Research Frontiers Stock Price, News & Analysis

Research Frontiers Inc. (NASDAQ: REFR) is a publicly traded technology company that develops and licenses patented SPD-Smart light-control film technology. This suspended particle device (SPD) technology allows users to instantly, precisely and uniformly control the shading of glass or plastic products, either manually or automatically. According to the company, products using its smart glass technology are installed in tens of thousands of cars, aircraft, yachts, trains, homes, offices, museums and other buildings.

Research Frontiers’ business model centers on the development and licensing of its SPD-Smart light-control technology to other companies. These licensees include well-known chemical, material science and glass companies that manufacture SPD light-control film, laminate it into glass or plastic, integrate the necessary electronics, and supply finished smart glazing products to end markets. The company’s revenue comes from royalties and fee income associated with these licensing arrangements, as reflected in its SEC-reported financial statements where fee income and royalty receivables are key line items.

SPD-SmartGlass Technology and Performance

SPD-SmartGlass is described by Research Frontiers as a film-based technology in which specially engineered nanoparticles align or disperse in response to an electric current, instantly adjusting transparency from clear to dark. The company highlights that SPD-SmartGlass can:

• Switch tint in about 1–2 seconds, including on large panels.
• Offer fully variable tint between clear and dark without an iris effect.
• Block more than 99% of ultraviolet (UV) light and up to 99.5% of visible light.
• Reject up to 95% of heat and reduce cabin temperatures by roughly 10°C (about 18°F) in transportation applications.
• Improve readability of infotainment and instrumentation displays by controlling glare.

From an energy and efficiency perspective, information provided by the company indicates SPD-SmartGlass can contribute to increased driving range in both internal combustion engine and electric vehicles, reductions in CO₂ emissions for conventional vehicles, and lower HVAC loads through reduced solar heat gain. In architectural and retrofit contexts, the technology is presented as a way to reduce solar heat gain, block UV and infrared light, and eliminate the need for traditional shades or blinds while preserving views.

End-Market Applications

According to Research Frontiers’ public communications, SPD-SmartGlass is used across multiple industries:

• Automotive: Variable-tint roofs and glazing on vehicles from brands such as Ferrari, Cadillac, Mercedes, McLaren and others, with use in premium vehicles and next-generation EV platforms. The company notes that SPD-SmartGlass has been used in tens of thousands of vehicles since it entered serial production in 2011.
• Aerospace: SPD-Smart electronically dimmable windows (EDWs) for general aviation, business jets, helicopters and commercial transport aircraft. Programs include use on aircraft such as the Airbus ACJ TwoTwenty and platforms from Honda Aircraft, Textron Beechcraft, Epic Aircraft, Daher, Dassault and several helicopter OEMs, as described in an 8-K filing and accompanying press release.
• Architecture and Retrofit: Smart façades, skylights, partitions and retrofit systems for commercial, residential, hospitality and government buildings. The RetroWAL SPD-SmartGlass system, co-developed with AIT Group and Gauzy, is presented as enabling retrofit of existing windows without removing original glazing.
• Marine and Rail: Installations on yachts and trains where dynamic shading, heat reduction and comfort are important, as referenced in the company’s general description of SPD-SmartGlass usage.
• Museums and Specialty Installations: Use in museums and other buildings, including a large SPD roof installation at the 2015 World’s Fair in Milan, as noted in company communications.

Automotive Focus and Industry Engagement

Recent news releases emphasize growing automotive glazing adoption. Research Frontiers reports royalty income from automotive applications, including vehicles from Ferrari and Cadillac that use SPD-SmartGlass, as well as additional royalties from Mercedes and McLaren. The company notes that some Mercedes vehicles feature side windows with a combination of SPD and PDLC smart glass across a large portion of the vehicle’s glass surface.

Research Frontiers and its executives frequently participate in automotive glazing summits and conferences. The company’s President and CEO has served as Chairman and keynote speaker at events such as the North American Vehicle Glazing Innovation Summit and the Detroit Automotive Glazing Summit, where SPD-SmartGlass is presented alongside other variable-tint technologies. These events bring together automakers, Tier-1 suppliers, glass manufacturers and technology firms to discuss next-generation glazing, energy efficiency, passenger comfort and safety.

Aerospace Programs and SPD-Smart EDWs

The company’s 8-K filing and related press materials describe significant adoption of SPD-Smart electronically dimmable windows in aerospace. Under leadership in its aerospace division, Research Frontiers and its licensees have supplied SPD-Smart EDWs that allow passengers and crews to control light, glare and heat at the touch of a button. The company contrasts SPD-Smart EDWs with slower electrochromic alternatives, emphasizing instant response, automatic shift to maximum heat-blocking state when needed, and integration with other cabin systems.

Research Frontiers reports that SPD-Smart EDWs have been contracted across multiple helicopter OEM programs, numerous aircraft OEM programs, an airline retrofit program and many aftermarket aircraft models. The technology is described as contributing to cooler, quieter cabins, reduced fatigue and improved perception of cabin space.

Architectural Retrofit and Building Applications

In the architectural market, Research Frontiers highlights collaboration with AIT Group and Gauzy on the Thermolite RetroWAL SPD-SmartGlass system, a retrofittable smart glazing solution demonstrated at the GlassBuild America conference. This system is described as enabling building owners to convert existing windows into intelligent, energy-efficient smart glass without removing the original glazing. Reported benefits include:

• Dynamic shading controlled automatically or via switches, voice control, sensors, mobile devices or building automation systems.
• Reduction of solar heat gain, blocking of UV and infrared light, and noise reduction.
• Elimination of shades or blinds while preserving views and controlling daylight.

The company positions SPD-SmartGlass as relevant for commercial and residential retrofits, hospitality and government facilities, and smart façades and skylights. It also notes that retrofit applications can support energy savings, occupant comfort and potential alignment with energy-efficiency incentives and regulations, as described in its joint announcement with partners.

Licensing, Partners and Supply Chain

Research Frontiers’ model relies on a network of global licensees and partners. Public statements identify Gauzy Ltd. as a strategic investor, licensee and manufacturer of SPD light-control film, and AIT Group (through LTI SmartGlass) as a licensee and manufacturer of advanced functional glass solutions incorporating SPD-Smart film. The company notes that its licensees include chemical, material science and glass companies that support automotive, aerospace and architectural programs.

In automotive, Research Frontiers has described collaboration with film developers, glass processors, laminators, electronics suppliers and OEM engineering teams to integrate SPD-SmartGlass into vehicle platforms. In aerospace, SPD-Smart EDWs are supplied through licensed partners to aircraft OEMs, helicopter manufacturers, airlines and aftermarket providers.

Financial Reporting and Capital Structure

As a U.S. public company, Research Frontiers files quarterly reports on Form 10-Q and other documents with the SEC. These filings show that the company’s revenue is derived from fee income and royalties associated with its licensing activities. The financial statements also disclose royalty receivables, operating expenses, research and development costs, and other income items.

Recent quarterly reports indicate that Research Frontiers has no debt and maintains cash and cash equivalents and working capital balances, with net losses reported over the periods shown. Share-based compensation, credit loss expense and lease-related items appear as components of operating results. The company’s common stock is registered under Section 12(b) of the Securities Exchange Act and trades on The Nasdaq Stock Market under the symbol REFR, as noted in its 8-K filing.

Sector Classification and Business Nature

For industry classification purposes, Research Frontiers is listed under Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) within the Real Estate and Rental and Leasing sector. This reflects its role in developing and owning intellectual property related to SPD-Smart light-control technology and generating revenue by licensing this technology to other companies, rather than manufacturing and selling finished consumer products itself.

Use Cases and Multi-Industry Relevance

Across its communications, Research Frontiers emphasizes that SPD-SmartGlass has multi-industry relevance. Examples cited include:

• Automotive roofs and glazing for comfort, safety, energy efficiency and design flexibility.
• Aerospace dimmable windows for passenger well-being and cabin management.
• Architectural glazing and retrofit systems for energy-efficient buildings and daylight control.
• Marine and rail applications where heat, glare and privacy management are important.
• Museum and specialty installations where controlled light exposure is needed.

By focusing on licensing and supporting partners in these sectors, Research Frontiers positions SPD-Smart technology as a platform for dynamic glazing across transportation and built environments.

FAQs About Research Frontiers (REFR)

The following frequently asked questions summarize key aspects of Research Frontiers’ business and technology based on its public disclosures.