Research Frontiers Reports Second Quarter 2025 Financial Results and Will Host a Conference Call at 4:30p.m. Today
Research Frontiers (Nasdaq: REFR) reported its Q2 2025 financial results, marked by both operational progress and challenges. The company saw expanded production of SPD-SmartGlass technology by Ferrari and Cadillac in H1 2025, with additional royalties from Mercedes and McLaren. However, financial results were impacted by one-time charges related to a European licensee's bankruptcy.
The company reported a net loss of $981,513 ($0.03 per share) for H1 2025, compared to $536,626 ($0.02 per share) in H1 2024. As of June 30, 2025, Research Frontiers maintained a strong financial position with $1.3 million in cash, $1.7 million in working capital, and zero debt. The company expects revenue growth across all segments and plans to launch a retrofit application in the architectural market later in 2025.
Research Frontiers (Nasdaq: REFR) ha comunicato i risultati finanziari del secondo trimestre 2025, caratterizzati da progressi operativi ma anche da alcune difficolt脿. Nel primo semestre 2025, la produzione della tecnologia SPD-SmartGlass 猫 aumentata grazie a Ferrari e Cadillac, con ulteriori royalties provenienti da Mercedes e McLaren. Tuttavia, i risultati finanziari sono stati influenzati da oneri una tantum legati al fallimento di un licenziatario europeo.
La societ脿 ha registrato una perdita netta di 981.513 dollari (0,03 dollari per azione) nel primo semestre 2025, rispetto a 536.626 dollari (0,02 dollari per azione) nel primo semestre 2024. Al 30 giugno 2025, Research Frontiers manteneva una solida posizione finanziaria con 1,3 milioni di dollari in contanti, 1,7 milioni di dollari di capitale circolante e nessun debito. L鈥檃zienda prevede una crescita dei ricavi in tutti i segmenti e ha in programma di lanciare un鈥檃pplicazione retrofit per il mercato architettonico entro la fine del 2025.
Research Frontiers (Nasdaq: REFR) inform贸 sus resultados financieros del segundo trimestre de 2025, mostrando tanto avances operativos como desaf铆os. La empresa experiment贸 una expansi贸n en la producci贸n de la tecnolog铆a SPD-SmartGlass por parte de Ferrari y Cadillac en el primer semestre de 2025, con regal铆as adicionales de Mercedes y McLaren. Sin embargo, los resultados financieros se vieron afectados por cargos extraordinarios relacionados con la bancarrota de un licenciatario europeo.
La compa帽铆a report贸 una p茅rdida neta de 981,513 d贸lares (0.03 d贸lares por acci贸n) en el primer semestre de 2025, en comparaci贸n con 536,626 d贸lares (0.02 d贸lares por acci贸n) en el mismo periodo de 2024. Al 30 de junio de 2025, Research Frontiers manten铆a una posici贸n financiera s贸lida con 1.3 millones de d贸lares en efectivo, 1.7 millones en capital de trabajo y sin deuda. La empresa espera un crecimiento de ingresos en todos los segmentos y planea lanzar una aplicaci贸n retrofit para el mercado arquitect贸nico a finales de 2025.
Research Frontiers (雮橃姢雼�: REFR)電� 2025雲� 2攵勱赴 鞛 鞁れ爜鞚� 氚滍憸頄堨溂氅�, 鞖挫榿靸侅潣 歆勳爠瓿� 霃勳爠 瓿检牅毳� 霃欖嫓鞐� 氤挫榾鞀惦媹雼�. 2025雲� 靸侂皹旮办棎電� Ferrari鞕� Cadillac鞚� SPD-SmartGlass 旮办垹鞚� 靸濎偘鞚� 頇曤寑頄堨溂氅�, Mercedes鞕� McLaren鞙茧攵�韯� 於旉皜 搿滌棿韹半ゼ 氚涭晿鞀惦媹雼�. 頃橃毵� 鞙犽熃 霛检澊靹犾嫓鞚� 韺岇偘瓿� 甏�霠悳 鞚柬殞靹� 牍勳毄鞙茧 鞚疙暣 鞛 鞁れ爜鞐� 鞓來枼鞚� 氚涭晿鞀惦媹雼�.
須岇偓電� 2025雲� 靸侂皹旮办棎 靾滌啇鞁� 981,513雼煬(欤茧嫻 0.03雼煬)毳� 旮半頄堨溂氅�, 鞚措姅 2024雲� 靸侂皹旮办潣 536,626雼煬(欤茧嫻 0.02雼煬) 靻愳嫟氤措嫟 歃濌皜頃� 靾橃箻鞛呺媹雼�. 2025雲� 6鞗� 30鞚� 旮办鞙茧 Research Frontiers電� 順勱笀 130毵� 雼煬, 鞖挫爠鞛愲掣 170毵� 雼煬, 攵�毂勲姅 鞐嗠姅 瓴碃頃� 鞛 靸來儨毳� 鞙犾頃橁碃 鞛堨姷雼堧嫟. 須岇偓電� 氇摖 攵�氍胳棎靹� 毵れ稖 靹膘灔鞚� 旮半寑頃橂┌ 2025雲� 毵愱箤歆� 瓯挫稌 鞁滌灔鞚� 鞙勴暅 霠堩姼搿滍晱 鞎犿攲毽紑鞚挫厴 於滌嫓毳� 瓿勴殟頃橁碃 鞛堨姷雼堧嫟.
Research Frontiers (Nasdaq : REFR) a publi茅 ses r茅sultats financiers du deuxi猫me trimestre 2025, marqu茅s 脿 la fois par des progr猫s op茅rationnels et des d茅fis. La soci茅t茅 a constat茅 une augmentation de la production de la technologie SPD-SmartGlass par Ferrari et Cadillac au premier semestre 2025, avec des redevances suppl茅mentaires provenant de Mercedes et McLaren. Toutefois, les r茅sultats financiers ont 茅t茅 affect茅s par des charges exceptionnelles li茅es 脿 la faillite d'un licenci茅 europ茅en.
La soci茅t茅 a enregistr茅 une perte nette de 981 513 dollars (0,03 dollar par action) pour le premier semestre 2025, contre 536 626 dollars (0,02 dollar par action) au premier semestre 2024. Au 30 juin 2025, Research Frontiers maintenait une position financi猫re solide avec 1,3 million de dollars en liquidit茅s, 1,7 million de dollars de fonds de roulement et aucune dette. L鈥檈ntreprise pr茅voit une croissance des revenus dans tous les segments et envisage de lancer une application de r茅trofit pour le march茅 architectural plus tard en 2025.
Research Frontiers (Nasdaq: REFR) berichtete 眉ber seine Finanzergebnisse f眉r das zweite Quartal 2025, die sowohl operative Fortschritte als auch Herausforderungen zeigten. Im ersten Halbjahr 2025 wurde die Produktion der SPD-SmartGlass-Technologie durch Ferrari und Cadillac ausgeweitet, mit zus盲tzlichen Lizenzgeb眉hren von Mercedes und McLaren. Die Finanzergebnisse wurden jedoch durch einmalige Belastungen im Zusammenhang mit der Insolvenz eines europ盲ischen Lizenznehmers beeintr盲chtigt.
Das Unternehmen verzeichnete im ersten Halbjahr 2025 einen Nettoverlust von 981.513 US-Dollar (0,03 US-Dollar pro Aktie), verglichen mit 536.626 US-Dollar (0,02 US-Dollar pro Aktie) im ersten Halbjahr 2024. Zum 30. Juni 2025 verf眉gte Research Frontiers 眉ber eine starke finanzielle Position mit 1,3 Millionen US-Dollar in bar, 1,7 Millionen US-Dollar Nettoumlaufverm枚gen und keiner Verschuldung. Das Unternehmen erwartet ein Umsatzwachstum in allen Segmenten und plant, Ende 2025 eine Nachr眉stl枚sung f眉r den Architektursektor einzuf眉hren.
- Expanded production of SPD-SmartGlass by Ferrari and Cadillac in H1 2025
- Strong financial position with $1.3M cash and zero debt
- Successful transition of Ferrari business to new European licensee after previous supplier bankruptcy
- New architectural retrofit application launch expected later in 2025
- Mercedes debuted new luxury van with expanded SPD-SmartGlass usage
- Net loss increased to $981,513 in H1 2025 from $536,626 in H1 2024
- European licensee supplying Ferrari declared bankruptcy in Q2 2025
- One-time accounting charges and non-cash expenses impacted Q2 results negatively
WOODBURY, N.Y., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq:听) announced its financial results for its second quarter of 2025. Management will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial and operating results as well as recent developments.
| 听 | 鈥� | Who: Joseph M. Harary, President & CEO |
| 听 | 鈥� | Date/Time: Thursday, August 7, 2025, 4:30 PM ET |
| 听 | 鈥� | Dial-in Information:1-888-334-5785 |
| 听 | 鈥� | Conference Link: |
| 听 | 鈥� | Replay: Available on Friday, August 8, 2025 for 90 days at |
| 听 | 听 | 听 |
Key Comments:
| 1. | Expansion of Product Pipeline and Acceleration of Use of SPD by Ferrari and Cadillac. Royalties from the automotive market came primarily from Ferrari and Cadillac, both of which expanded production in the first half of 2025 of vehicles using the Company鈥檚 SPD-SmartGlass technology. Strong sales from these OEMs are also expected in the second half of 2025. Additional royalties from sales to Mercedes and McLaren also were recorded in the first half of 2025. Mercedes also debuted a new luxury van at the Shanghai Auto Show in the second quarter of 2025, featuring new and innovative side windows with an SPD/PDLC combination of smartglass used across |
| 听 | 听 |
| 2. | Operational Efficiencies and Financial Stability. Almost entirely as a result of the one-time accounting charges relating to the bankruptcy of one of the Company鈥檚 licensees as described above, as well as non-cash expenses relating to the vesting of stock options in the second quarter of 2025 that were granted last year, the Company鈥檚 net loss increased to |
| 听 | 听 |
"While economic activity continues to grow regarding sales of SPD-SmartGlass products, the one-time accounting charges relating to the bankruptcy filing of one of the Company鈥檚 licensees and non-cash expenses relating to the vesting of stock options, both occurring in the second quarter negatively affected our second quarter results, which followed a strong first quarter. Because of our close communication with the OEM and our other licensees throughout this process, we were able to successfully transition the Ferrari business to another European licensee," said Joseph M. Harary, President and CEO of Research Frontiers. "The growing and continued use of SPD-SmartGlass products in all industries, combined with our operational efficiencies and our debt-free status, positions us well for continued success and brings us closer to profitability. We also expect the launch of our retrofit application in the architectural market later this year to bring in significant revenues from SPD-SmartGlass in the architectural glass market, while also reducing the costs and speeding up installation and adoption of the use of SPD-SmartGlass in homes, offices and residential high-rise and multi-family buildings."
For more details, please see the Company鈥檚 Quarterly Report on Form 10-Q which was filed today with the SEC, the contents of which are incorporated by reference herein.
About Research Frontiers
Research Frontiers (Nasdaq: REFR) is a publicly traded technology company and the developer of patented SPD-Smart light-control film technology which allows users to instantly, precisely and uniformly control the shading of glass or plastic products, either manually or automatically. Research Frontiers has licensed its smart glass technology to numerous companies that include well known chemical, material science and glass companies. Products using Research Frontiers鈥� smart glass technology are being used in tens of thousands of cars, aircraft, yachts, trains, homes, offices, museums and other buildings. For more information, please visit our website at , and on , , and .
Note: From time to time Research Frontiers may issue forward-looking statements which involve risks and uncertainties. This press release contains forward-looking statements. Actual results, especially those reliant on activities by third parties, could differ and are not guaranteed. Any forward-looking statements should be considered accordingly. 鈥淪PD-Smart鈥� and 鈥淪PD-SmartGlass鈥� are trademarks of Research Frontiers Inc.
CONTACT:
Joseph M. Harary
President and CEO
Research Frontiers Inc.
+1-516-364-1902
[email protected]
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Balance Sheets
| 听 | 听 | June 30, 2025 (Unaudited) | 听 | 听 | December 31, 2024 (See Note 1) | 听 | ||
| Assets | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Current assets: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Cash and cash equivalents | 听 | $ | 1,274,276 | 听 | 听 | $ | 1,994,186 | 听 |
| Royalties receivable, net of reserves of | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| 2025 and | 听 | 听 | 536,373 | 听 | 听 | 听 | 658,213 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Prepaid expenses and other current assets | 听 | 听 | 161,281 | 听 | 听 | 听 | 93,490 | 听 |
| Total current assets | 听 | 听 | 1,971,930 | 听 | 听 | 听 | 2,745,889 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Fixed assets, net | 听 | 听 | 9,095 | 听 | 听 | 听 | 15,052 | 听 |
| Operating lease ROU assets | 听 | 听 | 1,135,715 | 听 | 听 | 听 | 1,222,640 | 听 |
| Deposits and other assets | 听 | 听 | 56,066 | 听 | 听 | 听 | 56,066 | 听 |
| Total assets | 听 | $ | 3,172,806 | 听 | 听 | $ | 4,039,647 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Liabilities and Shareholders鈥� Equity | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Current liabilities: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Current portion of operating lease liability | 听 | $ | 137,817 | 听 | 听 | $ | 129,875 | 听 |
| Accounts payable | 听 | 听 | 24,358 | 听 | 听 | 听 | 85,825 | 听 |
| Accrued expenses | 听 | 听 | 46,497 | 听 | 听 | 听 | 53,327 | 听 |
| Deferred revenue | 听 | 听 | 71,563 | 听 | 听 | 听 | - | 听 |
| Total current liabilities | 听 | 听 | 280,235 | 听 | 听 | 听 | 269,027 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Operating lease liability, net of current portion | 听 | 听 | 1,094,545 | 听 | 听 | 听 | 1,166,285 | 听 |
| Total liabilities | 听 | 听 | 1,374,780 | 听 | 听 | 听 | 1,435,312 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Shareholders鈥� equity: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Common stock, par value | 听 | 听 | 3,365 | 听 | 听 | 听 | 3,365 | 听 |
| Additional paid-in capital | 听 | 听 | 128,352,397 | 听 | 听 | 听 | 128,177,193 | 听 |
| Accumulated deficit | 听 | 听 | (126,557,736 | ) | 听 | 听 | (125,576,223 | ) |
| Total shareholders鈥� equity | 听 | 听 | 1,798,026 | 听 | 听 | 听 | 2,604,335 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Total liabilities and shareholders鈥� equity | 听 | $ | 3,172,806 | 听 | 听 | $ | 4,039,647 | 听 |
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Operations
(Unaudited)
| 听 | 听 | Six months ended June 30, | 听 | 听 | Three months ended June 30, | 听 | ||||||||||
| 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | ||||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Fee income | 听 | $ | 689,680 | 听 | 听 | $ | 802,972 | 听 | 听 | $ | 129,904 | 听 | 听 | $ | 489,594 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Operating expenses | 听 | 听 | 1,412,398 | 听 | 听 | 听 | 1,110,285 | 听 | 听 | 听 | 775,922 | 听 | 听 | 听 | 476,898 | 听 |
| Research and development | 听 | 听 | 331,963 | 听 | 听 | 听 | 278,571 | 听 | 听 | 听 | 169,086 | 听 | 听 | 听 | 128,830 | 听 |
| Total expenses | 听 | 听 | 1,744,361 | 听 | 听 | 听 | 1,388,856 | 听 | 听 | 听 | 945,008 | 听 | 听 | 听 | 605,728 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Operating loss | 听 | 听 | (1,054,681 | ) | 听 | 听 | (585,884 | ) | 听 | 听 | (815,104 | ) | 听 | 听 | (116,134 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Net interest income | 听 | 听 | 25,811 | 听 | 听 | 听 | 49,258 | 听 | 听 | 听 | 11,278 | 听 | 听 | 听 | 22,112 | 听 |
| Other income | 听 | 听 | 47,357 | 听 | 听 | 听 | - | 听 | 听 | 听 | - | 听 | 听 | 听 | - | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Net loss | 听 | $ | (981,513 | ) | 听 | $ | (536,626 | ) | 听 | $ | (803,826 | ) | 听 | $ | (94,022 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Basic and diluted net loss per common share | 听 | $ | (0.03 | ) | 听 | $ | (0.02 | ) | 听 | $ | (0.02 | ) | 听 | $ | (0.00 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Weighted average number of common shares outstanding | 听 | 听 | 33,648,221 | 听 | 听 | 听 | 33,514,097 | 听 | 听 | 听 | 33,648,221 | 听 | 听 | 听 | 33,517,787 | 听 |
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Shareholders鈥� Equity
(Unaudited)
For the six months ended June 30, 2025 and 2024
| 听 | 听 | Common Stock | 听 | 听 | Additional Paid-in | 听 | 听 | Accumulated | 听 | 听 | 听 | 听 | ||||||||
| 听 | 听 | Shares | 听 | 听 | Amount | 听 | 听 | Capital | 听 | 听 | Deficit | 听 | 听 | Total | 听 | |||||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||||
| Balance, January 1, 2024 | 听 | 听 | 33,509,287 | 听 | 听 | $ | 3,351 | 听 | 听 | $ | 127,779,221 | 听 | 听 | $ | (124,264,841 | ) | 听 | $ | 3,517,731 | 听 |
| Exercise of options | 听 | 听 | 8,500 | 听 | 听 | 听 | 1 | 听 | 听 | 听 | 8,669 | 听 | 听 | 听 | - | 听 | 听 | 听 | 8,670 | 听 |
| Net loss | 听 | 听 | - | 听 | 听 | 听 | - | 听 | 听 | 听 | - | 听 | 听 | 听 | (536,626 | ) | 听 | 听 | (536,626 | ) |
| Balance, June 30, 2024 | 听 | 听 | 33,517,787 | 听 | 听 | $ | 3,352 | 听 | 听 | $ | 127,787,890 | 听 | 听 | $ | (124,801,467 | ) | 听 | $ | 2,989,775 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Balance, January 1, 2025 | 听 | 听 | 33,648,221 | 听 | 听 | $ | 3,365 | 听 | 听 | $ | 128,177,193 | 听 | 听 | $ | (125,576,223 | ) | 听 | $ | 2,604,335 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Share-based compensation | 听 | 听 | - | 听 | 听 | 听 | - | 听 | 听 | 听 | 175,204 | 听 | 听 | 听 | - | 听 | 听 | 听 | 175,204 | 听 |
| Net loss | 听 | 听 | - | 听 | 听 | 听 | - | 听 | 听 | 听 | - | 听 | 听 | 听 | (981,513 | ) | 听 | 听 | (981,513 | ) |
| Balance, June 30, 2025 | 听 | 听 | 33,648,221 | 听 | 听 | $ | 3,365 | 听 | 听 | $ | 128,352,397 | 听 | 听 | $ | (126,557,736 | ) | 听 | $ | 1,798,026 | 听 |
For the three months ended June 30, 2025 and 2024
| 听 | 听 | Common Stock | 听 | 听 | Additional Paid-in | 听 | 听 | Accumulated | 听 | 听 | 听 | 听 | ||||||||
| 听 | 听 | Shares | 听 | 听 | Amount | 听 | 听 | Capital | 听 | 听 | Deficit | 听 | 听 | Total | 听 | |||||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||||
| Balance, March 31, 2024 | 听 | 听 | 33,517,787 | 听 | 听 | $ | 3,352 | 听 | 听 | $ | 127,787,890 | 听 | 听 | $ | (124,707,445 | ) | 听 | $ | 3,083,797 | 听 |
| Net loss | 听 | 听 | - | 听 | 听 | 听 | - | 听 | 听 | 听 | - | 听 | 听 | 听 | (94,022 | ) | 听 | 听 | (94,022 | ) |
| Balance, June 30, 2024 | 听 | 听 | 33,517,787 | 听 | 听 | $ | 3,352 | 听 | 听 | $ | 127,787,890 | 听 | 听 | $ | (124,801,467 | ) | 听 | $ | 2,989,775 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Balance, March 31, 2025 | 听 | 听 | 33,648,221 | 听 | 听 | $ | 3,365 | 听 | 听 | $ | 128,177,193 | 听 | 听 | $ | (125,753,910 | ) | 听 | $ | 2,426,648 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Share-based compensation | 听 | 听 | - | 听 | 听 | 听 | - | 听 | 听 | 听 | 175,204 | 听 | 听 | 听 | - | 听 | 听 | 听 | 175,204 | 听 |
| Net loss | 听 | 听 | - | 听 | 听 | 听 | - | 听 | 听 | 听 | - | 听 | 听 | 听 | (803,826 | ) | 听 | 听 | (803,826 | ) |
| Balance, June 30, 2025 | 听 | 听 | 33,648,221 | 听 | 听 | $ | 3,365 | 听 | 听 | $ | 128,352,397 | 听 | 听 | $ | (126,557,736 | ) | 听 | $ | 1,798,026 | 听 |
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| 听 | 听 | Six months ended June 30, | 听 | |||||
| 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | ||
| Cash flows from operating activities: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Net loss | 听 | $ | (981,513 | ) | 听 | $ | (536,626 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Depreciation and amortization | 听 | 听 | 6,166 | 听 | 听 | 听 | 12,951 | 听 |
| Share-based compensation | 听 | 听 | 175,204 | 听 | 听 | 听 | - | 听 |
| Credit loss expense | 听 | 听 | 124,253 | 听 | 听 | 听 | - | 听 |
| ROU asset amortization | 听 | 听 | 86,925 | 听 | 听 | 听 | 71,486 | 听 |
| Change in assets and liabilities: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Royalty receivables | 听 | 听 | (2,413 | ) | 听 | 听 | (75,096 | ) |
| Prepaid expenses and other assets | 听 | 听 | (67,791 | ) | 听 | 听 | (107,898 | ) |
| Accounts payable and accrued expenses | 听 | 听 | (68,297 | ) | 听 | 听 | 36,108 | 听 |
| Deferred revenue | 听 | 听 | 71,563 | 听 | 听 | 听 | 125,000 | 听 |
| Operating lease liability | 听 | 听 | (63,798 | ) | 听 | 听 | (103,897 | ) |
| Net cash used in operating activities | 听 | 听 | (719,701 | ) | 听 | 听 | (577,972 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Cash flows from investing activities: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Purchases of fixed assets | 听 | 听 | (209 | ) | 听 | 听 | (154 | ) |
| Net cash used in investing activities | 听 | 听 | (209 | ) | 听 | 听 | (154 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Cash flows from financing activities: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Net proceeds from exercise of options | 听 | 听 | - | 听 | 听 | 听 | 8,670 | 听 |
| Net cash provided by financing activities | 听 | 听 | - | 听 | 听 | 听 | 8,670 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Net decrease in cash and cash equivalents | 听 | 听 | (719,910 | ) | 听 | 听 | (569,456 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Cash and cash equivalents at beginning of year | 听 | 听 | 1,994,186 | 听 | 听 | 听 | 2,475,958 | 听 |
| Cash and cash equivalents at end of period | 听 | $ | 1,274,276 | 听 | 听 | $ | 1,906,502 | 听 |
FAQ
What were Research Frontiers (REFR) Q2 2025 financial results?
How did the European licensee bankruptcy affect REFR's operations?
Which automotive companies are using Research Frontiers' SPD-SmartGlass technology?
What new developments are expected for Research Frontiers in 2025?
What is Research Frontiers' current financial position?
