Research Frontiers Inc (REFR) 2026 Q1 法說會逐字稿

Good afternoon and welcome to Research Frontiers Investor Conference Call to discuss the first quarter of 2026 results of operations and recent developments. The company will be answering many of the questions that were emailed to it prior to this conference call in their presentation.

下午好，歡迎參加 Research Frontiers 投資人電話會議，討論 2026 年第一季的營運結果與近期發展。公司將在簡報中回覆許多在本次電話會議前以電子郵件寄來的問題。

In some cases, the company has responded directly to e-mail questions prior to this call or will do so afterwards. Some statements today may contain forward-looking information identified by words such as expect, anticipate, and forecast. 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. Research Frontiers assumes no obligation to update or revise these statements.

在某些情況下，公司已在本次電話會議前直接以電子郵件回覆問題，或將於會後回覆。今天的部分陳述可能包含前瞻性資訊，可由「預期」「預估」「預測」等字詞辨識。這些反映目前的信念，但實際結果可能因各種風險因素而與所述內容有重大差異，包括我們向 SEC 申報文件中所詳述者。Research Frontiers 不承擔更新或修訂這些陳述之義務。

The call is being recorded and will be available for replay on Research Frontiers website at smartglass.com for the next 90 days. I would now like to turn the conference over to Joe Harary, President and Chief Executive Officer of Research Frontiers. Please go ahead, sir.

本次電話會議將被錄音，並於未來 90 天在 Research Frontiers 網站 smartglass.com 提供重播。我現在想把會議交給 Research Frontiers 總裁兼執行長 Joe Harary。先生，請開始。

Thank you, Paul, and good afternoon, everyone, and thank you for joining us on our first quarter 2026 investor conference call. I was informed a little after 4 P.m. That the SEC website was down. I'm not sure if it's up yet or not, but our 10-K should be filed once everything gets straightened out and whatever backlog they have is cleared.

謝謝你，Paul，大家下午好，也感謝各位參加我們 2026 年第一季投資人電話會議。我在下午 4 點過後不久得知 SEC 網站當機。我不確定現在是否已恢復，但我們的 10-K 會在一切理順、他們的積壓作業清除後完成申報。

As always, I appreciate the time and interest of our shareholders, customers, licensees, and industry partners joining us today.

一如既往，我感謝今天加入我們的股東、客戶、被授權方以及產業合作夥伴所投入的時間與關注。

Today, I want to talk about research frontiers, our business, our markets, and also address the question I've been asked most frequently over the past six months, what's happening with our licensee, Gaussie?

今天，我想談談 Research Frontiers、我們的業務、我們的市場，並且也要回應過去六個月我最常被問到的問題：我們的被授權方 Gauzy 發生了什麼事？

I'm going to give you an H1st, informed, and candid assessment of the situation and explain why I remain optimistic about their future and ours. Before discussing our operations and recent developments, I want to briefly address our first quarter financial results and some of the factors affecting the quarter.

我將就現況提供第一手、基於資訊且坦率的評估，並說明為何我仍對他們的未來以及我們的未來保持樂觀。在討論我們的營運與近期發展之前，我想先簡要說明第一季的財務結果，以及影響本季的一些因素。

First quarter reported revenues compared to the same period last year were affected by the timing of revenue recognition under our license agreements, as well as the non-recurrence of upfront revenue recognized from a new license agreement entered into during the first quarter of 2025.

第一季所報告的營收與去年同期相比，受到我們授權協議下收入認列時點的影響，以及 2025 年第一季簽訂的新授權協議所認列的一次性前期收入未再發生的影響。

Typically, royalties in the first quarter are almost always lower than the underlying economic activity taking place in our business because GAAP accounting requires that additional royalty revenue is not recognized until a licensee exceeds their minimum annual royalty obligation for the year. And until it exceeds that level, minimum annual royalties are basically spread out roughly evenly over each of the four quarters of the year.

通常，第一季的權利金幾乎總是低於我們業務中實際發生的基礎經濟活動，因為 GAAP 會計規定，只有在被授權方超過其當年度最低年權利金義務後，才可認列額外的權利金收入。在超過該水準之前，最低年權利金基本上會在一年四個季度中大致平均分攤認列。

Another factor affecting the comparison was ASC 606 accounting treatment associated with the new license agreement entered into during the first quarter of 2025.

另一個影響比較的因素，是與 2025 年第一季簽訂的新授權協議相關的 ASC 606 會計處理。

Under generally accepted accounting principles or GAAP, much of that revenue was front-loaded into the first quarter of last year.

依一般公認會計原則（GAAP），其中相當一部分收入在去年第一季被前置認列。

As a result, from an accounting perspective, the quarter looked weaker than the underlying economic activity taking place across several areas of our business.

因此，從會計角度來看，本季看起來比我們業務多個領域正在進行的基礎經濟活動更為疲弱。

Sequentially, royalties from the automotive and aircraft markets increased from the fourth quarter of 2025 to the first quarter of 2026.

以季對季來看，汽車與飛機市場的權利金自 2025 年第四季至 2026 年第一季有所增加。

The quarter was also affected by what we believe to be temporary operational and liquidity impacts relating to the ongoing French rehabilitation proceedings involving French subsidiaries of our licensee, Galzi.

本季也受到我們認為屬於暫時性的營運與流動性影響，該影響與我們被授權方 Gauzy 的法國子公司正在進行的法國重整程序有關。

The processing of payments to us and revenue recognition slowed because of the French proceedings and the liquidity constraints that resulted from them. Since both Gaussi and Vision Systems are strategic licensees with meaningful businesses in multiple industries relevant to us, those issues also temporarily affected our own liquidity and financial strength.

由於法國程序以及其所導致的流動性限制，對我們的付款處理與收入認列速度放緩。由於 Gauzy 與 Vision Systems 皆為我們的重要策略性被授權方，且在多個與我們相關的產業中擁有具規模的業務，這些問題也暫時影響了我們自身的流動性與財務實力。

Not knowing exactly how long the situation in France would take to resolve, we took steps during the quarter to strengthen our balance sheet through a focused financing with long-term accredited investors.

由於無法確切得知法國情勢需要多久才能解決，我們在本季採取措施，透過針對長期合格投資人的專案融資來強化資產負債表。

As of March 31, 2026, cash and cash equivalents increased to approximately $1.28 million, compared to approximately $664,000 at year-end 2025, and the company remains debt-free. Our operating expenses and R&D expenses also declined compared to the same period last year. We run a tight ship.

截至 2026 年 3 月 31 日，現金及約當現金增加至約 128 萬美元，相較於 2025 年底約 66.4 萬美元；公司仍維持零負債。我們的營運費用與研發費用也較去年同期下降。我們一向精實經營。

Now let me turn in more detail to the subject many of you have asked about, Gaussi. There's been a tremendous amount of hard and focused work taking place there. Things have been improving and they have been actively working through the situation.

現在我更詳細地談談許多人詢問的主題：Gauzy。那裡正在進行大量艱鉅且高度聚焦的工作。情況一直在改善，他們也一直積極處理相關問題。

The liquidity issues affecting Galsi have certainly impacted us temporarily. Funds sitting in France were subject to oversight as part of the rehabilitation proceedings, and both Galsi and Vision Systems needed approval from the French administrator for many financial transactions during the process.

影響 Gauzy 的流動性問題確實暫時衝擊了我們。存放在法國的資金在重整程序中受到監督，而 Gauzy 與 Vision Systems 在程序期間進行許多財務交易都需要法國管理人核准。

That naturally slowed payments to Research Frontiers as well as other companies.

這自然使得對 Research Frontiers 以及其他公司的付款放緩。

But importantly, the flow of funds has already begun loosening up. A few weeks ago, we received a meaningful payment from Vision Systems that was authorized by the French Monitor.

但重要的是，資金流動已開始鬆動。幾週前，我們收到 Vision Systems 一筆具相當意義的付款，該付款已獲法國監督人核准。

So while things have not yet fully normalized, they are beginning to normalize, and we remain optimistic that they will continue to do so.

因此，雖然尚未完全恢復正常，但正開始趨於正常化；我們仍樂觀認為情況將持續改善。

This Tuesday, May 12th, there is a court hearing in France to determine the next steps.

本週二（5 月 12 日），法國將有一場法院聽證會，以決定下一步。

The range of possible outcomes include liquidation of the French subsidiaries, a sale process, approval of GASI's plan of continuance, or potentially an extension of the monitoring period, although we currently believe that the most likely outcome, fortunately, is approval of GASI Vision Systems' continuation plan.

可能的結果範圍包括：法國子公司清算、啟動出售程序、核准 GAUSI 的延續計畫，或可能延長監督期間；不過我們目前認為，最可能且所幸的結果，是核准 GAUSI Vision Systems 的延續計畫。

As a lawyer, I know you can never predict the outcome of a court proceeding with certainty, but based on what has been shared with me, I believe the best outcome, not only for Research Frontiers, but also for Gaussi, Vision Systems, their employees, suppliers, lenders, customers, and the SPD industry overall. Is approval of Galsey's continuation plan.

身為律師，我知道你永遠無法百分之百確定預測法院程序的結果，但根據我所獲得的資訊，我相信最好的結果——不僅對 Research Frontiers，也對 Gauzy、Vision Systems、他們的員工、供應商、放款人、客戶，以及整體 SPD 產業——就是核准 Galsey 的延續計畫。

The details underlying the continuation plan have been described to me. The plan eliminates unprofitable, non-SPD business lines and provides enough capital for Galsey to emerge from the process substantially healthier, leaner, and better capitalized.

延續計畫的細節已向我說明。該計畫將剔除不具獲利性、非 SPD 的業務線，並提供足夠資本，使 Galsey 能以更健康、更精實且資本更充足的狀態走出此程序。

Importantly, based on the information shared with me, the reorganized company could emerge with stronger working capital, lower overhead, and without the drag of unprofitable legacy operations outside of the SPD business.

重要的是，根據我所獲得的資訊，重整後的公司可望擁有更強的營運資金、更低的間接費用，並且不再受 SPD 業務以外不具獲利性的既有營運所拖累。

Gowsey would have substantial working capital, and suppliers, lenders, and employees would be paid in full, not only in France, but worldwide.

Gowsey 將擁有充足的營運資金，而供應商、放款人與員工將可全額受償，不僅在法國，在全球亦然。

In other words, if the continuation plan is approved, Gowzi could emerge from this process as a much healthier and stronger strategic partner for us and for the SPD industry overall.

換言之，若延續計畫獲核准，Gowzi 可望以更健康、更強健的狀態走出此程序，成為我們以及整體 SPD 產業更強的策略夥伴。

We have also worked on contingency plans in case the court approval does not approve Gowzi's continuation plan or decides to delay decision.

我們也已擬定備援方案，以防法院未核准 Gowzi 的延續計畫或決定延後裁定。

Amid the mostly public silence from Galzi, many of the things I've discussed today have been referred to in their SEC filings.

在 Galzi 大多保持公開沉默的情況下，我今天談到的許多事項其實已在他們的 SEC 申報文件中有所提及。

Hopefully, I've helped connect some of the dots for you with additional color, context, and details.

希望我透過補充更多色彩、背景與細節，協助各位把一些線索串連起來。

Throughout this period, Galzi has kept me informed, and we have had many in-person meetings and many late-night and early-morning conversations.

在這段期間，Galzi 一直讓我掌握最新狀況，我們也多次面對面會議，並進行了許多深夜與清晨的通話。

At times, during the height of the war involving Iran and its proxies, conversations literally started with, I just got out of the bomb shelter, or ended with, I have to call you back because sirens are going off.

有時在涉及伊朗及其代理勢力的戰事高峰期，對話真的會以「我剛從防空洞出來」開始，或以「警報響了，我得掛電話，等一下回撥」結束。

Travel became extraordinarily difficult at times, with executives operating from multiple countries and dealing with severe transportation disruptions throughout the region.

在某些時候，出差變得異常困難，主管們在多個國家運作，並在整個區域面對嚴重的交通中斷。

I mention this because it illustrates both the operational challenges they were facing outside of France and also the determination of the people there to keep their business moving forward.

我提到這點，是因為它同時說明了他們在法國以外所面臨的營運挑戰，也展現了那裡的人員為了讓業務持續推進所展現的決心。

These circumstances also temporarily slowed some of the R&D work involving next-generation SPD products, including black SPD and certain specialized SPD film being developed primarily for automotive and architectural applications and for specific customers.

這些情況也暫時放慢了部分與下一代 SPD 產品相關的研發工作，包括黑色 SPD，以及某些主要為汽車與建築應用、並針對特定客戶所開發的專用 SPD 薄膜。

Some of these projects are now getting very close to completion.

其中一些專案現在已非常接近完成。

If you step back and look at the last 12 months objectively, we have seen two licensees liquidate, another licensee, key licensee, go through restructuring proceedings in France, and a highly volatile military environment in the Middle East.

如果你客觀回顧過去 12 個月，我們看到有兩家被授權方清算，另一家關鍵被授權方在法國進行重整程序，以及中東高度動盪的軍事環境。

Despite all of that, SPD production has continued, development work has continued, customer programs and customer engagement remain active, and plans are now in place that could allow Gauzy to emerge stronger, healthier, and better capitalized.

儘管如此，SPD 生產仍在持續，開發工作仍在持續，客戶專案與客戶互動仍然活躍，而且目前已有計畫可望讓 Gauzy 以更強健、更健康且資本更充足的狀態走出困境。

That resilience says a great deal about the determination of the people involved and their belief in our SPD technology.

這種韌性充分顯示相關人員的決心，以及他們對我們 SPD 技術的信心。

A number of shareholders emailed questions primarily relating to Gauzy. I'll answer them now.

有多位股東以電子郵件提出問題，主要與 Gauzy 有關。我現在就來回答。

John Nelson asked whether Gauzy continues to produce and deliver SPD film on schedule and whether the current situation is limiting new business opportunities.

John Nelson 詢問 Gauzy 是否仍按計畫持續生產並交付 SPD 薄膜，以及目前情況是否正在限制新的商機。

John, while there's certainly been delays and distractions associated with the French proceedings and broader operational challenges, SPD production activity has continued and multiple automotive, aerospace and architectural programs remain active.

John，雖然法國相關程序以及更廣泛的營運挑戰確實帶來了一些延誤與分心，但 SPD 的生產活動仍在持續，且多個汽車、航太與建築專案仍保持活躍。

Turning now to questions mailed to me about some of the other markets, starting with automotive.

接下來轉到寄給我的其他市場問題，先從汽車市場開始。

Automotive projects in North America, Europe, and Asia continue moving forward during the first quarter and into the second quarter of 2026.

北美、歐洲與亞洲的汽車專案在第一季以及進入 2026 年第二季期間仍持續推進。

When Ferrari business transitioned from AGP to another European licensee, this transition required the successor licensee to purchase and install new specialized advanced equipment.

當法拉利的業務從 AGP 轉移至另一家歐洲被授權商時，這項轉移要求接手的被授權商購買並安裝新的專用先進設備。

That equipment has now been installed.

該設備現已完成安裝。

So activity and investment in the SPD ecosystem continues at multiple levels, from the licensees to OEMs to end customers.

因此，SPD 生態系的活動與投資仍在多個層面持續進行，從被授權商到 OEM（原始設備製造商）再到終端客戶。

We continue to see strong interest in SPD because of its ability to instantly and uniformly control light, glare, and heat, while improving comfort, energy efficiency, and the user experience.

我們持續看到市場對 SPD 的強勁興趣，因為它能即時且均勻地控制光線、眩光與熱量，同時提升舒適度、能源效率與使用者體驗。

Several shareholders had submitted questions regarding the previously discussed Asian vehicle program and Black SPD technology.

有數位股東提交了關於先前討論的亞洲車款專案與 Black SPD 技術的問題。

Jared asked whether the mid-market Asian vehicle program may involve Black SPD technology, while Rick Carrell has asked whether the Asian program remains active since it was not discussed in our last call.

Jared 詢問中階市場的亞洲車款專案是否可能涉及 Black SPD 技術；而 Rick Carrell 則詢問，由於我們上次電話會議未提及，該亞洲專案是否仍在進行。

Last call was kind of long, so I didn't have a chance to catch, everything, but.

上次電話會議有點長，所以我沒機會把所有內容都講到，但。

The Asian program remains as active, and it does involve black SPD.

該亞洲專案仍然非常活躍，而且確實涉及 Black SPD。

I point out that is often the case with large automotive programs, timelines and launch schedules can shift because of platform timing, integration testing, design changes, supply chain coordination, and other factors.

我想指出，大型汽車專案常常如此：由於平台時程、整合測試、設計變更、供應鏈協調及其他因素，時間表與上市排程可能會調整。

We're pretty good at dealing with that. We've been in. Four different OEMs with products put in series production, so I don't think anybody else in the world could say that. We're actively working with multiple parties on these programs, including projects involving Black SPD technology currently under development.

我們相當擅長應對這些情況。我們已在四家不同的 OEM 中，讓產品進入量產（series production），所以我不認為世界上還有其他人能這麼說。我們正與多方積極合作推進這些專案，其中也包括目前正在開發、涉及 Black SPD 技術的專案。

And regarding Black SPD specifically, we're making encouraging progress.

而就 Black SPD 而言，我們正在取得令人鼓舞的進展。

Black SPD has the potential to significantly expand the design flexibility and addressable market for SPD technology, particularly in automotive and architectural applications where darker neutral aesthetics are important.

Black SPD 有潛力大幅提升 SPD 技術的設計彈性與可服務市場（addressable market），特別是在汽車與建築應用中，深色且中性的美學風格很重要。

Several shareholders also asked about the large volume quotations we discussed on previous conference calls and whether any have been awarded.

也有數位股東詢問我們在先前電話會議中提到的大量報價（large volume quotations），以及是否已有任何案子獲得授予。

At this stage, well, first of all, the awards go to our licensees. We just collect the royalties from those licensees.

在這個階段，首先，授予是給我們的被授權商。我們只是向這些被授權商收取權利金（royalties）。

At this stage, we remain limited in what we could publicly disclose regarding customer programs and quotations, but discussions and evaluations remain active in multiple areas, including ultimate supply licensee selection.

在此階段，我們仍受限於可對外公開揭露的客戶專案與報價資訊；但在多個領域的討論與評估仍在進行中，包括最終供應被授權商的選擇。

As I've noted in the past, the two biggest challenges to wider adoption in the automotive industry were color, especially in vertical glass applications, and cost.

如我過去所提，汽車產業更廣泛採用的兩大挑戰是顏色（尤其在垂直玻璃應用上）以及成本。

As I said on previous conference calls, we were given aggressive price targets to match competitive technologies, and we and our licensees were able to meet those targets. So cost and color are being addressed nicely between that and the black particle.

正如我在先前電話會議所說，我們被要求達到具侵略性的價格目標，以匹配競爭技術，而我們與被授權商已能達成這些目標。因此，成本與顏色問題，透過這些努力以及黑色粒子（black particle），都正在被很好地解決。

Turning to aerospace, deliveries of SPD Smart electronically dimmable windows for aircraft applications continued during the first and second quarter of 2026.

轉到航太領域，2026 年第一季與第二季期間，用於飛機應用的 SPD Smart 電子可調光窗戶持續交付。

Just today, I saw an announcement of another ACJ222 being delivered by Airbus to one of its customers. As you may know, Vision Systems handles this business.

就在今天，我看到 Airbus 向其某位客戶交付另一架 ACJ222 的公告。如各位所知，這項業務由 Vision Systems 負責。

Aerospace remains an important long-term market for SPD technology because of the operational, passenger comfort, weight maintenance, and performance advantages that SPD offers compared to traditional mechanical shading systems and also compared to competing technologies.

航太仍是 SPD 技術的重要長期市場，因為相較於傳統機械遮陽系統以及競爭技術，SPD 在營運、乘客舒適度、重量維護與性能方面具備優勢。

We are also advancing development efforts in specialty transportation and other applications where dynamic light control and energy management are becoming increasingly important.

我們也正在推進特殊運輸與其他應用的開發工作，在這些領域中，動態光線控制與能源管理正變得愈來愈重要。

On the architectural side, we continue advancing our retrofit initiatives with our licensee AIT LTI.

在建築方面，我們持續與被授權商 AIT LTI 推進既有建物改裝（retrofit）計畫。

Judy McKay asked whether AIT's SPD retro wall system may qualify under certain low-carbon building standards.

Judy McKay 詢問 AIT 的 SPD 改裝牆（retro wall）系統是否可能符合某些低碳建築標準。

Thanks, Judy, and I apologize for the delay in responding. Retrofit applications like these are becoming increasingly attractive because they improve energy efficiency and occupant comfort without requiring full window replacement. They also can meaningfully reduce the carbon footprint of a building and allow.

謝謝你，Judy，也為延遲回覆致歉。這類改裝應用正變得愈來愈具吸引力，因為它們能在不需要全面更換窗戶的情況下提升能源效率與使用者舒適度；同時也能實質降低建築的碳足跡並且允許。

The SPD Smart Glass to work symbiotically with the other systems in the building, such as HVAC and lighting systems.

讓 SPD Smart Glass 能與建築內其他系統（例如 HVAC 與照明系統）協同運作。

That is particularly important in government buildings, transportation hubs, historic structures, commercial retrofits, and other projects where replacing exterior glazing is expensive, disruptive, or impractical.

這在政府建築、交通樞紐、歷史建築、商用改裝，以及其他更換外部玻璃成本高、干擾大或不切實際的專案中特別重要。

We believe architectural retrofit applications represent an important and near-term growth area for SPD technology.

我們相信，建築改裝應用代表 SPD 技術一個重要且近期可見的成長領域。

Another shareholder asked whether there have been renewed discussions with General Motors regarding SPD following the previously reported issues with the Corvette Targa roof involving another company's electrochromic glass technology. That's a well-known competitor of ours.

另一位股東詢問，先前報導 Corvette Targa 車頂採用另一家公司電致變色玻璃技術所出現問題後，是否與通用汽車（General Motors）就 SPD 有重新展開討論。那是我們一個眾所周知的競爭對手。

As you may know, like other automotive industry suppliers, we don't comment on specific. OEM discussions unless programs become public. But SPD remains one of the most capable technologies available for large-area automotive glazing applications because of its switching speed, uniformity, heat management, and overall user experience. It is also the only switchable shading technology that has been reliably commercialized in serial production.

如各位所知，和其他汽車供應商一樣，除非專案已公開，否則我們不評論特定 OEM 的討論。但 SPD 仍是目前可用於大面積汽車玻璃應用中最有能力的技術之一，因為它具備切換速度、均勻性、熱管理與整體使用者體驗等優勢。它也是唯一已在量產中可靠商業化的可切換遮陽技術。

And frankly, our public profile in automotive smart glass is second to none, and I mean to none.

坦白說，我們在汽車智慧玻璃領域的公開能見度無人能及，我是說，真的無人能及。

I recently served as keynote speaker at North America's Premier Automotive Glass Conference with many OEMs, licensees, and prospective new licensees in attendance.

我最近在北美首屈一指的汽車玻璃會議上擔任主題演講者，現場有許多 OEM、被授權商以及潛在的新被授權商出席。

We're also the only company that has successfully worked with four different OEMs to incorporate switchable glass into multiple production vehicle platforms. That's multiple models and multiple spec standards and procurement systems, and we were able to succeed in all of them.

我們也是唯一一家成功與四家不同 OEM 合作，將可切換玻璃導入多個量產車平台的公司。那是多個車型、不同規格標準與採購系統，而我們在每一個都成功了。

No one else has been able to do that, as recently exhibited by one of our competitors. But to answer your specific question, I think that the recent negative experience that GM had with the Corvette. And another supplier's technology and execution has helped us tremendously. It has shown them the strength and resiliency of our supply chain and the dominant and superior performance of SPD smart glass technology.

沒有人能做到這點，最近我們某個競爭對手的情況也證明了這一點。但回到你的具體問題，我認為 GM 最近在 Corvette 上，對於另一家供應商的技術與執行所遭遇的負面經驗，對我們幫助非常大。這讓他們看見我們供應鏈的強度與韌性，以及 SPD 智慧玻璃技術的主導地位與更優異的性能。

We also received questions regarding Sun Visor development. SPD remains very well suited for dynamic visor applications because of its ability to instantly manage glare and light transmission while maintaining visibility and user comfort. And we had been approached specifically... About that.

我們也收到關於遮陽板（Sun Visor）開發的問題。SPD 仍非常適合動態遮陽板應用，因為它能在維持可視性與使用者舒適度的同時，即時管理眩光與透光率。而且我們也曾被特別接洽……關於這件事。

Development discussions and evaluations in this area remain active.

此領域的開發討論與評估仍在進行中。

Because sun visors have relatively small surface areas, this market, similar to aircraft, also has several technologies that try to compete against us. However, none of them have the combination of switching speed, range of light transmission, and logistical and performance benefits that we have with SPD technology.

由於遮陽板的表面積相對較小，這個市場與飛機市場類似，也有多種技術試圖與我們競爭。然而，沒有任何一種能同時具備我們 SPD 技術所擁有的切換速度、透光範圍，以及物流與性能方面的綜合優勢。

Now, before concluding, I want to briefly address today's format. As many of our conference calls are normally very open and often include extensive live Q&A. They also tend to run much longer than most typical quarterly conference calls at other companies.

在結束之前，我想簡要說明今天的形式。我們許多電話會議通常非常開放，且常包含大量即時問答；它們也往往比其他公司典型的季度電話會議長得多。

However, because of GALSI's ongoing legal rehabilitation proceedings, as well as ongoing discussions involving strategic opportunities and alternative paths forward, we decided not to conduct a live Q&A session today.

然而，由於 GALSI 正在進行的法律重整程序，以及涉及策略性機會與替代前進路徑的持續討論，我們決定今天不進行即時問答。

And I'm glad that we received so many mail-in questions because it allowed me to cover them earlier. Given the circumstances and the sensitivity surrounding Tuesday's court proceedings in France regarding GALSI Vision Systems, I. Wanted to avoid saying anything that could potentially interfere with a successful outcome there. At the same time, I also wanted to share as much meaningful information and context with our shareholders as I responsibly could.

我也很高興收到這麼多來信提問，因為這讓我能更早地涵蓋這些問題。鑑於目前情況，以及本週二在法國就 GALSI Vision Systems 所進行的法院程序之敏感性，我想避免說出任何可能干擾那邊成功結果的內容。同時，我也希望在我能負責任的範圍內，盡可能與股東分享有意義的資訊與背景。

As you heard today, we incorporated many shareholder questions directly into this presentation, and I want to stress we remain available following the call by e-mail and telephone.

如各位今天所聽到的，我們已將許多股東問題直接納入本次簡報；我也要強調，會後我們仍可透過電子郵件與電話聯繫。

And in closing, as we look forward, we believe the long-term opportunities for SPD technology remain significant.

最後，展望未來，我們相信 SPD 技術的長期機會仍然相當可觀。

Despite the disruptions of the past year at some of our licensees, the overall platform supporting SPD technology today is broader, more diversified, and more mature than any. Previous point in our company's history.

儘管過去一年我們部分被授權商遭遇干擾，但目前支撐 SPD 技術的整體平台，比起公司歷史上任何先前時點都更廣泛、更多元且更成熟。

We see opportunities across automotive, aerospace, architecture, specialty transportation, and other emerging applications.

我們在汽車、航太、建築、特殊運輸以及其他新興應用上都看見機會。

Our focus remains straightforward, supporting our licensees and customers, advancing next-generation SPD technologies, executing carefully, and positioning research frontiers for long-term and sustained growth.

我們的重點仍很明確：支持被授權商與客戶、推進下一代 SPD 技術、謹慎執行，並為長期且可持續的成長布局 Research Frontiers。

Thank you again for joining us today and for your continued support of Research Frontiers.

再次感謝各位今天的參與，以及持續支持 Research Frontiers。

The meeting has now concluded.

本次會議到此結束。

Thank you for joining, and have a pleasant day.

感謝各位參與，祝各位有美好的一天。