REFR

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Research Frontiers Inc.

Cyclical demand Physical products Sells to businessesTags from an AI model reading the company description.

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Key Metrics

Previous Close: $0.69
52-Week Range: $0.34 – $2.70
Market Cap: $25.40M
P/E (TTM): —
EPS (TTM): -0.06
Dividend Yield: 0.00%

Advanced Metrics

Price/Book: 22.77
PEG Ratio: 3.15
Return on Equity: -154.02%
Return on Assets: -50.41%
Gross Margin: -251.74%
Operating Margin: -775.66%
Profit Margin: 0.00%
Current Ratio: 3.54
Debt/Equity: 0.97
Total Debt: $1.09M
Free Cash Flow: $-597.43K
Revenue Growth: -33.50%
Earnings Growth: —
Enterprise Value: $25.41M

REFR Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$539.69K	$909.60K	$1.34M	$1.12M
Research & Development	$609.13K	$583.27K	$570.01K	$608.73K
Operating Expenses	$3.16M	$2.94M	$2.78M	$3.25M
Operating Income	-$2.63M	-$2.03M	-$1.44M	-$2.13M
EBITDA	-$2.45M	-$1.86M	-$1.18M	-$1.95M
Pretax Income	-$2.67M	-$1.91M	-$1.31M	-$2.05M
Net Income	-$2.67M	-$1.91M	-$1.31M	-$2.05M
Diluted EPS	-0.08	-0.06	-0.04	-0.06
Diluted Shares	32.07M	33.45M	33.52M	33.65M

REFR Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$4.23M	$2.48M	$1.99M	$664.30K
Receivables	$589.60K	$1.00M	$658.21K	$408.67K
Current Assets	$4.92M	$3.58M	$2.75M	$1.14M
Total Assets	$5.37M	$3.85M	$4.04M	$2.25M
Current Liabilities	$301.86K	$277.43K	$269.03K	$297.88K
Total Debt	$464.13K	$267.72K	$1.30M	$1.17M
Total Liabilities	$569.59K	$332.79K	$1.44M	$1.32M
Retained Earnings	-$122.36M	-$124.26M	-$125.58M	-$127.62M
Shareholders' Equity	$4.80M	$3.52M	$2.60M	$933.63K
Working Capital	$4.62M	$3.30M	$2.48M	$846.06K

REFR Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$2.18M	-$2.30M	-$788.82K	-$1.33M
Capital Expenditure	-$1.27K	-$1.56K	-$1.62K	-$726.00
Free Cash Flow	-$2.18M	-$2.30M	-$790.44K	-$1.33M
Depreciation & Amortisation	$175.15K	$172.14K	$263.56K	$186.67K
Stock-Based Compensation	$232.29K	$144.73K	$89.32K	$374.88K
Investing Cash Flow	$2.69M	$55.59K	-$1.62K	-$726.00
Financing Cash Flow	$3.45M	$484.50K	$308.67K	$0.00
Net Change in Cash	$3.96M	-$1.75M	-$481.77K	-$1.33M

REFR Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$559.78K	$129.90K	$359.44K	$72.12K	$136.32K	$86.35K
Research & Development	$162.88K	$169.09K	$141.75K	$135.02K	$145.35K	$128.88K
Operating Expenses	$799.35K	$945.01K	$663.39K	$845.67K	$666.73K	$756.10K
Operating Income	-$239.58K	-$815.10K	-$303.94K	-$773.54K	-$530.41K	-$669.75K
EBITDA	-$193.25K	-$768.34K	-$257.15K	-$726.75K	-$486.42K	-$625.75K
Pretax Income	-$177.69K	-$803.83K	-$298.51K	-$765.56K	-$525.37K	-$660.17K
Net Income	-$177.69K	-$803.83K	-$298.51K	-$765.56K	-$525.37K	-$660.17K
Diluted EPS	-0.01	-0.02	-0.01	—	-0.02	-0.02
Diluted Shares	33.65M	33.65M	33.65M	—	34.16M	34.87M

REFR Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$1.35M	$1.27M	$1.13M	$664.30K	$1.28M	$1.09M
Receivables	$969.06K	$536.37K	$371.88K	$408.67K	$544.99K	$207.96K
Current Assets	$2.52M	$1.97M	$1.61M	$1.14M	$2.02M	$1.46M
Total Assets	$3.77M	$3.17M	$2.77M	$2.25M	$3.08M	$2.48M
Current Liabilities	$210.71K	$280.24K	$212.09K	$297.88K	$316.11K	$410.88K
Total Debt	$1.26M	$1.23M	$1.20M	$1.17M	$1.13M	$1.09M
Total Liabilities	$1.34M	$1.37M	$1.27M	$1.32M	$1.30M	$1.35M
Retained Earnings	-$125.75M	-$126.56M	-$126.86M	-$127.62M	-$128.15M	-$128.81M
Shareholders' Equity	$2.43M	$1.80M	$1.50M	$933.63K	$1.78M	$1.12M
Working Capital	$2.31M	$1.69M	$1.40M	$846.06K	$1.70M	$1.04M

REFR Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	-$641.27K	-$78.43K	-$143.51K	-$465.95K	-$759.93K	-$191.31K
Capital Expenditure	-$110.00	-$99.00	-$373.00	-$144.00	-$67.00	-$38.00
Free Cash Flow	-$641.38K	-$78.53K	-$143.89K	-$466.09K	-$760.00K	-$191.34K
Depreciation & Amortisation	$46.32K	$46.77K	$46.80K	$46.79K	$43.99K	$44.00K
Stock-Based Compensation	—	—	$0.00	$199.67K	—	—
Investing Cash Flow	-$110.00	-$99.00	-$373.00	-$144.00	-$67.00	-$38.00
Financing Cash Flow	$0.00	$0.00	$0.00	$0.00	$1.38M	$0.00
Net Change in Cash	-$641.38K	-$78.53K	-$143.89K	-$466.09K	$615.00K	-$191.34K

Market Snapshot

About

Research Frontiers Inc. develops and licenses SPD-Smart light-control technology that allows users to instantly adjust the tint of glass or plastic. Its patented film technology is used in automotive windows, aircraft, architectural glass, and eyewear to control light, heat, and glare electronically.