Erica. good here. and everyone, And afternoon thanks being for you, Thank
and us. the our for efficiencies. vehicle me conference to of customers Rachel involve doing our markets past the and Seth on is special new Van CFO today In Research SPD-SmartGlass is is Voorhees, that research an our customer, who special our I for operational intern calls, reducing outlined new Joining market initiatives here and technology These Frontiers. the cost some opening guest electric up
quarter. this areas. compared last As have results up Fee we achieved these all income in talk was quarter will of XX% we about to today,
year income compared non-recurring from first and fee of this slight first items from quarter of of the are a the quarter the in increased fee of XXXX, as the $XX,XXX market was slightly aircraft in quarter higher sectors, of income of the income first quarter year market this levels there for last fee this and quarter. would by We year display Although lower between year. first had accounted and the when have last the quarter architectural automotive, to first decrease
last over third set XXXX, Cash were year first expenses to the warrants from connection and to on fourth our at consecutive XXXX. have since noted additional were have lower equity three XXst, months bringing capital they for warrants about XXst, share company's the XXXX quarter share. per $X.X The February the declined $X.XX March equivalents our of XXXX. per loss market our of or an issued over marking share two period of XX% three been $XXX,XXX for XXXX. or by back XXXX year part issued consecutive the XXXX and your our the the common in before with out ended all non-cash $XXX,XXX per improvements lower fifth the compared the expenses as the period years year. you of was would we these of months $XXX,XXX $XXX,XXX as $X.XX of during quarter did company. Expenses million four year last increased same or end offering accounting company's offering quarter more in Almost compared losses months the by The when as decreased operating I March to the value Research to in first ago, expire areas than As represented of of cash compared in or call by exercised Frontiers common conference net to for or $X.XX certain the to year for to the due company XXXX loss that same the $XXX,XXX continued same prior in two The common to initiatives. reduction in for the this first quarter compared net cost of ended
lower; So sheet quarter business substantially keeping lower basis a our on to move our loss than is last resources achievements quarter most ones. is last grew debt-free good cash with are our strong. cash We're significant financial net in growing, the position plenty XXXX the and were shape balance expenses of since the our forward. of year, the Probably and operational during first
Maybach are As and many and SLC at have flagship of you XXXX, S-Class the in to since we Mercedes, roadsters and know, SL models. their expanded we
on I with XXXX, one We mentioned cars SPD-SmartGlass in any the the and position have automotive quarter. has them. thousands with earlier And problem toughest roads of of reported tens being royalties the of were higher used reliability most still on since there that extreme with in shown car, been SPD-SmartGlass the our these environments sunroof. not this used
As I get cars number total of past, introduction as noted the year and their further away that for from cars declines. model in the date, further initial each produced
that three this McLaren car their in makes the and they rates take based requires XXXs models or McLaren options car be digits. environment what to year take using that maintain indeed including to expect high March, tell that In they their of technology. roof that is higher announced rates So we experience, now on these has higher SPD-SmartGlass each introduced upon very royalties steady for double about popular and X,XXX new This me our XXXS happened. Automotive models under for Spyder. be
can loves on he coolest had said the see of during You it test-drive was in the reporter automotive on seen a sites it! automotive ever. a One thing it absolutely footage press and car and YouTube
had the the all the fun like sitting McLaren roof with was comfortable couldn't new the SPD-SmartGlass roof an roof reporter and third button oven, in prior to but a microwave to Another made much glass so stop pressing the more switch one drive. commented that McLaren the and tint
the look the what post roof XXXX, uses also third and car. January Speedtail So reactions, are, favorite know media. see me SPD the areas the social be And around customers. in in McLaren the to them to internet and videos other fun and have It and of in will some let your these please on delivered
Auto last Los amount November vehicles at Show. Angeles Show. attention that even Auto debuted York automotive. month's We two vehicles also were in that last and concept New hit These SPD-SmartGlass the our Show announced getting March the electric coming also for vehicles at roofs. These we more in models licensees their that used the expensive our we are at meeting their higher have the recent automotive expected since At we than good in Auto been have working are Mercedes. on vehicles world substantial There These in with in to of two and about with even production be Los board talking are volumes XX than McLaren We're month, debut Europe substantially higher most that XXXX. less the volumes vehicles and built perhaps Angeles substantially and currently States, new news SPD in a listed Asia. in being and discussed that United is vehicles
Of in course, experience may and this In into has Glass of the shown at year being Industry after. make Berlin. but Auto the year models spoke few and are that some March, introduced these not production, many Summit I a it next year
or very four focused on other there. my SPD-SmartGlass surprisingly article trends. Automotive was technology. also automaker SPD-SmartGlass Conference presentation reported vehicles SPD noted and increase As The driving focus But emissions even by One you presentation vehicles, Once its mentioned suppliers expect again roller and these kilograms self-driving clearly pounds, by might by the X.X% emissions would automotive automotive enough known their in and Michigan become some Glass on vehicles, weight, presentations COX seen and of electric grams our shades kilometer. and from plays of of autonomous the an that in you and important presentations XX and of major that's electric reducing -components six yesterday's that my and reduce from of all We automakers most benefits. using SPD-SmartGlass X the can range other of on have We per mechanisms. areas. have eliminate eliminating can in the role coX well industry XX over
Germany. film operational licensee some applications. the line After sunroofs second of many for email A early effectively film to large our investors the architectural of announced. SPD the wide Gauzy film XXX,XXX two aircraft to component our X.X also for in second meters far licensees. goes ribbon-cutting SPD one efficient Tel summer to But having in film. already presentation for buildings. about even of history. to the major the thus This a film sales? development of has their Gauzy is in company's well has the efficient expensive smart time SmartGlass by window, and factory comes appropriate to I involved plans film This be Gauzy's million market Gauzy is And Can in from the And SPD market but SPD-smart times. previously factory a also actually SPD most for Jared come online functional supply from of XX% windows. second XX enough this SPD in for and resulted questions from factory a some this capacity glass expectation It million control answered received need a additional production level course this of question making the expanded us per in we as on X delivery year; first it the Jared by producing Aviv Gauzy. produce often what near-term one This costs for emailed green an square growing today. factory of our February Well, topics can architectural competition and architectural per October, the questions possible early located building meters source address adds addressed us. Albert. about track in quarter call Gauzy film in of coat the think to more million there that world's in meaningful a in sales film windows be what even to for you energy for of here everything it them in factory over quicker year our or light expected having is strategically is they produce and about This to first and and as is general has X reduction major summer. line make Gauzy's to announced highly line their the larger are Another We this smart SPD before statements of Stuttgart, only and first Stuttgart being can factory not were a supply optimized
is answer self-powered question, days is other The inertia enough to for or second is as Sun that commodity the relying switch was systems a their on and applications transparent vision these does not photovoltaic. Your and bankruptcy photovoltaics suppliers? Sun Partners just affect Partner of Yes. transparent
them other this going they licensees. much other our of with, is there not have to makers we photovoltaic not So that's transparent that concern. effect have you or and so working an on know been And any a are of
comment expectation their alloy wheel if is, be from and enough Jared, the model volume Sunroofs WXXX SPD also the is question pricing you use ratio. Second will that could on to get the this first to
will let little currently Xx wheel Mercedes could all, made to a s-class reference but lower the I out. some cars the the and little point me alloy that they further, to comment item where a also achieved I which first as on The profit us that about, our And benefit calls new new the high to as the wheels. about down with we've before WXXX refers I a had pricing, but make talked out alloy us pricing cost s-class us, And they do also even may of to expect in indicated reductions the on they'll all, ratio if they higher we pricing after talk get is it I Xx will to where the just supply previous the out current wheel, much could coming well. already like First translation. comes of volume throughout one another come make the aluminum do Jared's they business that as alloy of conference chain get and do get
is everything on track. So
for View we effort of which presentation the an can relative You to share between at many the had to if per values we and of our our also of where some well; our And that View than is good subsidize there get question. our our be that your more down first And are do Sage is comparison asked prices. public between all, Softbank the and will that related That's competitors this price. quoted subsidized pricing to been costs us the companies question View. to valuations with that don't have answer believe technology We in are with View assigned then some REFR into them. And are community. including being that last get put $XX investor or transactions of values there out us have View blow a
think if somewhat View that is one in one what disappointed. markets. I is different will those a our be? only be goes that's of happens What question would real five And that's company interesting for the if than markets in public. valuation not higher valuation I
a going View actually that lot. think I So can our and us shareholders public help
industry, did He wider Gauzy seeing is available. some in both. level or other the They're we the ringing you the at the have line. We're that the biggest real and refers those of on uptick ask the a And in this these -- outdoor they of all of projects. in bell film fact on in is of automotive? Are novel bidding advertising than and an Can new that there and question control outdoor a the future also -- Glass for efforts of best of space to projecting and UK then display throughout Windows Panasonic number of Another and the a more from February celebration their retail SPD, about advertising advertising revenue in would a has Gauzy's are architectural other factory the digital industries retail lot very very question outdoor half mentioned that. based big interview, of of lot are activity with Gauzy first both We've create market, a as that more a been a you and effect become has on uses And an doing important others for of things to medium. the on seen a and on the have. about in has innovative Sheet for and that. glare SPD technology images work including advertising? retailers trend work been doing part has Nippon comment experiential been
and as seen, be different and a well other will some consumer part coming has closed are quite of believe I see that are you exciting an SPD, much CES So volume year than in more become market see for being as people think high experience more just for the potential out things important because behind and the displayed the of going what me that have but interesting to every market that with I of doors. what you displayed only and
progress And to couple what been in how over less in SPD-SmartGlass be plant orders of comes a to X.X at have Nelson. rolls production meter have plan moment, brought detail the on for question, costs Another In down the summer beginning. that When the second size? by a down one any of from more seen efforts you cases, make line some much Is be in approximately XXXX? the John that production Germany they terms the Do are architectural wide? you percentage X.X bring meters that. we've you the this last than in will costs Gauzy producing television And even located further on it half than affordable? of years? were Can
I building about addressed the question second like In production terms said other it of factory. last I Gauzy's but and questions sun a the orders. in they're
that he Saxe is to as he dividends happen question we for that sorry see the here is Len happens says back cash soon. start to profitable. become had than Once from it's but XXs, comes not in plan paying to wanted diminished. about isn't the know a the to overhead know great Liitle Bob Another I I'm need
where auto, Now considered the may That finally near finally airplane, time that the be Is dividends by destination potentially products the XX added recognizing that and should architectural market for as overhead all, at company is be SmartGlass. the eventually these term. value that set could and months. Well, XX as be to opening and others a get hasn't closer machine. a near train the We're in now. changed. royalty become dividend lot Frontiers well? thank to of put a simply, right goal Research as thoughts first a And question. paying and to as current collecting To we've Len, your licensing up it just minimize you the that to We that
and Revenues point be substantial. was. what lower up see or Our is costs down breakeven so so in we are happening two come the it automotive have can our next in years than
the and create I We are mention, day. to to has us for brother other you there of like be email. personally things, I'd Last your company to he other think director who considerations all, as it's of mentioning One and had paying soon see this So, about Saxe course, work every possible. thank at tax dividends as to board passed up him also. like in Bob thing and Steven the to would first that the done a used away week his industry but
Hudson XX thought licensee not was a of So phase are last as with also Electric surprised Frontiers with phase the Auto? involved information week the were two of I SmartGlass Is architectural involved provide Equinox expand from SPD in about performance it, film mentioned on working provide on And has yet on as with not Research they with the of is, to questions projects and The early what and projects. And of project? for launched happy sad needed in at be is yes, also other their There involvement Yards SmartGlass David there comes related been it one they related we're earlier questions. at we're but because a I we're week I the we're wider of Tyler. project. phases and getting the a car mentioned not Frontiers when talk are mentioned international impressed first as from future a Research Frontiers projects? in the you being Would later he hotel the One models Frontiers available and Rick time is, that in I makers if very Frontiers the the Yards Equinox there was hotel opportunity the other that large got from Los of Clang. one Hudson but favorably in Research be about years SPD-SmartGlass the film Steven of Equinox that wouldn't they early well. that you Rivian international to knew only was on, I used board I phases from attention any that. answer question We are by information hotel Research our specific Hudson Would substantially the is directors. in about and but involvement David Yards Two projects? our Research used the Auto Angeles and was there can't Clang. really very positive with. automotive industry, personally an the number Show see very I involvement on
now. they stock guess the in doing what to maybe firm at began judge I to substantially started stock Your PR our and date? $X.XX what was and value true the has When our other provided question stock you contracted can work and late price. Frontiers get the Research is is from front higher August in their they of firm investors is
trading higher. So is and the volume substantially
our personally new to were good of has because they've getting going us we two the I'm in and Loudoun more of these I in And many, think attention SPD moving social in very I'll weeks also many I to SPD-SmartGlass public all well to relations widespread as industries about is I'm relations as brought public media What us a about demonstrating of and just York. investor got investors. do So adoption of activities say in of efforts. And also our the various technology the investors presenting front investor at think well. be areas, happy Berg the And job some to we've our Expo in also relations asked and now expanded as Technology New from relations.
up lot have exciting a operator any have might So people And today we not questions to participating to ask today now conference discussed we the that additional topics. I will of Erica already open covered. our
