Core Insights - The automotive industry is increasingly interested in SPD-SmartGlass technology, transitioning from an emerging concept to an essential feature for modern vehicles, enhancing comfort, safety, and energy efficiency [2][4][10] Industry Interest and Adoption - The ECV Automotive Glazing Summit highlighted the strong interest in SPD-SmartGlass, with automakers actively evaluating or using the technology in various vehicle programs, including premium and next-generation electric vehicles [4][10] - Automakers are seeking proven, production-ready dynamic glazing solutions, with SPD-SmartGlass offering immediate tint response and energy savings, having been used in tens of thousands of vehicles since 2011 [5][10] Collaboration and Integration - The summit emphasized the importance of collaboration among film developers, glass processors, and OEM engineering teams to ensure seamless integration of dynamic glazing into vehicle platforms [6][9] - Research Frontiers engaged in discussions to address cost targets and optimize system performance, fostering productive dialogue within the industry [6][9] Technology Comparison - There is a need for clarity among different variable-tint technologies, with SPD-SmartGlass noted for its fast switching speed (1-3 seconds) and optical consistency, outperforming slower electrochromic solutions [6][10] - SPD-SmartGlass provides significant advantages in energy efficiency, comfort, and safety, resonating with OEMs evaluating technologies for their upcoming vehicle platforms [7][10] Features and Benefits - SPD-SmartGlass technology offers numerous benefits, including energy savings, increased driving range, improved passenger experience, and enhanced safety [7][11] - Key performance metrics include a 1-2 second switching speed, 99%+ UV blocking, up to 95% heat rejection, and a reduction in cabin temperature by approximately 10°C [11] Summit Outcomes - The summit concluded with strong interest from automakers for follow-up demonstrations and technical workshops, indicating a trend towards accelerated adoption of SPD-SmartGlass technology [9][10]

Core Insights - The automotive industry is moving towards smarter and more sustainable vehicles, with Research Frontiers' SPD-SmartGlass technology playing a pivotal role in this transformation [4][5]. Group 1: Event Details - Research Frontiers' President and CEO Joseph M. Harary will serve as Chairman and Keynote Speaker at the North American Vehicle Glazing Innovation Summit 2025, scheduled for November 18–19 in Detroit [1][2]. - Harary will present a keynote titled "Real World Uses of SPD-SmartGlass and Other Variable Tint Technologies," focusing on how dynamic glazing enhances comfort, safety, and design flexibility for OEMs [2]. Group 2: Industry Collaboration - The summit will feature a panel discussion moderated by Harary, involving executives from various companies including Gauzy Ltd, Karma Automotive, Marelli North America, and Carlex Glass, aimed at reimagining the collaborative ecosystem of glass and cabin [3]. - The event will gather executives and engineers from major automotive companies such as General Motors, Ford, Volkswagen, and others, representing the entire automotive glazing value chain [4]. Group 3: Technology Overview - Research Frontiers' SPD-SmartGlass technology allows users to control the amount of light passing through glass, improving comfort, design flexibility, and energy efficiency [6]. - The technology has been implemented in luxury vehicles, aircraft, trains, and yachts, and is expanding into architectural applications [5].

Financial Data and Key Metrics Changes - Automotive and total royalties increased year over year and sequentially when excluding one-time events from 2024 [3] - As of September 30, 2025, the company held approximately $1.13 million in cash and had working capital of $1.4 million, remaining debt-free [7][8] - Royalty income from Ferrari sales will be fully recordable in the fourth quarter, with expectations for revenue growth across all market segments [6][7] Business Line Data and Key Metrics Changes - The architectural retrofit system was launched at Glass Build 2025, receiving positive feedback from attendees [3][4] - The company has identified initial customers for the retrofit system, including government buildings and commercial high-rises [3] - Royalty income from automotive sales was impacted by a licensee transition, but overall royalties in Q3 were higher than the previous year after adjusting for one-time events [5][6] Market Data and Key Metrics Changes - The company is experiencing significant interest in its SPD Smart Glass technology across multiple industries, including aerospace, automotive, and architectural markets [8][31] - The government is a major customer, promoting SPD Smart Glass through tax incentives, which is expected to accelerate adoption [31] Company Strategy and Development Direction - The company plans to build on momentum from trade shows and is focusing on major upcoming events to showcase its products [4][9] - Continuous innovation is a priority, with developments such as black SPD film expected to enter production soon [38][39] - The company aims to maintain a low-risk, asset-light business model while expanding its global reach through licensing [42][43] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that while progress may take longer than anticipated, the company is consistently moving forward with its projects [30][39] - The automotive industry is viewed as a challenging but promising market, with increasing demand for SPD technology [31][43] - The company is positioned for meaningful growth with multiple new car model introductions and the retrofit launch underway [44] Other Important Information - The company has a full pipeline of projects and opportunities, with significant developments expected in the near term [8][39] - Management highlighted the importance of maintaining high performance and reliability in the smart glass industry, especially in comparison to competitors [37][43] Q&A Session Summary Question: Where are all the car sales that have been projected? - Management explained that accounting treatment related to licensee transitions affected reported royalties, but they expect significant automotive sales moving forward [15][16] Question: Is there interest in profiling the retrofit product in media? - Management confirmed that discussions are ongoing to feature the retrofit product in shows and podcasts [17] Question: What was the product installed in the White House? - The product was an anti-eavesdropping bullet-resistant glass, which can also incorporate SPD technology [23][24] Question: How capable is the supply chain setup for the architectural market? - Management indicated that the supply chain is robust, with multiple facilities dedicated to production and lamination [27][28] Question: What is the status of the black SPD film? - Management stated that the development of black SPD is very advanced and will be discussed in closing remarks [26] Question: What caused the slowdown in Hyundai's project? - Management noted that the slowdown was related to the car itself rather than the SPD technology [26]

Financial Performance - For the nine months ended September 30, 2025, the Company reported revenue of $1,049,125, a decrease of 9.4% compared to $1,157,380 for the same period in 2024[28] - Operating loss for the nine months ended September 30, 2025, was $(1,358,625), compared to $(817,589) for the same period in 2024, indicating a significant increase in losses[28] - Employee compensation expenses rose to $834,855 for the nine months ended September 30, 2025, up 11.8% from $746,582 in 2024[28] - Two significant European licensees filed for bankruptcy, accounting for approximately 44% of the Company's revenue during the nine months ended September 30, 2025[46] - The Company has not recorded income tax expense since inception due to ongoing operating losses[47] Revenue Recognition - The Company recognized revenue based on the satisfaction of performance obligations, with a variable royalty fee structure typically ranging from 10-15% of the selling price[38] - During the first nine months of 2025, five licensees accounted for approximately 23%, 22%, 21%, 18%, and 11% of fee income, compared to four licensees accounting for 32%, 31%, 10%, and 10% in 2024[44] - Fee income from Gauzy and Vision Systems represented 13% of the Company’s total fee income for the nine months ended September 30, 2025[58] - Accounts receivable from Gauzy and Vision Systems represented 17% of the Company’s total royalty receivables as of September 30, 2025[58] Share-Based Compensation - The Company recorded share-based compensation of $175,204 during the nine months ended September 30, 2025, related to stock options granted[52] - The fair value of the stock options granted was $1.265, with an expected volatility of 76% and a risk-free interest rate of 3.97%[53] - As of September 30, 2025, the Company had 1,630,434 warrants and 1,281,489 options outstanding[53] - No options or warrants were exercised during the nine-month period ended September 30, 2025[49] Lease Obligations - The Company’s operating lease has a remaining term of 6.3 years as of September 30, 2025, with total lease payments amounting to $1,497,000[55][57] - The incremental borrowing rate for the operating lease increased from 5.5% in 2024 to 7.0% in 2025[55] - Cash rent paid for the nine months ended September 30, 2025, was $163,000, compared to $174,000 for the same period in 2024[55] - The initial term of the operating lease expires on December 31, 2027, with potential renewal options extending to December 31, 2031[55] Other Financial Information - The Company had $37,736 in unbilled revenue included in royalty receivables as of September 30, 2025[40] - The Company received $47,357 in Employee Retention Credits during the nine months ended September 30, 2025, compared to $35,152 in 2024[59] - There has been no material change in the disclosure regarding market risk since the last annual report[86]

Core Insights - Research Frontiers Inc. reported its financial results for the third quarter of 2025, highlighting a positive response to its newly introduced SPD-Smart retrofit window system and growth in the automotive market [1][3][4]. Company Developments - The SPD-Smart retrofit window system was launched at GlassBuild 2025, enabling retrofitting of SPD-SmartGlass in various buildings, receiving positive feedback from industry professionals [3]. - Royalty income from the automotive segment increased year-over-year and sequentially, with the transfer of the Ferrari SPD-SmartGlass business to a new licensee leading to full recognition of related royalties in Q4 [3][4]. - The company’s technology will be showcased at the Automotive Glazing Conference in Detroit, emphasizing its leadership in the automotive glazing sector [3][7]. Technology and Market Position - SPD-SmartGlass technology is gaining global traction, outperforming competitors in clarity, speed, durability, and shading range [4][7]. - Developments in black SPD film and prefabricated lamination stacks are expected to enhance optical performance and reduce production costs, facilitating faster market adoption [7]. Financial Performance - For Q3 2025, Research Frontiers reported a net loss of $1.28 million, compared to a net loss of $703,442 in Q3 2024, with operating expenses increasing [14]. - The company remains debt-free, with cash and cash equivalents of $1.13 million and working capital of $1.4 million as of September 30, 2025, reflecting disciplined financial management [7][14]. - Total current assets decreased to $1.61 million from $2.75 million in the previous year, while total liabilities decreased to $1.27 million from $1.44 million [11][12].

Core Insights - Research Frontiers Inc. announced that its President and CEO, Joseph M. Harary, will chair the North American Vehicle Glazing Innovation Summit 2025, scheduled for November 18–19, 2025, in Detroit, Michigan [1][4] - Harary will deliver a keynote presentation on "Real World Uses of SPD-SmartGlass and Other Variable Tint Technologies," focusing on the impact of light-control glazing in the automotive sector [2][3] Company Overview - Research Frontiers is the inventor and licensor of SPD-SmartGlass technology, which allows for instant and precise control of light passing through glass, enhancing comfort and energy efficiency [6][7] - The company's technology is currently utilized in various applications, including vehicles, aircraft, trains, yachts, and buildings, significantly reducing cabin heat load by up to 95% and blocking 99.5% of light on demand [3][7] Industry Context - The summit will gather key players from the automotive glazing value chain, including major automakers and glass manufacturers, to discuss trends such as smart glass integration, sustainability, and regulatory developments [4][5] - The event is organized by ECV International and aims to explore how glazing innovation can support the future of mobility [5][6]

Company Overview - Research Frontiers Inc. is a publicly traded technology company specializing in SPD-Smart light-control film technology, enabling precise control of shading in glass or plastic products [2] - The company's technology has been licensed to various well-known companies in the chemical, material science, and glass industries, with applications in cars, aircraft, yachts, trains, homes, offices, museums, and other buildings [2] Upcoming Financial Results - Research Frontiers will release its third quarter 2025 financial results on November 6, 2025 [1] - A conference call will be held on the same day at 4:30 PM Eastern Time to discuss the financial and operating results, along with recent developments [1]

Core Insights - The introduction of the RetroWAL SPD-SmartGlass system marks a significant advancement in building modernization, allowing existing windows to be transformed into energy-efficient smart glass without the need for removal of original glazing [1][2] - The system is co-developed with Gauzy Ltd., utilizing SPD light-control technology already implemented in high-end vehicles and aircraft, making it suitable for various building types [2][3] - The global smart glass market is projected to reach $124 billion by 2028, with a CAGR of 22.8%, driven by the architecture segment and retrofit applications [7] Company Overview - Research Frontiers Inc. is the inventor and licensor of SPD-Smart film technology, which allows for precise control of glass shading [9] - Advanced Impact Technologies Group (AIT Group) is a leading manufacturer of advanced functional glass solutions and a licensee of Research Frontiers' technology [10][11] - Gauzy Ltd. focuses on light and vision control technologies, serving various industries including aeronautics and architecture [12] Product Features - The RetroWAL system provides dynamic shading, reducing solar heat gain by up to 20%, blocking UV and infrared light, and lowering noise levels [3][4] - The technology allows for easy retrofit installation, making energy-saving smart glass accessible to a broader market [5] - The system offers lower installation costs (up to 70% savings compared to full glass replacement) and immediate ROI through reduced HVAC loads [14] Market Trends - Governments are promoting energy-efficient technologies, with the U.S. Dynamic Glass Act offering significant investment tax credits for dynamic glazing [5] - Retrofit applications are expected to be the fastest-growing segment in the smart glass market, driven by the need for sustainable building solutions [7]

Core Insights - Research Frontiers Inc. announced the retirement of Michael R. LaPointe, Vice President – Aerospace Products, effective September 15, 2025, after over 30 years with the company [1][2]. Company Overview - Research Frontiers is a publicly traded technology company that develops patented SPD-Smart light-control film technology, allowing for instant and precise control of shading in glass or plastic products [6]. Contributions of Michael R. LaPointe - LaPointe joined Research Frontiers in 2000 and held various senior leadership roles, significantly contributing to the commercialization and growth of SPD-Smart technology across multiple sectors, including aerospace [2][5]. - Under his leadership, SPD-Smart Electronically Dimmable Windows (EDWs) have enhanced passenger experiences in aviation by allowing instant control of light, glare, and heat, improving cabin comfort and operational efficiency [3][4]. Adoption of SPD-Smart Technology - The adoption of SPD-Smart technology in aerospace has increased, with major aircraft OEMs and airlines incorporating SPD-Smart EDWs into their offerings, including Airbus and Honda Aircraft [4]. - SPD-Smart EDWs have been contracted across multiple aircraft and helicopter OEM programs, confirming their effectiveness in enhancing passenger comfort and operational efficiency [4]. Leadership Acknowledgment - Joseph M. Harary, President and CEO of Research Frontiers, expressed gratitude for LaPointe's contributions to the aerospace business and the company's global partnerships [5].

Financial Data and Key Metrics Changes - The financial results for Q2 2025 were disappointing primarily due to one-time and non-cash charges related to a bankruptcy and the replacement of a licensee supplying Ferrari [4][5] - When excluding these one-time charges, expenses would be essentially the same or lower than last year, and royalties would be up compared to last year [5][7] - Cash and cash equivalents as of June 30, 2025, stood at approximately $1.3 million, a decrease of $100,000 from the previous quarter, while working capital was approximately $1.7 million [9] Business Line Data and Key Metrics Changes - Sales of SPD SmartGlass sunroofs to Cadillac in Q2 2025 were significantly higher than the combined sales in Q4 2024 and Q1 2025 [5] - Royalty income was down this quarter due to the bankruptcy of a European licensee supplying Ferrari, which was anticipated and has since transitioned to another licensee [6][7] - Continued sales of SPD SmartGlass from Mercedes and McLaren occurred in 2025, with expectations for additional income from automotive projects starting in Q3 2025 [7][8] Market Data and Key Metrics Changes - The company experienced a 79% revenue growth from Q1 2025 over the prior year and 214% from the prior quarter, driven by increased demand for SPD SmartGlass in the automotive and aircraft sectors [8] - The architectural market is seeing growing interest, with new projects expected to contribute to revenue increases [8] Company Strategy and Development Direction - The company aims to become a significant player in the market, with plans to introduce new car models and products using SPD SmartGlass technology [8] - The architectural retrofit market is viewed as a game changer, allowing for the installation of SPD windows without scaffolding, thus reducing disruption and costs [40][41] - The company is focusing on energy efficiency and ease of installation as key selling points for their products in both residential and commercial markets [59][90] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the bankruptcy of a licensee but emphasized that the business model allows for seamless transitions to other suppliers [72][81] - The company expects to see revenue increases in the second half of 2025, particularly from architectural projects and automotive sales [90][96] - Management remains optimistic about future growth, citing strong demand and ongoing projects in various sectors [8][93] Other Important Information - The company is currently debt-free and continues to manage resources effectively [9] - The SPD Smart technology is licensed or used by many major companies across five major application areas: aerospace, architectural, automotive, marine, and display products [9] Q&A Session Summary Question: Update on SPD black development - Management reported that development is progressing well and faster than anticipated, with positive feedback from key OEMs [11] Question: Impact of U.S. trade and tariff policy - Management stated that there has been no noticeable effect on business from ongoing trade policies, as the automotive industry has stabilized [13] Question: Concerns about business opportunities due to world opinion on Israel - Management disagreed with the notion that world opinion has turned against Israel and reported no business losses from this situation [14] Question: Future projects and potential revenue - Management indicated that future projects in both architectural and automotive sectors are on track and could significantly increase revenues [31][43] Question: Bankruptcy of a licensee and its implications - Management explained that the bankruptcy was due to the licensee's overextension with other customers and emphasized that the SPD business was not affected [70][72] Question: Architectural retrofit market potential - Management highlighted the potential for high tens of millions in sales from architectural retrofits, with expectations for significant growth in the coming years [23][93]