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    REFR

    RESEARCH FRONTIERS INC

    Company overview

    Market capitalization
    $27.00M
    Employees
    5
    Latest publication
    2026-09-29
    About RESEARCH FRONTIERS INC

    Research Frontiers Incorporated, together with other subsidiary, engages in the development and marketing of technology and devices to control the flow of light worldwide. It develops and licenses suspended particle device (SPD-Smart) light-control technology to companies that manufacture and market the SPD-Smart chemical emulsion, light-control film made from the chemical emulsion, the light-control panels made by laminating the film, and electronics to power end-products incorporating the film, as well as lamination services for and the end-products, such as windows, skylights, and sunroofs. The company's SPD-Smart light-control technology is used in various product applications, including windows, sunshades, skylights, and interior partitions for homes and buildings; automotive windows, sunroofs, sun-visors, sunshades, rear-view mirrors, instrument panels, heads up displays and navigation systems; aircraft windows; museum display panels, and eyewear products; and flat panel displays for electronic products. It serves architectural, automotive, marine, and aerospace and appliance applications. The company was incorporated in 1965 and is headquartered in Woodbury, New York.

    Company website

    Financial statements

    Income Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USDQ2 20242024-06-30 · USD
    Total Revenue136,319USD72,123USD359,444USD129,904USD559,776USD178,151USD354,408USD489,594USD
    Cost Of Revenue43,994USD46,788USD521,642USD46,767USD46,324USD136,752USD42,374USD42,245USD
    Gross Profit92,325USD72,123USD359,444USD129,904USD559,776USD178,151USD354,408USD489,594USD
    Research Development145,350USD135,023USD141,746USD169,086USD162,877USD160,190USD131,246USD128,830USD
    Total Operating Expenses622,738USD845,666USD663,388USD945,008USD799,353USD802,435USD586,112USD605,728USD
    Operating Income-530,413USD-773,543USD-303,944USD-815,104USD-239,577USD-624,284USD-231,704USD-116,134USD
    Interest Income5,048USD—5,436USD11,278USD14,533USD—29,736USD22,112USD
    Net Interest Income5,048USD—5,436USD11,278USD14,533USD—29,736USD22,112USD
    Income Before Tax-525,365USD-765,563USD-298,508USD-803,826USD-177,687USD-607,940USD-166,816USD-94,022USD
    Net Income-525,365USD-765,563USD-298,508USD-803,826USD-177,687USD-607,940USD-166,816USD-94,022USD
    Net Income From Continuing Ops-525,365USD-765,563USD-298,508USD-803,826USD-177,687USD-607,940USD-166,816USD-94,022USD
    Ebit-525,365USD-765,563USD-298,508USD-803,826USD-177,687USD-607,940USD-166,816USD-94,022USD
    Ebitda-481,371USD-718,775USD-251,713USD-757,059USD-131,363USD-471,188USD-124,442USD-51,777USD
    Depreciation And Amortization43,994USD46,788USD46,795USD46,767USD46,324USD136,752USD42,374USD42,245USD
    Reconciled Depreciation43,994USD46,788USD46,795USD46,767USD46,324USD136,752USD42,374USD42,245USD
    Total Other Income Expense Net5,048USD7,980USD5,436USD11,278USD61,890USD16,344USD64,888USD22,112USD
    Other Operating Expenses—845,666USD663,388USD945,008USD799,353USD802,435USD586,112USD605,728USD
    Selling General Administrative—————232,439USD——
    Selling And Marketing Expenses—————167,639USD——
    Income Tax Expense—————7USD—-5USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Income Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20222022-12-31 · USDFY 20212021-12-31 · USDFY 20182018-12-31 · USDFY 20172017-12-31 · USDFY 20162016-12-31 · USDFY 20152015-12-31 · USD
    Total Revenue1,121,248USD1,335,531USD539,686USD1,263,034USD1,488,642USD1,509,070USD1,236,097USD2,007,482USD
    Cost Of Revenue186,674USD263,563USD175,152USD2,521,849USD2,418,219USD3,127,979USD4,086,408USD4,742,166USD
    Gross Profit934,574USD1,071,968USD539,686USD1,263,034USD-929,577USD-1,618,909USD-2,850,311USD-2,734,684USD
    Research Development30,358USD570,007USD609,127USD580,000USD863,401USD799,702USD1,417,634USD1,588,491USD
    Selling General Administrative269,789USD232,439USD2,555,689USD—3,043,460USD3,127,979USD4,086,408USD4,742,166USD
    Selling And Marketing Expenses235,195USD167,639USD——————
    Unclassified Operating Expenses2,531,400USD1,543,756USD——————
    Total Operating Expenses3,066,742USD2,513,841USD3,164,816USD3,101,849USD3,906,861USD3,927,681USD5,504,042USD6,330,657USD
    Operating Income-2,132,168USD-1,441,873USD-2,625,130USD-1,838,815USD-2,418,219USD-2,418,611USD-4,267,945USD-4,323,175USD
    Income Before Tax-2,045,583USD-1,311,382USD-2,669,349USD-1,846,352USD-2,686,128USD-2,413,859USD-4,238,410USD-4,279,856USD
    Net Income-2,045,583USD-1,311,382USD-2,669,349USD-1,846,352USD-2,686,128USD-2,413,859USD-4,238,410USD-4,279,856USD
    Net Income From Continuing Ops-2,045,584USD-1,311,382USD-2,625,130USD-1,846,352USD-2,686,128USD-2,413,859USD-4,238,410USD-4,279,856USD
    Ebit-2,045,583USD-1,311,382USD-2,669,349USD-1,846,352USD-2,418,219USD-2,418,611USD-4,267,944USD-4,323,174USD
    Ebitda-1,858,909USD-1,047,819USD-2,494,197USD-1,669,839USD-2,237,172USD-2,242,968USD-4,079,443USD-4,183,004USD
    Depreciation And Amortization186,674USD263,563USD175,152USD176,513USD181,047USD175,643USD188,501USD140,170USD
    Reconciled Depreciation186,674USD263,563USD175,152USD10,136USD181,047USD175,643USD——
    Total Other Income Expense Net86,585USD130,491USD-44,219USD-7,537USD-267,909USD4,752USD29,535USD43,319USD
    Interest Expense——44,219USD7,537USD0USD0USD0USD0USD
    Income Tax Expense——44,219USD7,537USD-267,909USD-4,752USD-29,535USD-43,319USD
    Net Income Applicable To Common Shares——-2,669,349USD-1,846,352USD-2,686,128USD-2,413,859USD-4,238,410USD-4,279,856USD
    Other Operating Expenses———3,101,849USD————
    Interest Income————267,910USD4,750USD29,540USD43,320USD
    Non Operating Income Net Other————-267,909USD4,752USD29,535USD43,319USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USDQ2 20242024-06-30 · USD
    Total Assets3,080,627USD2,251,745USD2,769,326USD3,172,806USD3,768,086USD4,039,647USD2,999,032USD3,379,780USD
    Other Current Assets192,457USD70,969USD112,604USD161,281USD198,678USD93,490USD154,727USD204,682USD
    Total Liab1,297,366USD1,318,119USD1,269,808USD1,374,780USD1,341,438USD1,435,312USD176,073USD390,005USD
    Total Stockholder Equity1,783,261USD933,626USD1,499,518USD1,798,026USD2,426,648USD2,604,335USD2,822,959USD2,989,775USD
    Other Current Liab65,524USD19,168USD41,057USD46,497USD63,593USD53,327USD31,799USD40,212USD
    Common Stock3,487USD3,365USD3,365USD3,365USD3,365USD3,365USD3,352USD3,352USD
    Capital Stock3,487USD3,365USD3,365USD3,365USD3,365USD3,365USD3,352USD3,352USD
    Retained Earnings-128,147,172USD-127,621,807USD-126,856,244USD-126,557,736USD-125,753,910USD-125,576,223USD-124,968,283USD-124,801,467USD
    Cash1,279,301USD664,299USD1,130,390USD1,274,276USD1,352,805USD1,994,186USD1,647,987USD1,906,502USD
    Cash And Short Term Investments1,279,301USD664,299USD1,130,390USD1,274,276USD1,352,805USD1,994,186USD1,647,987USD1,906,502USD
    Total Current Assets2,016,743USD1,143,934USD1,614,872USD1,971,930USD2,520,542USD2,745,889USD2,850,722USD3,189,684USD
    Total Current Liabilities316,107USD297,877USD212,088USD280,235USD210,708USD269,027USD176,073USD390,005USD
    Net Debt-148,571USD501,986USD69,224USD-41,914USD-88,264USD-698,026USD-1,538,019USD-1,742,677USD
    Short Term Debt149,471USD146,043USD141,894USD137,817USD133,811USD129,875USD109,968USD163,825USD
    Short Long Term Debt Total1,130,730USD1,166,285USD1,199,614USD1,232,362USD1,264,541USD1,296,160USD109,968USD163,825USD
    Net Receivables544,985USD408,666USD371,878USD536,373USD969,059USD658,213USD1,048,008USD1,078,500USD
    Accounts Payable101,112USD132,666USD29,137USD24,358USD13,304USD85,825USD34,306USD60,968USD
    Property Plant Equipment Net1,007,818USD1,051,745USD1,098,388USD1,144,810USD1,191,478USD1,237,692USD92,244USD134,030USD
    Property Plant Equipment Gross1,007,818USD3,859,010USD1,098,388USD1,144,810USD1,191,478USD4,032,571USD92,244USD134,030USD
    Common Stock Shares Outstanding34,159,694shares33,648,221shares33,648,221shares33,648,221shares33,648,221shares33,520,904shares33,517,787shares33,517,787shares
    Non Current Assets Total1,063,884USD1,107,811USD1,154,454USD1,200,876USD1,247,544USD1,293,758USD148,310USD190,096USD
    Non Current Liabilities Total981,259USD1,020,242USD1,057,720USD1,094,545USD1,130,730USD1,166,285USD0USD0USD
    Non Currrent Assets Other56,066USD56,066USD56,066USD56,066USD56,066USD56,066USD56,066USD56,066USD
    Net Working Capital1,700,636USD846,057USD1,402,784USD1,691,695USD2,309,834USD2,476,862USD2,674,649USD2,799,679USD
    Unclassified Equity129,923,459USD128,548,703USD128,349,032USD128,349,032USD128,173,828USD128,173,828USD127,784,538USD127,784,538USD
    Unclassified Non Current Liabilities—1,020,242USD1,057,720USD1,094,545USD1,130,730USD1,166,285USD——
    Current Deferred Revenue——5,336USD71,563USD———125,000USD
    Accumulated Other Comprehensive Income——0USD—————
    Other Assets———————1USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USDFY 20212021-12-31 · USDFY 20202020-12-31 · USDFY 20192019-12-31 · USDFY 20182018-12-31 · USD
    Total Assets2,251,745USD4,039,647USD3,850,525USD5,366,451USD4,545,987USD6,199,290USD8,256,133USD4,058,566USD
    Other Current Assets70,969USD93,490USD96,784USD100,973USD92,931USD56,512USD58,835USD105,458USD
    Total Liab1,318,119USD1,435,312USD332,794USD569,586USD762,064USD872,285USD1,200,025USD959,076USD
    Total Stockholder Equity933,626USD2,604,335USD3,517,731USD4,796,865USD3,783,923USD5,327,005USD7,056,108USD3,099,490USD
    Other Current Liab19,168USD53,327USD14,192USD34,379USD49,385USD26,279USD46,709USD273,606USD
    Common Stock3,365USD3,365USD3,351USD3,315USD3,165USD3,158USD3,125USD2,767USD
    Capital Stock3,365USD3,365USD3,351USD3,315USD3,165USD3,158USD3,125USD2,767USD
    Retained Earnings-127,621,807USD-125,576,223USD-124,264,841USD-122,356,477USD-119,687,128USD-117,840,776USD-115,499,912USD-111,690,934USD
    Cash664,299USD1,994,186USD2,475,958USD4,230,916USD269,964USD4,772,705USD6,591,960USD2,969,416USD
    Cash And Short Term Investments664,299USD1,994,186USD2,475,958USD4,230,916USD3,025,075USD4,772,705USD6,591,960USD2,969,416USD
    Total Current Assets1,143,934USD2,745,889USD3,576,146USD4,921,488USD3,949,642USD5,427,509USD7,306,857USD3,711,822USD
    Total Current Liabilities297,877USD269,027USD277,431USD301,863USD297,936USD226,066USD387,429USD457,662USD
    Net Debt501,986USD-698,026USD-2,208,236USD-3,766,788USD376,255USD-3,960,109USD-5,616,128USD-2,969,416USD
    Short Term Debt146,043USD129,875USD212,359USD196,405USD182,091USD166,377USD163,236USD—
    Short Long Term Debt Total1,166,285USD1,296,160USD267,722USD464,128USD646,219USD812,596USD975,832USD—
    Net Receivables408,666USD658,213USD1,003,404USD589,599USD831,636USD598,292USD656,062USD689,677USD
    Accounts Payable132,666USD85,825USD50,880USD71,079USD66,460USD33,410USD169,750USD133,486USD
    Property Plant Equipment Net1,051,745USD1,237,692USD218,313USD388,897USD562,778USD738,214USD915,709USD313,177USD
    Property Plant Equipment Gross3,859,010USD4,032,571USD2,987,023USD3,130,259USD3,275,303USD738,214USD915,709USD313,177USD
    Common Stock Shares Outstanding33,648,221shares33,520,904shares33,453,626shares32,070,233shares31,646,520shares31,487,785shares30,011,556shares25,956,232shares
    Non Current Assets Total1,107,811USD1,293,758USD274,379USD444,963USD596,345USD771,781USD949,276USD346,744USD
    Non Current Liabilities Total1,020,242USD1,166,285USD55,363USD267,723USD464,128USD646,219USD812,596USD501,414USD
    Non Currrent Assets Other56,066USD56,066USD56,066USD56,066USD33,567USD33,567USD33,567USD33,567USD
    Net Working Capital846,057USD2,476,862USD3,298,715USD4,619,625USD3,651,706USD5,201,443USD6,919,428USD3,254,160USD
    Unclassified Non Current Liabilities1,020,242USD1,166,285USD——————
    Unclassified Equity128,548,703USD128,173,828USD127,775,870USD127,146,712USD123,464,721USD123,161,465USD122,549,770USD117,216,446USD
    Current Deferred Revenue——1USD—49,025USD—7,734USD50,570USD
    Other Assets———56,066USD33,567USD650,009USD33,567USD33,567USD
    Short Term Investments———0USD2,755,111USD0USD——
    Non Current Liabilities Other———267,723USD—646,219USD812,596USD501,414USD
    Net Tangible Assets———4,796,865USD3,783,923USD5,327,005USD7,056,108USD3,099,490USD
    Accumulated Other Comprehensive Income————0USD—0USD-2,431,556USD
    Inventory—————0USD—0USD
    Other Liab———————501,414USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USDQ2 20242024-06-30 · USD
    Net Income-525,365USD-765,563USD-298,508USD-803,826USD-177,687USD-607,940USD-166,816USD-94,022USD
    Depreciation43,994USD46,788USD46,795USD46,767USD46,324USD136,752USD42,374USD42,245USD
    Other Non Cash Items-278,560USD30,000USD-22,536USD124,253USD—89,316USD25,001USD327,536USD
    Change To Account Receivables-136,319USD-66,788USD164,495USD308,433USD-310,846USD389,795USD5,491USD-121,717USD
    Change In Working Capital-278,560USD23,157USD108,200USD379,172USD-509,908USD428,952USD-158,486USD-135,075USD
    Total Cash From Operating Activities-759,931USD-465,947USD-143,513USD-78,430USD-641,271USD47,080USD-257,927USD-186,852USD
    Capital Expenditures-69USD-144USD-377USD-99USD-110USD-881USD-588USD-104USD
    Free Cash Flow-760,000USD-466,091USD-143,890USD-78,529USD-641,381USD46,199USD-258,515USD-186,956USD
    Total Cashflows From Investing Activities-67USD-144USD-373USD-99USD-110USD-881USD-588USD-104USD
    Total Cash From Financing Activities1,375,000USD0USD0USD0USD0USD300,000USD0USD0USD
    Issuance Of Capital Stock1,375,000USD———0USD———
    Change In Cash615,000USD-466,091USD-143,886USD-78,529USD-641,381USD346,199USD-258,515USD-186,956USD
    Begin Period Cash Flow664,299USD1,130,390USD1,274,276USD1,352,805USD1,994,186USD1,647,987USD1,906,502USD2,093,458USD
    End Period Cash Flow1,279,301USD664,299USD1,130,390USD1,274,276USD1,352,805USD1,994,186USD1,647,987USD1,906,502USD
    Other Cashflows From Financing Activities1,375,000USD————300,000USD-588USD-104USD
    Unclassified Financing Cash Flow-1,375,000USD———————
    Stock Based Compensation—199,671USD0USD175,204USD——0USD—
    Investments——-373USD-99USD-110USD-881USD-588USD-104USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USDFY 20212021-12-31 · USDFY 20202020-12-31 · USDFY 20192019-12-31 · USDFY 20182018-12-31 · USD
    Net Income-2,045,584USD-1,311,382USD-1,908,364USD-2,669,349USD-1,846,352USD-2,340,864USD-3,808,978USD-2,686,128USD
    Depreciation186,674USD263,563USD172,142USD175,152USD10,136USD67,082USD195,377USD181,047USD
    Stock Based Compensation374,875USD89,316USD144,728USD232,291USD217,008USD327,554USD841,612USD69,309USD
    Other Non Cash Items154,253USD25,000USD37,851USD201,915USD72,998USD-120,685USD859,327USD321,394USD
    Change To Account Receivables95,294USD320,190USD-508,805USD100,266USD-277,819USD-23,597USD-123,021USD-77,565USD
    Change In Working Capital621USD144,683USD-741,408USD-122,754USD-258,083USD-185,778USD-170,057USD43,318USD
    Total Cash From Operating Activities-1,329,161USD-788,819USD-2,295,051USD-2,182,745USD-1,804,293USD-2,252,691USD-2,082,719USD-2,071,060USD
    Capital Expenditures-726USD-1,623USD-1,558USD-1,271USD-1,077USD-56,536USD-65,282USD-11,663USD
    Free Cash Flow-1,329,887USD-790,442USD-2,296,609USD-2,184,016USD-1,805,370USD-2,309,227USD-2,148,001USD-2,082,723USD
    Total Cashflows From Investing Activities-726USD-1,623USD55,591USD2,693,697USD-2,784,710USD-52,823USD-65,282USD-11,663USD
    Total Cash From Financing Activities0USD308,670USD484,502USD3,450,000USD86,262USD486,259USD5,770,545USD3,314,292USD
    Issuance Of Capital Stock0USD300,000USD0USD3,450,000USD0USD284,207USD5,770,545USD3,314,292USD
    Change In Cash-1,329,887USD-481,772USD-1,754,958USD3,960,952USD-4,502,741USD-1,819,255USD3,622,544USD1,231,569USD
    Begin Period Cash Flow1,994,186USD2,475,958USD4,230,916USD269,964USD4,772,705USD6,591,960USD2,969,416USD1,737,847USD
    End Period Cash Flow664,299USD1,994,186USD2,475,958USD4,230,916USD269,964USD4,772,705USD6,591,960USD2,969,416USD
    Investments—-1,623USD55,591USD2,694,968USD-2,783,633USD-52,823USD-65,282USD-11,663USD
    Other Cashflows From Financing Activities—8,670USD484,502USD2,693,697USD86,262USD-52,823USD5,770,545USD-11,663USD
    Change To Inventory——-1USD—-56,156USD156,770USD-1,904USD—
    Other Cashflows From Investing Activities——57,149USD2,694,968USD-2,783,633USD3,713USD——
    Change To Liabilities———-10,387USD56,156USD-156,770USD1,904USD94,169USD
    Cash And Cash Equivalents Changes———3,960,952USD—-1,819,255USD3,622,544USD1,231,569USD
    Unclassified Investing Cash Flow———-2,694,968USD2,783,633USD———
    Unclassified Financing Cash Flow———-2,693,697USD——-5,972,597USD—
    Net Borrowings————0USD202,052USD202,052USD202,052USD
    Sale Purchase Of Stock—————284,207USD5,770,545USD3,314,292USD
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    Operating metrics

    No operating metrics are currently published for this company.

    Revenue breakdown

    No revenue breakdown is currently published for this company.

    Periods follow company fiscal calendars. Quarterly, annual and year-to-date amounts are shown separately. Missing values are not zero. Data may be delayed, incomplete or corrected; follow the disclosure links to verify figures.