Research Frontiers Reports First Quarter 2026 Financial Results and Will Host a Conference Call at 4:30 p.m. Today
Rhea-AI Summary
Research Frontiers (Nasdaq: REFR) reported first-quarter 2026 results and will host a conference call today, May 7, 2026, at 4:30 p.m. ET to discuss financial and operating results and recent developments.
Management cited that reported revenues versus Q1 2025 were affected by timing of license revenue recognition and the non-recurrence of an upfront 2025 license payment. The company said automotive projects advanced across North America, Europe and Asia, SPD-Smart windows were produced for aircraft OEMs, and R&D on next-generation SPD film and retrofit initiatives progressed. See the company’s Form 10-Q for details.
AI-generated analysis. Not financial advice.
Positive
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Negative
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News Market Reaction – REFR
On the day this news was published, REFR declined 9.48%, reflecting a notable negative market reaction. Argus tracked a peak move of +2.0% during that session. Argus tracked a trough of -16.5% from its starting point during tracking. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $3M from the company's valuation, bringing the market cap to $28.95M at that time. Trading volume was elevated at 2.1x the daily average, suggesting increased selling activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
REFR was up about 0.69% while peers were mixed: SELX +2.75%, DAIO +2.84%, CPSH -1.09%, MTEK -4.49%, SGMA 0%, suggesting stock-specific trading around the earnings and call update.
Previous Conferences,earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 05 | Full-year 2025 earnings | Neutral | -1.0% | Reported 2025 financials, key OEM programs, cash and private placement details. |
| Nov 06 | Q3 2025 earnings | Neutral | -1.3% | Q3 2025 results, retrofit rollout, Ferrari royalty transition and cash position. |
| Aug 07 | Q2 2025 earnings | Neutral | -2.5% | Q2 2025 results with expanded OEM production and one-time charge impact. |
| May 08 | Q1 2025 earnings | Positive | +33.6% | Strong Q1 2025 royalty growth, reduced net loss and solid cash position. |
| May 05 | Q1 2025 call notice | Neutral | +3.0% | Announcement of Q1 2025 results release and accompanying conference call. |
Earnings and conference-call releases have produced mixed reactions, including a strong upside move after Q1 2025 but modest declines around several later quarterly and full-year reports.
Over the past year, Research Frontiers has regularly paired quarterly and annual results with conference calls, highlighting SPD-SmartGlass royalties, cash position, and automotive and retrofit initiatives. Prior same-tag events showed both operational progress and continued net losses, with one notably strong market reaction to Q1 2025 results and more muted or negative moves for later quarters and the 2025 year-end update. Today’s Q1 2026 release and call continue this cadence of sharing financials alongside strategic project updates.
Historical Comparison
In the past year, REFR had 5 earnings-plus-call releases tagged similarly, with an average move of 6.36%. Today’s roughly 0.69% change sits below that typical volatility range.
Recent same-tag events track a sequence of quarterly and full-year 2025 reports, showing evolving SPD-SmartGlass royalties, cash and working capital levels, followed by the current transition into 2026 results.
Market Pulse Summary
The stock moved -9.5% in the session following this news. A negative reaction despite operational updates would fit prior patterns where several earnings releases, including Q2–Q4 2025, saw modest declines. Historical same-tag moves averaged about 6.36%, so a sharp drop could still fall within past volatility. In similar situations, investors focused on fee income trends, recurring net losses, concentration in a few major licensees, and overall cash and working capital levels when weighing whether selling pressure might persist.
Key Terms
electronically dimmable windows technical
AI-generated analysis. Not financial advice.
WOODBURY, N.Y., May 07, 2026 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its first quarter of 2026. 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, May 7, 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, May 8, 2026 for 90 days at https://smartglass-ir.com/ |
Joseph M. Harary, President and CEO of Research Frontiers noted:
“First quarter reported revenues compared to the same period last year were affected by the timing of revenue recognition under our license agreements and the non-recurrence of upfront revenue recognized from a new license agreement entered into during the first quarter of 2025.”
“During the quarter, we made progress across multiple strategic initiatives. Automotive projects initiated in North America, Europe and Asia advanced forward in 2026. In addition, SPD-Smart electronically dimmable windows were produced for OEMs and other customers in the aircraft industry during the first and second quarter of 2026. We also advanced our SPD-Smart architectural retrofit initiatives, next-generation black SPD film technology, and additional SPD product and R&D initiatives.”
For more details, please see the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ending March 31, 2026.
About Research Frontiers
Research Frontiers (Nasdaq: REFR) is a publicly traded technology company and the developer of patented SPD-Smart light-control film technology that 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
| March 31, 2026 | December 31, 2025 | |||||||
| (Unaudited) | (See Note 1) | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,279,301 | $ | 664,299 | ||||
| Royalties receivable, net of reserves of | 544,985 | 408,666 | ||||||
| Prepaid expenses and other current assets | 192,457 | 70,969 | ||||||
| Total current assets | 2,016,743 | 1,143,934 | ||||||
| Fixed assets, net | 3,147 | 3,393 | ||||||
| Operating lease ROU assets | 1,004,671 | 1,048,352 | ||||||
| Deposits and other assets | 56,066 | 56,066 | ||||||
| Total assets | $ | 3,080,627 | $ | 2,251,745 | ||||
| Liabilities and Shareholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Current portion of operating lease liability | $ | 149,471 | $ | 146,043 | ||||
| Accounts payable | 101,112 | 132,666 | ||||||
| Accrued expenses | 65,524 | 19,168 | ||||||
| Total current liabilities | 316,107 | 297,877 | ||||||
| Operating lease liability, net of current portion | 981,259 | 1,020,242 | ||||||
| Total liabilities | 1,297,366 | 1,318,119 | ||||||
| Shareholders’ equity: | ||||||||
| Common stock, par value | 3,487 | 3,365 | ||||||
| Additional paid-in capital | 129,926,946 | 128,552,068 | ||||||
| Accumulated deficit | (128,147,172 | ) | (127,621,807 | ) | ||||
| Total shareholders’ equity | 1,783,261 | 933,626 | ||||||
| Total liabilities and shareholders’ equity | $ | 3,080,627 | $ | 2,251,745 | ||||
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Operations
(Unaudited)
| Three months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Fee income | $ | 136,319 | $ | 559,776 | ||||
| Operating expenses | 521,382 | 636,476 | ||||||
| Research and development | 145,350 | 162,877 | ||||||
| Total expenses | 666,732 | 799,353 | ||||||
| Operating loss | (530,413 | ) | (239,577 | ) | ||||
| Net interest income | 5,048 | 14,533 | ||||||
| Other income | - | 47,357 | ||||||
| Net loss | $ | (525,365 | ) | $ | (177,687 | ) | ||
| Basic and diluted net loss per common share | $ | (0.02 | ) | $ | (0.01 | ) | ||
| Weighted average number of common shares outstanding | 34,159,694 | 33,648,221 | ||||||
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Shareholders’ Equity
(Unaudited)
For the three months ended March 31, 2026 and 2025
| Common Stock | Additional | Accumulated | ||||||||||||||||||
| Shares | Amount | Paid-in Capital | Deficit | Total | ||||||||||||||||
| Balance, January 1, 2025 | 33,648,221 | $ | 3,365 | $ | 128,177,193 | $ | (125,576,223 | ) | $ | 2,604,335 | ||||||||||
| Net loss | - | - | - | (177,687 | ) | (177,687 | ) | |||||||||||||
| Balance, March 31, 2025 | 33,648,221 | $ | 3,365 | $ | 128,177,193 | $ | (125,753,910 | ) | $ | 2,426,648 | ||||||||||
| Balance, January 1, 2026 | 33,648,221 | $ | 3,365 | $ | 128,552,068 | $ | (127,621,807 | ) | $ | 933,626 | ||||||||||
| Issuance of common stock and warrants | 1,219,565 | 122 | 1,374,878 | - | 1,375,000 | |||||||||||||||
| Net loss | - | - | - | (525,365 | ) | (525,365 | ) | |||||||||||||
| Balance, March 31, 2026 | 34,867,786 | $ | 3,487 | $ | 129,926,946 | $ | (128,147,172 | ) | $ | 1,783,261 | ||||||||||
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| Three months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (525,365 | ) | $ | (177,687 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 313 | 3,080 | ||||||
| ROU asset amortization | 43,681 | 43,244 | ||||||
| Change in assets and liabilities: | ||||||||
| Royalty receivables | (136,319 | ) | (310,846 | ) | ||||
| Prepaid expenses and other assets | (121,488 | ) | (105,188 | ) | ||||
| Accounts payable and accrued expenses | 14,802 | (62,255 | ) | |||||
| Operating lease liability | (35,555 | ) | (31,619 | ) | ||||
| Net cash used in operating activities | (759,931 | ) | (641,271 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of fixed assets | (67 | ) | (110 | ) | ||||
| Net cash used in investing activities | (67 | ) | (110 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Net proceeds from sale of common stock and warrants | 1,375,000 | - | ||||||
| Net cash provided by financing activities | 1,375,000 | - | ||||||
| Net increase (decrease) in cash and cash equivalents | 615,002 | (641,381 | ) | |||||
| Cash and cash equivalents at beginning of period | 664,299 | 1,994,186 | ||||||
| Cash and cash equivalents at end of period | $ | 1,279,301 | $ | 1,352,805 | ||||
