Research Frontiers Inc (REFR) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to Research Frontiers investor conference call to discuss the fourth quarter and full year 2024 results of operations and recent developments.

下午好，歡迎參加 Research Frontiers 投資者電話會議，討論 2024 年第四季度和全年的營運業績和最新發展。

The company will be answering many of the questions that were emailed to it, prior to this conference call either in their presentation or as part of the Q&A session at the end.

在本次電話會議之前，該公司將在演示中或最後的問答環節中回答透過電子郵件發送給它的許多問題。

In some cases, the company has responded directly to email 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，公司在本次電話會議之前或之後已經直接回覆了電子郵件問題，以便在本次電話會議上回答更多股東普遍感興趣的問題。

Some statements today may contain forward-looking information identified by words such as expect, anticipate, and forecast.

今天的一些聲明可能包含以預期、預期和預測等詞語標識的前瞻性資訊。

These reflect current beliefs and actual results may differ materially from those expressed due to various risk factors, including those detailed in our SEC filings.

這些反映了目前的看法，由於各種風險因素（包括我們向美國證券交易委員會提交的文件中詳述的因素），實際結果可能與所表達的結果有重大差異。

Research Frontiers assumes no obligation to update or revise these statements.

Research Frontiers 不承擔更新或修改這些聲明的義務。

Today's call is in listen-only mode, with a Q&A session to follow.

今天的電話會議為僅收聽模式，隨後將進行問答環節。

(Operator Instructions)

（操作員指令）

The call is being recorded, and I will be available for -- and will be available for replay on Research Frontiers' website at smartglass.com for the next 90 days.

這通電話正在錄音，我將在接下來的 90 天內在 Research Frontiers 的網站 smartglass.com 上提供重播。

If you find that your questions has been substantially answered as a courtesy, and to allow time, for other shareholders to ask their questions.

如果您發現自己的問題已得到充分答复，出於禮貌，也為了留出時間，讓其他股東提出問題。

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

（操作員指示）另外，為了節省時間，我們要求您簡短地提問。

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 Research Frontiers 總裁兼執行長喬·哈拉里 (Joe Harary)。

Please go ahead, sir.

先生，請繼續。

Thank you, Paul.

謝謝你，保羅。

Hello, everyone, and welcome to our fourth quarter and full year of 2024 investor conference call.

大家好，歡迎參加我們 2024 年第四季和全年投資者電話會議。

First of all, we've been asked by our largest shareholders to try to make these quarterly calls shorter and more focused, so we'll try to do this with your help.

首先，我們最大的股東要求我們盡量使這些季度電話會議更簡短、更有針對性，因此我們將在您的幫助下嘗試做到這一點。

And my remarks today will be relatively brief, and it's certainly easier to keep things short when the news is good.

我今天的發言會比較簡短，當新聞是好消息時，當然更容易簡短。

Let's start with our financial results.

讓我們從財務結果開始。

Revenues were up 47% to $1.336 million.

營收成長 47% 至 133.6 萬美元。

This was an increase of $426,000 in royalty income over last year.

與去年相比，特許權使用費收入增加了 426,000 美元。

This was driven by a 48% increase in royalties from the automotive market and an increase of 57% from aircraft.

這是由於汽車市場特許權使用費增長 48% 和飛機市場特許權使用費增長 57% 所致。

Total expenses this year were down more than $165,000, which is a 6% reduction in an inflationary environment.

今年的總支出下降了 165,000 多美元，在通貨膨脹的環境下下降了 6%。

Our expenses are the lowest they've been since 1996, and we have focused on operational efficiency consistently throughout the year.

我們的開支是1996年以來最低的，而且我們全年始終注重營運效率。

The total improvement in our bottom line this year was $597,000, and this gets us closer to profitability.

我們今年的底線總改善額為 597,000 美元，這使我們更接近盈利。

Our net loss for the entire year was $0.04 per share compared to $0.06 per share last year.

我們全年淨虧損為每股 0.04 美元，而去年每股淨虧損為 0.06 美元。

This is the lowest annual per share loss since we went public 38 years ago.

這是我們上市38年來最低的年度每股虧損。

Moving from our income statement to our balance sheet.

從我們的損益表轉到我們的資產負債表。

We had $2 million in cash as of the end of 2024 and working capital of $2.5 million.

截至 2024 年底，我們擁有 200 萬美元現金和 250 萬美元營運資金。

Cash went down by $482,000 for the entire year or an average of $40,000 per month.

全年現金減少 482,000 美元，平均每月減少 40,000 美元。

Our burn rate is much lower than ever before.

我們的燒錢率比以前低很多。

We have no debt and sufficient working capital for more than the next five years.

我們沒有債務，並且有足夠的營運資金可供未來五年以上使用。

Both our domestic and foreign patent portfolios currently extend to 2037.

我們的國內和國外專利組合目前均延伸至 2037 年。

Moving now to highlights from our business this year. 2024 marked notable growth in our Ferrari business and McLaren business as well as the introduction towards the end of 2024 of the Cadillac CELESTIQ with its amazing SPD-SmartGlass roof.

現在來談談我們今年的業務亮點。 2024 年標誌著我們的法拉利業務和麥克拉倫業務取得顯著成長，同時在 2024 年底推出了配備令人驚嘆的 SPD-SmartGlass 車頂的凱迪拉克 CELESTIQ。

SPD remains a highly popular chosen option on the Ferrari and the Ferrari Purosangue and multiple McLaren car models and is standard equipment on the Cadillac CELESTIQ.

SPD 仍然是法拉利、法拉利 Purosangue 和多款麥克拉倫車型上非常受歡迎的選配，並且是凱迪拉克 CELESTIQ 的標準配備。

Commercial airlines have begun to put SPD in their cabin windows, most notably in both Boeing and Airbus aircraft as decision-making has moved from the OEMs to their airline customers.

商業航空公司已經開始在其客艙窗戶上安裝 SPD，最明顯的是波音和空中巴士飛機，因為決策權已經從 OEM 轉移到了航空公司客戶。

We also have steady business in small, medium and large VIP corporate jets as well.

我們在小型、中型和大型 VIP 公務機方面也有穩定的業務。

We see the growth coming from the addition of new vehicles in 2025.

我們預計 2025 年新車的增加將帶來成長。

Some of these were expected in 2024, but the launch of the entire model was delayed for reasons unrelated to our SPD-SmartGlass.

其中一些預計在 2024 年推出，但由於與我們的 SPD-SmartGlass 無關的原因，整個型號的推出被推遲。

We are also working on major high-volume projects for 2026 and the volumes for these projects could dwarf anything that we or Gauzy have spoken about publicly to date.

我們也正在為 2026 年開展一些大型高容量項目，這些項目的數量可能會超過我們或 Gauzy 迄今為止公開談論的任何項目。

We also expect that you'll see the introduction of more architectural projects this year, both with the traditional method of replacing the glass with SPD-SmartGlass and also retrofitting SPD-SmartGlass to the inside of homes and buildings to make the building envelope smart.

我們也預計，今年您將看到更多建築項目的推出，既採用傳統的方法用 SPD-SmartGlass 替換玻璃，也將 SPD-SmartGlass 改裝到住宅和建築物內部，使建築圍護結構變得聰明。

No one else out there can retrofit smart windows.

目前還沒有其他人可以改造智慧窗戶。

This retrofit application promises to make it less expensive and less disruptive to building occupants to convert existing buildings from having ordinary glass to SPD-SmartGlass and will speed up the sales cycle considerably.

此改造應用預計將降低將現有建築的普通玻璃轉換為 SPD-SmartGlass 的成本，減少對建築居住者的干擾，並將大大加快銷售週期。

Our licensee with this patented retrofit system has built an impressive manufacturing facility with high capacity supporting this retrofit application.

我們的此專利改造系統的被授權人已經建造了一個令人印象深刻的製造工廠，其高產能可支持此改造應用。

Next year, we can see market expansion from other areas as well.

明年，我們還可以看到其他領域的市場擴張。

Let me now speak about the recently announced Black Particle, which many of you have asked about.

現在讓我來談談最近宣布的黑色粒子，很多人都問過這個問題。

This is something that the smart glass industry has sought for decades.

這是智慧玻璃產業幾十年來一直追求的目標。

We and Gauzy have had sustained efforts on this, working together since day one.

我們和 Gauzy 從第一天起就一直為此努力並共同努力。

And even prior to Gauzy becoming a licensee, Research Frontiers has been searching for the right materials for decades.

甚至在 Gauzy 成為授權商之前，Research Frontiers 數十年來一直在尋找合適的材料。

It might be helpful now for me to explain a little bit about the physics behind SPD technology.

現在我稍微解釋一下 SPD 技術背後的物理原理可能會有所幫助。

There are nanoparticles that are randomly suspended in capsules filled with special polymeric and non-polymeric liquids.

奈米顆粒隨機懸浮在充滿特殊聚合物和非聚合物液體的膠囊中。

When an electric field is applied, these special particles line up and allow light to pass through.

當施加電場時，這些特殊粒子會排列起來並允許光線通過。

When they are unpowered, they naturally return due to browning motion to a random state that blocks light.

當它們斷電時，它們會因為褐變運動而自然恢復到阻擋光線的隨機狀態。

The current particle appears blue because they are very, very efficient at blocking all areas of the visible spectrum except for blue light.

目前粒子呈現藍色，因為它們能夠非常有效地阻擋除藍光之外的所有可見光譜區域。

And that is why when you have an SPD window inside, it will look black because there's very little blue light in interior lighting.

這就是為什麼當室內安裝 SPD 窗戶時，它看起來會是黑色的，因為室內照明中的藍光很少。

But when you move that same piece of glass outside, the blue light in daylight is the only area of the visible spectrum that is transmitted, and that is why SPD windows appear to be sapphire blue when it's outdoors and you're looking through it.

但是，當你將同一塊玻璃移到室外時，日光中的藍光是可見光譜中唯一透射的區域，這就是為什麼當你在室外透過 SPD 窗戶看時，它會呈現藍寶石藍色。

This is where the significance of the Black Particle comes in now.

這就是黑色粒子的重要性。

So if we could also block blue light in this process, the window would appear gray or black.

因此，如果我們在過程中也能阻擋藍光，窗戶就會呈現灰色或黑色。

And I want to reiterate that black SPD that has been shown behind closed doors at Gauzy's booth at CES in January were R&D samples.

我想重申的是，1 月 CES 上 Gauzy 展位上秘密展示的黑色 SPD 是研發樣品。

And even though they were R&D samples, they had an impressive range of light transmission and other optical characteristics.

儘管它們是研發樣品，但它們的透光率和其他光學特性卻令人印象深刻。

More work needs to be done to refine things, and we are making excellent progress.

還需要做更多的工作來完善事情，我們正在取得巨大的進步。

Now speaking from decades of experience, we know that there's a big difference between being a black particle, having it stay black when it's put into a liquid suspension and then putting it into a film.

從幾十年的經驗來看，我們知道，作為一個黑色顆粒，當它被放入液體懸浮液中並變成薄膜時保持黑色，與它之間存在很大差異。

The samples at CES accomplished all of these things beautifully.

CES 上展示的樣品完美地實現了所有這些目標。

They were very well received by the special customers who saw it.

受到看到它的特殊客戶的熱烈歡迎。

The next step is going from R&D samples to engineering samples.

下一步是從研發樣品到工程樣品。

These would be closer to the final product.

這些將更接近最終產品。

After the current engineering sample stage, we then go into mass production.

在目前工程樣品階段結束後，我們便會進入量產階段。

I've been asked how long does it take between the engineering sample stage and mass production stage, and that's relatively easy to explain.

有人問我從工程樣品階段到量產階段需要多長時間，這個相對容易解釋。

The SPD film coater that Gauzy has near Stuttgart, Germany has been designed to be quite flexible in how it's configured.

Gauzy 位於德國斯圖加特附近的 SPD 薄膜塗佈機的設計配置非常靈活。

That means that almost every relevant variable that you can think of between film coating width, SPD emulsion coating thickness, line speeds, et cetera, can be adjusted in mass production on the existing line.

這意味著您能想到的幾乎所有相關變量，包括薄膜塗層寬度、SPD 乳劑塗層厚度、線速度等等，都可以在現有生產線的大規模生產中進行調整。

The specially designed coating head itself on Gauzy's SPD film coater is also capable of handling many different materials.

Gauzy 的 SPD 薄膜塗佈機上專門設計的塗佈頭本身也能夠處理多種不同的材料。

If the final engineered materials are close in reology, such as viscosity and flow characteristics to the current SPD emulsion using the blue particle, the mass production of the black particle SPD film can happen very quickly thereafter.

如果最終工程材料在黏度和流動特性等理論方面與目前使用藍色粒子的 SPD 乳液接近，那麼黑色粒子 SPD 薄膜的批量生產就可以很快實現。

Typically, there are some adjustments that are always made whenever you change a material that you're coding and the production experts at Gauzy and at Research Frontiers are quite adept and experienced at doing this.

通常，每當您更改正在編碼的材料時，總是會進行一些調整，而 Gauzy 和 Research Frontiers 的生產專家在這方面非常熟練且經驗豐富。

Now from a market perspective, the black particle is a nice alternative to the current one, but is by no means a necessary item.

現在從市場角度來看，黑色顆粒是當前顆粒的一個很好的替代品，但絕不是必需品。

The current blue particle also can be made to look black or gray with post-production steps after the film is made.

在電影製作完成後，也可以透過後製步驟將目前的藍色粒子變成黑色或灰色。

And in areas like sunroofs or skylights where you're looking up at the sky, the sapphire blue color may actually be preferable.

而在天窗或天窗等仰望天空的區域，藍寶石藍色實際上可能更受歡迎。

For areas like side windows in cars, planes and homes and offices, black or gray may be preferable, and those are the primary areas where we believe that the black SPD can result in a meaningful market expansion beyond what we're doing now.

對於汽車、飛機、家庭和辦公室的側窗等領域，黑色或灰色可能是更可取的，而這些是我們認為黑色 SPD 能夠帶來比我們現在所做的更有意義的市場擴展的主要領域。

Once again, this is not a necessary condition to commercial success, but it is extremely desirable and can expand the markets for SPD glass, as I explained, something that the SmartGlass industry has been trying to do for decades.

再說一次，這不是商業成功的必要條件，但它是極其可取的，可以擴大 SPD 玻璃的市場，正如我所解釋的那樣，這是智慧玻璃行業幾十年來一直在努力做的事情。

We have said that we can at this point and at the joint -- we've said what we can at this point and the joint announcement that Gauzy and Research Frontiers made at CES is the extent of what we could talk about at this time, especially on an open call where competitors to our licensees have access, but stay tuned.

我們已經說過，我們現在可以，在聯合會議上——我們已經說了我們目前能說的一切，Gauzy 和 Research Frontiers 在 CES 上發布的聯合聲明是我們目前可以談論的全部內容，特別是在公開電話會議上，我們的授權商的競爭對手可以訪問，但請繼續關注。

With that, I look forward to answering the questions that I've not already answered in the course of my presentation.

因此，我期待回答我在演講過程中尚未回答的問題。

I'll read some of the additional questions that were e-mailed to us.

我將閱讀透過電子郵件發送給我們的一些其他問題。

And I'm, in some cases, combining several questions into one.

在某些情況下，我會將幾個問題合併為一個問題。

One question is, I'd like to know where our income comes from, Asia, Europe, the United States, et cetera.

一個問題是，我想知道我們的收入來自哪裡，亞洲、歐洲、美國等等。

So most of – and Rod, thank you for that question.

所以大部分——羅德，謝謝你提出這個問題。

Most of the revenues and the sales are occurring in Europe and in South America from the licensees there.

大部分收入和銷售額都來自歐洲和南美的授權商。

We do have also licensees headquartered in Asia with production both there and in Europe and of course The United States.

我們確實也有總部位於亞洲的授權商，在亞洲、歐洲以及美國都有生產基地。

So, you have a mix around the world of production and that mix may shift more demonstrably towards The United States as the architectural application comes online and also as new cars that may be domestic come online as well.

因此，生產分佈在世界各地，隨著建築應用的上線以及國產新車的上線，這種生產結構可能更明顯地向美國轉移。

We go to the next question here.

我們這裡進入下一個問題。

Judy asks, I’m hoping for the best, but expecting the worst.

朱迪問道：“我希望得到最好的結果，但又預料到最壞的情況。”

If the administration goes ahead with its planned 25% tariffs on Canadian and Mexican auto parts, can you indicate if the retail price of the SPD pipeline vehicles will be affected?

如果美國政府繼續對加拿大和墨西哥汽車零件徵收 25% 的關稅，您能否指出 SPD 管道車輛的零售價格是否會受到影響？

No, I don’t expect that this is going to have a meaningful impact on our revenues based on these tariffs.

不，我不認為這些關稅會對我們的收入產生重大影響。

And thanks for the question, Judy.

謝謝你的提問，朱迪。

First, that as a former economist at the US Central Bank in the 1980s, my personal view is that free trade is usually the best solution.

首先，身為1980年代美國中央銀行的前經濟學家，我個人認為自由貿易通常是最好的解決方案。

However, that only works when there’s a level playing field.

然而，只有在公平的競爭環境中這才會有效。

And I think the tariffs are meant to create that, as well as address border security and the flow of fentanyl into The United States.

我認為徵收關稅就是為了實現這一點，同時解決邊境安全和芬太尼流入美國的問題。

My guess is that if these other countries handle the border security and fentanyl issues, the tariffs will revert back to where they were.

我的猜測是，如果其他國家處理好邊境安全和芬太尼問題，關稅將恢復到原來的水準。

And to answer your specific question, I don’t believe that these tariffs will have a significant impact on our automotive and other business.

回答您的具體問題，我不認為這些關稅會對我們的汽車和其他業務產生重大影響。

Over the past few decades, there have been high import duties in some areas of the world on cars, for example, and that market typically is not affected mostly in the premium car area.

例如，在過去的幾十年裡，世界某些地區對汽車徵收了高進口關稅，而這些市場通常不會受到影響，主要是在高檔汽車領域。

So tariffs will have an effect, we believe, on less expensive cars that are more price sensitive.

因此，我們認為，關稅將對價格敏感的廉價車產生影響。

But I do not believe that it will affect our business or our revenues meaningfully.

但我不認為這會對我們的業務或收入產生重大影響。

John Nelson asked, are there any design ins for LTI’s architectural retrofit product that you can talk about?

約翰尼爾森問道，您能談談 LTI 建築改造產品的設計細節嗎？

Yes, we have double government projects and some commercial projects that we are targeting and focusing on right now, and I’m actually meeting next week with them about it.

是的，我們目前正瞄準並專注於雙重政府項目和一些商業項目，事實上我下週會和他們開會討論此事。

And the other question was indications that Ferrari and your other car customers could expand usage to windshields or windows.

另一個問題是，是否有跡象表明法拉利和您的其他汽車客戶可以將使用範圍擴大到擋風玻璃或窗戶。

And yes, 2025, I believe, will show SPD and other areas of the vehicle besides just Sunroof’s job.

是的，我相信，2025 年，除了天窗的功能外，還將展示 SPD 和車輛的其他區域。

So thanks for that question.

感謝您的提問。

Jared Albert, some of the questions we’ve already answered, but any real world indication that there’s room for SPD in a PDLC sunroof world outside of the super expensive aspirational kind of vehicles and the timeline for the architectural retrofit?

Jared Albert，我們已經回答了一些問題，但有沒有現實世界的跡象表明，除了超級昂貴的理想型汽車和建築改造的時間表之外，SPD 在 PDLC 天窗領域還有空間？

Well, I mentioned that we expect the retrofit to generate revenues this year.

嗯，我提到過，我們預計改造將在今年產生收入。

And in terms of your question about cars that use PDLC, first of all, we are working with carmakers that are not the super expensive ones that you referred to in your question.

關於您關於使用PDLC的汽車的問題，首先，我們合作的汽車製造商並不是您在問題中提到的那些超級昂貴的汽車製造商。

So yes, we do expect that there is plenty of room and probably a preference because I think the automakers are beginning to see based on what we’re talking to them about that the PDLC sunroofs are not doing the job that they anticipated in terms of blocking heat and glare inside a vehicle.

所以是的，我們確實預計會有足夠的空間並且可能存在偏好，因為我認為，根據我們與汽車製造商的交談，他們開始意識到 PDLC 天窗在阻擋車內熱量和眩光方面並沒有發揮他們預期的作用。

So, very much so, I believe that, if anything, those PDLC sunroofs are already wired for SPD as far as I'm concerned, and there'll be a lot more cars like that using it.

因此，我非常相信，就我而言，那些 PDLC 天窗已經為 SPD 接線了，而且將會有更多這樣的汽車使用它。

Okay.

好的。

Well, we've discussed a lot of the questions so far that have been e-mailed to us.

好吧，到目前為止，我們已經討論了很多透過電子郵件發送給我們的問題。

I'm going to ask our operator, Paul, to open up the conference to any additional questions people participating today might have that we haven't already covered.

我將請我們的接線生保羅 (Paul) 在會議上回答今天與會人員可能提出的我們尚未涉及的任何其他問題。

And in the interest of time, please try to keep them limited to questions of general interest.

為了節省時間，請盡量將問題限制在普遍感興趣的範圍內。

And if you want to get into more specifics, we could certainly do that by e-mail or calls offline.

如果您想了解更多具體訊息，我們可以透過電子郵件或離線電話進行溝通。

(Operator Instructions) Jeff Harvey, an investor.

(操作員指示) 投資者傑夫哈維 (Jeff Harvey)。

Hi Joe. First of all, the fourth quarter was about half the third quarter.

嗨，喬。首先，第四季大約是第三季的一半。

What was the reason for that?

那是什麼原因呢？

A lot of our revenue comes from automotive and a lot of carmakers cut production in the fourth quarter to clear out what's on the factory showroom for the next year.

我們的大部分收入來自汽車產業，許多汽車製造商在第四季度削減產量，以清理工廠展廳中的庫存，為明年做準備。

Okay.

好的。

Given the fact that you've gotten some airlines to put the windows in and Gauzy announced last time that's 50,000 cars or something.

鑑於您已經讓一些航空公司安裝窗戶，並且 Gauzy 上次宣布這將是 50,000 輛汽車左右。

The problem we have as an investor is nobody knows about this company because neither you nor Gauzy have been able to put out any press releases about new business.

作為投資者，我們面臨的問題是沒有人知道這家公司，因為您和 Gauzy 都未能發布有關新業務的任何新聞稿。

I mean, what can we expect going forward this year to let people know about Research Frontiers because there certainly aren't any analysts that are going to follow this company until there's something that's worthwhile for them to take a look at.

我的意思是，我們今年可以期待什麼來讓人們了解 Research Frontiers，因為肯定不會有任何分析師會關注這家公司，除非有值得他們關注的東西。

And I mean, we've been stuck in this mode for a long time and I realize that you have legal obligations with these companies.

我的意思是，我們已經陷入這種模式很久了，我意識到你對這些公司負有法律義務。

But can we expect if you get an architectural contract that you could announce something like that?

但是，如果您獲得了一份建築合同，我們是否可以期待您可以宣布這樣的事情？

Thanks for the question.

謝謝你的提問。

I'd like to see you go to some investor conferences and talk about your company.

我希望您能參加一些投資者會議並談論您的公司。

Right.

正確的。

Well, we will start to do that and we've been lining some up.

好吧，我們將開始這麼做，我們已經做好了一些準備。

But getting back to your original point about trying to say things about projects.

但回到你最初關於嘗試談論專案的觀點。

Obviously, we have to defer to the request of the customers, but we've been pretty good at getting information out.

顯然，我們必須遵從客戶的要求，但我們在獲取資訊方面做得相當好。

We talked about Ferrari for the last two years before the car was even introduced. with McLaren and Mercedes and Cadillac, in some cases, they've done the talking, in some cases, we have.

在法拉利汽車推出之前的兩年裡，我們就一直在談論它。在某些情況下，是麥克拉倫、賓士和凱迪拉克在談判，在某些情況下，是我們先談妥。

And Gauzy and Research Frontiers have it in our best interest to announce what we can.

為了我們的最大利益，Gauzy 和 Research Frontiers 會盡力發布我們能發布的資訊。

So, we've been working together on that as well.

所以，我們也一直在這方面合作。

But thank you for the question.

但感謝您的提問。

(inaudible) as much as you can.

（聽不清楚）盡你所能。

Thank you.

謝謝。

We will.

我們將。

We want to do that, too.

我們也想這麼做。

It makes it easier to sell more cars later, too.

這也使得以後銷售更多汽車變得更容易。

Michael Forrester, an investor.

投資者邁克爾·福雷斯特（Michael Forrester）。

Yes.

是的。

My question has to do with the black SPD developed by Gauzy and I guess, Research Frontiers.

我的問題與 Gauzy 以及 Research Frontiers 開發的黑色 SPD 有關。

Is Gauzy going to apply for a patent or is Research Frontiers going to apply for a patent on that black particle SPD?

Gauzy 會申請專利嗎？

Since a lot of this work was done jointly, we obviously want to have as strong a patent protection as possible.

由於許多工作是聯合完成的，我們顯然希望獲得盡可能強大的專利保護。

But I'm not going to talk on an open call about IP strategy because most companies will do a combination of both, and that's probably no exception here.

但我不會在公開場合談論智慧財產權策略，因為大多數公司都會將兩者結合起來，這可能也不例外。

Well, the history, as I see it, is that the SPD film is part of the -- what Gauzy refers to as solar-powered smart glass.

嗯，據我所知，SPD 薄膜是 Gauzy 所稱的太陽能智慧玻璃的一部分。

That's different. that's different.

那不一樣。那不一樣。

Solar-powered smart glass is the combination of photovoltaics with smart glass.

太陽能智慧玻璃是光伏與智慧玻璃的結合。

So that would apply to any type of smart glass that they make, PDLC or SPD.

所以這適用於他們生產的任何類型的智慧玻璃，PDLC 或 SPD。

It was demonstrated at CES.

它在 CES 上進行了展示。

We've had other licensees develop a combination of transparent photovoltaics and SPD.

我們已經讓其他授權商開發了透明光伏和SPD的組合。

And because our power requirements are so low, it's very feasible to do that.

而且由於我們的電力要求非常低，所以這樣做非常可行。

And some of the retrofit applications are also using some proprietary systems to make these things self-powered.

一些改造應用也使用一些專有系統來實現這些東西的自供電。

So if you think about what that means in a retrofit, you may not need an electrician to ever come to the site.

因此，如果你考慮一下這在改造中意味著什麼，你可能不需要電工來到現場。

You just pop this into the into the window frame and you're done.

您只需將其彈入窗框即可。

So it's going to be an exciting time.

這將是令人興奮的時刻。

Yeah.

是的。

You mentioned that the patent expiration is 2037, which is only 12 years away. -- when is...

您提到專利到期日是2037年，只剩12年了。 ——什麼時候…

Yeah.

是的。

And we always have new things coming online.

我們始終有新鮮事物上線。

When is the last time Research Frontiers applied for a patent?

Research Frontiers 上次申請專利是什麼時候？

We have a pretty extensive patenting effort.

我們進行了相當廣泛的專利申請工作。

So we spent quite a bit of money protecting.

所以我們花了不少錢來保護。

Most of them are before the year 2000.

其中大部分是2000年之前的。

Michael, I'm not going to go into IP strategies.

邁克爾，我不想談論智慧財產權策略。

Sometimes you protect things with trade secrets and sometimes you protect it with patents.

有時你會用商業機密來保護它，有時你會用專利來保護它。

But I asked a specific question.

但我問了一個具體的問題。

When is the last time Research Frontiers.

上一次研究前沿是什麼時候？

I'll have to look that up.

我得去查一下。

We have things in the works, too.

我們也在籌備一些事情。

All right.

好的。

Thank you.

謝謝。

Chuck Michaels, an investor.

投資者查克·邁克爾斯（Chuck Michaels）。

Yes.

是的。

Hi, Joe.

嗨，喬。

Hey, Chuck.

嘿，查克。

On your website, I looked on your website and I saw financials for the year, but I didn't see this year versus 2024 versus 2023, but I didn't see anything for the last quarter.

在您的網站上，我查看了您的網站，看到了今年的財務狀況，但沒有看到今年與 2024 年以及 2023 年的對比，但我沒有看到上一季的任何數據。

Do you have quarterly financials somewhere I can look at?

您有季度財務報表供我查看嗎？

No.

不。

So the 10-K only reports yearly.

因此 10-K 僅每年報告一次。

You can derive the quarter from those numbers and comparing it to the nine months.

您可以從這些數字中推導出季度數據，並將其與前九個月的數據進行比較。

But the 10-K and the financial press releases have to follow a certain format according to the SEC.

但根據美國證券交易委員會 (SEC) 的規定，10-K 表和財務新聞稿必須遵循一定的格式。

So that's what we did.

所以我們就這麼做了。

I see.

我懂了。

So can you tell us what the loss was for the quarter?

那麼您能告訴我們本季的損失是多少嗎？

It was lower than last year this quarter.

本季低於去年同期。

But can you tell us what it was?

但你能告訴我們那是什麼嗎？

I'd have to look it up because we don't break it out that way.

我必須查一下，因為我們沒有用這種方式來分解。

But if you want offline or you could derive it, you could derive it from comparing the nine-month loss and the 12-month loss

但如果你想要離線，或者你可以推導出它，你可以透過比較 9 個月的損失和 12 個月的損失來推導出它

Okay.

好的。

To subtract one from the other.

從一個中減去另一個。

Our loss per share was $0.04 for the whole year, though, which is the lowest it's been since we went public.

不過，我們全年每股虧損為 0.04 美元，這是我們上市以來的最低虧損。

Yes, I saw that.

是的，我看到了。

That's great.

那太棒了。

Also, I had a question -- you had mentioned some hopefully, rather large sales coming through in 2026?

另外，我有一個問題——您曾提到希望 2026 年能夠實現相當大的銷售額嗎？

Right.

正確的。

How confident

多麼自信

--

--

That's not to say, we won't have -- yes, that's not to say we won't have large sales in 2025.

這並不是說我們不會有——是的，這並不是說我們在 2025 年不會有大量的銷售。

But in the context of what I said, what we're expecting in 2026 may dwarf anything we've ever talked about or Gauzy has ever talked about.

但就我所說的內容而言，我們對 2026 年的期望可能會超過我們或 Gauzy 曾經談論過的任何內容。

Yes.

是的。

And by the way, they have their conference call on Monday, so I urge everybody to listen to that as well.

順便說一句，他們週一會有電話會議，因此我敦促大家也聽一下。

I'm looking forward to it.

我很期待。

Right.

正確的。

I am as well.

我也是。

Okay.

好的。

So how confident are you on the timing on that?

那麼您對於時間安排有多大信心呢？

Do you have any -- give us any information with regard to that?

您是否有任何—請向我們提供與此相關的任何資訊？

Well, I've mentioned it on the call, which means I'm relatively confident that what I say on these calls is going to happen.

嗯，我在電話中提到過，這意味著我相對有信心我在這些電話中所說的話將會發生。

It doesn't always happen.

這種事並不總是發生。

I mean, we had the CEO of Ford announced on CNBC that our glass was going to be in the Lincoln Continental and it didn't.

我的意思是，福特的執行長在 CNBC 上宣布我們的玻璃將會出現在林肯大陸汽車上，但事實並非如此。

So, sometimes things happen between the cup and the lip.

所以，有時杯子和嘴唇之間會發生一些事情。

But for the most part, they happen on the -- in the way that we expect.

但大多數情況下，它們的發生都符合我們的預期。

Not always on the timetable, though.

但並不總是按照時間表進行。

Right.

正確的。

I understand.

我明白。

And likewise, I know you've mentioned a number of quarters about a car -- one or more cars coming out in the near future, and they don't seem to come out either.

同樣，我知道您已經提到了多個有關汽車的季度消息——一款或多款汽車將在不久的將來上市，但它們似乎也不會上市。

I don't know if that was the Lincoln or if that's something else.

我不知道那是林肯還是別的車。

No, no, this is something else.

不不不，這是別的事。

The Lincoln was many years ago when that -- when they were rebranding their car.

林肯是很多年前的事了，當時他們正在重新打造他們的汽車品牌。

Yes.

是的。

We expect these cars to come out, like I said earlier in the call.

我們期待這些汽車的問世，就像我之前在電話中說的那樣。

They just -- they were delayed past 2024 when we thought they were coming out, but not because of SPD.

他們只是——他們被推遲到了 2024 年以後，而我們原以為他們會問世，但這並不是因為 SPD。

Okay.

好的。

All right.

好的。

Thank you very much.

非常感謝。

Thanks so much, Chuck.

非常感謝，查克。

Avi Gross, an investor.

投資者阿維·格羅斯（Avi Gross）。

On the topic of tariffs, royalty of like 10% or 15% paid sometime on top of the tariff or not?

關於關稅問題，是否需要在關稅基礎上支付 10% 或 15% 的特許權使用費？

Like if you're shipping a module to a car company abroad.

就像您要將一個模組運送到國外的汽車公司一樣。

So typically -- and that's a great question, Avi.

所以通常 — — 這是一個很好的問題，Avi。

Thank you for asking it.

謝謝你詢問這個問題。

So all of our license agreements have a definition of net selling price.

因此，我們所有的授權協議都有淨銷售價的定義。

And the net selling price is basically the revenues minus some minor things, but it's basically revenues.

淨銷售價格基本上是收入減去一些小項目，但基本上它就是收入。

It's not profit.

這不是利潤。

And you do exclude out things that don't go into the licensee's pocket, like, for example, shipping costs and things like that.

而且你確實排除了那些不屬於被許可人口袋的費用，例如運費之類的。

But -- and when you get down to tariffs, you would exclude taxes and sales tax and tariffs and things like that from the calculation of the royalty.

但是——當你談到關稅時，你會將稅金、銷售稅、關稅和諸如此類的東西排除在特許權使用費的計算之外。

However, there's a sub-limitation that limits how much they can deduct for all of those things I just mentioned.

然而，有一個子限制，限制了他們可以對我剛才提到的所有這些項目扣除的金額。

So if you add up shipping costs and tariffs and other things, if they go above a certain level, the licensee cannot deduct that from the calculation.

因此，如果將運費、關稅和其他費用加起來，如果它們超過一定水平，被許可人就無法從計算中扣除這些費用。

So if we're talking about a 25% tariff, a very small piece of that is going to be deducted, if any.

因此，如果我們談論的是 25% 的關稅，那麼其中的一小部分將會被扣除，甚至可能更少。

So like I said, they're not going to affect our royalty.

所以就像我說的，他們不會影響我們的版稅。

It may affect at the lower-end cars, how many cars are sold in general.

這可能會影響低端汽車的整體銷量。

But when you're in the premium market.

但當你處於高端市場時。

And let me give you a simple example.

讓我給你舉一個簡單的例子。

In China, for example, which was the largest market for Mercedes and BMW and Audi, the cars would typically sell for a multiple of the MSRP, not because necessarily of tariffs, but because the distribution was set up to create certain market leverage so they could command charging a lot for these cars.

例如，在中國，這是梅賽德斯、寶馬和奧迪最大的市場，這些汽車的售價通常是製造商建議零售價的數倍，這並不一定是因為關稅，而是因為分銷的設置是為了創造一定的市場槓桿，這樣他們就可以對這些汽車收取高昂的價格。

And they still sold very well.

而且它們的銷量仍然很好。

So at the high end, I don't expect there to be much movement in terms of what the tariffs are doing.

因此，就高端而言，我預計關稅不會有太大變動。

And I also -- as someone that's a student of politics and a student of economics don't think they're going to be that long-standing.

而且身為政治學學生和經濟學學生，我也不認為這種局面會持續這麼久。

I may be wrong.

我可能錯了。

I don't want to make the same mistake and say they're transitory that they said about inflation because that didn't happen.

我不想犯同樣的錯誤，說通貨膨脹是暫時的，因為通貨膨脹並沒有發生。

But I never said that either, and I never believed it was.

但我也從來沒有這麼說過，我也不相信這是真的。

But in this case, I do believe that they will be somewhat more temporary than people expect.

但在這種情況下，我確實相信它們會比人們預期的更加短暫。

Hope that answers your question?

希望這能回答你的問題？

Thank you.

謝謝。

(Operator Instructions) John Nelson, an investor.

(操作員指示) 投資者約翰·尼爾森 (John Nelson)。

Hi, Joe, a couple of questions.

你好，喬，我有幾個問題。

First, one that I always ask is any progress on the Sun Visor development?

首先，我總是問，遮陽板的開發有什麼進展嗎？

There is both on the OEM side and in the aftermarket side, but I have to leave it to the licensees to continue their work, work with their customers and get the product out.

無論是 OEM 還是售後市場方面，我都必須讓授權商繼續他們的工作，與他們的客戶合作，推出產品。

But it's something I believe a lot in.

但我非常相信這一點。

Okay.

好的。

Understood.

明白了。

And up in the commercial jet market is Embraer.

在商用噴射機市場上，巴西航空工業公司表現突出。

Have you -- do you have any contacts with them?

您和他們有聯絡嗎？

Are they aware of your product?

他們知道你的產品嗎？

Yes, very much so, very much so.

是的，非常如此，非常如此。

Matter of fact, some of the early expansion that our licensee in the aircraft market, Vision Systems had done from being just European-based to being worldwide was because of Embraer.

事實上，我們的飛機市場授權商 Vision Systems 早期從歐洲市場擴張到全球市場，部分原因在於巴西航空工業公司。

So -- and their transport category, regional jets are great.

因此，在運輸類別中，支線噴射機非常棒。

Yes.

是的。

And do you expect any of the new vehicles for 2025 to be in the middle market for cars?

您預計 2025 年推出的任何新車都會進入中階汽車市場嗎？

Yes.

是的。

Yes, I do.

是的，我願意。

Okay.

好的。

Good.

好的。

And then just lastly, last conference call, you mentioned work on Holy Grail patents.

最後，在上次電話會議中，您提到了聖杯專利的工作。

Are they related to the black particle?

它們和黑色粒子有關係嗎？

Or is this something

或者這是

--

--

Well, black is certainly the Holy Grail.

嗯，黑色確實是聖杯。

And when I talk about that, it's what the whole industry has been trying to get.

當我談論這一點時，這就是整個行業一直在努力實現的。

So we're very excited about the black particle.

所以我們對黑色粒子感到非常興奮。

We're experienced enough to know that we showed at CES was remarkable.

我們有足夠的經驗知道我們在 CES 上展示的產品是非凡的。

I mean, if you saw this up close in personal, you would be extremely impressed with it.

我的意思是，如果你親眼近距離地看到它，你會對它印象非常深刻。

But we have to go through the -- from R&D sample stage to engineering sample stage to mass production.

但我們必須經歷從研發樣品階段、工程樣品階段、再到批量生產階段。

And assuming the viscosity and the flow characteristics of the emulsion are similar to the blue, I don't want to minimize it, but it may be simply as easy as pouring more -- different material into the bucket and coating it.

假設乳液的黏度和流動特性與藍色相似，我不想將其最小化，但它可能就像將更多不同的材料倒入桶中並塗覆它一樣簡單。

There's always adjustments.

總是會有調整的。

So I wouldn't expect that to be what really happens.

所以我不希望這真的發生。

But it shouldn't be that difficult of a material to translate up into mass production.

但將其轉化為大規模生產應該並不困難。

Good.

好的。

Very encouraging.

非常令人鼓舞。

That’s all are my questions.

這就是我全部的問題。

Thank you very much.

非常感謝。

Thanks John.

謝謝約翰。

August Berman, an investor.

投資者奧古斯特·伯曼（August Berman）。

Hey, Joe, how are you?

嘿，喬，你好嗎？

Hey, August.

嘿，八月。

How are you?

你好嗎？

Dr. Berman, I must say.

我必須說，伯曼醫生。

Calling -- just wanted to see with regards to the 2025, are we talking about introductions?

打電話——只是想看看關於 2025 年，我們是在談論介紹嗎？

Or do we know -- it's more about revenues from the new vehicles?

或者我們知道──這更多的與新車的收入有關？

I kind of equate them for the following reason.

由於以下原因，我將它們等同起來。

In the early days, there would be several years lead time between when an automaker wanted to think about putting SPD Smart Glass in a vehicle and when they would put it in, because there was testing.

在早期，從汽車製造商想要在車輛上安裝 SPD 智慧玻璃到真正投入使用，中間需要經過幾年的準備時間，因為需要進行測試。

Mercedes went through what they told me, EUR5 million of testing and built special chambers and now they use it on all their materials.

正如梅賽德斯告訴我的，他們進行了耗資 500 萬歐元的測試並建造了特殊的腔室，現在他們在所有材料上都使用它。

But in the case here of nowadays, there's only a very short time period that's often necessary between when you decide to put SPD Smart Glass in a vehicle and when it goes in.

但就目前的情況而言，從您決定將 SPD 智慧玻璃安裝到車輛上到實際使用之間通常只需要很短的時間間隔。

It could be a year, 1.5 years, and we've been working with some of these companies for that period of time.

這可能是一年或一年半的時間，在這段時間內我們一直在與其中一些公司合作。

So I think you'll expect introductions in 2025.

因此我認為你會期待 2025 年推出該產品。

Got it.

知道了。

That's always the big assumption.

這始終是一個重大的假設。

Right.

正確的。

Okay.

好的。

And I think maybe part of the frustration last year, just looking at the filings and I'm mentioning Daimler, SPD and then I'm looking at the web and seeing that the 2020 S-Class had been delayed.

我認為這可能是去年令人沮喪的部分原因，只要查看文件，我就會提到戴姆勒、SPD，然後我在網路上看到 2020 年 S-Class 轎車已經被推遲了。

So I always kind of put -- connected the dots there.

所以我總是把這些點連接起來。

But are we still expecting the Asian automobile to come out as well in 2025?

但我們是否仍期待2025年亞洲汽車也會出現呢？

Yes, we are.

是的。

Okay.

好的。

And that’s all I had.

這就是我所擁有的一切。

Thank you.

謝謝。

Thanks a lot.

多謝。

Take care.

小心。

Alan Ginsberg, an investor.

投資者艾倫·金斯伯格（Alan Ginsberg）。

Yeah.

是的。

Hi, Joe.

嗨，喬。

Hey, Alan.

嘿，艾倫。

Hi.

你好。

One question.

一個問題。

The structure of the royalty agreement regarding the black particles, do you expect it to be similar to the royalty agreements that you have in place right now?

關於黑色粒子的特許權使用費協議的結構，您是否認為它與您現在製定的特許權使用費協議類似？

Yeah.

是的。

I mean that's something that we and Gauzy are going to determine, but I don't see a real need to change the royalty arrangement.

我的意思是這是我們和 Gauzy 要決定的事情，但我認為沒有必要改變版稅安排。

We get a 10% to 15% royalty from the customer with the blue material.

我們從客戶那裡獲得藍色材料10%到15%的版稅。

And you would think that because the black is a better thing, we would get more.

你可能會認為，因為黑色是更好的東西，所以我們會得到更多。

But on the other hand, they would probably sell a lot more of the product or sell it at a higher price.

但另一方面，他們可能會銷售更多的產品或以更高的價格出售。

So our royalty could go up just with the same percentages in place.

因此，在保持相同百分比的情況下，我們的版稅可能會上漲。

Right.

正確的。

Your protection is similar with the black particle as it would be intellectual property protection as it would be in your other products.

您的保護與黑色粒子類似，因為它將是智慧財產權保護，就像在您的其他產品中一樣。

Is that correct?

那正確嗎？

Yeah.

是的。

We're very focused on protecting IP, as you could tell.

如您所知，我們非常注重保護智慧財產權。

We have 250 patents and equal number of patent applications.

我們擁有 250 項專利，還有同等數量的專利申請。

It's quite a bit.

相當多。

Okay.

好的。

Thank you.

謝謝。

That’s all I have.

這就是我的所有了。

Thanks Alan.

謝謝艾倫。

All right.

好的。

Alan Yakuboff, Kingsview Partners.

艾倫‧雅庫博夫 (Alan Yakuboff)，Kingsview Partners。

Joe, how are you doing today?

喬，你今天感覺怎麼樣？

Alan, how are you, and I'm sorry, we haven't been able to hook up.

艾倫，你好嗎？

I spoke to your partner when you had called, but wasn't able to get back to you.

當您打電話來時我與您的夥伴通話，但無法回覆您。

No problem.

沒問題。

Just a quick question.

這只是一個簡單的問題。

You're here, yes.

是的，你在這裡。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

You were up 47% for the year, and that's great.

今年你的收益成長了 47%，這很棒。

And you're saying you have momentum in all the multiple -- all the markets for this year.

你說你今年在各個市場都有良好的發展動能。

Right.

正確的。

And if you duplicate that number, it's terrific.

如果你複製這個數字，那就太棒了。

I know you're going to have some lumpy quarters from time to time, whatever reason.

我知道無論什麼原因，你時不時都會遇到一些不順服的事情。

If you see momentum in all these markets, do you anticipate the possibility of a profitable quarter this year?

如果您看到所有這些市場都呈現成長勢頭，您是否預計今年一個季度有可能獲利？

Can you share that if you have?

如果有的話，可以分享一下嗎？

Yes, sure.

是的，當然。

Sure.

當然。

We almost hit profitability this past year.

去年我們幾乎獲利。

So I'm certainly looking forward to achieving a truly profitable quarter in the coming year.

因此，我當然期待在來年實現真正盈利的季度。

A lot of it depends on the timing.

這很大程度上取決於時機。

If the car comes out at the end of the year versus the beginning of the year, that affects our royalties.

如果汽車在年底而不是年初上市，那將影響我們的版稅。

But -- and also, if the architectural retrofit comes out, that could significantly increase our royalties.

但是 — 而且，如果建築改造完成，這可以大大增加我們的版稅。

So we're very focused on that.

因此我們非常關注這一點。

And the 2026 event that you mentioned or the potential for 2026 is something, any -- can you give us any more detail as far which markets is that going to address?

您提到的 2026 年活動或 2026 年的潛力是什麼——您能否向我們詳細介紹這將針對哪些市場？

Or is it multiple markets?

還是多個市場？

Well, I would say that the most predictable market we have is automotive.

嗯，我想說我們最可預測的市場是汽車市場。

So if I'm projecting out to 2026, it's probably on an automotive project and multiple ones actually.

因此，如果我預測到 2026 年，它很可能是一個汽車項目，實際上還有多個項目。

All right.

好的。

That’s all I have.

這就是我的所有了。

Just wanted to be brief.

只是想簡短一點。

Thank you very much.

非常感謝。

Thanks, Alan.

謝謝，艾倫。

Appreciate it.

非常感謝。

William Brazzel, an investor.

投資者威廉·布拉澤爾（William Brazzel）。

Yes.

是的。

Good afternoon.

午安.

Hi.

你好。

How are you?

你好嗎？

I’m good.

我很好。

But I want to go back three years ago, because back in February of 2021, the stock was at $3.96. Today, it's up 4.72% to $1.33. And one of your earlier callers talked about the problem with the stock prices, nobody knows about Research Frontier.

但我想回到三年前，因為 2021 年 2 月，該股價為 3.96 美元。今天，它上漲 4.72% 至 1.33 美元。您之前的一位來電者談到了股票價格的問題，沒有人知道 Research Frontier。

That's not the problem.

這不是問題。

The problem is if you go out and do a roadshow now, you'd be wasting your time and the company's money because these broker-dealers will not be interested until you have significant revenues, and they will contact you and want to have a dialogue.

問題是，如果你現在出去路演，你就會浪費你的時間和公司的錢，因為這些經紀交易商在你獲得可觀的收入之前不會感興趣，他們才會聯繫你並希望進行對話。

I mean, we need $500,000 to $1 million in revenue is not going to bring them to the table.

我的意思是，我們需要 50 萬到 100 萬美元的收入，但這並不能讓他們參與其中。

I mean, I'm surprised that we're not -- based on what I knew three years ago, you're not in the hundreds of millions of dollars and obviously, that would take care of the stock price.

我的意思是，我很驚訝我們沒有——根據我三年前所知道的情況，你並沒有投入數億美元，而且顯然，這會影響股價。

And that's why I'm disappointed and I'm wondering how much longer this is going to take to have that kind of significant revenue, if you can talk about it at this point.

這就是我感到失望的原因，我想知道還要花多長時間才能獲得如此可觀的收入，如果你現在可以談論這個問題的話。

Sure, sure.

當然，當然。

Well, I appreciate it.

嗯，我很感激。

And I'm also in agreement with you that the real money is going to come into Research Frontiers as an investment when we have much higher revenues.

我也同意你的觀點，當我們的收入大幅增加時，真正的資金將作為投資進入研究前沿。

That's true.

這是真的。

We need contracts and the problem is how to it's hard to be confident in that when I've been waiting for these significant contracts for three years.

我們需要合同，但問題是如何才能獲得這些重要的合同，我等待這些合同已經三年了，因此很難對此有信心。

Right.

正確的。

No, and I've been -- I'm very sympathetic to what you're saying there.

不，我一直——我非常理解你所說的話。

We are working and Gauzy is working as hard as we can to land these contracts sooner to be able to talk about them sooner so that the stock price appreciates sooner.

我們正在努力，Gauzy 也在盡最大努力盡快達成這些合同，以便能夠盡快談論這些合同，從而使股價盡快升值。

And of course, the least thing I'm worried about is revenue.

當然，我最不擔心的就是收入。

It's really what can we say about it and what -- and those are the things we're working on right now.

這實際上是我們能說些什麼以及——這些都是我們現在正在努力的事情。

But I appreciate the question, and I am in agreement that our stock price will do much better when we could talk about more of this stuff and have higher revenue.

但我很感謝這個問題，我同意，當我們能夠談論更多這類事情並且獲得更高的收入時，我們的股價會表現得更好。

Because I know all these companies and you have a fiduciary responsibility as a publicly traded company to make those announcements on a timely basis when you do have a significant contract.

因為我了解所有這些公司，而且作為一家上市公司，當你確實有重要合約時，你負有受託責任，必須及時發佈公告。

So I'm not worried about that happening, but I do hope it does happen sometime soon.

所以我並不擔心這種情況的發生，但我確實希望它很快就會發生。

Yeah.

是的。

Right, right.

對，對。

Well, we try to have as many things in the works so that we could have more and more of those.

好吧，我們嘗試著做好盡可能多的事情，這樣我們就可以擁有更多這樣的事情。

Okay.

好的。

I'm hopeful, obviously, I've been hanging on.

我充滿希望，顯然我一直堅持著。

Thank you very much.

非常感謝。

And I appreciate the trust.

我感謝你們的信任。

Okay.

好的。

Thank you for your time.

感謝您的時間。

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

I think we've answered a lot of the questions.

我想我們已經回答了很多問題。

And if we haven't fully answered the question -- anyone's questions, please feel free to either e-mail us or call us.

如果我們尚未完全回答任何人的疑問，請隨時給我們發送電子郵件或致電我們。

We're happy to talk to you.

我們很高興與您交談。

I'd like to make a few closing remarks now, if I could.

如果可以的話，我現在想做幾點結束語。

For the past several years, you've seen a constant increase in revenues year-over-year, and a steady reduction in operating expenses without a reduction in operational or other business accomplishments.

在過去的幾年中，您看到收入逐年增加，營運費用穩定減少，但營運或其他業務成果並未減少。

The reason for this is simple.

原因很簡單。

We have a highly desirable and the best-performing smart glass technology in the world.

我們擁有世界上最受歡迎且性能最佳的智慧玻璃技術。

And by increasing revenues, reducing expenses and preserving the best aspects of our asset-light business model, we're steadily moving towards being cash flow positive and profitable.

透過增加收入、減少開支並保留輕資產業務模式的最佳方面，我們正穩步朝著現金流為正和盈利的方向邁進。

Because of the nature of the industries we're in, winning a project today often results in many years of business.

由於我們所處行業的性質，今天贏得一個專案通常會帶來多年的業務往來。

The typical car model has a seven-year life and the typical aircraft model much longer.

典型的汽車模型的壽命為七年，而典型的飛機模型的壽命則更長。

We go elephant hunting, and nobody is better at this than us and our licensees, and it creates steady revenues from each of the programs that last for years as we land these programs.

我們去獵捕大象，沒有人比我們和我們的授權商更擅長這個，而且當我們完成這些項目時，每個項目都會產生穩定的收入，這些收入可以持續多年。

In areas like architectural, the numbers can be even bigger by virtue of the sheer magnitude of the size of the glass market for buildings and homes.

在建築等領域，由於建築和住宅玻璃市場規模龐大，這一數字可能會更大。

Also, the sales cycle can be much shorter than aircraft and automotive, especially now with the SPD-SmartGlass retrofit application.

此外，銷售週期比飛機和汽車短得多，尤其是現在有了 SPD-SmartGlass 改造應用。

Several of our competitors who have raised massive amounts of money and inevitably spent even more than they raised, notably companies such as View and Halio went bankrupt this year.

我們的幾家競爭對手籌集了大量資金，但不可避免的資金比籌集的資金還要多，尤其是 View 和 Halio 等公司今年破產了。

Another company just got delisted.

又一家公司剛下市。

Part of this relates to the limitations in their technologies.

部分原因與他們的技術限制有關。

And part of this is that they were only able to approach one market, and part of this was simply not paying attention to key areas of their business.

部分原因在於他們只能進入一個市場，部分原因在於他們根本沒有專注於業務的關鍵領域。

But by preserving our asset-light business model along the way, we're well positioned to reduce risks, apply more of our resources towards technology and market enhancements and expansion.

但透過始終保持我們的輕資產業務模式，我們能夠更好地降低風險，將更多的資源用於技術和市場的提升和擴張。

We can also leverage the expertise in production capacity and capital and technological resources of a large list of diversified licensees by working with them closely from a technological and business development perspective.

我們也可以從技術和業務發展的角度與大量多元化授權商進行密切合作，利用他們的生產能力、資本和技術資源的專業知識。

This allows us to have a strong presence in multiple industries that others can't, such as automotive, aircraft, architectural, marine and consumer electronics.

這使得我們在其他行業無法比擬的多個行業中佔據重要地位，例如汽車、飛機、建築、船舶和消費性電子。

And with predictable and lower expenses, we can start to pay dividends to our investors more quickly.

而且，由於費用可預測且較低，我們可以更快地開始向投資者支付股息。

I thank you very much for your continued support as we travel together down this road together.

非常感謝大家在我們共同走過這條路時給予的持續支持。

And if you believe that the future is smart glass, and I believe all of us here do, and you like diversified asset-light companies and a management team focused on efficiency and driving the company towards profitability, then you've come to the right place.

如果您相信未來屬於智慧玻璃，我相信我們所有人都這麼認為，並且您喜歡多元化的輕資產公司和專注於效率並推動公司盈利的管理團隊，那麼您來對地方了。

Thank you very much.

非常感謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for attending.

感謝您的參加。