RESEARCH FRONTIERS INC

Listed Company

REFRCIK 0000793524NasdaqNon-AcceleratedSmaller ReportingPatent Owners & LessorsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.12M

Net Income

$-2.05M

Total Assets

$2.25M

Equity

$900.0K

Shares Out

34.75M

Op. Cash Flow

$-1.33M

Business

RESEARCH FRONTIERS INC develops and licenses patented suspended particle device (SPD-Smart) light-control technology that enables variable tinting of glass and plastic. It offers SPD-Smart emulsions, light-control film, laminated light-control panels, powering electronics, lamination services and licensed end-products such as smart windows, skylights and sunroofs. The company operates in a single business segment focused on licensing its intellectual property and supporting licensees across materials, film, lamination and end-product supply chains. Its products are commercialized worldwide through licensees, OEMs, Tier-1 suppliers and distribution channels.

Summary from filing dated 2025-03-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fee income	1	1	909,598	539,686	1
Operating expenses	3	2	2	3	—
Research and development	608,732	570,007	583,266	609,127	580,000
Total expenses	3	3	3	3	3
Operating loss	−2	−1	−2	−3	−2
Net investment income	39,227	95,339	124,938	−44,219	—
Other income	47,357	35,152	—	—	—
Net loss	−2	−1	−2	−3	−2
Basic net loss per common share	−0.06	−0.04	−0.06	−0.08	−0.06
Diluted net loss per common share	−0.06	−0.04	−0.06	−0.08	—
Weighted average number of common shares outstanding - Basic	34	34	33	32	32
Weighted average number of common shares outstanding - Diluted	34	34	33	32	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	700,000	2	2	4	269,964
Royalties receivable, net of reserves of $1,384,850 and $1,253,450 in 2025 and 2024, respectively	408,666	658,213	1	589,599	—
Prepaid expenses and other current assets	70,969	93,490	96,784	100,973	92,931
Total current assets	1	3	4	5	4
Fixed assets, net	3,393	15,052	39,598	65,388	92,954
Operating lease ROU assets	1	1	178,715	323,509	469,824
Deposits and other assets	56,066	56,066	56,066	56,066	33,567
Total assets	2	4	4	5	5
Current portion of operating lease liability	146,043	129,875	212,359	196,405	182,091
Accounts payable	132,666	85,825	50,880	71,079	66,460
Accrued expenses	19,168	53,327	14,192	34,379	49,385
Total current liabilities	297,877	269,027	277,431	301,863	297,936
Operating lease liability, net of current portion	1	1	55,363	267,723	464,128
Total liabilities	1	1	332,794	569,586	762,064
Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 33,648,221 in 2025 and 2024, respectively	3,365	3,365	3,351	3,315	3,165
Additional paid-in capital	129	128	128	127	123
Accumulated deficit	−128	−126	−124	−122	−120
Total shareholders equity	900,000	3	4	5	4
Total liabilities and shareholders equity	2	4	4	5	5

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	12,386	26,169	27,348	28,837	29,895
Share-based compensation	374,875	89,316	144,728	232,291	217,008
Credit loss expense	154,253	25,001	95,000	141,772	44,476
ROU asset amortization	174,288	237,394	144,794	146,315	146,618
Royalty receivables	95,294	320,190	−508,805	100,266	—
Prepaid expenses and other assets	22,521	3,294	4,189	−30,542	−36,420
Accounts payable and accrued expenses	12,681	74,080	−40,386	−10,387	56,156
Operating lease liability	−129,875	−252,881	−196,406	−182,091	−166,377
Net cash used in operating activities	−1	−788,819	−2	−2	−2
Purchases of fixed assets	−726	−1,623	−1,558	−1,271	−1,077
Net cash used in investing activities	−726	−1,623	55,591	3	−3
Net proceeds from exercise of options	—	8,670	—	—	—
Proceeds from issuance of common stock and warrants	—	300,000	—	3	—
Net cash provided by financing activities	—	308,670	484,502	3	86,262
Net decrease in cash and cash equivalents	−1	−481,772	−2	4	−5
Operating lease assets obtained for operating lease liabilities	—	1	—	—	—

Filings

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