REFR
Research Frontiers Incorporated1.4800
-0.0800-5.13%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reassures Gauzy payments, retrofit underway
Q&A zeroed in on Gauzy risks, with Harary clarifying French regulator delays half their receivables by 1-2 weeks but insisting payments flow soon amid a strong backlog and zero customer reluctance. Payments delayed, not denied. Investors grilled the $1.1M raise's timing despite prior liquidity boasts; management pointed to unpaid royalties, supply snags, and strategic needs. Retrofit pilots are underway with peripherals; Ferrari eyes model expansion. Tone stayed confident on automotive pipeline and diversification, largely echoing prepared remarks.
Key Stats
Market Cap
49.80MP/E (TTM)
-Basic EPS (TTM)
-0.06Dividend Yield
0%Recent Filings
10-K
FY2025 results
Research Frontiers posted FY2025 fee income of $1.1M, down 16% y/y from $1.3M amid automotive licensee bankruptcy disrupting Ferrari royalties early in the year, yet Q3-Q4 momentum rebounded as minimum thresholds cleared for added recognition. Operating expenses climbed to $2.6M on higher credit losses and director fees, driving net loss wider to $2.0M ($0.06/share) from $1.3M ($0.04/share). Cash dwindled to $0.7M with $0.9M working capital. Royalty-dependent. Licensee insolvency stalls momentum.
8-K
Raises $1.1M in private placement
Research Frontiers raised $1.1 million by selling 1.1 million shares at $1.00 apiece to private investors—including a director's family and a key licensee—on February 18, 2026. Buyers snagged tiered warrants expiring 2031, starting at $1.10 exercise price. Funds bolster operations. Shares lock up six months.
10-Q
Q3 FY2025 results
Research Frontiers posted Q3 fee income of $359K, up 1.4% y/y from $354K yet down q/q (derived), while nine-month revenue fell 9.3% y/y to $1.05M amid automotive/aircraft softness and European licensee bankruptcies. Operating loss widened to $304K (q/q, y/y) on higher marketing and professional fees, with net loss at $299K versus $167K y/y, the gap reflecting lower interest and no CARES Act credits. Cash drained to $1.1M after $863K nine-month operating burn, no debt, ample runway. Two licensees drove 88% of Q3 fees. Automotive royalties hold steady. Losses mount from licensee dependence.
8-K
LaPointe retires after aerospace push
Research Frontiers Inc. announced the retirement of Michael R. LaPointe, its Vice President of Aerospace Products, effective September 15, 2025, after over 30 years driving SPD-Smart technology's growth. Under his leadership, the company's electronically dimmable windows gained traction in aerospace, securing contracts across five helicopter OEM programs, 12 aircraft OEMs including Airbus and Dassault, one airline retrofit, and over 40 aftermarket models. LaPointe's vision built lasting partnerships. Yet the firm faces risks from third-party dependencies in forward-looking adoption.
10-Q
Q2 FY2025 results
Research Frontiers' Q2 FY2025 fee income fell sharply to $129,904, down 73% y/y from $489,594, while six-month revenue dipped 14% y/y to $689,680, mainly from softer automotive royalties. Operating expenses climbed 63% q/q to $775,922, driven by $165,000 in share-based compensation and $124,000 credit loss expense, pushing the operating loss to $815,104 versus $116,134 last year; net loss widened to $803,826 ($0.02 per share) from $94,022, with the gap to operating loss under 20% tied to lower interest income. Cash drained $720,000 to $1.3 million, yielding negative FCF of $720,000 (derived), yet working capital holds at $1.7 million with no debt. A key European licensee's bankruptcy, accounting for 33% of six-month revenue, disrupts supply but Ferrari has shifted to another licensee. Production ramps in new models could lift royalties. Still, licensee concentration poses risks.
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