Earnings call transcript Q3 2022

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Operator

Good afternoon, ladies and gentlemen. Welcome to Research Frontiers Investor Conference Call to discuss the Third Quarter of 2022 Results of Operations and Recent Developments.

During today’s presentation, all parties will be in a listen-only mode. [Operator Instructions] This conference is being recorded today. A replay of this conference will be available starting later today in the Investors section of Research Frontiers’ website at www.smartglass.com and will be available for replay for the next 90 days.

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

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

Research update uncertainties. their prior conference call, statements The part forward-looking or no session were of Frontiers or be to to this at as end. the will that undertakes it many answering obligation or revise presentation of to in Company events either the the to reflect Q&A new questions these e-mailed

to call in In answer shareholders responded the prior general interest call. directly has on afterwards so questions do to this this some [Operator Company order questions will of Instructions] e-mail to more cases, to or

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

Joe Harary

also welcome and business and last conference the reasons Thank Europe. Hello, you, about probably especially on in that. XXXX our energy affect asked how were our would the its not we impact to welcome our inflation of everyone, discussed call. Bailey, quarter and call, situation third our aboard. business, investor In and and We recession for

in smart-glass of as the X introduced this industry. third quarters conference fourth discussed call, the also developments new in August well We year other as being our and in cars

our quick well so far summary. predictions. see today we did Let's A how financial with

second loss third automotive our the in the the the were aircraft for than and also markets $XXX,XXX a were And compared the year. than was Expenses this and quarter inflationary fee environment, quarter As were run to earlier lower the from in down quarter. prior we we net an quarter. afternoon, bad in Expenses this quarter It's the quarter. ship. press third up in $XXX,XXX previous lower issued not income this tight pretty noted release

strong no financial continue million. $X.X of million, And September on XX, as We capital of the capital favorable total cash equivalents of remain terms We $X.X million to condition. and raised $X.X shareholders' equity debt. in XXXX, and Company had have cash working of

burn at next models. further We car years expect our to for revenues have $XXX,XXX mostly months, based to during $XXX,XXX higher of with upon capital reduced working rate quarterly five least new the next This from of is sufficient operations. XX the projected

glass ever towards SPD-SmartGlass to This in In of our year about last The to indicated, its car of indeed we it. the and conference QX automotive had being SPD-SmartGlass in the produced this has roof XXXX, models technology offering cars equipment. QX our roof. in and Europe, is customers largest customers, spoke roof in another new the an as car Cadillac panoramic end XXXX maker earlier happened SPD-SmartGlass Cadillac with call, delivery launching four-quadrant we delivering piece and for announced with of standard Celestiq sports

sports you want car, car if it's like crossover other looks SUV but roofs option, SPD-SmartGlass. much it as The and very the although a an offers glass, panoramic only

the European maker another offer other will time U.S. the we we like car will. that win introduction volumes from the car Triple with to Asia we'd two looks and yet from carmakers, introduction one This expect introduce this Crown like SPD-SmartGlass. and it to maker higher in month, a So one vehicle than

and aircraft Vision industry, aircraft Daher were to the Two and aircraft the In XXX there aircraft, Airbus, significant in systems and trains Systems two Orlando as of new in aircraft. ACJ such the Epic program specialty and mass automotive from vision convention also in other last ago. including aircraft the dimmable in market at XXX vehicles, year, now Moving Comlux by vehicles. on TBM the new by transit NBAA display the weeks windows these electronically SPD aircraft were projects

at must say I I aircraft. was quite that was -- And it and the our performed technology looked impressed how in

and nice the very exhibitions materials new by that Some of are Gauzy well specialty follows NBAA, also really on at amazing, Vision and SPD and done. Germany in the a in Glasstec, used both that Vision engineered September. are InnoTrans booth Gauzy by at vision with conjunction Systems strong and Systems systems had

congratulate with X October include InspecTech past programs, quarter. marine successes I vehicle specialty the and Vision to also railway SPD X X on programs. great newly business for this announced SPD projects XX aerospace X programs, in Systems RV up want which programs, window they programs also picked revealed aircraft Smartclass,

Let's look at some other economic trends.

forgive in economist. me, to And reserve used I a be federal

leading aspects useful have indicators. the especially economy, various of can't when I looking So world at economic help they

As to noted, business be inflation recession. to up and set resistant we our

a these However, I'm our not call and about remain also and doom gloom we all happy areas, supply issues. there, there it's is chain licensees potential say and conference to out in our last unaffected. concern and energy relatively expressed that in

facility me to levels the just on and facility energy not comfortable to their the at smelters. as do need need use higher First, reported does their within high-energy to accuracy. we keep licensees that need prices for such customers. Germany they inside raise temperature our pass to need Gauzy's not They to cost in way machineries and basically They look energy. certain

in there waiting observed Shipping since are the two was weeks while Also and and -- their recently, which Angeles backlog about to had highs container this, in at an Los down we an costs remember all when ago, last that I of read our August we call. ports article, Long conference dock Europe, ships Beach. epic prices natural gas XX% dropped of to record

almost and a with normal of plummeted more ships of sending the which container $X,XXX, goods from their almost $XX,XXX at almost Wall stretched off XX Plus to nearing to shipping according now miles one than the to that of XXX situation cost this has to deep back number year, to from But Asia drop XX-foot ships coast. At point back is just waiting standing its out Journal. four peak its is Angeles pre-COVID the from the Los average. the Street

of announced SPD-SmartGlass come conference expected higher on In XXXX. second cars to will were of car -- to coming multiple I in our last North is starting that the call, be near expected to XXXX. term indications in this coming out of these cars start It reported We've seen America delivered with to in new expected using technology with models already half customers the cars sorry, much be that all the XXXX month Europe out volumes. and Asia during our

The production the already preparation ramp-up begun. has for

now programs LG We including Gauzy, coming display SPD is also noted earlier Vision AGP, products display product other film. economic transparent which multiple by OLED SPD two increased Systems, year models new areas, activity with car for their using producing in and next out

seen have Glasstec of and We exhibitions major SPD InnoTrans in at Germany.

the the Systems Gauzy is at Marine in world. have in largest It for in Vision early largest that will Trade of the Europe Unless U.S., Amsterdam Systems XX to and expected Aircraft The the in kind Specialty ever Vehicles perhaps their Show Las upcoming and others at Vision Equipment show November exhibition the and in Vegas show the is January. show its in CES XX. show

Hitachi conference our our capacity, so film amount last near-term production far. of made best SPD internal emulsion quintupling also production these substantial -- introductions capacity more has my expanding the for SPD of I we was our that on than get selling in I investments In price noted the in call, royalties by sold can that estimate products. Gauzy that SPDM additional noted use year automotive double

of is SPD sales of one economic important of accurate and film, which And all leading into of indicators these most the end goes products sales the SPDM products. levels of levels

So the and indicator near-term and capacity royalty others probably from hiring income. best sales Gauzy of the is and ramp-up

were I in answering look emailed questions. in several that, your took cases, by the of And related that us. one. to questions to to previously some combine going into And forward our sent questions we I'm With shareholders some

Joe Harary

million XXXX? potential of was be will revealed, XX, private shareholders? use did placement John complements the deal of Nelson the $X.X a to you on that in asked, very placement why when investors Research existing more on September specifics private funds, well-designed the Any do protective Frontiers on

Well, thanks, John. And it. there are several reasons we did

of and stable for on a and should First, also tiers, part reliable is fiscal strength customers a important opportunities license fees is supply arise, research coupled future and undoubtedly showing also our with very flexibility industry. chain they're strong good that entire responsibility strong and to pursue they

pound future. uncertain customers look of of like worth an health prevention companies cure. because seen and say, And financial have you We've their for of as their is a existing ounce airline alternatives they even

the at has more prior If And in smart in of them you what public buy predicted that and Crown months that of has they diluted just past look just other the conference shares life. month, done, outstanding tripled companies have View doubled highly number window financings I that calls. and have

Crown's line film has year-to-date, customer, even their seen of road a yesterday, strips, know to their experience And value. this their performance and they Just their deliver on shareholders a XX% shareholders with View they their have worse was receive revenue. production we losing product its them yet their and then quite generate launch lose because ahead of have narrow from as of to value build and that design of XX% feedback

us, shareholders to Our risk shareholders have placed their trust remotely want even we have tragic never and such a result. our in

that the prospects. realizes think I we and fact, company market In stable are well-run excellent certainly growth a with

the XXXX still XX% Nasdaq a down of record S&P XX%, up after and XX%. yesterday, the this where was Russell are October, XX%. The our down Dow XXX stock stock is bad XX% down is even small in in the market, caps is year down As

the over the the don't want can to not at offerings or to accelerate substantially shareholders money use shareholders growth is do it, our years if One is to low best time need we've equity return you it you the your And dilute desperate very of of raise prices, of unless business. use dividends that it. when with always things the to it we we in learned form

next Nelson's invested. who Getting about to question John

and with the positions I've to fortunate important Another have not is you money already very who whom how it we you have raise with. Company. how individual over years substantial it it's is very you large are raised in raise the as some much shareholders And as learned thing

the understand network we're And as them institutions accept Frontiers that future. period. we're this to in and They started in involved participated to back restricted now is holding willing who going, investors far with and supporting last Research a offering. it's has in which where have and now XXXXs stock, where the investing our us as offering, efforts And fortunate of a there's and strong very the

Joe, last inflation, question. come Another in revenues is the What you the expect shared the observations our general other automotive and of in it? in to of recession August, effect economy, some trends. conference industry much we opinion a the about near-term from since your about general call

Well, the question. thanks for

Speaking that in would higher generally, of I indicated market that past do well. I automotive the thought the the had end

when We XXXX carmakers general downturns of also financial crisis. this saw major economic economic, during rapid during and the had profits economic crisis world luxury

profitable. that this Bentley, Last a concerns Europe is supply and are segment Ferrari cars that with becoming as such off month, news more lift sales in noted shaking of year ultra-luxury automotive Lambergini, to more the companies and booming

surprised someone who if this. studies I'm not So history, economic by

more will industry. winners Speaking losers and specifically, the in there be

selling I are massive amounts public think and automotive from just too the of to market the players public all amounts gone at of a very burn. industry have massive of off for well-established have investors think days many and capital future. EV foreseeable only successful like more and companies companies. cash it over the see raised wild-wild I There start-ups IPO, Porsche you'll gone also the spend are the well-established or crash spun other And had activity divisions. in that

area. this these also all electric. have accelerated announced research also remember frontiers. automakers massive government going is mandates being in and government incentives well-established by And This help in that all mandates investments These

gram years combustion kilometer fleets next carbon don't that we per the helped their by that face SPD-SmartGlass per €XX XX for grams offer. kilometer internal First, the penalties Europe all per Europe electric. And for or and the in reduction X expect is cars will so, can engine carmakers carbon be in of

make Glass residential Act also investment helps and there, vehicles driving help the Dynamic and of SPD-SmartGlass applications, the to vehicle own tax for both to desirable we estimated range increase in for And adoption And and operate. SPD-SmartGlass more X.X% affordable accelerated electric credit can vehicles, too. smart the more achieve can economical architectural that makes commercial. electric windows from XX% for The electric

in pounds this important towards their can large in is to and And eliminate XX roof of the And the need roof, in mechanical Bentley public car. noted that automotive, large traditional has the shading not areas. note trend for larger SPD-SmartGlass because SPD-SmartGlass macro roof weight are panoramic a the components movement there's the roof another XX stationary pronounced save for and of roofs. presentations more the pull-across feasible you shades

compressors degrees public The to an a AC having that and your test reduce degrees interior getting that an is note beginning even XX% instead oven. become of SPD-SmartGlass roof. is on conditioning. otherwise unless XX just air degrees in temperature roofs can XX without be to small Independent panoramic and having cause Fahrenheit by and car to XX smaller shaded, your by wonderful publicly making also when car temperature being others use properly used the it Mercedes can your vehicle a show inside Imagine

related will see a say car? be and about A introducing can reports question. Grander Hyundai glass What Joe, this articles roof. you smart that we the published

Rebecca quite high-volume Well, should they're There cars. thanks for do you mid-level my strategic I just and follow make do that great also tell premium in Why manufacturers, question. investor drives are one. Oh, closely, They Gauzy, not a wife, Hyundai? cars. also a the so and something. follow I Hyundai

number and sales. And also Hyundai two Motor Tesla Group a is behind strong EV

sales so models, year. be about a far target electric year, to Hyundai to it will to sales raised by its They record for rose a also In EV more SUVs XX% earnings than luxury this XX% units. what from this EV earlier. said that high it year fact, and our Hyundai XXXX focus vehicles expects achieve said on XXX,XXX

Have model. yet with historically the prediction be and launched case start out this first car, This sometimes but may been with our Cadillac at it at announced later If car, They announcements in nothing about I to make had here as the car of selected is Celestiq. automakers. month. a official the come look other is the how technology not have cars to has most expensive been expected a but the a

at to budget The for introduction. is within be within this for deployed a is that be proper first other that usually new are one automaker and for on option an well. to models all car This validated the car happen it and within a and the SPD starts featured will as car maker SPD and model developed Motors. at automaker has the timing McLaren that happened development at also General indications Mercedes, Once

then flagship down of deployed upper due reliable And established cars to let a automaker tens use will problems. lower-priced an reported the it now are we've the an it to the and and and the take technology they without established on considered any technology, Sometimes auto industry cars. we end thousands may in been of that on propagate

the name markets let's sedan, a goes flagship, quite X, and strong name nothing official to It's for take publications with outside the Hyundai According is August and it this nonelectric in industry their generation Grander, demand. seventh the to is example. expected versions is be Azera GNX and sales some flagship code Hyundai's car in for release for of the and vehicle by preproduction yet, Staying model Korea. of high and are Grander's both XXXX, date electric it is minute,

known and with and technology. loaded beautiful Hyundai features very useful car, and carefully, be car this it's it is watch to I a and

watch the I area closely market. is SUV Another

their an automakers' in Kia, revenues affiliate with important profitability. role Hyundai SUVs and noted and play As

much newly carmakers of such have sports as that is that quite Rolls-Royce such cars introduced as are account and luxury noticed as their luxury high their or Maserati, for segment I known Bentley Porsche, revenues. for are the These profits Ferrari trend in X/X SUVs SUVs sedans all for their Another as and introduced popular now recently.

They I Ferrari line July CEO Chief with area, product success the Jobs became Technology incidentally had the recent and note on and at Leiters at CEO, of. X after as Vigna, the only Porsche. Purosangue. panoramic Purosangue, in Porsche this McLaren's which fond a Ferrari Director Michael said In Ferrari, Officer Ferrari Cayenne which beautiful And CEO, roof, in Benedetto found I'm quarterly smart conference glass the not his has one at the glass a quite this the roof call. I'm that

It's for Let just lot a of me interesting. And appreciated. personalization quite reaching tell opportunities that the a you Purosangue the popular this one been I well very lot is thing is It's electrochromic mean, a we we've because mentioned has, very roof. glass the of lot of a one very, interesting offer. accessories, is that car. very options,

if existing yes, desire mid-September, sold Purosangue goal, XXXX year. XXXX. demand above this cars Purosangue and their the this shipments this to of and of we're life Ferrari sold they've XX% Ferrari production Ferrari on in limiting are Ferrari to sell early sticks The limiting X,XXX XX% cars car good -- very may of which is its is XX,XXX of of overwhelming unveiled their was XX,XXX to to The production car goal I'm to owners almost in much But because also the car. and for talking in limit expected Ferrari take already self-imposed XXXX. over Production sorry, go start in this to about its pace who per over Ferrari of cars out. to sticks stated of want care total,

and McLaren, And SPD-SmartGlass they given SUV having love of out me luxury earlier, quite segment. within McLaren a frontiers. as SUVs for Ferrari at Purosangue highly the a is from tell the their of SUV and said it, it a nice and this of our makers customers popularity having are well. CEO's the roof can as ruling the the profit that SUV experience they're at carmakers, strategic much percentage, to revenue the Getting not to of the be X/X as taken come contribution the revenue as research option And noted I can development premium back some for with McLaren,

research SPD I then at trade Another CES technology Germany, XXXX. OLED combining big September LG their question. transparent has frontiers? quite with Display shows in this with And two how market be major in been for in that note active can starting

this came about global growth Well a with Interestingly market. factors Smart rates in compounded out of estimates highlighted report just is size XX%. for high display report the billion growth enough, XXXX $X.XX about a the this market at It of transparent morning in the this particular, as one this. in Glass annual in rate

you've CES, technology transparent If to high a turn using film. did had opportunity LG InnoTrans, visit what and transparent cool. window, television very very, see or making and in vibrant the Gauzy Tech display job OLED It's you'll a into SPD and Glass definition great a

topics fully to discussed lot encourage already we or the in e-mail any ask far not live our up to e-mailed covered. conference call we've And in us haven't the than and might it. questions call free exciting answered today any of if people have or a While or that today, had additional feel were operator, open please to today participating presentation now Q&A, Bailey their so questions to either I'll

Operator

Jeff, line first your Jeff comes [Operator from And Harvey. open. Instructions] is question our

Unidentified Analyst

EVs is any to -- a -- that's will I how roof -- the of really have many is question you going SPD I are So on new roof, what understand at panoramic percentage carry are to all? just as energy so whole. EV. for going how do have roofs mean The EVs a feel -- an what my save question that

Joe Harary

question. it's great Yes, a

had popular. and panoramic can are you are control components. about you what weight all have know finding approached A needs unaware is not resorted So that. that shading, seeing you though the crops of save that to They roofs that ad to us because a groups, carmakers of if can didn't the is that customers them of they the massive a make problem complaints, sorts And And panoramic we're of which couple what you're addressed. be And stationary, try if to solutions EVs very they now have shading lot also have their that. a to actually system. hoc have have solve

your East been States of also. see and mid-level and XX% the of to we're Europe. question, different less Sunroofs, getting in the luxury certainly the the also have of Historically, in typically, in it's United They're your cars about popular on the the market the cars Sunroofs support a But back usually upper Europe. this popular on depending what cars. finding level the have little in more Middle in And on you car, styling is

a -- ahead. I big it's to sorry, be going think I'm So market. But go

Unidentified Analyst

say, ordering were be added that's the like the really to an you and an to somebody it's lot said, order it's range, makes If cost roof? not getting $XX,XXX are of -- $XX,XXX roofs to of and cost panoramic it one mean extra discuss It to it how people guess the, sense. they're much a thing for then is SPD is would as then if on with cost. have I we XX% a you

Joe Harary

Right.

question. So that two aspects there's of

an component market But is for customer. their to number going what a take one that's the going then Xx also a they because make does just typically, Xx the And bear. where what for present customer can example. option it to charge money. to depend on what the is, automakers they So the that's pay it let's automakers? And costs do the cost what And

look glass, example, about But you it $X,XXX same the Mercedes. supplier is retail actually roof the same same roof, at If McLaren, for $X,XXX, the at as it's roof a okay? the

the bear, a same retail price. same glass, supplier, market different the car the much what but for So it depends on will

they much can revenue. the up how to it's get maximize they So, still profit and automakers decide and to think

even to on as good We mid-level make as our we're focusing the this the on But end, is, cost want equation. for side possible affordable cars. news the of

roofs mentioned actually I are have the in in specking panoramic earlier of mid-level that are and cars the And SPD. that cars call some

a option be think to I it's So, going the even at mid-level. popular

Just is the volume of volumes, car premium seeing the unit unit market. market about the X% the of

into If the level, your of get about that in of many, you down many talking many, home... mid multiples did you're terms

Unidentified Analyst

space. To that get into

Joe Harary

Absolutely.

Unidentified Analyst

Absolutely.

Joe Harary

the our get is other licensees always that had our that's market. to and and always And focused that's effort have been into that and goal mass been we Gauzy

Operator

And our next will Michael question come from Kay.

Unidentified Analyst

could you Joe, clarify.

You said fee that to the in But income income a in to and previous and I mistaken, the apologize, the... was could compared at SEC quarter increased be I fee so also I one looked filing, XXXX. the in seemed decrease there but sell-up it

Joe Harary

If had in than that a said contributed large what to contracts them. also were some a when that last some from period year other in from you incurred, release read different higher and you were under collections license things year and fee amount we and fees last and payments like to when the up one-time they income which press we year, And one-time new this is the year, aircraft. exclude automotive last is items

were of last our just think you year quarter last we year, compare this higher in higher. to this year, versus more terms So, this And the quarter same if quarter relevant last revenues. and apples-to-apples is than I we this certainly also quarter were

Unidentified Analyst

cars, supposed that for going onto the to guard fitted eventually? when will could have vision market the existing that's be that out cause systems to And sun come Isn't been

Joe Harary

sun The you're Yes. visor talking about...

Unidentified Analyst

visor, sun The yes.

Joe Harary

but on it which the Vision windshield Systems, like into itself, laminate by the well. incorporated itself others That's is the seeing into some cars as not where And Right. only of McLaren Right. also they you're it by build cool. worked kind on being

Unidentified Analyst

people cars? to eventually existing it under would be But able separately buy install and it

Joe Harary

visors... aftermarket Yes. And sun Yes.

Unidentified Analyst

buy because I wouldn't of car had it think source just could And people already. the a that install to it actually big be they that revenue would have if themselves... just

Joe Harary

that agree. not cars. cool car agree. interesting upgrade like people that it. of seems their And practical very only And something puts a way in very I upgrading but I very, to like your

Unidentified Analyst

installed to And has you the are sports SPD? vehicle mentioned you that not allowed that name

Joe Harary

they're but the to think the allowed from it, of I what sports name their can not by the for fact I'm the that CEO, talking mid-September very known everybody timing yet some I'm ascertain introduction and their and well that probably cars in of about. comments

If of you be this look you'll conference have confidence. back to probably reasonable degree call, a able on

Operator

from next John John, And comes our question Nelson. line open. your is

Joe Harary

earlier for Appreciate the questions it. also. Thanks

Unidentified Analyst

You're executed. the placement, I just and the welcome. you're course And that private I excellently think, about designed good taking. feel was real again,

from thank So one of your shareholders... you

Joe Harary

Tom. you, that. Thank appreciate I

Unidentified Analyst

couple a One without got related August energy-generating offshoot Anderson recently kind Energy, and you questions. release to of in a compromise. doors to I've and develop is windows of a plans of Ubiquitous in Corporation, press an transparency, announced aesthetic

is And any using being window so SPD which space, and in my question doors? solar is, windows is with Reefer working glass or manufacturers transparent this on called for

Joe Harary

Yes. Yes.

Vision licensees, photovoltaic. had So of our actually, which one Energia the Systems window, was a transparent

than of the years that like So we generate well XXx such use we can can power of work And things one very the even window do low similar to transparent was ago photovoltaics what is needed. this us. Anderson was starting to more but work power on what that hallmarks low-efficiency today, with

they is where did actually they aircraft self-powered. completely what be would it had window And an

the is but savings installation. only could you the energy not of some their side snap actually see just Imagine them and snapping in. this this into aircraft, important the of because in that also and videos, it's of Now an

So sort of wire, to you and play. much pretty literally don't you have plug don't have to

extra power cell a much they so it USB generating so your power port the also. was phone that can on it put And charging

that. want that seen though you don't been has where transparent lines feasible for A the I visible know window glass. So lot don't you And can energy ones that. if see have the photovoltaics in of applications, ubiquitous to very do. a very, And this we've lot of

out fairly your on well photovoltaics as working where low very window with estate you a seen pleasing feasible power of and if I've they to power number that a the Princeton use companies, of consumption. And real aesthetically good because been like you have that's our came might of have generate things some that, can. transparent and certainly,

Unidentified Analyst

solar. transparent could investigating something be might it whether the they FPD as with as Well, far be worth combined

Joe Harary

very Yes. that on No, work area. much we going in have development

Unidentified Analyst

Okay. Terrific.

Joe Harary

our The high. that fair A expectations, starts new typically to to lot lot. people's have a of Yes. technology just any come kind of be costs of down also cost out

one seen I remains of of to But the be a of that's for it adopted. a transparent self-powered think feasible window. but window independent kind be What -- whether these smart to is photovoltaic markets we us. some not technologies largest will for that's So transparent offer probably not be only photovoltaic economically of

Unidentified Analyst

Okay. Got it.

group single on this Second at for model time of question the a the as the that for a be you know or option unlimited offered a is. whether set or the broad tanks on part XXXX package magic Grander? would Grander of Do Hyundai

Joe Harary

I made it's to has if part part hasten yet. don't a think option of it's stand-alone hasn't add, been think like going of don't or I but be know decision did be Mercedes, standard a that don't I package. it announced officially yet. been equipment, to to going I

So...

Unidentified Analyst

question And Right. release the Got Okay. regarding press it. last Research October Frontiers XX. on

contracts You Vision mentioned XX transportation. in Systems

Joe Harary

have they impressive, been Very busy.

Unidentified Analyst

the... Were Yes.

Joe Harary

the me, how new ones, legacy were most many new. know how and can were I ask you many question were

Unidentified Analyst

Yes.

Joe Harary

that's active. very -- I But say. all new could were Most been -- they've

Unidentified Analyst

Yes.

Okay, excellent.

Joe Harary

could there I those own wish I amazing. guys

Unidentified Analyst

in as other subset the that include this specialty such you've contracts. the… companies, Yes. automotive, question the category one vehicle -- does and then got Does well, listing automobile for And Hyundai that

Joe Harary

field, vehicles although No, that. construction they a for but remember, with got cars more have in passenger conditioner if need that harvester, -- that and is licensed Systems you the there control. don't that mind is lot and mean second are glass wouldn't a and big sure I you equipment things lot for solar for not want you the one wouldn't to glass things if a I have automotive the Specialty have throughout and of the cab make you like truck to in involved think about and it's around of but of of harvesters really if it, a Vision you them, said just air harvester. certain

is the helps. this So, glass where really

Unidentified Analyst

give related a to sun mentioned. one the on have comments you questioner the for is that can And any Okay. you that last product? previous Do that us a timetable update visor

Joe Harary

share. could I Not that

Unidentified Analyst

Okay. Thanks.

Joe Harary

John. Thanks a lot,

Operator

Ginsberg. question next will our Alan And from come

Unidentified Analyst

a like you are things seems It now of and together of this. is said. from lot all what coming question My

Joe Harary

you an overnight I'll also. and me assure assure success. you wasn't It

Unidentified Analyst

not Believe me an I overnight... know it's

Joe Harary

You know went work behind it. hard that the

Unidentified Analyst

it mean, it is increase your not question I'm some now better, prudent, relations. tell My the doing stock that you but money the blah, has wouldn't be you coming this, stock, could -- volume. timing investor everything together, blah, blah, investors especially understand. no me increase since And I something past blah, have really to with been than in an the what well from about a better be And right talking you think wouldn't the very we're very, it now? future, much exposure would be year. to saying, do that would has you're in in I good what could

Joe Harary

that I the It's really higher. But price so invest my Frontiers to we and pay so... increasing I especially generate to dividend-paying think in invest will much company focus focusing how appropriate. many think been we things story? worth population dividends. that companies it growth I is. a that investors since in a have be where as good soon and stock quickly likes revenues, focus have on and How always about on. is we our to now, ramp investor to shareholder, have as like to wife I I'd my is see would Research that And obviously, different I'd the I really our where be relations, of business, investors talk net a also that's to But up like very right

Unidentified Analyst

person or few people hire have But explanations. maybe would a could that you one

Joe Harary

We working. Relations do Investor have function an

Unidentified Analyst

Okay. you. Thank

Joe Harary

Alan. Thanks,

Operator

questions. at And to currently more there are this back will sir. over call no hand you, the I time,

Joe Harary

I'm And make closing just going Thanks. some remarks. to

money people costs and high resources, grow Some And costs have manufacturing material they raw to expenditure in build and this high of levels necessary chosen costs and industry, course, and and labor throw amounts the high are debt. industry. high of enormous of at to of levels have and high capital

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XXx it's conference as starts even straightforward. they positions their to raise burn But to doing balance chose we out may quite to it best-performing method XXx have ours of expensive. or our and have completely cash and if we being and the do rates, time existing what based and of the call, business. which to their new companies next approach had a higher unrecognizable these Approach cash out money are high and to By than And on terrible being business different technology like take technology, have close to be is any sheets. more the

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film. always creation activity licensees -- you've In directed. displays And year, SPD and types trains SPD-SmartGlass job the last and they this one Europe U.S., new there in pointed from what month where And lot proud new have doing, the in can't And and directly or while in of use SPD, that. that that you say and is times, the projects information there our and seen in many one quite of of coming this for new a being information was out Asia, two, just of are other site. specifically plain out many aircraft, out one we're cars. put and we

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by the are and licensees We to in our history is key in create Vision investments it. Systems predict to form to clearly the an fences the by swinging but way, decisions a this irresponsible to others. number from seen And seeing large of our the for shown Gauzy future way has and licensees best key that doing that, of by where and are not strategic We've industries AGP moving. the path

customers demonstrating by what could more to efficient be You've more cars air enjoyable, entertaining. this comfortable, also travel seen and done make their and energy-efficient and safe. Train

our and You'll this in our offices. see homes

We're the for a lives green with people. goal of better making company

visors existing that efficient information, of windshields, conservation improvement and are more be sure sun the energy, of trains side windows We the of delivery or and through and even this planes, is respects, produced. doing products the and cars very technology, now be mature, to TVs challenge in been many not reliable your mass has to be able the homes. which the In with established

displays transportation the technology them. and helping each SPD new technology of been for has with smart it's understand And using as vehicles. doing have what with our challenge or such model, car can new and new products what other these The what is to existing LG windows heads-up products and of done a product introduction, others adaptive SPD makers trains, televisions way and other do a BMW for help headlights whether

efficient public products how enhanced awareness that also technology the to Each achievements to Frontiers in quite leader one the glass user. to and way the SPD Research smart the the of and resources of for enjoyable of We're efficient using of adds have more of very make accomplished more is are and proud well positioned products and our we better, knowledge be introductions strong these these success. use financially get to for industry.

the leading us. of activity positive are indicators economic And all for

capacity, have them projected have expanded our major strong. product through their as and of Hyundai quite is pipeline licensees the production in customers invested Our such end XXXX

rate ago. anticipated accelerated the much originally to of trends, a Going at macroeconomic higher five years just has any back than electric vehicle us adoption

in every major Glass much the homes desirable X that help emissions livable. are more per car And going for to and now building grams during they're as reduce highly announced we'll is not them functional world this by the making all COX electric, offices and a cars time, material, Almost company has able electric. as kilometer. be their

and trains technology, and, privacy. glare and connection when it, people bring world in light out the while With in heat, beneficial cars, harmful vehicles and In with our UV better passengers a course, give aircraft we light our and outside as keep also security glare, energy day-lighting heat, UV enhancing we of block save unwanted process. want such and

we appreciate get hard to and that worked have to our and the and hard you, trust we'll in us. continue We you've work here, support for shareholders, put

vote not please so. have already if And you you. done Thank

Operator

Thank Thank you. attending. concludes And today's conference you this for call.

disconnect. now may You

Research Frontiers (REFR) 3 Nov 222022 Q3 Earnings call transcript