What changed in this filing

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Item 1. Business

2024-03-07 compared with 2023-03-09 · 131 added, 82 removed, 1515 unchanged (12% of the section changed)

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the end-products themselves such as “smart” windows, skylights and sunroofs.

Research Frontiers currently has over 40 companies

Research Frontiers currently has numerous companies

that, in the aggregate, are licensed to primarily serve five major SPD-Smart application areas (aerospace, architectural, automotive,

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and know-how.

Although patent and trade secret protection is not a guarantee of commercial success, Research Frontiers currently has

Although patent and trade secret protection are not a guarantee of commercial success, Research Frontiers currently has

219 patents that have been issued worldwide.

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electricity cost-savings and conclusively making the construction spaces more environment-friendly.

glass technology has been in existence for the last few decades;

however, its demand is gathering momentum on account of improved

innovation in raw materials and technologies and the possibility for new applications across various sectors.

North America and Europe

have been at the forefront of this trend.

Smart glass demand is growing in the Asia Pacific region on account of its growing building

and construction, electronics, and transportation sectors.

of the biggest hindrances to the growth of smart glass industry demand is its higher cost.

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technology to hold largest share of smart glass market during forecast period:

Electrochromic technology held ~ 49% of the

market in 2021—the largest share.

This is attributed to the faster switching time of electrochromic glass from a clear to dark

state and increasing investments in this technology.

Electrochromic technology held ~49% of the market in

2021—the largest share.

This is attributed to the faster switching time of electrochromic glass from a clear to dark state and

increasing investments in this technology.

increased traction of electrochromic technology is primarily attributed to the benefits it offers in a sustainable building design.

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is high in these two technologies, and the cost of these technologies is expected to drastically decrease.

is projected to register highest CAGR during the Forecast period by application.

is projected to register highest compound annual growth rate (CAGR) during the Forecast period by application.

The marketability of a residential or commercial

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by 2050, focusing on sustainable building and energy performance.

January 2024, MarketsandMarkets issued Smart Glass Market by Technology (Electrochromic, Suspended Particle Display, Liquid Crystal,

Photochromic, Thermochromic, Micro-blinds), Mechanism (Active Passive), Control System (Manual, Remote, Mobile-based, Voice-based) –

Global Forecast to 2029.

market research report concludes that the smart glass market is expected to be valued at USD $5.8 billion in 2024 and is projected to

reach USD $9.4 billion by 2029.

It is expected to grow at a CAGR of 9.8% from 2024 to 2029.

Significant drivers of this growth are increasing

awareness and adoption of energy-efficient solutions, particularly in the construction and automotive sectors.

Technological advancements

such as IoT integration present opportunities for enhanced functionality and connectivity.

conclusions in this report included:

● Transportation

end use segment is predicted to hold the largest share during the forecast period in smart glass market.

The dominance of the transportation sector in the smart glass market stems from its widespread

integration across various applications in automotive, aerospace, and marine industries.

In automotive applications, smart glass is increasingly utilized in windows, sunroofs, and

rearview mirrors, providing features like glare reduction, UV protection, and privacy control.

Smart glass’s lightweight and energy-efficient properties in the aerospace sector contribute

to improved passenger comfort and overall fuel efficiency.

Additionally, in marine applications

such as cruise ships and yachts, smart glass enhances aesthetics and offers panoramic views.

With the transportation sector experiencing substantial growth and a heightened focus on

safety, aesthetics, and energy efficiency, it emerges as the primary contributor to the overall

market share, establishing itself as a crucial segment within the smart glass market.

smart glass accounts for the highest growth rate during the forecast period, due to their

dynamic and responsive nature.

Active smart glass systems, driven by external stimuli like

electrical voltage or heat, provide rapid optical properties such as tint and transparency

This real-time adaptability is particularly attractive across various applications,

including smart windows in homes, offices, and automobiles, as it offers precise control

over environmental factors.

glass market for the mobile-based control system is predicted to exhibit the highest CAGR market during

the forecast period.

Mobile-based control systems hold a higher CAGR in the smart glass market

due to their seamless integration with the modern lifestyle and the increasing reliance on

mobile devices.

The convenience of controlling smart glass functionalities through mobile

applications aligns with the growing trend of smart home and building automation.

The widespread

adoption of mobile-based control systems, coupled with ongoing technological advancements

in mobile platforms, positions it as a key driver for the observed higher CAGR in the smart

glass market.

● Architecture

is predicted to hold the highest growth rate in the smart glass market, due to increasing demand for innovative

and energy-efficient solutions in the construction industry.

Smart glass, with its ability

to optimize natural light, regulate indoor temperatures, and enhance sustainability, aligns

seamlessly with the evolving trends in modern architecture.

June 2019, Grand View Research issued Smart Glass Market Size, Share & Trends Analysis (SPD, PDLC, Liquid Crystal, Electrochromic),

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the world’s two largest aircraft manufacturers are both promoting the size of the windows in new aircraft platforms already being

delivered (e.g.

Boeing 787 and Airbus A350).

delivered (e.g., Boeing 787 and Airbus A350).

In the “general aviation” category (primarily business jets, private or chartered

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Leading companies manufacturing electromechanical pleated window shades have products that incorporate

SPD-Smart windows into their designs, and Tier 1 suppliers of other cabin systems (e.g.

cabin management systems) are featuring SPD-Smart

SPD-Smart windows into their designs, and Tier 1 suppliers of other cabin systems (e.g., cabin management systems) are featuring SPD-Smart

electronically dimmable windows in mockups.

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equipment on new production platforms including the Honda Aircraft HondaJet, Textron-Beechcraft King Air 250, 350i and C90GTx, Epic Aircraft

E1000, and was selected for the One Aviation Eclipse 700, production of which is now discontinued.

<One Aviation is now defunct and

the 700 was not produced.

Should we delete this?>

E1000, Airbus ACJ TwoTwenty,

Architectural

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This is the largest known installation of smart glass in the world for a roof application and was seen

by over 6 million people.

by over six million people.

the marine application, where light-control needs are especially important, many yacht manufacturers currently employ less than ideal

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Background and Recent Developments:

Film Production

SPD-Smart Film Production

important material used in SPD-Smart end-products is SPD light-control film that varies the tint of glass or plastic.

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other glazings to help keep out harsh sunlight and heat, and create an open-air feeling even when the window or sunroof is closed.

October of 2022, Gauzy’s Vision Systems discussed their forty-one contracts with transportation OEM and Tier-1 suppliers using

October 2022, Gauzy’s Vision Systems discussed their 41 contracts with transportation OEM and Tier-1 suppliers using

SPD-SmartGlass technology, summarized below:

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Vehicle Contracts

Automotive Products:

January 2024, Vision Systems disclosed their transportation contracts with OEM and Tier-1 suppliers using SPD-SmartGlass

aerospace, Gauzy has secured 20 contracts covering a range of aircraft from small to midsize business aircraft like the HondaJet HA-420

and Daher TBM 960, to larger business aircraft including two Airbus ACJ models, various helicopters such as the Airbus Helicopters ACH175,

and commercial aircraft, including a Boeing model.

the marine industry, Gauzy has 9 contracts for sailing yachts, motor yachts, and cruise ships.

has 3 railway contracts (including multiple reorders for additional trains for the same manufacturer).

has 3 contracts for recreational vehicles.

SPD-SmartGlass solutions are found in many specialty vehicle markets, with 10 contracts.

SPD-Smart Automotive Products:

Frontiers and its licensees are currently working with multiple automotive manufacturers to introduce SPD-Smart windows, sunroofs and

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Research Frontiers’ end-product licensees in this sector include industry

leaders American Glass Products, Asahi Glass, Custom Glass, Daimler AG, Isoclima, Pilkington Glass, Saint-Gobain, SER, and Vision Systems.

leaders American Glass Products, Asahi Glass, Custom Glass, Daimler AG, Isoclima, SER, and Vision Systems.

The Company’s automotive glass licensees account for the majority of all glass produced for the automotive market throughout the

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Frontiers SPD-SmartGlass technology, is a carry-over from the SLC’s predecessor model, the SLK roadster.

was the second auto manufacturer to adopt the Company’s SPD-SmartGlass technology for series production in the automotive market.

was the second auto manufacturer to adopt the Company’s SPD-SmartGlass technology for series production in the automotive

The following new production cars by McLaren Automotive featured SPD-SmartGlass technology in their roofs:

the McLaren GT, McLaren 720S

Spyder and McLaren Speedtail (which also incorporated SPD-SmartGlass technology in the windshield as a built-in sun visor and also other

areas of the car).

The McLaren GT and 720S Spyder have been in production for several years, and the McLaren Speedtail was first delivered

to customers in January 2020.

Since then, McLaren has included SPD-SmartGlass in additional production models.

Motors was the third auto manufacturer to announce that it was putting SPD-SmartGlass into series production in the roof of their new

electric ultra-luxury flagship vehicle, the Cadillac Celestiq.

The SPD-SmartGlass sunroof for the Celestiq gives occupants control over

individual segments of the sunroof above them to better customize and enhance the driving experience in terms of comfort, security, and

the reduction of heat, light and glare into the vehicle.

The Celestiq with its SPD-SmartGlass roof was launched at CES 2021in January

the McLaren GT,

McLaren 720S Spyder and McLaren Speedtail (which also incorporated SPD-SmartGlass technology in the windshield as a built-in sun

visor and also other areas of the car).

The McLaren GT and 720S Spyder have been in production for several years, and the McLaren

Speedtail was first delivered to customers in January 2020.

Since then, McLaren has included SPD-SmartGlass in additional production

models including the new McLaren 750S and McLaren Artura.

Motors was the third auto manufacturer to announce that it was putting SPD-SmartGlass into series production in the roof of their

new electric ultra-luxury flagship vehicle, the Cadillac Celestiq.

The SPD-SmartGlass sunroof for the Celestiq gives occupants

control over individual segments of the sunroof above them to better customize and enhance the driving experience in terms of

comfort, security, and the reduction of heat, light and glare into the vehicle.

The Celestiq with its SPD-SmartGlass roof was

launched at CES 2021 in January 2021.

2024, Ferrari introduced and delivered to customers an all glass SPD-SmartGlass roof using Research Frontiers’ technology as an

option in its new Purosangue.

in terms of new product development in the automotive industry, in August 2020, Daimay, the world’s largest supplier of automotive

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SPD emulsion and light control film for the automotive, aircraft, and architectural industries.

January 2024, at the CES show in Las Vegas, Gauzy debuted an SPD-SmartGlass side window for the Mercedes S-Class.

January 2023, Research Frontiers, Gauzy Ltd.

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This vehicle, a Ford Mondeo station wagon, used SPD-SmartGlass technology to enable the glass

in all eleven side and rear windows and in the top sun visor portion of the windshield to change its transparency and darken instantly

in all 11 side and rear windows and in the top sun visor portion of the windshield to change its transparency and darken instantly

through electric control signals.

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feature can be installed in the aftermarket should bring these benefits to a wider range of drivers.

to the CES trade show, Gauzy announced that their newest railway customer, Talgo, a leading Spain-based train OEM, will debut in

the North American market an IGU (insulated glass unit) smart glass passenger window designed and built by Gauzy and Star Glass.

With multi-zone technology and capacitive touch on glass controls, these SPD-SmartGlass windows set a new standard for passenger

personalization and comfort in railway travel, and position Talgo as an early adopter of innovative solutions.

the NBAA trade show, Vision Systems discussed their SPD-SmartGlass contracts for transportation vehicles, which includes three railway

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for the automotive industry, relies on a film sandwiched between two panes of glass and connected to an electronic control unit (ECU).

Systems announced to the press in September 2017 that it had just signed a contract to supply SPD-Smart Nuance windows for a new proposed

special Shinkansen bullet train which will be put in service for the 2020 Tokyo Olympics.

Systems announced to the press in September 2017 that it had just signed a contract to supply SPD-Smart Nuance windows for a new

proposed special Shinkansen bullet train which will be put in service for the 2020 Tokyo Olympics.

Asahi Glass announced its light control glass, WONDERLITETM, was adopted for JR East luxury sleeper train, Train Suite Shiki-shima

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now discontinued.

<This OEM is defunct and the 700 was not produced.

Should this be deleted?

If it is, the first word of this

section needs to change from “four” to “three>

Aircraft’s E1000, with first delivery in February 2020, comes with SPD-Smart electronically

dimmable windows as standard equipment on all passenger windows.

Aircraft’s E1000, with first delivery in February 2020, comes with SPD-Smart electronically dimmable windows as standard equipment

on all passenger windows.

ACJ TwoTwenty, the A220 platform for private aircraft, will come with SPD-Smart windows.

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This aircraft, the Falcon 6X is scheduled to enter into service in 2023.

January of 2024, Gauzy’s Vision Systems disclosed their aerospace contracts with OEM and Tier-1 suppliers using SPD-SmartGlass

Gauzy has secured 20 contracts covering a range of aircraft from small to midsize business aircraft like the HondaJet HA-420

and Daher TBM 960, to larger business aircraft including two Airbus ACJ models, various helicopters such as the Airbus Helicopters ACH175,

and commercial aircraft, including a Boeing model.

aircraft manufacturers and their suppliers continue to develop and evaluate the use of SPD technology in their window systems.

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wastage of glass facades.” In addition to SPD-Smart technology, the Cambridge study discussed alternative dynamic glazing technologies

that could be used in windows (e.g.

electrochromics) and reported that SPD-Smart technology did not have the disadvantages that limited

that could be used in windows (e.g., electrochromics) and reported that SPD-Smart technology did not have the disadvantages that limited

the potential of these alternative technologies.

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to make and sell SPD-SmartGlass architectural smart window products throughout

In November of 2013 Research Frontiers announced that it had a new licensee, MDV, who is targeting the architectural market in

In November 2013, Research Frontiers announced that it had a new licensee, MDV, who is targeting the architectural market in

In March of 2013 Research Frontiers announced that it had added two new licensees, Tint-It JSC and Advnanotech, both of whom

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renew its license for SPD-SmartGlass technology for the marine market which terminated at the end of December 2017.

January of 2024, Vision Systems disclosed their marine contracts with OEM and Tier-1 suppliers using SPD-SmartGlass technology,

noting that they have nine contracts for sailing yachts, motor yachts, and cruise ships.

October 2022, at the NBAA trade show, Vision Systems discussed their SPD-SmartGlass contracts for marine platforms, which includes three

sailing yacht contract, four yacht contracts, and 2 cruise ship contracts.

sailing yacht contract, four yacht contracts, and two cruise ship contracts.

June 2019, Vision Systems exhibited at the Cruise Ship Interiors Expo in Miami, Florida.

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Werning – Exhibition Designer, Nationalmuseum

VariGuard SmartGlass showcased its SPD-SmartGlass products at the West Coast Art and

Framing Expo at Omega Moulding’s booth #431.

VariGuard SmartGlass showcased its SPD-SmartGlass products at the West Coast Art and Framing Expo at Omega Moulding’s

To raise awareness of the unprecedented benefits of VariGuard SmartGlass, the Company has launched an advertising campaign

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institution for the picture framing industry (Picture Framing Magazine).

VariGuard SmartGlass showcased its SPD-SmartGlass products at the 45th annual meeting of the American Institute for Conservation

of Historic and Artistic Works (AIC) in Chicago at booth #107.

VariGuard SmartGlass showcased its SPD-SmartGlass products at the 45 th annual meeting of the American Institute

for Conservation of Historic and Artistic Works (AIC) in Chicago at booth #107.

The Church History Museum, operated by The Church of Jesus Christ of Latter-day Saints, installed 22 exhibit cases containing

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Seth Van Voorhees, President of the VariGuard SmartGlass business unit commented:

panels offer the highest level of protection against UV and visible light damage in the industry and they are being used in cases,

frames and wall cases to protect various light sensitive artifacts in museums internationally.

Reinforcing the benefits of VariGuard

panels and how they limit light exposure, the Smithsonian National Postal Museum presented a paper at this meeting entitled “(Year

of Light) Lighten Up:

Enhancing Visitor Experiences,” which will discuss the positive impact that VariGuard panels have in

protecting valuable artifacts and enhancing the visitor experience.

display panels offer the highest level of protection against UV and visible light damage in the industry and they are being used

in cases, frames and wall cases to protect various light sensitive artifacts in museums internationally.

Reinforcing the benefits

of VariGuard panels and how they limit light exposure, the Smithsonian National Postal Museum presented a paper at this meeting entitled

“(Year of Light) Lighten Up:

Enhancing Visitor Experiences,” which will discuss the positive impact that VariGuard panels

have in protecting valuable artifacts and enhancing the visitor experience.

VariGuard SmartGlass exhibited its display panels at a Washington Conservation Guild meeting focused on innovative new conservation

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to the Automotive Industry at the 5 th International CTI Automotive Glazing USA conference in Novi, Michigan.

In March 2019, the Company

presented the benefits of SPD-SmartGlass to the Automotive Industry at the Automotive Glazing Summit in Berlin, Germany.

Both of these

presentations focused on a real-world analysis of the use, benefits and reliability of SPD-SmartGlass in automotive and other glazings.

SPD-SmartGlass technology, which allows users to instantly vary the tint of glass or plastic, is currently being used in the automotive,

aircraft, marine, architectural, museum and consumer electronics industries.

2018, the Company was invited to speak at the 12th International CTI Conference – Automotive Glazing Europe and at the 3rd Annual

2018 Disruptive Growth & Healthcare Conference on the subject of disruptive automotive technologies.

In 2017 and 2016, the Company

participated in clean tech, emerging growth and automotive glass conferences in Europe, and during 2016 the Company presented at the

Autonomous Vehicle Interior Design & Technology Symposium in Novi, Michigan and was the keynote speaker, and event chairman, at the

annual CTI Automotive Glazing USA Conference in Rochester, Michigan.

In March 2019,

the Company presented the benefits of SPD-SmartGlass to the Automotive Industry at the Automotive Glazing Summit in Berlin, Germany.

Both of these presentations focused on a real-world analysis of the use, benefits and reliability of SPD-SmartGlass in automotive and

other glazings.

SPD-SmartGlass technology, which allows users to instantly vary the tint of glass or plastic, is currently being used

in the automotive, aircraft, marine, architectural, museum and consumer electronics industries.

2018, the Company was invited to speak at the 12 th International CTI Conference – Automotive Glazing Europe and at the

3 rd Annual 2018 Disruptive Growth & Healthcare Conference on the subject of disruptive automotive technologies.

and 2016, the Company participated in clean tech, emerging growth and automotive glass conferences in Europe, and during 2016 the Company

presented at the Autonomous Vehicle Interior Design & Technology Symposium in Novi, Michigan and was the keynote speaker, and event

chairman, at the annual CTI Automotive Glazing USA Conference in Rochester, Michigan.

Company’s market development department has a number of other initiatives in place.

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film to glass or plastic, and end-products.

Emulsion makers produce and combine the necessary materials (i.e.

SPD particles and various

Emulsion makers produce and combine the necessary materials (i.e., SPD particles and various

liquids and special polymers) from which SPD-Smart films are made.

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and a distribution channel of over 70 certified industrial partners, five dedicated manufacturing sites, 14 global offices.

entity reports revenues of approximately $50 million in 2021, and holding over 60 patents, offering 20 unique product categories, and

entity reported revenues of approximately $50 million in 2021, and holding over 60 patents, offering 20 unique product categories, and

employing 480 people globally serving customers in over 50 countries.

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all of their respective electrochromic manufacturing and developmental efforts.

In late 2020, View announced that it was trying to become

a public company by merging with a Special Purpose Acquisition Company (“SPAC”) CF Finance Acquisition Corp.

Crystal Technology:

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the past few years, the Company and/or its licensees have made significant advances relating to materials to enable (1) improved stability

of SPD emulsions, (2) a wider range of light transmission, (3) improved film adhesion and cohesion and (4) increased durability of SPD

of SPD emulsions, (2) a wider range of light transmission, (3) improved film adhesion and cohesion, (4) increased durability of SPD

films/laminates, and (5) cost reductions.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business