Research Frontiers Reports Fourth Quarter and Year-End 2025 Financial Results and Will Host a Conference Call at 4:30p.m. Today
MWN-AI** Summary
Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for the fourth quarter and year-end of 2025, highlighting significant milestones and developments for the company. The financial results meeting will be hosted by Joseph M. Harary, President and CEO, today at 4:30 PM ET.
Key highlights for 2025 include the initiation of the first North American OEM serial production program with Cadillac Celestiq, representing a significant step for SPD-SmartGlass technology. This achievement lays the foundation for potential expansions into additional vehicle models. The company also successfully transitioned its Ferrari Purosangue program to a new supplier, exceeding minimum royalty thresholds in the latter half of the year.
Moreover, Research Frontiers made strides in the architectural market by introducing a retrofit system for SPD-SmartGlass, enabling cost-effective upgrades for existing buildings. Technological advancements in SPD films were also made, enhancing optical quality and manufacturing efficiency. These endeavors broaden the scope of applications and strengthen the company's competitive edge.
In the financial domain, Research Frontiers reported approximately $1.12 million in revenue and a net loss of about $2.05 million for the year ended December 31, 2025. The revenue figures were impacted by the restructuring of two licensees. Despite challenges, the company ended the year debt-free and with around $0.7 million in cash, having improved liquidity through a $1.1 million private placement subsequently.
Harary noted that 2025 marked a critical turning point for SPD-SmartGlass, with developments in automotive integration and aerospace applications enhancing the company’s strategic presence. The ongoing evaluations and expansions signal promising opportunities for future growth. For detailed financials and strategic insights, the company's complete 10-K report will be available following the conference call.
MWN-AI** Analysis
Research Frontiers Inc. (Nasdaq: REFR) released its financial results for the fourth quarter and year-end for 2025, marking a significant inflection point for the company. With the successful serial production of its SPD-SmartGlass in the Cadillac Celestiq and strategic agreements with automotive giants, including Ferrari, Research Frontiers is poised for growth in several lucrative markets: automotive, aerospace, and architectural retrofit applications.
Despite achieving only $1.12 million in revenue for the year and a net loss of approximately $2.05 million, there are notable developments worth considering for potential investors. The transition to North American OEM production is crucial, signaling increasing acceptance of SPD technology in a competitive automotive landscape. Additionally, the architectural retrofit system could open doors to a new revenue stream as it caters to the sizeable existing building market.
The company’s recent private placement of $1.1 million injects much-needed liquidity, indicating a strategic move to stabilize operations amid unpredictable royalty flows affected by the bankruptcy of two licensees. Investors should look at the liquidity position, noting that at year-end, Research Frontiers held about $0.7 million in cash, emphasizing the importance of the recent capital raise for near-term viability.
Investors considering Research Frontiers should keep an eye on upcoming technological advancements and commercial deployments, particularly as they expand their automotive partnerships and capitalize on their differentiated positioning in aerospace markets. The conference call at 4:30 PM ET will provide deeper insights into management's strategies for enhanced revenue growth and potential recovery in royalty collections. As the technology gains traction, the upside potential may offer substantial returns, albeit with inherent risks in commercialization timelines. Balancing the opportunities against a backdrop of financial caution will be vital for investors in this evolving market.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
WOODBURY, N.Y., March 05, 2026 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its fourth quarter and full year 2025. Management will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial and operating results as well as recent developments.
| • | Who: Joseph M. Harary, President & CEO | |
| • | Date/Time: Thursday, March 5, 2026, 4:30 PM ET | |
| • | Dial-in Information:1-888-334-5785 | |
| • | Conference Link: https://join.broaddata.com/?id=research-frontiers | |
| • | Replay: Available on Friday, March 6, 2026 for 90 days at https://smartglass-ir.com/ |
Key Highlights for 2025:
1. First North American OEM Serial Production – Cadillac Celestiq
SPD-SmartGlass entered serial production and customer deliveries on General Motors’ Cadillac Celestiq, marking the first North American OEM production program for SPD-SmartGlass technology. The Cadillac Celestiq program represents a significant validation milestone and establishes a platform for potential expansion into additional, higher-volume vehicle models.
2. Ferrari Program Transition and Royalty Recognition
During 2025, the Ferrari Purosangue SPD-SmartGlass program transitioned from one European licensed supplier to another. Production levels resulted in minimum annual royalty thresholds exceeded during the third and fourth quarters of 2025.
3. Architectural Retrofit Market Entry
At GlassBuild America 2025, the Company and its partners introduced a new SPD-SmartGlass retrofit system for the architectural market enabling conversion of existing glazing without full window replacement in homes, apartment buildings, and commercial office and government spaces. This development expands the addressable architectural market beyond new construction into retrofit projects and represents the first scalable pathway for installation into the large installed base of existing buildings.
4. SPD Film Advancements
The Company and its licensees made significant progress on new types of SPD film designed to enhance optical uniformity, aesthetic integration and manufacturing efficiency. These advancements strengthen SPD’s competitive positioning, especially in the premium automotive and architectural applications.
5. Expanded Automotive Surface-Area Integration
SPD-SmartGlass continued to be incorporated into concept and evaluation vehicles by global OEMs demonstrating broader glazing applications beyond traditional sunroof installations. The Mercedes Vision V concept integrated SPD across approximately 75% of vehicle glazing, highlighting the potential for materially larger surface-area adoption in future vehicle platforms.
6. Aerospace Production and Certification Strength
SPD electronically dimmable windows continued flying across more than 40 aircraft models spanning commercial, business and specialty aviation segments, including HondaJet, Textron Beechcraft King Air, Daher TBM 960, Epic E1000, Airbus ACJ TwoTwenty and select Boeing 737 configurations. SPD remains the only commercially available light-control smart window technology known to the Company to have received FAA Supplemental Type Certification (STC) for retrofit programs, reinforcing its differentiated regulatory position and long-standing aviation track record and making SPD-Smart Electronically DimmableWindows (EDWs) uniquely suited for the aftermarket.
7. Increased Industry Visibility and Leadership
The Company expanded its presence at major global automotive, aerospace and architectural forums. At the Automotive Glazing Summit in Detroit, the Company’s CEO served as Chairman and keynote speaker, reinforcing SPD’s growing recognition within OEM engineering and glazing leadership communities.
8. Financial Results, Liquidity and Capital Resources
For the year ended December 31, 2025, revenue was approximately $1.12 million and net loss was approximately $2.05 million. During the year, revenue recognition was negatively impacted by the restructuring or bankruptcy of two licensees, which affected timing of royalty flows. The Company ended the year debt-free with approximately $0.7 million in cash and approximately $0.9 million in working capital. Subsequent to year-end, the Company bolstered its balance sheet by raising $1.1 million in a private placement to accredited investors, including members of a director’s family and the Company’s licensee responsible for the architectural retrofit application, further strengthening liquidity entering 2026.
Joseph M. Harary, President and CEO of Research Frontiers noted: “2025 marked a meaningful inflection point for SPD-SmartGlass. We achieved our first North American OEM serial production program with Cadillac Celestiq, successfully transitioned and normalized Ferrari royalty recognition, introduced a scalable architectural retrofit solution, and advanced next-generation black SPD film technology.
Since our last conference call, we have also begun work with several new automotive OEMs in Europe, expanded programs with existing OEMs into higher-volume vehicle models, and initiated specialty automotive and other applications beyond traditional sunroof configurations. While commercialization timing remains dependent on our licensees and their customers, we believe the breadth of ongoing evaluations, expanding surface-area integration, and entry into new application categories position SPD-SmartGlass for broader production deployment and long-term royalty growth.
We believe the foundation now in place across automotive, aerospace and architectural markets creates increasing strategic opportunities and operating leverage as programs mature and move toward higher-volume implementation.”
For more details, please see the Company’s Quarterly Report on Form 10-K which was filed today with the SEC, the contents of which are incorporated by reference herein.
About Research Frontiers
Research Frontiers (Nasdaq: REFR) is a publicly traded technology company and the developer of patented SPD-Smart light-control film technology which allows users to instantly, precisely and uniformly control the shading of glass or plastic products, either manually or automatically. Research Frontiers has licensed its smart glass technology to numerous companies that include well known chemical, material science and glass companies. Products using Research Frontiers’ smart glass technology are being used in tens of thousands of cars, aircraft, yachts, trains, homes, offices, museums and other buildings. For more information, please visit our website at www.SmartGlass.com, and on Facebook, Twitter, LinkedIn and YouTube.
Note: From time to time Research Frontiers may issue forward-looking statements which involve risks and uncertainties. This press release contains forward-looking statements. Actual results, especially those reliant on activities by third parties, could differ and are not guaranteed. Any forward-looking statements should be considered accordingly. “SPD-Smart” and “SPD-SmartGlass” are trademarks of Research Frontiers Inc.
CONTACT:
Joseph M. Harary
President and CEO
Research Frontiers Inc.
+1-516-364-1902
Info@SmartGlass.com
RESEARCH FRONTIERS INCORPORATED
Consolidated Balance Sheets
December 31, 2025 and 2024
| Assets | December 31, 2025 | December 31, 2024 | ||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 664,299 | $ | 1,994,186 | ||||
| Royalties receivable, net of reserves of $1,384,850 and $1,253,450 in 2025 and 2024, respectively | 408,666 | 658,213 | ||||||
| Prepaid expenses and other current assets | 70,969 | 93,490 | ||||||
| Total current assets | 1,143,934 | 2,745,889 | ||||||
| Fixed assets, net | 3,393 | 15,052 | ||||||
| Operating lease ROU assets | 1,048,352 | 1,222,640 | ||||||
| Deposits and other assets | 56,066 | 56,066 | ||||||
| Total assets | $ | 2,251,745 | $ | 4,039,647 | ||||
| Liabilities and Shareholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Current portion of operating lease liability | $ | 146,043 | $ | 129,875 | ||||
| Accounts payable | 132,666 | 85,825 | ||||||
| Accrued expenses | 19,168 | 53,327 | ||||||
| Total current liabilities | 297,877 | 269,027 | ||||||
| Operating lease liability, net of current portion | 1,020,242 | 1,166,285 | ||||||
| Total liabilities | 1,318,119 | 1,435,312 | ||||||
| Shareholders’ equity: | ||||||||
| Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 33,648,221 in 2025 and 2024, respectively | 3,365 | 3,365 | ||||||
| Additional paid-in capital | 128,552,068 | 128,177,193 | ||||||
| Accumulated deficit | (127,621,807 | ) | (125,576,223 | ) | ||||
| Total shareholders’ equity | 933,626 | 2,604,335 | ||||||
| Total liabilities and shareholders’ equity | $ | 2,251,745 | $ | 4,039,647 |
See accompanying notes to consolidated financial statements.
RESEARCH FRONTIERS INCORPORATED
Consolidated Statements of Operations
Years ended December 31, 2025 and 2024
| 2025 | 2024 | |||||||
| Fee income | $ | 1,121,248 | $ | 1,335,531 | ||||
| Operating expenses | 2,644,684 | 2,207,397 | ||||||
| Research and development | 608,732 | 570,007 | ||||||
| Total expenses | 3,253,416 | 2,777,404 | ||||||
| Operating loss | (2,132,168 | ) | (1,441,873 | ) | ||||
| Net investment income | 39,227 | 95,339 | ||||||
| Other income | 47,357 | 35,152 | ||||||
| Net loss | $ | (2,045,584 | ) | $ | (1,311,382 | ) | ||
| Basic and diluted net loss | ||||||||
| per common share | $ | (0.06 | ) | $ | (0.04 | ) | ||
| Weighted average number of | ||||||||
| common shares outstanding | 33,648,221 | 33,520,904 |
See accompanying notes to consolidated financial statements.
RESEARCH FRONTIERS INCORPORATED
Consolidated Statements of Shareholders’ Equity
Years ended December 31, 2025 and 2024
| Common Stock | Additional Paid-in | Accumulated | ||||||||||||||||||
| Shares | Amount | Capital | Deficit | Total | ||||||||||||||||
| Balance, December 31, 2023 | 33,509,287 | $ | 3,351 | $ | 127,779,221 | $ | (124,264,841 | ) | $ | 3,517,731 | ||||||||||
| Exercise of options | 8,500 | 1 | 8,669 | - | 8,670 | |||||||||||||||
| Share-based compensation | - | - | 89,316 | - | 89,316 | |||||||||||||||
| Issuance of common stock and warrants | 130,434 | 13 | 299,987 | - | 300,000 | |||||||||||||||
| Net loss | - | - | - | (1,311,382 | ) | (1,311,382 | ) | |||||||||||||
| Balance, December 31, 2024 | 33,648,221 | 3,365 | 128,177,193 | (125,576,223 | ) | 2,604,335 | ||||||||||||||
| Share-based compensation | - | - | 374,875 | - | 374,875 | |||||||||||||||
| Net loss | - | - | - | (2,045,584 | ) | (2,045,584 | ) | |||||||||||||
| Balance, December 31, 2025 | 33,648,221 | $ | 3,365 | $ | 128,552,068 | $ | (127,621,807 | ) | $ | 933,626 | ||||||||||
See accompanying notes to consolidated financial statements.
RESEARCH FRONTIERS INCORPORATED
Consolidated Statements of Cash Flows
Years ended December 31, 2025 and 2024
| 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (2,045,584 | ) | $ | (1,311,382 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 12,386 | 26,169 | ||||||
| Share-based compensation | 374,875 | 89,316 | ||||||
| Credit loss expense | 154,253 | 25,001 | ||||||
| ROU asset amortization | 174,288 | 237,394 | ||||||
| Change in assets and liabilities: | ||||||||
| Royalty receivables | 95,294 | 320,190 | ||||||
| Prepaid expenses and other assets | 22,521 | 3,294 | ||||||
| Accounts payable and accrued expenses | 12,681 | 74,080 | ||||||
| Operating lease liability | (129,875 | ) | (252,881 | ) | ||||
| Net cash used in operating activities | (1,329,161 | ) | (788,819 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of fixed assets | (726 | ) | (1,623 | ) | ||||
| Net cash used in investing activities | (726 | ) | (1,623 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Net proceeds from exercise of options | - | 8,670 | ||||||
| Proceeds from issuance of common stock and warrants | - | 300,000 | ||||||
| Net cash provided by financing activities | - | 308,670 | ||||||
| Net decrease in cash and cash equivalents | (1,329,887 | ) | (481,772 | ) | ||||
| Cash and cash equivalents, at beginning of year | 1,994,186 | 2,475,958 | ||||||
| Cash and cash equivalents, at end of year | $ | 664,299 | $ | 1,994,186 | ||||
| Supplemental disclosure of noncash items: | ||||||||
| Operating lease assets obtained for operating lease liabilities | $ | - | $ | 1,281,319 |
See accompanying notes to consolidated financial statements.
FAQ**
How does Research Frontiers Incorporated REFR plan to leverage its first North American OEM serial production, specifically with the Cadillac Celestiq, to drive future revenue growth in the automotive market?
What strategies is Research Frontiers Incorporated REFR implementing to mitigate the impact of the restructuring or bankruptcy of its licensees on royalty flows moving forward?
Can you elaborate on how the architectural retrofit market entry by Research Frontiers Incorporated REFR will affect its overall market reach and revenue potential in the coming years?
With the advancements in SPD film technology at Research Frontiers Incorporated REFR, what competitive advantages do you foresee in terms of aesthetic integration and manufacturing efficiency within the automotive and architectural sectors?
**MWN-AI FAQ is based on asking OpenAI questions about Research Frontiers Incorporated (NASDAQ: REFR).
NASDAQ: REFR
REFR Trading
-2.47% G/L:
$0.98 Last:
37,267 Volume:
$0.99 Open:
