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REFR

Research Frontiers Incorporated

REFR

Research Frontiers Incorporated • NASDAQ
$1.89 ▼ -1.05% (-0.02)
Market Cap $63.60 M
52w High $2.70
52w Low $0.93
Dividend Yield 0%
P/E -31.5
Volume 23.59K
Outstanding Shares 33.65M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $359.444K ▲ $663.388K ▼ $-298.508K ▲ -83.047% ▲ $-0.01 ▲ $-251.713K ▲
Q2-2025 $129.904K ▼ $945.008K ▲ $-803.826K ▼ -618.785% ▼ $-0.024 ▼ $-768.337K ▼
Q1-2025 $559.776K ▲ $799.353K ▼ $-177.687K ▲ -31.743% ▲ $-0.005 ▼ $-193.253K ▲
Q4-2024 $178.151K ▼ $802.435K ▲ $-607.94K ▼ -341.25% ▼ $0.021 ▲ $-487.532K ▼
Q3-2024 $354.408K $586.112K $-166.816K -47.069% $-0.005 $-189.33K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.13M ▼ $2.769M ▼ $1.27M ▼ $1.5M ▼
Q2-2025 $1.274M ▼ $3.173M ▼ $1.375M ▲ $1.798M ▼
Q1-2025 $1.353M ▼ $3.768M ▼ $1.341M ▼ $2.427M ▼
Q4-2024 $1.994M ▲ $4.04M ▲ $1.435M ▲ $2.604M ▼
Q3-2024 $1.648M $2.999M $176.073K $2.823M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-298.508K ▲ $-143.513K ▼ $-373 ▼ $0 $-143.886K ▼ $-143.89K ▼
Q2-2025 $-803.826K ▼ $-78.43K ▲ $-99 ▲ $0 $-78.529K ▲ $-78.529K ▲
Q1-2025 $-177.687K ▲ $-641.271K ▼ $-110 ▲ $0 ▼ $-641.381K ▼ $-641.381K ▼
Q4-2024 $-607.94K ▼ $47.08K ▲ $-881 ▼ $300K ▲ $346.199K ▲ $46.199K ▲
Q3-2024 $-166.816K $-257.927K $-588 $0 $-258.515K $-258.515K

Five-Year Company Overview

Income Statement

Income Statement The company is still in a "build and prove" phase rather than a mature, profit-generating stage. Over the past several years, it has consistently reported small losses instead of profits. Those losses appear to be narrowing over time, which is a mild positive trend, but the business is not yet earning enough royalty and licensing income to cover its ongoing expenses. Because this is a licensing model tied to a few key industries, results can be lumpy and very sensitive to the timing and success of new product launches by partners. Overall, the income statement reflects a company with interesting technology but modest, uneven commercial scale so far.

Balance Sheet

Balance Sheet The balance sheet looks very lean. This is typical for a licensing and R&D-driven business that does not own factories or heavy equipment. The company is described as debt-free, which removes the pressure of interest payments and gives it flexibility during slow periods. However, its asset and equity base also look thin, meaning there is not a large financial cushion if growth takes longer than expected or if royalties are delayed. In simple terms, the company operates light and flexible, but with limited room for long, sustained setbacks without additional capital or stronger incoming cash flows.

Cash Flow

Cash Flow Cash flows appear very modest and close to break-even at best, with a history of cash being used to support operations rather than generated from them. Capital spending is low, in line with its capital-light licensing model. That means most cash decisions are about funding staff, research, and overhead, not factories. The narrative suggests the company currently has enough working capital for the near term, but over the longer run, it will likely need royalty income to scale up meaningfully or else depend on periodic external funding. The core cash-flow question is whether and when license-based revenues grow enough to consistently cover ongoing costs and still leave cash left over.

Competitive Edge

Competitive Edge The company’s edge comes from its specialized smart-glass technology and a large portfolio of patents, together with a network of licensees in automotive, aerospace, architectural, and marine markets. Its technology offers faster, more flexible light control than some competing smart-glass approaches, and this has led to adoption in certain high-end vehicles and aircraft. The licensing model lets partners handle manufacturing and sales, helping the company punch above its size. At the same time, it is a small player operating in markets where much larger glass, chemical, and electronics firms are active with competing technologies. Its position is stronger in niche, premium applications than in mass-market ones, and it depends heavily on partners’ willingness and ability to push SPD solutions into their own product lines. Competitive risk comes both from rival smart-glass technologies and from slow or uneven adoption by automakers and building developers.

Innovation and R&D

Innovation and R&D Innovation is the company’s core strength. Its SPD smart-glass technology allows very rapid, adjustable tinting with strong control over light, heat, and UV—features that clearly differentiate it from several competing technologies. The firm has built a large patent wall around both the materials and the ways they are used, and it continuously works with partners to develop new uses, such as advanced sunroofs, aircraft windows, dynamic headlights, and integration with displays and solar cells. R&D spending is focused on improving performance, lowering costs, and broadening applications, especially in cars and buildings. The big question is not whether there is technology and IP—there clearly is—but how quickly and widely that innovation can be turned into steady, sizable commercial adoption across multiple industries.

Summary

This is a highly specialized technology company built around one core idea: controlling light in glass and plastic using its SPD film. Financially, it remains small and not yet consistently profitable, with a lean balance sheet and limited cash-generation history. Strategically, it has meaningful strengths: a large patent portfolio, a capital-light licensing model, and visible use cases in premium automotive and aerospace products. Its future hinges on scaling these successes beyond niche, high-end models into broader vehicle lines and more buildings, while also fending off other smart-glass technologies that may be better funded or more widely known. In short, the story is less about current financial strength and more about whether its technology can achieve much broader commercial adoption fast enough to turn its intellectual property and partnerships into durable, self-sustaining cash flow.

NEWS

November 24, 2025 · 8:30 AM UTC

Research Frontiers Highlights Rising Industry Momentum for SPD-SmartGlass Following Chairman's Keynote Address at Detroit Automotive Glazing Summit

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November 19, 2025 · 1:50 PM UTC

SmallCorp Partners with VariGuard to Protect Abraham Lincoln's Handwritten Gettysburg Address

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November 13, 2025 · 8:30 AM UTC

Research Frontiers CEO Joe Harary to Deliver Keynote Address: “Real World Uses of SPD-SmartGlass and Other Variable Tint Technologies” at the 2025 North American Vehicle Glazing Innovation Summit in Detroit

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November 6, 2025 · 4:01 PM UTC

Research Frontiers Reports Third Quarter 2025 Financial Results and Will Host a Conference Call at 4:30p.m. Today

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November 5, 2025 · 8:30 AM UTC

Research Frontiers CEO Joe Harary to Lead North American Vehicle Glazing Innovation Summit 2025 in Detroit as Chairman and Keynote Presenter

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