| With all the time, energy and speculation about Gauzy this and Gauzy that it may be prudent to remember that SPD film sales are a small part of their business. At the end of Q2 2025, open orders as a percentage of total sales were Auto 4.4% and Arch 3.9%. Q2 sales were Auto 6.9%, Arch 12.4%. They don’t break out the type of tech but we can probably assume at least half of that or more was PDLC leaving SPD film sales to our licensed laminators very small. Overall, Gauzy needs $46.5M in sales for Q3 and for Q4 to achieve their mid range guidance after two quarters which saw only $22.3M and $20.1M. Are sales suddenly going to double? What’s missing, as noted often here, are large, high volume Auto OEM contracts. The combined sales teams have not succeeded in this endeavor for many years. There is no objective evidence any big deals are pending, only management talking points. We need and deserve this evidence if it exists. Revenue guidance with time-lines. Sales wins. Nothing else matters whether it’s trade shows, scripted conference calls, internet pictures of cars, buildings, hedge fund promotions or speculations ad nauseam. We know RFI has a great product. Sales is the issue. |
