RESEARCH FRONTIERS INC Q3 FY2025 earnings call

• Automotive and total royalties saw year-over-year and sequential growth when excluding onetime 2024 events.
• Architectural retrofit system debuted at GlassBuild 2025 with an outstanding response; initial customers expected to be government buildings, embassies, and commercial buildings.
• Financial condition: debt-free, ~$1.13M cash, $1.4M working capital as of 9/30/2025.
• Gauzy's prelaminated stack benefits SPD by promoting consistency, quality, easier supplier interchange, enhanced performance, and faster production.
• Upcoming events: Automotive Glazing Conference in Detroit, CES in January, and GLASSTEC 2026 in Dusseldorf.

Automotive and total royalties were up year-over-year and sequentially when excluding onetime events from 2024. As of September 30, 2025, Research Frontiers held approximately $1.13 million in cash, had working capital of $1.4 million, and remained debt-free. The architectural retrofit system debuted at GlassBuild 2025, and revenue in all market segments is expected to increase further with new car models and other products using SPD-SmartGlass technology. Automotive royalties were affected by licensee changes, but Q3 royalties (excluding onetime events from 2024) were higher than last year, and Ferrari royalty income will be fully recordable in Q4.

• Revenue in all market segments is expected to increase further with new car models and products using SPD-SmartGlass technology.
• Ferrari royalty income will be fully recordable in Q4.
• No current plans to raise additional capital assuming no repeat of Q2 licensee bankruptcies.

• Competitors like Gentex facing challenges with their technologies (e.g., Gentex facing difficulties with electrochromics).
• Delays in product adoption and market acceptance due to industry challenges.
• Potential issues with supply chain and manufacturing processes for new products.

Q: James Leo Carlisle asks about car sales and where they are A: Joseph Harary talks about Ferrari accounting treatment and upcoming automotive developments Q: John Nelson asks about SPD retrofit wall installations A: Joseph Harary discusses retrofit system details, ease of installation, and wiring Q: Francis Altera asks about White House installation and SPD on glass A: Joseph Harary explains the anti-eavesdropping bullet-resistant glass and ability to have SPD on it