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Financials · REFR

Research Frontiers Incorporated (REFR) financials

For the twelve months ended Sep 30, 2026, Research Frontiers Incorporated reported $371.8K of revenue and -$2.46M of net income.

Revenue, TTM
$371.8K
Revenue growth, YoY
-69.7%
Net income, TTM
-$2.46M
Net margin
-662.0%
Free cash flow, TTM
-$1.86M
EPS, diluted, TTM
-$0.07
Cash
$644.6K
P/S
37.08
Market cap
$13.8M
Annual revenue$1.12M
FY2016FY2025
Annual net income-$2.05M
FY2016FY2025
Annual free cash flow-$1.33M
FY2016FY2025

REFR revenue and earnings growth

REFR revenueQ3 2026$77.0K

Quarter YoY
-78.6%
QoQ
-10.8%
FY YoY
-16.0%
5Y CAGR
+6.2%
10Y CAGR
-5.7%

REFR revenue was $77.0K in fiscal Q3 2026 (ended Sep 30, 2026), down 78.6% from a year earlier and down 10.8% from the prior quarter. For the full fiscal 2025 it was $1.12M, down 16.0% from fiscal 2024. Compound annual growth was +6.2% over 5 years and -5.7% over 10 years. It rose in 5 of the last 10 fiscal years.

REFR net incomeQ3 2026-$510.3K

REFR net income was -$510.3K in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$298.5K a year earlier. For the full fiscal 2025 it was -$2.05M, compared with -$1.31M in fiscal 2024.

REFR EPSQ3 2026-$0.01

REFR diluted EPS was -$0.01 in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$0.01 a year earlier. For the full fiscal 2025 it was -$0.06, compared with -$0.04 in fiscal 2024.

REFR free cash flowQ3 2026-$443.3K

REFR free cash flow was -$443.3K in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$143.9K a year earlier. For the full fiscal 2025 it was -$1.33M, compared with -$790.4K in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$1.12M$1.34M$909.6K$539.7K$1.26M$828.5K$1.56M$1.49M$1.51M$1.24M
Research and development$608.7K$570.0K$583.3K$609.1K$580.0K$628.3K$1.04M$863.4K$799.7K$1.42M
Selling, general and admin--------$3.13M$4.09M
Operating income-$2.13M-$1.44M-$2.03M-$2.63M-$1.84M-$2.58M-$3.15M-$2.42M-$2.42M-$4.27M
Net income-$2.05M-$1.31M-$1.91M-$2.67M-$1.85M-$2.34M-$3.81M-$2.69M-$2.41M-$4.24M
EPS, basic-$0.06-$0.04-$0.06-$0.08-$0.06-$0.07-$0.13-$0.10-$0.10-$0.18
EPS, diluted-$0.06-$0.04-$0.06-$0.08-$0.06-$0.07-$0.13-$0.10-$0.10-$0.18
Diluted shares33.6M33.5M33.5M32.1M31.6M31.5M30.0M26.0M24.0M24.0M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$664.3K$1.99M$2.48M$4.23M$270.0K$4.77M$6.59M$2.97M$1.74M$1.69M
Short-term investments----$2.76M----$1.52M
Receivables$408.7K$658.2K$1.00M$589.6K---$689.7K$597.4K$1.12M
Current assets$1.14M$2.75M$3.58M$4.92M$3.95M$5.43M$7.31M$3.71M$2.36M$4.59M
Total assets$2.25M$4.04M$3.85M$5.37M$4.55M$6.20M$8.26M$4.06M$2.88M$5.27M
Current liabilities$297.9K$269.0K$277.4K$301.9K$297.9K$226.1K$387.4K$457.7K$313.7K$369.3K
Total liabilities$1.32M$1.44M$332.8K$569.6K$762.1K$872.3K$1.20M$959.1K--
Shareholders' equity$933.6K$2.60M$3.52M$4.80M$3.78M$5.33M$7.06M$3.10M$2.57M$4.90M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow-$1.33M-$788.8K-$2.30M-$2.18M-$1.80M-$2.25M-$2.08M-$2.07M-$1.47M-$4.01M
Capital expenditures$726$1.6K$1.6K$1.3K$1.1K$56.5K$65.3K$11.7K$6.5K$11.7K
Free cash flow-$1.33M-$790.4K-$2.30M-$2.18M-$1.81M-$2.31M-$2.15M-$2.08M-$1.48M-$4.02M
Investing cash flow-$726-$1.6K$55.6K$2.69M-$2.78M-$52.8K-$65.3K-$11.7K$1.52M-$15.3K
Financing cash flow-$308.7K$484.5K$3.45M$86.3K$486.3K$5.77M$3.31M--
Stock-based compensation$374.9K$89.3K$144.7K$232.3K$217.0K$327.6K$841.6K$69.3K$76.3K$67.5K
Depreciation and amortization$11.5K$15.0K$14.7K$28.8K$29.9K$67.1K$195.4K$181.0K$175.6K$188.5K

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY-16.0%46.8%68.5%-57.3%52.5%-47.0%5.1%-1.4%22.1%-38.4%
Operating margin-190.2%-108.0%-223.5%-486.4%-145.6%-311.1%-201.4%-162.4%-160.3%-345.3%
Net margin-182.4%-98.2%-209.8%-494.6%-146.2%-282.6%-243.5%-180.4%-160.0%-342.9%
Free cash flow margin-118.6%-59.2%-252.5%-404.7%-142.9%-278.7%-137.3%-139.9%-97.9%-325.0%
Return on equity-219.1%-50.4%-54.2%-55.6%-48.8%-43.9%-54.0%-86.7%-94.0%-86.4%
Return on assets-90.8%-32.5%-49.6%-49.7%-40.6%-37.8%-46.1%-66.2%-83.8%-80.4%
Current ratio3.8410.2112.8916.3013.2624.0118.868.117.5412.43

Source: XBRL data Research Frontiers Incorporated files with the SEC, latest filing dated Nov 5, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

REFR peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
REFR$371.8K-69.7%-$2.46M-662.0%$13.8M
IDCC$817.25M-12.0%$314.90M38.5%$7.57B
DLB$1.35B+0.6%$226.18M16.7%$6.07B
APPS$638.61M+21.6%-$5.21M-0.8%$1.38B
ACTG$273.37M-3.7%-$17.84M-6.5%$417.7M
JYNT$58.72M+7.9%$2.83M4.8%$94.1M
AMOD$7.1K--$8.02M-112373.7%$62.4M
VHC$114.0K+128.0%-$19.81M-17373.7%$41.6M
NTIP$150.0K+50.0%-$2.42M-1613.3%$35.8M

REFR FAQ

8 questions
  • What is REFR revenue?
    Research Frontiers Incorporated (REFR) reported $371.8K of revenue for the twelve months ended Sep 30, 2026. That is down 69.7% from the year before. Revenue for fiscal 2025 was $1.12M.
  • Is REFR profitable?
    No. Research Frontiers Incorporated reported a net loss of $2.46M for the twelve months ended Sep 30, 2026.
  • How much cash and debt does REFR have?
    Research Frontiers Incorporated reported $644.6K in cash and cash equivalents on its most recent balance sheet in SEC filings.
  • How fast is REFR revenue growing?
    Research Frontiers Incorporated's revenue changed -16.0% in fiscal 2025, to $1.12M. Its compound annual growth rate was +6.2% over 5 years and -5.7% over 10 years.
  • What is REFR free cash flow?
    Research Frontiers Incorporated generated -$1.86M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of -$1.86M less capital expenditures.
  • What is REFR earnings per share?
    Diluted earnings per share were -$0.07 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did REFR last report financial results?
    The latest statements here come from Research Frontiers Incorporated's 10-Q filed on Nov 5, 2026, covering the period ended Sep 30, 2026.
  • Where does this REFR financial data come from?
    Quantisnow builds these statements from the structured XBRL data Research Frontiers Incorporated files with the SEC. It is provided for information only and is not investment advice.