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Visual22 Oct 2025
Epiroc's cash spent on M&A
Research Frontiers (REFR) investor relations material
Research Frontiers Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Q2 2025 results were negatively impacted by one-time and non-cash charges, mainly from the bankruptcy of a European licensee supplying Ferrari, but operational activity and sales were strong, especially in automotive and architectural sectors.
Royalties from Ferrari and Cadillac increased as both expanded production of vehicles using SPD-SmartGlass in H1 2025; Mercedes and McLaren also contributed to royalty growth.
Fee income for Q2 2025 declined 73% year-over-year to $129,904, mainly due to lower automotive royalties and a key European licensee bankruptcy; net loss widened to $803,826 from $94,022.
Transition to a new European licensee for Ferrari was completed, with additional production already started; royalty income from this new supplier is expected to be recognized later in 2025.
Revenue expected to increase across all market segments as new car models, aircraft, trains, and architectural products launch.
Financial highlights
Q2 2025 revenue was down due to the absence of royalty income from the bankrupt licensee, but adjusted for one-time charges, royalties would be up year-over-year.
Net loss for H1 2025 was $981,513 ($0.03 per share), up from $536,626 ($0.02 per share) in H1 2024, mainly due to one-time charges and non-cash stock option expenses.
Cash and cash equivalents at June 30, 2025 were $1.3 million, down from $2.0 million at year-end 2024; working capital was $1.7 million.
Operating expenses rose in Q2 2025 due to $165,000 in stock option grants and $124,000 in credit loss expense.
Net cash used in operating activities was $719,701 for H1 2025.
Outlook and guidance
Additional royalty income from the new Ferrari supplier and other automotive projects is expected to be recorded in the second half of 2025.
Revenue in all market segments is expected to increase as new car models and products using SPD SmartGlass are introduced.
Architectural retrofit product is expected to launch in the second half of 2025, with initial revenues from early adopters and larger ramp-up as data and certifications are completed.
Management anticipates a return to profitability as operational efficiencies and market expansion take effect.
Sufficient working capital is expected for more than the next five years of operations.
Update on the 'dwarfing' domestic auto project
Architectural retrofit market revenue ramp-up
SPD pricing strategy vs. PDLC competition
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Next Research Frontiers earnings date
Q3 20256 Nov, 2025
Next Research Frontiers earnings date
Q3 20256 Nov, 2025
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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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