REFR

MKT CAP:$35M

Research Frontiers Incorporated

Market Cap

$35M

Technology·Hardware, Equipment & Parts·🇺🇸 United States·NASDAQ

Technology·Hardware,·🇺🇸·NASDAQ

Stock Price

$0.99-$0.29 (-22.66%)

Apr 21, 2026

Company Details

Research Frontiers Incorporated develops and markets technology and devices to control the flow of light worldwide. The company develops and licenses suspended particle device (SPD-Smart) light-control technology to companies that manufactu...

CEO

Joseph Harary

IPO Date

Jul 8, 1986

Website

www.smartglass.com

Key Metrics TTM

Revenue

$1M

-16.0% YoY

Net Income

-$2M

EPS (Diluted)

-$0.06

Free Cash Flow

-$1M

Revenue / Share

$0.03

Gross Margin

95.8%

Operating Margin

-190.2%

Net Margin

-182.4%

FCF Margin

-118.6%

P/S

30.9x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Mar 5, 2026

$1M-16.0%EPS -$0.06

Q4 2025

Mar 5, 2026

$72.1K-59.5%EPS -$0.02

Q3 2025

Nov 6, 2025

$359.4K+1.4%EPS -$0.01

Q2 2025

Aug 7, 2025

$129.9K-73.5%EPS -$0.02

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$173.8K	-$426.9K	-$575.7K
Q2 22	$85.5K	-$596.7K	-$743.2K
Q3 22	$150.4K	-$337.0K	-$486.2K
Q4 22	$129.9K	$86.0K	-$820.1K
Q1 23	$248.2K	$248.2K	-$488.8K
Q2 23	$185.0K	-$379.7K	-$525.3K
Q3 23	$164.1K	-$378.5K	-$513.8K
Q4 23	$312.2K	$312.2K	-$505.4K
Q1 24	$313.4K	$313.4K	-$469.8K
Q2 24	$489.6K	$489.6K	-$116.1K
Q3 24	$354.4K	$354.4K	-$231.7K
Q4 24	$178.2K	$178.2K	-$624.3K
Q1 25	$559.8K	$559.8K	-$239.6K
Q2 25	$129.9K	$129.9K	-$815.1K
Q3 25	$359.4K	$359.4K	-$303.9K
Q4 25	$72.1K	$25.3K	-$773.5K

Valuation

Quarter	P/S	P/E
Q1 22	28.3x	—
Q2 22	29.0x	—
Q3 22	55.7x	—
Q4 22	64.2x	—
Q1 23	56.4x	—
Q2 23	48.6x	—
Q3 23	47.7x	—
Q4 23	38.1x	—
Q1 24	35.6x	—
Q2 24	27.1x	—
Q3 24	23.6x	—
Q4 24	26.0x	—
Q1 25	21.9x	—
Q2 25	28.4x	—
Q3 25	28.2x	—
Q4 25	30.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$498.0K	-$498.6K
Q2 22	-$581.8K	-$582.3K
Q3 22	-$535.8K	-$535.9K
Q4 22	-$567.2K	-$567.2K
Q1 23	-$597.1K	-$597.8K
Q2 23	-$625.8K	-$626.4K
Q3 23	-$523.4K	-$523.4K
Q4 23	-$548.7K	-$549.0K
Q1 24	-$391.1K	-$391.2K
Q2 24	-$186.9K	-$187.0K
Q3 24	-$257.9K	-$258.5K
Q4 24	$47.1K	$46.2K
Q1 25	-$641.3K	-$641.4K
Q2 25	-$78.4K	-$78.5K
Q3 25	-$143.5K	-$143.9K
Q4 25	-$465.9K	-$466.1K

Capital Expenditures

Quarter	CapEx
Q1 22	$606
Q2 22	$462
Q3 22	$153
Q4 22	$51
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

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-18.4%	-2.8%
Q2 22	-24.9%	+28.9%
Q3 22	-79.2%	-9.9%
Q4 22	-38.9%	-3.3%
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%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$144.7K	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	$175.2K	134.9%
Q3 25	$0	0.0%
Q4 25	$199.7K	276.8%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$148.8K	—
Q2 22	$146.4K	—
Q3 22	$149.2K	—
Q4 22	$164.7K	$741.4K
Q1 23	$149.2K	—
Q2 23	$145.6K	—
Q3 23	$135.3K	—
Q4 23	$153.1K	—
Q1 24	$149.7K	—
Q2 24	$128.8K	—
Q3 24	$131.2K	—
Q4 24	$160.2K	—
Q1 25	$162.9K	—
Q2 25	$169.1K	—
Q3 25	$141.7K	—
Q4 25	$134.8K	$664.1K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2M	$0	$2M
Q2 22	$2M	$0	$2M
Q3 22	$5M	$0	$5M
Q4 22	$4M	$0	$4M
Q1 23	$1M	$3M	$4M
Q2 23	$4M	$0	$4M
Q3 23	$525.0K	$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	$664.3K	$0	$664.3K

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	32M	0.0%	+0.0%
Q2 22	32M	0.0%	0.0%
Q3 22	32M	+0.6%	+0.6%
Q4 22	33M	+4.1%	+4.7%
Q1 23	33M	+0.4%	+5.2%
Q2 23	34M	+0.7%	+5.9%
Q3 23	34M	0.0%	+5.3%
Q4 23	34M	0.0%	+1.1%
Q1 24	34M	+0.0%	+0.7%
Q2 24	34M	+0.0%	+0.0%
Q3 24	34M	0.0%	+0.0%
Q4 24	34M	+0.0%	+0.0%
Q1 25	34M	+0.4%	+0.4%
Q2 25	34M	0.0%	+0.4%
Q3 25	34M	0.0%	+0.4%
Q4 25	34M	0.0%	+0.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$29.0K	6
Q2 22	$14.3K	6
Q3 22	$25.1K	6
Q4 22	$21.7K	6
Q1 23	$41.4K	6
Q2 23	$30.8K	6
Q3 23	$27.4K	6
Q4 23	$52.0K	6
Q1 24	$52.2K	6
Q2 24	$81.6K	6
Q3 24	$59.1K	6
Q4 24	$29.7K	6
Q1 25	$93.3K	6
Q2 25	$21.7K	6
Q3 25	$59.9K	6
Q4 25	$14.4K	5

Revenue / Employee