Research Frontiers Reports Third Quarter 2026 Financial Results, SPD Production Restart and Expanding Commercial Opportunities and Will Host a Conference Call at 4:30 p.m. Today
Stock and warrant sales provided $1,375,000 net during the first nine months, alongside $1,394,558 of operating cash use.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Research Frontiers (Nasdaq: REFR) reported third-quarter 2026 fee income of $77,041, alongside a wider net loss and steps toward restoring film supply. Fee income fell from $359,444 a year earlier, while net loss widened to $510,304 from $298,508; loss per share remained $0.01. Nine-month fee income fell to $299,706 from $1,049,125, and net loss widened to $1,695,837 from $1,280,021.
At September 30, cash was $644,628, working capital was approximately $538,000, and the company had no debt. Nine-month operating cash use reached $1,394,558, while stock and warrant sales provided $1,375,000 net. Gauzy reported financing-related payments supporting the restart of SPD light-control emulsion production in Israel and film production in Germany. SPD-SmartGlass was selected for two new aircraft models expected to be produced in North America. Management will discuss results and liquidity at 4:30 p.m. Eastern Time on November 5.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major pointCommon stock and warrant sales provided $1,375,000 net during the first nine months of 2026. 10% of market cap
- Moderate pointSupply restoration advanced as Gauzy reported payments supporting SPD emulsion and film production restart.
- Moderate pointThird-quarter operating expenses fell to $475,588 from $521,642 a year earlier.
- Minor point. Forward-looking: it has not happened yet and may not happen.SPD-SmartGlass secured selections for two new aircraft models expected to be produced in North America.
- Minor pointMotorcycle helmet and ski/snow goggle royalties increased in the third quarter.
5 minor points
- Minor pointDebt remained zero at September 30, 2026.
- Minor pointThird-quarter research and development expense fell to $119,574 from $141,746 a year earlier.
- Minor pointNine-month operating expenses fell to $1,624,186 from $1,934,041 a year earlier.
- Minor pointNine-month research and development expense fell to $393,808 from $473,709 a year earlier.
- Minor pointThird-quarter interest income increased to $7,817 from $5,436 a year earlier.
Negative
- Major pointStock and warrant issuance added 1,219,565 common shares during the first nine months, diluting existing holders.
- Moderate pointThird-quarter fee income fell to $77,041 from $359,444 a year earlier.
- Moderate pointThird-quarter net loss widened to $510,304 from $298,508; loss per share remained $0.01.
- Moderate pointNine-month operating cash use increased to $1,394,558 from $863,214 a year earlier.
- Moderate pointShareholders’ equity fell to $612,789 at September 30, 2026, from $933,626 at year-end 2025.
- Moderate pointCustomer programs depend on Gauzy’s SPD material supply, which experienced production disruption.
8 minor points
- Minor pointNine-month fee income fell to $299,706 from $1,049,125 a year earlier.
- Minor pointNine-month net loss widened to $1,695,837 from $1,280,021; loss per share rose to $0.05 from $0.04.
- Minor pointThird-quarter operating loss widened to $518,121 from $303,944 a year earlier.
- Minor pointNine-month operating loss widened to $1,718,288 from $1,358,625 a year earlier.
- Minor pointCash declined $19,671 from year-end 2025 to $644,628 at September 30, 2026.
- Minor pointNine-month credit loss expense increased to $169,527 from $124,253 a year earlier.
- Minor pointNine-month interest income fell to $22,451 from $31,247 a year earlier.
- Minor pointNine-month other income fell to zero from $47,357 a year earlier.
Key Figures
- Quarterly fee income
- $77,041 vs. $359,444
- Third quarter 2026 vs. third quarter 2025
- Quarterly net loss
- $510,304 vs. $298,508
- Third quarter 2026 vs. third quarter 2025
- Cash and cash equivalents
- $644,628
- September 30, 2026
- Net cash used in operating activities
- $1,394,558
- Nine months ended September 30, 2026
- Proceeds from common stock and warrants
- $1,375,000
- Nine months ended September 30, 2026
Previous Conferences,earnings Reports
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Fee income fell and net loss widened amid Gauzy production disruption.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
form 10-q regulatory
deferred revenue financial
warrants financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
WOODBURY, N.Y., Nov. 05, 2026 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its third 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 including the status of its SPD film supply licensee Gauzy, the restart of SPD emulsion and film production, and expanding commercial activities.
| • | Who: Joseph M. Harary, President & CEO | |
| • | Date/Time: Thursday, November 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, November 6, 2026 for 90 days at https://smartglass-ir.com/ | |
Third Quarter Financial Results and Key Business Developments
Fee income was
The net loss for the quarter was
At September 30, 2026, cash and cash equivalents were approximately
In October, Gauzy Ltd., a licensee, strategic investor in the Company, and key participant in the SPD manufacturing supply chain, announced new financing and the restructuring of its liabilities. Gauzy has stated that payments from additional financing and capital resources have begun to support the restart of SPD emulsion production in Israel and SPD film production in Germany. These are steps toward restoring supply of SPD emulsion and film and filling the backlog of existing customer orders in multiple markets.
Research Frontiers and its licensees continue work on automotive, aircraft and other transportation programs, next-generation black SPD technology, and an architectural retrofit system intended to bring dynamic light and heat control to existing glazing. SPD-SmartGlass has also been selected for electronically dimmable windows on two new aircraft models expected to be produced in North America, and was recently unveiled in North America on a new light jet. Separately, the Company continues to engage with prospective commercial customers and suppliers in aircraft, marine and architectural applications.
Management Commentary
“During our August conference call, we discussed the extraordinary disruption caused by the financial situation of Gauzy, a major participant in our supply chain,” said Joseph M. Harary, President and Chief Executive Officer of Research Frontiers. “Since then, important steps have been taken. Gauzy reported that it restructured its debt and other obligations, announced new financing, and made payments to support restarting the production by Gauzy of SPD emulsion in Israel and SPD film in Germany. Those developments matter because reliable production is the link between the technology and the customer programs (existing and developing) that depend on it. Our focus is shifting from managing an interruption in the availability of SPD light-control film, to supporting the return of supply, growth, and moving multiple commercial programs forward.”
“What is particularly encouraging is the breadth of the opportunity,” Harary continued. “SPD technology is already proven in demanding automotive, aircraft, marine and architectural applications. We have been selected for electronically dimmable windows on two new North American aircraft models and the recent unveiling of a third new aircraft using our SPD-Smart technology. We are developing black SPD to offer designers additional choices, and our architectural retrofit initiative is aimed at a substantial installed base of existing buildings, rather than only new construction. We also continue to see interest from manufacturers and project developers across our markets. The strong underlying demand for better light and heat control, and the demonstrated performance and reliability of our SPD-Smart light control technology gives us good reason to be enthusiastic about the work ahead.”
During today’s investor conference call, management expects to discuss the Gauzy developments, the status of the SPD supply chain, commercial programs, product development, liquidity and other matters.
For more details, please see the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ending September 30, 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
| September 30, 2026 | December 31, 2025 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 644,628 | $ | 664,299 | ||||
| Royalties receivable, net of reserves of | 223,853 | 408,666 | ||||||
| Prepaid expenses and other current assets | 114,187 | 70,969 | ||||||
| Total current assets | 982,668 | 1,143,934 | ||||||
| Fixed assets, net | 2,559 | 3,393 | ||||||
| Operating lease ROU assets | 917,308 | 1,048,352 | ||||||
| Deposits and other assets | 56,066 | 56,066 | ||||||
| Total assets | $ | 1,958,601 | $ | 2,251,745 | ||||
| Liabilities and Shareholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Current portion of operating lease liability | $ | 156,511 | $ | 146,043 | ||||
| Accounts payable | 156,474 | 132,666 | ||||||
| Deferred revenue | 27,452 | - | ||||||
| Accrued expenses | 104,166 | 19,168 | ||||||
| Total current liabilities | 444,603 | 297,877 | ||||||
| Operating lease liability, net of current portion | 901,209 | 1,020,242 | ||||||
| Total liabilities | 1,345,812 | 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 | (129,317,644 | ) | (127,621,807 | ) | ||||
| Total shareholders’ equity | 612,789 | 933,626 | ||||||
| Total liabilities and shareholders’ equity | $ | 1,958,601 | $ | 2,251,745 | ||||
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Operations
(Unaudited)
| Nine months ended September 30, | Three months ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Fee income | $ | 299,706 | $ | 1,049,125 | $ | 77,041 | $ | 359,444 | ||||||||
| Operating expenses | 1,624,186 | 1,934,041 | 475,588 | 521,642 | ||||||||||||
| Research and development | 393,808 | 473,709 | 119,574 | 141,746 | ||||||||||||
| Total expenses | 2,017,994 | 2,407,750 | 595,162 | 663,388 | ||||||||||||
| Operating loss | (1,718,288 | ) | (1,358,625 | ) | (518,121 | ) | (303,944 | ) | ||||||||
| Interest income | 22,451 | 31,247 | 7,817 | 5,436 | ||||||||||||
| Other income | - | 47,357 | - | - | ||||||||||||
| Net loss | $ | (1,695,837 | ) | $ | (1,280,021 | ) | $ | (510,304 | ) | $ | (298,508 | ) | ||||
| Basic and diluted net loss per common share | $ | (0.05 | ) | $ | (0.04 | ) | $ | (0.01 | ) | $ | (0.01 | ) | ||||
| Weighted average number of common shares outstanding | 34,631,755 | 33,648,221 | 34,867,786 | 33,648,221 | ||||||||||||
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Shareholders’ Equity
(Unaudited)
For the nine months ended September 30, 2026 and 2025
| Additional | ||||||||||||||||||||
| Common Stock | Paid-in | Accumulated | ||||||||||||||||||
| Shares | Amount | Capital | Deficit | Total | ||||||||||||||||
| 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 | ||||||||||
| 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 | - | - | - | (1,695,837 | ) | (1,695,837 | ) | |||||||||||||
| Balance, September 30, 2026 | 34,867,786 | $ | 3,487 | $ | 129,926,946 | $ | (129,317,644 | ) | $ | 612,789 | ||||||||||
For the three months ended September 30, 2026 and 2025
| Additional | ||||||||||||||||||||
| Common Stock | Paid-in | Accumulated | ||||||||||||||||||
| Shares | Amount | Capital | Deficit | Total | ||||||||||||||||
| 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 | ||||||||||
| Balance, June 30, 2026 | 34,867,786 | $ | 3,487 | $ | 129,926,946 | $ | (128,807,340 | ) | $ | 1,123,093 | ||||||||||
| Net loss | - | - | - | (510,304 | ) | (510,304 | ) | |||||||||||||
| Balance, September 30, 2026 | 34,867,786 | $ | 3,487 | $ | 129,926,946 | $ | (129,317,644 | ) | $ | 612,789 | ||||||||||
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| Nine months ended September 30, | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (1,695,837 | ) | $ | (1,280,021 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 947 | 9,279 | ||||||
| Share-based compensation | - | 175,204 | ||||||
| Credit loss expense | 169,527 | 124,253 | ||||||
| ROU asset amortization | 131,044 | 130,607 | ||||||
| Change in assets and liabilities: | ||||||||
| Royalty receivables | 15,286 | 162,082 | ||||||
| Prepaid expenses and other assets | (43,218 | ) | (19,114 | ) | ||||
| Accounts payable and accrued expenses | 108,806 | (74,294 | ) | |||||
| Deferred revenue | 27,452 | 5,336 | ||||||
| Operating lease liability | (108,565 | ) | (96,546 | ) | ||||
| Net cash used in operating activities | (1,394,558 | ) | (863,214 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of fixed assets | (113 | ) | (582 | ) | ||||
| Net cash used in investing activities | (113 | ) | (582 | ) | ||||
| 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 decrease in cash and cash equivalents | (19,671 | ) | (863,796 | ) | ||||
| Cash and cash equivalents at beginning of period | 664,299 | 1,994,186 | ||||||
| Cash and cash equivalents at end of period | $ | 644,628 | $ | 1,130,390 | ||||
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Research Frontiers’ third-quarter 2026 financial results?
Research Frontiers reported $77,041 in fee income and a $510,304 net loss for the third quarter of 2026. A year earlier, fee income was $359,444 and net loss was $298,508. Basic and diluted loss per share remained $0.01.
What is the status of Research Frontiers’ SPD production supply?
Gauzy reported that payments from additional financing and capital resources had begun supporting the restart of SPD emulsion production in Israel and film production in Germany. These steps are directed toward restoring material supply and filling existing customer order backlogs across multiple markets.
Why did Research Frontiers’ third-quarter 2026 fee income decline?
The decline reflected a nonrecurring government-contract royalty in the comparable 2025 quarter and disruption of SPD emulsion and film production at Gauzy. Increased royalties from motorcycle helmet and ski/snow goggle applications partially offset those effects.