Research Frontiers Incorporated (REFR) quarterly cash flow statement — complete operating, investing & financing 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 |
|---|
| Cash from Operations | -759.93K | -465.95K | -143.51K | -78.43K | -641.27K | 47.08K | -257.93K | -186.85K | -391.12K | -548.73K | -523.4K | -625.79K | -597.12K | -567.18K | -535.79K | -581.83K | -497.95K | 69.1K | -483.05K | -742.13K |
| Operating CF Margin % | -557.47% | -646.04% | -39.93% | -60.38% | -114.56% | 26.43% | -72.78% | -38.16% | -124.81% | -175.74% | -318.86% | -338.19% | -240.61% | -436.62% | -356.14% | -680.41% | -286.46% | 32.51% | -66.77% | -651.35% |
| Operating CF Growth % | -18.5% | -1089.69% | 44.36% | 58.03% | -63.96% | 108.58% | 50.72% | 70.14% | 34.5% | 3.25% | 2.31% | -7.56% | -19.92% | -920.86% | -10.92% | 21.6% | 22.52% | 111.27% | -20.79% | -54.15% |
| Net Income | -525.37K | -765.56K | -298.51K | -803.83K | -177.69K | -607.94K | -166.82K | -94.02K | -442.6K | -479.91K | -472.17K | -493.65K | -462.64K | -815.43K | -483.73K | -741.84K | -628.35K | -782.72K | 21.61K | -527.93K |
| Depreciation & Amortization | 43.99K | 46.79K | 46.8K | 46.77K | 46.32K | 136.75K | 42.37K | 42.24K | 42.19K | 42.6K | 42.57K | 43.2K | 43.77K | 43.88K | 43.86K | 87.32K | 96 | 1.3K | 44.13K | 83.76K |
| Stock-Based Compensation | 0 | 199.67K | 0 | 175.2K | 0 | 0 | 0 | 0 | 0 | 144.73K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 0 | 30K | 0 | 124.25K | 0 | 89.32K | 25K | 0 | 0 | 8.29K | 69.6K | -3.48K | -27.9K | 222.29K | -5K | 156.77K | 60.14K | 290.01K | 3.9K | 1.65K |
| Working Capital Changes | -278.56K | 23.16K | 108.2K | 379.17K | -509.91K | 428.95K | -158.49K | -135.07K | 9.29K | -264.44K | -163.41K | -171.86K | -150.36K | -17.91K | -90.92K | -84.08K | 70.16K | 560.52K | -552.69K | -299.61K |
| Change in Receivables | -136.32K | -66.79K | 164.5K | 308.43K | -310.85K | 389.8K | 5.49K | -121.72K | 46.62K | -282.16K | -155.09K | 17.71K | -89.26K | -45.07K | -87.08K | 154.32K | 78.09K | 476.86K | -523.11K | -92K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 172.13K | 0 | 0 | 0 | 0 | -2.98K | 0 | 0 | 0 | 0 |
| Change in Payables | 14.8K | 86.97K | -6K | -6.04K | -62.26K | 73.05K | 0 | -121.33K | 157.44K | 0 | -17.04K | -2.45K | 0 | 34.5K | -22.83K | 2.98K | -25.05K | 31.2K | 0 | 0 |
| Cash from Investing | -67 | -144 | -373 | -99 | -110 | -881 | -588 | -104 | -50 | 2.5M | -2.47M | 2.99M | -2.97M | -55 | -149 | -462 | 2.69M | -2.78M | 349.97K | -3.13M |
| Capital Expenditures | -67 | -144 | -373 | -99 | -110 | -881 | -588 | -104 | -50 | -293 | 39 | -602 | -702 | -55 | -149 | -462 | -605 | -111 | -31 | -589 |
| CapEx % of Revenue | 0.05% | 0.2% | 0.1% | 0.08% | 0.02% | 0.49% | 0.17% | 0.02% | 0.02% | 0.09% | 0.02% | 0.33% | 0.28% | 0.04% | 0.1% | 0.54% | 0.35% | 0.05% | 0% | 0.52% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.43M |
| Cash from Financing | 1.38M | 0 | 0 | 0 | 0 | 300K | 0 | 0 | 8.67K | 0 | 0 | 0 | 484.5K | 0 | 3.45M | 0 | 0 | 0 | 0 | 0 |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 1.38M | 0 | 0 | 0 | 0 | 300K | 0 | 0 | 8.67K | 0 | 0 | 0 | 0 | 0 | 3.45M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 484.5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 615K | -466.09K | -143.89K | -78.53K | -641.38K | 346.2K | -258.51K | -186.96K | -382.5K | 1.95M | -2.99M | 2.37M | -3.08M | -567.23K | 2.91M | -582.29K | 2.2M | -2.71M | -133.08K | -3.88M |
| Free Cash Flow | -760K | -466.09K | -143.89K | -78.53K | -641.38K | 46.2K | -258.51K | -186.96K | -391.17K | -549.03K | -523.36K | -626.39K | -597.83K | -567.23K | -535.94K | -582.29K | -498.56K | 68.98K | -483.08K | -742.72K |
| FCF Margin % | -557.52% | -646.24% | -40.03% | -60.45% | -114.58% | 25.93% | -72.94% | -38.19% | -124.82% | -175.84% | -318.84% | -338.52% | -240.89% | -436.66% | -356.24% | -680.95% | -286.81% | 32.46% | -66.77% | -651.87% |
| FCF Growth % | -18.49% | -1108.88% | 44.34% | 58% | -63.96% | 108.41% | 50.6% | 70.15% | 34.57% | 3.21% | 2.35% | -7.57% | -19.91% | -922.31% | -10.94% | 21.6% | 22.46% | 110.33% | -20.43% | -53.99% |
| FCF per Share | -0.02 | -0.01 | -0.00 | -0.00 | -0.02 | 0.00 | -0.01 | -0.01 | -0.01 | -0.02 | -0.02 | -0.02 | -0.02 | -0.02 | -0.02 | -0.02 | -0.02 | 0.00 | -0.02 | -0.02 |
| FCF Conversion (FCF/Net Income) | 1.45x | 0.61x | 0.48x | 0.10x | 3.61x | -0.08x | 1.55x | 1.99x | 0.88x | 1.14x | 1.11x | 1.27x | 1.29x | 0.70x | 1.11x | 0.78x | 0.79x | -0.09x | -22.35x | 1.41x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |