Research Frontiers Inc (REFR) Financial Statements
Industry: Patent Owners & Lessors
In fiscal 2025, Research Frontiers reported revenue of $1.1M, down 16.0% from $1.3M the year before. Net income was -$2.0M (a -182.4% net margin), or -$0.06 per diluted share. Operating margin was -190.2%. Operating activities generated -$1.3M of cash, leaving -$1.3M of free cash flow. At fiscal year end, Research Frontiers held $2.3M in total assets against $1.3M in total liabilities, including $664,299 of cash and equivalents.
Open the full interactive Research Frontiers financials → Quarterly statements, key ratios, valuation history and price charts.
Research Frontiers Key Stats
| Share Price | $0.59 |
|---|---|
| Market Cap | $20.6M |
| Revenue YoY Growth | -16.0% |
| 52-Week Range | $0.36 – $2.36 |
| Shares Outstanding | 34.9 million (basic, 2026 Q2) |
Research Frontiers Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $828,450 | $1.3M | $539,686 | $909,598 | $1.3M | $1.1M |
| Operating Income | -$2.6M | -$1.8M | -$2.6M | -$2.0M | -$1.4M | -$2.1M |
| Pre-Tax Income | -$2.3M | -$1.8M | -$2.7M | -$1.9M | -$1.3M | -$2.0M |
| Net Income | -$2.3M | -$1.8M | -$2.7M | -$1.9M | -$1.3M | -$2.0M |
| Diluted EPS | -$0.07 | -$0.06 | — | -$0.06 | -$0.04 | -$0.06 |
Research Frontiers Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $359,444 | $72,124 | $136,319 | $86,346 |
| Net Income | -$298,508 | -$765,563 | -$525,365 | -$660,168 |
| Diluted EPS | -$0.01 | -$0.02 | -$0.02 | -$0.02 |
Research Frontiers Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.8M | $269,964 | $4.2M | $2.5M | $2.0M | $664,299 |
| Current Assets | $5.4M | $3.9M | $4.9M | $3.6M | $2.7M | $1.1M |
| Total Assets | $6.2M | $4.5M | $5.4M | $3.9M | $4.0M | $2.3M |
| Current Liabilities | $226,066 | $297,936 | $301,863 | $277,431 | $269,027 | $297,877 |
| Total Liabilities | $872,285 | $762,064 | $569,586 | $332,794 | $1.4M | $1.3M |
| Shareholders' Equity | $5.3M | $3.8M | $4.8M | $3.5M | $2.6M | $900,000 |
Research Frontiers Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$2.3M | -$1.8M | -$2.2M | -$2.3M | -$788,819 | -$1.3M |
| Cash From Investing | -$52,823 | -$2.8M | $2.7M | $55,591 | -$1,623 | -$726 |
| Cash From Financing | $486,259 | $86,262 | $3.5M | $484,502 | $308,670 | — |
| Free Cash Flow | -$2.3M | -$1.8M | -$2.2M | -$2.3M | -$790,442 | -$1.3M |
Figures from Research Frontiers' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Research Frontiers financials page for every line item.
Research Frontiers Company Profile
| Ticker | REFR |
|---|---|
| Exchange | Nasdaq |
| Industry | Patent Owners & Lessors |
| Headquarters | Woodbury, New York |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company |
| SEC CIK | 0000793524 |
Frequently Asked Questions
What was Research Frontiers' revenue in fiscal 2025?
Research Frontiers (REFR) reported revenue of $1.1M for fiscal 2025.
What is Research Frontiers' annual revenue history?
Research Frontiers' annual revenue by fiscal year: 2020: $828,450; 2021: $1.3M; 2022: $539,686; 2023: $909,598; 2024: $1.3M; 2025: $1.1M.
What was Research Frontiers' net income in fiscal 2025?
Research Frontiers reported net income of -$2.0M for fiscal 2025.
What was Research Frontiers' earnings per share (EPS) in fiscal 2025?
Research Frontiers' diluted EPS was -$0.06 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Research Frontiers generate in fiscal 2025?
Research Frontiers generated -$1.3M of free cash flow in fiscal 2025.
What was Research Frontiers' revenue last quarter?
In its most recent reported quarter (2026 Q2), Research Frontiers reported revenue of $86,346.
How many shares of Research Frontiers are outstanding?
Research Frontiers reported a weighted average of 34.9 million basic shares outstanding in 2026 Q2.
What is Research Frontiers' market cap?
Based on its latest closing price, Research Frontiers (REFR) has a market capitalization of about $20.6M.
When does Research Frontiers' fiscal year end?
Research Frontiers' fiscal year end, as registered with the SEC, is December 31.
Where is Research Frontiers headquartered?
Research Frontiers lists its business address in Woodbury, New York in its SEC filings.