Research Frontiers (NASDAQ:REFR) Issues Quarterly Earnings Results

Research Frontiers (NASDAQ:REFR) released its quarterly earnings data on Thursday. The technology company reported ($0.02) earnings per share (EPS) for the quarter, FiscalAI reports. The firm had revenue of $0.14 million during the quarter. Research Frontiers had a negative return on equity of 122.96% and a negative net margin of 182.60%.

Here are the key takeaways from Research Frontiers’ conference call:

• Payments and revenue recognition were temporarily slowed by ongoing French rehabilitation proceedings involving licensee Gauzy, and a May 12 French court hearing could produce outcomes ranging from continuation to liquidation, creating short-term uncertainty.
• Management reports the flow of funds is beginning to normalize (including a meaningful payment from Vision Systems), and they view approval of Gauzy Vision Systems’ continuation plan as the most likely and constructive outcome.
• Research Frontiers strengthened its balance sheet in Q1—cash and cash equivalents rose to approximately $1.28 million (from ~$664k at year-end 2025), the company remains debt-free, and operating and R&D expenses declined.
• Q1 reported revenues were weaker year-over-year largely due to ASC 606 timing effects and the non-recurrence of an upfront 2025 license payment, while GAAP royalty recognition rules smooth minimum royalties across quarters.
• Underlying commercial activity remains active with sequential increases in automotive and aircraft royalties, ongoing aerospace deliveries, advancing architectural retrofit initiatives, and encouraging progress on black SPD technology that could expand addressable markets.

Research Frontiers Price Performance

Shares of NASDAQ:REFR traded down $0.08 during trading on Friday, hitting $0.75. The company had a trading volume of 74,905 shares, compared to its average volume of 34,434. The stock has a market cap of $26.21 million, a price-to-earnings ratio of -12.57 and a beta of 0.54. The company has a fifty day simple moving average of $0.95 and a two-hundred day simple moving average of $1.29. Research Frontiers has a one year low of $0.75 and a one year high of $2.70.

Institutional Trading of Research Frontiers

A number of institutional investors have recently bought and sold shares of the stock. Virtu Financial LLC bought a new position in Research Frontiers during the fourth quarter valued at $27,000. XTX Topco Ltd purchased a new position in shares of Research Frontiers during the 4th quarter worth about $28,000. Finally, Raymond James Financial Inc. grew its holdings in Research Frontiers by 151.5% during the 2nd quarter. Raymond James Financial Inc. now owns 41,337 shares of the technology company’s stock valued at $68,000 after purchasing an additional 24,902 shares during the last quarter. 11.91% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Research Frontiers in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Research Frontiers has an average rating of “Sell”.

About Research Frontiers

Research Frontiers Inc (NASDAQ:REFR) is a materials science company specializing in the development and licensing of its proprietary SPD-Smart™ light control film. This patented Suspended Particle Device technology enables electronic tinting of glass to provide variable light transmission, glare reduction and solar heat management. SPD-Smart films are designed for integration into architectural windows, automotive sunroofs and skylights, as well as aerospace and specialty applications.

The company’s core business model revolves around licensing its SPD technology and supplying the functional film to manufacturing partners.