10-K · March 5, 2026
Research Frontiers reported 2025 fee income of $1,121,248, a 16% decline from $1,335,531 in 2024, and a wider net loss of $2,045,584 (loss per share $0.06) versus $1,311,382 ($0.04) in 2024. Cash fell to $0.7 million at…
Earnings analysis · 10-Q
REFR earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Research Frontiers reported a significant revenue decrease in Q1 2026, with revenue of $136,319, down from $559,776 in Q1 2025. Operating expenses decreased but the net loss widened to $525,365, leading to an EPS of…
Read full summary
Research Frontiers reported a significant revenue decrease in Q1 2026, with revenue of $136,319, down from $559,776 in Q1 2025. Operating expenses decreased but the net loss widened to $525,365, leading to an EPS of -$0.02 for the quarter. Management remains optimistic about future revenue growth due to new product introductions, despite current challenges.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.02
What stood out
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Revenue Decrease Significant
Q1 2026 revenue was $136,319, down 75.7% from $559,776 in Q1 2025.
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Increased Net Loss
Net loss widened to $525,365 in Q1 2026 compared to a loss of $177,687 in Q1 2025.
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Operating Expenses Reduced
Operating expenses decreased to $521,382 from $636,476 a year ago, a reduction of about 18%.
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Cash Reserves Improved
Cash and cash equivalents increased by $615,002, totaling approximately $1.3 million as of Q1 2026.
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Management's Growth Expectations
Management anticipates revenue increase due to new car and aircraft model introductions.
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Working Capital Stability
The company has working capital of $1.7 million, allowing for operations for at least 12 months.
What to watch
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Significant Revenue Decline
Revenue dropped 75.7% from Q1 2025, highlighting volatility in royalties.
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Wider Net Loss
Net loss increased to $525,365, indicating deteriorating profitability conditions.
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Dependence on Licensees
Future revenue relies on the commercialization activities and relationships with licensees.
Management's outlook
Management states it "expects" revenue growth as new products are launched but provides no specific numeric guidance.
Earlier filings 4
10-Q · August 7, 2025
Research Frontiers reported Q2 2025 fee income of $129,904, a steep decline versus $489,594 in Q2 2024, producing a quarterly net loss of $803,826 (EPS $(0.02)). Cash declined to $1,274,276 at June 30, 2025 and…
10-Q · May 8, 2025
Research Frontiers reported Q1 2025 fee income of $559,776, up $246,398 (78.6%) versus $313,378 in Q1 2024. Operating loss narrowed to $(239,577) from $(469,750) and net loss improved to $(177,687) from $(442,604);…
10-K · March 6, 2025
Research Frontiers reported fee income of $1,335,531 in 2024, up 47% from $909,598 in 2023, driven by higher automotive and aircraft royalties. The company narrowed its net loss to $1,311,382 (−$0.04 per share) and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.