REFR earnings analysis
What we found in REFR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decrease Significant
- Q1 2026 revenue was $136,319, down 75.7% from $559,776 in Q1 2025.
- Increased Net Loss
- Net loss widened to $525,365 in Q1 2026 compared to a loss of $177,687 in Q1 2025.
- Operating Expenses Reduced
- Operating expenses decreased to $521,382 from $636,476 a year ago, a reduction of about 18%.
- Cash Reserves Improved
- Cash and cash equivalents increased by $615,002, totaling approximately $1.3 million as of Q1 2026.
- Management's Growth Expectations
- Management anticipates revenue increase due to new car and aircraft model introductions.
- Working Capital Stability
- The company has working capital of $1.7 million, allowing for operations for at least 12 months.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Significant Revenue Decline
- Revenue dropped 75.7% from Q1 2025, highlighting volatility in royalties.
- Wider Net Loss
- Net loss increased to $525,365, indicating deteriorating profitability conditions.
- Dependence on Licensees
- Future revenue relies on the commercialization activities and relationships with licensees.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.02
What they said about what is next.
Management states it "expects" revenue growth as new products are launched but provides no specific numeric guidance.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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