Operator
Good afternoon and welcome to Research Frontiers Investor Conference Call to discuss the third quarter 2025 results of operations and recent developments. The company will be answering many of the questions that were emailed to it prior to this conference call, either in their presentation or as part of the Q&A session at the end. In some cases, the company has responded directly to email questions prior to this call, or will do so afterwards in order to answer more questions of general interest to shareholders of this call. Some statements today may contain forward looking information identified by words such as expect anticipate and forecast these reflect current beliefs in actual results may differ materially from those expressed due to various risk factors including those detailed in our SEC filings research frontiers assumes no obligation to update or revise these statements today's call is in listen-only mode with a Q&A session to follow to ask a question press star 1 the call is being recorded and will be available for replay on Research Frontiers' website at smartglass.com for the next 90 days. During the question and answer portion of today's call, if you find that your question has been substantially answered as a courtesy and to allow time for other shareholders to ask their questions, please remove yourself from the queue by pressing star 2. Also, we ask that you keep your questions brief in the interest of time. Now, I'd like to turn the conference over to Joe Harari, President and Chief Executive Officer of Research Frontiers. Please go ahead, sir.
Thank you and hello, everyone, and welcome to our third quarter of 2025 Investor Conference Call. Automotive and total royalties were up year over year and sequentially when we back out one-time events from 2024. As of the end of the third quarter, we remain debt-free with over $1.1 million in cash, and our working capital position remains solid. Our architectural retrofit system debuted this week at GlassBuild 2025 in Orlando. The show ended earlier today, so my voice may be a little hoarse from speaking with customers since Tuesday. We had an outstanding response. john nelson had asked by email a few questions about the show what was the response were there any orders obtained for either the retrofit or the igu products we had a steady stream for all three days of interested parties john and they were amazed at spd's performance and the ease of installation and elegance of the design of the system full spec sheets for different configurations of SPD windows for architects designers and facility managers were handed out John also asked how are you planning to market these products into whom were any orders obtained initial customers are expected to be the government buildings to a IT group status as an approved GSA vendor embassies across the world and commercial buildings such as high-rises and office buildings. Homes are possible as well, and we are working together on some high-end projects there as well. We've also identified and are discussing specs for at least two major and highly visible projects. The idea for Glass Build and all of the shows and conferences we attend is to get the conversation started, and for AIT Group, GALSI, and RFI to have real-world demonstrations underway. We and our licensees plan to build on that momentum through major trade shows early this year and even at the Glass Tech 2026 show in Dusseldorf. That show is only held once every two years and is the largest glass industry event in the world. With respect to cars, we will also similarly build on momentum in the automotive market. As I noted on our last conference called the bankruptcy of the original licensee supplying Ferrari and the shift of that business to another one of our longstanding licensees caused royalty income from strong Ferrari sales to be mostly absorbed by the high minimum annual royalties prepaid by that new supplier at the start of 2025. In real terms, because of the prepaid minimum annual royalties from two licensees absorbing the Ferrari sales royalties, and this was something that only first happened this year in our history, the switch from one licensee to another from an accounting standpoint reduced our reported automotive royalties this year by six figures. Even so, our royalties in Q3 and for the nine months after the one-time events are backed out from 2024 are higher than last year. And even with this and the Ferrari business split between two licensees for the first half of this year, because of the sales levels achieved in Q3, The MARs for this licensee have now been exceeded in Q3, so some of our royalty income comes from this licensee in the third quarter, and all of the royalty income generated by Ferrari in the fourth quarter will now become recordable in full in the fourth quarter. We expect revenue in all market segments to increase further as several new car models and other products using the company's SPD smart glass technology are introduced into the market. Turning to our financial condition and liquidity, we continue to manage our resources effectively. As of September 30, 2025, we held approximately $1.13 million in cash and had working capital of $1.4 million. We remained debt-free. One shareholder, Jared, asked if we plan to raise additional capital. We do not currently plan to raise additional capital, assuming that we don't have a repeat of the Q2 licensee bankruptcies, and none are expected, by the way, and we collect what is owed to us. We have had interested investors approach us, so capital is available if we ever need it, but there's no current plans to raise funds. We continue to see progress and significant developments across our markets. Our SPD smart technology is licensed or used by many major companies in five areas, aerospace, architectural, automotive, marine, and display products in almost every region of the world. And we have had some very key developments within our industry since the last conference call. I can say we never had a more full pipeline of projects and opportunities. Some are medium term and some are near term with the timing and ability to announce more in our control. A good example is the architectural retrofit system. I was at Glass Build in Orlando for its launch there this week by AIT. The show is outstanding. AIT Group, Gauzy, and RFI received enthusiastic responses to this and we're working together to announce more details. In the architectural market, we'll be following it up with major shows in January, February, and perhaps several other shows after that, culminating with the GlassTech show in Dusseldorf in October. That show is the world's largest event for the glass industry and is held every two years. It gets considerable attention, just like Glass Bill in Orlando did. We also expect to have SPD Smart Glass for the automotive, architectural, and aircraft markets in January at CES. And in addition to all this, there is something really exciting later this month. As we announced in yesterday's press release, I am the keynote speaker at the Automotive Glazing Conference in Detroit, November 18th and 19th. After being selected to give the keynote on Smartglass, I am also quite honored to have also been named the chairman of the conference as well. And I'm looking forward to an illustrious group of automakers, suppliers, and colleagues presenting and attending that conference. These include executives and engineers from General Motors, Ford, Volkswagen, Stellantis, Lucid Motors, Jaguar Land Rover, Corning, Karari, Carlex Glass, Dango Band Securit, NSG Pilkington, Fuyao, Guardian Industries, Renault, Webasto, and others, representing the entire automotive glazing value chain from OEMs to tier one suppliers and glass innovators. As I mentioned, we included some questions previously sent in by our shareholders in our presentation today. I'll now answer some additional questions that have been emailed to us. Jared emailed in three questions. Are there any SPD retro wall installations? Is there a capital raise in the near future? And how does Gauzy's prefab LAM stack benefit SPD? Well, I answered Jared's first two questions in my presentation earlier. regarding the Gauzy pre-laminated stack, it benefits the SPD industry in multiple ways. It promotes consistency and quality among different manufacturers with different capabilities. It helps to consume the customer, be more able to easily interchange suppliers because of the consistency, and it also enhances performance by using a combination of materials in conjunction with the SPD film to create an optimized stack in terms of UV and IR protection and optical clarity it also speeds up production times by our licensees minimizes costs from wasted materials and other similar efficiencies of scale some other questions from John Nelson that were emailed to us prior to the call any update on the Sun visor either aftermarket or built in the windshield well John since our last call we've had more customer inquiries about this and some OEM activity as well uh spd black development status uh john i'll be talking about this in my closing remarks later is there much interest by automakers in developing spd for side windows yes john apart from mercedes concept van earlier this year there is interest this is one area that can greatly benefit from the black spd the sapphire blue spd is for perfectly fine for sunroofs But I believe that the automakers want black or a more neutral colored SPD, which is better suited for side windows. Steve Azer asks, it was nice to see some price action in the stock of Reefer a few weeks ago. Are we still lagging the market, and what will we need from Reefer to see higher valuation going forward? Well, thanks, Steve. And as a shareholder myself, I too want to see higher stock prices. However, just one of the assumptions you made. When you back out the Magnificent Seven stocks, we're not lagging the small cap market. Over the past six months, as of yesterday, REFR outperformed U.S. micro caps. We were at roughly 68% in the last six months versus 38% for the general micro cap market. Next question from Steve Azer. Is anyone replacing Michael LaPointe from his recent retirement? We're not replacing Mike. He did a great job for us as VP of Aerospace Products and got many programs underway to the point where our licensees in the aircraft market and their teams of people are now able to carry the ball beautifully. Mike and I have spoken often in the past two months, and he's enjoying retirement and keeping busy, but he still keeps a close eye on things at Research Frontiers. I'll now ask our operator to open up the conference to any additional questions people participating today might have that we haven't already covered. We ask that you please keep your questions brief and limited to questions of general interest. If you want to get into more specifics, we can certainly do that by email or by telephone I plan to also cover a lot of exciting information and developments in my closing remarks, so I may be addressing your question in more detail actually in my closing remarks and and we'll let you know if that's the case when you ask your questions.
Operator
If you'd like to ask a question, please press star 1 on your phone now, and you'll be placed into the queue in the order received. Please be prepared and prompted.
Operator
Again, star 1 for a question, and we'll pause briefly to form our queue. Our first question comes from James Wheel of RBC. Please go ahead.
So, I mean, this call is kind of like Grand Hog Day, And, I mean, it's the same call over and over again. I look at the five-year growth rate of the company at minus 3%. And I'm just curious, where are all these car sales that you've been saying were going to be coming?
Well, I tried to go into a little bit of it, James. Ferrari has been doing very, very well for us, increasing the amount of Ferrari already, right? Yeah. But the accounting treatment, when you had a licensee go bankrupt in the second quarter and another licensee step in and have to meet their minimum royalties before you can book new income is part of it. But I expect, in my closing remarks, I'm going to talk about some exciting things about what's coming in the automotive.
I mean, how many quarters ago did you announce that there was going to be a high-production car coming out? Was that two years ago?
And we'll be talking about that. Things take a while in the automotive industry, and we do it right, as I think history has demonstrated. But if you wouldn't mind holding the rest of your question for the closing remarks, and if I haven't answered them, you could always call me.
Operator
I'm happy to talk to you. Next we'll hear from John Nelson, an investor.
Hi, Joe. So just an idea, a kind of afterthought. Since the retrofit product is so, I would call it revolutionary, and since you've indicated it is production ready, would it make any sense to see if any of the new shows or podcasts would be interested in profiling your product yeah and we actually have a couple of those in discussion right now you know what I want to do I mean the best way to experience the retrofit John is to actually see it work because it's incredibly easy and elegant I mean it's they did a you know the AIT group which
owns LTI, our licensee, has really just worked out so many, you know, what I'll call subtle details. For example, you pop this into a window frame and you want to make sure that you're getting a good seal. You want to create an airspace to create even better, you know, energy efficiency. You want to make sure that there's no moisture in there that gets trapped. So a lot of things, and of course the wiring, and we actually are developing several different methods of wiring, including what I think is really, really exciting and quite doable, which is an autonomous window. What I mean by that is it's self-powered. So you pop this into the window frame, and you don't have to call an electrician, and everything is there. When I was at the show in Orlando, as soon as I walked in, I was handed maybe a one-and-a-half-inch long key fob remote control. It's a 10-volt remote control, no wires, and I was able to control the SPD windows and dim them and do all of the things. And this was an off-the-shelf controller, which means you can actually substantially reduce costs by not requiring specialty electronics and also more easily integrate into building control systems. And a lot of people use Lutron systems, so the fact that it works with the low-voltage Lutron stuff is very important, too. So these are the kind of things that we want to make more visual for people so that people can actually see how easy it is to work with. And, you know, the harder you work, the easier and more elegant it looks. And there's been a lot of hard work that GAUSE and AIT Group and Research Frontiers has put into this to make it look easy.
Are AIT Group and or GAUSE producing a video demonstrating the product's qualities?
Yeah, they will be doing that and also appearing on podcasts and industry things. So we hope to have, you know, some nice visual assets to kind of help spread the word better. But also, you know, one of the things that I found interesting at the Glass Build show, first of all, it was extremely well attended by the right people. But when you walked over to actually do the retrofit replacement where you took out, in this case, they had a large and heavy bullet-resistant glass window. And you could just walk over. I saw one guy who was maybe half my size, you know, easily, you know, put this in. so what what where the real benefit is and that's it's kind of a an interesting observation is you can go in there in the course of a weekend and totally upgrade all the windows on a couple of floors of a building and they did one it wasn't spd but it was for the white house and unfortunately you can't close down the white house during the day so they had it they said they had to go in there at five o'clock and work till 2 a.m and the secret service was there with their guns you know ready um but they were able to upgrade the executive building in the white house with this um with this system so it's quite quite quite you know easy to work with and we talked about distribution, which I think was one of your earlier questions about how we're going to market and deploy it. We talked about the marketing, but the deployment can be done with pretty much any installer. It's not a high skill to put this into a building once the system, because of the system. So you could have groups of people all over the country just go do this. Think of it as like a very elegant storm window maybe.
Good. Thank you very much. That's all my questions. You're welcome, Don. Thanks.
Operator
Next, we'll hear from investor Francis Guterbo.
Hello, Joe. How's it going? Hey, how's it going? Pretty good. The installation in the White House, what was the actual product that they installed?
That was an anti-eavesdropping, bullet-resistant glass. bullet resistant you understand and they can now do level 10 which means it can stop a 50 caliber round and they had some there I wouldn't recommend standing near this stuff when it's being shot at but the anti-eavesdropping you can shine a laser on a piece of glass and if you and I were talking in a room the glass would vibrate and someone from the outside might be able to shine a laser on the outside of the window and turn the vibrations back into sound, which is sometimes what's done in spycraft. So this special film that AIT Group and LTI can put in their windows, and they've done it for the CIA and others, and for embassies, prevents that from happening. Okay.
It's pretty cool stuff. Is that glass capable of having SPD on it? Yes.
So that's a great follow-up question. So the way it would work, let's say I'm a facility manager or in charge of an embassy somewhere, you know, the building of an embassy, and we have existing glass, and I want to make it upgraded. What I would do is go on the GSA schedule, which is basically if you're a GSA-approved vendor, the government can buy directly from you, and it's almost like a Chinese menu. So the plan with this is to have AIT Group have a whole different bunch of options for the retrofit. So, for example, if I particularly wanted bullet-resistant glass, and I wanted bullet-resistant up to level 8 or level 6 or level 10, and I wanted it to have the anti-ease-dropping glass, and I wanted it to have SPD, I'd just check a couple of boxes and order it. And that's the idea. It's like a Chinese menu. If I didn't want the anti-ease dropping, but I want the bullet resistant and the SPD, I would just check those two boxes. And obviously, there's different prices for different things. But that's the idea is to make it very easy to deploy across the U.S. government.
How capable is the supply chain setup for the architectural market?
And is it right now being focused on the blue tint or the black tint? right now everything is focused on the existing commercial film which is the blue sapphire blue one of the nice things about this retrofit system is let's say next year the black comes out and i happen to upgrade my embassy or my building with the blue and i said you know money's no object i really want the black someone comes in and within the course of a weekend can redo the whole building with the black so it's really it makes it future-proof which is great how far along
is the black i'm going to talk about that in my closing remarks but it's very very uh far along okay now you mentioned uh increasing sales with ferrari whatever happened to hyundai I'm going to talk about that also, but it's still moving forward. Still moving forward. What caused them or whomever it was to totally not fall through, follow through with the 2023 projection of us being greatly rewarded?
What happened there? My understanding is it was partly because of the car itself, not the SPD part. And I suspect that if you know that a black is coming and you don't have a gun to your head to put the blue in the car, you might wait. Some automakers have expressed that and some haven't. So, you know, it might have, you know, unintentionally caused a slowdown in some areas. For the most part, though, the sunroofs, for the most part, the sunroofs are fine with the blue. Things like side windows would prefer black.
Is there any difficulties in producing it? Do you have a good supply to offset on it?
You mean the black or the retrofit? Or both? The retrofit. retrofit oh oh no no no matter of fact AIT group has an entire building develop devoted to just the framing system for the retrofit what about to supply that's building number three and I'm told that building number four is waiting when they if they hit capacity in building number three so they have expansion room too yeah but that's the frame what about prior the glass is Oh, they can do glass all the time.
Yeah. That's what AIT and LTI do, is they have a tremendous operation outside of Tampa in Largo, Florida, and they have another tremendous and even larger operation in Pittsfield, Massachusetts.
And who does the lamination? We don't expect to be...
The lamination has done anything else with?
Yeah, that's their specialty. Laminated Technologies, LTI, is the part of AIT Group that does and has done SPD lamination for our licensees for a long time. They have very good experience.
So Gauzy makes the film, ships it to them, and they do the rest. They laminate it, right. Okay.
And Gauzy was at the show. So, yeah, Gauzy was at the show along with AIT and, of course, me.
You know, 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 answer to that?
Yeah, and 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, you know, they have about five 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.
All right. Thanks, Joe. You're welcome. Thank you.
Operator
Once again, everyone, Chris Star, one for a question. Joe, we have no questions at this time. I'll turn it back over to you for any additional or closing comments.
Okay. Thanks a lot. And if we haven't fully answered anyone's questions, either live or by email, please feel free to email us, and we're happy to talk to you. And I'm going to put a lot more detail in my closing remarks, so I think a lot of the questions that have been asked, you'll get a little bit more meat and flavor from it. success rarely comes in a straight line and how you navigate that path frequently determines the outcome. Some of our competitors never even crossed the finish line and went bankrupt. On our past conference calls together, I've told you about our retrofit application and about how the automotive industry views SPD as the best performing and most reliable switchable TIN technology you're now seeing proof what we discussed on earlier calls is materializing sometimes not on the exact time frame we were told but consistently moving forward the architectural retrofit application was presented this week at the most prestigious US glass conference and will appear at additional major events worldwide our customers for the retrofit include both government and commercial entities. Direct adoption by the government offers a large opportunity. The GSA is the largest customer in the world, and the government also promotes use of SPD smart glass in the private sector through tax incentives, such as the Dynamic Glass Act, which provides 30% to 50% credits. Both of these should accelerate use, especially now with the ease and speed that an existing window can be made SPD smart. Yesterday's announcement about the Detroit Conference, which incidentally is the same venue where we landed Cadillac years ago, and my selection as keynote speaker and chairman highlight our growing credibility in the automotive industry. Multiple markets and industries are now connecting the dots, and they've responded positively to SBD's smart glass technology. This industry isn't easy. Automotive makers demand the best, and misinformation and over-promising and under-delivering from competitors is common. We counter that with the worldwide network of dedicated companies and the highest-performing smart glass technology. In the past year, two competitors went bankrupt. Another performed a cumulative $4 million to $1 reverse stock split, yet its stock still trades for pennies, was delisted, and they recently lost their CFO and COO. Another competitor was not able to supply an electrochromic sunroof that was announced by the car manufacturer with great fanfare. That roof option is still on, quote, production constraint, and my visit to the dealership to see it resulted in the salesperson wondering if the roof was actually switching tint at all because of the very slow switching speed. He said at the end that I might be able to get the option on a car in, quote, a couple of months. On October 24, 2025, so not too long ago, on the third quarter earnings call, the COO and CTO of Gentex Corporation, which incidentally is a company that I respect very, very much, noted the following, and it's worth my reading his public comments in detail to understand the real challenges that companies face in trying to get a switchable tint product into the automotive industry. Quote, customer interest for dimmable sunroofs and visors continues to grow, and our teams have been working incredibly hard to continue moving this product from single-unit production into more mass-scale capability. As noted in prior calls, this is an incredibly complex and challenging manufacturing process. To date, we've been utilizing partners to execute part of the process while we get our larger-scale production equipment in-house and operational. The target is to have this in-house operation running in late Q1 to early Q2 2026. As with any new product or process launch, there will be challenges. But with the manufacturing capability we have at Gentex, I remain confident in the team's ability to bring this product into the market in the next one and a half years. The question was then asked of Gentex, what's left to be done in terms of achieving commercial viability? Where are you and what's left to do? I know there's a lot of technicals that go into getting that OEM certified. And Gentex responds, yes, there are still some of the bigger challenges, the requirements of taking that technology into automotive and meeting the environmental temperature, all of the above process requirements, as well as when you have a really large piece of glass with a darkened surface. It's easy to see small issues in the process that the dimming materials put down. So that's the big part of the Q1 and Q2 of the next year as we are getting that capability in-house so that we can get better control on that process quality. So with those, I think those are some of the biggest hurdles that we still have got in front of us. There's a lot of little challenges that we fight every day, but the team has been doing a great job keeping those little challenges down and trying to get focus on some of the bigger ones. So they're not even at the bigger challenges yet. They're on the smaller ones. So now let's contrast that. And this may somewhat answer the question of why does it take so long. Research Frontiers overcame these same challenges 15 years ago. We brought SPD Smartglass into mass production with four automakers and multiple models. We expanded business with Ferrari and other brands whose customers love the option. And even after two supplier bankruptcies that we endured, which is a testament to the strength of our business model, planning, technology, and partners, our mission has never changed. We pair the best-performing smart glass technology with a low-risk, asset-light business model. This approach keeps expenses predictable, preserves our upside, and supports global diversification. These achievements are all beginning to be publicly recognized. At the Detroit Automotive Glass Conference in less than two weeks, I'll present a comparison of all the major glass technologies and their relative strengths and weaknesses. I'll explain why SPD alone is already proven across tens of thousands of cars, yachts, aircraft, trains, and architectural projects, real projects used by real people every day. We continue to compete against PDLC in privacy and in projection uses, where SPD outperforms in clarity, shading, and control. We also outperform Electrochromics in nearly every large area application, sunroofs, panoramic roofs, architectural windows, yachts, cruise ships, and museums, delivering faster response, better shading, and greater durability. And you will note the recent comments by Gentex about the challenges that they are still facing with Electrochromics and their arduous tasks for the years ahead. SPD has always been the high-performance alternative, not the low-cost one. History shows that high-performance products are the most profitable and the most enduring. We have already solved the challenges of performance, durability, mass production, and supply chain. And we and our licensees keep improving every day with continuous innovations, such as Black SPD. as mentioned on prior calls our recent focus was on cost and color as the black SPD film is expected to be out of development and in production and use shortly cost is the next frontier on prior calls I mentioned new car models in Asia, Europe and in the United States these are still moving forward and since our last call we have been asked to bid on new multiple major car models. As part of that high-volume quote process, we were given very aggressive price targets which were based on prices for other competitive technologies. And I'm pleased to report that we're able to meet it. Maybe cost is not really such a big frontier ahead of us. Our next investor call is not until March, so I encourage people to keep these things in mind. Perhaps reread the transcripts from this and prior conference calls. And, of course, we expect fairly significant developments to announce between now and then. I want to share my thoughts with you now as a fellow shareholder. Things have taken too long. They take longer than they take, but we do it right. One thing I'm especially proud of is how we de-risked the smart glass industry. for investors, licensees, and customers alike. If you agree that the pipeline, especially for architectural and automotive, is as large as we are predicting, then the only real risk here is whether it's going to take a little bit longer than whatever your personal time horizons are. On the other hand, if you believe in smart glass, we are the most focused way to participate in that market. and on top of that, we are diversified across major industries for smart glass and not just focused on one. In September, JPMorgan Chase calculated that 75% of all gains in the market since ChatGPT got started are coming from AI-related stocks. Well, we're not an AI company, but this certainly shows that certain sectors can go from non-existence or obscurity to highly relevant. And I'm not giving portfolio allocation advice, but if you have small cap and micro cap companies allocated for your portfolio, we are one of the least risky business companies because of the combination of a high performing and mature technology that has proven itself to be the best performing and most reliable, combined with a very modest asset light business model that creates a meaningful participation in the upside for research frontiers and our shareholders. through a 10 to 15 percent royalty based on revenues, not profits, from sales of licensed products. We maintain low operating costs and license our technology to global partners who build factories, hire employees, and expand distribution, all multiplying our reach without heavy capital outlays by us. Through their success, we all benefit. Even though these people are not on our payroll, they essentially all still work for us. We're in a tough industry, but as history shows, we're tougher. That persistence is now being rewarded as new products reach market and recognition grows. While others in this industry are still struggling to even bring basic dimming functions to the market, and several other notable ones have shut their doors completely, SPD's smart class is already in tens of thousands of vehicles from mercedes ferrari cadillac and mclaren honda jet to boeing into airbus and they're expanding architects automakers and airlines are reaching out to us because they realize that spd uniquely combines reliability clarity speed and durability and with the retrofit its ease and speed of installation lower costs and high performance and energy efficiency that's a combination of benefits that no one else can offer. As the leader in the smart glass industry, conferences are reaching out to us to speak and educate. With Ferrari's program fully transitioned, the retrofit launch underway, and multiple new car model introductions ahead, Research Frontiers is positioned for meaningful growth. The outlook for the smart glass industry remains extremely promising, at least when it comes to research frontiers and our licensees. We stand at the forefront leading this industry with growth driven by our superior technology, increasing demand and regulatory support, continuous innovative breakthroughs, and excellent global industry recognition. We look forward to sharing upcoming developments with you, our loyal shareholders. We created the smart glass industry. We've helped shape it, and we will continue to make the world better, more energy-efficient, safer, and more enjoyable. Thank you all very much. That concludes our meeting today. You may now just connect.
