Research Frontiers Incorporated (REFR) quarterly balance sheet — complete assets, liabilities & equity history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Total Current Assets | 2.02M | 1.14M | 1.61M | 1.97M | 2.52M | 2.75M | 2.85M | 3.19M | 3.29M | 3.58M | 3.91M | 4.42M | 4.92M | 4.92M | 5.5M | 2.56M | 3.31M | 3.95M | 4.5M | 4.5M |
| Cash & Short-Term Investments | 1.28M | 664.3K | 1.13M | 1.27M | 1.35M | 1.99M | 1.65M | 1.91M | 2.09M | 2.48M | 3.02M | 3.52M | 4.14M | 4.23M | 4.8M | 1.88M | 2.47M | 3.03M | 2.98M | 3.47M |
| Cash Only | 1.28M | 664.3K | 1.13M | 1.27M | 1.35M | 1.99M | 1.65M | 1.91M | 2.09M | 2.48M | 524.99K | 3.52M | 1.15M | 4.23M | 4.8M | 1.88M | 2.47M | 269.96K | 2.98M | 3.47M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.5M | 0 | 2.99M | 0 | 0 | 0 | 0 | 2.76M | 0 | 0 |
| Accounts Receivable | 544.99K | 408.67K | 371.88K | 536.37K | 969.06K | 658.21K | 1.05M | 1.08M | 956.78K | 1M | 721.24K | 666.16K | 683.86K | 589.6K | 534.53K | 442.45K | 753.55K | 831.64K | 1.35M | 829.87K |
| Days Sales Outstanding | 314.81 | 497.83 | 116.23 | 527.29 | 130.82 | 440.56 | 276.01 | 189.15 | 284.6 | 254.08 | 388.8 | 331.96 | 230.91 | 398.07 | 298.73 | 636.39 | 410.37 | 472.89 | 138.79 | 626.06 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 192.46K | 70.97K | 0 | 161.28K | 198.68K | 93.49K | 154.73K | 204.68K | 240.77K | 96.78K | 164.58K | 231.76K | 93.19K | 100.97K | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 1.06M | 1.11M | 1.15M | 1.2M | 1.25M | 1.29M | 148.31K | 190.1K | 232.24K | 274.38K | 316.69K | 359.3K | 401.89K | 444.96K | 466.29K | 510K | 553.42K | 596.35K | 640.37K | 684.47K |
| Property, Plant & Equipment | 1.01M | 1.05M | 1.1M | 1.14M | 1.19M | 1.24M | 92.24K | 134.03K | 176.17K | 218.31K | 260.62K | 303.23K | 345.82K | 388.9K | 432.72K | 476.43K | 519.85K | 562.78K | 606.8K | 650.9K |
| Fixed Asset Turnover | 0.13x | 0.07x | 0.32x | 0.11x | 0.46x | 0.27x | 3.13x | 3.16x | 1.59x | 1.30x | 0.58x | 0.57x | 0.68x | 0.32x | 0.33x | 0.17x | 0.32x | 0.36x | 1.15x | 0.17x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 56.07K | 56.07K | 56.07K | 56.07K | 56.07K | 56.07K | 56.07K | 56.07K | 56.07K | 56.07K | 56.07K | 56.07K | 56.07K | 56.07K | 33.57K | 33.57K | 33.57K | 33.57K | 33.57K | 33.57K |
| Total Assets | 3.08M | 2.25M | 2.77M | 3.17M | 3.77M | 4.04M | 3M | 3.38M | 3.52M | 3.85M | 4.23M | 4.77M | 5.32M | 5.37M | 5.97M | 3.07M | 3.86M | 4.55M | 5.14M | 5.19M |
| Asset Turnover | 0.05x | 0.03x | 0.12x | 0.04x | 0.14x | 0.05x | 0.11x | 0.14x | 0.08x | 0.08x | 0.04x | 0.04x | 0.05x | 0.02x | 0.03x | 0.02x | 0.04x | 0.04x | 0.14x | 0.02x |
| Asset Growth % | -18.24% | -44.26% | -7.66% | -6.12% | 6.95% | 4.91% | -29.05% | -29.22% | -33.77% | -28.25% | -29.14% | 55.43% | 37.81% | 18.05% | 16.14% | -40.76% | -33.07% | -26.67% | -25.14% | -30.02% |
| Total Current Liabilities | 316.11K | 297.88K | 212.09K | 280.24K | 210.71K | 269.03K | 176.07K | 390K | 439.45K | 277.43K | 264.25K | 285.89K | 283.76K | 301.86K | 267.72K | 290.95K | 287.73K | 297.94K | 276.02K | 300.62K |
| Accounts Payable | 101.11K | 132.67K | 29.14K | 24.36K | 13.3K | 85.83K | 34.31K | 60.97K | 171.24K | 50.88K | 32.1K | 45.79K | 25.44K | 71.08K | 38.01K | 31.7K | 16.02K | 66.46K | 33.57K | 41.08K |
| Days Payables Outstanding | 239.12 | - | - | - | - | - | - | - | - | - | 6.6 | 5.74 | - | 114.36 | 6.58 | 3.18 | 6.18 | 5.6 | 6.01 | 7.48 |
| Short-Term Debt | 149.47K | 146.04K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 71.56K | 0 | 0 | 0 | 125K | 0 | 0 | 3.73K | 12.79K | 11.92K | 0 | 3.59K | 7.17K | 10.76K | 0 | 13.3K | 26K |
| Other Current Liabilities | 65.52K | 19.17K | 5.34K | 0 | 0 | 0 | 0 | 0 | 0 | 360 | 0 | 0 | 0 | 360 | 0 | 0 | 0 | 360 | 0 | 0 |
| Current Ratio | 6.38x | 3.84x | 7.61x | 7.04x | 11.96x | 10.21x | 16.19x | 8.18x | 7.49x | 12.89x | 14.80x | 15.44x | 17.33x | 16.30x | 20.54x | 8.81x | 11.49x | 13.26x | 16.29x | 14.97x |
| Quick Ratio | 6.38x | 3.84x | 7.61x | 7.04x | 11.96x | 10.21x | 16.19x | 8.18x | 7.49x | 12.89x | 14.80x | 15.44x | 17.33x | 16.30x | 20.54x | 8.81x | 11.49x | 13.26x | 16.29x | 14.97x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 981.26K | 1.02M | 1.06M | 1.09M | 1.13M | 1.17M | 0 | 0 | 0 | 55.36K | 109.97K | 163.82K | 216.94K | 267.72K | 317.81K | 367.2K | 416.62K | 464.13K | 510.99K | 557.2K |
| Long-Term Debt | 981.26K | 1.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 1.06M | 1.09M | 1.13M | 1.17M | 0 | 0 | 0 | 55.36K | 109.97K | 163.82K | 216.94K | 267.72K | 317.81K | 367.2K | 416.62K | 464.13K | 510.99K | 557.2K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 1.3M | 1.32M | 1.27M | 1.37M | 1.34M | 1.44M | 176.07K | 390K | 439.45K | 332.79K | 374.21K | 449.71K | 500.71K | 569.59K | 585.53K | 658.16K | 704.34K | 762.06K | 787.01K | 857.82K |
| Total Debt | 1.13M | 1.17M | 1.2M | 1.23M | 1.26M | 1.3M | 109.97K | 163.82K | 216.94K | 267.72K | 317.81K | 367.2K | 416.62K | 464.13K | 510.99K | 557.2K | 602.78K | 646.22K | 689.06K | 731.31K |
| Net Debt | -148.57K | 501.99K | 69.22K | -41.91K | -88.26K | -698.03K | -1.54M | -1.74M | -1.88M | -2.21M | -207.18K | -3.15M | -735.82K | -3.77M | -4.29M | -1.33M | -1.86M | 376.25K | -2.3M | -2.74M |
| Debt / Equity | 0.63x | 1.25x | 0.80x | 0.69x | 0.52x | 0.50x | 0.04x | 0.05x | 0.07x | 0.08x | 0.08x | 0.08x | 0.09x | 0.10x | 0.09x | 0.23x | 0.19x | 0.17x | 0.16x | 0.17x |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 27.90x | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -92.94x | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 1.78M | 933.63K | 1.5M | 1.8M | 2.43M | 2.6M | 2.82M | 2.99M | 3.08M | 3.52M | 3.85M | 4.33M | 4.82M | 4.8M | 5.38M | 2.41M | 3.16M | 3.78M | 4.35M | 4.33M |
| Equity Growth % | -26.51% | -64.15% | -46.88% | -39.86% | -21.31% | -25.97% | -26.73% | -30.87% | -36% | -26.67% | -28.38% | 79.19% | 52.71% | 26.77% | 23.69% | -44.23% | -35.02% | -28.97% | -26.06% | -31.48% |
| Book Value per Share | 0.05 | 0.03 | 0.04 | 0.05 | 0.07 | 0.08 | 0.08 | 0.09 | 0.09 | 0.10 | 0.11 | 0.13 | 0.14 | 0.14 | 0.17 | 0.08 | 0.10 | 0.12 | 0.14 | 0.14 |
| Total Shareholders' Equity | 1.78M | 933.63K | 1.5M | 1.8M | 2.43M | 2.6M | 2.82M | 2.99M | 3.08M | 3.52M | 3.85M | 4.33M | 4.82M | 4.8M | 5.38M | 2.41M | 3.16M | 3.78M | 4.35M | 4.33M |
| Common Stock | 3.49K | 3.37K | 3.37K | 3.37K | 3.37K | 3.37K | 3.35K | 3.35K | 3.35K | 3.35K | 3.35K | 3.35K | 3.35K | 3.31K | 3.31K | 3.17K | 3.17K | 3.17K | 3.17K | 3.17K |
| Retained Earnings | -128.15M | -127.62M | -126.86M | -126.56M | -125.75M | -125.58M | -124.97M | -124.8M | -124.71M | -124.26M | -123.78M | -123.31M | -122.82M | -122.36M | -121.54M | -121.06M | -120.32M | -119.69M | -118.9M | -118.93M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |