Earnings call transcript Q2 2023

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Operator

Good afternoon, ladies and gentlemen. Welcome to the Research Frontiers Investor Conference Call to discuss the Second Quarter of 2023 Results of Operations and recent developments. [Operator Instructions] This conference is being recorded today. A replay of the conference call will be available starting later today in the Investor's section of Research Frontiers website at www.smartglass.com and will be available for replay for the next 90 days.

Please note that some of the comments made today may contain forward-looking information. plans, statements. similar anticipate, to are expect, forward-looking identify words forecasts expressions and intended The are historical provisions that of pursuant of Statements not Securities XXXX. to are statements the the made that safe Reform harbor Litigation that part facts are Act are forward-looking could differ These factors materially expressed. company's from of the for results reflect beliefs, and those actual statements number future a current important cause periods to differ from filings Significant those are factors results that our SEC. could described with to the cause in anticipated obligation or update no forward-looking these or reflect to undertakes statements Frontiers Research to uncertainties. revise events new

to your company brief cases, e-mail interest questions the of questions or to Instructions]. of Also, be to that call, answer so company we this to [Operator will interest directly the presentation The general the will were to prior order part some afterwards, call. answering as questions Q&A this many ask has questions responded session in the the keep prior it the in in of or more that of time. at conference the to on either call, shareholders In do e-mailed end. you

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

Joseph Harary

aboard. you, conference quarter of welcome call. Hello, XXXX and Thank Jen, to welcome investor and everyone, our second

set relating to but done have officially cutting-edge the themselves, not Eyal be glass I and Directors. and and and is we our I XXXX, Gauzy First, and pleasure how only Board CEO factories around X.X development on honor SPD performance to They vision right. Chairman, an together have it has Limited invested of Gauzy continue R&D technology. want years of Eyal the smart records to business for a welcome Strategic our about ever-increasing Investor licensee in Directors. December break of world dollars and our Research for the teams Co-Founder of closely Eyal share can and since Peso, to in Frontiers, now Board worked and to significant Peso

Turning to continued quarter in numbers; the in first and good second had growth of we the quarter XXXX. this XXXX, of growth the revenue

As noted in filed second over total of as the the XXXX XXXX. second market, the was quarter XXX% of income growth afternoon, our aircraft fee for XX-Q compared market. automotive up higher this was even this the in Most earlier growth percentage to in well as quarter from of

the first half percentage first of up triple-digit was of to the driven last by the growth compared automotive For in XXXX, also aircraft half and markets. once again revenue year,

period of expenses, We ending period about the down XX, higher or lower X of same second the continue compared lower second for months $X.XX last were June per quarter or year, to half $XXX,XXX our investment last was the and higher XX.X% loss than of first net quarter for drive share, And the expenses down which XXXX. income, XX.X% was per XXXX than year $XXX,XXX about or first for XX.X% same was revenues, $XXX,XXX $X.XX this for and to quarter share, of the XXXX, lower $XXX,XXX of which Between the year. second is XXXX. the expenses

year. of last roof, glass smart customers with conference Let's and to SPD since now about of second this the SPD a the delivered roof Ferrari's being glass Cadillac the will for start deliveries developments of Purosangue in that half bit we talk other In expect some the are the call. our CELESTIQ automotive, smart

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our patent if applications, number example, for new look literature, in interesting For you of have innovations various for at and filed mostly the companies a automotive. patents materials using SPD

people these sometimes proud projects statements about companies. social who elsewhere, media you find with could SPD by Looking on their work

are at you they see where can where market company a and opportunities, going understand sometimes they how looking is and And business by hiring. where their and

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also put glass. you about of try you benefits me and significance. that of some near context, help you at the the Research Let in conferences see the exhibit many and future to can industry speak smart licensees their Frontiers might events so understand our in

direct very a has this impact. Sometimes,

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switchable as to the technologies and educate have automakers into our the helping and put We other that to even durability dissatisfaction us now production, of technologies. smart standard because glass of with technologies. other differences in became work industry, and the gold hard performance the and them licensees selected through have to these come Some

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take I our previously questions in some them into Now by and shareholders the sent my of incorporated presentation.

Let's take additional some questions.

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about that. think So

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to cool parking precooling study -- loss, help The need towards is we've a the the of combat the car's XX been electric range it Most combustion the cooling battery said. need well a going can it want recommends at the less air talking in maintaining because help as in plugged deal, AAA not sunshades But to is just And systems and get conditioning. Xx if where something Fahrenheit. you vehicle you big such it, they than car an to about bigger this people recurrent or when initial by than temperatures reduce down comfortable. more the energy about using an the into shade you driving while reduce takes internal for degrees of it's of you comfortable To we This conditioning make car are towards heat. as a air vehicle, temperature, to that's Xx have study run engine more years. be,

XX conditioning. of instead the at So getting in car XX before being degrees on you turn the even air

So by smart is actually our glass. cool that initial down done

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to I'm ones, I'll that say Gauzy some happened, team their for that mention Now high-visibility that's and big landed in pretty including again have closing some which architectural, contracts remarks. my happy development

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start or we favorable I and solution, to when it heat cars the to there. more need they effective sometimes the pretty a that that complaints, roof reduction, until about think are I you'll going arises, where switchable forget of trends with because midyear areas they large problem get most glass think enough are mid-model see more a and have And

Mr. for SPD Nelson potential or says, any exploring. identified new uses

automotive people been figure is basic things patents you titanium, Frontiers had One week, actually or out having if that, as done. about materials, And uses of previously pretty in steel even sort XXX at patent business hadn't the the and nice just new this of it. new that like area interesting look for Research on I seen for uses this a this stainless on we've

activities car is and answer a innovative or yes. a This constant or and other came from bread course, Albert. work building Mr. areas of new a butter there. the like with There's sunroofs of boat yes, or out and So the are plane question a

in bus luxury pricing reference the What calculated a SLK. SLK. where cumulative that we answer going are he later Mercedes, in to was the is, hasn't vehicle, that first that reduction nominal the nominal means I production to of X/X when your been where by the to is with and is back or the we to it on to But is it the or haven't that X/X cost, And inflation Setra you real? reduction consider -- which when of less, the is that Mercedes nominal the was of X/X that said when but most Setra The it to SPD period started it or started. going You the or question SLK? effect. really X% we're Is of real X/X series put by XXXXs with

a possible cars. with target mid-level keep are answer made we substantial is that's and people on asking for the reduction, for and still this And a car even Asian the mid-level me, carmaker yes. So

we As in release. press today's said

questions to ask presentation. our to covered. operator, What that I've us conference have incorporated we've the I'll today I'd by we them is, Jen, already any up haven't might the additional all that now now e-mail. my like of questions answered participating people into do open to to come have,

Operator

[Operator Instructions]

first Harvey, from investor. will our question come And Jeffrey

Unidentified Analyst

Tecnoglass I've of different you this wonder, is before. installer big windows Joe, laminations. with just asked I a

wonder that So I Gauzy that if or customer? a just a has is potential that company approached,

Joseph Harary

and quality efforts that as the lot we that them, a maybe Tecnoglass they PDLC know increasing, can't definitely my gather what to every is about glass smart these and you of laminator reduce do of application, is the are and XXx knowledge glass the realizing differences. can need perfectly from It's of light well. the you envelope technologies very can building when actually are that because but nice of educate see customer, beginning potential and to And earlier is realize at provide and some that We you actually is know size In heat moving people. for of our interior privacy to building, an both some could a and people fine is remarks amount, something out there scattering. the outside there which least of to start shading they're market, the that that just but cases,

Unidentified Analyst

about other of in inside yet on black block policemen. One could see and allowed I your thing which SPV don't this, if could Maryland, think windows, I sun policemen but like had -- know unsafe to you're for side thought If very think I the the you've side that out you the windows, state car. still the is they the

obviously, So some effort blackout windows? would whatever on think But film I put that cost to cars compared to thing, be now, from alternative great -- is a I'm sure having they as to police enforcement cheaper.

Joseph Harary

this I respectful, on the steering -- the side and windows, not I I -- not become more safety put hands and cops keys, Jeff. enforcement, not your having when stopped, anybody wheel and to agree, yes, is on get who driver caution. approached age of very top be of it's and traffic start years, more they're be the we've windows safety switchable, of and and a that they doesn't cars. by maybe to I about tell kids if on my a about when so it's that also we over traffic start of to side officers, an the And learned my that -- with argue. see a law the in important. with is And it's of is could during windows course, respectful. as officer the going Officer the someone the anywhere untint you'll a stop, both and XXX% put there And of now, as lot safety know approached place you're cares you're worried going roof, on Take grandkids very that windows gun an think their you hand and think it

you is the vehicles the front SUV, half do could you so pillar between can America, pillar, a -- want and there. most in the is In Europe, want in you B And issue than on pillar the do an the B not what rear on behind B do more whatever which it's car. can you area of the and you the an whatever road. The

can other our road. to not SUVs licensees So customers, of areas, we're look -- what it. talking you in really a really about past, into and glad glass, that something in that world haven't we XX% discussions when the you're like get should you and the in about had safety regulations that vehicles to the we've are have of more switchable concern. I'm XX% alleviate the that their the the had it's talked now for And depth want Thanks and where on raised you importantly, discussions question about

Operator

from Your next Leonard question come will Investor. Litzau,

Unidentified Analyst

again to Good on the today. call be

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Joseph Harary

the just question? sorry, me very for the take glass. that nice by of that and will projects think that answer, there way, visible let lot the works they is are your architectural a and And second become use in I'm SPD, very -- I

Unidentified Analyst

there's up on. at expenses other second are cutting people putting looking now things and is question The and it that perking you're

actually crossover the Is point a by this to of year. we're becoming profitable pretty think close possibility? end the I that at

Joseph Harary

this the to X you a year want for over earlier, exactly I go I you basically And idea. We that -- cost this don't very about lower idea been we've has than every time recognize because I we've first one. good fact profitability it, look never Well, frame almost fairly put back lot careful appreciate and down how year. to done that been very last we've mean if will that -- that I issuing. sooner. on that shares The a continuous expenses half And our exactly expenses that. the is again you But the hit a as mean I substantially sooner, flow if prior cash of that. cutting. quarter were very, mentioned years, positive of at want the many is I been

we of that without to stock. We also ever planning dividend shareholders shareholders, any day, them reward a want for will -- declare when are sell so could Board a the for our having Directors

been goal, So Yes, goal careful and we've that. always our our to been that's very do that's always been

our you'd shares can that competitors, about spend of project very sooner. splits, and XX-X prudent over licensees and done how make I sure Some because stock and outstanding they have felt -- sense, we've reverse now, it, would every makes and people I be wouldn't can have talk so money, just always promise that you billion we X on profitability economic and that make on achieve you this our money right

we're knitting, always goal, been that's I well on sticking think we've been to way. our our our So and and

Operator

we'll next from John investor. And hear Stroble,

Unidentified Analyst

questions. Two

of says world. going on is huge ago, it's from Guterres, it warming changed global it's jump global boiling. General concept first a a Secretary longer warming, a weeks political no to UN week, the blogger global in of The in Last global couple the the heating, problems Antonio

our course, way OEMs world, in very big America -- are part effects last down of warming Gauzy South global a going Is point the the and of and temperatures would out to in couple happening what's certainly in is wintertime the it's be concerted Given in now, of SPD have a everywhere months, to right effort it's the X RFI, the that? wonderful individual. And on that architecture a fight to hundreds.

Joseph Harary

Yes.

environmental using this the inside First our building or a inside technology. of of is And one that heat can we benefit, all there's in vehicle. course, because reduce to all, substantially a benefits we're industry environmental

we're benefit reducing that important is COX The other that's and emissions, very as well.

COX look the if per they for And COX certain every going Europe, quite that, they're the penalty. And reduce X message a compelling. something can about that grams their of in in for very at very, at of the we targets We recent. That's by above EUR But now, of sell cars auto XX fleet of have I isn't for emissions this becomes times Europe. important. think regulations So just have a mean, bit for per go gram many a talking prices, area the because in high energy of kilometer. kilometer that's manufacturers penalty data energy yes, an I We've vehicles. very that number conferences been emission they is conservation years have to also, you they

of sure going possible. you in a as things you East, Middle efficiently are that example, for want and So sun, of to have lot as the glass, make a lot

Operator

question Cotriva, Investor. Your will next from Francis come

Unidentified Analyst

ways want I you happy XXXX. you call, on that put see getting mentioned last a don't previous put still as the or the had share two year to shareholders On any conference profitability. call, the something today, depreciation of a in but them timestamp -- see timestamp And of price happening. could on We is, only dividends. rewarded I But you

the quarter, to next occur it's if happen should correct? the year this in within So XXXX,

Joseph Harary

position we five XXXX. comfortable dividends we're is, all, when have But first cash declaring left in months my I revenue. to dividends, consider point, and we Well, a steady going have of think,

thing just I to think do. the prudent that's

that, more as that the think going the see and rise think expectation smart progress different to I share understand that rewarded us And appreciation, said is our people been are to and made, understanding way year. by I So but the window the that shareholders see our become the has you're this that hope start top. things licensees, not by as itself it's technologies, visible only the having between in to the industry could we probably you price differences

the benefit have of expectation we've shareholders. still we the an operated and always company So for

Unidentified Analyst

But announcements that occurring the see is way could major only there I were made. if

Joseph Harary

announcements going thing care a can I our business history, itself. moved Yes. else predict do, our to will only lot, to that never everything we've on is take had and what I know a move didn't. market. The announcements of our and is stock how major that minor focus In

Operator

we'll Jared Investor. to from Albert, our And move question next

Unidentified Analyst

I had kind a single It's of an orientation question. question.

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tuner, it didn't -- to want margins. to this year, X,XXX cars wanted experience really So work. that maybe with wide light again. fairly I'm given They probably go But probably guessing they fairly with is the through a

far is so in Gauzy's end know Gauzy. CELESTIQ can -- assume now, it's was the with Hyundai were tell. And out that We side that's as SPV. year, as March shown investor of that investor an stage at windows glass. the that smart coming the now I we know know And we EVX So is we're presumably. in last And the called the at I presentation

in in where through Chemical Nippon I'm film to production, on boardroom put back be production, XXXX, not film going waves and of for of about I'm kind could this X waves, having rolls X been So talking my question it is shipped. thing the

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Okay.

So my -- question. that's

Now --

Joseph Harary

point. Actually can go as and you, let I release Asian It's go on that first, -- always I a it's an what's this pretty mention I at going press okay. about but think earlier today you look clear. think that's as think about I have and I at talked to did manufacturer -- in and far I around take did the customer our

to really greater is People in is cheaper it a which -- your a tried great sets I some an is though surviving. our this automotive it's scenario ask different seriously are to three I a is although very takeaway, interesting in switchable earlier call. two said are to think there of are considering manufacturers technology and here, using that to I that survive experience And what they switchables. the think you may that is awareness promised, and vigorous question, or they doing cost happening. testing people think could you in, is, question a think whatever And being the just and of the really performance, I PDLC. is the switching. be or that? whether up durability perhaps, it's would have very, not think Yes, -- that these they're are actively fact maybe why the it's putting that it I answer environment, And back There have

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starting So yes, been realize history, a because is in and that using in. made remedy to they're I great table think this set by and competitive nice there and beginning time you automakers it, it where it the a come awareness, There need. and is mistakes great we some is by that's to there technologies right our have

way So it is as I said you and earlier, SPD. don't be surprised technology if the the satisfy placeholder other the is

Unidentified Analyst

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Joseph Harary

in two things to the next expect two I years. happen

shakeout be there industry. in to think is going I a the

even X here think of for has a now a and is technologies people great ago months limitations underlying and PDLC was a and I example going Ferrari that stop and as be had Ferrari ago, in people become better not Saint-Gobain roof to a switched And in. years are that roof now electrochromic be an are trial SPD by known roof. certain from the because to And Mercedes is Ferrari years SPD. technologies, had the to Some it's now. of putting There here shakeout sometimes error, disaster this. they it Superamerica. a going

MAGIC sales CONTROL, in Well, of Now out going there it's still they have existing nothing. but mostly SKY on there's vehicles.

what is, have education. So you constant a

being the going on have And on proven going now, technologies go to to site. you that look because terms that their you if them or you're that and going these there's at are that hand, data AmberLite be not for needle rejection how dark small anybody's to glare look very That's light the heat and But be real not good. get. they're samples go control. rejection in showing, on samples and or of AmberLite of move website they to no example, trash are going not website, tried the on one to I'm So if

Unidentified Analyst

for all they're it I agreed am. China. light a they understand XX to -- over I they're Yes setting. would nobody very mean, than basically -- I Yet and at could AmberLite it No, turn all -- selling that. selling be

point mean I that is... At question. was my this Okay.

Joseph Harary

the some industry. changes years, to X going in you're major I in think that Yes, see

stronger Sykes you're that players the stronger. when the some door, also bar Katy to strong happens, see and used And going think Bob even get I to say. as of

Operator

Investor. And we'll Art to move next Brady,

Unidentified Analyst

Joe, Art here. Brady Hi

what I'm to to about the the So cars. is? there Lincoln Are the We have a annual in status word them? wondering used meetings, Lincoln, talking a some --. hear And of past, the at Or Lincoln. never we certain by still display you on is

Joseph Harary

We they manufacturer, where to we're are talking think to and competitors I and and put of their get things their the continuum every And with U.S., that talking there's too. parents, introduced when a in we're car it.

a them. right? it So of whole more SLK it even that the panoply because choice have puts first on reasons the Just was like have in at kind been put a Mercedes, S-class needed ready of why was or you look for something car to a that not. logical manufacturer first, the would first, that though

case, one into At put I don't trying think Continental get it's manufacturer us. you it. things rebrand in a reason, series to then, to for to act of their together were into about in weren't They That in production. more to they be were time. Lincoln's able that detail, the we think want now that whatever I if the And In this very get don't would haven't to go you was production. honored vastly have and much when vehicle, doesn't where because that improved, terms easier it, series it had back because of just, mean

are at actually laminators have that Now least you X doing it, X.

that So series getting have now code into players experience on, it's this is, production, cracking get SPD easier that series you that have production. to SPD much into X major the in

Unidentified Analyst

from some Any group? time that could as frame an announcement to, we of when kind hear

Joseph Harary

it's up Remember, share. first. Not that to could speak the customer I to

social allow but us things they'll press not on in sometimes, releases. to And say media,

they Sometimes press in say have a you call, and but their release. a on to something them. not reasons, They conference we allow respect

Unidentified Analyst

some But there continuing? is communication

Joseph Harary

is. matter of Yes. fact. There Very as recent a

Unidentified Analyst

over results very an I have kind we this constantly hot environment, tangible is, should that have all with the know in show better another opportunity. don't ringing world, of Because that your it's we regard. so a And be question can't where phone that would I if some

Joseph Harary

appreciate Well, -- and I question, think it's the Art. I

it's cases the regions teams. look things carmakers service ringing at the multiple for clear I of additional off going. I where it's people key hiring, that I mentioned have picture with expanded Look did And they're all development at and too, that coming pretty is are look have that SPD. the And a world customer of and remember, and models at think business And of hiring are see said you'll and there, are our because is our the board licensees, phones I industries where an in lot some okay? fruit. initiative they dramatically are their bearing licensees carmakers on -- architectural mention remember phone for, of good. not our a that's only hook,

happening. So all these things are

Operator

August question And Berman, our from Investor. to we'll move next

Joseph Harary

out get personally when said know lot of I get I but modest a you're that. I know I I do you I and an of reaction out impressive, a I could -- you, that when always person, know that

Unidentified Analyst

it. Love it. Appreciate

a of Just was an a of a [Technical Difficulty]. mention there product, resistance couple know I couple ago, me. from calls conference aftermarket storm

Joseph Harary

totally The that about, smart the audio excited to because And a still coming answer broke up that way it is a little bit, the we're delivered is yes, is glass very but something it's that's I think transforms down? your and building. question

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market the can on government, market. is if huge super you create tap window, and being schedule GSA So a into the a that energy-efficient huge,

Unidentified Analyst

said we down Okay. 'XX looking or of was are going at that's the that coming something kind I'm you in sorry, future to be stuff?

Joseph Harary

haven't it. on that pushing don't because we're think showstoppers couldn't changer. it we all a that and I game think if out frame a And time architectural all it come tomorrow We to. market, any understand that, for why I in I see the it's needed put

Unidentified Analyst

of where then bringing think Is you versus to I vehicle. a wants after to time or CELESTIQ. Difficulty] -- there models GM had another who [Technical And wants additional period in Cadillac, see Okay. that technology you and for of terms mentioned to an on see have, in GM are interested Cadillac referenced point the The fit IQ timing? week of in Escalade I this, say set my vehicle to I can out coming that sights terms the seems have anything next be reason to function would awesome the you ask price of kind because you

Joseph Harary

SUVs an comes and requirements remember, probably you function I you the than out think because be out. an different next the on Escalade. have in for also glass, on it there, are more flexibility penetration getting when car. a the an start awesome SUVs different week have on won't It passenger a SUV probably would because lot of won't It function But Escalade. be awesome It be

let's So windows, that little it's and of a in like as say side things terms the well. back relaxed tints, more and bit

going have. to -- So yes, stopping not what I we're we're with we mean, look,

put me way. to Let it that you

Operator

from And Tom your next Investor. question S, comes

Unidentified Analyst

not last Yes, it gasoline? than mid-price? you this mentioned but I the what expected something maybe or that Is Asian one on car, EV one, least I if conference can know is, it that's And call. car you conference an you'd is call, speak to able to -- that? releasing you're be think more at share

Joseph Harary

a EV, mid-price has our of in ICE but depending It on drivetrain could I both, how Not on sells. be and luxury terms versus think feature, And a the itself. it it it has addition.

Unidentified Analyst

When be on both, not not feature, you saying SPD? but could it say our you're

Joseph Harary

-- cars, It's -- not. -- not I'm on model. No, for really choose they Whether if to is I be and ICE nothing is the EV for other. to no. be to how And I why meant that it the or good and with a saying and clarifying. say, on has On SPD versus the is being to for I one both on reason what selling it nothing there's can Has okay? business What do on EV, yes. in apologize thanks no ICE the ICE wasn't could better do clear, is introduce both. in No, it decision both

Unidentified Analyst

to you a you say be or mid-priced point? could one this just both. to the be you're it's one or the say could going or Asian you're be nothing car, when other, It's at expected, definitely confident it's But going sure not other,

Joseph Harary

not what Asian to that is be between vehicle. blend they and mid-priced EV on going that it's think and the to yet, may have car, the it's I Confident manufacturer, and a ICE up even decided

Unidentified Analyst

Okay.

are it's or to going like EV it could least in either saying, be both. one So you what.--. at That's confident ICE be sounds

Joseph Harary

I'm is either. the first. going to don't what are out Yes. they going know be don't they confident to that, on know I it's And vehicle, question it put

Unidentified Analyst

October, we we're idea models thinking idea might then what, for September? on And being frame, Do hear were released time have timeframe anything? you in any the on when an

Joseph Harary

sorry. could Not I'm I share. that share. I could Nothing

Unidentified Analyst

your when what history some so we looking usually experience. for are released, past We'll go at on are months cars from

Joseph Harary

Every little of has carmaker introduction more used different to schedule. a bit rigid. be kind a It

a for was you things when Mercedes knew, So changes mid-model example, like that. and doing

board. much pretty across it's Now the

next what we was we want little Tesla is, of said if one a still that the think they've an the S I kind Tesla is that year. improvement things of and vehicle, If bit Model And that it next this month year, S. have ready if the changed next Model put month, and today, next in we'll it's in it put it ready in it's put ready we'll put it's to today. we'll in

think to So way almost they've the kind that the of automakers is about thing. like continuous a a changed think good vehicle, on upgrades I improvement, be which

had time. that predictability car be a for to you want good car. a given if new -- when you the could to to thing the at coming guys may they the features marketing I best it's any are that as fact be think that the think But they that buy, to you're consumer, I I go out, mean, selling more the dealership like the

Unidentified Analyst

you idea Are probably give could know Can an level? know, you things questions? wording you The this. X talking of couple a an you maybe XX%? these also option on is Last on I And or on but you think or like share confidence say don't you trim anything expected. XX% package?

Joseph Harary

of So have you kind also. here continuum a

be be on cars. could XX% of an XX% Something 'option,' but the to

to has they to money more on standard kind So over premium It's example, you'd what more made. For of of the carmaker going expect It's more do an the on. an option is be carmakers sunroofs, with decision money and options on are on make like Right? cars. make make nothing to it Because economic equipment. what XX% Why? usually.

Unidentified Analyst

the qualifying Can And get then or XX%. talking little -- have level you how into confident other any expected. a XX% we're that one, that the last on you on thoughts Do one, is? bit

Joseph Harary

on it that CNBC things seen going the into as had I've like about a car, you of CEO that talking they of and roof and was for I our to good didn't production. Ford Continental, But the of confident. look happen, very key smart were example glass the something and example, it I'm -- feature a mean, make certain very

saw be on excited Fields this thing sliced really if and into is Mark make observer, outside So it. TV, it say never greatest you we're saw then I production, XXX% bread could a anything. that, certain about it mean, And about to -- I doesn't the hey, I the since you're

Unidentified Analyst

XX% that either With that said, that confidence? pretty confident or you're sounds realm something it like of in

Joseph Harary

without a very's, very, very, -- very, on four number how's that confident. putting I'm very it,

Operator

Harary, or Mr. to call I'll the questions. remarks. it you turn And no for additional further closing back any appears are there

Joseph Harary

Okay.

if everyone as fully call to didn't a to make a to look, best if haven't you can answered. get gets to questions happy sure it, we do or get answered that your couple feel question we A email free of we reminder, chance all, the of or us, we're their closing to First remarks. feel

in and on. understand. X aircraft penetration markets, very automotive that excitement very we is the will very a And And visibility coming. tell for have we've know as the the progress exciting First what largest is important happening what's bring? can this, coming, it's is that Certainly, part what's way and our let's good had of is of year that Part from the future about this you to been that something talk into that also success all, lead people excitement of about us. is continued

panoramic McLaren, automotive, the and know Asian SPD out groups coming with we automaker Cadillac vehicles. Ferrari, and In about their

technology to seeing getting roof besides they're requirement be a proven business We're currently from the a switchable of switchable win expectation will continue understood in models, today, durability, by them better with glass very new to and automakers. more that the the seeing limitations the more stringent addition the and technology mentioned an well future X glass of X as clearly In automakers and reasonable of strengths car the alternative a consider to help X automotive. SPD. in that aware And technologies. as being best-performing switchable the to We're another I clamping of X us on switching seriously smart them This heat automakers benefits also also their in technology it'd as car. different

visibility high that And item, the way for benefit in architectural about as well. made is decisions the are Another We educated decisionmakers. exciting spoke works. some projects pretty evolving our being more are with

for of understand to is that locus is benefit. thing changing the decision-making also our other The

For in the some example, industries, call shots. the manufacturers

it's makes decisions, others, to manufacturer do who so. allows in the However, them will if customer the free the

do there's anything to you want we've else you no sure see make because not it's a to been that, able comparison. is to want you if what just what is SPD there, So the compared decision, to make told, and customer bragging, out I'm

airlines where the that the letting configurations, And aircraft might customer sea is just So understand been you'll that and it's to decide makes has decide already example themselves important. that one not the area decision, start be heretofore, when an customer you And the what they airline the and contents the is but on in the important occurred. manufacturer of industry. good see clearly, manufacturers want from preventing happening change that

and for with distinguish a and while experience There there, from business tuned and our encouragement. developments and and all others. will Frontiers, I importantly, with here. longer using other competing you thank And benefit all our all they're to to the airlines support you Research stay licensees primarily, the So investors to win most are little passenger from look XXX themselves forward approximately each sharing your of these this. for out

Operator

Thank call. today's concludes This attending. you for conference

Research Frontiers (REFR) 3 Aug 232023 Q2 Earnings call transcript