RESEARCH FRONTIERS INC REFR
future events and results. We generally use the words "believes," "expects," "intends," "plans,"
are beyond our control, which may cause our actual results, performance or achievements, or industry results, to be materially different
and factors include, but are not limited to, those factors set forth in this Annual Report on Form 10-K under "Item 1A. –
Risk Factors" below. Except as required by applicable law, including the securities laws of the United States, we undertake no
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1M | $1.3M | $909.6K | $539.7K | $1.3M | $828.5K | $1.6M | $1.5M | $1.5M | $1.2M |
| R&D | $608.7K | $570.0K | $583.3K | $609.1K | $580.0K | $628.3K | $1.0M | $863.4K | $799.7K | $1.4M |
| SG&A | — | — | — | — | — | — | — | — | $3.1M | $4.1M |
| Total operating expenses | $3.3M | $2.8M | $2.9M | $3.2M | $3.1M | $3.4M | $4.7M | $3.9M | $3.9M | $5.5M |
| Operating income | -$2.1M | -$1.4M | -$2.0M | -$2.6M | -$1.8M | -$2.6M | -$3.1M | -$2.4M | -$2.4M | -$4.3M |
| Net income | -$2.0M | -$1.3M | -$1.9M | -$2.7M | -$1.8M | -$2.3M | -$3.8M | -$2.7M | -$2.4M | -$4.2M |
| EPS, basic | -0.06 | -0.04 | -0.06 | -0.08 | -0.06 | — | — | — | — | — |
| EPS, diluted | -0.06 | -0.04 | -0.06 | -0.08 | -0.06 | -0.07 | -0.13 | -0.10 | -0.10 | -0.18 |
| Shares, diluted (wtd. avg.) | $33.6M | $33.5M | $33.5M | $32.1M | $31.6M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $664.3K | $2.0M | $2.5M | $4.2M | $270.0K | $4.8M | $6.6M | $3.0M | $1.7M | $1.7M |
| Short-term investments | — | — | — | — | $2.8M | — | — | — | — | $1.5M |
| Receivables | $408.7K | $658.2K | $1.0M | $589.6K | — | — | — | $689.7K | $597.4K | $1.1M |
| Total current assets | $1.1M | $2.7M | $3.6M | $4.9M | $3.9M | $5.4M | $7.3M | $3.7M | $2.4M | $4.6M |
| Property, plant and equipment | $3.4K | $15.1K | $39.6K | $65.4K | $93.0K | $121.8K | $141.7K | $313.2K | $482.6K | $651.7K |
| Total assets | $2.3M | $4.0M | $3.9M | $5.4M | $4.5M | $6.2M | $8.3M | $4.1M | $2.9M | $5.3M |
| Accounts payable | $132.7K | $85.8K | $50.9K | $71.1K | $66.5K | $33.4K | $169.8K | $133.5K | $58.1K | $29.9K |
| Total current liabilities | $297.9K | $269.0K | $277.4K | $301.9K | $297.9K | $226.1K | $387.4K | $457.7K | $313.7K | $369.3K |
| Total liabilities | $1.3M | $1.4M | $332.8K | $569.6K | $762.1K | $872.3K | $1.2M | $959.1K | — | — |
| Retained earnings | -$127.6M | -$125.6M | -$124.3M | -$122.4M | -$119.7M | -$117.8M | -$115.5M | -$111.7M | -$109.1M | -$106.6M |
| Total equity | $933.6K | $2.6M | $3.5M | $4.8M | $3.8M | $5.3M | $7.1M | $3.1M | $2.6M | $4.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$1.3M | -$788.8K | -$2.3M | -$2.2M | -$1.8M | -$2.3M | -$2.1M | -$2.1M | -$1.5M | -$4.0M |
| Depreciation and amortisation | $11.5K | $15.0K | $14.7K | — | — | $67.1K | $195.4K | $181.0K | $175.6K | $188.5K |
| Stock-based compensation | $374.9K | $89.3K | $144.7K | $232.3K | $217.0K | $327.6K | $841.6K | $69.3K | $76.3K | $67.5K |
| Capital expenditure | $726 | $1.6K | $1.6K | $1.3K | $1.1K | $56.5K | $65.3K | $11.7K | $6.5K | $11.7K |
| Investing cash flow | -$726 | -$1.6K | $55.6K | $2.7M | -$2.8M | -$52.8K | -$65.3K | -$11.7K | $1.5M | -$15.3K |
| Financing cash flow | — | $308.7K | $484.5K | $3.5M | $86.3K | $486.3K | $5.8M | $3.3M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-011611.
Others in SIC 6794
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| IDCC | InterDigital, Inc. | $8.72B | 28.6x | -4.0% |
| DLB | Dolby Laboratories, Inc. | $5.84B | 23.6x | 5.9% |
| APPS | Digital Turbine, Inc. | $1.30B | — | 15.2% |
| ACTG | ACACIA RESEARCH CORP | $443.0M | 20.6x | 133.2% |
| JYNT | JOINT Corp | $117.7M | 43.8x | 5.2% |
| VHC | VirnetX Holding Corp | $49.1M | — | 3,140.0% |
| RMCO | Royalty Management Holding Corp | $43.1M | — | 513.3% |
| NTIP | NETWORK-1 TECHNOLOGIES, INC. | $36.6M | — | 50.0% |