What changed in this filing

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Item 1. Business

2026-03-05 compared with 2025-03-06 · 267 added, 1153 removed, 451 unchanged (76% 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,

marine and display products) in every country of the world.

Frontiers Incorporated develops and licenses its patented Suspended Particle Device (“SPD”) light-control technology.

Company’s licensees manufacture and sell electronically dimmable glazing products incorporating SPD-Smart technology for automotive,

aerospace, architectural, marine, rail, recreational vehicle and specialty vehicle applications.

Company generates revenue primarily through license fees and royalties paid by licensees.

The Company does not manufacture finished glazing

products directly and operates in one business segment.

products use microscopic light-absorbing nanoparticles suspended within a film.

When electrical voltage is applied, the particles align

to allow light transmission.

When voltage is removed, the particles disperse to block light.

Adjustment of the voltage to the SPD film

gives users the ability to quickly, precisely and consistently regulate the amount of light, glare and heat passing through the window,

skylight, sunroof, window shade or other SPD-Smart end-product.

This SPD film can be incorporated between two layers of glass or plastic,

or combinations of both, to produce a laminate that has enhanced energy efficiency, light-control and security performance properties.

Company has entered into a number of license agreements covering its light control technology.

During 2024, four licensees accounted

for 34%, 28%, 11% and 11% of fee income recognized during the year.

During 2023, four licensees accounted for 39%, 16%, 16% and 13% of

fee income recognized during the year.

During 2025, five licensees accounted

for 21%, 20%, 20%, 19% and 13%, respectively, of fee income recognized during the year.

During 2024, four licensees accounted for 34%,

28%, 11% and 11%, respectively, of fee income recognized during the year.

Frontiers was incorporated in New York in 1965 to continue early work that Dr.

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

219 patents that have been issued worldwide.

In addition, the Company has current patent applications in the US and other countries that,

if granted, would add a significant number of additional patents to its portfolio.

The Company has and continues to devote significant

resources to develop, license and protect its intellectual property position.

products use microscopic light-absorbing nanoparticles that are typically suspended in a film.

These particles align when an electrical

voltage is applied, thus permitting light to pass through the film.

Adjustment of the voltage to the SPD film gives users the ability

to quickly, precisely and consistently regulate the amount of light, glare and heat passing through the window, skylight, sunroof, window

shade or other SPD-Smart end-product.

This SPD film can be incorporated between two layers of glass or plastic, or combinations of both,

to produce a laminate that has enhanced energy efficiency, light-control and security performance properties.

hundreds of patents and patent applications worldwide.

In addition, the Company has received royalty-free perpetual licenses, with the

right to sublicense others, of smart glass related intellectual property (including patents and patent applications) from various former

Research Frontiers also has current patent applications worldwide that, if granted, would add a significant number of additional

patents to its portfolio.

The Company has and continues to devote significant resources to develop, license and protect its intellectual

property position.

Frontiers believes that the SPD industry is in the initial phase of growth.

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production facilities, increased production capacity, durability, performance testing, quality control and assurance, and marketing programs.

in late 2011, higher volume sales of SPD products commenced with the launch by Daimler AG of the Magic Sky Control™ all glass roof

option on their Mercedes-Benz SLK (subsequently renamed SLC).

In early 2012, sales of the Magic Sky Control™ all glass roof option

commenced on their Mercedes-Benz SL.

In mid-2014, sales of the Magic Sky Control™ all glass roof option commenced on the new S-Class

Coupe with other Mercedes-Benz S-Class variants began offering the Magic Sky Control™ all glass roof option in 2015 and 2016.

vehicles were discontinued at the end of their current model lifecycle.

In the case of the SLC and SL roadsters, it is expected that

the next version of the SL roadster might use a canvas roof instead of the current switchable and static tint glass roofs.

been announced whether plans for the next models of the S-Class and Maybach vehicles will include any switchable glass technology in

the sunroofs or windows.

Subsequent to introduction by Mercedes, other car makers such as McLaren, General Motors, Ferrari and others

have introduced SPD-SmartGlass roofs and other products into serial production in various car models, and other new car models using

SPD-SmartGlass technology are expected to enter into serial production based upon current development efforts that are underway between

the Company’s licensees and these automakers.

Increased volumes of products using SPD-SmartGlass technology are also expected in

trains, boats, aircraft, and other transportation vehicles, in architectural applications, and in various forms of information displays

for the consumer and transportation markets.

Frontiers believes that with the normal progression of product and manufacturing improvements, and as licensees become more experienced

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control facilities planned for the remainder of its current fiscal year or its next succeeding fiscal year.

March 5, 2025, the Company had six full-time employees, two of whom are technical personnel, and the rest of whom perform legal, finance,

March 4, 2026, the Company had five full-time employees, two of whom are technical personnel, and the rest of whom perform legal, finance,

marketing, investor relations, and administrative functions.

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that they do continue, each is expected to have a beneficial effect on future interest in SPD-Smart technology.

October 2019, MarketsandMarkets issued Smart Glass Market by Technology (Suspended Particle Display, Electrochromic, Liquid Crystal,

Photochromic, Thermochromic), Application (Architecture, Transportation, Consumer Electronics), and Geography - Global Forecast to 2023.

This market research report concludes that the smart glass market is expected to grow from USD $2.8 billion in 2016 to reach USD $8.35

billion by 2023, with a growth rate of 16.6% between 2017 and 2023.

Key conclusions in this report included:

glass, especially active glass, provides a higher control over heat and light at the will of the user, thereby providing considerable

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

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

The higher cost of raw material and its

limited availability is undermining its penetration at a larger scale.

Constant innovations are happening in terms of raw material,

product design, and work capacity, which will simultaneously attract new users and provide opportunity to manufacturers to rationalize

the product cost over the forecast period.

January 2023, MarketsandMarkets issued Smart Glass Market by Technology Smart Glass Market by Technology (Suspended Particle Display,

Electrochromic Glass, Liquid Crystals, Micro blinds, NanoCrystals, Photochromic and Thermochromic), Application, Control Mode and Geographic

Analysis - Global Forecast to 2027.

market research report concludes that the smart glass market is expected to grow from USD $5.0 billion in 2022 to reach USD $8.2 billion

by 2027, with a growth rate of 10.4% between 2022 and 2027.

Key conclusions in this report included:

● Electrochromic

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.

increased traction of electrochromic technology is primarily attributed to the benefits it

offers in a sustainable building design.

A majority of the top smart glass manufacturers

are focusing on R&D to bring down the prices of smart glass without compromising on quality

and thus achieve economies of scale.

glass using electrochromic and SPD technologies is expected to witness huge demand in the

coming years since the degree of customization is high in these two technologies, and the

cost of these technologies is expected to drastically decrease.

● Architecture

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

The marketability

of a residential or commercial facility considerably depends on comfort, aesthetics or interior

design, and eco-friendliness.

Smart glass offers the architecture application energy efficiency

and improved aesthetics.

Smart glass products have inherent properties that help in market

The glare control property of smart glass eliminates unwanted glare from sunlight

and can provide bright, clear, and customized lighting levels in the building.

is also used to adjust the heat levels in buildings.

The self-cleaning property of smart

glass offers users a superior experience at the low cost of maintenance.

● Opportunity:

Growing need for sustainable buildings.

The world is becoming conscious of climate change,

global warming, and its impact on the planet.

The pandemic has also shown the need for green

buildings and the benefit of having a sustainable living space.

As part of the EU (European

Union) Green Deal, the European Commission has set a target to make Europe a climate-neutral

The EU also issued directives to member states like the “New Energy Performance in

Building” in 2018 to promote sustainable buildings.

continent by 2050, focusing on

sustainable building and energy performance.

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

By Application (Consumer Electronics, Architectural Transportation), And Segments Forecast, 2019-2025.

This market research report

concludes that the smart glass market is expected to grow from USD $3.7 billion in 2018 to reach USD $8.6 billion by 2025 reflecting

a growth rate of 15.2%.

Key conclusions in this report include:

glass has gained importance due to its inherent capability of thermal and acoustic insulation, energy conservation, and aesthetic

3D designer proposition.

automotive and residential applications have witnessed a dynamic phase change in functionalities from legacy weather protection features

to seclusion apparatus and advanced energy-conserving.

Architecturally

advanced construction philosophies incorporating the installation of large windows in the majority of buildings are projected to

drive demand in Europe.

transportation segment accounted for the highest market share in 2018 and is projected to retain its leading position throughout

the forecast years.

The segment is further categorized into automotive, aircraft, and marine.

sector is the largest consumer of switchable glass and captured the largest revenue share of more than 70% in 2018.

technology provides protection from UV rays and controls heat inside the vehicles by limiting energy consumption.

for reducing CO2 emissions and minimizing energy consumption are encouraging manufacturers to develop anti-heat glass and glazing

demand for luxury automobiles, especially in Asia Pacific, is driving the market growth.

aerospace manufacturers, such as The Boeing Company, Beechcraft Corporation, Airbus SA, Bombardier Inc., and Embraer S.A., are shifting

towards electronically dimmable windows.

January 2025, MarketsandMarkets issued Smart Glass Market by Technology (Suspended Particle Display (SPD), Electrochromic Glass, Liquid

Crystal/PDLC, Photochromic, Thermochromic and other technologies), Application, Control Mode and Geographic Analysis – Global Forecast

market research report concludes that the global smart glass market is expected to grow from approximately USD $6.4 billion in 2025 to

approximately USD $10.4 billion by 2030, representing a compound annual growth rate (CAGR) of approximately 10.2% between 2025 and 2030.

conclusions in this report included:

Energy efficiency and sustainability as primary drivers:

Increasing global emphasis on energy efficiency, reduced HVAC load, and sustainable

building design continues to support adoption of smart glass solutions in commercial and residential construction.

Transportation and automotive demand:

Smart glass technologies are increasingly utilized in automotive, aerospace and marine applications

for glare control, solar heat management, passenger comfort and design differentiation.

Cost reductions and innovation:

Continued advancements in materials science, manufacturing scale and product integration are expected

to contribute to gradual cost reductions and expanded adoption across additional market segments.

recent industry report projects the smart glass market to reach approximately USD $13.0 billion by 2030, reflecting a compound annual

growth rate in the high single-digit to low double-digit range during the forecast period.

Longer-term forecasts based upon third-party

research estimates suggest that the global smart glass market could exceed USD $18 billion by the mid-2030s, depending on forecast methodology

and segmentation assumptions.

The Company does not independently verify third party market projections.

reported market size and growth rates vary among research firms due to differing methodologies, geographic scope, and definitions of

smart glass technologies, these reports consistently characterize the smart glass industry as a multi-billion-dollar global market opportunity

with sustained projected growth driven by energy performance requirements, architectural modernization, electrification trends in vehicles,

and ongoing technological innovation.

the automotive industry, global trends include the introduction of larger sunroofs and panoramic roof panels in transportation vehicles,

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electronically dimmable windows in mockups.

technology is also the only commercially available light-control smart window technology known to have passed the stringent safety and

durability tests required by the aviation industry and to have received a Supplemental Type Certificate (STC) from the Federal Aviation

Administration.

Today, SPD-Smart electronically dimmable windows are flying on over 40 models of various aircraft including those used

in commercial aviation, general aviation and military aviation.

SPD-Smart products have been selected by aircraft manufacturers as standard

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

E1000, Airbus ACJ TwoTwenty.

technology is also the only commercially available light-control smart window technology known to the Company to have passed the stringent

safety and durability tests required by the aviation industry and to have received a Supplemental Type Certificate (STC) from the Federal

Aviation Administration.

electronically dimmable windows are currently flying on more than 40 aircraft models across commercial, business and specialty aviation

and forward-fit programs incorporating SPD-SmartGlass include installations on the HondaJet, Textron Aviation Beechcraft King Air series,

Daher TBM 960, Epic E1000, Airbus ACJ TwoTwenty corporate jet and select Boeing 737 configurations.

These aircraft utilize SPD technology

to provide electronically controlled shading, glare reduction and passenger comfort enhancements.

addition to forward-fit production programs, Supplemental Type Certification (STC) approvals have enabled retrofit installations of SPD-Smart

electronically dimmable windows in various Part 23 and Part 25 aircraft.

These retrofit programs include business jet, corporate, VIP

and special-mission aircraft configurations and allow operators to upgrade cabin window systems without factory-level aircraft redesign.

have also developed full-cabin demonstrator installations and fuselage mockups to evaluate performance characteristics including switching

speed, uniform tinting, heat management and passenger experience across multi-window cabin environments.

Such demonstrator programs support

airline and operator evaluation processes but do not necessarily represent production commitments.

decisions regarding electronically dimmable window systems on certain transport category aircraft increasingly involve airline customers

in addition to airframe manufacturers.

Adoption remains subject to certification requirements, airline specifications, economic considerations

and OEM integration cycles.

to certain electrochromic systems, SPD-SmartGlass is designed to provide rapid switching speed, continuously variable tint control and

a dark unpowered state.

However, adoption of any dynamic glazing technology depends on cost, durability, certification requirements and

competitive platform selection decisions.

Architectural

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Background and Recent Developments:

Film Production

Establishment

of SPD-Smart Light Control 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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Gauzy the capacity to coat over one million square meters of SPD film per year in widths of up to 1.8 meters.

January 2023, Research Frontiers, Gauzy Ltd.

and their customers showed over 115 thousand attendees at a recent CES new ways to benefit

from SPD-SmartGlass.

April 2020, Gauzy Ltd.

announced that it secured Series C investments from Hyundai Motor Company, Blue Red Partners VC, and Avery Dennison.

This strategic investment marks the first known equity investment by an automotive OEM in the Company’s entire industry.

of the announcement of this investment, Gauzy confirmed that its state-of-the-art material synthesis facility in Israel, and its custom

SPD production line strategically located in Germany, are currently operating and producing SPD emulsion and light control film for the

automotive, aircraft, and architectural industries, with modified staffing and procedures to protect Gauzy’s employees during the

COVID-19 pandemic.

for Showa Denko’s and Gauzy’s SPD-Smart film are end-product licensees of Research Frontiers.

These licensees receive the

film, laminate it between glass or plastic substrates, and then fabricate end-products which are sold into various industries.

Most end-product

licensees pay Research Frontiers a royalty on the sale of these end-products that typically range from 10-15%.

for SPD-Smart film are end-product licensees of Research Frontiers.

These licensees receive the film, laminate it between glass or plastic

substrates, and then fabricate end-products which are sold into various industries.

Most end-product licensees pay Research Frontiers

a royalty on the sale of these end-products that typically range from 10-15%.

companies are currently licensed by Research Frontiers to sell SPD-Smart light-control film to licensees of Research Frontiers.

of these other companies has yet announced commercial SPD film for sale.

Transportation

Vehicle Products:

SPD-SmartGlass

is used extensively across many vehicle platforms in the transportation industry.

With the use of SPD-SmartGlass light-control film,

passengers and occupants in cars, boats, trains, RVs and other vehicles can instantly change the tint of their windows, sunroofs and

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

SPD-SmartGlass technology, summarized below:

Aerospace Contracts

+ Helicopter Platforms

+ Aircraft Platforms

+ Aircraft Platforms:

Airline (Retrofit)

Marine Contracts

+ Sailing Yacht Platforms

+ Yacht Platforms

+ Cruise Ship Platforms

Railway Contracts

+ Railway Platforms

Specialty Vehicle Contracts

+ Specialty Vehicle Platforms

Recreational Vehicle Contracts

+ RV Platforms

January of 2024, Gauzy’s 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.

Automotive Products:

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

roof systems on both concept and production vehicles.

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

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

The Company’s automotive

glass licensees account for a substantial portion of all glass produced for the automotive market throughout the world.

2011, Daimler AG began using SPD-SmartGlass technology in its Magic Sky Control™ panoramic glass roof as an option on its new Mercedes-Benz

In 2012, Daimler AG began offering its Magic Sky Control™ panoramic glass roof as an option on its new Mercedes-Benz

These SPD products allow drivers and passengers to change the tint of the car roof from dark to clear quickly with a touch of

The SLK and SL are the first large-scale series production vehicles to offer SPD-SmartGlass.

The Research Frontiers licensees

involved with the production of the Magic Sky Control™ roof for the SLK and SL include Showa Denko, which manufactures the SPD-Smart

light-control film in Japan.

Automotive glass companies Nippon Sheet Glass in Japan and its subsidiary, Pilkington, in the UK and Germany

would then process and laminates Hitachi’s SPD film into the glass for the Magic Sky Control™ roof.

late 2014, Daimler AG began offering its Magic Sky Control™ as an option on the new Mercedes-Benz S-Class Coupe.

In 2015, other

S-Class variants (i.e.

Standard Wheel base W222, Long Wheel Base V222, Maybach S600 X222 and the Maybach Pullman Limousine) began offering

Magic Sky Control™ as an option.

The current Mercedes-Benz S-Class is the third large-scale serial production vehicle to offer

Magic Sky Control™ using SPD-Smart technology.

S-Class Coupe offers the largest panoramic Magic Sky Control™ roof ever put into serial production.

The surface area of the panoramic

roof using SPD-SmartGlass technology on the S-Class is approximately three times the size of the roof glass used on the current SLC and

With the addition of the new 2018 S450 and S450 4MATIC S-Class Sedans, a total of 14 Mercedes-Benz model variants have now

offered this remarkable panoramic smart glass roof:

450 S-Class Sedan

450 4MATIC S-Class Sedan

560 4MATIC S-Class Sedan

S 63 S-Class Sedan

Mercedes-Maybach

4MATIC S-Class Coupe

S63 S-Class Coupe

S65 S-Class Coupe

SLC 43 Roadster

SL63 Roadster

SL65 Roadster (Standard Equipment)

key factor in the broad adoption of SPD technology in various automotive windows is its cost.

Typically, the cost for new technology

products decreases as production volumes increase.

The price per square foot of SPD-SmartGlass reported by our licensees has gone down

over time in the automotive market.

Royalties from the Magic Sky Control panoramic roofs generate a royalty of 10% of the selling price

of these roofs by our licensees to Daimler.

The roofs on the S-Class are approximately two to three times the surface area of the roofs

on the SLC and SL vehicles.

Frontiers believes that the addition of the S-Class car model is also significant because it applies our SPD-Smart light-control technology

to the broader class of vehicles by moving beyond roadsters to coupes and passenger sedans.

Historically, since its debut over 40 years

ago, the S-Class represents the premier platform to introduce new technologies to the customer, which in many cases expand to the other

less expensive model lines within the Mercedes-Benz brand.

November 2015 at the Los Angeles Auto Show, Mercedes-Benz launched a refreshed Mercedes-Benz SL.

The press release from Mercedes-Benz

stated, “Another feature which has been retained is the unique optional extra MAGIC SKY CONTROL:

when closed, the panoramic vario-roof

automatically changes from dark to transparent or vice-versa within just a few seconds.” The MAGIC SKY CONTROL feature is a carry-over

from the previous model.

Other new features include a new front end, new headlamps, more powerful engines, and a new transmission, among

January 2016 at the North American International Auto Show in Detroit, Mercedes-Benz premiered the new Mercedes-Benz SLC.

The press release

from Mercedes-Benz when the SLC was first announced stated, “A feature that continues to be unique to the SLC is the panoramic

vario-roof with Magic Sky Control – this glass roof is lightened or darkened at the touch of a button.

This means that it provides

an open-air feeling at any time, but when required gives welcome shade under a hot sun.” The Magic Sky Control feature, using Research

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.

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

2021 and delivery to customers began in the fourth quarter of 2024.

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

sun visors, licensed Research Frontiers’ SPD-Smart light-control film technology for use in automotive sun visors.

SPD-Smart light-control

film technology will enable Daimay to develop products that automatically and dynamically adjust the sun visor to manage changing light

and glare conditions.

Daimay is developing this product in conjunction with a specific automotive manufacturer customer.

the Asian automotive market, in April 2020, Gauzy Ltd.

announced that it secured Series C investments from Hyundai Motor Company, Blue

Red Partners VC, and Avery Dennison.

This strategic investment marks the first known equity investment by an automotive OEM in the Company’s

entire industry.

As part of the announcement of this investment, Gauzy confirmed that its state-of-the-art material synthesis facility

in Israel, and its custom SPD production line strategically located in Germany, are currently operating and producing 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.

and their customers showed over 115 thousand attendees at the CES new ways to benefit from

SPD-SmartGlass, at the prestigious automotive West Hall of the Las Vegas Convention Center.

Exhibits included cutting edge LCG ®

(Light Control Glass) smart glass in applications for passenger vehicles, aircraft and trains, as well as Advanced Driver Assistance

Systems (ADAS) / Camera Monitoring Systems (CMS) for long-body on-road vehicles.

Innovative new products co-developed with industry-leading

automotive and technology Tier-1 original equipment manufacturers (OEMs), such as BOS, LG Display, OSG, and Continental, made their North

American debut in Gauzy’s booth to demonstrate how Gauzy delivers solutions to help OEMs achieve their goals.

CES was not held

in person in 2021 due to concerns about the global pandemic.

In January 2022 Gauzy exhibited in the Smart City pavilion at CES various

commercial applications for SPD-Smart film produced by Gauzy including electronically dimmable aircraft windows, dual-zone panoramic

sunroofs, smart projection systems, and information displays that combine transparent OLED and SPD technology to turn windows into high

definition information or entertainment displays that can operate in bright environments and instantly and automatically adjust to changing

light conditions to produce a vibrant high-contrast display.

January 2023, Oliver Zipse, Chairman of the Board of Management and CEO of BMW AG, delivered the opening automotive keynote address at

During the address, BMW revealed the i VISION Dee vehicle to showcase how the future of mobility can merge the real and virtual

An integral part of how this was done uses a sophisticated head-up display system utilizing SPD-SmartGlass in the windshield

The full side and rear glass of the i VISION Dee also uses SPD-SmartGlass to enhance the passenger experience and the integration

of real and virtual environments.

BMW’s implementation of Gauzy and Research Frontiers technology makes this the first vehicle

to showcase the full extent that smart glass can be utilized in a passenger vehicle for shading, privacy, and transparent displays, with

smart glass being used in all the windows on the front, rear and sides of the vehicle.

June 2022, Research Frontiers announced:

“Cool and Coming Soon:

Research Frontiers SPD-SmartGlass Technology in Cadillac CELESTIQ

Electric Vehicle.” CELESTIQ’s full-glass roof is expected to be one of the first to feature a large four-quadrant panel of

SPD-SmartGlass.

Using Research Frontiers’ patented SPD-Smart light-control technology, each occupant of the vehicle can set their

own level of roof transparency.

The driver and front-seat passenger will enjoy a pillar-to-pillar freeform display with active privacy

to help mitigate driver distraction, while rear-seat passengers have personalized entertainment screens.

Console screens between seats

in the front and back will separate individualized comfort settings from entertainment displays to minimize distractions.

CELESTIQ will be built on GM’s Ultium Platform, the heart of the company’s EV strategy.

The CELESTIQ will be the first production

vehicle to be built at GM’s Global Technical Center.

September 2021, Research Frontiers licensee Gauzy Ltd.

and their customers showed at the Munich Auto Show (AIA 2021) SPD-SmartGlass,

including two new products using SPD light control technology:

in collaboration with LG Display, a unique automotive information displays

with improved readability and performance, and a SPD-SmartGlass headlight by BMW for its BMWi Vision Circular Showcar.

This vehicle utilized

SPD-Smart light-control film that is laminated into automotive thin glazed curved glass.

As the all-electric car starts, the SPD glass

in the dynamic shading headlights switches from dark to transparent, revealing headlights that illuminate surroundings.

Gauzy also presented

an SPD sunroof with and without invisible segmentation.

automakers continue to develop and evaluate the use of SPD technology in their windows systems.

Such window systems include sunroofs,

side-windows, rear-windows and sun visors.

Some automakers and their suppliers have incorporated SPD-SmartGlass in concept vehicles,

with some of these concept vehicles being exhibited at major auto shows:

the 2019 Geneva Auto Show, Mercedes-Benz SLC roadster, SL roadster, S-Class Sedan and Maybach vehicles in serial production were

presented using the Company’s SPD-SmartGlass technology.

least four different companies showcased SPD-Smart products at CES 2019 in the automotive and consumer electronics industries.

concept electric vehicles debuted at the 2018 Los Angeles Auto Show featured SPD-SmartGlass and were also showcased at various automotive

and other major industry trade shows during 2019 and early 2020.

These two vehicles are scheduled to be in production in 2020.

various trade shows beginning with electronics 2018 in Munich in November, Texas Instruments demonstrated a control unit reference

design (TIDA-020013) created to more intelligently and efficiently power SPD-SmartGlass electronically dimmable glass using a standard

12-volt automotive battery.

The interactive demonstration is paired with gesture control to lighten or tint glass with the SPD-SmartGlass

SPD-SmartGlass sunroof application gives occupants more control over the lighting in their car, removes unwanted heat, light and

glare, and increases the driving range of electric vehicles.

It also miniaturizes the electronics package and reduces the cost of

the entire system to the auto maker, while also improving power efficiency.

Engineers can use the TI reference design to accelerate

their own designs using electronically dimmable glass.

The design includes TI’s highly efficient power management circuits

and a 32-bit C2000™ real-time MCU to help generate the necessary signal to drive and control substantial surface areas.

number of different companies showcased SPD-Smart products at CES 2018.

In the automotive industry, Fisker debuted its new Fisker

E-Motion with a unique and innovative four-segment SPD SmartGlass roof.

In addition to use in its large curved panoramic roof, Fisker

says that it plans to offer SPD-SmartGlass technology on the side windows of this new electric vehicle.

Corporation (“Continental”) also showcased its Intelligent Glass Control system using SPD technology at CES 2018 to demonstrate

how it makes cars safer, more private and comfortable, lighter and more energy-efficient.

introduced a concept car that features an SPD-SmartGlass panoramic roof and rear glass at the 2017 Consumer Electronics Show.

roof and curved rear glass is made using SPD-SmartGlass light-control film laminated between Corning’s Gorilla® Glass, a special

chemically-strengthened thin and lightweight glass.

the 2017 Consumer Electronics Show, Continental Corporation (“Continental”) showcased an advanced version of its SPD-equipped

vehicle that it originally showcased at the 2016 Consumer Electronics Show.

This vehicle has enhanced and more sophisticated electronics,

Continental indicated that its Intelligent Glass Control system increases passenger comfort and lowers CO2 emissions by keeping the interior

of the vehicle cooler.

As a result, smaller, more efficient and lighter air conditioning units could be used.

Calculations showed a reduction

in CO2 emissions of four grams per kilometer.

Continental also estimates that its Intelligent Glass Control system can increase the driving

range of electric vehicles by 5.5%.

Corporation showcased its “Intelligent Glass Control” system on a demonstration vehicle at a special event at the Consumer

Electronics Show (CES) in Las Vegas.

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

through electric control signals.

Lincoln Motor Company, the luxury automotive brand of the Ford Motor Company, introduced the Lincoln Continental Concept car using

an SPD-SmartGlass electronically tinting sunroof.

This Lincoln Continental Concept car featuring SPD-SmartGlass also made its Asian

debut at Auto Shanghai in April 2015.

debuted at the Paris Motor Show its new BMW Concept Active Tourer.

This vehicle’s entire composite glass roof uses patented

SPD-SmartGlass technology.

Mercedes-Benz

debuted at the Geneva International Motor Show its public evaluation of the Limited Edition Viano Pearl.

This vehicle displays the

capabilities and conceptual use of SPD-SmartGlass on the side glass of vehicles from Mercedes-Benz.

debuted its FS Hybrid Concept at the 2011 Tokyo Motor Show in Tokyo, Japan.

The FS Hybrid Concept demonstrated the use of SPD-Smart™

technology inside glass.

debuted its A2 concept car at the Frankfurt International Auto Show in Frankfurt, Germany.

The A2 is an electric-powered passenger

car equipped with a large SPD-Smart™ panoramic glass roof.

the highest volume market for which SPD-Smart technology is being developed is new car production by the world’s automakers, the

aftermarket upgrade market also presents opportunities in the automotive market.

Research Frontiers licensee American Glass Products

(AGP) is offering its Vario Plus Sky SPD-SmartGlass to the automotive aftermarket as well as to the automotive OEM market for serial

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

whom are targeting the automotive aftermarket in Russia.

In May of 2017, Hanamac International Ltd.

acquired a license from Research

Frontiers to produce and sell SPD-SmartGlass automotive windows for the South Korean aftermarket.

August 2019, Research Frontiers licensed São Paulo, Brazil based SER Company to make SPD-SmartGlass primarily for the automotive

armored glass aftermarket in Brazil.

SER Company is a Brazilian leader in the development of technologies and solutions for ballistic

cars in the protection and security sector.

Vehicles//Motor Homes/Buses and Motorcoaches:

motorcoach windows use heavily tinted windows to manage excessive light, glare or heat.

While this reduces somewhat the time the shade

has to be down, it remains ineffective for many conditions.

Also, it limits passengers’ experience of views during dusk, nighttime

and dawn hours.

This is due to the fact that when outside light levels are low, a heavily tinted window blocks or degrades elements of

the scene outside.

During these hours, the high optical clarity of SPD-SmartGlass in the “clear” state eliminates this problem.

of SPD-SmartGlass electronically dimmable windows (“EDWs”) for motorcoaches include:

zones of an EDW can be independently controlled.

EDWs can be controlled centrally with a master control, or automatically with light sensors.

level of noise in the motorcoach is reduced.

EDWs automatically turn to the darkest state when the motorcoach engine is off, keeping the interior cooler and offering lower air-conditioning

consumption and greater energy savings.

ergonomic SPD-Smart dimmable motorcoach sun visor increases safety.

electronics are integrated into the EDW, which facilitates OEM and aftermarket installations.

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

vehicle contracts.

Systems exhibited its SPD-SmartGlass technology for the coach marketplace at the UMA Motorcoach Expo in Nashville, TN.

Vision Systems

showcased an EDW with integrated information display that provides travel information such as time, temperature, remaining distance to

the next stop, or service availability.

Also at the show, Vision Systems’ unveiled an SPD-SmartGlass solution for the driver environment

with an ergonomic SPD-Smart dimmable sun visor integrated into the upper part of the windshield, avoiding the need for the driver to

handle a shade, which partially blocks the view.

Systems also exhibited its SPD-SmartGlass technology solutions for the coach marketplace at the UMA Motorcoach Expo.

Caravan Salon in Dusseldorf, Germany, premium recreational vehicle supplier Lippert Components, and Knaus, a leading manufacturer

of leisure vehicles in Europe, both featured the world premiere of dimmable windows using SPD-SmartGlass technology.

These electronically

dimmable smart windows, which dramatically improve the recreational vehicle passenger experience, were supplied by Vision Systems,

a licensee of Research Frontiers.

Caravan Technologies, Inc.

unveiled the CR-1 Carbon which features the MagicView™ roof and MagicView™ windshield with

SPD-SmartGlass.

This special glass, which totals 28 square feet, was jointly developed with Research Frontiers’ licensee Vision

SPD nanotechnology on this vehicle allows infinitely variable control of privacy between blackout and clear and can be controlled

by any smart-phone or other smart-devices.

In addition to controlling the level of light and glare coming into the RV, the MagicView™

SPD-SmartGlass on RVs offers many other advantages.

This technology provides unsurpassed thermal insulation:

SPD-SmartGlass substantially

rejects solar heat from entering RVs through windows.

The SPD-SmartGlass achieves its maximum dark state when the RV is parked/turned

off and no power is consumed.

Systems announced that Notin, manufacturer of motorhomes and campers, selected Visions Systems’ Nuance brand of SPD-SmartGlass

for the skylight of Notin’s Angara luxury motorhome.

In October 2013 at Busworld 2013, Vision Systems showcased a new sun visor

using SPD-Smart light-control film technology and a light sensor to automatically and dynamically adjust the sun visor to deal with

changing light and glare conditions.

Vision Systems indicated that it has been working for almost two years with a major automotive

OEM to test the ease of installation, reliability, design and performance of its new sun visor in real world conditions.

indicated that customer reaction regarding the effectiveness and ease of use of this product has been excellent.

The fact that this

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

the InnoTrans trade show, Gauzy showcased its SPD T-OLED in cooperation with LG Display,

the world’s industry-leading manufacturer of Transparent OLED, in a railway compliant

Insulated Glass Unit (IGU).

These use LG Display’s state-of-the-art 55” Transparent

OLED display with Gauzy SPD for high contrast and vibrant advertising and messaging in shifting

lighting conditions when SPD is tinted, or a transparent window when SPD is on (clear mode).

at InnoTrans, Gauzy showed the platinum concept, which Gauzy created for Talgo, the Spain-based

They demonstrated a segmented SPD railway compliant IGU which allows passengers

to instantly dim entire windows or specific areas for precise shading that increases visual

and thermal comfort.

at InnoTrans, Rehau, in collaboration with Gauzy and Research Frontiers, presented as part

of the major Deutsche Bahn (DB) “Ideas Train” exhibition.

This is an SPD-SmartGlass

window system for trains, enabling continuously variable shading of carriage windows.

DB innovation project demonstrates how continuously variable shading using SPD-SmartGlass

technology can raise comfort and sustainability to a new level in the trains of the future.

February 2020, Vision Systems presented its SPD-SmartGlass marine products at the Middle East Rail show in Dubai, UAE, including a multi-zone

SPD-SmartGlass dimmable window, and a dimmable divider with an integrated information display, and a concept of glass partition playing

The multi-zone solution exhibited is an SPD-SmartGlass panel that resembles a digital shade, providing tinting control of a chosen

zone to protect from unwanted light and glare, for improving the passenger experience.

Vision Systems also exhibited an SPD-SmartGlass

dimmable divider with an integrated information display that gives travel information such as time, temperature, remaining distance to

next stop, or service availability.

the leading international trade fair for transport technology, was the stage for the world premiere of new EDW solutions using SPD-SmartGlass

AGC and Vision Systems launched their respective latest generations of SPD-SmartGlass EDWs for the rail industry.

Continental also new electronic control products for SPD-SmartGlass EDWs at the show.

Systems at InnoTrans

of the products using SPD-SmartGlass for the train industry being showcased in Berlin include:

with integrated control system electronics (on the passenger window EDW itself), for rapid installation in both new train car production,

and retrofitting existing train cars.

SPD-SmartGlass

solutions for the driver cabin, to eliminate glare on the dashboard with side and back window EDWs, and/or SPD sun visors integrated

into the windshield.

“Info-Vision”

window, which integrates an electroluminescent display into SPD-SmartGlass windows.

This combines the benefits of the EDW with information

available directly on the window, such as time to destination, remaining distance, temperature, service options, and train schedules.

addition to the above information, Vision Systems confirmed at Innotrans that it was working on other high-volume train projects with

major commuter train manufacturers and operators.

a leading Tier-1 supplier of transparencies to the rail industry for over 50 years, is also prominently featuring SPD-SmartGlass EDWs.

In a recent article entitled AGC at Innotrans with smart glass for transportation, it was noted, “AGC’s booth will feature

AGC’s smart glasses for transportation… Wonderlite light control glazing, that switches from clear to dark at the simple

touch of a button.” Wonderlite is AGC’s brand name for its SPD-SmartGlass EDWs.

Rail News published an article about Continental at Innotrans, noting, “The level of transparency… of the glass can be adjusted

via a control system, which can be programmed to respond to external conditions, such as sensor data on sunlight intensity.”

unveiled a number of new innovations, including an intelligent technology for darkening glass panes and a range of individual surface

The ‘Intelligent Glass Control’ (IGC) system by Continental provides passengers with the flexibility to adjust the

amount of light and the color of their window or other glazed areas to suit their needs.

The technology, which was originally developed

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.

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

(“Shiki-shima”), which began service on May 1.

JR East’s luxury sleeper train Shiki-shima, conceptualized as a

train for ‘enjoying changes in time and space’, has been designed with individualized themes for each compartment.

particular note, the front carriage, containing a special area for enjoying panoramic views of Japan’s landscape, has been

outfitted with WONDERLITETM light control glass, which makes it possible to adjust passing sunlight simply with a switch.

Systems, with its customers/strategic partners, exhibited many different types of SPD-Smart products at InnoTrans 2016.

full-scale train cabin mockup equipped with many SPD-Smart passenger windows

windows with integrated transparent information displays

contrast enhancement filters for displays

windows with multi-zone switching capabilities

passenger SPD-Smart windows

driver cabin SPD-Smart windows

September 2014, Poma (a leading supplier of cable transport systems) showcased at Innotrans 2014 its Cabine H2 cable car.

in this cable transport vehicle used Research Frontiers licensee Vision Systems’ “Nuance” SPD solution.

2014 is the largest international trade fair for rail transport technology with over 160,000 visitors and is held every two years

in Berlin, Germany.

At this fair, Bombardier featured its “FLEXITY 2” tram platform using an electronically dimmable

window produced by Vision Systems.

In addition, AGC, one of the largest producers of flat glass in the world, featured its “WONDERLITE”

SPD-SmartGlass train window.

Armored Glass Market:

the automotive market, a potentially additional sector is the armored glass market.

Armored glass (sometimes referred to as “transparent

armor” and “bullet-resistant glass”) encompasses the military, non-military government, and civilian markets.

SPD-Smart technology in this market not only provides the benefits of light-control and UV blockage, it also enhances security by introducing

darker tints and privacy.

A number of the Company’s licensees including American Glass Products, Isoclima, and SER are recognized

industry leaders in the armored glass market.

August 2019, Research Frontiers licensed São Paulo, Brazil based SER Company to make SPD-SmartGlass primarily for the automotive

armored glass aftermarket in Brazil.

SER Company is a Brazilian leader in the development of technologies and solutions for ballistic

cars in the protection and security sector.

Aircraft Products:

aircraft manufacturers and their selected interiors installers have announced that they have selected SPD-Smart dimmable window products

as standard or optional equipment for their production aircraft:

Aircraft Company:

HondaJet, with first delivery in December 2015, comes with SPD-Smart electronically dimmable windows as standard equipment on all passenger

Textron-Beechcraft

has SPD-Smart electronically dimmable windows as standard equipment on models of its King Air aircraft:

King Air 250, with first delivery during 2015

King Air 350i, with first delivery during 2015

King Air C90GTx, with first deliveries during the first quarter of 2016

Aviation announced the selection of SPD-Smart electronically dimmable windows for its Eclipse 700 platform, production of which is

now discontinued.

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.

Airbus, as well as their selected completion

center Comlux, feature the EDWs in promotional materials.

Airbus shipped the first ACJ TwoTwenty to Comlux in January 2022, for the

installation of the interior.

October 2022, Daher showcased its TBM 960 aircraft at the NBAA show, which had SPD EDWs.

The TBM 960 comes with SPD EDWs as standard

equipment, which a Vision Systems partner publicly confirmed in February of 2023.

Falcon 5X was scheduled to come with SPD-Smart electronically dimmable skylights as standard equipment.

Subsequently, however, Dassault

announced in December 2017 that it was terminating the Falcon 5X program and announced the launch of a new Falcon program featuring the

same skylight as the Falcon 5X.

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.

manufacturers and SPD product suppliers have incorporated SPD-Smart electronically dimmable windows in mockups, with some of these mockups

being exhibited at major aviation shows:

Systems partner Verre Industrie published a news item promoting Vision Systems SPD EDW as standard equipment contract for the Daher TBM

960 aircraft.

They noted, “Our partner Vision Systems has entrusted us with the manufacture of several hundred thin glasses X-Lite

for dimmable windows to be fitted in series in Daher TBM 960 aircraft.

This success rewards the joint efforts of recent years including

the creation several prototypes before the launch in production.”

the NBAA aircraft show, Vision Systems discussed their SPD-SmartGlass contracts for transportation vehicles, which includes five helicopter

contracts, eleven aircraft contracts, and one airline retrofit contract.

the 2022 Aircraft Interiors Expo, Vision Systems unveiled an “ambiance management system” for commercial and private aircraft.

This system delivers the ideal atmosphere for each passenger with SPD electronically dimmable windows (EDWs), mood lighting, and large

triple-window shades – and all elements of the system can be synchronized to provide an unparalleled passenger experience.

at this show, Vision Systems unveiled new SPD EDW innovations, for first class and business class passengers on commercial airlines.

This included a smart glass partition showing messages, images or videos such as traveling information or advertising.

When nothing is

displayed, this divider can remain transparent, or opaque (white or dark) to offer privacy between classes.

the Sun ‘n Fun Expo in Florida, OEM Daher showed its TBM 960, which features EDWs.

Aircraft EDWs using SPD technology instantly

and precisely control the amount of light, glare and heat in the cabin.

launched the ACJ TwoTwenty business jet, a clean-sheet design aircraft based on Airbus’ A220-100, featuring advanced materials

and state-of-the-art technologies that include electronically dimmable windows.

Systems unveiled its aircraft and helicopter SPD-Smart solutions at the Dubai Airshow in Dubai, UAE.

Among the products presented at

the show were an SPD-Smart electronically dimmable helicopter window, and a multizone SPD-Smart dimmable aircraft window with an integrated

control panel.

Vision Systems also unveiled an SPD-Smart partition combining an electronically dimmable system with an information display

based on electroluminescent technology.

Whether on windows or dividers, this solution can either be set in transparent or dark mode when

no information is displayed, or show short travel information.

The background opacity can then adjust automatically for perfect contrast

and readability.

Systems presented its SPD-Smart EDWs at the Aircraft Interiors Expo (AIX) in Hamburg, Germany.

Its system delivers important passenger

experience benefits including a cooler and quieter cabin due to remarkable thermal and acoustic insulation.

The following chart summarizes

some of the performance advantages highlighted at the show that Vision Systems’ SPD-Smart EDWs have over electrochromic EDWs:

Electrochromic

Heat-Blocking

When Aircraft on Ramp and Unpowered

to Darkest State

to Clearest State

to Include PDLC Film For Additional Blackout and Privacy

Information Display

Systems presented its second-generation SPD-Smart EDWs, branded Nuance V2, with enhanced optics and a lower cost at the NBAA business

aviation show.

The solutions on display at Vision Systems’ NBAA included:

This Nuance V2 solution allows independent control of light and glare through different “zones” of an SPD-Smart EDW,

to any level of tint.

light control with diffused light / privacy control:

This SPD-Smart solution enables instant and precise dimming from clear to very

dark, plus an opaque white or dark feature for privacy and enjoying soft, diffused daylight through the EDW.

Vision System’s Info-Vision is the first smart information window integrating SPD-Smart and electroluminescent technologies.

This economical innovation, for use in windows and cabin dividers, provides passengers with travel and other information right on

The tint of the Info-Vision EDW can automatically adjust in real-time, providing optimal contrast and readability.

The Nuance V2 cabin divider enables adjustable levels of privacy between classes and allows flight attendants the ability

to view multiple cabins whenever needed.

Services, in partnership with InspecTech Aero Service, featured their Element EDW brand of SPD-Smart EDWs at the AIX commercial aviation

show in Hamburg, Germany:

Airbus A320 mockup was demonstrated, which includes two Element EDWs integrated into a sidewall.

The EDWs replace the inboard “scratch

lens” (the surface closest to the passenger), resulting in benefits including improved optical clarity, and the perception

of larger windows as the scratch lens panel has a larger surface area than the structural window.

showcased a Boeing 737 cabin mockup which includes Element EDWs.

the AIX show in Hamburg, Vision Systems unveiled the world premiere of Vision System’s Info-Vision, the first smart information

window integrating both SPD-Smart and electroluminescent technologies.

This economical innovation, for use in windows and cabin dividers,

provides passengers with travel information right on the panel.

The tint of the Info-Vision window or divider can automatically adjust

in real-time, providing optimal contrast and readability.

Other SPD-Smart EDW solutions from Vision Systems featured at AIX in Hamburg

Second-generation

Nuance V2 and Nuance V2 Ultra-Dark:

enhanced optics and lower cost.

a retrofit EDW product covering cockpit side windows.

a dimmable sun visor integrating a transparent photovoltaic film for self-power.

Aerospace, in partnership with Vision Systems, launched a new product at the National Business Aviation Association Convention and Exhibition

in Las Vegas, Nevada.

Nuance V2 Ultra Clear is a new product responding to the industry requests for aircraft cabin shading systems that

allow for brighter cabin interiors, while providing for more effective shading.

This Electronically Dimmable Window (EDW) solution uses

patented SPD-Smart light control technology developed by Research Frontiers.

Aviation announced the selection of the ALTEOS EDW by PPG for its new Eclipse 700 aircraft.

The Eclipse 700 aircraft is an upgraded version

of its Eclipse 500/550.

The Alteos EDW utilizes the NUANCE V2 shading product by Vision Systems that uses SPD-Smart light-control technology

from Research Frontiers.

As ONE Aviation stated in the announcement, “A priority at ONE Aviation is to maximize ease of use and

passenger comfort.

The PPG ALTEOS system provides both with simple and effective control of window shading.”

Systems and PPG Aerospace announced that they have reached a commercial agreement to work together on developing new applications utilizing

Vision Systems’ EDW shading solutions for aircraft.

These solutions use Research Frontiers’ SPD-Smart EDW technology and

also combine the considerable experience that both PPG Aerospace and Vision Systems have in supplying the aircraft industry with EDW

As stated in their press release, “The agreement provides a framework for PPG and Vision Systems to pursue opportunities

in commercial, regional, military and general aviation applications that capitalize on each company’s expertise.”

the MRO Europe conference Fokker Services, a division of GKN Aerospace, launched “Element EDW,” a new electronically dimmable

window system for commercial airliners.

Developed in collaboration with Research Frontiers licensee InspecTech Aero Service, this “smart

transparency” controls and manages both beneficial and undesirable outside elements coming into aircraft cabins through passenger

Systems exhibited SPD-Smart EDWs at Aircraft Interiors Expo Asia and at the National Business Aviation Association (NBAA) Business Aviation

Convention & Exhibition.

These products improve the airline passenger experience by controlling light, glare, heat and noise entering

SPD-Smart EDW control switches from InspecTech Aero Service were featured at the EBACE aircraft show on the newly redesigned King Air

350i and 250 that were on display by Textron-Beechcraft.

Also, at EBACE it was reported that the King Air C90GTx (the third King Air

to offer SPD-Smart EDWs as standard equipment) has received FAA certification, and Textron highlighted the improved EDWs on its newly

redesigned aircraft as an important cabin enhancement.

Systems debuted an Acti-Vision interactive aircraft window at the EBACE aircraft show that not only dims but brings the passenger important

information such as flight status, moving map, satellite imagery, and even tourist information about what the passenger is looking at

out the window via a transparent video touchscreen built into the window.

Systems introduced a solution for the light and glare issues commonly experienced in aircraft cockpits at the Aircraft Interiors Expo.

Vision Systems’ Nuance Smart Shell, using Research Frontiers SPD-Smart EDW technology, is designed for lateral cockpit windows,

which account for a large percentage of light and glare entering cockpits, and are extremely difficult to shade.

The Nuance Smart Shell

EDW covers the entire window surface area and brings dynamic solar control to aircraft cockpits – providing automated management

of intense high-altitude light and glare, and protection from harmful UV radiation.

Systems demonstrated its Nuance Touchless SPD-Smart EDW at the 2015 Aircraft Interiors Expo in Hamburg, Germany.

The new system allows

passengers to use gestures, much like those used to operate a smart phone, to control the tint of their aircraft windows, but without

ever having to touch the window or any other aircraft interior component.

showcased its CromaLite brand of SPD-Smart electronically dimmable windows at the Aircraft Interiors Expo in Hamburg, Germany.

Systems unveiled its SPD-Smart Opti-Visor electronically dimmable sun visor for the aircraft market at the Helicopter Association International

Heli-Expo in Orlando, Florida.

the 2014 MEBA show in Dubai, U.A.E., Vision Systems unveiled a new generation of its Energia photovoltaic autonomous SPD-Smart dimmable

window – the new product is capable of producing more energy than the prior generation.

Aircraft featured SPD-Smart windows in the mock-up of its upcoming E1000 aircraft.

The mock-up was unveiled at 2014 NBAA in Orlando,

the 2014 EBACE show in Geneva, Switzerland, Vision Systems unveiled a new SPD-Smart dimmable window product that offers passengers the

ability to independently control the tint of different “zones” within the same window.

At the same show, Vision Systems announced

an improvement in the optical performance of its Nuance SPD-Smart dimmable windows – a product offering wider amplitude between

clear and dark.

Systems featured SPD-Smart electronically dimmable windows in its cabin management system mock-up at the 2014 Hamburg Airshow.

can be controlled by the BAE system.

featured an SPD-Smart electronically dimmable window in its commercial airliner window assembly at the 2014 Hamburg Airshow.

the 2013 AIX Americas show, Vision Systems’ strategic partner Vaupell announced they are offering the industry a complete SPD-Smart

light-control window system – Vision Systems’ SPD-Smart Noctis window and control system, integrated with Vaupell’s

window assembly.

This product offering was showcased at Vaupell’s AIX Americas booth.

Vision Systems and Vaupell entered into a

strategic partnership to develop and offer SPD-Smart Noctis and Nuance windows to OEMs, including Vaupell’s longstanding customer

the 2013 NBAA, Vision Systems unveiled Energia – the world’s first self-powered dimmable window for aircraft cabins.

adds the many practical, technical, and financial benefits of solar power to the instant switching speed, wide range of light transmission,

and relief from light, glare and heat that SPD-Smart aircraft windows already provide.

Energia operates without using the aircraft’s

electrical system because it integrates a transparent photovoltaic layer that is capable of producing its own energy – from the

sun, or from artificial light sources.

Energia facilitates the installation of dimmable windows on new production and aftermarket aircraft.

It is completely independent of the cabin’s wiring, and no modifications to the aircraft’s existing electrical system are

Energia was developed in collaboration with Sunpartner Technologies, Vision Systems partner and the inventor and manufacturer

of the transparent photovoltaic panel.

In March 2014, Vision Systems announced that Energia had been selected as a finalist in the prestigious

2014 Crystal Cabin Award.

the Paris Air Show, Vision Systems announced it will open its first-ever U.S.

SPD-SmartGlass factory, investing nearly $1.2 million in

capital expenditures to serve customers with strong U.S.

The new factory was highlighted by Florida Governor Rick Scott and

Vision Systems President and CEO Carl Putman, with Research Frontiers President and CEO Joseph M.

Harary and others in attendance for

this special announcement.

This announcement of a further expansion to the United States indicates an acceleration of existing and projected

business in North and South America where major aircraft OEMs and customers of Vision Systems are located, including HondaJet and Gulfstream.

featured SPD-Smart windows, and SPD-Smart cabin partitions, in the mock-up of its EC175 helicopter.

The mock-up was unveiled at EBACE

2013 in Geneva, Switzerland.

Systems debuted its new SPD-Smart window with integrated electronics and controls directly on the window at the 2013 Hamburg Air Show.

Developed with strategic partner Vaupell, a world leader in the production of aircraft interior subassemblies for commercial aerospace

applications, it became the first dimmable window with integrated electronics and control panel directly on the aesthetically attractive

window reveal.

Aircraft Company featured HondaJet SPD-Smart cabin windows at the 2012 National Business Aviation Association (NBAA) Annual Meeting &

The HondaJet’s passenger windows will use SPD technology as standard equipment.

SPD-Smart Nuance windows for the HondaJet

went into production at Vision Systems’ new Melbourne, Florida factory.

announced enhancements to its electronics architecture used to control its iShade to enable the SPD-Smart electronically dimmable windows

to switch to their clearest state in the event of a power loss – that was a request made by certain OEMs.

InspecTech’s iShades

now offer “the best of both worlds” - when unpowered on the ramp, the windows automatically switch to their darkest, maximum

heat-rejecting state, and when in the air, they instantly switch to the clear state in the event of a loss of power.

announced improvements to its iShadeiQ including a higher light transmission, greater contrast ratio, unprecedented optical clarity,

superior acoustic and thermal insulation properties, and lighter weight.

the 2012 Aircraft Interiors Expo in Hamburg, Germany, Isoclima S.p.A.

announced that Isoclima’s CromaLite brand of SPD-Smart aerospace

windows made its world premiere.

CromaLite is Isoclima’s SPD-Smart solar control glazing product and enables users to efficiently

control the transmitted solar radiation in both the visible and the solar range.

Alberto Bertolini, Executive Director of Isoclima,

“Our CromaLite brand of SPD-Smart window offers many valuable light-control benefits:

instant shading, glare control,

UV rejection, the desire for passenger comfort, and keeping aircraft cool when they are on the ground.

We are very excited by the reactions

we have received from OEMs and cabin designers who are here at the Aircraft Interiors Expo and are excited about our growing portfolio

of SPD-Smart CromaLite solutions for the transportation and architectural markets.”

Systems announced that the company has invested over $750,000 to expand its existing factory in France to add a production facility dedicated

to the manufacture of its SPD-Smart Nuance and Noctis aerospace and transportation windows and cabin dividers.

Aerospace featured SPD-Smart aircraft windows in its CSeries aircraft cabin mock-up at the 2011 Dubai Airshow, equipping the business

class windows in its mock-up with SPD-Smart aerospace windows.

Systems exhibited its Nuance and Noctis brands of SPD-Smart aircraft cabin windows at the Dubai Airshow in Dubai, United Arab Emirates.

Nuance and Noctis SPD-Smart aerospace windows offer instant and precise light-control at every level which provides OEMs and private

aircraft owners a solar protection solution that enhances flying comfort and supports fuel efficiency.

These electronically dimmable

aircraft and helicopter window shades and cabin dividers are impact-resistant, completely silent, available in flat and curved surfaces,

and can be controlled by the cabin management system or by passengers.

Vision Systems’ Noctis SPD-Smart product line offers enhanced

blackout solar protection and complete privacy.

Also, at the November 2011 Dubai Airshow, Vision Systems announced that Bombardier Aerospace

was featuring Vision Systems’ SPD-Smart aircraft windows in Bombardier’s CSeries aircraft cabin mock-up.

Bombardier equipped

the business class windows in its mock-up with Vision Systems’ SPD-Smart Noctis aerospace windows.

Developed for the 100- to 149-seat

market segment, the CSeries family of aircraft is Bombardier’s all new mainline transport solution.

announced a new model of its SPD-Smart iShade window, branded iShadeiQ.

This model, in addition to the light, glare and heat control,

also reduces noise levels in the cabin.

performance requirements for aircraft light-control windows:

radiation onboard aircraft is extreme and requires a dimmable window that creates an environment dark enough for passengers to sleep,

even during daylight hours.

Research Frontiers licensees now offer SPD-Smart windows that can be set to block over 99.96% of incoming

light, to meet the needs of OEMs and their customers.

a passenger wants relief from glare, SPD-Smart aircraft windows offer immediate response.

Due to instant switching, an infinite number

of light-transmission states can be selected by the passenger or flight crew, from clear to blackout, and any level of view-preserving

tint in between.

Heat-blocking:

cabins can become hot when the aircraft is parked because of solar heat streaming through windows.

The result is an uncomfortably

warm cabin upon boarding or the need to use jet fuel or auxiliary power units before boarding to cool down the cabin.

SPD-Smart aircraft

windows automatically switch to their maximum heat-blocking state, even when the aircraft is parked unpowered, and the cabin remains

challenges stated by OEMs and their customers that have been successfully met by SPD-Smart dimmable aircraft windows include:

Noise-blocking:

the ability to reduce the amount of noise transmitted through windows

the ability to offer curved windows to meet interior design needs

Weight-reduction:

the ability to fabricate dimmable windows using lightweight plastics and thin chemically strengthened glass

and EASA certification:

the ability to demonstrate full compliance with all FAA and EASA requirements

Architectural Products:

Frontiers and its licensees are currently working with multiple architectural customers to introduce SPD-Smart products including windows,

skylights, partitions and doors.

The architectural markets for these products are highly fragmented and in general have a high sensitivity

In the near term, the Company expects SPD-SmartGlass products primarily will be commercialized in specialty applications and/or

sectors that value its distinctive performance attributes including fast switching speed regardless of window size, a very wide range

of visible light transmission, infinite light-control between its dark and clear states, and availability in unusual shapes and sizes.

Research Frontiers’ end-product licensees in this sector include industry leaders such as:

American Glass Products (AGP), Asahi

Glass, CricursaCristalesCurvados, Gauzy, Glatic, Innovative Glass, Isoclima, LTI SmartGlass, Isoclima, Smartglass International and Traco

(a business unit of Alcoa).

December 2019, Research Frontiers licensed Seoul, South Korea based Glatic Co., Ltd.

to produce and sell SPD-SmartGlass smart windows

for the South Korean architectural market.

September 2016, Smartglass International announced that its Solar SmartGlass brand of SPD-SmartGlass has been selected for both new construction

and retrofit projects.

An example of a retrofit project is the University of Edinburgh’s historic McEwan Hall.

The interior of

this hall, built in 1897, is being refurbished.

In an article on the Smartglass International website, the company indicates that its

Solar SmartGlass “…will be retrofitted to the internal building walls to protect the beautiful paintings and features for

many more years to come.

The glass will increase the functionality of the space by allowing instant control over the amount of light

entering the hall.

Smartglass International will create bespoke solar switchable panels that will be fitted inside each of the 13 circular

oculi, each more than 2 meters in diameter.”

March 2015, Research Frontiers’ patented SPD-SmartGlass technology was selected as the exclusive smart glass for the USA Pavilion

at this year’s World’s Fair, Expo Milano 2015 from May through October 2015.

The USA Pavilion 312 large panels of SPD-SmartGlass

manufactured under license from Research Frontiers by Isoclima S.p.A.

Each panel measures approximately 1 meter by 3 meters, making the

total surface area in the roof more than 10,000 square feet.

This is the largest known installation of smart glass in the world for a

roof application and was seen by over six million people.

windows, skylights, doors and partitions offer various benefits in architectural applications.

During 2009, independent tests were conducted

by DSET Laboratories, a division of Atlas Material Testing Technology, in accordance with ASTM and ASHRAE testing and calculation protocols.

These test results demonstrate that SPD-Smart windows have excellent solar heat rejection and control capabilities.

In January 2011 a

study published by the Department of Engineering at the University of Cambridge concluded that SPD-Smart light-control windows are exceptionally

energy efficient, reducing solar heat gain by as much as 90%.

The Cambridge study indicated that the real-world testing “confirms

theoretical predictions that SPD glass holds great energy saving potential and is a technology that can really help to reduce energy

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

the potential of these alternative technologies.

For example, the study cited that an electrochromic window that is 2.4 square meters

can take up to 30 minutes to change from clear to dark.

November 2011, Research Frontiers’ licensee Innovative Glass Corporation was awarded two 2010 Crystal Achievement Awards for its

smart window product line using our SPD-Smart light-control technology.

In October 2010, its SPD-SmartGlass product was awarded WFX’s

(Worship Facilities Conference & Expo) New Product award for Best Building System Material Product/Window.

Innovative Glass has completed

or is working on a variety of SPD-SmartGlass projects in the commercial, residential and institutional markets.

Innovative Glass also

periodically exhibits its SPD-SmartGlass architectural products at Glass Expo Northeast in Hauppauge, New York.

Glass Expo Northeast

is the region’s largest conference and trade show dedicated to the architectural glass and metal industry.

Frontiers licensee SmartGlass International has announced completion of several high visibility SPD-SmartGlass installations.

February 2012, the company announced installation of SPD-SmartGlass at CERN, the European Organization for Nuclear Research, which is

one of the world’s largest and most respected centers for scientific research.

SmartGlass International installed SPD-SmartGlass

in CERN’s Globe of Science and Innovation that will house a permanent exhibition and is intended to serve as a venue for a wide

range of activities, conferences and other events, In February 2011, SmartGlass International announced it supplied retrofit SPD-SmartGlass

to five London television studios of the Associated Press.

The SPD-SmartGlass used in these projects harvests daylight when it’s

needed, improves occupant comfort by providing controllable solar shading during peak light conditions, and preserves views.

to this installation, it was announced that SmartGlass International installed retrofit SPD-SmartGlass panels at the set of “Daybreak,”

the breakfast anchor program from ITV, one of the UK’s largest commercial television networks.

2014, Research Frontiers added Teknoglass Solutions LLP and Diamond Glass.

Teknoglass Solutions LLP acquired a license from Research

Frontiers Inc.

to make and sell SPD-SmartGlass architectural smart window products in the United Kingdom and Republic of Ireland.

Glass acquired a license from Research Frontiers Inc.

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

are targeting the architectural market (in addition to the automotive aftermarket discussed previously) in Russia.

Marine Products:

Frontiers and its licensees are currently working with marine customers to introduce SPD-Smart products including windows, doors and

When our patented SPD-Smart light-control technology is used in yacht windows and other products, users can quickly and precisely

control and “tune” the amount of light, glare and heat coming through their windows, while preserving their view.

Sea Glaze Manufacturing commenced marketing activities for products using SPD technology during the second quarter of 2011 but did not

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

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

noting that they have 9 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.

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

Building upon its expertise in dimmable shading

systems, Vision Systems exhibited its Electronically Dimmable Windows (EDWs) for solar protection and privacy, including a curved dimmable

solution, a complete privacy solution, and a multizone Electronically Dimmable Window with integrated information display.

Vision Systems’

innovative solutions make it possible to eliminate shades that clutter up the space, block the view and require regular maintenance.

They also allow for a solar protection on windows where shades could not, or be difficult, to be installed.

October 2016, Vision Systems announced at the Monaco Yacht Show and 2016 IBEX new relationships for offering SPD-SmartGlass products

with Taylor Made Systems, ProCurve Glass, and Yachtglass.

In addition, the Monaco Yacht Show hosted the world premiere of the “Edition

1” model of the “ARROW460 – Granturismo,” which has SPD-Smart dimmable glazing products throughout the Silver

Arrows Marine motor yacht supplied by Vision Systems and designed by Mercedes-Benz Design.

November 2015, Silver Arrows Marine in conjunction with Mercedes-Benz Style (a design arm of Mercedes-Benz) unveiled a new yacht called

the ARROW460 – Granturismo featuring an SPD-SmartGlass electronically dimmable roof.

The roof, which is supplied by licensee Vision

Systems, will be able to be electrically risen, creating a “glass pergola” effect on the yacht.

First customer deliveries

of this production yacht are planned to start in early 2016.

Vision Systems presented its products at the 2015 Marine Equipment Trade

Show in Amsterdam in November 2015 and at the Monaco Yacht Show in September 2015.

November 2013, Hatteras Yachts unveiled its new flagship motor yacht, the 100 Raised Pilothouse with dual SPD-SmartGlass skylights in

the galley as standard equipment at the 2013 Fort Lauderdale Boat Show.

February 2013, licensee Isoclima demonstrated its VebLite brand of SPD-SmartGlass for marine applications at SEATEC 2013 in Italy.

is a leading international exhibition of technology and design for boats, megayachts and ships.

November 2012, licensee Isoclima exhibited its VebLite brand of SPD-SmartGlass for marine applications at the Marine Equipment Trade

(METS) Show 2012 in The Netherlands.

VebLite is Isoclima’s SPD-Smart solar control and privacy glazing product that functions like

a venetian blind.

It has multiple segments that provide instantly customizable shading fully controlled by the passenger that can be

operated individually to create the effect of a shade being raised or lowered or moved to the side.

This precisely controls where incoming

heat and glare enter a yacht or boat through a window or rooflite, and also controls privacy levels.

addition to exhibiting its SPD-Smart marine products at METS 2012, licensee Vision Systems’ SPD-Smart Nuance dimmable marine window

was named the category winner in the prestigious METS 2012 Design Award METS (DAME) competition for interior equipment, furnishing, materials

and electrical fittings used in cabins.

DAME is considered the world’s most prestigious design competition for new marine equipment

and accessories.

In METS’ news release about the DAME award, it was noted “The Jury felt that Nuance is a major innovation

that will benefit designers and owners greatly - with comparatively little increase in cost.”

October 2011, Cheoy Lee Shipyards unveiled the Alpha 76 Express, its most advanced production yacht, which is fully equipped with the

latest yacht design features including SPD-SmartGlass supplied by Research Frontiers licensee Diamond Sea Glaze.

The Alpha has approximately

150 square feet of SPD-SmartGlass at various places throughout the vessel and it is the first large-scale production yacht to make such

extensive use of SPD-SmartGlass.

In October 2012, Cheoy Lee Shipyards exhibited two yachts – the Alpha 76 Express and the Alpha

76 Flybridge – at the 2012 Fort Lauderdale International Boat Show with SPD-SmartGlass.

May 2013, Research Frontiers announced the formation of its VariGuard SmartGlass business unit.

This business unit allowed the Company

to directly address market opportunities for SPD technology outside the scope of its current license agreements or the focus of its licensees.

VariGuard SmartGlass was a developmental activity for the Company and its revenues are currently immaterial relative to the Company’s

licensing activities.

VariGuard SmartGlass business unit marketed and sold SPD-Smart products directly to customers for specialty uses such as the protection

of artwork and light-sensitive documents in museums and private collections.

The business uses an optimized fabrication designed specifically

for its exhibition panels.

The production of these panels is outsourced to current licensees that have experience producing SPD laminates.

light-exposure is a leading cause of irreversible damage to many precious objects, particularly works on paper, textiles and watercolor.

Presently, no display system is able to provide these artifacts with any protection against visible light damage.

VariGuard SmartGlass

provides the world’s first and only display panels that limit an artifact’s light-exposure only to when the artifact is being

This provides unequalled protection for light-sensitive artifacts by substantially reducing an artifact’s overall lux-hour

exposure when compared to conventional display panels.

SmartGlass marketing and exhibition activities include:

In an inauguration ceremony presided over by the King and Queen of Sweden, the country’s Nationalmuseum reopened after

a five-year $132 million renovation.

The Nationalmuseum selected ArtRatio’s display case, engineered using VariGuard SmartGlass,

to allow visitors to experience these objects while at the same time providing unprecedented protection against irreversible damage

from exposure to light.

of the works being protected by the ArtRatio display case include:

of Hours, St.

Christopher carrying the Christ Child, watercolor and gold on parchment, Spain, c1400.

of Hours, Arrest of Christ, watercolor and gold on parchment, France, c1500.

object, Christ on the Cross, France, c1350.

of Hours, St.

Catherine and Kneeling Donor, watercolor and gold on parchment, Netherlands, c1430.

The Hours of Giraldi-Guicciardini:

The Rising of Lazarus;

Death Carrying a Scythe;

1500-1525, Watercolor, gold on parchment, Italy.

objects in the collection date from the Middle Ages and are highly susceptible to permanent damage from exposure to UV, visible and infrared

Nationalmuseum

ArtRatio smart glass table works wonderfully, does its job of protecting our manuscripts and looks great in the room as well!”

Carina Pia Fryklund – Curator, Department of Prints and Drawings, Nationalmuseum

VariGuard SmartGlass we can now show very light sensitive illuminations in a gallery where we also let daylight coming in.” Joakim

Werning – Exhibition Designer, Nationalmuseum

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

targeting the display case and custom framing industries.

The first phase of the campaign utilizes publications from leading conservation

institutions in the US (Journal of the American Institute of Conservation) and the UK (Institute of Conservation) as well the leading

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.

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

VariGuard SmartGlass panels to protect light sensitive documents and artifacts.

VariGuard panels provide a better viewing experience

(by allowing substantially higher gallery illumination levels), while simultaneously reducing damaging visible light-exposure to

The Smithsonian’s National Postal Museum selected VariGuard SmartGlass panels to protect the 1856 British Guiana One

Cent Magenta, the world’s most famous rare postage stamp.

VariGuard SmartGlass exhibited its products at the American Institute for Conservation of Historic and Artistic Works (“AIC”)

43rd annual meeting in Miami, FL.

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.

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

technologies at the Smithsonian Institution’s S.

Dillon Ripley Center in Washington, DC.

VariGuard SmartGlass was invited to present at a meeting of the Washington Conservation Guild which was entitled:

SmartGlass Technology in Exhibitions”.

At this meeting, results of the light conservation benefits of its light control

panels at the National Postal Museum were reported.

This study quantified the dramatic reduction (>86%) in light exposure that

artifacts experienced in cases using VariGuard SmartGlass display panels versus traditional glass display panels.

VariGuard SmartGlass business unit announced that the Smithsonian’s National Postal Museum will use VariGuard SmartGlass

panels based on SPD-SmartGlass technology at the “Behind the Badge” exhibition in Washington, DC.

This exhibit showcases

the work of one of the nation’s oldest federal law enforcement agencies and VariGuard panels are featured in display cases

that showcase historic light-sensitive artifacts.

VariGuard SmartGlass announced that Omega Moulding will distribute its patented light control SmartGlass products for frames

and display cases in the United States and Canada.

That month Omega Moulding showcased the benefits of VariGuard SmartGlass products

at the 15th Annual West Coast Art and Frame Expo and National Conference in Las Vegas, NV.

VariGuard SmartGlass featured its panels in several framing applications at Museum Expo 2013 at the Baltimore Convention Center

in Baltimore, MD.

March 14, 2019, the Company suspended its VariGuard SmartGlass business unit activities.

Instead, the Company licensed a new entity to

pursue the business opportunities previously pursued by the Company’s VariGuard SmartGlass business unit.

This new licensee continues

to use the VariGuard SmartGlass name.

The non-exclusive license grants this new licensee the right to manufacture and sell:

(i) SPD-SmartGlass

products used in panels, frames, cases, wall cases, appliances or other similar products to protect light-sensitive documents, artwork

or other objects, (ii) SPD-SmartGlass products used in panels, frames, cases, wall cases, appliances or other similar products to provide

“hide and reveal” functionality, and (iii) SPD-SmartGlass products used in a medical device to provide control and management

of visible light.

information about VariGuard SmartGlass can be found on its independent website at www.VariGuard.com.

of Commercial Adoption of SPD-SmartGlass in Commercial Products:

Commercial Validation (2011–2015):

first large-scale serial automotive implementation of SPD-SmartGlass occurred in 2011 when Daimler AG introduced its MAGIC SKY CONTROL™

panoramic glass roof on the Mercedes-Benz SLK roadster.

The feature allowed drivers and passengers to electronically vary roof tint from

dark to transparent within seconds.

Daimler subsequently expanded the use of SPD-SmartGlass to the Mercedes-Benz SL and later to multiple

variants of the S-Class platform, including sedan, coupe and Maybach models.

period marked the transition of SPD-SmartGlass from concept demonstrations to sustained series production in a global luxury automotive

The S-Class Coupe roof represented one of the largest automotive roof applications of electronically dimmable glass at the time

and demonstrated scalability across vehicle platforms.

the architectural market, in 2015 Research Frontiers’ patented SPD-SmartGlass technology was selected as the exclusive smart glass

for the USA Pavilion at Expo Milano 2015 (World’s Fair).

The pavilion featured 312 large panels of SPD-SmartGlass manufactured

under license by Isoclima S.p.A., totaling more than 10,000 square feet of smart glazing.

The installation was viewed by over 6 million

visitors and represented one of the largest publicly exhibited smart glass installations globally.

aerospace, this period also saw the introduction of SPD-Smart electronically dimmable windows as standard equipment on production aircraft

including the HondaJet and Textron-Beechcraft King Air platforms, marking the entry of SPD technology into certified aviation production

environments.

Across Transportation Platforms (2015–2020):

Mercedes-Benz’s introduction of MAGIC SKY CONTROL™, additional automotive manufacturers adopted SPD-SmartGlass technology

in production vehicles.

McLaren Automotive incorporated SPD-SmartGlass into multiple production models, including the McLaren GT, 720S

Spider, and Speedtail.

The Speedtail program demonstrated advanced integration of SPD-SmartGlass not only in roof systems but also in

windshield sun visor areas and other glazing components.

parallel, Tier-1 transportation suppliers expanded SPD-SmartGlass adoption in marine, rail, recreational vehicle, specialty vehicle and

business aviation platforms.

Vision Systems (a licensee) integrated SPD-Smart electronically dimmable windows into helicopters, business

jets, yachts, trains and motorcoaches.

These applications validated SPD’s durability, safety compliance and performance across

diverse environmental conditions.

this period, SPD-SmartGlass technology also achieved Supplemental Type Certificate (STC) approval in aviation, enabling retrofit installations

in certified aircraft.

Production and Tier-1 Integration (2020–2024):

in 2020, the commercial trajectory of SPD-SmartGlass broadened across both electric vehicles and advanced aircraft platforms.

the automotive sector, General Motors selected SPD-SmartGlass as standard equipment for the roof system of its Cadillac CELESTIQ ultra-luxury

electric sedan.

The CELESTIQ features a multi-zone electronically dimmable roof system allowing individualized occupant control.

to customers began in late 2024.

subsequently adopted SPD-SmartGlass for the sunroof option on its Purosangue platform.

The Ferrari program represented further validation

of SPD technology in high-performance luxury vehicles.

addition to serial production programs with Mercedes-Benz (multiple models), McLaren Automotive (multiple models), General Motors (Cadillac

CELESTIQ) and Ferrari (Purosangue), the Company has been working with a number of other automotive OEMs and program models.

SPD-SmartGlass has been incorporated into multiple concept and pre-production vehicles by global automotive OEMs to evaluate expanded

glazing integration beyond panoramic roof systems.

These have included the BMW Concept Active Tourer, BMW i Vision Circular and BMW i

Vision Dee vehicles, which demonstrated SPD-SmartGlass integrated into panoramic roofs, side and rear glazing, windshield zones and display-integrated

head-up systems;

the Mercedes-Benz Vision V concept vehicle incorporating electronically dimmable glazing across a substantial portion

of total glass surface area;

the Audi A2 concept with a large SPD panoramic roof;

the Toyota FS Hybrid Concept demonstrating interior

glass applications;

the Lincoln Continental Concept featuring an electronically tinting roof system;

and the Fisker EMotion with a segmented

SPD panoramic roof and proposed side-window integration.

In addition, Tier-1 supplier demonstrator vehicles, including those developed

by Continental to highlight the functionality of its Intelligent Glass Control System, have incorporated SPD-SmartGlass into multi-surface

glazing configurations including side windows, rear windows and windshield visor zones.

While concept vehicle inclusion does not ensure

production adoption, these programs reflect continued OEM evaluation of SPD-SmartGlass for broader surface-area applications, multi-zone

tinting and integration with advanced digital cockpit systems.

aerospace, SPD-SmartGlass was incorporated into additional production platforms including the Airbus ACJ TwoTwenty, Boeing 737, Daher

TBM 960, Epic E1000, HondaJet and Textron-Beechcraft King Air series.

rail, marine and specialty vehicles, Tier-1 suppliers expanded multi-zone SPD-SmartGlass installations with integrated electronics, information

displays and automated shading systems.

Inflection and Scaling Phase:

2025, several developments marked a transition from validation and niche luxury adoption toward broader production scaling.

CELESTIQ Serial Production:

July 2025, Gauzy and Research Frontiers announced that SPD-SmartGlass is in serial production and customer deliveries on General Motors’

Cadillac CELESTIQ electric sedan, featuring a multi-zone electronically dimmable roof - believed by the Company to be among the largest

SPD-SmartGlass deployments in a production vehicle to date.

Vision V – Expanded Glazing:

Auto Shanghai 2025, Mercedes-Benz debuted the Vision V concept vehicle incorporating SPD-SmartGlass across approximately 75% of vehicle

This application expanded SPD beyond panoramic roof systems into broader side and rear glazing, demonstrating the potential

for higher surface area integration in future vehicle platforms.

Introduction and Supply Chain Transition:

adopted SPD-SmartGlass in the roof of its new Purosangue model.

During the second quarter of 2025, one of the Company’s European

licensees supplying Ferrari filed for bankruptcy.

Production was successfully transitioned to another European licensee without material

interruption to the Ferrari program.

Although royalty recognition during portions of 2025 was affected by minimum annual royalty provisions,

MAR thresholds were exceeded in the third quarter of 2025, enabling additional recognition.

Architectural

Retrofit Commercial Introduction:

November 2025 at GlassBuild America, Research Frontiers and its partners introduced a prefabricated SPD-SmartGlass retrofit system designed

to enable conversion of existing building glazing without full window replacement.

This development materially expands potential addressable

markets within commercial and governmental building modernization programs.

Technology Advancement – Black Particle Variant:

2025, significant progress was made in development of a black particle variant of SPD film designed to improve optical uniformity, aesthetics,

and integration into automotive glazing systems.

Early OEM evaluations have been positive, and commercialization remains subject to qualification

Activities and Licensee Support:

addition to supporting the efforts of its licensees, the Company also recognizes the need to develop the SPD industry as a whole.

such, the Company continues to plan and execute complementary programs that build awareness and interest in smart glass generally and

demand for SPD-Smart products specifically.

In the last several years, these programs included presentations at various general industry

conferences, participation in panel presentations and discussions hosted by academia, development of trade association educational materials,

and presentations to architects, designers, and other influential specifiers.

January 2020, the Company and Gauzy presented at the CES in Las Vegas the benefits of SPD-SmartGlass for the automotive, architectural

and consumer electronics industries.

Some examples on display were automotive sunroofs that could be controlled electronically with a

variety of control systems including smart speakers, high definition and projection displays.

The use of SPD-SmartGlass technology enhances

the clarity and vibrancy of displayed images, and when used to control the tint of automotive windows, sunroofs and sun visors, reduces

heat, light or glare on demand or automatically.

This can increase the driving range of electric vehicles by up to 5.5% and reduce CO2

emissions by up to four grams per kilometer and reduce air conditioner compressor sizes by 40%.

February 2019, Research Frontiers and its licensee Gauzy rang the opening bell at the Nasdaq Market Site in Times Square to announce

Gauzy’s new SPD-Smart light control film factory in Stuttgart, Germany.

In early December 2019, Research Frontiers, Gauzy and executives

from the automotive and architectural smart glass industries, invited guests and government officials, celebrated the opening of Gauzy’s

new state-of-the-art production facility in Stuttgart, Germany.

In May 2019, Research Frontiers presented the benefits of SPD-SmartGlass

to the Automotive Industry at the 5th 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.

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

To help guide and prioritize its technical

and marketing investments, the Company periodically retains outside strategic marketing and other consultants to help generate increased

short- and medium-term market penetrations for each of the major markets for the Company’s light-control technology, and to provide

support and guidance to the Company’s licensees worldwide.

Company has emerged as a leading resource for market research information on the subject of smart glass.

Research Frontiers lectures

and presents at industry conferences in areas of energy efficiency, daylight harvesting and sustainability.

The Company has published

independent test data about SPD-SmartGlass, shared the results of its research studies and test data with industry and the media, posted

various reference materials to the Company’s website for global dissemination, and published presentations, data and bylined articles.

Frontiers maintains an active role with various standards-setting organizations, including ASTM International, which has an active committee

developing standards for smartglass.

addition to Research Frontiers providing overarching support of licensees’ sales efforts by developing the SPD industry as a whole,

leveraging its prominence as a leading resource on the topic of smart glass, and maintaining an active role with standards organizations,

Research Frontiers also supports licensees’ marketing and sales efforts directly.

Activities include advising and assisting with

branding strategies and advertising campaigns, website development and other marketing materials, joint presentations to prospective

customers, and additional support.

As a focal point of interest in smart glass, resulting in many consumer and business inquiries, Research

Frontiers has an active referral program to generate customer leads for its licensees.

part of this mission to develop the industry and to support our licensees’ acquiring SPD projects, Research Frontiers completed

the construction of the SPD-SmartGlass Design Center.

This Center is also configured as an interactive and energy-efficient “smart”

executive office and conference room and is located at the Company’s corporate headquarters in Woodbury, New York.

The SPD-SmartGlass

Design Center features leading-edge SPD-Smart windows of different sizes (some floor-to-ceiling) and framing materials.

It has a multi-functional

electronic controller system for manual, remote, and automatic SPD-SmartGlass switching, and windows that can be controlled remotely

over the internet or using a smart phone.

This interactive area also contains other types of smart glass, such as those using liquid

crystal and electrochromic technologies, allowing users to operate and experience first-hand the differences in performance characteristics

of different types of smart glass.

Additional showcases of SPD-SmartGlass are being established in other geographic locations to make

it convenient for even more people to experience the benefits of SPD-SmartGlass technology.

Frontiers’ Design Center is the only known public forum where designers, specifiers and end-users can compare performance between

SPD-Smart technology and products using other light-control technologies.

Research Frontiers believes that the growth of the smart glass

industry will accelerate as more information is made available through direct comparisons.

Research Frontiers believes that SPD products

will be strongly preferred over competing technologies once a direct comparison is available to potential buyers.

Research Frontiers

continues to encourage its competitors to participate in public forums where consumers of electronically tintable products can see the

relative performance of products that are available.

the Company operates under a licensing model and does not manufacture finished products directly, its marketing and market-development

activities are focused on supporting licensee commercialization efforts and expanding awareness of SPD-Smart technology among OEMs, Tier-1

suppliers, architects, engineers and other industry decision makers.

Company participates in major automotive, aerospace and architectural industry conferences, trade exhibitions and technical forums to

support licensee programs and engage directly with potential customers.

Events in which the Company and/or its licensees have participated

Electronics Show (CES)

Glazing Summit (including Berlin and Detroit;

the Company’s Chief Executive Officer served as conference chairman and keynote

speaker at the Detroit, Michigan event in November 2025)

International

CTI Automotive Glazing USA Conferences

International

CTI Conference – Automotive Glazing Europe

Mobility (formerly Frankfurt International Motor Show)

International Motor Show

American International Auto Show (Detroit Auto Show)

Glazing Summit Europe

Interiors Expo (AIX)

Business Aviation Convention & Exhibition (NBAA-BACE)

(European Business Aviation Convention & Exhibition)

International Airshow

International Conference & Expo

Conference on Architecture

Building Skins Conference

Vehicle Interior Design & Technology Symposium

Growth & Healthcare Conference

addition to conference participation, the Company supports licensee marketing efforts through:

presentations and technical discussions with OEMs and Tier-1 suppliers

of evaluation programs and integration initiatives

of educational and technical materials for architects and engineers

and presentation of independent performance data

with standards-setting organizations, including ASTM International

Company maintains an SPD-SmartGlass Design Center at its headquarters in Woodbury, New York, where OEMs, architects and other stakeholders

can evaluate SPD-Smart technology alongside alternative dynamic glazing technologies.

The Company also operates a referral and lead-generation

program directing business inquiries to appropriate licensees.

success depends primarily on licensee execution, OEM adoption decisions, certification processes and product development cycles.

the Company supports these activities, it does not control the timing or scale of product launches by licensees or their customers.

Frontiers believes that SPD products will be strongly preferred over competing technologies once a direct comparison is available to

potential buyers.

Research Frontiers continues to encourage its competitors to participate in public forums where consumers of electronically

tintable products can see the relative performance of products that are available.

of Research Frontiers:

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Due to their bankruptcy filings or other termination of their general

business activities or for other reasons, the Company does not believe that Polaroid Corporation, Kerros Limited, ThermoView Industries,

BRG Group, MDV, Hanamac, SPD Technologies, SPD Systems, and Film Technologies International are pursuing business activities with respect

to SPD technology.

The Company and SPD Control Systems agreed to terminate their license agreement in December 2014 which resulted in

a grant back to Research Frontiers of certain rights in SPD Control Systems’ intellectual property.

Some of the Company’s

other licensees are currently inactive with respect to SPD technology, but may hereafter become active again.

business activities or for other reasons, the Company does not believe that American Glass Products, Polaroid Corporation, Kerros Limited,

ThermoView Industries, BRG Group, MDV, Hanamac, SPD Technologies, SPD Systems, and Film Technologies International are pursuing business

activities with respect to SPD technology.

Some of the Company’s other licensees are currently inactive with respect to SPD technology,

but may hereafter become active again.

Company plans to continue to exploit its SPD-Smart light-control technology by entering into additional license and other agreements

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is dependent upon the efforts of its licensees as well as on the continuing research and development efforts of the Company.

February 2022, Research Frontiers, and its licensee and strategic investor Gauzy Ltd.

announced that, following successfully raising

$60 million in a Series D financing, Gauzy has acquired Research Frontiers licensee, Vision Systems.

With the consolidation of the two

companies, the combined entity now has international subsidiaries on six continents, product availability through direct fulfillment

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

employing 480 people globally serving customers in over 50 countries.

Technologies:

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these technologies, at least four companies (Gentex, PPG Industries, View (formerly known as Soladigm), and Sage Electrochromics) are

currently working to commercialize electrochromic window products.

or have been working to commercialize electrochromic window products.

In May 2012, Saint-Gobain acquired Sage Electrochromics and combined

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

It subsequently filed for bankruptcy protection.

Other electrochromic suppliers and developers include Ambilight and Halio (a

joint venture between AGC and Kinestral which has also filed for bankruptcy protection or liquidation).

Crystal Technology:

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making operations).

The first four companies listed above are also licensees of Research Frontiers for SPD-Smart technology.

Liquid crystal

windows only change from a cloudy, opaque milky-white to a clear state, are hazy when viewed at an angle and have no useful intermediate

As compared to liquid crystal windows, SPD smart windows are expected to have some or all of the following advantages:

Additional suppliers of liquid crystal / PDLC-based ‘switchable’ glazing and films include Chiefway and

Merck KGaA (through its eyrise® / Licrivision® liquid crystal window technology).

Liquid crystal windows only change from a cloudy,

opaque milky-white to a clear state, are hazy when viewed at an angle and have no useful intermediate states.

As compared to liquid crystal

windows, SPD-Smart windows are expected to have some or all of the following advantages:

less direct and off-angle haze

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These advances have resulted in patents being issued to the Company by the US Patent Office

and by foreign patent offices between 2018-2023 in addition to other patents and patent applications that are pending worldwide.

and by foreign patent offices, in addition to other patents and patent applications that are pending worldwide.

Company has devoted most of the resources it has heretofore expended to research and development activities with the goal of producing

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striving to improve the performance and reducing material/production costs associated with making SPD-Smart products

non-cash expenses of approximately $5,000 and $8,000, associated with the grant of stock options to the Company’s technical personnel,

Research Frontiers incurred approximately $565,000 and $575,000 during the years ended December 31, 2024 and 2023, respectively, for

research and development costs.

Research Frontiers plans to engage in substantial continuing research and development activities to invest

in future improvements in SPD light-control technology and to expand for its licensees the capabilities of SPD-Smart technology and the

markets for SPD-Smart products.

January 2025, the Company’s SPD-film producing licensee, announced that the introduction of engineering samples of a black particle

variant of SPD-Smart film designed to improve optical uniformity, aesthetic integration, and performance in automotive and architectural

applications.

The Company believes this advancement enhances competitiveness versus alternative smart glass technologies.and further

expands the markets, design flexibility, and aesthetic freedom for customers for SPD-Smart products.

Early evaluations by automotive

OEMs have been positive.

Gauzy is completing the work needed to put the black SPD into mass production on its existing production lines.

Commercialization timing remains dependent on OEM qualification and production validation processes.

There can be no assurance that ongoing

particle development efforts will result in commercially deployable products or improved performance characteristics.

non-cash expenses of approximately $21,000 and $5,000, respectively, associated with the grant of stock options to the Company’s

technical personnel, Research Frontiers incurred approximately $588,000 and $565,000 during the years ended December 31, 2025 and 2024,

respectively, for research and development costs.

Research Frontiers plans to engage in substantial continuing research and development

activities to invest in future improvements in SPD light-control technology and to expand for its licensees the capabilities of SPD-Smart

technology and the markets for SPD-Smart products.

and Proprietary Information:

Frontiers continues to make substantial investments to develop, license and protect its intellectual property position.

The Company has

12 United States and several hundred foreign patents in force.

The Company’s United States patents expire at various dates from

2025 through 2037, while its foreign patents expire at various dates from 2025 through 2037.

Company has current US and foreign patent applications that, if granted, would add a number of additional patents to its portfolio.

Frontiers has and continues to make substantial investments to develop, license and protect its intellectual property position.

The Company’s

United States patents expire at various dates from 2026 through 2037, and its foreign patents expire at various dates from 2026 through

1965, Research Frontiers has actively worked to develop and license its own SPD technology, which it protects using patents, trade secrets

and know-how.

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

hundreds of patents and patent applications worldwide.

In addition, the Company has received royalty-free perpetual licenses, with the

right to sublicense others, of smart glass related intellectual property (including patents and patent applications) from various former

Research Frontiers also has current patent applications worldwide that, if granted, would add a significant number of additional

patents to its portfolio.

Company believes that its SPD light-control technology is adequately protected by its patent position and by its proprietary technological

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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