Research Frontiers Inc Financials
Research Frontiers Inc (REFR) reported $1.1M in revenue for fiscal year 2025, down 16.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A modest-revenue business is still funding ongoing losses from its balance sheet, rather than from revenue alone.
Capital spending was negligible at$726 in FY2025, so free cash flow and operating cash flow moved almost together. The move from-$789K in FY2024 to-$1.33M of operating cash burn shows the strain came from core operations, not from a temporary reinvestment push.
Near-term liquidity still looks workable with a 3.8x current ratio, but the cushion is materially thinner because cash fell to
The operating cost base is still too large for current sales: R&D alone was
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Research Frontiers Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Research Frontiers Inc scores -74.54, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($15.3M) relative to total liabilities ($1.3M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Research Frontiers Inc passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
Research Frontiers Inc reported a net loss of $2.0M while operations used $1.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Research Frontiers Inc generated $1.1M in revenue in fiscal year 2025. This represents a decrease of 16.0% from the prior year.
Research Frontiers Inc's EBITDA was -$2.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 48.6% from the prior year.
Research Frontiers Inc reported -$2.0M in net income in fiscal year 2025. This represents a decrease of 56.0% from the prior year.
Research Frontiers Inc earned -$0.06 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 50.0% from the prior year.
Cash & Balance Sheet
Research Frontiers Inc recorded an outflow of $1.3M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 68.2% from the prior year.
Research Frontiers Inc held $664K in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Research Frontiers Inc's ROE was -219.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 168.8 percentage points from the prior year.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Research Frontiers Inc invested $609K in research and development in fiscal year 2025. This represents an increase of 6.8% from the prior year.
Research Frontiers Inc invested $726 in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 55.3% from the prior year.
Not reported for fiscal year 2025.
REFR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $654K | $1.1M-16.0% | $1.3M+46.8% | $910K+68.5% | $540K-57.3% | $1.3M+52.5% | $828K-47.0% | $1.6M+5.1% | $1.5M-1.4% | $1.5M+22.1% | $1.2M-38.4% | $2.0M+25.6% | $1.6M | N/A | N/A | N/A |
| R&D Expenses | $551K | $609K+6.8% | $570K-2.3% | $583K-4.2% | $609K+5.0% | $580K-7.7% | $628K-39.3% | $1.0M+19.9% | $863K+8.0% | $800K-43.6% | $1.4M-10.8% | $1.6M-2.1% | $1.6M-26.4% | $2.2M+31.8% | $1.7M+20.2% | $1.4M |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $3.1M-23.5% | $4.1M-13.8% | $4.7M+7.2% | $4.4M-26.7% | $6.0M+47.2% | $4.1M+13.3% | $3.6M |
| Operating Income | -$2.3M | -$2.1M-47.9% | -$1.4M+29.1% | -$2.0M+22.5% | -$2.6M-42.8% | -$1.8M+28.7% | -$2.6M+18.2% | -$3.1M-30.2% | -$2.4M0.0% | -$2.4M+43.3% | -$4.3M+1.3% | -$4.3M+2.8% | -$4.4M+26.8% | -$6.1M-59.3% | -$3.8M+8.3% | -$4.2M |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -$613K | $0 |
| Net Income | -$2.2M | -$2.0M-56.0% | -$1.3M+31.3% | -$1.9M+28.5% | -$2.7M-44.6% | -$1.8M+21.1% | -$2.3M+38.5% | -$3.8M-41.8% | -$2.7M-11.3% | -$2.4M+43.0% | -$4.2M+1.0% | -$4.3M+3.0% | -$4.4M+26.9% | -$6.0M-90.6% | -$3.2M+23.3% | -$4.1M |
| EPS (Diluted) | — | -$0.06-50.0% | -$0.04+33.3% | -$0.06+25.0% | -$0.08 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
REFR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.3M-44.3% | $4.0M+4.9% | $3.9M-28.2% | $5.4M+18.0% | $4.5M-26.7% | $6.2M-24.9% | $8.3M+103.4% | $4.1M+40.9% | $2.9M-45.4% | $5.3M-44.7% | $9.5M-24.0% | $12.6M+4.4% | $12.0M-16.5% | $14.4M+226.3% | $4.4M |
| Current Assets | $1.1M-58.3% | $2.7M-23.2% | $3.6M-27.3% | $4.9M+24.6% | $3.9M-27.2% | $5.4M-25.7% | $7.3M+96.9% | $3.7M+56.9% | $2.4M-48.5% | $4.6M-47.1% | $8.7M-16.3% | $10.4M-13.2% | $11.9M-16.7% | $14.3M+232.4% | $4.3M |
| Cash & Equivalents | $664K-66.7% | $2.0M-19.5% | $2.5M-41.5% | $4.2M+1467.2% | $270K-94.3% | $4.8M-27.6% | $6.6M+122.0% | $3.0M+70.9% | $1.7M+2.7% | $1.7M-70.4% | $5.7M-24.5% | $7.6M+29.0% | $5.9M-30.1% | $8.4M+249.1% | $2.4M |
| Accounts Receivable | $409K-37.9% | $658K-34.4% | $1.0M+70.2% | $590K | N/A | N/A | N/A | $690K+15.4% | $597K-46.5% | $1.1M-15.0% | $1.3M+11.9% | $1.2M+35.5% | $867K+26.0% | $688K | N/A |
| Total Liabilities | $1.3M-8.2% | $1.4M+331.3% | $333K-41.6% | $570K-25.3% | $762K-12.6% | $872K-27.3% | $1.2M+25.1% | $959K+205.7% | $314K-15.0% | $369K-21.1% | $468K-3.0% | $483K+197.4% | $162K-33.0% | $242K-21.8% | $310K |
| Current Liabilities | $298K+10.7% | $269K-3.0% | $277K-8.1% | $302K+1.3% | $298K+31.8% | $226K-41.6% | $387K-15.3% | $458K+45.9% | $314K-15.0% | $369K-21.1% | $468K-3.0% | $483K+197.4% | $162K-33.0% | $242K-21.8% | $310K |
| Total Equity | $934K-64.2% | $2.6M-26.0% | $3.5M-26.7% | $4.8M+26.8% | $3.8M-29.0% | $5.3M-24.5% | $7.1M+127.7% | $3.1M+20.7% | $2.6M-47.7% | $4.9M-46.0% | $9.1M-24.9% | $12.1M+1.8% | $11.9M-16.2% | $14.2M+245.1% | $4.1M |
| Retained Earnings | -$127.6M-1.6% | -$125.6M-1.1% | -$124.3M-1.6% | -$122.4M-2.2% | -$119.7M-1.6% | -$117.8M-2.0% | -$115.5M-3.4% | -$111.7M-2.4% | -$109.1M-2.3% | -$106.6M-4.1% | -$102.4M-4.4% | -$98.1M-4.7% | -$93.7M-7.1% | -$87.5M-3.6% | -$84.4M |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
REFR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.6M | -$1.3M-68.5% | -$789K+65.6% | -$2.3M-5.1% | -$2.2M-21.0% | -$1.8M+19.9% | -$2.3M-8.2% | -$2.1M-0.6% | -$2.1M-40.8% | -$1.5M+63.3% | -$4.0M-11.9% | -$3.6M-7.7% | -$3.3M-2.4% | -$3.2M-21.1% | -$2.7M+20.1% | -$3.4M |
| Capital Expenditures | $622 | $726-55.3% | $2K+4.2% | $2K+22.6% | $1K+18.0% | $1K-98.1% | $57K-13.4% | $65K+459.7% | $12K+78.1% | $7K-44.1% | $12K-96.3% | $316K-49.6% | $628K+1142.0% | $51K+336.6% | $12K-7.5% | $13K |
| Free Cash Flow | -$1.6M | -$1.3M-68.2% | -$790K+65.6% | -$2.3M-5.2% | -$2.2M-21.0% | -$1.8M+21.8% | -$2.3M-7.5% | -$2.1M-3.1% | -$2.1M-41.0% | -$1.5M+63.2% | -$4.0M-3.1% | -$3.9M+1.4% | -$4.0M-19.9% | -$3.3M-22.5% | -$2.7M+20.0% | -$3.4M |
| Investing Cash Flow | -$622 | -$726+55.3% | -$2K-102.9% | $56K-97.9% | $2.7M+196.7% | -$2.8M-5171.8% | -$53K+19.1% | -$65K-459.7% | -$12K-100.8% | $1.5M+10037.0% | -$15K-101.3% | $1.2M | N/A | N/A | -$3.6M-182.8% | -$1.3M |
| Financing Cash Flow | N/A | N/A | $309K-36.3% | $485K-86.0% | $3.5M+3899.4% | $86K-82.3% | $486K-91.6% | $5.8M+74.1% | $3.3M | N/A | N/A | $548K | N/A | N/A | $12.3M+18467.8% | $66K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
REFR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -190.2% | -108.0% | -223.5% | -486.4% | -145.6% | -311.1% | -201.4% | -162.4% | -160.3% | -345.3% | -215.4% | -278.3% | N/A | N/A | N/A |
| Net Margin | -182.4% | -98.2% | -209.8% | -494.6% | -146.2% | -282.6% | -243.5% | -180.4% | -160.0% | -342.9% | -213.2% | -276.1% | N/A | N/A | N/A |
| Return on Equity | -219.1%-168.8pp | -50.3%+3.9pp | -54.3%+1.4pp | -55.6%-6.9pp | -48.8%-4.8pp | -43.9%+10.0pp | -54.0%+32.7pp | -86.7%+7.4pp | -94.0%-7.6pp | -86.4%-39.2pp | -47.2%-10.6pp | -36.5%+14.4pp | -50.9%-28.5pp | -22.4%+78.3pp | -100.6% |
| Return on Assets | -90.8%-58.4pp | -32.5%+17.1pp | -49.6%+0.2pp | -49.7%-9.1pp | -40.6%-2.9pp | -37.8%+8.4pp | -46.1%+20.0pp | -66.2%+17.6pp | -83.8%-3.4pp | -80.4%-35.5pp | -44.8%-9.7pp | -35.1%+15.1pp | -50.2%-28.2pp | -22.0%+71.6pp | -93.6% |
| Current Ratio | 3.84-6.4x | 10.21-2.7x | 12.89-3.4x | 16.30+3.0x | 13.26-10.8x | 24.01+5.1x | 18.86+10.7x | 8.11+0.6x | 7.54-4.9x | 12.43-6.1x | 18.53-3.0x | 21.48-52.1x | 73.59+14.5x | 59.13+45.2x | 13.91 |
| Debt-to-Equity | 1.41+0.9x | 0.55+0.5x | 0.090.0x | 0.12-0.1x | 0.200.0x | 0.160.0x | 0.17-0.1x | 0.31+0.2x | 0.120.0x | 0.080.0x | 0.050.0x | 0.040.0x | 0.010.0x | 0.02-0.1x | 0.08 |
| FCF Margin | -118.6% | -59.2% | -252.5% | -404.7% | -142.9% | -278.7% | -137.3% | -139.9% | -97.9% | -325.0% | -194.1% | -247.1% | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Research Frontiers Inc Ranks
Frequently Asked Questions
What is Research Frontiers Inc's annual revenue?
Research Frontiers Inc (REFR) reported $1.1M in total revenue for fiscal year 2025. This represents a -16.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Research Frontiers Inc's revenue growing?
Research Frontiers Inc (REFR) revenue declined by 16.0% year-over-year, from $1.3M to $1.1M in fiscal year 2025.
Is Research Frontiers Inc profitable?
No, Research Frontiers Inc (REFR) reported a net income of -$2.0M in fiscal year 2025.
What is Research Frontiers Inc's EBITDA?
Research Frontiers Inc (REFR) had EBITDA of -$2.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Research Frontiers Inc's return on equity (ROE)?
Research Frontiers Inc (REFR) has a return on equity of -219.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Research Frontiers Inc's free cash flow?
Research Frontiers Inc (REFR) recorded an outflow of $1.3M in free cash flow during fiscal year 2025. This represents a -68.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Research Frontiers Inc's operating cash flow?
Research Frontiers Inc (REFR) recorded an outflow of $1.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Research Frontiers Inc's total assets?
Research Frontiers Inc (REFR) had $2.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Research Frontiers Inc's capital expenditures?
Research Frontiers Inc (REFR) invested $726 in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Research Frontiers Inc spend on research and development?
Research Frontiers Inc (REFR) invested $609K in research and development during fiscal year 2025.
What is Research Frontiers Inc's current ratio?
Research Frontiers Inc (REFR) had a current ratio of 3.84 as of fiscal year 2025, which is generally considered healthy.
What is Research Frontiers Inc's debt-to-equity ratio?
Research Frontiers Inc (REFR) had a debt-to-equity ratio of 1.41 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Research Frontiers Inc's return on assets (ROA)?
Research Frontiers Inc (REFR) had a return on assets of -90.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Research Frontiers Inc's cash runway?
Based on fiscal year 2025 data, Research Frontiers Inc (REFR) had $664K in cash against an annual operating cash burn of $1.3M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Research Frontiers Inc's Altman Z-Score?
Research Frontiers Inc (REFR) has an Altman Z-Score of -74.54, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Research Frontiers Inc's Piotroski F-Score?
Research Frontiers Inc (REFR) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Research Frontiers Inc's earnings high quality?
Research Frontiers Inc (REFR) reported a net loss of $2.0M while operations used $1.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Research Frontiers Inc?
Research Frontiers Inc (REFR) scores 49 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.