thanks [ph], for Thank here. afternoon, and being you, Erica and everyone, good
is today me Voorhees, CFO. Joining Van our Seth
the year. automotive XX%, XX% our third top as up of we last as third the in To fee this major was the was fee last year. quarter In markets, summarize to income the XX% of up third income last fee in compare was to our from When compared compared quarter results, year. in aircraft, quarter operations year, up income two XXXX
in Fee is the up the XXXX to of even quarter quarter, the year, the XX% XX% we this of of year. from previous revenue the growth sequential third if quarter. revenue income this was the income fee third compare to of Moving up quarter from third second previous quarterly to the was automotive quarter compared larger. growth, second quarter Overall, in this year
this was from income XX% third Fee quarter. in came and All both Mercedes from from of increases up McLaren. aircraft the
We areas: financial growth. judge (X) business efficiency, (X) performance our in three (X) main stability and operational
achieved of three in these this We positive all year. areas results
Let's start stability. with financial
had no of As capital we of $X.X of and cash, debt, second the end in $X.X working the quarter million million.
quarter. burn at for Research least about three We have $XXX,XXX is very last will cash to years. plenty next the our Frontiers, cash $XXX,XXX we and predictable have at expenses and us steady of per That that means,
to second let's cornerstone: the from Now, move financial operational stability efficiency.
continuously down. As have expenses predictable expenses, low I noted, we have and come our and
and that year your consecutive decreased for have fourth to the at represented fifth XXXX Research compared company year. consecutive lower expenses the year of prior Frontiers losses operating the
on We lower continue and this trend expenses lower year. of are to this track losses
just one is it break of per to third In penny quarter net for this the fact, approaching a loss even of share. as narrowed year loss our
last compared would first of were year of year. expenses to lower non-cash year, the and year our During options also this relating the when and of to out, this same are nine $XXX,XXX this net charges months backed been warrants the valuation loss about lower issuance have period
be faster. also and where up profitable more deployed Lowering become effectiveness helps as a needed, us business. effectively flexible, resources expenses increases us our to keeps It frees
do smart fraction what of operations. a window Research We of industry, others continue spend in better has and Frontiers to the results
SPD film evidenced as factory line the licensees make typically by Our large new Stuttgart. expenditures, capital Gauzy's
Gauzy's week worldwide. in X.X-meter that. that Germany is and out shipped emulsion then tell coated to let SPD on customer can update aircraft Tel customers our this Germany. markets, of me quite an what see in production has equipment in and equipment to enthusiastic and and to even Germany a most the importantly, Aviv, reaction their treat was and now major off X.X in it film the been now automotive coat coming turn in in Gauzy's beautiful architectural Let's film facility Yes, makes you enthusiastic meters SPD went wide market. More film
some factory when will dignitaries this are invited schedule have that but have scheduling shareholders around few invitations now, of it originally A occur? ceremony asked Gauzy planned being of caused opening from me the to for today. to weeks Gauzy to the Gauzy the four
film industry, meters which licensees to an the wider behind to our most growth. brings topic important in resulted excellent our has receive response and X.X from success, our me for capability wide new glass business SPD This architectural next
calls, our all for past These initiatives strategy. I conference Research In our outlined growth around centered Frontiers.
be First, used cost for costs in technology market lower reducing markets. Glass to customer. SPD-Smart technology technology our our new penetration. the allows up of the put, Simply It also our opens wider
what others televisions the as well very look and display of shown part Panasonic example, have next-generation that. For and a as will we're advertising like, much
the this into sales in subsequent quarters products are gets future leading revenues generate that film one us. of indicators income for put best of SPD royalty near-term film us, for since
SPD revenues. and seeing For you're our conference example, noted higher last of this increased call, I on film sales quarter,
entire the already for the through film last exceeded SPD the end quarter of all third film year. sales of Sales
me through of year. all Sales last that. entire end film exceeded the already of the third for sales SPD Let the repeat film quarter
of not numbers markets some as emerging automotive only in these but see we also aircraft, consumer electronic products. Within and such the other growth
architectural. primarily come from main expect businesses: automotive growth the We part business of our and to core
aircraft as and increased As both well accomplishment, is it and is This was because noted as year-to-date. quarter, use the based this quite automotive up earlier, Glass SPD-Smart upon an McLaren. substantially by income industry of fee from Mercedes
cars the year their As from cars date, number declines. I noted introduction the model get further from of further produced as and past, initial in total away each that
and using technology. be take higher environment under to rates requires for new models that that or higher So, our maintain introduced options, royalties car steady
the in automotive, vehicles the four COX drivers before. markets reduce In X.X%. of electric about increase and per driving by range spoke make two these up more we kilometer, cars energy-efficient, We to grams by emissions
also people and industry interiors comfortable protect certainly our auto is cars. the We hearing and make safer the And message. more of
had call XX conference announced had a and September few that later an this you If risen the XX noted I we to that On United that to our there we this conference for and in number the May, in in last increased Asia. that remember, number for licensees are that Press, weeks were call vehicles. and on SPD vehicles, we Detroit vehicles built our indicated on working in our States, XX Europe, are Free interview early August, being
our Since automotive our about that I industry some give people last call, conference information is in in less what the pipeline. asked
I closing number. in vehicle can their will the that fact, now for not my project. XX say learn number such gave vehicle in was was electric I reduced by in And, So remarks, that Dyson abandoning as there companies you this growth further
up to emissions automotive by drive grams us. expect automotive: per emissions; come four towards will drivers to significantly and I growth increased COX in the reduced main remember, driving to in from for This COX range reduced by the continue to the we kilometer. up three grow X.X%; combustion move electric engines to internal vehicles, we accelerated
for wider comfort savings growth come could And is number to them. the benefits very don't driver be And €XX penalized going a vehicles. meet kilometer with penalty in also, Europe, standards, they costs that emission coming to per the from efficiency where and that gram the be new regulations of carmakers to significant from going a per safety the lower spreading SPD fuel of are
growth to profitable. every on very, There XXX be them contribute year. only will vehicles million And to sheer a are in need very numbers our of automotive. percentage We to be small produced
additional e-mail to questions address this questions topics them presentation I try today. from our by of before There's the received call that were e-mailed We and in many us. of general investors to some
our shareholders provide are asks: a that you built. you detail interview projects built longstanding – when mentioned research, and proactive there of completed? those will being located, architectural they of Could the Mr. of projects, more be of Harary’s some where for couple example, One the SPD size uses are on project on
are on starting projects we're the in somewhere Europe, and the focus East of U.S. Middle most now. to the Well, in
can fairly the amounts entire large skin. SPD-Smart of talking use about Glass Some building of these
fairly So, widespread about use. we're talking
AGP Another many have asked: They open being shareholder have especially a is their plan had impressive a Glass. announced noticed new weeks licensees, rather lot ago, activity by plant. few some of a
impressive plant lines this. comment assume mentioned I of – be and will as built? new investors this Invisolines What also SPD it do their Invisolines On but manufactured SPD this it Vario the think them. related to Plus noticed is Obviously, there. something well. to is clearly could they architectural some I realize website, don't you and you is on that? SPD, clear, glass says Could they've says be
quality is automated, excited being Goldman also And their highly the capabilities. we're only an factory very glass but highly, produce about is I reduces indeed of which have company. specialized impressive. And not they Ghent It's materials, those invested assurance. company, to believe, AGP costs, quantities in can fact incredibly being them. one a in increases in vast very that Sachs that from went sophisticated They farmer
numerous on few same Tesla, from you – online mention issues. see and I about SPD? has patents really they much. seems months clear, that have don't was why in people the not so – Tesla Their and in being SPD a patents why which show don't has they the incorporate dark SPD completely It Another is the view this? Can have shareholder, concerned? solves a both Why question public which model have SPD they for comment it. filed people it glass They do complaining made ago. they
of carmakers the can that just allows the alone the power is which reduce patent And first the to the putting of it significant from by itself are we're on roof electric like certainly, can benefit include all, in it. the XX to waste their companies applications. temperature range Tesla battery and Well, and in starting SPD, honored SPD because cooling degrees, driving not inside car vehicle
a to can sales move as asks, does Research Another Buy, such Home Depot, have Fox's shareholder retail Frontiers Lowe's? Best that licensee
Well, apartment. be we're probably your talking we're can’t It will be about numbers be order Bruce, market this you your talking doesn't initially that for the to custom just larger to predictable set going commercial. will mean near-term, in commercial. the or most architectural large if But about home the expectations, and uses
and of big Home box that from Lowe's of there Depot’s and like retail are kind away stores So, the deflects also different. the economics some much
technology. think initially in electronics the in case at the terms the architectural our the glass path will least world, consumer the manufacturers that providers a some facade will of and – be different are high-end be of the through in that's I architectural emerging but that using of
OLED a have people call things that And using that's screen TV, stores ordinary that'll distribution box now a of and an displays. for method candidates market is which of imagine on TV, big certainly are of the lot Panasonic's I be takes into transparent turns definition the it piece kinds high transparent up. there. glass and the gearing seen Those fully probably to that
last Another by film shareholder, during said: increased had that the call, your XX% stated SPD sales quarter. conference over Bob, you last
us indication gives path is information profitability quarterly update? on in Research this good to think included the be sound and Frontiers your that should I
entire this a Well, future year. through as film year the the in And of we for success. very the quarter, indeed third quarter mentioned are SPD sales SPD of I indicator exceeded sales good this the quarter, prior leading current as sales saw film
So, we're well. doing
for had of on shareholder with pulling estimated the runs falling manufacturers, are back auto many they XXXX? for Another sales asked, production
is I'm everything – of It's the that aware before. on course Not was same it Len.
relates are going to suppliers if lag And next needed the soon? of to wide question Hitachi And what how times address kind that as for architectural so, is well? film? make then the going And market to market? are then And other
project me three because short can weeks, about the architecture answer Getting the lead let as it. That is few it's simply and job introduced need where So, as mean, the every architectural glazers be site, will seen SPD-SmartGlass before the those a shipped market times questions weeks doesn't they film call relatively install and us into three the market. laminated to glass. I've quick. available
other For our design going the the of integrate to this. of and kind benefit a that's with most of lot are that part, systems glass there's
building the into and their of users environment. office this amounts control over integrate systems or can home control You incredible give
because So, specked of I get the versatility. on that process early imagine in we’ll in the
very The going you large is, We out to market address question to a asked certainly encouraged do that. And there. as that them market second That's is them. is have well? to Hitachi there up
some been blue XX opposed adding about gray how is tint> PDLC? has or tint it a the of a showed blue gray tinting been the other to has film, discussion asked, some photo great shareholder SPD. The of more combination Is like for monochromatic as Another there simply by recent a images technology achieved? latest it or done this
It we've what in places you some actually of the to do at. And particular some layers a to match you're of to that. the car automakers, colors. a worked runs the configuration projects different lot actually film glass, directly the been looking And those the achieve from that the color of there depending the we've many and that on on scheme you want able different gambit, the the times with outside of are for to inter can to
Okay.
of year, Frontiers:. trends company a when company at market keep why company that? flow said that issued during up online current coming assume I could third used question is, the coming positive additional at conference profitable through clarity some would profitable, works this have start as and the head financial point in model the with turning Reading Another from when around, call. that the I Frontiers to a Research for cannot Having my real be call, would I you earnings shareholder reasons, key Research fairly and will was callss earning substantial XXXX. past my shares for same using be a strategic I've cash could hoping position the that becomes he wrap more built that, Gauzy question bring assumptions said, last the major quarter
ever it question. would raise didn't you reasons. said thank for for we that did I need be the Well, In past, the but we strategic cash, cash, if
it that whether with this this not kind beginning manufacturer wants for might who of chain, those directly, Frontiers., what to large our some large supply a a industry, example, company Just to directly investment of out but it's one or make order a we're incorporate the supply chain of be, has of secure and going through they it Research smart glass if project certainly investment a and want may see our strategic, in an stronger. increases they reasons and through in it, us, that manufacturer, consider vehicle, amount complementary a rule throughout we to make the an example, to I ultimate in if success wanted to the or large us that, And would for that. seriously licensees of because when do product make SPD auto the wouldn't used into necessarily
comes Next question from shareholder. another longstanding
Regarding SER for per the many How car And licensee in is targeted specific model? cars SPD that's our armored Brazil. produce opportunity, SER year? does newest a
of a that I'm but answer one the market sure SER I'm month, give is not in question of specific every to vehicles upgrades the leaders I allowed number can perhaps differently. your Brazil. SER little
market for comparison, In And one is cars per they're just the month cars me. it's overall X,XXX number month. armored SER per market. Mexico, vehicles in in Brazil, think tells by glass tied that I XXX for in
three larger Brazil times So, than that. is
targeted our some next about the vehicle asked most armored licensees several market, And those that production And spans model? generally, existing you the actually, frequent glass for vehicles armored And worldwide. direct glass of these for there's a car so upgrades licensees and field. consistent between There is, are a fairly in SPD usually or is and upgrades it discussions that's that with targeted about automakers Well, makers. dozen question are for of is specific the vehicles.
and multiple So, supplying OEMs them. talking we're licensees about multiple
windows Research would Frontiers? car per sunroof, be revenue and would possibly for what on So, be a the since SPD
put baseline. the car. car royalties we is glass probably on our $XXX take get in the S-Class get the that in per let's much would in times how more, three $XXX we I'm maybe We've royalty, glass armored between and each for, Let's say, market, that least said or Roadsters. expecting at depending
Some because them of armored. be have they these sunroofs, don't want to cars
and And the either outfit there sunroof, just sunroofs, a a somebody ask glass would of in would there have premium SPD. they glass. a may cars you side with it so hole in new the or And upgrade put the with already cut lot install – a an armored just roof
ship question glass next car will they these to for you and installers geared, when that was, they they start would do upgrade Brazil. Well them throughout sets armored ask can the them mean, making are now. And the of the these way they operations cars? what they I make each their is,
to basically sent are companies. So, installing it's the which in the blindadores kits, are labor by will, these not involved because the even you if these, upgrading limited
about about market. Television the in talked progress We other your question
says: When will shareholder Germany? their factory Gauzy new in Another open
We wide to there's next two Will years? right chemistry including pent-up film in They're already make that for this a answered their effect running facility over coating. the demand. the that, it's There revenue delay Tel producing that the hasn't in in Aviv their been best, emulsion now. to expected the X.X-meter delay for doing XX/X produces And opening extent enough opening.
Another produce I the talking Is Stuttgart, factory. will assume you're they to the Gauzy’s one production SPD Gauzy’s about PDLC? I or factory, question dedicated solely film, is of also about in
the really to way the Gauzy to PDLC-only? does of second of of factory. part a couple facade factory the are hour built the produced you well? Then divide located the guess in the once the headquartered the auto minute is biggest done of have from couple drive production is, that major is building that a to have – their as And PDLC to up some factory second market, chemistry, all drive players factory, SPD decided to are some devoted Stuttgart Was architectural Germany. some probably question So, in the and Germany, that The could reasons site within and And Israel, in solely all SPD. in Gauzy are or get Gauzy in the in done those the is SPD dedicated companies they too.
SPD So, strategic it's to now. very Germany in being right produced have
see disappointed same model? from our indicate question was and the DBX of to that in Another latest glass surprised did shareholder. I their not Martin Aston implementation
they engineered a there it for both little model. implemented cars. Martin number in elsewhere for of have a are specialty different models, of on Yes, didn't that Aston we within a limited and was – high that But surprise it been bit that production of put
that it's not It So, hasn't going now. later. doesn't it happen to happened mean I think
And question Gentex that talking OEMs shareholder then for is the had last is, is the that Research this glass asked XX Frontiers contracts? same to smart
assume Well, in business is probably to I the inside main talking OEMs don't sun to, who windows talking the in not in window. rearview sun Gentex was not windows like any I and market, mirror smart could that got know And windows. automotive an rear exactly they're Their but of vehicles. is for things roofs, biggest and they've aircraft-size the visors and about
when So, electrochromic with there's you into inherent limitations that the realize I technology. get some larger they think areas,
expectations to and Another plants at will or near be full German shareholder when Any John, had Israeli operating Gauzy’s asked: as capacity?
So, now. the at is that the the just up. is SPD it right capacity factory production And in starting for running chemistry coats full
been very, quickly some reached fill capacity of we've that So, up very they would the that of yet, haven't full projects capacity but talking about the facility.
you're projects substantially hit that'll happen reduced capacity, once fingers talking later. will prices as it the about that that toes keep crossed film And than we for those SPD rather well. full So, sooner – and does, our because
various yachts, other licensee the question charged price autos, significantly such that and is: for Iis trains, different And to is applications, ships, as the how planes, question determined? the percentage is the cruise asked: other the royalty And shareholder architecture?
royalty, you is sold XX% in market, So, basically, based XX% royalty the a get that a price market get the and automotive mentioned, the every we and it's on in customer. other we to that
glass. the in it's automotive, for aircraft So, it's glass. pay makers what the aircraft, the what for automakers the pay In
it's So there. determined that's how
cite question why then benefits? is: smart glass highlighting asked shareholder the or the and product Research last your users of when don't And more advertising uses Frontiers end
to actually have respect strategy we all the to we right encourage them and that certainly in these do also it. our legal we agreements have But have. branding the companies Well, of
that proudly SPD do we more So, see of as technology. Research them and and mention And more well. Frontiers probably you'll
were videos by You've in it. of the generic SPD just electrochromatic things, where the mentioned a name, to and using a seen this whereas past term some lot is the in of describe licenses
social in asked We our public areas results. were also these also this and and beginning all media efforts. And relations Investor of we and those you’re quarter to activities about see Relations our expanded
Regarding awareness Mashable, have the also we're the Today, media, in in Detroit our it Driver, public and way put as towards such the about – certainly what our us Tribune; very relations this a auto these articles to as social resources our Free And as as more publications publications, Chicago and in industry key efforts, and doing technology us brought Press, tech and is Car such leverage do. USA can Investor because well we've everything inexpensive Relations, areas. other about
today. we And topics so open any far covered. to of discussed participating exciting might have our operator, ask today Erica, questions the to we additional So, already conference haven't people that will lot I up a
