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REFR (Research Frontiers Incorporated) Stock Financials & Earnings | Market Cap Arena
REFR
Research Frontiers Incorporated
Mkt Cap
$32M
Technology
·
Hardware, Equipment & Parts
·
🇺🇸 United States
·
NASDAQ
Revenue (TTM)
$1M
Net Income (TTM)
-$2M
EPS (TTM)
-$0.06
Free Cash Flow (TTM)
-$1M
Gross Margin
95.8%
Op. Margin
-190.2%
Net Margin
-182.4%
FCF Margin
-118.6%
P/S Ratio (TTM)
28.2x
P/E Ratio (TTM)
—
YoY Rev Growth
-16.0%
Employees
—
Earnings Reports
▶
Q4 2025
NEW
Browse All Reports
Quarterly
FY
Revenue & Profitability
Revenue
Gross Profit
Operating Income
Quarter
Revenue
Gross Profit
Op. Income
Q1 23
$248K
$248K
-$489K
Q2 23
$185K
-$380K
-$525K
Q3 23
$164K
-$378K
-$514K
Q4 23
$312K
$312K
-$505K
Q1 24
$313K
$313K
-$470K
Q2 24
$490K
$490K
-$116K
Q3 24
$354K
$354K
-$232K
Q4 24
$178K
$178K
-$624K
Q1 25
$560K
$560K
-$240K
Q2 25
$130K
$130K
-$815K
Q3 25
$359K
$359K
-$304K
Q4 25
$72K
$25K
-$774K
marketcaparena.com
Valuation
P/S Ratio
P/E Ratio
Quarter
P/S
P/E
Q1 23
51.5x
—
Q2 23
44.3x
—
Q3 23
43.5x
—
Q4 23
34.8x
—
Q1 24
32.4x
—
Q2 24
24.7x
—
Q3 24
21.5x
—
Q4 24
23.7x
—
Q1 25
20.0x
—
Q2 25
25.9x
—
Q3 25
25.8x
—
Q4 25
28.2x
—
marketcaparena.com
Operating Cash Flow
Operating Cash Flow
Free Cash Flow
Quarter
Operating CF
Free CF
Q1 23
-$597K
-$598K
Q2 23
-$626K
-$626K
Q3 23
-$523K
-$523K
Q4 23
-$549K
-$549K
Q1 24
-$391K
-$391K
Q2 24
-$187K
-$187K
Q3 24
-$258K
-$259K
Q4 24
$47K
$46K
Q1 25
-$641K
-$641K
Q2 25
-$78K
-$79K
Q3 25
-$144K
-$144K
Q4 25
-$466K
-$466K
marketcaparena.com
Capital Expenditures
CapEx
Quarter
CapEx
Q1 23
$702
Q2 23
$598
Q3 23
$39
Q4 23
$293
Q1 24
$50
Q2 24
$104
Q3 24
$588
Q4 24
$881
Q1 25
$110
Q2 25
$99
Q3 25
$377
Q4 25
$144
marketcaparena.com
OpEx vs Revenue Growth (YoY)
Revenue Growth
OpEx Growth
Quarter
Revenue Growth
OpEx Growth
Q1 23
+42.8%
-1.7%
Q2 23
+116.4%
-14.3%
Q3 23
+9.1%
+6.5%
Q4 23
+140.4%
-13.9%
Q1 24
+26.3%
+6.3%
Q2 24
+164.6%
-14.7%
Q3 24
+115.9%
-13.5%
Q4 24
-42.9%
-1.9%
Q1 25
+78.6%
+2.1%
Q2 25
-73.5%
+56.0%
Q3 25
+1.4%
+13.2%
Q4 25
-59.5%
+5.4%
marketcaparena.com
Stock-Based Compensation
SBC ($)
% of Revenue
Quarter
SBC ($)
% of Revenue
Q1 23
$0
0.0%
Q2 23
$0
0.0%
Q3 23
$0
0.0%
Q4 23
$145K
46.4%
Q1 24
$0
0.0%
Q2 24
$0
0.0%
Q3 24
$0
0.0%
Q4 24
$0
0.0%
Q1 25
$0
0.0%
Q2 25
$175K
134.9%
Q3 25
$0
0.0%
Q4 25
$200K
276.8%
marketcaparena.com
OpEx Breakdown
R&D
SG&A
Quarter
R&D
SG&A
Q1 23
$149K
—
Q2 23
$146K
—
Q3 23
$135K
—
Q4 23
$153K
—
Q1 24
$150K
—
Q2 24
$129K
—
Q3 24
$131K
—
Q4 24
$160K
—
Q1 25
$163K
—
Q2 25
$169K
—
Q3 25
$142K
—
Q4 25
$135K
$664K
marketcaparena.com
War Chest
Cash & Equivalents
Short-Term Investments
Quarter
Cash
Short-term Investments
Total
Q1 23
$1M
$3M
$4M
Q2 23
$4M
$0
$4M
Q3 23
$525K
$2M
$3M
Q4 23
$2M
$0
$2M
Q1 24
$2M
$0
$2M
Q2 24
$2M
$0
$2M
Q3 24
$2M
$0
$2M
Q4 24
$2M
$0
$2M
Q1 25
$1M
$0
$1M
Q2 25
$1M
$0
$1M
Q3 25
$1M
$0
$1M
Q4 25
$664K
$0
$664K
marketcaparena.com
Shares Outstanding
Shares Outstanding
Quarter
Shares (Diluted)
QoQ Change
Q1 23
33M
+0.4%
Q2 23
34M
+0.7%
Q3 23
34M
+0.0%
Q4 23
34M
+0.0%
Q1 24
34M
+0.0%
Q2 24
34M
+0.0%
Q3 24
34M
+0.0%
Q4 24
34M
+0.0%
Q1 25
34M
+0.4%
Q2 25
34M
+0.0%
Q3 25
34M
+0.0%
Q4 25
34M
+0.0%
marketcaparena.com
Revenue Per Employee
Revenue / Employee
Year
Revenue/Employee
Employees
FY 14
$123K
13
FY 15
$167K
12
FY 16
$112K
11
FY 17
$216K
7
FY 18
$165K
9
FY 19
$196K
8
FY 20
$138K
6
FY 21
$211K
6
FY 22
$90K
6
FY 23
$152K
6
FY 24
$223K
6
FY 25
$224K
5
marketcaparena.com
