Research Frontiers Reports Second Quarter 2025 Financial Results and Will Host a Conference Call at 4:30p.m. Today
Research Frontiers (Nasdaq: REFR) reported its Q2 2025 financial results, marked by both operational progress and challenges. The company saw expanded production of SPD-SmartGlass technology by Ferrari and Cadillac in H1 2025, with additional royalties from Mercedes and McLaren. However, financial results were impacted by one-time charges related to a European licensee's bankruptcy.
The company reported a net loss of $981,513 ($0.03 per share) for H1 2025, compared to $536,626 ($0.02 per share) in H1 2024. As of June 30, 2025, Research Frontiers maintained a strong financial position with $1.3 million in cash, $1.7 million in working capital, and zero debt. The company expects revenue growth across all segments and plans to launch a retrofit application in the architectural market later in 2025.
Research Frontiers (Nasdaq: REFR) ha comunicato i risultati finanziari del secondo trimestre 2025, caratterizzati da progressi operativi ma anche da alcune difficoltà. Nel primo semestre 2025, la produzione della tecnologia SPD-SmartGlass è aumentata grazie a Ferrari e Cadillac, con ulteriori royalties provenienti da Mercedes e McLaren. Tuttavia, i risultati finanziari sono stati influenzati da oneri una tantum legati al fallimento di un licenziatario europeo.
La società ha registrato una perdita netta di 981.513 dollari (0,03 dollari per azione) nel primo semestre 2025, rispetto a 536.626 dollari (0,02 dollari per azione) nel primo semestre 2024. Al 30 giugno 2025, Research Frontiers manteneva una solida posizione finanziaria con 1,3 milioni di dollari in contanti, 1,7 milioni di dollari di capitale circolante e nessun debito. L’azienda prevede una crescita dei ricavi in tutti i segmenti e ha in programma di lanciare un’applicazione retrofit per il mercato architettonico entro la fine del 2025.
Research Frontiers (Nasdaq: REFR) informó sus resultados financieros del segundo trimestre de 2025, mostrando tanto avances operativos como desafíos. La empresa experimentó una expansión en la producción de la tecnología SPD-SmartGlass por parte de Ferrari y Cadillac en el primer semestre de 2025, con regalías adicionales de Mercedes y McLaren. Sin embargo, los resultados financieros se vieron afectados por cargos extraordinarios relacionados con la bancarrota de un licenciatario europeo.
La compañía reportó una pérdida neta de 981,513 dólares (0.03 dólares por acción) en el primer semestre de 2025, en comparación con 536,626 dólares (0.02 dólares por acción) en el mismo periodo de 2024. Al 30 de junio de 2025, Research Frontiers mantenía una posición financiera sólida con 1.3 millones de dólares en efectivo, 1.7 millones en capital de trabajo y sin deuda. La empresa espera un crecimiento de ingresos en todos los segmentos y planea lanzar una aplicación retrofit para el mercado arquitectónico a finales de 2025.
Research Frontiers (나스닥: REFR)는 2025년 2분기 재무 실적을 발표했으며, 운영상의 진전과 도전 과제를 동시에 보였습니다. 2025년 상반기에는 Ferrari와 Cadillac이 SPD-SmartGlass 기술의 생산을 확대했으며, Mercedes와 McLaren으로부터 추가 로열티를 받았습니다. 하지만 유럽 라이선시의 파산과 관련된 일회성 비용으로 인해 재무 실적에 영향을 받았습니다.
회사는 2025년 상반기에 순손실 981,513달러(주당 0.03달러)를 기록했으며, 이는 2024년 상반기의 536,626달러(주당 0.02달러) 손실보다 증가한 수치입니다. 2025년 6월 30일 기준으로 Research Frontiers는 현금 130만 달러, 운전자본 170만 달러, 부채는 없는 견고한 재무 상태를 유지하고 있습니다. 회사는 모든 부문에서 매출 성장을 기대하며 2025년 말까지 건축 시장을 위한 레트로핏 애플리케이션 출시를 계획하고 있습니다.
Research Frontiers (Nasdaq : REFR) a publié ses résultats financiers du deuxième trimestre 2025, marqués à la fois par des progrès opérationnels et des défis. La société a constaté une augmentation de la production de la technologie SPD-SmartGlass par Ferrari et Cadillac au premier semestre 2025, avec des redevances supplémentaires provenant de Mercedes et McLaren. Toutefois, les résultats financiers ont été affectés par des charges exceptionnelles liées à la faillite d'un licencié européen.
La société a enregistré une perte nette de 981 513 dollars (0,03 dollar par action) pour le premier semestre 2025, contre 536 626 dollars (0,02 dollar par action) au premier semestre 2024. Au 30 juin 2025, Research Frontiers maintenait une position financière solide avec 1,3 million de dollars en liquidités, 1,7 million de dollars de fonds de roulement et aucune dette. L’entreprise prévoit une croissance des revenus dans tous les segments et envisage de lancer une application de rétrofit pour le marché architectural plus tard en 2025.
Research Frontiers (Nasdaq: REFR) berichtete über seine Finanzergebnisse für das zweite Quartal 2025, die sowohl operative Fortschritte als auch Herausforderungen zeigten. Im ersten Halbjahr 2025 wurde die Produktion der SPD-SmartGlass-Technologie durch Ferrari und Cadillac ausgeweitet, mit zusätzlichen Lizenzgebühren von Mercedes und McLaren. Die Finanzergebnisse wurden jedoch durch einmalige Belastungen im Zusammenhang mit der Insolvenz eines europäischen Lizenznehmers beeinträchtigt.
Das Unternehmen verzeichnete im ersten Halbjahr 2025 einen Nettoverlust von 981.513 US-Dollar (0,03 US-Dollar pro Aktie), verglichen mit 536.626 US-Dollar (0,02 US-Dollar pro Aktie) im ersten Halbjahr 2024. Zum 30. Juni 2025 verfügte Research Frontiers über eine starke finanzielle Position mit 1,3 Millionen US-Dollar in bar, 1,7 Millionen US-Dollar Nettoumlaufvermögen und keiner Verschuldung. Das Unternehmen erwartet ein Umsatzwachstum in allen Segmenten und plant, Ende 2025 eine Nachrüstlösung für den Architektursektor einzuführen.
- Expanded production of SPD-SmartGlass by Ferrari and Cadillac in H1 2025
- Strong financial position with $1.3M cash and zero debt
- Successful transition of Ferrari business to new European licensee after previous supplier bankruptcy
- New architectural retrofit application launch expected later in 2025
- Mercedes debuted new luxury van with expanded SPD-SmartGlass usage
- Net loss increased to $981,513 in H1 2025 from $536,626 in H1 2024
- European licensee supplying Ferrari declared bankruptcy in Q2 2025
- One-time accounting charges and non-cash expenses impacted Q2 results negatively
WOODBURY, N.Y., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its second 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, August 7, 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, August 8, 2025 for 90 days at https://smartglass-ir.com/ | |
Key Comments:
| 1. | Expansion of Product Pipeline and Acceleration of Use of SPD by Ferrari and Cadillac. Royalties from the automotive market came primarily from Ferrari and Cadillac, both of which expanded production in the first half of 2025 of vehicles using the Company’s SPD-SmartGlass technology. Strong sales from these OEMs are also expected in the second half of 2025. Additional royalties from sales to Mercedes and McLaren also were recorded in the first half of 2025. Mercedes also debuted a new luxury van at the Shanghai Auto Show in the second quarter of 2025, featuring new and innovative side windows with an SPD/PDLC combination of smartglass used across |
| 2. | Operational Efficiencies and Financial Stability. Almost entirely as a result of the one-time accounting charges relating to the bankruptcy of one of the Company’s licensees as described above, as well as non-cash expenses relating to the vesting of stock options in the second quarter of 2025 that were granted last year, the Company’s net loss increased to |
"While economic activity continues to grow regarding sales of SPD-SmartGlass products, the one-time accounting charges relating to the bankruptcy filing of one of the Company’s licensees and non-cash expenses relating to the vesting of stock options, both occurring in the second quarter negatively affected our second quarter results, which followed a strong first quarter. Because of our close communication with the OEM and our other licensees throughout this process, we were able to successfully transition the Ferrari business to another European licensee," said Joseph M. Harary, President and CEO of Research Frontiers. "The growing and continued use of SPD-SmartGlass products in all industries, combined with our operational efficiencies and our debt-free status, positions us well for continued success and brings us closer to profitability. We also expect the launch of our retrofit application in the architectural market later this year to bring in significant revenues from SPD-SmartGlass in the architectural glass market, while also reducing the costs and speeding up installation and adoption of the use of SPD-SmartGlass in homes, offices and residential high-rise and multi-family buildings."
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
| June 30, 2025 (Unaudited) | December 31, 2024 (See Note 1) | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,274,276 | $ | 1,994,186 | ||||
| Royalties receivable, net of reserves of | ||||||||
| 2025 and | 536,373 | 658,213 | ||||||
| Prepaid expenses and other current assets | 161,281 | 93,490 | ||||||
| Total current assets | 1,971,930 | 2,745,889 | ||||||
| Fixed assets, net | 9,095 | 15,052 | ||||||
| Operating lease ROU assets | 1,135,715 | 1,222,640 | ||||||
| Deposits and other assets | 56,066 | 56,066 | ||||||
| Total assets | $ | 3,172,806 | $ | 4,039,647 | ||||
| Liabilities and Shareholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Current portion of operating lease liability | $ | 137,817 | $ | 129,875 | ||||
| Accounts payable | 24,358 | 85,825 | ||||||
| Accrued expenses | 46,497 | 53,327 | ||||||
| Deferred revenue | 71,563 | - | ||||||
| Total current liabilities | 280,235 | 269,027 | ||||||
| Operating lease liability, net of current portion | 1,094,545 | 1,166,285 | ||||||
| Total liabilities | 1,374,780 | 1,435,312 | ||||||
| Shareholders’ equity: | ||||||||
| Common stock, par value | 3,365 | 3,365 | ||||||
| Additional paid-in capital | 128,352,397 | 128,177,193 | ||||||
| Accumulated deficit | (126,557,736 | ) | (125,576,223 | ) | ||||
| Total shareholders’ equity | 1,798,026 | 2,604,335 | ||||||
| Total liabilities and shareholders’ equity | $ | 3,172,806 | $ | 4,039,647 | ||||
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Operations
(Unaudited)
| Six months ended June 30, | Three months ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Fee income | $ | 689,680 | $ | 802,972 | $ | 129,904 | $ | 489,594 | ||||||||
| Operating expenses | 1,412,398 | 1,110,285 | 775,922 | 476,898 | ||||||||||||
| Research and development | 331,963 | 278,571 | 169,086 | 128,830 | ||||||||||||
| Total expenses | 1,744,361 | 1,388,856 | 945,008 | 605,728 | ||||||||||||
| Operating loss | (1,054,681 | ) | (585,884 | ) | (815,104 | ) | (116,134 | ) | ||||||||
| Net interest income | 25,811 | 49,258 | 11,278 | 22,112 | ||||||||||||
| Other income | 47,357 | - | - | - | ||||||||||||
| Net loss | $ | (981,513 | ) | $ | (536,626 | ) | $ | (803,826 | ) | $ | (94,022 | ) | ||||
| Basic and diluted net loss per common share | $ | (0.03 | ) | $ | (0.02 | ) | $ | (0.02 | ) | $ | (0.00 | ) | ||||
| Weighted average number of common shares outstanding | 33,648,221 | 33,514,097 | 33,648,221 | 33,517,787 | ||||||||||||
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Shareholders’ Equity
(Unaudited)
For the six months ended June 30, 2025 and 2024
| Common Stock | Additional Paid-in | Accumulated | ||||||||||||||||||
| Shares | Amount | 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 | - | - | - | (536,626 | ) | (536,626 | ) | |||||||||||||
| Balance, June 30, 2024 | 33,517,787 | $ | 3,352 | $ | 127,787,890 | $ | (124,801,467 | ) | $ | 2,989,775 | ||||||||||
| 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 | - | - | - | (981,513 | ) | (981,513 | ) | |||||||||||||
| Balance, June 30, 2025 | 33,648,221 | $ | 3,365 | $ | 128,352,397 | $ | (126,557,736 | ) | $ | 1,798,026 | ||||||||||
For the three months ended June 30, 2025 and 2024
| Common Stock | Additional Paid-in | Accumulated | ||||||||||||||||||
| Shares | Amount | Capital | Deficit | Total | ||||||||||||||||
| Balance, March 31, 2024 | 33,517,787 | $ | 3,352 | $ | 127,787,890 | $ | (124,707,445 | ) | $ | 3,083,797 | ||||||||||
| Net loss | - | - | - | (94,022 | ) | (94,022 | ) | |||||||||||||
| Balance, June 30, 2024 | 33,517,787 | $ | 3,352 | $ | 127,787,890 | $ | (124,801,467 | ) | $ | 2,989,775 | ||||||||||
| Balance, March 31, 2025 | 33,648,221 | $ | 3,365 | $ | 128,177,193 | $ | (125,753,910 | ) | $ | 2,426,648 | ||||||||||
| Share-based compensation | - | - | 175,204 | - | 175,204 | |||||||||||||||
| Net loss | - | - | - | (803,826 | ) | (803,826 | ) | |||||||||||||
| Balance, June 30, 2025 | 33,648,221 | $ | 3,365 | $ | 128,352,397 | $ | (126,557,736 | ) | $ | 1,798,026 | ||||||||||
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| Six months ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (981,513 | ) | $ | (536,626 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 6,166 | 12,951 | ||||||
| Share-based compensation | 175,204 | - | ||||||
| Credit loss expense | 124,253 | - | ||||||
| ROU asset amortization | 86,925 | 71,486 | ||||||
| Change in assets and liabilities: | ||||||||
| Royalty receivables | (2,413 | ) | (75,096 | ) | ||||
| Prepaid expenses and other assets | (67,791 | ) | (107,898 | ) | ||||
| Accounts payable and accrued expenses | (68,297 | ) | 36,108 | |||||
| Deferred revenue | 71,563 | 125,000 | ||||||
| Operating lease liability | (63,798 | ) | (103,897 | ) | ||||
| Net cash used in operating activities | (719,701 | ) | (577,972 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of fixed assets | (209 | ) | (154 | ) | ||||
| Net cash used in investing activities | (209 | ) | (154 | ) | ||||
| 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 | (719,910 | ) | (569,456 | ) | ||||
| Cash and cash equivalents at beginning of year | 1,994,186 | 2,475,958 | ||||||
| Cash and cash equivalents at end of period | $ | 1,274,276 | $ | 1,906,502 | ||||
FAQ
What were Research Frontiers (REFR) Q2 2025 financial results?
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