Well, if you’re on a construction site and there’s daylight, it may be hard to read what’s on your windshield. So now, with the combination of SPD and transparent OLEDs, you could see quite clearly where the lines were, where the gas lines were, what to avoid. It was actually kind of cool too, because they have external cameras on these construction equipments, and you can actually, with a gesture of your hand, move the display over to the side. So let’s say you’re digging, and you want to see where you’re digging. You’d look at the camera, because sometimes there’s blind spots, and the camera would help you. But let’s say it’s getting in the way of you doing your job. You just kind of just touch the screen and swipe it to the side. And it’s very much like minority report, where you can just play with these things in real time.
So it was quite remarkable. And LG and Gauzy have been working together on this combination for quite a while. And I had encouraged them to do that because we saw that there was some real traction in that market.
Seth Nickerson: I was watching the LG CES thing, and at 32 minutes, they brought out their T OLED, and they had that silly [ph] black screen come up from the bottom. And I remember what Gauzy had. It seemed like the answer.
Joe Harary: Right exactly.
Seth Nickerson: I’m just surprised with the stock languishing like, below a dollar at times, that you wouldn’t make a press release about that?
Joe Harary: Yes. Seth if we could make a press release about things, we certainly would. A lot of times, we’re specifically asked not to or not now, and you have to respect the customer.
Seth Nickerson: True. Okay. Thank you.
Joe Harary: But Gauzy and I would love nothing more than to be able to talk about that.
Seth Nickerson: All right, that’s all I’ve got. Thank you, Joe.
Joe Harary: Thanks a lot.
Operator: And see no further questions. I’ll turn the call back over to our host.
Joe Harary: Thanks, Paul. And remember, if we’ve not fully answered any questions that were emailed or asked today, just email us and we’ll do our best. A couple closing remarks this past year has been transformative for Research Frontiers marked by financial growth, strategic expansions and innovative breakthroughs and new uses for SPD SmartGlass technology. And as we look forward, we are committed to continuing this momentum, improving the way people live, work and get around, and enhancing our global impact. In the past year, Research Frontier has achieved significant accomplishments, including 109% increase in revenues and a reduction in cost, moving us much closer to profitability. The company solidified its market leadership in the smart glass industry, expanded its collective global footprint, and diversified its product applications across automotive, aircraft and architectural sections, as well as augmented reality and other advanced uses of SPD SmartGlass technology.
Other notable achievements include the introduction of SPD technology in Boeing and Airbus aircraft and the development of the SPD SmartGlass retrofit solution and triple digit percentage growth in automotive royalties. A few weeks ago, the market research from firm SNS Insider reported that in the smart glass market, quote, the transportation application segment holds a considerable market share of around 48% in 2022, driven by automakers inclination towards adopting SPD glass, especially in luxury cars. Well, first let me say nice to have our technology accurately and specifically mentioned by name as the leader in the automotive smart glass market. And as we noted, their conclusion about the dominance in the transportation section held true not only in 2022, but based upon the numbers we just reported for 2023 as well.
And in 2024 and beyond, there may be new markets for SPD that dwarf and build upon our current ones. We and our licensees will relentlessly pursue those opportunities as well. We all have an incentive to do that. This past year, we have gotten into both Boeing and Airbus aircraft for the first time. We’ve also expanded a number of car models, from first Mercedes and then to McLaren, and then to General Motors and then to Ferrari. We’re looking forward to an upcoming introduction in Asia for the middle market, as well as SPD SmartGlass being introduced in new cars produced in Europe. Our focus has been, and will continue to be to help our licensees introduce new products into markets, which means hard and coordinated work to meet the timeframe of existing customers, and also to introduce and constantly push new products across the finish line.
All of this is with one goal in mind, growing revenue and becoming significantly profitable. We have made tremendous progress over this past year significantly increasing our revenues and moving closer towards profitability. With the strong growth we’re seeing in automotive applications, our expansion into major aircraft manufacturers like Boeing and Airbus, notably through decisions to use our technology by their customers, and the enormous potential of the architectural market, we are well positioned for continued revenue growth in 2024 and beyond. Our strategic partnership with Gauzy has allowed us to increase production efficiencies, reduce costs, ease logistics and expand our product offerings and enter into new products and applications.
Our collective global presence gives us an important competitive advantage. The lawsuit victory we achieved helps solidify and validates the intellectual property position we’ve built over decades of research and development. The Federal Court’s ruling on the licensee IP provision in our contracts is a significant precedent that strengthens our intellectual property portfolio and adds value to what we can do for our licensees. We continue to make advancements to our SPD Technology, including developing color neutral particles that can further enhance the aesthetics and market opportunities. Product and market innovation remains a key priority. With rising energy costs, government incentives for energy efficient buildings, and growing demand for user controllable tinted glass, the market outlook for smart glass remains extremely promising across the automotive, aerospace, architectural and other sections.
