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NASDAQ · PATENT OWNERS & LESSORS · SMALL CAP

Research Frontiers Inc. REFR

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$1.1M
▼ 16.0% YoY
$-2.0M
$-1.3M

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Research Frontiers Incorporated develops and licenses its patented Suspended Particle Device (“SPD”) light-control technology. The Company’s licensees manufacture and sell electronically dimmable glazing products incorporating SPD-Smart technology for automotive, aerospace, architectural, marine, rail, recreational vehicle and specialty vehicle applications. The Company generates revenue primarily through license fees and royalties paid by licensees. Research Frontiers currently has numerous companies that, in the aggregate, are licensed to primarily serve five major SPD-Smart application areas (aerospace, architectural, automotive, marine and display products) in every country of the world. Research Frontiers was incorporated in New York in 1965 to continue early work that Dr. Edwin Land, founder of Polaroid Corporation, and others had done in the area of light-control beginning in the 1930s. Research Frontiers was reincorporated in Delaware in 1989.

Written from the business description in Research Frontiers Incorporated's annual report to the U.S. Securities and Exchange Commission, filed 5 March 2026. Every sentence was checked against that document before publication.

Growth

USD 1.1M
Revenue, FY2025 · full 17-year series below
Revenue $M Net income $M
FY2025 · Revenue 1.1 · Net income -2.0
1M2M-2M-4M
2009201220152018202120242025
Compound annual growth
+27.6%
+6.2%
−5.7%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +6.2% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−182 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -190.2% · Net -182.4%
-200%-400%
200920172025
ROE
FY2025 · ROE -115.6%
-50%-100%
200920172025
Three returns, three denominators.

Each USD of equity lost 116 cents this year.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -1.3
-2M-3M
200920172025

Total assetsUSD 2.3M
EquityUSD 933,626.00
CashUSD 664,299.00
Current ratio3.84×

Equity funds 41% of total assets.

The 17-year record

17 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative—not applicable◌not available in our data
REFR, 17-year financial record
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B0.00.00.00.00.00.00.00.00.00.00.00.0◌◌◌◌◌
Operating income $B−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
EBITDA $B−0.0−0.0−0.0◌◌−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Income tax $B◌◌◌◌◌◌◌◌◌◌◌◌◌−0.00.00.0◌
Net income $B−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Free cash flow $B−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
EPS, diluted $−0.06−0.04−0.06−0.08−0.06−0.07−0.13−0.10−0.10−0.18−0.18−0.19−0.26−0.16−0.22−0.22−0.25
Dividend / sh $◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Payout % — not applicable: no dividend—————————————————
ROE %−115.6−42.8−45.9−62.2−40.5−37.8−75.0−94.8−64.6−60.6−40.5−36.9−46.4−34.7−71.4−66.6−96.1
Shares out B0.030.030.030.030.030.030.030.030.020.020.020.020.020.020.020.02◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

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Provenance

Company facts, as filed

How we verify · 0 failures in 64 reconciliationsAUDITED

Reconciled in 17 of the 17 fiscal years we could check. Six checks were skipped: the balance sheet is not tagged before 2010. Four checks were skipped: the share count is not tagged before 2011.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityPatent Owners & Lessors
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2009

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