Smart Glass / Electronically Dimmable Glass (Light Control Technology)
Strategic Profile
Key 2025 developments included the Cadillac Celestiq first North American OEM serial production, Ferrari royalty recognition, an architectural retrofit product introduction, and SPD film advances. However, the business depends heavily on a few licensees, with three customers providing approximately 43%, 43%, and 10% of fee income in Q1 2026.
Cyborg Score Rationale
Despite modest cuts in operating and R&D expenses in Q1 2026, the company produced a larger operating loss of $530,413 and net loss of $525,365. Cash reached $1.28M with working capital of about $1.7M, and management believes this supports at least 12 months of operations, but the business depends heavily on a few licensees, creating concentrated revenue risk.
Top Insights
Automotive/aerospace segment showing momentum: (March 2026) Cadillac Celestiq serial production and Ferrari royalties ramping; (2025) aircraft adoption with Airbus, Honda Aircraft, Textron Beechcraft expanding SPD-Smart electronically dimmable windows
Revenue model deteriorating: (Q1 2026) Fee income collapsed 76% year-over-year to $136K due to non-recurring upfront fees from 2025 license agreement; accumulated deficit reached ~$128.1M
Acute liquidity pressure: (Q1 2026) Cash $1.28M, working capital $1.7M; $1.1M private placement from director-connected investors and licensee required to extend runway to 12 months
Customer concentration risk: Q1 2026 top three customers represented 86% of fee income; related parties Gauzy and Vision Systems accounted for 47% of total fee income
Named Competitors
View Inc. — Electrochromic smart windows for commercial buildings
ChromoGenics — Electrochromic smart glass windows
AGC — Glass and automotive smart glass products
Saint-Gobain — Glass and building materials including smart glass solutions
Recent Developments
(May 2026) Q1 2026 earnings released showing $136K fee income, net loss $525K, emergency $1.375M capital raise
(March 2026) Reported 2025 results featuring Cadillac Celestiq OEM serial production launch in North America and Ferrari royalty recognition
(2025) Expanded OEM adoption: Ferrari and Cadillac production ramping in H1 2025; Mercedes and McLaren royalty recognition; aircraft programs with Airbus, Honda Aircraft, Textron Beechcraft, and six helicopter OEMs
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