Welcome to our dedicated page for Research Frontiers SEC filings (Ticker: REFR), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
This page provides access to U.S. SEC filings for Research Frontiers Inc. (NASDAQ: REFR), a technology company that develops and licenses patented SPD-Smart light-control film technology. As a registrant with common stock listed on The Nasdaq Stock Market, Research Frontiers files periodic and current reports that describe its licensing business, financial condition and material events.
In its annual reports on Form 10-K and quarterly reports on Form 10-Q, the company presents fee income and royalties from licensing SPD-Smart technology, royalty receivables, operating and research and development expenses, lease obligations, cash and working capital, and net income or loss. These filings also discuss risk factors, business descriptions and details of its role as a licensor of smart glass technology to chemical, material science and glass companies and other partners.
Current reports on Form 8-K disclose significant corporate events. For example, a recent 8-K reported the retirement of a senior aerospace executive and described the scope of SPD-Smart electronically dimmable window programs across aircraft OEMs, helicopter manufacturers, airline retrofit projects and aftermarket models. Such filings can provide context on leadership changes and the extent of aerospace adoption of SPD-Smart technology.
Investors can also review information on capital structure, including the number of common shares outstanding and listing details, as well as notes on the company’s debt-free status where disclosed in periodic reports. Form 4 and related insider transaction filings, when available, show share transactions by officers, directors and significant shareholders.
Stock Titan enhances these documents with AI-powered summaries that highlight key points from long 10-K and 10-Q filings, explain complex accounting or licensing details in plain language, and surface notable items from 8-Ks and other submissions. Real-time updates from EDGAR and structured access to historical filings help users analyze REFR’s regulatory history and understand how its SPD-Smart licensing model is reflected in official reports.
Research Frontiers Incorporated filed an amendment to its annual report to add its Executive Compensation Recovery (Clawback) Policy as a new exhibit. The policy, effective as of October 2, 2023, was adopted in accordance with SEC Rule 10D-1 and NASDAQ Listing Rule 5608 and is filed as Exhibit 97.
The company states it is not aware of any event that would trigger application of this clawback policy and makes no other changes to its prior annual report disclosures. As of June 30, 2025, the aggregate market value of non-affiliate common equity was $47,011,960 based on a closing price of $1.64, and on March 19, 2026 there were 34,748,221 shares of common stock outstanding.
Research Frontiers Incorporated develops and licenses SPD-Smart light-control technology used in electronically dimmable glass for automotive, aerospace, architectural, marine and other applications. The company earns revenue mainly from license fees and royalties rather than manufacturing finished products.
For the year ended December 31, 2025, fee income was $1,121,248, down from $1,335,531 in 2024, largely due to lower automotive and aircraft royalties and the bankruptcy of a European automotive licensee supplying Ferrari, which temporarily affected royalty recognition. Operating expenses rose to $2,644,684 from $2,207,397, driven by higher credit loss expense, director stock-based compensation, marketing, film purchases and professional fees. Research and development spending increased modestly to $608,732.
The company reported a net loss of $2,045,584 (or $0.06 per share) in 2025, compared with a net loss of $1,311,382 (or $0.04 per share) in 2024, and had an accumulated deficit of $127.6 million as of December 31, 2025. Cash and cash equivalents were about $0.7 million, working capital was $0.8 million, and shareholders’ equity was $0.9 million.
In February 2026, the company raised $1.1 million by issuing 1.1 million common shares at $1.00 per share, together with five-year warrants with step-up exercise prices. Management believes existing cash and working capital, together with expected royalty growth, are sufficient for the foreseeable future but notes continued operating losses, dependence on a single core technology, reliance on a small number of major licensees, and a single commercial SPD film producer as key risks.
Research Frontiers Incorporated entered into subscription agreements with a group of private accredited investors on February 18, 2026. The investors purchased 1.1 million shares of common stock at $1.00 per share, providing the company with $1.1 million in proceeds.
For each share purchased, investors received one warrant expiring on February 28, 2031 to buy one additional share of common stock. The warrant exercise prices step up over time: $1.10 on or before February 28, 2027, $1.20 from March 1, 2027 through February 29, 2028, $1.30 from March 1, 2028 through February 28, 2029, and $1.50 after February 28, 2029 until expiration.
The shares and any shares issued upon future warrant exercises were sold in a private placement and are not registered, so they are subject to at least a six‑month holding period. Some investors include family members of a company director and the owner of a licensee for SPD‑SmartGlass products.
Research Frontiers (REFR) reported Q3 2025 results. Fee income was $359,444, up slightly year over year, while operating loss was $303,944 and net loss was $298,508 for the quarter. For the first nine months of 2025, fee income totaled $1,049,125 compared with $1,157,380 a year ago, and net loss widened to $1,280,021.
Cash and cash equivalents were $1,130,390, with working capital of about $1.4 million and shareholders’ equity of about $1.5 million as of September 30, 2025. The company continues to generate revenue primarily from automotive licensees and recognizes royalties under ASC 606.
Management disclosed that two significant European licensees and an affiliate filed for bankruptcy during the quarter; these parties represented approximately 44% of year-to-date revenue, though Ferrari-related SPD-SmartGlass production has transitioned to another existing European licensee.
Research Frontiers Inc. reported that longtime executive Michael R. LaPointe, Vice President – Aerospace Products, has retired from the company effective September 15, 2025.
LaPointe has worked with the company for over 30 years, holding senior roles including Vice President – Marketing and Vice President – Aerospace Products, and is credited with helping commercialize its SPD-SmartGlass technology across architectural, automotive, museum, and aerospace markets.
Under his leadership, SPD-Smart electronically dimmable windows gained adoption with major aerospace names, including Airbus, Airbus Helicopters, Honda Aircraft, Textron Beechcraft, Epic Aircraft, Daher, Dassault, multiple helicopter and aircraft programs, an airline retrofit program, and more than 40 aftermarket aircraft models.