Research Frontiers Reports Third Quarter 2025 Financial Results and Will Host a Conference Call at 4:30p.m. Today
MWN-AI** Summary
Research Frontiers Inc. (Nasdaq: REFR) reported its financial results for the third quarter of 2025, showing promising growth and operational developments. The company’s results and insights will be discussed in a conference call hosted by President and CEO Joseph M. Harary today at 4:30 p.m. ET, accessible via dial-in and a conference link provided by the company.
Key highlights from the report include the launch of their new retrofit system for SPD-SmartGlass, which received positive acclaim at GlassBuild 2025 in Orlando. This initiative enables retrofitting of SPD-SmartGlass in existing buildings, a venture that could substantially boost its market presence. Additionally, the company noted continued growth in its automotive segment, with royalty income increasing year-over-year despite business transitions among licensees. This includes recognition of royalties related to Ferrari, which is set to further enhance revenues.
Research Frontiers also highlighted its strong position in the industry, with upcoming presentations and participation at significant events like the Automotive Glazing Conference in Detroit. The conference will see Harary delivering a keynote address, emphasizing the company’s leadership in SPD technology.
Financially, the company remains stable with no debt and a cash position of $1.13 million as of September 30, 2025. Year-to-date revenues reached $1.05 million, with an increase noted in royalties adjusted for prior one-time events. However, the company also recorded a net loss of $1.28 million, marking an increase from $703,442 compared to the same period last year, amid rising operational expenses.
Overall, Research Frontiers continues to demonstrate momentum in its technology and market expansion, signaling a hopeful outlook for future quarters. For further details, stakeholders should refer to the company’s Quarterly Report on Form 10-Q filed with the SEC.
MWN-AI** Analysis
Research Frontiers Inc. (Nasdaq: REFR) has unveiled its financial results for the third quarter of 2025, showing both challenges and opportunities that merit close investor attention. The anticipation surrounding the company's innovation, specifically the newly introduced retrofit system for SPD-SmartGlass, is substantial. The positive reception from industry stakeholders at GlassBuild 2025 signals a potential uptick in demand, which could bolster revenues from the architectural sector.
Despite a reported net loss of $1.28 million for the quarter, up from $703,442 year-over-year, the steady increase in royalty income from the automotive segment is promising. Significantly, the transition of Ferrari's SPD-SmartGlass business to a new licensee has exceeded minimum royalty thresholds, potentially unlocking more revenue in Q4 2025 and beyond. The company's strong position in the automotive glazing market is further underpinned by its leadership's upcoming keynote at the Automotive Glazing Conference, enhancing brand visibility and credibility in a rapidly growing niche.
Financially, Research Frontiers maintains a debt-free status, with $1.13 million in cash and $1.4 million in working capital, reflecting prudent financial management. However, it is crucial to note the declining cash balance since the beginning of the year. Although operating expenses have risen to $2.4 million, the company's commitment to R&D indicates a focus on innovation that could yield returns.
With SPD-SmartGlass technology outpacing competitors in key metrics, it supports ongoing growth initiatives across various sectors, including automotive, architecture, and possibly aviation. Investors should watch for insights during today’s 4:30 p.m. conference call to gauge management’s future outlook and strategy. Given the current trajectory and potential for market expansion, REFR could present an attractive opportunity if early signals from its product launches translate effectively into financial performance.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
WOODBURY, N.Y., Nov. 06, 2025 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR ) announced its financial results for its third quarter of 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, November 6, 2025, 4:30 PM ET | |
| • | Dial-in Information: 1-888-334-5785 | |
| • | Conference Link: https://join.broaddata.com/?id=research-frontiers | |
| • | Replay: Available on Friday, November 7, 2025 for 90 days at https://smartglass-ir.com/ | |
Key Comments:
| 1. | Newly-Introduced Retrofit System for SPD-SmartGlass in the Architectural Market . The debut of the SPD-Smart retrofit window system this week at GlassBuild 2025 in Orlando started the commercial rollout of the ability to retrofit SPD-SmartGlass in government and commercial buildings and homes. AIT Group, Gauzy, and Research Frontiers collaboration for this event resulted in the SPD-SmartGlass retrofit system receiving enthusiastically positive responses from architects, fabricators, and building owners. |
| 2. | Automotive Market Growth and Expansion . Royalty income in the automotive segment grew year-over-year and sequentially even with the transfer of the Ferrari SPD-SmartGlass business from one Research Frontiers licensee to another. As of the third quarter, minimum annual royalty thresholds have now been exceeded by this licensee, allowing full recognition of Ferrari-related royalties in Q4 and setting the stage for further growth. |
| 3. | Industry Recognition and Leadership . Research Frontiers’ technology and leadership will be prominently featured at the Automotive Glazing Conference in Detroit on November 18–19, where President and CEO Joseph M. Harary will deliver the keynote address and serve as Chairman of the Conference. The event brings together executives and engineers from global OEMs and their suppliers, underscoring the growing influence of SPD technology within the automotive glazing community. SPD-SmartGlass is scheduled to continue to be prominently featured at major global showcases throughout 2026. |
| 4. | Technology Outlook . SPD-SmartGlass continues to outperform competing smart-glass technologies in clarity, speed, durability, and shading range. Progress in the development of a black SPD film and strategic investor and licensee Gauzy’s prefabricated lamination stacks further enhance optical uniformity, IR/UV performance, and manufacturability—enabling faster adoption and lower production costs. |
| 5. | Operational Results and Financial Stability . Research Frontiers’ third quarter of 2025 showed continued progress across its core markets, with royalties increasing year-over-year and sequentially after adjusting for one-time events in 2024. The Company remains debt-free, with $1.13 million in cash and working capital of $1.4 million as of September 30, 2025, reflecting disciplined financial management and efficient operations. |
“SPD-SmartGlass is gaining traction worldwide. Whether it’s the retrofit glass system unveiled this week in Orlando or the expanding list of automotive, aircraft and architectural programs, our licensees are proving that SPD-SmartGlass technology delivers performance, reliability, and scalability. We’ve built the foundation, and now we’re seeing that effort translate into market momentum and global recognition.” said Joseph M. Harary, President and CEO of Research Frontiers.
For more details, please see the Company’s Quarterly Report on Form 10-Q 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
Condensed Consolidated Balance Sheets
| September 30, 2025 (Unaudited) | December 31, 2024 (See Note 1) | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,130,390 | $ | 1,994,186 | ||||
| Royalties receivable, net of reserves of $1,354,850 in 2025 and $1,253,450 in 2024, respectively | 371,878 | 658,213 | ||||||
| Prepaid expenses and other current assets | 112,604 | 93,490 | ||||||
| Total current assets | 1,614,872 | 2,745,889 | ||||||
| Fixed assets, net | 6,355 | 15,052 | ||||||
| Operating lease ROU assets | 1,092,033 | 1,222,640 | ||||||
| Deposits and other assets | 56,066 | 56,066 | ||||||
| Total assets | $ | 2,769,326 | $ | 4,039,647 | ||||
| Liabilities and Shareholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Current portion of operating lease liability | $ | 141,894 | $ | 129,875 | ||||
| Accounts payable | 29,137 | 85,825 | ||||||
| Accrued expenses | 35,721 | 53,327 | ||||||
| Deferred revenue | 5,336 | - | ||||||
| Total current liabilities | 212,088 | 269,027 | ||||||
| Operating lease liability, net of current portion | 1,057,720 | 1,166,285 | ||||||
| Total liabilities | 1,269,808 | 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 | 128,352,397 | 128,177,193 | ||||||
| Accumulated deficit | (126,856,244 | ) | (125,576,223 | ) | ||||
| Total shareholders’ equity | 1,499,518 | 2,604,335 | ||||||
| Total liabilities and shareholders’ equity | $ | 2,769,326 | $ | 4,039,647 |
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Operations
(Unaudited)
| Nine months ended September 30, | Three months ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Fee income | $ | 1,049,125 | $ | 1,157,380 | $ | 359,444 | $ | 354,408 | ||||||||
| Operating expenses | 1,934,041 | 1,565,152 | 521,642 | 454,866 | ||||||||||||
| Research and development | 473,709 | 409,817 | 141,746 | 131,246 | ||||||||||||
| Total expenses | 2,407,750 | 1,974,969 | 663,388 | 586,112 | ||||||||||||
| Operating loss | (1,358,625 | ) | (817,589 | ) | (303,944 | ) | (231,704 | ) | ||||||||
| Net interest income | 31,247 | 78,995 | 5,436 | 29,736 | ||||||||||||
| Other income | 47,357 | 35,152 | - | 35,152 | ||||||||||||
| Net loss | $ | (1,280,021 | ) | $ | (703,442 | ) | $ | (298,508 | ) | $ | (166,816 | ) | ||||
| Basic and diluted net loss per common share | $ | (0.04 | ) | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.00 | ) | ||||
| Weighted average number of common shares outstanding | 33,648,221 | 33,515,327 | 33,648,221 | 33,517,787 |
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Shareholders’ Equity
(Unaudited)
For the nine months ended September 30, 2025 and 2024
| Common Stock | Additional | Accumulated | ||||||||||||||||||
| Shares | Amount | Paid-in Capital | Deficit | Total | ||||||||||||||||
| Balance, January 1, 2024 | 33,509,287 | $ | 3,351 | $ | 127,779,221 | $ | (124,264,841 | ) | $ | 3,517,731 | ||||||||||
| Exercise of options | 8,500 | 1 | 8,669 | - | 8,670 | |||||||||||||||
| Net loss | - | - | - | (703,442 | ) | (703,442 | ) | |||||||||||||
| Balance, September 30, 2024 | 33,517,787 | $ | 3,352 | $ | 127,787,890 | $ | (124,968,283 | ) | $ | 2,822,959 | ||||||||||
| Balance, January 1, 2025 | 33,648,221 | $ | 3,365 | $ | 128,177,193 | $ | (125,576,223 | ) | $ | 2,604,335 | ||||||||||
| Share-based compensation | - | - | 175,204 | - | 175,204 | |||||||||||||||
| Net loss | - | - | - | (1,280,021 | ) | (1,280,021 | ) | |||||||||||||
| Balance, September 30, 2025 | 33,648,221 | $ | 3,365 | $ | 128,352,397 | $ | (126,856,244 | ) | $ | 1,499,518 |
For the three months ended September 30, 2025 and 2024
| Common Stock | Additional | Accumulated | ||||||||||||||||||
| Shares | Amount | Paid-in Capital | Deficit | Total | ||||||||||||||||
| Balance, June 30, 2024 | 33,517,787 | $ | 3,352 | $ | 127,787,890 | $ | (124,801,467 | ) | $ | 2,989,775 | ||||||||||
| Net loss | - | - | - | (166,816 | ) | (166,816 | ) | |||||||||||||
| Balance, September 30, 2024 | 33,517,787 | $ | 3,352 | $ | 127,787,890 | $ | (124,968,283 | ) | $ | 2,822,959 | ||||||||||
| Balance, June 30, 2025 | 33,648,221 | $ | 3,365 | $ | 128,352,397 | $ | (126,557,736 | ) | $ | 1,798,026 | ||||||||||
| Net loss | - | - | - | (298,508 | ) | (298,508 | ) | |||||||||||||
| Balance, September 30, 2025 | 33,648,221 | $ | 3,365 | $ | 128,352,397 | $ | (126,856,244 | ) | $ | 1,499,518 |
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| Nine months ended September 30, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (1,280,021 | ) | $ | (703,442 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 9,279 | 19,582 | ||||||
| Share-based compensation | 175,204 | - | ||||||
| Credit loss expense | 124,253 | 25,001 | ||||||
| ROU asset amortization | 130,607 | 107,229 | ||||||
| Change in assets and liabilities: | ||||||||
| Royalty receivables | 162,082 | (69,605 | ) | |||||
| Prepaid expenses and other assets | (19,114 | ) | (57,943 | ) | ||||
| Accounts payable and accrued expenses | (74,294 | ) | 1,033 | |||||
| Deferred revenue | 5,336 | - | ||||||
| Operating lease liability | (96,546 | ) | (157,754 | ) | ||||
| Net cash used in operating activities | (863,214 | ) | (835,899 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of fixed assets | (582 | ) | (742 | ) | ||||
| Net cash used in investing activities | (582 | ) | (742 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Net proceeds from exercise of options | - | 8,670 | ||||||
| Net cash provided by financing activities | - | 8,670 | ||||||
| Net decrease in cash and cash equivalents | (863,796 | ) | (827,971 | ) | ||||
| Cash and cash equivalents at beginning of year | 1,994,186 | 2,475,958 | ||||||
| Cash and cash equivalents at end of period | $ | 1,130,390 | $ | 1,647,987 |
FAQ**
What specific long-term growth strategies does Research Frontiers Incorporated (REFR) plan to implement following their positive reception of the SPD-Smart retrofit window system at GlassBuild 2025?
How does Research Frontiers Incorporated (REFR) intend to leverage the recent royalty income growth in the automotive market to further enhance its competitive edge?
What steps is Research Frontiers Incorporated (REFR) taking to reduce operational expenses, given their increased net loss despite a year-over-year growth in royalty income?
How does Research Frontiers Incorporated (REFR) plan to utilize its recent industry recognition at the Automotive Glazing Conference to expand its market presence and partnerships in the coming year?
**MWN-AI FAQ is based on asking OpenAI questions about Research Frontiers Incorporated (NASDAQ: REFR).
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