RESEARCH FRONTIERS INC
Business
Research Frontiers Incorporated develops and licenses patented suspended particle device (SPD-Smart) light-control technology that electronically controls light transmission through glass and plastic films. The company licenses its proprietary SPD emulsion, film, and lamination technology to manufacturers of smart windows, skylights, sunroofs, and other electronically dimmable glazing products. Key application segments include automotive (sunroofs, windows, visors), aerospace (cabin windows, partitions), architectural (building windows, skylights), marine (yacht glazing), and display products. Revenue derives primarily from license fees and royalties paid by licensees worldwide who manufacture and sell end-products incorporating SPD-Smart technology.
Summary from 10-K filed 2026-03-05
Financials
Consolidated Statement of Income
| Concept | Trend | 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
| Concept | Trend | 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
| Concept | Trend | 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
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is RESEARCH FRONTIERS INC's CIK number?
RESEARCH FRONTIERS INC's SEC CIK number is 0000793524 (793524). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find RESEARCH FRONTIERS INC's SEC filings?
All of RESEARCH FRONTIERS INC's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.