RESEARCH FRONTIERS INC REFR

Financials SIC 6794 - Patent Owners & Lessors NAICS Real Estate and Rental and Leasing › Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) derived Nasdaq

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

Last close 0.46 2026-10-23
Market cap $16.1M 2026-06-30 share count
52-week range 0.34 - 2.70

Valuation FY2025 figures against the last close

P/S14.3x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-0.06

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.) 33.6M33.5M33.5M32.1M31.6M—————

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -6M -4M -2M 0 2M Revenue, FY2016: 1.2M Net income, FY2016: -4.2M Revenue, FY2017: 1.5M Net income, FY2017: -2.4M Revenue, FY2018: 1.5M Net income, FY2018: -2.7M Revenue, FY2019: 1.6M Net income, FY2019: -3.8M Revenue, FY2020: 828.5K Net income, FY2020: -2.3M Revenue, FY2021: 1.3M Net income, FY2021: -1.8M Revenue, FY2022: 539.7K Net income, FY2022: -2.7M Revenue, FY2023: 909.6K Net income, FY2023: -1.9M Revenue, FY2024: 1.3M Net income, FY2024: -1.3M Revenue, FY2025: 1.1M Net income, FY2025: -2M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.2M $1.5M $1.5M $1.6M $828.5K $1.3M $539.7K $909.6K $1.3M $1.1M
Gross profit — — — — — — — — — —
Net income -$4.2M -$2.4M -$2.7M -$3.8M -$2.3M -$1.8M -$2.7M -$1.9M -$1.3M -$2.0M

Recent filings and events

  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote Item 5.07
  • Annual report filed Form 10-K
  • Shareholder vote Item 5.07
  • Annual report filed Form 10-K

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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