Research Frontiers Inc (REFR) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 8, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the REFR SEC filings page.
Research Frontiers Inc (REFR) reported $654K in revenue over the twelve months to Jun 30, 2026, down 46.5% from the prior twelve months. 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).
Research Frontiers remains cash-consuming, and its 2025 setback weakened an already thinner balance-sheet cushion.
Revenue fell16.0% in FY2025, but operating cash outflow widened68.5% to$1.3M ; that mismatch indicates the cost base did not flex down with weaker activity. The operating margin consequently deteriorated from-108.0% to-190.2% , making the latest decline more than a simple revenue fluctuation.
The balance sheet lost resilience: equity fell from
Cash conversion remains unfavorable because operating cash flow of
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 held $664K in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $1.3M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Research Frontiers Inc scores 22/100 among other emerging companies.
Research Frontiers Inc had 35M shares outstanding at the end of fiscal year 2025, against 34M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Research Frontiers Inc scores 66/100 among other emerging companies.
Research Frontiers Inc spent $609K on research and development in fiscal year 2025, which was 18.7% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Research Frontiers Inc scores 50/100 among other emerging companies.
Research Frontiers Inc reported revenue of $1.1M in fiscal year 2025, against $1.3M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Research Frontiers Inc scores 57/100 among other emerging companies.
Research Frontiers Inc's operations used $1.3M of cash in fiscal year 2025, against $789K used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Research Frontiers Inc scores 67/100 among other emerging companies.
Research Frontiers Inc's cash, cash equivalents and investments came to $664K at the end of fiscal year 2025, against $1.3M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Research Frontiers Inc scores 44/100 among other emerging companies.
Research Frontiers Inc scores -71.65, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($21.7M) 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 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 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 $86K in revenue in Q2 2026. This represents a decrease of 33.5% from the same quarter a year earlier. Against the prior quarter it is down 36.7%.
Research Frontiers Inc reported -$660K in net income in Q2 2026. This represents an increase of 17.9% from the same quarter a year earlier. Against the prior quarter it is down 25.7%.
Research Frontiers Inc earned -$0.02 per diluted share (EPS) in Q2 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.
Not reported for Q2 2026.
Cash & Balance Sheet
Research Frontiers Inc recorded an outflow of $191K in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 143.7% from the same quarter a year earlier. Against the prior quarter it is up 74.8%.
Research Frontiers Inc held $1.1M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Research Frontiers Inc's ROE was -58.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 14.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 29.3 percentage points.
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: 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 $129K in research and development in Q2 2026. This represents a decrease of 23.8% from the same quarter a year earlier. Against the prior quarter it is down 11.3%.
Research Frontiers Inc invested $38 in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 61.6% from the same quarter a year earlier. Against the prior quarter it is down 43.3%.
Not reported for Q2 2026.
REFR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $86K-33.5% | $136K-75.6% | $72K-59.5% | $359K+1.4% | $130K-73.5% | $560K+78.6% | $178K-42.9% | $354K+115.9% |
| R&D Expenses | $129K-23.8% | $145K-10.8% | $135K-15.7% | $142K+8.0% | $169K+31.2% | $163K+8.8% | $160K+4.6% | $131K-3.0% |
| Operating Income | -$670K+17.8% | -$530K-121.4% | -$774K-23.9% | -$304K-31.2% | -$815K-601.9% | -$240K+49.0% | -$624K-23.5% | -$232K+54.9% |
| EBITDA | N/A | -$530K-124.0% | -$771K-24.2% | -$301K-32.1% | -$812K-622.5% | -$237K+49.2% | -$621K-21.4% | -$228K+55.0% |
| Net Income | -$660K+17.9% | -$525K-195.7% | -$766K-25.9% | -$299K-78.9% | -$804K-754.9% | -$178K+59.9% | -$608K-26.7% | -$167K+64.7% |
| EPS (Basic) | -$0.020.0% | -$0.02-100.0% | -$0.020.0% | -$0.01 | -$0.02 | -$0.010.0% | -$0.020.0% | $0.00+100.0% |
| EPS (Diluted) | -$0.020.0% | -$0.02-100.0% | -$0.020.0% | -$0.01 | -$0.02 | -$0.01 | -$0.020.0% | $0.00+100.0% |
| Diluted Shares (Avg) | 35M+3.6% | 34M+1.5% | N/A | 34M+0.4% | 34M+0.4% | 34M | N/A | 34M0.0% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, SG&A Expenses, Interest Expense, Income Tax.
REFR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.5M-22.0% | $3.1M-18.2% | $2.3M-44.3% | $2.8M-7.7% | $3.2M-6.1% | $3.8M+6.9% | $4.0M+4.9% | $3.0M-29.1% |
| Current Assets | $1.5M-26.2% | $2.0M-20.0% | $1.1M-58.3% | $1.6M-43.4% | $2.0M-38.2% | $2.5M-23.4% | $2.7M-23.2% | $2.9M-27.1% |
| Cash & Equivalents | $1.1M-14.6% | $1.3M-5.4% | $664K-66.7% | $1.1M-31.4% | $1.3M-33.2% | $1.4M-35.4% | $2.0M-19.5% | $1.6M+213.9% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0-100.0% |
| Accounts Receivable | $208K-61.2% | $545K-43.8% | $409K-37.9% | $372K-64.5% | $536K-50.3% | $969K+1.3% | $658K-34.4% | $1.0M+45.3% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $1.4M-1.6% | $1.3M-3.3% | $1.3M-8.2% | $1.3M+621.2% | $1.4M+252.5% | $1.3M+205.3% | $1.4M+331.3% | $176K-52.9% |
| Current Liabilities | $411K+46.6% | $316K+50.0% | $298K+10.7% | $212K+20.5% | $280K-28.1% | $211K-52.1% | $269K-3.0% | $176K-33.4% |
| Non-Current Liabilities | $942K-14.0% | $981K-13.2% | $1.0M-12.5% | $1.1M | $1.1M | $1.1M | $1.2M+2006.6% | $0-100.0% |
| Total Equity | $1.1M-37.5% | $1.8M-26.5% | $934K-64.2% | $1.5M-46.9% | $1.8M-39.9% | $2.4M-21.3% | $2.6M-26.0% | $2.8M-26.7% |
| Retained Earnings | -$128.8M-1.8% | -$128.1M-1.9% | -$127.6M-1.6% | -$126.9M-1.5% | -$126.6M-1.4% | -$125.8M-0.8% | -$125.6M-1.1% | -$125.0M-1.0% |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$191K-143.9% | -$760K-18.5% | -$466K-1089.7% | -$144K+44.4% | -$78K+58.0% | -$641K-64.0% | $47K+108.6% | -$258K+50.7% |
| Depreciation & Amortization | N/A | $144-95.0% | $3K-23.7% | $3K-24.0% | $3K-23.0% | $3K-22.8% | $4K+165.6% | $4K-44.5% |
| Capital Expenditures | $38-61.6% | $67-39.1% | $144-83.7% | $373-36.6% | $99-4.8% | $110+120.0% | $881+200.7% | $588+1407.7% |
| Free Cash Flow | -$191K-143.7% | -$760K-18.5% | -$466K-1108.9% | -$144K+44.3% | -$79K+58.0% | -$641K-64.0% | $46K+108.4% | -$259K+50.6% |
| Investing Cash Flow | -$38+61.6% | -$67+39.1% | -$144+83.7% | -$373+36.6% | -$99+4.8% | -$110-120.0% | -$881-100.0% | -$588+100.0% |
| Financing Cash Flow | $0 | $1.4M | N/A | N/A | N/A | N/A | $300K | $0 |
Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid, Share Buybacks.
REFR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -775.7% | -389.1% | -1072.5% | -84.6%-19.2pp | -627.5% | -42.8% | -350.4% | -65.4% |
| Net Margin | -764.6% | -385.4% | -1061.5% | -83.0%-36.0pp | -618.8% | -31.7% | -341.3% | -47.1% |
| Return on Equity | -58.8%-14.1pp | -29.5%-22.1pp | -82.0%-58.7pp | -19.9%-14.0pp | -44.7%-41.6pp | -7.3%+7.0pp | -23.3%-9.7pp | -5.9%+6.3pp |
| Return on Assets | -26.7%-1.3pp | -17.1%-12.3pp | -34.0%-19.0pp | -10.8%-5.2pp | -25.3%-22.6pp | -4.7%+7.8pp | -15.0%-2.6pp | -5.6%+5.6pp |
| Current Ratio | 3.54-3.5x | 6.38-5.6x | 3.84-6.4x | 7.61-8.6x | 7.04-1.1x | 11.96+4.5x | 10.21-2.7x | 16.19+1.4x |
| Debt-to-Equity | 1.20+0.4x | 0.73+0.2x | 1.41+0.9x | 0.85+0.8x | 0.76+0.6x | 0.55+0.4x | 0.55+0.5x | 0.060.0x |
| Asset Turnover | 0.030.0x | 0.04-0.1x | 0.030.0x | 0.130.0x | 0.04-0.1x | 0.15+0.1x | 0.040.0x | 0.12+0.1x |
| FCF Margin | -221.6% | -557.5% | -646.2% | -40.0%+32.9pp | -60.5%-22.3pp | -114.6% | 25.9% | -72.9% |
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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Research Frontiers Inc REFR | FY2025 | $1.1M | -$2.0M | N/A | $21.7M | 51/100 |
| Semilux International Ltd. SELX | FY2024 | $3.7M | -$3.7M | N/A | $14.7M | 33/100 |
| Data I/O Corp DAIO | FY2025 | $21.5M | -$5.2M | -24.3% | $30.1M | 46/100 |
| CPS Technologies Corp. CPSH | FY2025 | $32.6M | $420K | 1.3% | $69.8M | 46/100 |
| Maris-Tech Ltd. MTEK | FY2025 | $1.3M | -$5.4M | N/A | $6.4M | 40/100 |
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 P/E ratio?
Research Frontiers Inc (REFR) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $21.7M as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Research Frontiers Inc's price-to-sales ratio?
Research Frontiers Inc (REFR) trades at 33.2x sales, its market capitalization divided by revenue of $654K revenue, trailing 12 months to June 30, 2026. The market capitalization is $21.7M as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Research Frontiers Inc's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Research Frontiers Inc (REFR) held $664K in cash, cash equivalents and investments, and reported an operating cash outflow of $1.3M over that year. Dividing the one by the other, the reported balance equals about 6 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Research Frontiers Inc's Altman Z-Score?
Research Frontiers Inc (REFR) has an Altman Z-Score of -71.65, 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 2 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 51 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.