Research Frontiers Reports Fourth Quarter and Year-End 2025 Financial Results and Will Host a Conference Call at 4:30p.m. Today
Rhea-AI Summary
Research Frontiers (Nasdaq: REFR) reported 2025 results and will host a conference call March 5, 2026 at 4:30 PM ET. Key 2025 developments included the Cadillac Celestiq first North American OEM serial production, Ferrari royalty recognition, an architectural retrofit product introduction, and SPD film advances.
For year ended December 31, 2025, revenue was approximately $1.12 million, net loss approximately $2.05 million, cash ~$0.7 million, working capital ~$0.9 million, and a subsequent private placement raised $1.1 million.
Positive
- First North American OEM serial production with Cadillac Celestiq
- Ferrari program met minimum royalty thresholds in Q3 and Q4 2025
- Introduced scalable architectural SPD retrofit enabling conversions without full window replacement
- Raised $1.1 million in a post-year-end private placement
Negative
- Revenue only $1.12M for 2025, reflecting low near-term royalty cash flows
- Net loss of approximately $2.05M for 2025
- Revenue recognition was negatively impacted by restructurings/bankruptcies of two licensees, delaying royalties
- Year-end liquidity was constrained: cash ~$0.7M and working capital ~$0.9M
Key Figures
Market Reality Check
Previous Conferences,earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 06 | Q3 2025 earnings | Positive | -1.3% | Reported Q3 2025 results, retrofit rollout and Ferrari royalty normalization. |
| Aug 07 | Q2 2025 earnings | Negative | -2.5% | Q2 2025 results with widened net loss and licensee bankruptcy impact. |
| May 08 | Q1 2025 earnings | Positive | +33.6% | Strong Q1 2025 royalty growth from Ferrari and Cadillac programs. |
| May 05 | Q1 call announcement | Neutral | +3.0% | Scheduled Q1 2025 earnings call with details for investor participation. |
| Mar 06 | 2024 results release | Neutral | +0.8% | Released 2024 results and set conference call to discuss performance. |
Earnings and conference-call headlines have usually led to modest moves, with mostly aligned reactions and one notable divergence on Q3 2025 results.
Over the last year, earnings and conference-call updates for Research Frontiers have centered on SPD-SmartGlass commercialization and improving balance sheet metrics. Q1 2025 results on May 8, 2025 produced the largest move at +33.61%, while Q2 and Q3 2025 earnings on August 7 and November 6 saw small declines despite operational progress. Earlier, the 2024 results release on March 6, 2025 and the Q1 2025 call announcement on May 5, 2025 triggered low-single-digit gains, framing today’s full-year 2025 report within a pattern of generally moderate reactions.
Historical Comparison
In the past year, REFR issued 5 earnings/call updates tagged similarly, with an average move of 6.72%, ranging from mild declines to a +33.61% spike.
Recent same-tag events track the company from 2024 results through Q1–Q3 2025, showing growing SPD-SmartGlass royalties, retrofit launches, and a debt-free balance sheet ahead of the 2025 year-end report.
Market Pulse Summary
This announcement delivers full-year 2025 metrics and strategic milestones, including first North American OEM serial production and entry into architectural retrofit markets. Financially, revenue reached $1.12 million with a net loss of $2.05 million, ending debt-free with $0.7 million cash and $0.9 million working capital, later supplemented by a $1.1 million private placement. Historical earnings releases show varied stock reactions, so tracking future royalty growth and liquidity trends remains important.
Key Terms
oem technical
retrofit technical
electronically dimmable windows technical
AI-generated analysis. Not financial advice.
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
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
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 | 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 | 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
What did Research Frontiers (REFR) report for full-year 2025 revenue and net loss?
What does the Cadillac Celestiq production mean for Research Frontiers (REFR)?
How much did Research Frontiers raise after year-end and who participated in the private placement?
Did the Ferrari program generate royalties for Research Frontiers in 2025?
When and how can investors listen to Research Frontiers’ March 5, 2026 conference call?
How strong is Research Frontiers’ liquidity position entering 2026 (REFR)?
