Research Frontiers Incorporated(REFR)Earnings, Financials & Key Ratios

REFR•NASDAQ

$0.54

Price updated Jul 7, 2026

SectorTechnology IndustryTech Hardware & Equipment Sub-IndustryDisplays, Signage and Smart Glass

AboutResearch Frontiers Incorporated develops and markets technology and devices to control the flow of light worldwide. The company develops and licenses suspended particle device (SPD-Smart) light-control technology to companies that manufacture and market the SPD-Smart chemical emulsion, light-control film made from the chemical emulsion, the light-control panels made by laminating the film, and electronics to power end-products incorporating the film, as well as lamination services for and the end-products, such as windows, skylights, and sunroofs. Its SPD-Smart light-control technology is used in various product applications, including windows, sunshades, skylights, and interior partitions for homes and buildings; automotive windows, sunroofs, sun-visors, sunshades, rear-view mirrors, instrument panels, and navigation systems; aircraft windows; museum display panels, and eyewear products; and flat panel displays for electronic products. The company serves architectural, automotive, marine, and aerospace and appliance applications. Research Frontiers Incorporated was incorporated in 1965 and is headquartered in Woodbury, New York.Show more

Revenue$1M-16.0%
EBITDA-$2M-65.1%
Net Income-$2M-56.0%
EPS (Diluted)-0.06-55.5%
Gross Margin83.35%+3.8%
EBITDA Margin-173.51%-96.7%
Operating Margin-190.16%-76.1%
Net Margin-182.44%-85.8%
ROE-115.64%-169.9%

REFR Price & Volume

Research Frontiers Incorporated (REFR) stock price & volume — 10-year historical chart

Loading chart...

Persistent Revenue Volatility Strains Corporate Solvency

Investment Thesis • Updated 2026Q1

VerdictNegative

Growth:Contracting

Profitability:Negative

Financial:Vulnerable

Cash Flow:Burning

Primary Risk:Imminent liquidity and dilution

Key Thesis Takeaways

Research Frontiers faces a precarious outlook as its royalty-based licensing model fails to generate consistent revenue, evidenced by a 75.6% year-over-year decline in 2026Q1.
The firm's inability to scale operations beyond its fixed patent maintenance costs has resulted in chronic net losses and a shrinking equity base, which fell from $3.5 million in 2023Q4 to $1.8 million in 2026Q1.
Investors should remain cautious regarding the company's long-term viability, as the current cash position of $1.3 million provides a limited buffer against ongoing operational cash burn.

Verdict Logic

the company's fundamental instability is underscored by a negative 38.7% return on equity and a dwindling cash balance of $1.3 million as of 2026Q1.

REFR Growth Metrics

Research Frontiers Incorporated (REFR) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-5.66%

5 Years6.24%

3 Years27.6%

TTM-55.89%

Profit CAGR

10 Years-

5 Years-

3 Years-

TTM-128.7%

EPS CAGR

10 Years-

5 Years-

3 Years-

TTM-127.56%

Return on Capital

10 Years-54.96%

5 Years-50.64%

3 Years-53.61%

Last Year-74.49%

Latest REFR News

Recent stock market news and headlines for Research Frontiers Incorporated (REFR)

GlobeNewsWire·Jun 30, 2026

KLIM AND RESEARCH FRONTIERS ENTER INTO LICENSING AGREEMENT

RIGBY, IDAHO and WOODBURY, NEW YORK, June 30, 2026 (GLOBE NEWSWIRE) -- Klim®, a leading premium brand of motorcycle, snowmobile and powersports apparel and Research Frontiers Incorporated (Nasdaq: REFR), the developer and licensor of SPD-SmartGlass technology, today announced a licensing and product development collaboration to bring next-generation SPD-SmartGlass technology to motorcycle helmets, goggles, visors, face shields and related rider products. SPD-SmartGlass light control technology has already demonstrated its best-in-class performance and value in some of the world's most demanding applications, including luxury automobiles such as Ferrari, Mercedes, McLaren and Cadillac, aircraft, marine vessels and architectural installations, where users rely on SPD-SmartGlass technology to manage light, heat and glare dynamically and in real-time.

Peers Comparison

Key metrics vs top competitors for Research Frontiers Incorporated (REFR)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
REFRResearch Frontiers IncorporatedCurrent	$0.54	$18.85M	-8.89	-16.04%	-182.44%	-115.64%	—
VUZIVuzix Corporation	$2.47	$205.4M	-5.88	9.14%	-504.14%	-87.47%	—
MVISMicroVision, Inc.	$0.38	$125.32M	-1.08	-74.28%	-5887.77%	-139.2%	—
KOSSKoss Corporation	$3.92	$37.11M	-41.97	2.93%	-8.57%	-3.62%	—
HAYWHayward Holdings, Inc.	$16.44	$3.57B	24.18	6.71%	13.98%	10.32%	—
OESXOrion Energy Systems, Inc.	$10.52	$35.95M	-11.82	8.26%	-3.66%	-0.11%	—