Research Frontiers (REFR)
Market Price (11/6/2026): $0.3686 | Market Cap: $12.9 MilSector: Information Technology | Industry: Electronic Components
Research Frontiers (REFR)
Market Price (11/6/2026): $0.3686Market Cap: $12.9 MilSector: Information TechnologyIndustry: Electronic Components
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -56% Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, Electric Vehicles & Autonomous Driving, and Advanced Materials. Themes include Energy Efficient Building Materials, Show more. | Weak multi-year price returns2Y Excs Rtn is -118%, 3Y Excs Rtn is -149% | Penny stockMkt Price is 0.4 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -2.3 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -348% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -46%, Rev Chg QQuarterly Revenue Change % is -34% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 31% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -239%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -239% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -22% High stock price volatilityVol 12M is 103% Key risksREFR key risks include [1] persistent unprofitability and a minimal revenue base, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -56% |
| Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, Electric Vehicles & Autonomous Driving, and Advanced Materials. Themes include Energy Efficient Building Materials, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -118%, 3Y Excs Rtn is -149% |
| Penny stockMkt Price is 0.4 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -2.3 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -348% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -46%, Rev Chg QQuarterly Revenue Change % is -34% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 31% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -239%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -239% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -22% |
| High stock price volatilityVol 12M is 103% |
| Key risksREFR key risks include [1] persistent unprofitability and a minimal revenue base, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Research Frontiers (REFR) stock has lost about 10% since 7/31/2026 because of the following key factors:
1. Research Frontiers experienced a significant decline in its fiscal Q3 2026 financial performance, characterized by substantially lower fee income and a wider net loss.
For the fiscal quarter ended September 30, 2026, fee income was approximately $77,000, a notable decrease from approximately $359,000 in fiscal Q3 2025. The company's net loss widened to approximately $510,000, compared to a net loss of approximately $298,508 in the same prior-year quarter.
2. A core reason for the diminished financial results was the significant disruption and constrained supply of SPD (Suspended Particle Device) material.
This issue was primarily due to its licensee, Gauzy, a key participant in the SPD manufacturing supply chain. While Gauzy announced in October 2026 that payments from additional financing have commenced to support the restart of SPD emulsion and film production, the material royalty recovery is not expected until after fiscal Q4 2026.
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Research Frontiers (REFR) stock has lost about 10% since 7/31/2026 because of the following key factors:
1. Research Frontiers experienced a significant decline in its fiscal Q3 2026 financial performance, characterized by substantially lower fee income and a wider net loss.
For the fiscal quarter ended September 30, 2026, fee income was approximately $77,000, a notable decrease from approximately $359,000 in fiscal Q3 2025. The company's net loss widened to approximately $510,000, compared to a net loss of approximately $298,508 in the same prior-year quarter.
2. A core reason for the diminished financial results was the significant disruption and constrained supply of SPD (Suspended Particle Device) material.
This issue was primarily due to its licensee, Gauzy, a key participant in the SPD manufacturing supply chain. While Gauzy announced in October 2026 that payments from additional financing have commenced to support the restart of SPD emulsion and film production, the material royalty recovery is not expected until after fiscal Q4 2026.
3. Research Frontiers also faced challenges with its Nasdaq listing compliance during this period.
Nasdaq notified the company that it no longer met the $1.00 minimum bid-price and $35 million Market Value of Listed Securities requirements, with a deadline of November 30, 2026, to regain compliance.
4. Broader macroeconomic trends in fiscal Q3 2026 saw smaller companies and rate-sensitive areas, such as Research Frontiers (a micro-capitalization company), lag behind the overall market.
While the S&P 500 posted a 2.25% price return for the quarter, market leadership narrowed, favoring growth and AI-related companies amidst rising Treasury yields, persistent inflation, and a restrictive Federal Reserve monetary policy.
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Stock Movement Drivers
Fundamental Drivers
The -7.9% change in REFR stock from 7/31/2026 to 11/5/2026 was primarily driven by a -6.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.40 | 0.37 | -7.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 1 | -6.2% |
| P/S Multiple | 19.6 | 19.7 | 0.3% |
| Shares Outstanding (Mil) | 34 | 35 | -2.0% |
| Cumulative Contribution | -7.9% |
Market Drivers
7/31/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| REFR | -7.9% | |
| Market (SPY) | -1.9% | 19.7% |
| Sector (XLK) | -7.4% | 21.9% |
Fundamental Drivers
The -59.9% change in REFR stock from 4/30/2026 to 11/5/2026 was primarily driven by a -41.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.92 | 0.37 | -59.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 1 | -41.7% |
| P/S Multiple | 27.6 | 19.7 | -28.8% |
| Shares Outstanding (Mil) | 34 | 35 | -3.5% |
| Cumulative Contribution | -59.9% |
Market Drivers
4/30/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| REFR | -59.9% | |
| Market (SPY) | 2.3% | 17.6% |
| Sector (XLK) | 1.9% | 14.6% |
Fundamental Drivers
The -81.0% change in REFR stock from 10/31/2025 to 11/5/2026 was primarily driven by a -63.2% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.94 | 0.37 | -81.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 1 | -46.5% |
| P/S Multiple | 53.4 | 19.7 | -63.2% |
| Shares Outstanding (Mil) | 34 | 35 | -3.5% |
| Cumulative Contribution | -81.0% |
Market Drivers
10/31/2025 to 11/5/2026| Return | Correlation | |
|---|---|---|
| REFR | -81.0% | |
| Market (SPY) | 8.4% | 14.9% |
| Sector (XLK) | 8.4% | 11.8% |
Fundamental Drivers
The -65.9% change in REFR stock from 10/31/2023 to 11/5/2026 was primarily driven by a -61.3% change in the company's P/S Multiple.| (LTM values as of) | 10312023 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.08 | 0.37 | -65.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 1 | -8.3% |
| P/S Multiple | 50.7 | 19.7 | -61.3% |
| Shares Outstanding (Mil) | 34 | 35 | -3.9% |
| Cumulative Contribution | -65.9% |
Market Drivers
10/31/2023 to 11/5/2026| Return | Correlation | |
|---|---|---|
| REFR | -65.9% | |
| Market (SPY) | 81.3% | 13.1% |
| Sector (XLK) | 101.5% | 11.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| REFR Return | -39% | 11% | -47% | 69% | -23% | -72% | -87% |
| Peers Return | 22% | -19% | 16% | 14% | -3% | 13% | 44% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| REFR Win Rate | 25% | 33% | 25% | 67% | 25% | 27% | |
| Peers Win Rate | 58% | 37% | 47% | 62% | 42% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| REFR Max Drawdown | -69% | -35% | -60% | -35% | -44% | -74% | |
| Peers Max Drawdown | -21% | -34% | -22% | -20% | -35% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GNTX, GLW, PPG, APOG, EMN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)
How Low Can It Go
| Event | REFR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -30.5% | -18.8% |
| % Gain to Breakeven | 43.8% | 23.1% |
| Time to Breakeven | 28 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -40.4% | -9.5% |
| % Gain to Breakeven | 67.7% | 10.5% |
| Time to Breakeven | 126 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.0% | -6.7% |
| % Gain to Breakeven | 35.2% | 7.1% |
| Time to Breakeven | 371 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.1% | -24.5% |
| % Gain to Breakeven | 30.1% | 32.4% |
| Time to Breakeven | 13 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -53.7% | -33.7% |
| % Gain to Breakeven | 116.2% | 50.9% |
| Time to Breakeven | 41 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -33.3% | -19.2% |
| % Gain to Breakeven | 50.0% | 23.8% |
| Time to Breakeven | 53 days | 105 days |
In The Past
Research Frontiers's stock fell -30.5% during the 2025 US Tariff Shock. Such a loss loss requires a 43.8% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | REFR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -30.5% | -18.8% |
| % Gain to Breakeven | 43.8% | 23.1% |
| Time to Breakeven | 28 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -40.4% | -9.5% |
| % Gain to Breakeven | 67.7% | 10.5% |
| Time to Breakeven | 126 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.0% | -6.7% |
| % Gain to Breakeven | 35.2% | 7.1% |
| Time to Breakeven | 371 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.1% | -24.5% |
| % Gain to Breakeven | 30.1% | 32.4% |
| Time to Breakeven | 13 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -53.7% | -33.7% |
| % Gain to Breakeven | 116.2% | 50.9% |
| Time to Breakeven | 41 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -33.3% | -19.2% |
| % Gain to Breakeven | 50.0% | 23.8% |
| Time to Breakeven | 53 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -61.2% | -3.7% |
| % Gain to Breakeven | 158.0% | 3.9% |
| Time to Breakeven | 620 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.5% | -12.2% |
| % Gain to Breakeven | 32.4% | 13.9% |
| Time to Breakeven | 1595 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.0% | -17.9% |
| % Gain to Breakeven | 35.2% | 21.8% |
| Time to Breakeven | 367 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -81.5% | -53.4% |
| % Gain to Breakeven | 441.9% | 114.4% |
| Time to Breakeven | 794 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -29.9% | -8.6% |
| % Gain to Breakeven | 42.6% | 9.5% |
| Time to Breakeven | 24 days | 47 days |
In The Past
Research Frontiers's stock fell -30.5% during the 2025 US Tariff Shock. Such a loss loss requires a 43.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Research Frontiers (REFR)
Research Frontiers (REFR) is a technology company focused on developing and licensing its proprietary Suspended Particle Device (SPD-Smart) light-control technology. This innovative technology enables dynamic control over the flow of light, allowing users to instantly adjust the tint and transparency of glass or other materials, from clear to opaque, typically with the touch of a button. REFR's business model centers on intellectual property, where it licenses this advanced technology rather than manufacturing end-products itself.
The company's main "products" are these technology licenses, which it provides to manufacturing partners globally. These licensees then produce the various components required for SPD-Smart solutions, including the specialized chemical emulsion, light-control film, and laminated light-control panels. Research Frontiers also licenses the necessary electronics to power these smart glass products and provides expertise in lamination services, facilitating the integration of its technology into diverse applications.
Research Frontiers' SPD-Smart technology serves a wide array of markets and applications. It is utilized in architectural settings for smart windows, skylights, and interior partitions in homes and buildings, as well as in the automotive sector for windows, sunroofs, and sun-visors. Further applications extend to aircraft windows, marine vessels, museum display panels, eyewear, and various electronic flat panel displays. Consequently, REFR primarily serves manufacturers and integrators within the architectural, automotive, marine, aerospace, and appliance industries, providing the foundational technology for their smart glass offerings.
AI Analysis | Feedback
Here are 1-3 brief analogies for Research Frontiers (REFR):
Research Frontiers is like **Intel for smart glass.** They develop and license the core light-control technology that goes into various products like windows, sunroofs, and displays.
Think of them as **Dolby for variable light control.** They create and license the underlying technology that allows products to intelligently manage light, rather than manufacturing the end products themselves.
AI Analysis | Feedback
- SPD-Smart Light-Control Technology Licensing: Proprietary technology licensed to manufacturers for controlling light flow in various applications.
- SPD-Smart Chemical Emulsion: A specialized chemical mixture used to create the light-control film.
- SPD-Smart Light-Control Film: A film made from the chemical emulsion that can dynamically adjust its opacity to control light and glare.
- SPD-Smart Light-Control Panels: Finished panels, created by laminating the light-control film, suitable for integration into end-products.
- SPD-Smart Electronics: Electronic components developed to power and control devices incorporating the SPD-Smart light-control technology.
- Lamination Services: Services provided to integrate the SPD-Smart light-control film into various end-products through lamination.
AI Analysis | Feedback
Research Frontiers (REFR) primarily sells its technology to other companies through a licensing model, rather than directly to individuals. The company develops and licenses its Suspended Particle Device (SPD-Smart) light-control technology to companies that manufacture and market various components and end-products.
The provided background information does not list the specific names of Research Frontiers' customer companies. However, based on the description, its major customers are companies that:
- Manufacture and market the SPD-Smart chemical emulsion.
- Manufacture and market light-control film made from the chemical emulsion.
- Manufacture and market light-control panels made by laminating the film.
- Produce electronics to power end-products incorporating the film.
- Provide lamination services for and market end-products such as windows, skylights, sunroofs, and other applications across architectural, automotive, marine, aerospace, and appliance sectors.
These customer companies integrate Research Frontiers' SPD-Smart technology into a wide array of products, including windows, sunshades, skylights, interior partitions for homes and buildings, automotive windows and sunroofs, aircraft windows, museum display panels, and eyewear products.
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Joseph M. Harary, President, Chief Executive Officer, Interim Chief Financial Officer, General Counsel, Corporate Secretary, and Director
Mr. Harary joined Research Frontiers in 1992 as Vice President and General Counsel, becoming President and Chief Operating Officer in 2002, and Chief Executive Officer in January 2009. He has been a director of the company since 1993. He has actively managed all aspects of the company's business, including licensing, raising private and public equity capital, marketing, and government relations. Prior to joining Research Frontiers, Mr. Harary's corporate law practice emphasized technology, licensing, mergers and acquisitions, securities law, and intellectual property law at three New York City law firms. Before law school, he worked as an economist with the Federal Reserve Bank of New York.
William Graham Settle, Director
Mr. Settle has been associated with Research Frontiers since its initial public offering in 1986. He has experience in international business, economics, finance, and government organizations. Mr. Settle is an entrepreneur who has founded or invested in, and successfully sold, businesses offering innovative products and services.
Darryl Daigle, Independent Director
Mr. Daigle has been a shareholder of Research Frontiers since 1991 and was elected to the Board of Directors in June 2012. Since 1987, he has been a principal owner of several profitable family-owned businesses in Louisiana, including SPD Equipment Sales Inc., which sells oilfield and marine equipment, and S&D Bait Company LLC, serving the commercial and recreational fishing industries.
Alexander Kaganowicz, Independent Director
Dr. Kaganowicz became a director in June 2013 and has been a shareholder of Research Frontiers since 1998. He has been the proprietor of a successful automotive services business in Freeport, NY, for 26 years. Additionally, he owned and operated several successful medical supply companies in New York and Pennsylvania from 1989 to 2005.
Eyal Peso, Director
Mr. Peso was appointed to the Research Frontiers Board of Directors in June 2023. He is the co-founder of Gauzy Ltd, an Israeli material science company and a licensee and strategic investor in Research Frontiers. He has served as the Chairman of Gauzy's Board of Directors and as its Chief Executive Officer since 2009.
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- Dependence on a Single Core Technology: Research Frontiers' business model is centered on the development and licensing of its proprietary SPD-Smart light-control technology. A significant risk lies in the possibility that this core technology could become obsolete, face increased competition from alternative technologies (such as electrochromic solutions), or fail to meet evolving market demands. Any such development could severely impact the company's ability to generate licensing fees and royalties.
- Reliance on a Limited Number of Major Licensees and a Single Commercial SPD Film Producer: The company's revenue is heavily concentrated among a small group of major licensees, with five licensees accounting for a combined 93% of fee income in 2025. The loss of any significant licensee, or their financial distress (as evidenced by the bankruptcy of a European automotive licensee in 2025), can directly and negatively impact Research Frontiers' revenues. Furthermore, the company's reliance on a single source for the commercial production of SPD film introduces significant supply chain risk, where any disruption could hinder the fulfillment of demand and royalty generation.
- Continued Operating Losses and Limited Liquidity: Research Frontiers has consistently reported operating losses, with a net loss of approximately $2.05 million in 2025 and an accumulated deficit of $127.6 million as of December 31, 2025. The company operates with limited cash and working capital, necessitating capital raises to sustain operations. This ongoing financial instability and dependence on external funding sources present a significant risk to the company's long-term viability if it cannot achieve sustained profitability or secure adequate future financing.
AI Analysis | Feedback
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Research Frontiers Incorporated (REFR) develops and licenses its Suspended Particle Device (SPD-Smart) light-control technology, which is a key component within the broader smart glass market. The addressable markets for Research Frontiers' main products and services are primarily within the architectural, automotive, and aerospace sectors.
Global Smart Glass Market
- The global smart glass market was valued at approximately USD 6.2 billion in 2023 and is estimated to grow at a Compound Annual Growth Rate (CAGR) of around 15.12% during the forecast period of 2025–2030.
- Another estimate indicates the global smart window market size was valued at USD 7.44 billion in 2024 and is expected to reach USD 27.61 billion by 2032, growing at a CAGR of 17.80%.
- The global smart glass market size is projected to grow from USD 6.9 billion in the current year to USD 22.6 billion by 2035, representing a CAGR of 11.3%.
SPD Smart Glass Market (Specific to Research Frontiers' Technology)
- The global SPD Smart Glass market was valued at USD 5.62 billion in 2024. The market is projected to grow from USD 6.25 billion in 2025 to USD 11.59 billion by 2031, exhibiting a CAGR of 11.2%.
- The SPD Smart Glass market is expected to experience a compound annual growth rate (CAGR) of over 15% in the next five years.
Addressable Markets by Application
Automotive
- The global smart glass in the automotive market size is likely to be valued at US$3.2 billion in 2025 and is expected to reach US$10.8 billion by 2032, growing at a CAGR of 19.0% during the forecast period.
- The automotive smart glass market is worth USD 3.55 billion in 2026, growing at a CAGR of 13.69% to reach USD 6.74 billion by 2031.
- The automotive smart glass market is forecasted to expand from USD 2.67 billion in 2025 to USD 16.41 billion by 2034, growing at a CAGR of 22.38%.
- North America holds a 60% global smart glass in automotive market share in 2025.
- North America was valued at USD 1.5 billion in 2024 for automotive smart glass and is expected to reach USD 3.1 billion by 2035.
Architectural (Homes and Buildings)
- The Architectural & Construction segment dominated the SPD for smart window market with a 42.3% share in 2025.
- The building and construction segment is estimated to lead the global smart window market with a 47.9% share in 2025.
- The architectural segment is projected to hold around 55% of the smart glass market share and is expected to drive the segment growth until 2035.
- The commercial segment held the largest market revenue share of 37.8% in 2024 within the smart window market.
Aerospace
- The demand for smart glass from the aerospace industry is experiencing a growing trend, as these products improve passenger comfort and help maintain energy efficiency in airplanes.
- The aerospace segment is recognized as a steady, albeit smaller, market for smart glass.
AI Analysis | Feedback
Research Frontiers (REFR) is poised for future revenue growth over the next 2-3 years, driven by several key factors related to its proprietary SPD-Smart light-control technology:
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Expansion in the Automotive Sector: Research Frontiers anticipates significant revenue growth from its automotive program. The company expects royalty income to increase as new car models incorporating SPD-SmartGlass technology are introduced and as adoption rates accelerate. This includes continued sales of SPD-SmartGlass roofs for luxury vehicles such as Ferrari, Cadillac, and Mercedes-Benz, with several high-volume automotive quotes and specialty vehicle programs moving into production.
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Growth in Architectural Retrofit Applications: The company is actively focusing on and expanding its architectural retrofit applications. This market segment has shown promising potential, with new architectural retrofit SPD-SmartGlass systems being debuted and targeting customers including government entities, embassies, commercial high-rises, and high-end homes. These applications are noted for simplifying installation and reducing costs, contributing to their growth prospects.
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Introduction of New SPD-SmartGlass Products and Innovations: Continuous innovation in SPD-SmartGlass technology is expected to drive future revenue. This includes advancements such as the development and anticipated production of "Black SPD" film and other ongoing improvements to the technology, focusing on aspects like color options, reduced voltage requirements, and enhanced environmental stability.
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Broadened OEM Footprint and Strategic Advancements: Strategic advancements in SPD-SmartGlass technology and a broadened original equipment manufacturer (OEM) footprint are crucial for revenue growth. Research Frontiers' technology is now validated in multiple OEMs and several models already in production, expanding the platform's credibility and indicating increasing adoption across various transport modes and buildings.
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Overall Smart Glass Market Expansion: The broader global smart glass market, in which Research Frontiers operates, is projected for substantial growth. Favorable global trends emphasizing energy efficiency, sustainability, and electrification are expected to drive increased demand for smart glass solutions, indirectly benefiting Research Frontiers through its licensing model.
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Share Issuance
- In February 2026, Research Frontiers completed an oversubscribed private placement, issuing 1.1 million common shares at $1.00 per share, alongside five-year warrants, raising $1.1 million.
Inbound Investments
- In February 2026, the company bolstered its balance sheet by raising $1.1 million through a private placement to accredited investors, including a director's family members and a licensee, to strengthen liquidity.
Capital Expenditures
- Capital expenditures, primarily for purchases of fixed assets, were approximately $726,000 for the year ended December 31, 2025.
- For the year ended December 31, 2024, capital expenditures for purchases of fixed assets totaled approximately $1,623,000.
- The company's operational model does not require large capital expenditures.
Peer Outperformance in Electronic Components
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| REFR | Research Frontiers | 9.5% | -5.7x | -78.4% | -63.1% | -85.1% | — |
| BELFA | Bel Fuse | 7.7% | 38.7x | 12.3% | 205.9% | 922.7% | +1,008pp |
| GLW | Corning | 11.4% | 41.5x | 19.8% | 297.3% | 205.7% | +291pp |
| BDC | Belden | 6.9% | 21.4x | -19.8% | 48.9% | 47.3% | +132pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 10 | -4.5% | 87.9% | 147.0% | FLEX 399% · TTMI 335% · JBL 268% |
| Technology Distributors | 9 | 41.5% | 40.5% | 44.9% | AVT 115% · SNX 101% · CNXN 68% |
| Semiconductor Materials & Equipment | 28 | 19.0% | 38.5% | 18.3% | AXTI 298% · KLAC 227% · LRCX 219% |
| Communications Equipment | 36 | -6.2% | 75.3% | 17.2% | AAOI 700% · LITE 446% · ANET 380% |
| Electronic Components ← | 24 | 3.9% | 54.9% | 16.5% | CLS 1768% · BELFA 923% · APH 268% |
| Electronic Equipment & Instruments | 27 | -7.8% | 26.6% | 4.8% | PI 107% · OSIS 100% · CXT 61% |
| Semiconductors | 55 | -6.9% | 28.4% | -15.7% | MU 822% · NVDA 513% · AVGO 470% |
| Technology Hardware, Storage & Peripherals | 21 | -9.8% | 50.3% | -27.4% | WDC 540% · DELL 520% · SMCI 481% |
| Internet Services & Infrastructure | 6 | -1.5% | 35.3% | -29.3% | GDDY 65% · VRSN 37% · AKAM -27% |
| IT Consulting & Other Services | 30 | -22.2% | -1.8% | -32.0% | APLD 222% · IBM 142% · GIB -9% |
| Application Software | 125 | -11.5% | -10.1% | -49.9% | PLTR 496% · AGYS 140% · FROG 91% |
| Systems Software | 70 | -11.3% | 19.3% | -56.2% | ZETA 220% · CRWD 218% · CVLT 132% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Is Research Frontiers Stock Built to Withstand More Downside? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 55.47 |
| Mkt Cap | 5.8 |
| Rev LTM | 5,837 |
| Op Inc LTM | 745 |
| FCF LTM | 483 |
| FCF 3Y Avg | 461 |
| CFO LTM | 737 |
| CFO 3Y Avg | 798 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.7% |
| Rev Chg 3Y Avg | 4.6% |
| Rev Chg Q | 7.5% |
| QoQ Delta Rev Chg LTM | 1.9% |
| Op Inc Chg LTM | 7.1% |
| Op Inc Chg 3Y Avg | 1.4% |
| Op Mgn LTM | 12.2% |
| Op Mgn 3Y Avg | 12.2% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 11.0% |
| CFO/Rev 3Y Avg | 11.4% |
| FCF/Rev LTM | 7.2% |
| FCF/Rev 3Y Avg | 7.4% |
Price Behavior
| Market Price | $0.37 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 12/20/1993 | |
| Distance from 52W High | -82.3% | |
| 50 Days | 200 Days | |
| DMA Price | $0.53 | $0.73 |
| DMA Trend | up | down |
| Distance from DMA | -30.3% | -49.3% |
| 3M | 1YR | |
| Volatility | 164.2% | 103.1% |
| Downside Capture | 384.66 | 248.02 |
| Upside Capture | 264.62 | 32.69 |
| Correlation (S&P 500) | 20.9% | 13.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.02 | 3.07 | 2.88 | 1.70 | 1.11 | 0.69 |
| Up Beta | 3.20 | 11.72 | 7.20 | 3.16 | 1.64 | 0.48 |
| Down Beta | 2.16 | 10.79 | 9.07 | 3.97 | 2.08 | 0.94 |
| Up Capture | -388% | -84% | 19% | -32% | -19% | 16% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 6 | 17 | 31 | 56 | 98 | 307 |
| Down Capture | 570% | 137% | 102% | 176% | 145% | 102% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 16 | 26 | 33 | 68 | 140 | 395 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with REFR | |
|---|---|---|---|---|
| REFR | -79.1% | 103.1% | -1.10 | - |
| Sector ETF (XLK) | 11.0% | 28.3% | 0.35 | 11.4% |
| Equity (SPY) | 9.5% | 13.6% | 0.41 | 14.5% |
| Gold (GLD) | 3.6% | 28.7% | 0.11 | 7.5% |
| Commodities (DBC) | 37.7% | 21.2% | 1.40 | -6.6% |
| Real Estate (VNQ) | 12.0% | 14.2% | 0.55 | 3.8% |
| Bitcoin (BTCUSD) | -20.8% | 43.3% | -0.42 | 19.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with REFR | |
|---|---|---|---|---|
| REFR | -30.9% | 75.9% | -0.18 | - |
| Sector ETF (XLK) | 15.9% | 26.4% | 0.55 | 11.1% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 12.7% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 10.2% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 4.2% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.05 | 9.5% |
| Bitcoin (BTCUSD) | 5.9% | 51.5% | 0.29 | 11.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with REFR | |
|---|---|---|---|---|
| REFR | -16.2% | 78.1% | 0.11 | - |
| Sector ETF (XLK) | 22.4% | 25.3% | 0.81 | 14.6% |
| Equity (SPY) | 14.9% | 18.0% | 0.70 | 15.7% |
| Gold (GLD) | 12.0% | 16.5% | 0.59 | 7.9% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 8.4% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 11.8% |
| Bitcoin (BTCUSD) | 61.3% | 66.2% | 1.01 | 6.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/12/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/05/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/06/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/07/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/09/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/05/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/06/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/07/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/09/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 03/09/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 03/11/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/12/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Electronic Components Resources |
| Electronic Products |
| DigiKey Insights |
| Mouser Insights |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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