD 的新思維。它不再僅僅適用於天窗。

Okay, good. And then you mentioned LTI and getting specs on several projects. Without disclosing names, can you describe the types of buildings that these projects are involved?

好的，很好。然後您提到了 LTI 並獲取了幾個項目的規格。在不透露名稱的情況下，您能否描述一下這些項目所涉及的建築類型？

Well, I'll do my best without compromising the fact that we are competing against some of our -- the electrochromic glass people on it. But I think we're going to do fine, because the data is just so compelling, why you would do this. But they're commercial, not residential.

好吧，我會盡力而為，但不影響我們正在與一些電致變色玻璃人員競爭的事實。但我認為我們會做得很好，因為數據是如此引人注目，這就是為什麼你會這樣做。但它們是商業用途，而不是住宅用途。

They are big users of glass and sophisticated building management systems need sophisticated glass and shading systems, and we check all the boxes. So that's about all I could say right now. And then on the government side, we've identified a number of projects that the government would like to upgrade. And that's good because when you think about government buildings, first of all, you have the GSA mandate to make their buildings more energy efficient.

他們是玻璃的大用戶，複雜的建築管理系統需要複雜的玻璃和遮陽系統，我們勾選了所有選項。這就是我現在能說的。然後在政府方面，我們已經確定了一些政府想要升級的項目。這很好，因為當您考慮政府建築時，首先，總務管理局要求您提高其建築的能源效率。

And this has been around for not just the current administration but the prior administration that and you have these mandates to do this. Because some of these buildings have just very old monolithic, not even insulated glass unit, glass structures.

這不僅適用於現任政府，也適用於前任政府，而你們也有這些授權來做到這一點。因為其中一些建築物只有非常古老的整體玻璃結構，甚至沒有隔熱玻璃單元。

And to upgrade them with the latest and greatest, especially with the retrofit becomes a no-brainer. And what you can do is basically test it out. So you may have a certain corner of the building that has a particularly bad glare problem. You put it there first and then you basically expand to other windows on the floor and other floors in the building and other buildings in the area to do this once you've kind of proven it out.

並且用最新和最好的技術升級它們，尤其是經過改造，變得理所當然。你能做的基本上就是測試一下。因此，建築物的某個角落可能有特別嚴重的眩光問題。你先把它放在那裡，然後你基本上擴展到地板上的其他窗戶、建築物的其他樓層以及該地區的其他建築物，一旦你證明了這一點，你就可以做到這一點。

So it's a way for the government to really get some real good firm data as to how and why and where to deploy this glass. And the thing I must say also is to be remarkable is you could come in over the course of a weekend and do lots of windows. So you're not really taking the building out of service or disrupting the flow of the building in order to upgrade it to smart glass using the retrofit. So it's a very, very compelling area. And our licensee in that area, LTI is expanding to do that.

因此，這是政府真正獲得一些關於如何、為何以及在何處部署這種玻璃的真正可靠數據的一種方式。我還必須說的是，值得注意的是，你可以在一個週末的時間裡進來並做很多窗戶。因此，您並沒有真正讓建築物停止服務或擾亂建築物的流動，以便透過改造將其升級為智慧玻璃。所以這是一個非常非常引人注目的領域。我們在該領域的被授權者 LTI 正在擴大規模以實現這一目標。

Excellent. Last question. Now that the Boeing strike is settled, are you -- is SPD either certified or ordered on any of their models?

出色的。最後一個問題。現在波音罷工已經解決，SPD 是否已在其任何型號上獲得認證或訂購？

Yes. Yesterday at the Benzinga interview that's online, Eyal Peso said this, so I guess I could say it too. The two airlines have done this.

是的。昨天在 Benzinga 的線上訪談中，Eyal Peso 說了這句話，所以我想我也可以這麼說。兩家航空公司已經做到了這一點。

Great. That's it. Thanks very much.

偉大的。就是這樣。非常感謝。

Thanks John.

謝謝約翰。

Art Brady.

阿特·布雷迪.

Hi, Joe. I play you here.

嗨，喬。我在這裡玩你。

Hey, Art.

嘿，藝術。

About three weeks ago, Hitachi mentioned that they are expanding into the building of new data centers. And I'm wondering if any of this has come across your desk?

大約三週前，日立提到他們正在擴大新資料中心的建設。我想知道你的辦公桌上是否出現過這些內容？

Well, you got to look at which division of Hitachi did that. Hitachi is like General Electric. Hitachi Chemical, which was sold to Showa Denko, which has now been named Resonac is a different division. And I'm not really sure these data centers would be ideal places for this, because they typically don't have windows. So I'm not sure why they would put it there. But look, I've been wrong about many things, I could be wrong about that, too.

好吧，你必須看看日立的哪個部門做到了這一點。日立就像通用電氣。日立化學 (Hitachi Chemical) 已出售給昭和電工 (Showa Denko)，現在更名為 Resonac，它是一個不同的部門。我不太確定這些資料中心是否是理想的地方，因為它們通常沒有窗戶。所以我不確定他們為什麼要把它放在那裡。但你看，我在很多事情上都錯了，在這一點上我也可能錯了。

What they're trying to do is to build these data centers in areas where there are very strong amounts of oil fields, so that they could generate power very readily.

他們試圖做的就是在油田豐富的地區建立這些資料中心，這樣他們就可以輕鬆發電。

Right. But the thing to think about Art is whether the building itself needs SPD if it doesn't have any windows. And I think that, for the most part, if you're building a data center, you're going to probably want to make it like a bomb shelter, which means no windows, very thick concrete and other things. So we'll see. But I don't think it's the low hanging fruit at least.

正確的。但關於 Art 需要考慮的是，如果建築物本身沒有窗戶，是否需要 SPD。我認為，在大多數情況下，如果你要建造一個資料中心，你可能會想把它弄得像一個防空洞，這意味著沒有窗戶、非常厚的混凝土和其他東西。所以我們拭目以待。但我不認為這至少是唾手可得的成果。

Another question I have is you used to have -- where we had meetings. And as you walked into the meeting, you had a couple of Lincoln cars that had SPD. And then anything happened with Lincoln that we can hook up with them again?

我的另一個問題是，我們過去常在哪裡開會。當您走進會議室時，您看到幾輛配備 SPD 的林肯汽車。然後林肯發生了什麼事情讓我們可以再次和他們聯繫？

Well, we keep good contact with the whole Ford organization, and I've been there many, many times even since the Lincoln Continental came out in concept with our stuff. So you keep in contact with everyone. You work with everyone. You try to understand their needs and then you figure out the best licensees to help them achieve those needs, and that's pretty simple but straightforward approach to all the automakers.

嗯，我們與整個福特組織保持著良好的聯繫，甚至自從林肯大陸推出我們的產品概念以來，我已經去過那裡很多很多次了。所以你和每個人都保持聯繫。你和每個人一起工作。你試著了解他們的需求，然後找出最好的授權商來幫助他們實現這些需求，這對所有汽車製造商來說都是非常簡單但直接的方法。

Okay. Thank you.

好的。謝謝。

Thanks. Art.

謝謝。藝術。

Michael Foster.

麥可·福斯特。

In light of this, what sounds like a very rosy picture about sales and I'm reminding of what you told us when Gauzy was added as a film supplier that was a great development, because OEMs like to have more than one supplier. So what has been done to add SPD film producers beyond Gauzy?

有鑑於此，這聽起來像是一幅非常樂觀的銷售前景，我想起了當 Gauzy 被添加為薄膜供應商時您告訴我們的，這是一個巨大的發展，因為 OEM 喜歡擁有多個供應商。那麼除了 Gauzy 之外，還採取了哪些措施來增加 SPD 電影製片人呢？

So there's a balance, Michael, between having too many film suppliers and having the ones that you have, have every incentive to invest in innovation, quality assurance and everything like that. Otherwise, we become like PDLC, which is a very spotty technology in many areas, not at Gauzy.

因此，邁克爾，在擁有太多電影供應商和擁有足夠動力投資於創新、品質保證等方面的供應商之間存在著平衡。否則，我們就會變得像 PDLC，這在許多領域都是一種非常不穩定的技術，但在 Gauzy 卻不然。

They do a great PDLC product, which is what we love about them is if they have the same commitment to quality we do. It has not been a consideration by any of the carmakers that we're dealing with. Not one of them has mentioned that as an issue anymore.

他們生產出出色的 PDLC 產品，這就是我們喜歡他們的原因，因為他們對品質有著與我們相同的承諾。與我們打交道的任何汽車製造商都沒有考慮過這一點。他們中沒有人再提到這一點了。

I think they're comfortable with the fact that, A, they've done site audits of Gauzy, they know their production facility, they know their capacity. There's not going to be a capacity constraint if Ford or GM decided to put this on every car being able to produce enough film for that.

我認為他們對這樣一個事實感到滿意：A，他們已經對 Gauzy 進行了現場審核，他們了解他們的生產設施，他們知道他們的產能。如果福特或通用汽車決定將這種技術應用到每輛能夠生產足夠薄膜的汽車上，那麼產能就不會受到限制。

And they also know that if there was and if Gauzy didn't make the necessary investments to continue to replicate capability like they've been doing throughout the world, we could always license new companies to do this.

他們也知道，如果有，如果 Gauzy 沒有進行必要的投資來繼續複製能力，就像他們在世界各地所做的那樣，我們總是可以授權新公司這樣做。

So that hasn't been an area where -- but the other part of your question, I think, is on the end product side, we find that the glass laminators are the ones that the carmakers focus on having redundancy on and -- because they're the ones that are buying the film and pricing it and selling it to the automakers.

因此，這並不是一個領域，但我認為你問題的另一部分是在最終產品方面，我們發現玻璃層壓機是汽車製造商重點關注的冗餘設備，因為他們是購買薄膜並為其定價並將其出售給汽車製造商的人。

And there, we have very good redundancy across multiple suppliers for the automakers. So they like that. And some of our discussions recently have been making sure that we always preserve it on the end product side.

在那裡，我們為汽車製造商在多個供應商之間提供了非常好的冗餘。所以他們喜歡這樣。我們最近的一些討論一直在確保我們始終將其保留在最終產品方面。

Well, I wasn't being critical of Gauzy they seem to be --

好吧，我並不是批評 Gauzy，他們似乎是--

I don't think you were. I just think it's a good question.

我不認為你是。我只是覺得這是一個好問題。

(multiple speakers) volume if we have this great opportunity to sell product, it sounds like we would benefit from having somebody else who's producing film just so that there is an adequate supply. And that's why I'm asking what has been done to add film producers.

（多個發言者）音量 如果我們有這個銷售產品的好機會，聽起來我們會受益於其他人製作電影，這樣就有充足的供應。這就是為什麼我要問在增加電影製片人方面採取了哪些措施。

Discussions specifically about capacity expansion plans and also the ability to talk to other licensees prospective licensees to make film. I can't say more about. I can't say any more about it, it's strategic and this is an open call. So -- but it hasn't been a factor in terms of capacity. I've looked at Gauzy's expansion plans, they could make as much film as we think is going to be needed and they have every intention of doing that.

特別討論產能擴張計畫以及與其他被授權者、潛在被授權者進行電影製作的討論。我不能再說更多了。我不能再多說什麼了，這是策略性的，而且這是一次公開徵集。所以——但這並不是容量方面的因素。我看過 Gauzy 的擴張計劃，他們可以製作我們認為需要的盡可能多的電影，而且他們完全有意願這樣做。

Okay, I'm good on the question.

好吧，我很好回答這個問題。

Okay, thanks.

好的，謝謝。

Chuck Michaels.

查克·邁克爾斯。

Joe, I’ve got a few questions. First one actually isn’t even a question so much as I read an article that indicated that I was not aware of this previously that flight attendants actually have health issues from the light that comes in for the airplanes is like on commercial aircraft. And I was thinking that possibly that might be something to check into in terms of marketing SPD.

喬，我有幾個問題。第一個其實不是一個問題，因為我讀過一篇文章，顯示我之前沒有意識到空服員實際上因飛機上的光線與商用飛機上的光線而有健康問題。我在想，這可能是行銷 SPD 方面需要檢查的事情。

Right, and that's similar to what we call truckers arm. If you look at the left arm of most truckers, they have a higher incidence of skin cancer because their elbows are sitting right next to the glass or out the window. And we've blocked so much UV but there's certainly a health benefit there.

是的，這類似於我們所說的卡車司機手臂。如果你觀察大多數卡車司機的左臂，你會發現他們患有皮膚癌的幾率更高，因為他們的肘部正好位於玻璃旁邊或窗外。我們已經阻擋瞭如此多的紫外線，但這肯定對健康有益。

The other thing that is a little bit crazy is the restrictions that the flight attendant unions placed on their flight attendants that are not necessarily in the flight attendants’ best interest. They can't require them to open and close windows, for example.

另一件有點瘋狂的事情是空服員工會對空服員施加的限制，這些限制不一定符合空服員的最佳利益。例如，他們不能要求他們打開和關閉窗戶。

So you noticed sometimes when you land they'll make an announcement, voluntarily, please close your window. We're flying into Miami International or whatever other hot climate you’re in but they can't require the -- and that would be much better for the passengers and for the flight attendants.

所以你注意到有時當你著陸時他們會發佈公告，請自願關閉你的窗戶。我們要飛往邁阿密國際機場或您所處的任何其他炎熱氣候，但他們不能要求 - 這對乘客和空服員來說會好得多。

But yes, the health issues are things that we're very cognizant of. And we've had discussions about why this would be good for health.

但是，是的，健康問題是我們非常了解的事情。我們已經討論過為什麼這對健康有益。

Okay, good. Another thing was I sent a question about it, I don't know if you covered. I got in about 5 minutes late on the conference call. But I was wondering with Gauzy had a press release about this car vision camera system. And I was wondering if that used your technology or not.

好的，很好。還有一件事是我發送了一個關於它的問題，我不知道你是否涵蓋了。我在電話會議上遲到了大約 5 分鐘。但我想知道 Gauzy 是否有關於該汽車視覺攝影機系統的新聞稿。我想知道這是否使用了你們的技術。

It doesn't. The smart light, which is the safety tech division where they have cameras on buses and things is a very sophisticated AI based, if that's what you're talking about. Moving ahead a little bit, cars have a lot of sensors and glare can really blind these sensors.

事實並非如此。智慧燈，這是安全技術部門，他們在公共汽車上安裝了攝像頭，並且是基於非常複雜的人工智慧（如果這就是您所說的）。再往前看一點，汽車有很多感測器，眩光真的會讓這些感測器失明。

So I wouldn't rule out the possibility of maybe not in Gen 1 of these things but maybe in Gen 2, the SPD having a more meaningful role in protecting or making -- or enhancing the ability of these sensors to do their job and in some cases, protecting the sensor from damage.

因此，我不排除這種可能性：也許不是在第一代中，但可能在第二代中，SPD 在保護或製造方面發揮更有意義的作用，或者增強這些感測器完成其工作的能力，並在某些情況下，可以保護感測器免受損壞。

I see. Okay. And one more thing. I was noticing on your financials in your press release that cash and cash equivalents, current amount as of the end of September was about double what the decrease in cash and cash equivalents was during last quarter. So are you going to be raising more funds, or how is that going to be dealt with?

我懂了。好的。還有一件事。我在你們的新聞稿中註意到你們的財務狀況，截至 9 月底的現金和現金等價物當前金額大約是上季度現金和現金等價物減少量的兩倍。那麼您是否打算籌集更多資金，或該如何處理？

We don't need to. As I think we said in the press release, we don't anticipate raising capital unless there's a strategic reason like Mercedes wants to make an investment in us or something like that for the next five years, at least. I think we're going to be fine (multiple speakers) with our loss going down so dramatically.

我們不需要。正如我認為我們在新聞稿中所說的那樣，我們預計不會籌集資金，除非有戰略原因，例如梅賽德斯希望至少在未來五年內對我們進行投資或類似的事情。我認為我們會沒事的（多個發言者），因為我們的損失急劇下降。

Okay.

好的。

The loss going down. Yeah, with our loss going down so dramatically.

損失在下降。是的，我們的損失急劇下降。

Right. That helps. Okay, thank you.

正確的。這有幫助。好的，謝謝。

Definitely Chuck. Thanks.

肯定是查克。謝謝。

William Burg

威廉·伯格

Thank you. Some time ago, Joe, you stated that investors would be made happy but that happiness was pushed back a little bit. Today, you mentioned 2025. And are you saying that the Asian carmaker is going to be named in 2025 and that they're going to have more than one model, and it won't be just sunroofs but other windows on the vehicle as well?

謝謝。不久前，喬，你說過投資人會感到高興，但這種快樂被推遲了一點。今天，你提到了2025年。您是說這家亞洲汽車製造商將於 2025 年命名，並且他們將擁有不止一種車型，而且不僅是天窗，還包括車輛上的其他窗戶？

No, I'm not saying that. What I said is that in Asia and in Europe, we expect multiple car models to come out and so those are going to have different areas than what people are traditionally used to. And our expectation is those come out in 2025. I'm not pinning it on which one is going to have the non-sunroof application or whatever, but that's our expectation.

不，我不是這麼說的。我所說的是，在亞洲和歐洲，我們預計會出現多種車型，因此這些車型將具有與人們傳統習慣不同的領域。我們的期望是 2025 年發布。我不會把它固定在哪一個將擁有非天窗應用程式或其他什麼，但這是我們的期望。

So I'm not asking for which models will have what. But you stated that it will be more than just the sunroof, there will be other windows as well.

所以我並不是問哪些型號有什麼。但你說它不只是天窗，還會有其他車窗。

Other uses, yes. That's what I said. Which I think is exciting because every time something like this happens, and we'll just take, for example, the augmented realities, windshield that Bobcat put in their construction vehicle at CES, it sparks interest. Other companies were at CES that saw that and approached us and said we want this too. We like it. We saw it work. So every time there's a new use for this it opens up many doors beyond what we have opened now.

其他用途，是的。我就是這麼說的。我認為這很令人興奮，因為每次發生這樣的事情時，我們都會以擴增實境、山貓在 CES 上的工程車輛中安裝的擋風玻璃為例，都會激發人們的興趣。參加 CES 的其他公司也看到了這一點，並聯繫我們並表示我們也想要這個。我們喜歡它。我們看到它起作用了。因此，每當它有新的用途時，它就會打開許多超出我們現在打開的門。

Okay. Thank you.

好的。謝謝。

Thanks though.

不過謝謝。

Tom McCarthy.

湯姆·麥卡錫。

Hi, Joe, I'm sorry if I missed it. But I'd like more information on the Saudi study, who funded it, who conducted it, how extensive was it, how rigorous are the results.

嗨，喬，如果我錯過了，我很抱歉。但我想了解更多有關沙烏地阿拉伯研究的信息，誰資助了這項研究，誰進行了這項研究，研究範圍有多大，結果有多嚴格。

Yes, it was very rigorous and had some very good specific information. I don't know if you heard our discussion about it. I'm going to refer you to the article itself. I don't have it in front of me right now about who did it, who funded it. It wasn't us. It wasn't Research Frontier.

是的，它非常嚴格並且有一些非常好的具體資訊。不知道你有沒有聽到我們的討論。我將向您推薦這篇文章本身。我現在不知道是誰幹的、誰資助的。不是我們。這不是研究前沿。

Is the article on your Web site?

該文章在您的網站上嗎？

No. I mean they have the copyright in it. So they have -- yes. But if you can get it online, I think it's been fairly widely available.

不。我的意思是他們擁有其中的版權。所以他們有——是的。但如果你能在網路上找到它，我認為它已經相當廣泛了。

And how do I access it, what's the title of it?

我如何訪問它，它的標題是什麼？

If you listen to the transcript, which should be out tomorrow. There will be some data on it, but it's a mouthful.

如果你聽一下文字記錄，明天應該就會出來。會有一些數據，但很拗口。

Okay, sorry Joe, thanks.

好吧，對不起，喬，謝謝。

No, it's okay, Tom. Good talking to you.

不，沒關係，湯姆。很高興跟你說話。

At this time, we have no further questions.

目前，我們沒有其他問題了。

Okay. In that case, if any of you had questions that we haven't fully answered, if you thought of anything else, just e-mail us, we’d do our best to answer them. And now I'd like to make some closing remarks. The outlook for the smart glass industry remains extremely promising, and I think we proved that every quarter and every day bolstered by growing revenues in automotive and aircraft and increasing regulatory support and tax incentives, and then new product introductions like the retrofit.

好的。在這種情況下，如果你們中的任何人有我們尚未完全回答的問題，如果您還有其他想法，請給我們發送電子郵件，我們會盡力回答。現在我想作總結發言。智慧玻璃產業的前景仍然非常樂觀，我認為我們每個季度和每一天都證明了這一點，這得益於汽車和飛機收入的增長、監管支持和稅收優惠的增加，以及改造等新產品的推出。

Research Frontiers has a solid position and a strong foothold in the smart glass industry. We're well positioned as a recognized leader with an innovative, high performing and reliable solution. Our recent results underscore that SPD-SmartGlass technology is increasingly viewed as the industry standard solidifying our leadership even further.

Research Frontiers在智慧玻璃產業擁有穩固的地位和穩固的立足點。我們憑藉創新、高效和可靠的解決方案成為公認的領導者。我們最近的結果強調，SPD-SmartGlass 技術越來越被視為業界標準，進一步鞏固了我們的領導地位。

With our guidance, our entire industry has been strengthened as well with licensees gaining resources to expand and our technology being adopted across a diverse range of products and industries. In the interview yesterday, Gauzy mentioned that they had 700 employees.

在我們的指導下，我們的整個產業也得到了加強，被授權者獲得了資源來擴展，我們的技術被廣泛的產品和產業採用。在昨天的訪談中，Gauzy 提到他們有 700 名員工。

When I first met Eyal Peso, they had 50. Demand is rising from highly visible iconic global brands and their customers further validating our technology's transformative power. SPD-SmartGlass technology is enhancing customer experiences across sectors, especially in automotive and aerospace where it sets new standards of comfort and energy efficiency and performance. And in some industries where the customers such as airlines can finally now choose they are selecting SPD as shown by the new Airbus and Boeing programs.

當我第一次見到 Eyal Peso 時，他們有 50 個。引人注目的標誌性全球品牌及其客戶的需求不斷增長，進一步驗證了我們技術的變革力量。SPD-SmartGlass 技術正在增強各行業的客戶體驗，特別是在汽車和航空航太領域，它設定了舒適度、能源效率和性能的新標準。在航空公司等客戶現在終於可以選擇的某些行業中，他們正在選擇 SPD，正如空中巴士和波音的新計劃所示。

This quarter, we continued our track record of growth and progress with Research Frontiers and our licensees building traction and momentum across multiple industries and continued growth in our established markets, as well as opening up -- while we also open up new markets and uses for SPD-SmartGlass technology.

本季度，我們繼續保持成長和進步的記錄，研究前沿和我們的被授權人在多個行業建立牽引力和動力，並在我們的既定市場中持續成長，同時我們也開闢了新的市場和用途SPD -SmartGlass 技術。

The third quarter of 2024 marked our seventh consecutive quarter of revenue growth compared to the prior year. In some areas where we are the established leader, we have a strong foothold, such as in automotive and aerospace. In other emerging markets for us such as architectural, infotainment and information display and consumer electronics, we're just getting started.

與前一年相比，2024 年第三季是我們連續第七個季度實現營收成長。在我們既定的領導者領域，我們擁有強大的立足點，例如汽車和航空航太領域。在我們的其他新興市場，例如建築、資訊娛樂和資訊顯示以及消費性電子產品，我們才剛起步。

But because it's virgin territory and because of our track record in the other areas, I think we have the leg up there. We've been in business the longest and have the largest network of world class companies offering our SPD-SmartGlass technologies. We built upon our base of success and high performance and reliability proven across tens of thousands of cars and aircrafts that have been in use for decades.

但因為這是處女地，而且我們在其他領域的業績記錄，我認為我們在這方面有優勢。我們的業務歷史最悠久，擁有最大的提供 SPD-SmartGlass 技術的世界級公司網路。我們的成功基礎以及高性能和可靠性已在數十年來使用的數萬輛汽車和飛機上得到驗證。

No one else has that longevity or track record. Each partnership, each project and each installation further validates our leadership and the undeniable value that our SPD-SmartGlass technology brings. Competitors have tried to do what we have succeeded at.

沒有其他人擁有如此長的壽命或業績記錄。每一次合作、每一個專案和每一次安裝都進一步驗證了我們的領導地位以及我們的 SPD-SmartGlass 技術帶來的不可否認的價值。競爭對手已經嘗試做我們已經成功的事情。

Most have failed or are failing. In my opinion, this is because of their flawed business models, high costs, bad logistics and inability to scale and the poor performance of their technologies. Just in the second half of this year, we've seen multiple bankruptcies among our competitors, such as (inaudible) and Helios.

大多數已經失敗或正在失敗。在我看來，這是因為他們的商業模式有缺陷、成本高、物流差、無法擴展、技術性能差。就在今年下半年，我們的競爭對手（例如（聽不清楚）和 Helios）出現了多起破產事件。

The architectural market, for example, has proven too difficult for others in our industry. Not for us. We see tremendous potential in the retrofit market for buildings, offering opportunities to drive sustainable solutions into existing infrastructures worldwide. No one else can do this.

例如，事實證明，建築市場對我們行業的其他人來說太困難了。不適合我們。我們看到建築改造市場的巨大潛力，為將永續解決方案引入全球現有基礎設施提供了機會。沒有人能做到這一點。

Because we are a film based light control technology, the logistics for us and our licensees are far better. SPD-Smart light control film can easily be shipped anywhere in the world that's needed. The introduction of SPD into new premium vehicles as well as current initiatives to tap into the market for more moderately priced vehicles also marks a significant milestone, broadening our reach and making SPD technology more visible and more accessible to a wider audience.

因為我們是基於薄膜的光控制技術，所以我們和我們的被授權人的物流要好得多。SPD-Smart 光控膜可以輕鬆運送到世界上任何需要的地方。將SPD 引入新型高端車輛以及當前進軍價格更適中的車輛市場的舉措也標誌著一個重要的里程碑，擴大了我們的影響範圍，並使SPD 技術更加引人注目，更容易為更廣泛的受眾所接受。

As we look ahead, we can see more clearly what the future holds for our industry, and Research Frontiers is more optimistic than ever. With the support of a strong growing industry network and partners like Gauzy, who share our vision for expanding SPD's reach, we are well positioned to capitalize on the promising opportunities that lie before us, such as the several new car models that I had mentioned earlier in Europe and in Asia that are expected to be introduced in 2025 using our SPD-SmartGlass technology and, as I mentioned, some in new places and in new ways.

展望未來，我們可以更清楚地看到我們行業的未來，研究前沿也比以往任何時候都更加樂觀。在強大的不斷發展的行業網絡和像Gauzy 這樣的合作夥伴的支持下，我們有能力利用我們面前的充滿希望的機會，例如我之前提到的幾種新車型，他們與我們有著共同的願景，即擴大SPD 的影響力預計將在 2025 年使用我們的 SPD-SmartGlass 技術在歐洲和亞洲推出，正如我所提到的，其中一些將在新的地方以新的方式推出。

Thank you once again for your trust, confidence and commitment to our journey. We look forward to continuing on this exciting path together, continuing the momentum and to sharing more achievements with you. We expect, like our shareholders, further growth, visibility and success. Thank you.

再次感謝您對我們旅程的信任、信心和承諾。我們期待在這條激動人心的道路上繼續前進，延續這一勢頭，並與您分享更多成就。與我們的股東一樣，我們期望進一步成長、知名度和成功。謝謝。

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

今天的電話會議到此結束。感謝您的出席。