| | | REFR Q3 ? Answer, attached GAUZY Q2 below, SPD discussed ….
Francis Altera
On our last conference call with Gauzy, they never even discussed SPD. Why did they not even address that? I found that to be somewhat odd. Would you have any [indiscernible].
Joseph Harary
CEO, President, General Counsel, Corporate Secretary & Director
Yes, I've had this discussion with Gauzy. There's a very sexy high-growth part of their business. That's their switchable film division. And they have a very bread-and-butter part of their business, too, things like the Safety Tech division, which does the cameras for trucks and things like that. And as a new public company, I guess they were advised stick to kind of the more traditional way of presenting your company, which is here are your revenues in each division, here's your EBITDA in each division, and they have about 5 different divisions. So they devote some time to it. From a shareholder value standpoint, I believe they would do much better focusing on the growth areas like SPD. And I've expressed that to them, and I think they're getting that message.
Gauzy Q2 2025
Now let me highlight some of the key business milestones we achieved during the second quarter and subsequent period. We achieved a major milestone with the first customer delivery of General Motors' Cadillacs CELESTIQ, featuring the industry's largest piece of dimmable smart glass ever used in serial production. Powered by our SPD topline, this multi-zone independently-controlled panoramic roof demonstrates our ability to bring advanced materials to serial production at scale. This long-term contract with GM represents a significant leap to forward in bringing dynamic glass from concept to reality.
Building on our SPD integrations with Ferrari, McLaren, Mercedes-Benz, the Cadillac program, expands our presence in the EV segment and positions us to capitalize on the global automotive smart glass market projected to grow from $16 billion in 2024 to over USD 25 billion by 2028.
Next, we launched our breakthrough prefabricated smart glass stack, a turnkey solution that accelerates OEM adoption of dynamic glazing in the automotive market. This fully industrialized product combines our dimmable smart glass films, conducting elements and adhesive interlayer into a single unit that eliminates costly post-processing steps and enables Tier 1 suppliers and OEMs to integrate smart glass at scale with speed. Our annual production capability of more than 1.9 million square feet positions us to capture significant market share through predictable, high-margin business-to-business channels.
Multiple Tier 1 suppliers and vehicle programs are evaluating our prefabricated stacks for integration into late 2025 through 2027 production platforms. These two announcements better position Gauzy to win in the automotive smart glass market projected to reach $25 billion by 2028 and growing at over 11% CAGR.
We're excited about our strategic expansion into the marine sector, where we see significant opportunity within the $6.2 billion global marine glass market. Following our successful implementation at the new MSC cruise terminal in Miami, the biggest terminal in the world. Our PDLC and SPD smart glass technologies are gaining strong traction with cruise lines seeking sustainable experience- driven vessel design. We've now secured 9 programs in the maritime section, validating demand in the higher-margin sending.
With over 50 ships onboard globally and the cruise industry's aggressive focus on reimagining the onboard experience, our technology delivers the privacy, solar control and energy efficiency that operators need to meet their ESG goals while enhancing passenger experience.
In our Architecture division, we continue to be selected by some of the biggest companies in the world to outfit their commercial spaces, including most recently, Moderna for their corporate headquarters.
In Aero division, we're pleased to share that we will be revealing a new commercial airline cabin shading product at CES, early 2026. This is expected to serve as our main growth engine in this segment as we move from cockpit into commercial cabinet. As a reminder, the decision on how to control light in commercial aircraft has moved from the OEM to also include the airlines. This open our business to more than 700 individual airlines, both new production and retrofitting their existing fleet. |
|
