Research Frontiers Reports Third Quarter 2025 Financial Results and Will Host a Conference Call at 4:30p.m. Today
Research Frontiers (Nasdaq: REFR) reported third quarter 2025 results and will hold a conference call on November 6, 2025 at 4:30 PM ET. Key developments include the commercial rollout of an SPD-SmartGlass retrofit window system unveiled at GlassBuild 2025, continued automotive royalty growth with Ferrari-related royalties set for full recognition in Q4 2025, and planned industry presentations in November 2025. The company reported it is debt-free with $1.13 million cash and $1.4 million working capital as of September 30, 2025.
Research Frontiers (Nasdaq: REFR) ha riportato i risultati del terzo trimestre 2025 e terrà una conference call il 6 novembre 2025 alle 16:30 ET. Sviluppi chiave includono il rollout commerciale di un sistema di finestra retrofit SPD-SmartGlass presentato a GlassBuild 2025, la crescita continua delle royalty automotive con le royalty legate a Ferrari pronte per un pieno riconoscimento nel Q4 2025, e presentazioni nel settore previste per novembre 2025. L’azienda ha riferito di essere senz’obblighi di debito con 1,13 milioni di dollari in cassa e 1,4 milioni di capitale circolante al 30 settembre 2025.
Research Frontiers (Nasdaq: REFR) reportó resultados del tercer trimestre de 2025 y llevará a cabo una llamada de conferencia el 6 de noviembre de 2025 a las 4:30 PM ET. Desarrollos clave incluyen el despliegue comercial de un sistema de ventana de retrofit SPD-SmartGlass presentado en GlassBuild 2025, crecimiento continuo de regalías automotrices con regalías relacionadas con Ferrari listas para reconocimiento total en el Q4 2025, y presentaciones industriales planificadas para noviembre de 2025. La empresa informó que está libre de deudas con 1,13 millones de dólares en efectivo y 1,4 millones de dólares en capital de trabajo al 30 de septiembre de 2025.
리서치 프런티어스(나스닥: REFR)는 2025년 3분기 실적을 발표했으며 2025년 11월 6일 동부 표준시 오후 4:30에 컨퍼런스 콜을 개최합니다. 주요 개발로는 GlassBuild 2025에서 공개된 SPD-SmartGlass 리트로핏 창 시스템의 상용화 롤아웃, Ferrari 관련 로열티의 지속적 성장으로 2025년 4분기에 전면 인식될 예정, 그리고 2025년 11월의 산업 발표 예정이 있습니다. 회사는 2025년 9월 30일 기준 부채 무보유에 현금 113만 달러와 운전자본 140만 달러를 보유하고 있다고 보고했습니다.
Research Frontiers (Nasdaq : REFR) a publié les résultats du troisième trimestre 2025 et organisera une conférence téléphonique le 6 novembre 2025 à 16h30 ET. Les développements clés incluent le déploiement commercial d'un système de fenêtre de retrofit SPD-SmartGlass dévoilé lors de GlassBuild 2025, la croissance continue des redevances automobiles avec des redevances liées à Ferrari prêtes à une reconnaissance complète au T4 2025, et des présentations industrielles prévues en novembre 2025. L'entreprise a annoncé qu'elle était sanse dette avec 1,13 million de dollars en liquidités et 1,4 million de dollars de fonds de roulement au 30 septembre 2025.
Research Frontiers (Nasdaq: REFR) hat die Ergebnisse des dritten Quartals 2025 gemeldet und wird am 6. November 2025 um 16:30 Uhr ET eine Telefonkonferenz abhalten. Wichtige Entwicklungen umfassen die kommerzielle Einführung eines SPD-SmartGlass Retrofit-Fenstersystems, das auf der GlassBuild 2025 vorgestellt wurde, fortgesetztes Wachstum der Automobil-Royalty mit Ferrari-bezogenen Royalty-Einnahmen, die im vierten Quartal 2025 vollständig anerkannt werden, und geplante Branchenpräsentationen im November 2025. Das Unternehmen meldete, es sei schuldenfrei mit 1,13 Mio. USD Bargeld und 1,4 Mio. USD an Working Capital per 30. September 2025.
Research Frontiers (ناسداك: REFR) أبلغت عن نتائج الربع الثالث من 2025 وستعقد مكالمة مؤتمر في 6 نوفمبر 2025 الساعة 4:30 مساءً بتوقيت شرق الولايات المتحدة. تشمل التطورات الرئيسية الإطلاق التجاري لنظام نافذة Retrofit SPD-SmartGlass SPD-SmartGlass retrofit window system الذي كُشف عنه في GlassBuild 2025، ونمو مستمر في عوائد التراخيص لسيارات مع عوائد مرتبطة بفيراري ستُعترف بها بالكامل في الربع الرابع من 2025، ووجود عروض صناعية مخطط لها في نوفمبر 2025. ذكرت الشركة أنها خالية من الديون مع 1.13 مليون دولار نقداً و1.4 مليون دولار رأس المال العامل حتى 30 سبتمبر 2025.
- Commercial rollout: SPD-Smart retrofit system debuted at GlassBuild 2025
- Royalties: Automotive royalty income grew year-over-year and sequentially
- Ferrari royalties: Minimum thresholds exceeded, enabling full Q4 recognition
- Balance sheet: Company is debt-free as of September 30, 2025
- Cash: Only $1.13 million in cash on hand as of September 30, 2025
- Working capital: $1.4 million working capital may limit near-term flexibility
- Comparability: Q3 2025 results required adjustment for one-time 2024 events
WOODBURY, N.Y., Nov. 06, 2025 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its third 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, November 6, 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, November 7, 2025 for 90 days at https://smartglass-ir.com/ | |
Key Comments:
| 1. | Newly-Introduced Retrofit System for SPD-SmartGlass in the Architectural Market. The debut of the SPD-Smart retrofit window system this week at GlassBuild 2025 in Orlando started the commercial rollout of the ability to retrofit SPD-SmartGlass in government and commercial buildings and homes. AIT Group, Gauzy, and Research Frontiers collaboration for this event resulted in the SPD-SmartGlass retrofit system receiving enthusiastically positive responses from architects, fabricators, and building owners. |
| 2. | Automotive Market Growth and Expansion. Royalty income in the automotive segment grew year-over-year and sequentially even with the transfer of the Ferrari SPD-SmartGlass business from one Research Frontiers licensee to another. As of the third quarter, minimum annual royalty thresholds have now been exceeded by this licensee, allowing full recognition of Ferrari-related royalties in Q4 and setting the stage for further growth. |
| 3. | Industry Recognition and Leadership. Research Frontiers’ technology and leadership will be prominently featured at the Automotive Glazing Conference in Detroit on November 18–19, where President and CEO Joseph M. Harary will deliver the keynote address and serve as Chairman of the Conference. The event brings together executives and engineers from global OEMs and their suppliers, underscoring the growing influence of SPD technology within the automotive glazing community. SPD-SmartGlass is scheduled to continue to be prominently featured at major global showcases throughout 2026. |
| 4. | Technology Outlook. SPD-SmartGlass continues to outperform competing smart-glass technologies in clarity, speed, durability, and shading range. Progress in the development of a black SPD film and strategic investor and licensee Gauzy’s prefabricated lamination stacks further enhance optical uniformity, IR/UV performance, and manufacturability—enabling faster adoption and lower production costs. |
| 5. | Operational Results and Financial Stability. Research Frontiers’ third quarter of 2025 showed continued progress across its core markets, with royalties increasing year-over-year and sequentially after adjusting for one-time events in 2024. The Company remains debt-free, with |
“SPD-SmartGlass is gaining traction worldwide. Whether it’s the retrofit glass system unveiled this week in Orlando or the expanding list of automotive, aircraft and architectural programs, our licensees are proving that SPD-SmartGlass technology delivers performance, reliability, and scalability. We’ve built the foundation, and now we’re seeing that effort translate into market momentum and global recognition.” said Joseph M. Harary, President and CEO of Research Frontiers.
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
| September 30, 2025 (Unaudited) | December 31, 2024 (See Note 1) | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,130,390 | $ | 1,994,186 | ||||
| Royalties receivable, net of reserves of | 371,878 | 658,213 | ||||||
| Prepaid expenses and other current assets | 112,604 | 93,490 | ||||||
| Total current assets | 1,614,872 | 2,745,889 | ||||||
| Fixed assets, net | 6,355 | 15,052 | ||||||
| Operating lease ROU assets | 1,092,033 | 1,222,640 | ||||||
| Deposits and other assets | 56,066 | 56,066 | ||||||
| Total assets | $ | 2,769,326 | $ | 4,039,647 | ||||
| Liabilities and Shareholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Current portion of operating lease liability | $ | 141,894 | $ | 129,875 | ||||
| Accounts payable | 29,137 | 85,825 | ||||||
| Accrued expenses | 35,721 | 53,327 | ||||||
| Deferred revenue | 5,336 | - | ||||||
| Total current liabilities | 212,088 | 269,027 | ||||||
| Operating lease liability, net of current portion | 1,057,720 | 1,166,285 | ||||||
| Total liabilities | 1,269,808 | 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 | (126,856,244 | ) | (125,576,223 | ) | ||||
| Total shareholders’ equity | 1,499,518 | 2,604,335 | ||||||
| Total liabilities and shareholders’ equity | $ | 2,769,326 | $ | 4,039,647 | ||||
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Operations
(Unaudited)
| Nine months ended September 30, | Three months ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Fee income | $ | 1,049,125 | $ | 1,157,380 | $ | 359,444 | $ | 354,408 | ||||||||
| Operating expenses | 1,934,041 | 1,565,152 | 521,642 | 454,866 | ||||||||||||
| Research and development | 473,709 | 409,817 | 141,746 | 131,246 | ||||||||||||
| Total expenses | 2,407,750 | 1,974,969 | 663,388 | 586,112 | ||||||||||||
| Operating loss | (1,358,625 | ) | (817,589 | ) | (303,944 | ) | (231,704 | ) | ||||||||
| Net interest income | 31,247 | 78,995 | 5,436 | 29,736 | ||||||||||||
| Other income | 47,357 | 35,152 | - | 35,152 | ||||||||||||
| Net loss | $ | (1,280,021 | ) | $ | (703,442 | ) | $ | (298,508 | ) | $ | (166,816 | ) | ||||
| Basic and diluted net loss per common share | $ | (0.04 | ) | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.00 | ) | ||||
| Weighted average number of common shares outstanding | 33,648,221 | 33,515,327 | 33,648,221 | 33,517,787 | ||||||||||||
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Shareholders’ Equity
(Unaudited)
For the nine months ended September 30, 2025 and 2024
| Common Stock | Additional | Accumulated | ||||||||||||||||||
| Shares | Amount | Paid-in 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 | - | - | - | (703,442 | ) | (703,442 | ) | |||||||||||||
| Balance, September 30, 2024 | 33,517,787 | $ | 3,352 | $ | 127,787,890 | $ | (124,968,283 | ) | $ | 2,822,959 | ||||||||||
| 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 | - | - | - | (1,280,021 | ) | (1,280,021 | ) | |||||||||||||
| Balance, September 30, 2025 | 33,648,221 | $ | 3,365 | $ | 128,352,397 | $ | (126,856,244 | ) | $ | 1,499,518 | ||||||||||
For the three months ended September 30, 2025 and 2024
| Common Stock | Additional | Accumulated | ||||||||||||||||||
| Shares | Amount | Paid-in Capital | Deficit | Total | ||||||||||||||||
| Balance, June 30, 2024 | 33,517,787 | $ | 3,352 | $ | 127,787,890 | $ | (124,801,467 | ) | $ | 2,989,775 | ||||||||||
| Net loss | - | - | - | (166,816 | ) | (166,816 | ) | |||||||||||||
| Balance, September 30, 2024 | 33,517,787 | $ | 3,352 | $ | 127,787,890 | $ | (124,968,283 | ) | $ | 2,822,959 | ||||||||||
| Balance, June 30, 2025 | 33,648,221 | $ | 3,365 | $ | 128,352,397 | $ | (126,557,736 | ) | $ | 1,798,026 | ||||||||||
| Net loss | - | - | - | (298,508 | ) | (298,508 | ) | |||||||||||||
| Balance, September 30, 2025 | 33,648,221 | $ | 3,365 | $ | 128,352,397 | $ | (126,856,244 | ) | $ | 1,499,518 | ||||||||||
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| Nine months ended September 30, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (1,280,021 | ) | $ | (703,442 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 9,279 | 19,582 | ||||||
| Share-based compensation | 175,204 | - | ||||||
| Credit loss expense | 124,253 | 25,001 | ||||||
| ROU asset amortization | 130,607 | 107,229 | ||||||
| Change in assets and liabilities: | ||||||||
| Royalty receivables | 162,082 | (69,605 | ) | |||||
| Prepaid expenses and other assets | (19,114 | ) | (57,943 | ) | ||||
| Accounts payable and accrued expenses | (74,294 | ) | 1,033 | |||||
| Deferred revenue | 5,336 | - | ||||||
| Operating lease liability | (96,546 | ) | (157,754 | ) | ||||
| Net cash used in operating activities | (863,214 | ) | (835,899 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of fixed assets | (582 | ) | (742 | ) | ||||
| Net cash used in investing activities | (582 | ) | (742 | ) | ||||
| 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 | (863,796 | ) | (827,971 | ) | ||||
| Cash and cash equivalents at beginning of year | 1,994,186 | 2,475,958 | ||||||
| Cash and cash equivalents at end of period | $ | 1,130,390 | $ | 1,647,987 | ||||
FAQ
When is Research Frontiers (REFR) holding its Q3 2025 conference call?
What did Research Frontiers announce about the SPD-SmartGlass retrofit at GlassBuild 2025?
How will Ferrari-related royalties affect REFR in Q4 2025?
What were Research Frontiers' cash and working capital figures at September 30, 2025?
Did Research Frontiers report growth in its automotive segment for Q3 2025?
Where can investors access the Research Frontiers Q3 2025 conference replay?
