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

Gerald Sherman: Okay. Thank you.

Joe Harary: Thanks.

Operator: Thank you. I’m seeing no further questions. I’ll turn the call back over to Mr. Harary for final comments.

Joe Harary: Thanks. I’m going to make a few closing remarks, and thank you, Paul. This year, our fee income was up 46% for the first nine months of the year, with automotive income up 81% quarter-over-quarter and up over 120% for the first nine months of the year compared to last year. Ferrari has shown healthy growth in sales in each quarter of this year for the [Indiscernible] and that uses our SPD SmartGlass in the roof and I’m told that further growth is expected in sales in the fourth quarter. We expect revenue in all market segments to increase as new car models, aircraft trains, architectural and other products using our SPD SmartGlass are introduced into the market. And we’re very much on our way of becoming cash flow positive and profitable by executing on our business plan.

Now there’s a lot of analogies between sports and business and perhaps I’m just making this analogy because I have the world series on my mind, but in baseball, less than 2.7% of games are won at the end with a walk-off home run. And in football, less than 10% of Halmari Passes [ph] are completed. Statistically, baseball games and division titles are on mostly by hitting singles. And if you’re investing in Research Frontiers based on the battery getting a grand slam home run, it has happened several times, but it’s much more likely that your success will come from the singles and doubles and triples that we’ve hit and all the preparation that has gone into that. We have long-standing seeds placed throughout many industries. And I’m pretty sure that we’re well on our way to victory and have a very good team of players throughout the world to get us there.

And in keeping with the sports analogy, some of the players on the opposing team are on the injury list and may have even had some career-ending mistakes, but not us. We’ll continue to focus on handing singles, doubles and triples and an occasional home run. We also hope to throw in a grand slam from time to time. I hope you’ll be enjoying the game with us, and we’re working hard to win in all of our industries. Thank you all.

Operator: The Research Frontiers investor conference call has now come to an end. Thank you for joining, and have a pleasant day.