NASDAQ : REFR
Research Frontiers Incorporated — Financial statements
Technology · Electronic Components · United States
Last price 0.3501 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 12.21M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Research Frontiers Incorporated (REFR) reported revenue of 654.23K USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 654.23K | 1.12M | 1.34M | 909.60K | 539.69K | 1.26M |
| Cost of Revenue | 2.30M | 2.56M | 2.14M | 2.30M | 2.56M | 2.52M |
| Gross Profit | -1.65M | -1.44M | -804.50K | -1.39M | -2.02M | -1.26M |
| Selling, General & Admin | 319.93K | 331.21K | 269.46K | 247.00K | ||
| Research & Development | 310.72K | 359.64K | 367.91K | 398.02K | 609.13K | 580.00K |
| Operating Expenses | 630.66K | 690.85K | 637.37K | 645.01K | 609.13K | 580.00K |
| Operating Income | -2.28M | -2.13M | -1.44M | -2.03M | -2.63M | -1.84M |
| Interest & Investment Income | 28.05K | 39.23K | 95.34K | 124.94K | ||
| EBT Excluding Unusual Items | -2.25M | -2.09M | -1.35M | -1.91M | -2.63M | -1.84M |
| Gain (Loss) on Sale of Investments | -44.22K | -7.54K | ||||
| Other Unusual Items | 47.36K | 35.15K | ||||
| Pretax Income | -2.25M | -2.05M | -1.31M | -1.91M | -2.67M | -1.85M |
| Net Income | -2.25M | -2.05M | -1.31M | -1.91M | -2.67M | -1.85M |
| Net Income to Common | -2.25M | -2.05M | -1.31M | -1.91M | -2.67M | -1.85M |
| Shares Outstanding (Basic) | 34.08M | 33.65M | 33.52M | 33.45M | 32.07M | 31.65M |
| Shares Outstanding (Diluted) | 34.08M | 33.65M | 33.52M | 33.45M | 32.07M | 31.65M |
| EPS (Basic) | -0.07 | -0.06 | -0.04 | -0.06 | -0.08 | -0.06 |
| EPS (Diluted) | -0.07 | -0.06 | -0.04 | -0.06 | -0.08 | -0.06 |
| Free Cash Flow | -1.56M | -1.33M | -790.44K | -2.30M | -2.18M | -1.81M |
| Free Cash Flow Per Share | -0.05 | -0.04 | -0.02 | -0.07 | -0.07 | -0.06 |
| Gross Margin | -251.75% | -128.55% | -60.24% | -152.63% | -99.67% | |
| Operating Margin | -348.14% | -190.16% | -107.96% | -223.54% | -486.42% | -145.59% |
| Profit Margin | -343.85% | -182.44% | -98.19% | -209.80% | -494.61% | -146.18% |
| Free Cash Flow Margin | -238.65% | -118.61% | -59.19% | -252.49% | -404.68% | -142.94% |
| EBITDA | -2.27M | -2.12M | -1.42M | -2.01M | -2.60M | -1.81M |
| EBITDA Margin | -189.06% | -106.00% | -220.53% | -143.22% | ||
| D&A For EBITDA | 6.85K | 12.39K | 26.17K | 27.35K | 28.84K | 29.89K |
| EBIT | -2.28M | -2.13M | -1.44M | -2.03M | -2.63M | -1.84M |
| EBIT Margin | -190.16% | -107.96% | -223.54% | -145.59% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.09M | 664.30K | 1.99M | 2.48M | 4.23M | 269.96K |
| Short-Term Investments | 2.76M | |||||
| Cash & Short-Term Investments | 1.09M | 664.30K | 1.99M | 2.48M | 4.23M | 3.03M |
| Receivables | 207.96K | 408.67K | 658.21K | 1.00M | 589.60K | 831.64K |
| Prepaid Expenses | 159.73K | 70.97K | 93.49K | 96.78K | 100.97K | 92.93K |
| Total Current Assets | 1.46M | 1.14M | 2.75M | 3.58M | 4.92M | 3.95M |
| Property, Plant & Equipment | 963.86K | 1.05M | 1.24M | 218.31K | 388.90K | 562.78K |
| Other Long-Term Assets | 56.07K | 56.07K | 56.07K | 56.07K | 56.07K | 33.57K |
| Total Assets | 2.48M | 2.25M | 4.04M | 3.85M | 5.37M | 4.55M |
| Accounts Payable | 135.21K | 132.67K | 85.83K | 50.88K | 71.08K | 66.46K |
| Accrued Expenses | 53.65K | 19.17K | 53.33K | 14.19K | 34.38K | 49.38K |
| Current Portion of Leases | 152.96K | 146.04K | 129.88K | 212.36K | 196.41K | 182.09K |
| Current Unearned Revenue | 69.07K | |||||
| Total Current Liabilities | 410.88K | 297.88K | 269.03K | 277.43K | 301.86K | 297.94K |
| Long-Term Leases | 941.59K | 1.02M | 1.17M | 55.36K | 267.72K | 464.13K |
| Total Liabilities | 1.35M | 1.32M | 1.44M | 332.79K | 569.59K | 762.06K |
| Common Stock | 3.49K | 3.37K | 3.37K | 3.35K | 3.31K | 3.17K |
| Additional Paid-In Capital | 129.93M | 128.55M | 128.18M | 127.78M | 127.15M | 123.47M |
| Retained Earnings | -128.81M | -127.62M | -125.58M | -124.26M | -122.36M | -119.69M |
| Shareholders' Equity | 1.12M | 933.63K | 2.60M | 3.52M | 4.80M | 3.78M |
| Total Liabilities & Equity | 2.48M | 2.25M | 4.04M | 3.85M | 5.37M | 4.55M |
| Total Debt | 1.09M | 1.17M | 1.30M | 267.72K | 464.13K | 646.22K |
| Net Cash (Debt) | -6.59K | -501.99K | 698.03K | 2.21M | 3.77M | 2.38M |
| Net Cash Per Share | -0.00 | -0.01 | 0.02 | 0.07 | 0.12 | 0.08 |
| Filing Date Shares Outstanding | 34.87M | 34.65M | 33.65M | 33.51M | 33.51M | 31.65M |
| Total Common Shares Outstanding | 34.87M | 33.65M | 33.65M | 33.51M | 33.15M | 31.65M |
| Working Capital | 1.04M | 846.06K | 2.48M | 3.30M | 4.62M | 3.65M |
| Book Value Per Share | 0.03 | 0.03 | 0.08 | 0.10 | 0.14 | 0.12 |
| Tangible Book Value | 1.12M | 933.63K | 2.60M | 3.52M | 4.80M | 3.78M |
| Tangible Book Value Per Share | 0.03 | 0.03 | 0.08 | 0.10 | 0.14 | 0.12 |
| Machinery | 1.45M | 1.45M | 1.45M | 1.45M | 1.44M | |
| Leasehold Improvements | 584.97K | 584.97K | 584.97K | 584.97K | 584.97K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -2.25M | -2.05M | -1.31M | -1.91M | -2.67M | -1.85M |
| Depreciation & Amortization | 181.58K | 186.67K | 263.56K | 172.14K | 175.15K | 176.51K |
| Loss (Gain) From Sale of Investments | -57.15K | 60.14K | 28.52K | |||
| Stock-Based Compensation | 199.67K | 374.88K | 89.32K | 144.73K | 232.29K | 217.01K |
| Provision & Write-off of Bad Debts | 180.00K | 154.25K | 25.00K | 95.00K | 141.77K | 44.48K |
| Change in Accounts Receivable | 148.42K | 95.29K | 320.19K | -508.81K | 100.27K | -277.82K |
| Change in Accounts Payable | 118.00K | 12.68K | 74.08K | -40.39K | -10.39K | 56.16K |
| Change in Unearned Revenue | -2.50K | |||||
| Change in Other Net Operating Assets | -136.27K | -107.35K | -249.59K | -192.22K | -212.63K | -202.80K |
| Operating Cash Flow | -1.56M | -1.33M | -788.82K | -2.30M | -2.18M | -1.80M |
| Capital Expenditures | -622.00 | -726.00 | -1.62K | -1.56K | -1.27K | -1.08K |
| Investment in Securities | 57.15K | 2.69M | -2.78M | |||
| Investing Cash Flow | -622.00 | -726.00 | -1.62K | 55.59K | 2.69M | -2.78M |
| Issuance of Common Stock | 1.38M | 308.67K | 484.50K | 3.45M | 86.26K | |
| Financing Cash Flow | 1.38M | 308.67K | 484.50K | 3.45M | 86.26K | |
| Net Cash Flow | -186.32K | -1.33M | -481.77K | -1.75M | 3.96M | -4.50M |
| Free Cash Flow | -1.56M | -1.33M | -790.44K | -2.30M | -2.18M | -1.81M |
| Free Cash Flow Margin | -238.65% | -118.61% | -59.19% | -252.49% | -404.68% | -142.94% |
| Free Cash Flow Per Share | -0.05 | -0.04 | -0.02 | -0.07 | -0.07 | -0.06 |
| Levered Free Cash Flow | -597.43K | -487.03K | -127.35K | -1.41M | -1.01M | -970.42K |
| Unlevered Free Cash Flow | -597.43K | -487.03K | -127.35K | -1.41M | -1.01M | -970.42K |
| Change in Working Capital | 127.66K | 621.00 | 144.68K | -741.41K | -122.75K | -424.46K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 12.21M | 44.08M | 57.32M | 33.84M | 63.32M | 54.44M |
| Enterprise Value | 12.21M | 44.15M | 55.78M | 31.14M | 59.03M | 52.14M |
| Last Close Price | 0.35 | 1.31 | 1.71 | 1.01 | 1.91 | 1.72 |
| Forward PE | 158.00 | 158.00 | 158.00 | 158.00 | 158.00 | |
| PS Ratio | 18.66 | 39.31 | 42.92 | 37.21 | 117.32 | 43.10 |
| PB Ratio | 10.87 | 47.21 | 22.01 | 9.62 | 13.20 | 14.39 |
| P/TBV Ratio | 10.87 | 47.21 | 22.01 | 9.62 | 13.20 | 14.39 |
| PEG Ratio | 22.44 | 22.44 | 22.44 | 22.44 | 22.44 | |
| EV/Sales Ratio | 18.67 | 39.37 | 41.76 | 34.23 | 109.38 | 41.28 |
| Debt / Equity Ratio | 0.97 | 1.25 | 0.50 | 0.08 | 0.10 | 0.17 |
| Net Debt / Equity Ratio | 0.01 | 0.54 | -0.27 | -0.63 | -0.79 | -0.63 |
| Net Debt / EBITDA Ratio | -0.00 | -0.24 | 0.49 | 1.10 | 1.45 | 1.31 |
| Net Debt / FCF Ratio | -0.00 | -0.38 | 0.88 | 0.96 | 1.73 | 1.32 |
| Asset Turnover | 0.23 | 0.36 | 0.34 | 0.20 | 0.11 | 0.23 |
| Quick Ratio | 3.15 | 3.60 | 9.86 | 12.54 | 15.97 | 12.95 |
| Current Ratio | 3.54 | 3.84 | 10.21 | 12.89 | 16.30 | 13.26 |
| Return on Equity (ROE) | -154.02% | -115.64% | -42.84% | -45.90% | -62.22% | -40.53% |
| Return on Assets (ROA) | -50.41% | -42.36% | -22.84% | -27.58% | -33.10% | -21.39% |
| Return on Capital Employed (ROCE) | -110.30% | -109.10% | -38.20% | -56.90% | -51.80% | -43.30% |
| Earnings Yield | -18.85% | -4.64% | -2.29% | -5.64% | -4.22% | -3.39% |
| FCF Yield | -12.79% | -3.02% | -1.38% | -6.79% | -3.45% | -3.32% |
| Buyback Yield / Dilution | -1.47% | -0.38% | -0.20% | -4.31% | -1.34% | -0.50% |