Research Frontiers Incorporated (NASDAQ:REFR) Q3 2023 Earnings Call Transcript

Unidentified Analyst: I was just — making sure.

Joe Harary: Thanks for asking that.

Unidentified Analyst: Yes. And then how about Rivian? Anything on Rivian talk because they seem to be growing and they had shown SPD before?

Joe Harary: Yes, they had shown SPD, and we hope that they will show it again because they are having issues with the heat buildup inside the vehicle. So we — we’re out there as a solution for many, many people.

Unidentified Analyst: Okay. And then as far as the Hyundai, you said first half, I mean that’s kind of a large time frame. Is it more towards Q1 or Q2? Or you just have no idea.

Joe Harary: I’m reluctant to give more of a precise timing because last time I did I was called out on it. So if you don’t mind, I got to leave it somewhat long-term.

Unidentified Analyst: Yes. Has there been any more…

Joe Harary: We’re talking about the next. First half, we’re talking about within the next six months to eight months.

Unidentified Analyst: Has there any been any more confirmation on it? Or does it stand where the confirmation was before? Or is it looking more certain or you can’t say you don’t know.

Joe Harary: It’s looking more certain, but I — like I said, I’m reluctant to make any predictions given the fact that one of them just beat me in the butt.

Unidentified Analyst: Okay. All right. Thank you.

Joe Harary: Thanks.

Operator: Thank you. And we have a question from John Nelson. Your line is open.

Unidentified Analyst: Hi. We got — Joe, we got cut off

Joe Harary: Sorry about that, John.

Unidentified Analyst: Don’t know what happened.

Joe Harary: We had an Internet issue that you said.

Unidentified Analyst: Did I miss anything on comments, any more comments on the or details on the WISER [ph] project.

Joe Harary: Other than we have development efforts in the past and currently, both in the windshield and as a stand-alone that McLaren had actually put it in series production, and you can have a system where it detects where the sun is on the horizon and decides, which segment to darken/enlighten based on where the sun is. So something that I think is a very good application and something near and dear to my heart as well.

Unidentified Analyst: Okay. Are the partners that you’re in project with this — one partner for both fixed and attached or two-part?

Joe Harary: Different licensees.

Unidentified Analyst: Okay. Excellent. Thank you very much.

Joe Harary: Thanks a lot, John.

Operator: And our next question is from Tom McCarthy [ph]. Your line is open.

Unidentified Analyst: Hi, Joe.

Joe Harary: Hey, Tom. How are you?

Unidentified Analyst: Good. Enjoying retirement, and as a former financial adviser, I’m very aware that the investment community is going to be looking at Research Frontiers and painting it with the same brush as it did View [ph] and Crown and similar companies or similar products that aren’t going to be successful. In other words, Research Frontiers is going to have to do a good, strong aggressive PR initiative, I believe, to really get the investment community to take a serious look at it. What are the plans to do that?

Joe Harary: Sure. So that’s a fair question and something that both we and Gauzy incidentally have discussed many, many times in terms of that. There are big differences between us and Crown and us and View. First of all, the economics, View is a bad company in my opinion, because the technology doesn’t perform well and they had an accounting fraud issue and it’s not for lack of sales, it’s for lack of performance and they highly subsidize their sales. So they lost $250 million in cash last year. We didn’t. And I can pretty much assure you that there’s nobody in our supply chain that is building a business around that business model of highly subsidizing to the point of losing massive amounts of money. It’s just not in anyone’s DNA.