Friday 6 November 2026 Export REFR’s income statement to Excel — free account

Research Frontiers Incorporated

Research Frontiers Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $1.1 million, down 16.0% from fiscal 2024.

Revenue: −78.6%
EPS: 0.00%
Free cash flow: −208.1%

Quarter to September 2026, against a year earlier

0.37 0.01 −2.63%

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Market cap: $12.9M
P/E: 0.0×
Fwd P/E: −22.9×
Dividend yield: —
F-score: 3/9
Altman Z: −61.46
Beneish M: n/a
Dividend safety: n/a

Overview

Insider Decisions last twelve months

Trades a month
	Jan 26			Apr 26			Jul 26			Oct 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 22.02%

Capital & Financial Ratios $m

Size

Market Cap 12.86

Revenue ttm 0.37

Net income ttm (2.46)

Free cash flow ttm (1.86)

Net debt Q (0.64)

Valuation

P/E 0.00

Forward P/E (22.90)

Price / sales 34.70

Forward P/S Powerpack

Price / FCF 0.00

Price / book 21.05

Financial health

Current ratio Q 2.21

Debt / equity Q 0.00

Interest coverage Q —

Growth

Revenue growth Q −78.56%

Operating income growth Q −70.49%

EPS, this year —

EPS, next year A —

Revenue, next year A −57.24%

EPS, past 5 yrs —

EPS, next 5 yrs A +30.00%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 24.86%

10-year low 10-year high

P/B against its own 10 years 78.62%

10-year low 10-year high

EV/Sales against its own 10 years 25.05%

10-year low 10-year high

Dividends

Yield: —
Annual rate: —
Payout ratio: —

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	2	2	1	1
Receivables	1	1	0	0
Inventory	—	—	—	—
Other	—	—	—	—
	4	3	1	1

	2023	2024	2025	Q'26
Payables	0	0	0	0
ST’ Debt	—	—	—	—
Other	—	—	—	—
	0	0	0	0

Compound Annual Growth %

	10y	5y	3y
Sales	(5.66%)	6.24%	27.60%
Cash Flow	0.00%	0.00%	0.00%
Earnings	0.00%	0.00%	0.00%
Book Value	(20.34%)	(29.41%)	(42.05%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY18 Estimate −0.01 Actual −0.02

−0.03 −0.03 −0.02 −0.01 −0.01

Q2 FY17 Beat +0.01

Q3 FY17 Beat +0.01

Q2 FY18 Beat +0.01

Q3 FY18 Miss −0.01

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q2 FY17	−0.03	−0.02	Beat by 0.01
Q3 FY17	−0.02	−0.01	Beat by 0.01
Q2 FY18	−0.03	−0.02	Beat by 0.01
Q3 FY18	−0.01	−0.02	Miss by 0.01

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.02)	(0.02)	(0.01)	—	—
’25	(0.01)	(0.02)	(0.01)	(0.02)	(0.06)
’24	(0.01)	0.00	0.00	(0.02)	(0.04)
’23	(0.01)	(0.01)	(0.01)	(0.01)	(0.06)
’22	(0.02)	(0.02)	(0.02)	(0.02)	(0.08)
’21	(0.02)	(0.02)	0.00	(0.02)	(0.06)
’20	(0.02)	(0.01)	(0.01)	(0.03)	(0.07)

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Sep	Dec	Year
’26	0	0	—	—
’25	1	0	0	1
’24	0	0	0	1
’23	0	0	0	1
’22	0	0	0	1
’21	0	1	0	1
’20	0	0	0	1

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(1)	0	0	—	—
’25	(1)	0	0	0	(1)
’24	0	0	0	0	(1)
’23	(1)	(1)	(1)	(1)	(2)
’22	0	(1)	(1)	(1)	(2)
’21	(1)	(1)	0	0	(2)
’20	(1)	0	0	(1)	(2)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(1)	0	0	—	—
’25	(1)	0	0	0	(1)
’24	0	0	0	0	(1)
’23	(1)	(1)	(1)	(1)	(2)
’22	0	(1)	(1)	(1)	(2)
’21	(1)	(1)	0	0	(2)
’20	(1)	0	0	(1)	(2)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM Sep ’26	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
													Ten-year view		Analyst estimates Powerpack
Income, $m
Income, $m	Revenue	1	2	1	2	1	1	1	1	1	1	0		(1.1%)	—	—	—	—
	Gross margin, %	(230.59)	(107.28)	(104.45)	(135.15)	(235.26)	(99.67)	(373.54)	(159.41)	(65.29)	(135.87)	(528.07)		+94.7 pt	Powerpack Research Frontiers Incorporated’s next three years, line by line See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	(4)	(2)	(3)	(4)	(2)	(2)	(3)	(2)	(1)	(2)	(2)		(7.8%)
	EBT margin, %	(342.88)	(159.96)	(180.44)	(243.54)	(282.55)	(146.19)	(494.59)	(209.81)	(98.20)	(182.45)	(662.16)		+160.4 pt
	Net income	(4)	(2)	(3)	(4)	(2)	(2)	(3)	(2)	(1)	(2)	(2)		(7.8%)
Per share, $
Per share, $	Revenue	0.05	0.06	0.06	0.05	0.03	0.04	0.02	0.03	0.04	0.03	0.01		(4.7%)
	Earnings	(0.18)	(0.10)	(0.10)	(0.13)	(0.07)	(0.06)	(0.08)	(0.06)	(0.04)	(0.06)	(0.07)		(11.5%)
	Cash flow	(0.17)	(0.06)	(0.08)	(0.07)	(0.07)	(0.06)	(0.07)	(0.07)	(0.02)	(0.04)	(0.05)		(14.8%)
	Capex	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00		n/m
	Free cash flow	(0.17)	(0.06)	(0.08)	(0.07)	(0.07)	(0.06)	(0.07)	(0.07)	(0.02)	(0.04)	(0.05)		(14.8%)
	Book value	0.20	0.11	0.12	0.24	0.17	0.12	0.15	0.11	0.08	0.03	0.02		(19.9%)
	Shares, m	24	24	26	30	31	32	32	33	34	34	34		+3.8%
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00		0.0
	P/S	34.62	16.57	27.20	57.76	106.81	43.10	122.43	37.52	42.92	39.31	34.70		52.8
	P/B	8.73	9.74	13.06	12.80	16.61	14.39	13.77	9.70	22.01	47.21	21.05		16.8
	EV/Sales	32.02	15.42	25.20	53.54	101.05	40.70	114.59	34.80	41.42	38.72	32.97		49.7
	EV/FCF	(9.87)	(15.75)	(18.02)	(38.99)	(36.31)	(28.47)	(28.31)	(13.78)	(70.00)	(32.64)	(6.59)		(29.2)
Cash, $m
Cash, $m	Operating cash flow	(4)	(1)	(2)	(2)	(2)	(2)	(2)	(2)	(1)	(1)	(2)		(11.5%)
	Capex	0	0	0	0	0	0	0	0	0	0	0		(20.8%)
	Free cash flow	(4)	(1)	(2)	(2)	(2)	(2)	(2)	(2)	(1)	(1)	(2)		(11.5%)
Balance, $m
Balance, $m	Working capital	4	2	3	7	5	4	5	3	2	1	1		(16.4%)
	Net debt	(3)	(2)	(3)	(7)	(5)	(3)	(4)	(2)	(2)	(1)	(1)		(16.1%)
	Shareholders’ equity	5	3	3	7	5	4	5	4	3	1	1		(16.8%)
Returns, %
Returns, %	ROA	(57.21)	(59.20)	(77.41)	(61.86)	(32.39)	(34.37)	(53.86)	(41.41)	(33.24)	(65.03)	(104.13)		(7.8) pt
	ROIC	(157.84)	(182.21)	(1,161.70)	(424.11)	(290.61)	(151.46)	(289.87)	(121.99)	(147.71)	(494.85)	0.00		(337.0) pt
	ROE	(60.63)	(64.61)	(94.80)	(75.01)	(37.81)	(40.53)	(62.22)	(45.90)	(42.84)	(115.64)	(233.07)		(55.0) pt
People
People	Employees	11	7	9	8	6	6	6	6	6	5	—		(8.4%)
	Revenue/emp, $m	0.11	0.22	0.17	0.20	0.14	0.21	0.09	0.15	0.22	0.22	—		+8.0%

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
DSWL Deswell Industries, Inc.	$47.0M	5.1×	—	−5.16% (below 0%: shrinking)	n/m	+833.46% (above 0%: growing)	19.51%	0.00%	Compare
ELTK Eltek Ltd.	$40.5M	— (loss-making)	8.4×	−7.94% (below 0%: shrinking)	n/m	+94.44% (above 0%: growing)	(8.36%)	(22.07%)	Compare
DAIO Data I/O Corporation	$24.6M	— (loss-making)	— (loss-making)	−13.43% (below 0%: shrinking)	n/m	−397.95% (below 0%: shrinking)	57.00%	(14.06%)	Compare
REFR Research Frontiers Incorporated	$12.9M	— (loss-making)	— (loss-making)	−78.56% (below 0%: shrinking)	n/m	−208.08% (below 0%: shrinking)	(517.32%)	(672.53%)
WETH Wetouch Technology Inc.	$10.2M	1.1×	—	+12.74% (above 0%: growing)	−5.26% (below 0%: shrinking)	+87.69% (above 0%: growing)	34.88%	22.61%	Compare
OST Ostin Technology Group Co., Ltd.	$10.2M	— (loss-making)	—	−60.75% (below 0%: shrinking)	−100.00% (below 0%: shrinking)	−72.90% (below 0%: shrinking)	2.02%	0.00%	Compare
NEON Neonode Inc.	$10.1M	1.2×	— (loss-making)	−20.37% (below 0%: shrinking)	n/m	−9.97% (below 0%: shrinking)	98.11%	(486.58%)	Compare
GAUZ Gauzy Ltd.	$7.5M	— (loss-making)	— (loss-making)	−17.84% (below 0%: shrinking)	n/m	+54.56% (above 0%: growing)	21.37%	(62.38%)	Compare
MSAI MultiSensor AI Holdings, Inc.	$6.7M	— (loss-making)	— (loss-making)	+19.45% (above 0%: growing)	n/m	−105.04% (below 0%: shrinking)	45.78%	(153.45%)	Compare
Median of peers	$10.2M	1.2×	—	−10.68%	—	+22.29%	28.13%	(18.06%)

All 44 Electronic Components stocks →

Pay and ownership Proxy statement filed 30 April 2026

Ownership

Directors and executive officers, together 6.54%

John Nelson 6.82%

Gauzy Ltd. 5.29%

Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Research Frontiers Incorporated (REFR) Latest News

5 Nov

Impact 4 · 8:30 AM · GlobeNewswire

Research Frontiers CEO Joe Harary to Lead North American Vehicle Glazing Innovation Summit 2025 in Detroit as Chairman and Keynote Presenter

Impact 3 · 4:01 PM · GlobeNewswire

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

19 Oct

Impact 4 · 10:00 AM · GlobeNewswire

Gauzy’s $7 Million Financing Enables Restart of SPD-SmartGlass Production, Fulfillment of Customer Backlog, Introduction of New Products and Expansion of Global Market Opportunities for Research Frontiers

18 Sep

Impact 4 · 2:25 PM

Research Frontiers Welcomes Gauzy’s Court-Approved Restructuring and the Restart of SPD-Smart Light Control Film Production

30 Jun

Impact 4 · 8:30 AM

KLIM AND RESEARCH FRONTIERS ENTER INTO LICENSING AGREEMENT

8 May

Impact 4 · 4:12 PM · The Motley Fool transcript

REFR Q1 2026 Earnings Transcript

Impact 4 · 8:30 AM · Moby

Research Frontiers Incorporated Q1 2026 Earnings Call Summary

Impact 4 · 4:01 PM · GlobeNewswire

Research Frontiers Reports First Quarter 2025 Financial Results and Will Host a Conference Call at 4:30p.m. Today

7 May

Impact 3 · 4:01 PM · GlobeNewswire

Research Frontiers Reports First Quarter 2026 Financial Results and Will Host a Conference Call at 4:30 p.m. Today

6 Mar

Impact 4 · 8:30 AM · Moby

Research Frontiers Incorporated Q4 2025 Earnings Call Summary

Impact 3 · 2:00 AM · GuruFocus.com

Research Frontiers Inc (REFR) Q4 2025 Earnings Call Highlights: Navigating Challenges and ...

5 Mar

Impact 4 · 4:01 PM · GlobeNewswire

Research Frontiers Reports Fourth Quarter and Year-End 2025 Financial Results and Will Host a Conference Call at 4:30p.m. Today

3 Feb

Impact 4 · 2:00 PM · Simply Wall St.

Research Frontiers (NASDAQ:REFR) Is In A Good Position To Deliver On Growth Plans

24 Nov

Impact 4 · 8:30 AM · GlobeNewswire

Research Frontiers Highlights Rising Industry Momentum for SPD-SmartGlass Following Chairman’s Keynote Address at Detroit Automotive Glazing Summit

14 Nov

Impact 3 · 1:05 PM · Simply Wall St.

Natural Health Trends And 2 Other Penny Stocks With Promising Financials

13 Nov

Impact 4 · 8:30 AM · GlobeNewswire

Research Frontiers CEO Joe Harary to Deliver Keynote Address: “Real World Uses of SPD-SmartGlass and Other Variable Tint Technologies” at the 2025 North American Vehicle Glazing Innovation Summit in Detroit

11 Nov

Impact 4 · 8:01 PM · GuruFocus.com

Research Frontiers Inc (REFR) Q3 2025 Earnings Call Highlights: Strong Cash Position and ...

6 Nov

Impact 3 · 4:01 PM · GlobeNewswire

Research Frontiers Reports Third Quarter 2025 Financial Results and Will Host a Conference Call at 4:30p.m. Today

27 Oct

Impact 4 · 8:30 AM · GlobeNewswire

Research Frontiers and AIT Group Debut at GlassBuild Retrofittable SPD-SmartGlass System Bringing Instant Light Control, Comfort, and Energy Efficiency to Existing Buildings

10 Oct

Impact 4 · 8:05 AM · Simply Wall St.

Research Frontiers And 2 Other Promising Penny Stocks To Watch

15 Sep

Impact 3 · 8:30 AM

RESEARCH FRONTIERS ANNOUNCES RETIREMENT OF MICHAEL R. LAPOINTE, WHO LED EXPANSION OF SPD-SMART AEROSPACE PROGRAMS

8 Aug

Impact 4 · 3:00 PM

Research Frontiers Inc (REFR) Q2 2025 Earnings Call Highlights: Strong Sales Growth Amidst ...

Impact 4 · 5:05 AM

Research Frontiers: Q2 Earnings Snapshot

7 Aug

Impact 3 · 4:01 PM

Research Frontiers Reports Second Quarter 2025 Financial Results and Will Host a Conference Call at 4:30p.m. Today

14 Jul

Impact 4 · 8:00 AM

Gauzy, in Collaboration with Research Frontiers, Announces Its SPD Smart Glass in Serial Production for GM’s Cadillac CELESTIQ, Now Being Delivered to Customers

26 Jun

Impact 3 · 7:35 AM · Simply Wall St.

Here's Why We're Not Too Worried About Research Frontiers' (NASDAQ:REFR) Cash Burn Situation

16 May

Impact 4 · 2:09 PM

Promising Penny Stocks To Consider In May 2025

10 May

Impact 3 · 8:42 AM · Simply Wall St.

Research Frontiers First Quarter 2025 Earnings: US$0.005 loss per share (vs US$0.013 loss in 1Q 2024)

9 May

Impact 4 · 3:00 PM · GuruFocus.com

Research Frontiers Inc (REFR) Q1 2025 Earnings Call Highlights: Strong Revenue Growth Amidst ...

23 Apr

Impact 4 · 9:00 AM · GlobeNewswire

Research Frontiers, Gauzy and Mercedes-Benz Debut SPD-SmartGlass in Innovative Dual Smart Glass configuration at Auto Shanghai 2025 in Mercedes Vision V’s Dynamic Luxury Van

Insider Decisions last twelve months

Capital & Financial Ratios $m

Valuation vs history

Dividends

Assets vs Liabilities $m

Compound Annual Growth %

Earnings Trends EPS, adjusted, against the consensus

EPS $

Revenue $m

Operating Cash Flow $m

Free Cash Flow $m

Target Price Range

Recommendation Rating

Ten years at a glance Fiscal years to December

Research Frontiers Incorporated vs peers in Electronic Components (Q) = latest quarter vs a year earlier

Pay and ownership Proxy statement filed 30 April 2026

Ownership

Research Frontiers Incorporated (REFR) Latest News

5 Nov

19 Oct

18 Sep

30 Jun

8 May

7 May

6 Mar

5 Mar

3 Feb

24 Nov

14 Nov

13 Nov

11 Nov

6 Nov

27 Oct

10 Oct

15 Sep

8 Aug

7 Aug

14 Jul

26 Jun

16 May

10 May

9 May

23 Apr

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