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Microcap & Penny Stocks : REFR Since Gauzy -- Ignore unavailable to you. Want to Upgrade?

To: dimtint who wrote (1411)	9/27/2025 12:17:29 PM
From: firstresponder	1 Recommendation Recommended By dimtint Read Replies (1) \| Respond to of 1520

Research into PET-ITO dollar figures for film with >87% optical clarity and <10ohms surface resistivity (the lower the ohms, the better the electrical conductivity) Keep in mind the largest of the film squares from this particular manufacturer is 16"x 16." Price is for a pack of 50 squares (100-pack isn't available): I'm still looking for a company who makes it available by rolls so we could determine the sqm price. This maker scales the price from $13 per square in the 5-pack to $8.24 in the 50-pack. A 16" x16" square equals about 1/6 sqm, so you'd need 12 of them per sqm of SPD at the 50-pack price, or about $200 worth. I imagine purchasing by the roll would reduce that, maybe significantly. But if the above pricing is typical, it reinforces my idea that SPD's most profitable automotive future will be in small applications where nothing else will do. Aeronautics looks much better, and this may explain its recent traction.

To: dimtint who wrote (1411)	9/28/2025 1:29:56 PM
From: dimtint	7 Recommendations Recommended By Auger50 firstresponder JoAnnBarbour JubilationT LiberAbbaci and 2 more members Read Replies (2) \| Respond to of 1520

From JH: My comment:”””” Thank you for the clear explanation. 30 years in refr, and it never occurred to me that there were grades and therefore cost differences with Ito coatings. I’ve kept thinking that pdlc’s Ito use cost the same as spd and waiting for some spd cost reduction to meet demand. But the spd cost is not the issue. Maybe the black adds enough value but truly, the problem seems intractable .“”” Joe’s reply in full””” Not at all an intractable problem. As a matter of fact, it's pretty straightforward: each new car model or tick up in take rates smooths out the choppiness of only having 4 to 6 months of production call outs. And once architectural comes online in fuller force, that also contributes to being able to commit in higher volumes of components such as ITO-PET. To use a baseball analogy: one can swing for the fences and try to hit a grand slam (eg View, Halio. etc.), play in the pee wee leagues and still strike out consistently (eg CRKN), or you could win ball games by hitting singles, doubles, and triples consistently to score runs and keep getting up to bat for more (REFR). The investments in developing the technology, bringing it to market, showing its reliability, and being known as the highest performing Smart Glass technology, has been made. The investments in the factories and sales and distribution networks have also been made. So now what's left is a steady progress towards reducing variable costs. Every car model, every architectural project, and to a smaller extent every aircraft or boat, helps in this regard. Joe -- Joseph M. Harary, President and CEO Research Frontiers Incorporated 240 Crossways Park Drive Woodbury, New York 11797-2033 Tel: 516-364-1902 ext. 220 or 888-SPD-REFR ext.220 Fax: 516-364-3798 Email: Harary@SmartGlass.com Internet: smartglass.com "Can Your Glass Do This?"