REFR - NASDAQ

Research Frontiers Incorporated

Research Frontiers Incorporated

REFR·NASDAQ

$1.54

+3.4%
TechnologyHardware, Equipment & Parts

Research Frontiers Incorporated develops and markets technology and devices to control the flow of light worldwide. The company develops and licenses suspended particle device (SPD-Smart) light-control technology to companies that manufacture and market the SPD-Smart chemical emulsion, light-control film made from the chemical emulsion, the light-control panels made by laminating the film, and electronics to power end-products incorporating the film, as well as lamination services for and the end-products, such as windows, skylights, and sunroofs. Its SPD-Smart light-control technology is used in various product applications, including windows, sunshades, skylights, and interior partitions for homes and buildings; automotive windows, sunroofs, sun-visors, sunshades, rear-view mirrors, instrument panels, and navigation systems; aircraft windows; museum display panels, and eyewear products; and flat panel displays for electronic products. The company serves architectural, automotive, marine, and aerospace and appliance applications. Research Frontiers Incorporated was incorporated in 1965 and is headquartered in Woodbury, New York.

StatementsValue Model

At a Glance

Live Snapshot
Market Cap$51.82M
EPS-0.0391
P/E Ratio-39.39
Earnings Date05/06/2026
-788.82K
Operating Cash Flow
-66%
3Y-56.0%
5Y-62.0%
10Y-78.0%
-1.62K
Investing Cash Flow
-103%
3Y-100.0%
5Y-98.0%
10Y-100.0%
308.67K
Financing Cash Flow
-36%
3Y+258.0%
5Y-95.0%
10Y-44.0%
REFR

Research Frontiers Incorporated Cash Conversion Engine

REFR · NASDAQ
Net Income-1.31M
Depreciation & Amortization263.56K
Stock-Based Compensation89.32K
Change in Working Capital144.68K
Others25.00K
Capital Expenditures-1.62K
Free Cash Flow-790.44K

Cash Flow Quality Analysis

FCF Conversion Rate

60.3%

Moderate conversion rate. Some gap between earnings and cash flow may warrant investigation into working capital or non-cash items.

CapEx Intensity

-0.2%

Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.

FCF Growth Trend

+65.6%

Strong FCF growth demonstrates improving cash generation and business momentum. Positive signal for sustainability.

Working Capital Impact

+$144.68K

Working capital inflow boosted cash flow. Efficient management of receivables, inventory, and payables contributing positively.

Research Frontiers Incorporated Cash Flow Statement

REFR • NASDAQ

Research Frontiers Incorporated Cash Flow StatementDec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017Dec 2016Dec 2015Dec 2014Dec 2013Dec 2012Dec 2011Dec 2010Dec 2009Dec 2008Dec 2007Dec 2006Dec 2005
OPERATING ACTIVITIES
Net Income
-1.3M
-1.9M
-2.7M
-1.8M
-2.3M
-3.8M
-2.7M
-2.4M
-4.2M
-4.3M
-4.4M
-5.8M
-3.1M
-4.1M
-3.9M
-4M
-2.6M
-7.6M
-3.3M
-3.7M
Depreciation & Amortization
263.6K
172.1K
175.2K
10.1K
67.1K
195.4K
181K
175.6K
188.5K
140.2K
31.8K
45.2K
35K
39.9K
44.3K
40.1K
43.7K
37.4K
37.7K
46.1K
Change in Deferred Taxes
0.0
0.0
0.0
0.0
0.0
0.0
0.0
30K
1.8K
-400.7K
-911.7K
-2.6M
-878.6K
4.1M
0.0
0.0
0.0
0.0
0.0
0.0
Stock-Based Compensation
89.3K
144.7K
232.3K
217K
327.6K
841.6K
69.3K
76.3K
67.5K
725K
1M
2.7M
878.6K
702.8K
772.6K
445.9K
126.4K
0.0
0.0
0.0
Other Non-Cash Items
25K
37.9K
201.9K
73K
-120.7K
859.3K
321.4K
13.2K
480.6K
725K
1M
2.7M
878.6K
-4.2M
-23.8K
-17.1K
40K
4.1M
25K
-2.4K
Change in Working Capital
144.7K
-741.4K
-122.8K
-258.1K
-185.8K
-170.1K
43.3K
648.2K
-505.4K
-490.4K
-116.1K
-245.6K
-529K
108.8K
-120.3K
-198.7K
-29.6K
-106.2K
-24.4K
-217.1K
Cash from Operating Activities
-788.8K
-2.3M
-2.2M
-1.8M
-2.3M
-2.1M
-2.1M
-1.5M
-4M
-3.6M
-3.3M
-3.2M
-2.7M
-3.4M
-3.2M
-3.7M
-2.4M
-3.5M
-3.3M
-3.9M
INVESTING ACTIVITIES
Investments in Property, Plant, and Equipment
-1.6K
-1.6K
-1.3K
-1.1K
-56.5K
-65.3K
-11.7K
-6.5K
-11.7K
-316.2K
-627.7K
-50.5K
-11.6K
-12.5K
-10.3K
-23.9K
-76.2K
-62.2K
-28.8K
-36.5K
Acquisitions, Net
(0.0)
-57.1K
(0.0)
(2.8M)
(3.7K)
(0.0)
(0.0)
(0.0)
(6K)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
Purchase of Investments
(0.0)
-5.4M
(0.0)
-3.4M
(0.0)
(0.0)
(0.0)
(0.0)
-9.5K
(0.0)
-3M
-24K
-3.8M
-2.3M
(0.0)
(0.0)
-6.9M
(0.0)
(0.0)
(0.0)
Sale/Maturity of Investments
0.0
5.5M
2.7M
650K
0.0
0.0
0.0
1.5M
0.0
1.5M
5.1M
0.0
0.0
1M
0.0
2.3M
4.5M
0.0
0.0
0.0
Other Investing Items
0.0
57.1K
0.0
-2.8M
0.0
0.0
0.0
1.5M
6K
1.5M
2.1M
-24K
224.9K
0.0
0.0
0.0
0.0
-37.5K
0.0
0.0
Cash from Investing Activities
-1.6K
(55.6K)
(2.7M)
-2.8M
-52.8K
-65.3K
-11.7K
(1.5M)
-15.3K
(1.2M)
(1.4M)
-74.5K
-3.6M
-1.3M
-10.3K
(2.3M)
-2.5M
-99.7K
-28.8K
-36.5K
FINANCING ACTIVITIES
Net Issuance of Common Stock
300K
484.5K
3.5M
86.3K
284.2K
5.8M
3.3M
0.0
0.0
548.5K
3.6M
795.3K
12.3M
66K
6.4M
2.9M
9.8K
7.9M
2.7M
5M
Net Issuance of Debt
0.0
0.0
0.0
0.0
202.1K
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Other Financing Items
8.7K
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Cash from Financing Activities
308.7K
484.5K
3.5M
86.3K
486.3K
5.8M
3.3M
0.0
0.0
548.5K
3.6M
795.3K
12.3M
66K
6.4M
2.9M
9.8K
7.9M
2.7M
5M
CASH FLOW SUMMARY
Net Change in Cash
-481.8K
-1.8M
4M
-4.5M
-1.8M
3.6M
1.2M
46.2K
-4M
-1.9M
1.7M
-2.5M
6M
-4.6M
3.2M
1.4M
-4.9M
4.3M
-644.2K
1M
Cash at Beginning of Period
2.5M
4.2M
270K
4.8M
6.6M
3M
1.7M
1.7M
5.7M
7.6M
5.9M
8.4M
2.4M
7M
3.8M
2.4M
7.3M
3M
3.6M
2.6M
Cash at End of Period
2M
2.5M
4.2M
270K
4.8M
6.6M
3M
1.7M
1.7M
5.7M
7.6M
5.9M
8.4M
2.4M
7M
3.8M
2.4M
7.3M
3M
3.6M
Free Cash Flow
-790.4K
-2.3M
-2.2M
-1.8M
-2.3M
-2.1M
-2.1M
-1.5M
-4M
-3.9M
-4M
-3.3M
-2.7M
-3.4M
-3.2M
-3.8M
-2.5M
-3.6M
-3.3M
-4M

SEC Filings

REFR - Filing history and reports

Filing TypeFiling DatePeriod EndingFiscal YearActions
10-Q

10-Q 2025 Q3

Q3

November 06, 2025
September 30, 2025
2025
View Filing
8-K

8-K 2025

N/A

September 15, 2025
September 15, 2025
2025
View Filing
10-Q

10-Q 2025 Q2

Q2

August 07, 2025
June 30, 2025
2025
View Filing
8-K

8-K 2025

N/A

June 13, 2025
June 12, 2025
2025
View Filing
10-Q

10-Q 2025 Q1

Q1

May 08, 2025
March 31, 2025
2025
View Filing
DEF 14A

DEF 14A 2025

N/A

April 30, 2025
April 30, 2025
2025
View Filing
10-K/A

10-K/A 2023 FY (Amended)

FY

April 16, 2025
December 31, 2023
2023
View Filing
10-K

10-K 2024 FY

FY

March 06, 2025
December 31, 2024
2024
View Filing
10-Q

10-Q 2024 Q3

Q3

November 07, 2024
September 30, 2024
2024
View Filing
10-Q

10-Q 2024 Q2

Q2

August 01, 2024
June 30, 2024
2024
View Filing
Showing 1 to 10 of 396 filings

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