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Related Party
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
Related Party

Note 11. Related Party

 

Effective June 4, 2023, the Chairman and CEO of Gauzy, Ltd., one of the Company’s licensees, joined the Board of the Company. Gauzy’s license agreement has been in effect since September 17, 2017 and provides for minimum annual royalties and earned royalties relating to sales of SPD-SmartGlass architectural window products. Because the Company collects a 10-15% royalty from the higher-priced end product sales by Gauzy’s customers purchasing their SPD-Smart light control film, under its license agreement with Gauzy, the Company does not collect a royalty on sales by Gauzy of SPD-Smart light control film to these licensee customers. In addition, the Company’s licensee Vision Systems, Inc. is a 100% owned subsidiary of Gauzy, Ltd. For the six-month periods ended June 30, 2025 and 2024, fee income related to Gauzy and Vision Systems represented 14% and 13%, respectively, of the Company’s total fee income. For the three-month periods ended June 30, 2025 and 2024, fee income related to Gauzy and Vision Systems represented 27% and 7%, respectively, of the Company’s total fee income. In addition, as of June 30, 2025 and 2024, the Company’s accounts receivable from Gauzy and Vision Systems represented 14% and 8%, respectively, of the Company’s total royalty receivables, before reserves.