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Research Frontiers
Research Frontiers (REFR) investor relations material
Research Frontiers Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Mar, 2026
Executive summary
2025 marked structural supply chain adjustments, expanded automotive pipeline, architectural retrofit execution, and new product development, with production continuity maintained despite licensee transitions.
Achieved first North American OEM serial production with Cadillac Celestiq, validating SPD-SmartGlass technology for broader automotive adoption.
Ferrari expanded SPD-SmartGlass use, Cadillac launched SPD in the Celestiq, and Mercedes showcased SPD in a concept vehicle, signaling broader OEM adoption.
Entered the architectural retrofit market with a scalable SPD-SmartGlass solution for existing buildings, targeting a larger addressable market.
Advanced SPD film technology for improved optical uniformity and manufacturing efficiency, strengthening competitive positioning.
Financial highlights
2025 revenue was $1.12 million, down from $1.34 million in 2024, impacted by licensee restructuring and bankruptcies.
Net loss for 2025 was $2.05 million, compared to $1.31 million in 2024.
Completed an oversubscribed $1.1 million private placement at $1 per share with five-year warrants, involving accredited investors and key licensee stakeholders.
Ended 2025 debt-free with $0.7 million in cash and $0.9 million in working capital.
Royalties improved when adjusted for one-time licensee events early in the year; Ferrari business transition caused a six-figure impact on recorded royalties.
Outlook and guidance
Pipeline includes high-volume automotive quotations and specialty programs, with expectations for meaningful revenue growth as programs move from quotation to production.
Ongoing collaborations with new and existing automotive OEMs in Europe and expansion into higher-volume vehicle models.
Broader production deployment and long-term royalty growth anticipated as programs mature.
2026 and beyond expected to show durable, diversified growth due to broader pipeline and increased licensee investment.
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Next Research Frontiers earnings date
Q1 20267 May, 2026
Research Frontiers
Next Research Frontiers earnings date
Q1 20267 May, 2026
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Frequently asked questions
Research Frontiers Inc. specializes in the development and marketing of SPD-Smart light-control technology. This innovative technology allows for the dynamic control of light transmission through windows, sunroofs, or skylights by electrically aligning nanoparticles within a film. With the simple press of a button, users can adjust the tint of their glass to block out sunlight and up to 95% of heat in its maximum tinted state, providing enhanced comfort and energy efficiency. SPD-SmartGlass technology also effectively blocks UV and infrared rays in both its clear and tinted states, offering protection and cooling benefits. Research Frontiers' smart glass technology finds applications across a variety of sectors, including automotive (in tens of thousands of cars, aircraft, yachts, and trains), as well as in residential and commercial buildings, museums, and other structures. The company is headquartered in Woodbury, New York, and its shares are listed on the Nasdaq.
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