Research Frontiers Incorporated logo

Research Frontiers Incorporated

REFR

NASDAQTechnologyHardware, Equipment & Parts

Previous close

$0.4451

−$0.0049 · -1.09%

Aug 21, 4:00 PM ET

REFR company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Sell

Trim exposure — unfavorable risk-reward

Valuation

20

Overpriced

Momentum

24

Weakening

Sentiment

47

Mixed

Risk resilience

30

High Risk

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Company profile

Company website

Research Frontiers Incorporated (REFR) stands as a global innovator, focusing on the development and commercialization of advanced light-regulating technologies and associated devices. The company's core business revolves around its proprietary Suspended Particle Device (SPD-Smart) light-control technology, which it licenses to other businesses. These licensees then undertake the manufacturing and marketing of various components: the SPD-Smart chemical emulsion, the light-controlling film created from this emulsion, laminated light-control panels, and the necessary electronic systems to power final products that integrate the film. Additionally, Research Frontiers offers licenses for lamination services and the end-products themselves, such as dynamic windows, skylights, and sunroofs. The versatile SPD-Smart light-control technology is integrated into a diverse array of applications. This includes architectural elements like windows, sunshades, skylights, and interior partitions for both residential and commercial buildings. In the automotive sector, it's utilized in vehicle windows, sunroofs, sun-visors, sunshades, rear-view mirrors, instrument panels, and navigation systems. Beyond these, the technology enhances aircraft windows, museum display panels, specialized eyewear products, and flat panel displays for electronic goods. The company primarily caters to the architectural, automotive, marine, aerospace, and appliance industries. Research Frontiers Incorporated was established in 1965 and is based in Woodbury, New York.

Industry
Hardware, Equipment & Parts
Sector
Technology
Headquarters
US
CEO
Joseph Harary
Listed since
Jul 8, 1986
Employees
5

Market position

Day range

Current $0.4451

52-week range

Current $0.4451

Open
$0.459
Previous close
$0.45
Volume
65.39K
1.19× average
Average volume
54.99K
Average daily volume
Market cap
15.52M USD
Beta
0.56
Market reference 1
50-day average
$0.5184
-14.14% below average
200-day average
$0.9985
-55.42% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
44.58M USD
EV / EBITDA
-23.98×
Earnings yield
-4.64%
Free cash flow yield
-3.02%

Profitability & efficiency

Return on equity
-219.10%
Return on assets
-90.84%
Return on invested capital
-101.54%

Financial health

Current ratio
3.84×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends159%-78%-316%-554%Gross margin, FY2021: 100.00%Gross margin, FY2022: 100.00%Gross margin, FY2023: -159.42%Gross margin, FY2024: 80.27%Gross margin, FY2025: 83.35%Operating margin, FY2021: -145.59%Operating margin, FY2022: -486.42%Operating margin, FY2023: -223.54%Operating margin, FY2024: -107.96%Operating margin, FY2025: -190.16%Net margin, FY2021: -146.18%Net margin, FY2022: -494.61%Net margin, FY2023: -209.80%Net margin, FY2024: -98.19%Net margin, FY2025: -182.44%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 100.00%. Gross margin FY2022 100.00%. Gross margin FY2023 -159.42%. Gross margin FY2024 80.27%. Gross margin FY2025 83.35%. Operating margin FY2021 -145.59%. Operating margin FY2022 -486.42%. Operating margin FY2023 -223.54%. Operating margin FY2024 -107.96%. Operating margin FY2025 -190.16%. Net margin FY2021 -146.18%. Net margin FY2022 -494.61%. Net margin FY2023 -209.80%. Net margin FY2024 -98.19%. Net margin FY2025 -182.44%.

Income trends

Revenue

1.12M USD-16.04%

Operating income

−2.13M USD-47.87%

Net income

−2.05M USD-55.99%
Income trends across reported periods1.74M USD134.07K USD−1.47M USD−3.07M USDRevenue, FY2021: 1.26M USDRevenue, FY2022: 539.69K USDRevenue, FY2023: 909.6K USDRevenue, FY2024: 1.34M USDRevenue, FY2025: 1.12M USDOperating income, FY2021: −1.84M USDOperating income, FY2022: −2.63M USDOperating income, FY2023: −2.03M USDOperating income, FY2024: −1.44M USDOperating income, FY2025: −2.13M USDNet income, FY2021: −1.85M USDNet income, FY2022: −2.67M USDNet income, FY2023: −1.91M USDNet income, FY2024: −1.31M USDNet income, FY2025: −2.05M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 1.26M USD. Revenue FY2022 539.69K USD. Revenue FY2023 909.6K USD. Revenue FY2024 1.34M USD. Revenue FY2025 1.12M USD. Operating income FY2021 −1.84M USD. Operating income FY2022 −2.63M USD. Operating income FY2023 −2.03M USD. Operating income FY2024 −1.44M USD. Operating income FY2025 −2.13M USD. Net income FY2021 −1.85M USD. Net income FY2022 −2.67M USD. Net income FY2023 −1.91M USD. Net income FY2024 −1.31M USD. Net income FY2025 −2.05M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue1.12M USD1.34M USD909.6K USD539.69K USD1.26M USD
Cost of goods sold186.67K USD263.56K USD2.36M USD
Gross profit934.57K USD1.07M USD−1.45M USD539.69K USD1.26M USD
Research and development30.36K USD570.01K USD583.27K USD609.13K USD580K USD
Selling, general, and administrative504.98K USD400.08K USD
Operating expenses3.07M USD2.51M USD583.27K USD3.16M USD3.1M USD
Interest income39.23K USD95.34K USD124.94K USD
Depreciation and amortization186.67K USD263.56K USD172.14K USD175.15K USD176.51K USD
Operating income−2.13M USD−1.44M USD−2.03M USD−2.63M USD−1.84M USD
Net income−2.05M USD−1.31M USD−1.91M USD−2.67M USD−1.85M USD

Company facts updated Aug 24, 2026.

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