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Visual21 Nov 2025
Data center suppliers
Research Frontiers (REFR) investor relations material
Research Frontiers Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
SPD-SmartGlass technology is licensed to over 40 companies globally for automotive, architectural, marine, aerospace, and display applications, with a focus on royalty-based revenue and ongoing R&D investments.
Automotive and total royalties increased year-over-year and sequentially, excluding one-time events, with Ferrari-related royalties fully recognized in Q4.
The company remains debt-free with over $1.1 million in cash and strong working capital.
The architectural retrofit system debuted at GlassBuild 2025, receiving strong interest from government and commercial sectors.
The pipeline of projects is fuller than ever, with both near- and medium-term opportunities across multiple industries.
Financial highlights
Fee income for Q3 2025 was $359,444, up from $354,408 in Q3 2024; nine-month fee income was $1,049,125, down from $1,157,380 year-over-year.
Net loss for Q3 2025 was $298,508, compared to $166,816 in Q3 2024; nine-month net loss was $1,280,021, up from $703,442 year-over-year.
Operating expenses for Q3 2025 were $521,642, up from $454,866 in Q3 2024; nine-month operating expenses rose to $1,934,041 from $1,565,152.
Cash and cash equivalents at September 30, 2025 were $1.13 million, with working capital of $1.4 million.
The company remains debt-free and does not plan to raise additional capital, barring unforeseen events.
Outlook and guidance
Expects revenue growth in all market segments as new car models and SPD-SmartGlass products are introduced, with faster adoption and lower production costs anticipated.
All royalty income from Ferrari will be fully recordable in Q4, with expectations for increased revenue as new car models and products launch.
Management expects sufficient working capital for more than the next five years of operations based on current cash and anticipated royalty income.
The black SPD film is nearing production, expected to further expand market opportunities.
The company expects significant developments to be announced before the next investor call in March.
How will GSA status accelerate retrofit adoption?
What is the expected impact of Black SPD on auto sales?
Beyond Ferrari, what are key near-term revenue drivers?
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Next Research Frontiers earnings date
Q4 20255 Mar, 2026
Next Research Frontiers earnings date
Q4 20255 Mar, 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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