REFR

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Research Frontiers Inc.

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Key Metrics

Previous Close: $0.44
52-Week Range: $0.35 – $2.70
Market Cap: $15.69M
P/E (TTM): —
EPS (TTM): -0.06
Dividend Yield: —

Advanced Metrics

Price/Book: 8.82
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: $15.36M

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
Revenue	$559.78K	$129.90K	$359.44K	$72.12K	$136.32K
Research & Development	$162.88K	$169.09K	$141.75K	$135.02K	$145.35K
Operating Expenses	$799.35K	$945.01K	$663.39K	$845.67K	$666.73K
Operating Income	-$239.58K	-$815.10K	-$303.94K	-$773.54K	-$530.41K
EBITDA	-$193.25K	-$768.34K	-$257.15K	-$726.75K	-$486.42K
Pretax Income	-$177.69K	-$803.83K	-$298.51K	-$765.56K	-$525.37K
Net Income	-$177.69K	-$803.83K	-$298.51K	-$765.56K	-$525.37K
Diluted EPS	-0.01	-0.02	-0.01	—	-0.02
Diluted Shares	33.65M	33.65M	33.65M	—	34.16M

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

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

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.