RFI Q32024 CC, post 20:
Moderator: : At this time, we have no further questions.
JH: Okay. In that case, if any of you had questions that we haven't fully answered, if you thought of anything else, just e mail us. We do our best to answer them. And now I'd like to make some closing remarks.
The outlook for the smart glass industry remains extremely promising and I think we prove that every quarter and every day, bolstered by growing revenues in automotive and aircraft and increasing regulatory support and tax incentives, and then new product introductions like the retrofit.
Research Frontiers has a solid position and a strong foothold in the smart glass industry. We're well positioned as a recognized leader with an innovative, high performing and reliable solution. Our recent results underscore that SPD SmartGlass technology is increasingly viewed as the industry standard solidifying our leadership even further.
With our guidance, our entire industry has been strengthened as well with licensees gaining resources to expand and our technology being adopted across a diverse range of products and industries. In the interview yesterday, Gauzy mentioned that they had 700 employees.
When I first met Eyal Peso, they had 50. Demand is rising from highly visible iconic global brands and their customers further validating our technology's transformative power. SPD SmartGlass technology is enhancing customer experiences across sectors, especially in automotive and aerospace where it sets new standards of comfort and energy efficiency and performance.
And in some industries where the customers such as airlines can finally now choose, they are selecting SPD as shown by the new Airbus and Boeing programs. This quarter, we continued our track record of growth and progress with Research Frontiers and our licensees building traction and momentum across multiple industries and continued growth in our established markets as well as opening up while we also open up new markets and uses for SPD SmartGlass technology.
The Q3 of 2024 marked our 7th consecutive quarter of revenue growth compared tthe prior year. In some areas where we are the established leader, we have a strong foothold such as in automotive and aerospace. In other emerging markets for us such as architectural, infotainment and information display and consumer electronics, we're just getting started.
But because it's virgin territory and because of our track record in the other areas, I think we have the leg up there. We've been in business the longest and have the largest network of world class companies offering our SPD SmartGlass technologies.
We built upon our base of success and high performance and reliability proven across tens of thousands of cars and aircraft that have been in use for decades. No one else has that longevity or track record. Each partnership, each project, and each installation further validates our leadership and the undeniable value that our SPD SmartGlass technology brings.
Competitors have tried to do what we have succeeded at. Most have failed or are failing. In my opinion, this is because of their flawed business models, high costs, bad logistics and inability to scale and the poor performance of their technologies.
Just in the second half of this year, we've seen multiple bankruptcies among our competitors such as Vue and Halio. The architectural market, for example, has proven too difficult for others in our industry, not for us. We see tremendous potential in the retrofit market for buildings, offering opportunities to drive sustainable solutions into existing infrastructures worldwide.
No one else can do this. Because we are a film based light control technology, the logistics for us and our licensees are far better. SPD Smart Light Control film can easily be shipped anywhere in the world that's needed.
The introduction of SPD into new premium vehicles as well as current initiatives to tap into the market for more moderately priced vehicles also marks a significant milestone broadening our reach and making SPD technology more visible and more accessible to a wider audience.
As we look ahead, we can see more clearly what the future holds for our industry and Research Frontiers is more optimistic than ever. With the support of a strong growing industry network and partners like Gauzy, who share our vision for expanding SPD's reach, we are well positioned to capitalize on the promising opportunities that lie before us, such as the several new car models that I had mentioned earlier in Europe and in Asia that are expected to be introduced in 2025 using our SPD SmartGlass technology, and as I mentioned some in new places and in new ways.
Thank you once again for your trust, confidence and commitment to our journey. We look forward to continuing on this exciting path together, continuing the momentum and to sharing more achievements with you. We expect, like our shareholders, further growth, visibility and success. Thank you.
Moderator: This concludes today's conference call. Thank you for attending.
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