REFR - Earnings call transcript Q4 2024 | Research Frontiers Incorporated

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Operator

Good afternoon, and welcome to Research Frontiers' investor conference call to discuss the fourth quarter and full year 2024 results of operations and recent developments. The company will be answering many of the questions that were e-mailed to it prior to this conference call, either in their presentation or as part of the Q&A session at the end. In some cases, the company has responded directly to e-mail questions prior to this call or will do so afterwards in order to answer more questions of general interest to shareholders on this call.

Some statements today may contain forward-looking information identified by words such as expect, anticipate, and forecast. These reflect current beliefs and actual results may differ materially from those expressed due to various risk factors, including those detailed in our SEC filings. obligation or no these assumes Frontiers to revise update statements. Research Frontiers' recorded, The available will Research for call Instructions] days. and next for at XX the is on be [Operator will being I smartglass.com and be replay website available [Operator Instructions]. to now conference the and like Harary, Frontiers. over of Executive Officer I Research Joe President turn would to Chief go ahead, sir. Please

Joseph Harary

Thank and XXXX of call. full you, investor Paul. Hello, everyone, and welcome year to our fourth quarter conference

calls we've been with to asked by and shareholders we'll largest so try when quarterly my your remarks this all, our make today relatively to try these easier certainly the will things of it's to shorter And do short focused, is more news be First to and keep brief, help. good.

were was aircraft. XX% million. to the royalty reduction royalties down X% more results. Revenues up automotive driven than $XXX,XXX This in in and Let's XX% an of this environment. in over of a an start which This inflationary from a last year. year is by from an $XXX,XXX, were Total market income expenses was our $X.XXX increase increase with XX% financial increase

improvement consistently Our the we have closer to efficiency XXXX, expenses year. they've and was the on line operational The this are since focused this bottom gets us lowest been in total year and our throughout $XXX,XXX, profitability.

share $X.XX Our net per loss we XX share since last per per to This for was year. the compared year years the annual loss entire went share is lowest $X.XX ago. public

capital million. went to year for $XX,XXX the of $X in or $XXX,XXX per of million average income $X.X the end our had Cash of statement working and an cash from balance our by entire we sheet, Moving month. down XXXX as of

lower than rate is burn Our before. ever much

Both and debt foreign domestic and to years. portfolios our have more We X XXXX. sufficient currently working extend the patent for next than capital no

and introduction business McLaren this of frozen towards on marked as SPD well from highlights notable Celestiq the popular the remains and cabin Purosangue the a equipment Cadillac Boeing Airbus Ferrari its notably business year. moved their airlines Cadillac roof. as put in windows, models business has in highly is XXXX with aircraft our standard the of SPD-SmartGlass as and both airline Moving Ferrari have now XXXX the to most our amazing their the growth McLaren option begun Celestiq. end SPD and from in OEMs decision-making on multiple to Commercial customers. car to

new and as We medium the large growth also We vehicles in business of jets well. have steady in coming see small, corporate XXXX. the addition VIP from

were model projects these and publicly projects about these launch but Some high-volume reasons also the could that working We're spoken major or anything for dwarf in Gauzy expected of of for have on we entire the date. volumes unrelated XXXX the our XXXX, was to to delayed SPD-SmartGlass. for

see that smart. No inside the envelope make method expect of SPD-SmartGlass introduction replacing the the architectural homes of to year, to the and also it less make cycle sales projects one up and buildings building to existing to speed smart occupants expensive and considerably. glass application SPD-SmartGlass ordinary convert there the else having traditional the with retrofitting We SPD-SmartGlass more retrofit disruptive This can this also buildings retrofit less building you'll to windows. both out and of with will promises to from glass

this manufacturing retrofit patented application. licensee built impressive an this capacity facility has Our high with with system retrofit supporting

other market as areas year, well. can we expansion from Next see

now. spectrum when due at that the about even now because liquids. When an glass licensee, for helpful is day visible blue little industry And that very light. announced spectrum We nonpolymeric and speak to searching becoming right for the they of except and appear be The applied, and they the has many when only with Smart together have that comes bit the pass been interior light that recently light to black prior now ] decades. working that you is the blocking technology. and of blue Research Gauzy have blue on to the through. are this, line Glass Gauzy are the blue particle in daylight something decades. appears is piece about polymeric return lighting. why be when it. This has randomly where little X. allow But state all for special naturally very transmitted, of very, windows outside, about. up to the will me you Let SPD there's outdoors area why had through because light. you you're particle electric are black There move for a have is blue sought This look asked black It is in which and unpowered, in since sustained [ areas random that filled efficient And is Frontiers it in particle, SPD materials inside, SPD the significance sapphire are browny a that When special motion it's suspended they to blocks of light to of a current capsules physics field looking might visible behind me is same an nanoparticles window these explain particles efforts for the

window light I could has other done making are be doors samples. were they that More closed to things, appear range blue characteristics. and booth had the we even needs shown they been this work refine and January progress. samples, reiterate we in to And R&D would at black in were to process, excellent light want also SPD though at Gauzy's optical if black. of behind R&D impressive an transmission So or that CES gray block And

and at The being put product. After the stage, beautifully. special They asked current production stay black Now liquid mass can are very that a the SPD were long explain. characteristics it's very to next having would SPD the current a Typically, width, also think speeds, and received line speaking when coater a quite happen film quickly from be film SPD Gauzy If is on line. The quite how [Indiscernible] itself the doing change that in these are specially decades and between samples final into between Research then it engineering mass of configured. to as of coating coating closer film how variable been at step engineering film flow coater different and production R&D sample the production a mass the designed take black experience, putting into we by cetera, materials thickness, of experts are the and stage Frontiers Germany engineered the to such materials. Gauzy particle, adept there's there material samples. at it some you capable thereafter. emulsion of sample flexible going things production then Gauzy's These using That made many does be always particle, from handling easy it. the I've near and this. on the big black between SPD that into The that been means that the emulsion a particle production. relatively The reology, that experienced mass of almost difference suspension can coating to who every stage, coating blue relevant viscosity at Stuttgart, has it et close are samples all saw CES film. you're final well go accomplished to engineering and can in that's customers know SPD you be existing adjusted whenever we is in has adjustments designed it's

Now blue steps be from perspective, sky, look to black particle the film in no also look can item. post-production made. a by made areas to skylights nice is one, be current black up like particle sapphire preferable. alternative current is the but necessary may at The the a color actually means is market you're after or or blue And with the gray where looking sunroofs a the

windows the can is that may preferable, a black side the to SPD the what expand we but that explained, been the Glass glass, now. Once to planes do I as in has and or necessary again, areas something those we're and where can believe it offices, Smart like and expansion and cars, result desirable beyond industry SPD market areas is not are black primary doing homes gray meaningful be for and trying this condition for extremely market success, commercial For decades.

not joint I've And this extent especially my of what in point cases, read We CES stay we've what have at But call that this Gauzy the made that at questions and can one. that at forward our course about -- and questions where additional this look tuned. With already we announcement the joint that e-mailed the of point I'm, that, said competitors access. Research several presentation. on and could to we the I answered open us. the we talk to into combining time, to answering is an were that of at licensees some the can I'll questions some said in Frontiers have

Joseph Harary

our comes from, Asia, One question is, income et the States, United to like cetera. I'd know where Europe,

and and States. So most are Europe of licensees with production -- the We have both licensees Europe the occurring the question. and South also that in headquartered in of for there United course, sales Asia in in there. the from Most America do you revenues Rod, thank and of

that on and of revenues States may you auto that vehicles on and I'm have around its more as goes mix online best, United And I on hoping the mix cars the pipeline a new If tariffs. worst. planned the demonstrably expecting world next Judy. meaningful be affected? question, indicate the to Judy production, also this thanks shift application with Mexican well. We the going for domestic ahead of to parts, come as No, as asks, impact retail be for don't our Canadian is So and expect a can if these but the that the go the architectural here. question towards prices comes you online tariffs will have XX% SPD based the may administration

the is view as in the usually First my best free U.S.' that a XXXXs, personal Bank that economist trade is solution. former at Central the

back However, guess if are into the as these that security to I as border flow there's playing significant revert a and of our issues, tariffs question, and I States. My And address field, they security fentanyl the a automotive other don't think that only works these believe will and border will well United answer business. tariffs level the your tariffs to fentanyl specific that where is impact the handle on meant when the other to countries were. and have that create

duties market premium that typically for and there of is the world area. been few affected example, car Over in in cars, some areas import the not past the decades, high have mostly on

actually John. targeting of I'm windshields customers or expensive can less about architectural it or besides sensitive, question car with could that on that And that product expand in and tariffs believe, on focusing any design-ins do will And windows. not the our are your are affect more show I cars SPD government Nelson believe indications and meeting price now, and asks, projects yes, talk retrofit will So believe, meaningfully. John that next LTI's other was commercial an you we revenues XXXX, to for other week other are that Yes, have will have areas about? right we several some Sunroofs, projects effect, the we them but just there business Ferrari vehicle I it. and usage our

we've expect Albert, already real-world super the time PDLC question. Jared ones for that PDLC, expensive with outside but revenues Well, question in the in that And a vehicles for kind we are generate that referred of SPD mentioned retrofit. not some architectural that for line expensive of sunroof that questions room that indication to first of this the in and thanks of answered, the we the there's of cars carmakers are to world you So retrofit I use your any terms question. all, the your year. about working aspirational super

we're glare see the sunroofs to is plenty and the that anticipated terms doing are of and PDLC preference do on the think there because to what a yes, I about a they heat them talking automakers that in are So not probably job based inside vehicle. that we beginning of room expect blocking

far believe very SPD a those more wired lot so, already and as much it. be concerned, anything, So that using I'm like I for cars if are sunroofs there'll PDLC as that,

that of discussed have to Okay. Well, we've lot far a so us. e-mailed questions the been

keep interest Paul, e-mail going them And try to I'm limited that do to might of So more covered. operator, to our by questions get people please we general certainly to that time, specifics, to we you calls in of into any the open could the up ask And interest. participating additional to haven't conference or already have want if today offline. questions

Operator

question [Operator Instructions] an investor. first [ our ], from And Jeff Harvey comes

Unknown Analyst

fourth First that? reason the the What the of for third all, half quarter was quarter. about was

Joseph Harary

of lot automotive quarter fourth our on A the in next lot for out from a of and what's production the factory revenue comes showroom to cut carmakers the clear year.

Jeff Harvey

Okay.

that that's put problem to windows time a Research something in announced to this XX,XXX this forward for Given the because you've to take mean, neither Gauzy we there we at. expect releases something. I worthwhile put Frontiers some cars analysts company people the are follow last this any Gauzy going airlines can press The have have about an going any because look fact new that's until aren't to knows what as investor nobody is able company know business. about out certainly there's been year to gotten you about them let nor or that and

Joseph Harary

get we've And architectural in long this like if But we these Thanks stuck could for the you mode question. companies. for I you that expect contract an can mean, that? a time, with I something announce legal that have been you obligations realize and

Jeff Harvey

some I'd go to investor and like to see about talk your company. you conferences

Joseph Harary

and Ferrari we have about it Mercedes we cases, But but information do cases, last interest what some original in the was to done Well, at point projects. Gauzy X to getting pretty getting things defer our out. start and with the years to the good before and can. to been request been McLaren and your We up. in they've about talking, to Cadillac, that, even car in Research lining have Right. we the to for save Obviously, talked we announce will customers, we've some introduced best the of have. we've about trying Frontiers some back And

So we've the for question. been working on thank you as that together well. But

Jeff Harvey

[Technical Issue] you as can.

Joseph Harary

that, do makes it to to easier want We sell later, will. We cars more too. It too.

Operator

our Michael an Forrester, And question comes next from investor.

Michael Forrester

with particle black on patent apply by the to Research Yes. I'm that's because lot SPD Gauzy most do work Frontiers Gauzy Since My do Research has for a a apply guess, to patent to Is a I developed of for or going on was probably question black here. SPD? have Frontiers. possible. done is to going and call going of to we an IP this want open combination strong jointly, as not a no about will But a obviously patent and exception strategy talk protection both, companies that

Joseph Harary

Well, the the the history, Glass. see is that part solar-powered as as I Gauzy SPD film what is -- to Smart it, of refers

Michael Forrester

different. That's

Joseph Harary

different. That's

is combination Solar-powered of Smart Glass. glass with smart photovoltaics the

transparent develop apply make, power very was would of demonstrated are do It it's that SPD. so of CES. type at any that. combination a glass that low, had feasible they SPD. our So or smart because other licensees to We've to photovoltaics And and PDLC requirements

make these proprietary are of systems to applications things some also some self-powered. the using And retrofit

that So come the electrician retrofit, a may to you an if to you in means ever think not about need site. what

this -- pop window just into done. frame You and the into the you're

to time. be going that's an So exciting

Michael Forrester

Yes.

When that XX patent is mentioned You expiration which the only is... XXXX, is years.

Joseph Harary

And coming Right. always have we online. new things

Michael Forrester

the When Research Frontiers time patent? for is a applied last

Joseph Harary

We pretty patenting extensive have a effort.

So money spend a protecting. we quite of bit

Michael Forrester

Most are year XXXX. before the of them

Joseph Harary

into I'm Michael, go to IP not strategies. going

protect with things you you and secrets protect with patents. it sometimes Sometimes trade

Michael Forrester

the Frontiers. is When a asked question. last I specific But time Research

Joseph Harary

look have that I'll up. to

We have in the things works, too.

Operator

Chuck from an Michaels, comes question next our And investor.

Chuck Michaels

year, I you but the on see see I can I quarterly financials quarter. [Technical year at? look Difficulty] this anything financials your I didn't didn't for I for last have versus somewhere XXXX, and XXXX Do looked versus saw website the but

Joseph Harary

No.

only yearly. the So reports XX-K

it have numbers months. the and press X XX-K comparing the and derive a certain to the the SEC. follow can quarter releases But to according the those You financial from format to

that's did. we So what

Chuck Michaels

see. I

for So the can us tell you what was loss the quarter?

Joseph Harary

was this year lower last quarter. It than

Chuck Michaels

Can you was? tell what us it

Joseph Harary

offline derive up have one or look you loss. out and it the XX-month you want Subtract I'd other. could comparing But don't the to from we that because the X-month it from if break it loss way.

been was per public. year, went whole we the $X.XX lowest for though, loss which is it's since Our share the

Chuck Michaels

That's hopefully, through had I Yes, sales I saw and large in rather How question that. confident... coming had -- you some mentioned a great. XXXX. Also,

Joseph Harary

won't Not context large to sales what or XXXX. -- we're we've But in we talked I expecting of we in have that's to say in dwarf about anything say XXXX won't not said, talked what the Gauzy's ever may ever about.

Chuck Michaels

Yes.

Joseph Harary

so the well. looking I to urge to listen way, by And as on that Monday, conference have their call to forward it. I'm they everybody

Chuck Michaels

Right. I am as well.

Okay.

to any regard how Do So the that? give with timing on information -- confident on have that? you any us you are

Joseph Harary

confident the had I it we be that these and announce on which calls the is It doesn't I going happen. of it glass didn't. our mentioned CEO mean, Well, CNBC relatively I on call, going on Ford Lincoln what say happen. to to I'm was means that the always in Continental

So sometimes expect. way the the the on things they and lip. in always between But -- for the we though. part, on Not happen timetable, the that happen the most cup

Chuck Michaels

I Right. or a something to don't they else. more if a know out Lincoln out mentioned quarters understand. know the near likewise, if that either. -- that's about you've one number was come or I And and of don't car cars seem in I future, the coming

Joseph Harary

when something No, else. many is The was no. rebranding Yes. -- This they their years car. Lincoln when ago were that

the like not they these we SPD. but out, expect said coming they call. earlier just We They out, when delayed XXXX come were thought in of -- because I cars to past were

Operator

investor. And our next question comes an from [Indiscernible],

Unknown Analyst

car [ paid of tariffs, a like Like you're company or XX% sometime if XX% ]. on module a the of On not? tariff or top the topic of shipping to royalty

Joseph Harary

you a great Avi -- [ So ]. for and it. Thank question, typically asking that's

example, net like agreements revenues costs and things the things selling things net license but tariffs and profit. to the and our definition selling tax that the that. calculation exclude price. it's But go get some out -- and tariffs, minor basically minus sales would is from not of you you basically you pocket, a price licensee's into the have revenues. It's that down all things, the taxes And and And do of exclude like So like, shipping for royalty. when of don't

of sublimitation how just for can a mentioned. all things I there's deduct that However, much they limits those

deduct up level, cannot you shipping add if they if a other certain calculation. above and So and licensee from tariffs things, the the costs go that

we're going piece to very XX% if a deducted, is be if small of talking tariff, So that a about any.

was I So going royalty. you're Mercedes these for to set charging command could a well. up tariffs, create not our the It because how cars example, very for the and In Audi, cars, many for and necessarily typically a would at BMW market sell let sold like multiple example. said, not the cars was lot are lower-end and affect they to market, a sold cars. the still in they're the market so they may But in leverage you which distribution And certain of general. the me of MSRP, give affect largest because premium China, simple but when for

but mistake that and said about it be of say So case, more And believe they also high in student that much that do they're that But economics either, think people didn't of I terms at long-standing. are to that's temporary I be the said somewhat expect end, I going politics in make student I want doing. because transitory wrong. of will expect. someone don't -- as I and tariffs the there I movement never to that happen, believed than they to I may never be same this was. be and don't a they're don't inflation a the what

Operator

next investor. Our [Operator from John comes question Nelson, an Instructions]

John Nelson

of Joe, questions. a couple

any on First, one development? the ask that is always I sun visor progress

Joseph Harary

is on the I with something their it's side OEM to get side, out. to lot There the to work and their I product aftermarket licensees both the work, the leave But have in. and in a believe but customers it continue

John Nelson

contacts product? and an up you do market comer the Are And Have -- in Understood. have Embraer. they jet any aware with your you them? of is commercial Okay.

Joseph Harary

to much very Vision licensee of of Systems just the worldwide some being so, fact, was being Matter the so. of our because very Yes, from expansion that European-based much aircraft market, in had early Embraer. done

-- regional So their category, jets are great. and transport

John Nelson

of in be any And Yes. new XXXX to you cars? vehicles market do the the expect for middle for

Joseph Harary

do. I Yes, Yes.

John Nelson

on then Okay. work last particle? you conference Good. this Grail related Are the patents. just to call, Or black something... And mentioned they lastly, is Holy

Joseph Harary

about been Holy black certainly has the Well, what is Grail. talk whole the that, to I And when get. trying industry it's

minimize viscosity stage experienced excited to mass would with There's be you saw of production. was remarkable. it different we're about -- pouring we from characteristics to are we similar to material as that assuming sample I this CES close the personal, want So simply may We're into sample at it. stage engineering to in but always through the I the impressed coating know but easy adjustments. the blue, have particle. to don't very as enough the showed mean extremely emulsion it, And it more you black the if and up -- R&D flow bucket and to the be go

be mass I expect But to up really difficult be material what that shouldn't it production. to translate that So a into of wouldn't happens.

Operator

question comes August investor. an Berman, And from our next

August Berman

are you? How Hey, Joe.

Joseph Harary

are how say. I August, Berman, must you. Hey, Dr.

Sorry.

August Berman

to know more do we revenues about about talking see from new wanted we regards XXXX, just with vehicles? Calling, are introductions? the the to it's Or

Joseph Harary

of built between for testing. be it they put chambers automaker through been you that years, time often period period an be the I put a went and special it companies was time because all vehicle following for necessary some In what told when a to Mercedes a them they we've in. It years think would working of decide use to it only there's kind year, materials. there these case and short and in of million equate But in nowadays, about me, there several testing of when reason. vehicle of when in with they EUR between putting here and would time. that's could a their lead SPD-SmartGlass when on days, goes the and X.X now wanted SPD-SmartGlass very X in the early

in XXXX. think I you'll expect So introductions

out. big that Assuming assumption. That's far always the

August Berman

Right. looking had part SCD just mentioning S-Class web at the Daimler XXXX delayed. then the last think [Indiscernible] the if been And I then and and looking that frustration year maybe of you're and I'm saying

the always well kind expecting of I put we out connected there. the are dots to So But still automobile in XXXX? as come Asian

Joseph Harary

we Yes, Yes, we are. are.

Operator

Alan And our investor. next comes question an from Ginsberg,

Alan Ginsberg

The black expect structure of the regarding royalty be in particles, do have you to you to similar agreement it place the the royalty that agreements now? right

Joseph Harary

And a you on think is lot would price. the more. more or they black the But higher that's the Yes. change Gauzy hand, to are from we that we of to going and the that better see other thing, don't arrangement. a customer material. to need a a We I would XX% royalty determine, it the I get mean product sell something with real but at royalty probably blue because get would a the XX% sell

place. So our in up royalty just go could same the with percentages

Alan Ginsberg

Right.

with particle property that correct? is as the it be your protection protection would Is products. intellectual your other Your it in similar black as would be

Joseph Harary

protecting Yes. We're focused on tell. could very as IP, you

We and number patent It's applications. of a bit. patents quite have XXX equal

Operator

question next our comes And from [Indiscernible].

Unknown Analyst

today. doing you are how Joe,

Joseph Harary

wasn't called, up. are you Alan, we I'm and your to able had get you. spoke able back hook haven't to I you when how but I to to been partner sorry,

Unknown Analyst

problem. No

question hear a you here. me? Can Just

Joseph Harary

Yes.

Unknown Analyst

Can you hear me?

Joseph Harary

Yes, can. I

Unknown Analyst

all year. markets saying And all this great. you're [Indiscernible] multiple XX% and year, -- the for have were in you up momentum the the that's for

I from it's number, to duplicate time, you have that time If quarters know terrific. some reason. whatever can you lumpy

anticipate see If that you in have? share Can profitable momentum markets, you if do of the possibility order these you all this a you year?

Joseph Harary

this past almost We hit Sure. year. sure. Yes, profitability

a our in If achieving of I'm year. end coming lot our the of forward and depends year, of So out that certainly retrofit if the the timing. But the to year increase significantly the architectural affects on -- beginning A comes also the the royalties. could it at out, quarter royalties. car comes that profitable versus looking truly a

that. on focused very we're So

Unknown Analyst

as multiple that mentioned for you event something And to the XXXX or is any as that the detail is any which is it -- potential you give XXXX Or going markets far more address? us can markets?

Joseph Harary

I we predictable is would market automotive. have the say most that Well,

So XXXX, automotive if I'm on it's projecting multiple and out an actually. ones probably project to

Operator

comes And our question investor. an from next [Indiscernible],

Unknown Analyst

The one I'm kind based surprised to of of a X bring go Today, nobody to table. And February problem callers in is go not you're not dialogue. mean to I going of not time I'm and will do broker-dealers longer have of millions of significant your you And and -- money why ] the the ago talk at dollars they of this significant because on that's now, that this with back back it it's I'm X.XX% want that years XXXX, wondering the price. the was I talked problem. you mean going and about the to knows to you interested revenues, them stock the is $X.XX. going until care not stock roadshow prices, be Frontier. that years about contact out and a ago, if be obviously, Research would the X because we're take not and about can to the to I'm we have need problem your [ wasting these you'd I revenue, $XXX,XXX million up hundreds company's earlier in stock if have how in at disappointed and will knew is take $X.XX. much what That's you revenue point.

Joseph Harary

also with Frontiers revenues. real that is into come the it. I in Well, sure. agreement have higher And to Research much as I'm going money you when Sure, appreciate an we investment

Unknown Analyst

problem for when contracts X the confident hard in be and We -- that true. to these years. need how for been significant is to That's contracts it's waiting I've

Joseph Harary

And Right. been what there. I'm to very you're saying I've sympathetic

right sooner and able what we is We Gauzy these is really sooner so now. talk higher as of price on contracts those be to stock stuff what question, But the as and can them stock to can am say that our will least worried when about that revenue. about of much the hard I have better thing sooner. in are we price are and working could revenue. and more we're I appreciates do about to and working It's this it appreciate talk the working I'm the we -- And agreement land things about course,

Unknown Analyst

these you a responsibility traded know do on as timely publicly and I significant company you a Because announcements contract. basis fiduciary to a have those a make have when companies

happening, it does not do I'm that but sometime about So worried I happen hope soon.

Joseph Harary

the and try of have those. Right, in works as things more many Well, have to that more could we right. so we

Unknown Analyst

obviously, you And I've for hanging your been hopeful. time. I'm Okay. on.Thank

Operator

Instructions] I haven't We're question a you. lot us to the if fully anyone's [Operator talk we've happy to think And questions. either free or questions, the e-mail to call of answered feel us. -- please answered we

Joseph Harary

like make a could. few I to now, remarks I'd if closing

For steady is a a a years, reduction you've in or increase in other constant revenues the year-over-year business simple. past reduction seen accomplishments. The this in operating without reason operational several and for expenses

the sheer aircraft areas bigger of that our as last with SPD licensees, it for our amounts the the size Glass towards we have Smart longer. retrofit years each in, of has best-performing much model, Halio automotive, much than often more the we're like buildings land expenses and flow many nobody who by and can steady such the Several from a elephant be Also, and even for the and of the raised of model life homes. a we're shorter than is and in year. our especially Smart results profitable. of car model best being revenues, highly this typical typical by today a companies architectural, business revenues as massive sales go and us preserving reducing application. We creates better of of years desirable business. aspects world. aircraft winning X-year and the of and the Because magnitude at glass programs. In project than industries now View cycle in The cash these the went We and can notably money competitors hunting, steadily of asset-light increasing and spent raised, virtue of the the nature Glass be moving And the this and technology bankrupt have positive numbers market programs inevitably they even

towards support you to and companies delisted. that and not paying this diversified got they then a areas continued way, with as capacity and us approach just to for And was we're you closely the together. much well of a to like were the market right and and part production able our aircraft, preserving asset-light can and the automotive, list capital company thank together by of multiple And down their business do, only of and company more Part start allows industries quickly. their one you technological believe your a to that is towards such business. very limitations this our business attention key Thank and We expenses, others in along also by pay in architectural, apply this and working place. to is perspective. This And to technologies. diversified have market, leverage technology in if to of marine the predictable with you resources positioned technological our efficiency reduce of them come But all that development can resources the road we this profitability, of simply can't, strong glass, and very large the from risks, and to asset-light management dividends investors expertise presence as you've of much. team and Another model licensees consumer enhancements relates electronics. travel future a us on expansion. focused I smart part of I we lower more here believe driving

Operator

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

Research Frontiers (REFR) 6 Mar 252024 Q4 Earnings call transcript