RESEARCH FRONTIERS INCORPORATED (REFR)

0.46 -6.12% (-0.03)

Over 1M: +15.0%

2026-08-28
Style
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Candles need the day’s open, high and low. Those are being collected now — a company shows them once its history has been refreshed.

0.4 0.45
31 Jul 5 Aug 10 Aug 13 Aug 18 Aug 21 Aug 26 Aug

Financials Quarterly

Figures
Revenue Gross Profit Operating Income Cost of Revenue Operating Cash Flow Free Cash Flow Net Income

A share count and earnings a share are not here: neither is money, so neither can share this axis. Both have their own panel on All charts.

All charts ›
Q3 '21 — Revenue: 723.5K Q3 '21 — Operating Cash Flow: -483.1K Q3 '21 — Free Cash Flow: -483.1K Q3 '21 — Net Income: 21.6K Q4 '21 — Revenue: 212.5K Q4 '21 — Operating Cash Flow: 63.6K Q4 '21 — Free Cash Flow: 63.4K Q4 '21 — Net Income: -782.7K Q1 '22 — Revenue: 173.8K Q1 '22 — Operating Cash Flow: -498K Q1 '22 — Free Cash Flow: -498.6K Q1 '22 — Net Income: -628.3K Q2 '22 — Revenue: 85.5K Q2 '22 — Operating Cash Flow: -581.8K Q2 '22 — Free Cash Flow: -582.3K Q2 '22 — Net Income: -741.8K Q3 '22 — Revenue: 150.4K Q3 '22 — Operating Cash Flow: -535.8K Q3 '22 — Free Cash Flow: -535.9K Q3 '22 — Net Income: -483.7K Q4 '22 — Revenue: 129.9K Q4 '22 — Operating Cash Flow: -567.2K Q4 '22 — Free Cash Flow: -567.2K Q4 '22 — Net Income: -815.4K Q1 '23 — Revenue: 248.2K Q1 '23 — Operating Cash Flow: -597.1K Q1 '23 — Free Cash Flow: -597.8K Q1 '23 — Net Income: -462.6K Q2 '23 — Revenue: 185K Q2 '23 — Operating Cash Flow: -625.8K Q2 '23 — Free Cash Flow: -626.4K Q2 '23 — Net Income: -493.6K Q3 '23 — Revenue: 164.1K Q3 '23 — Operating Cash Flow: -523.4K Q3 '23 — Free Cash Flow: -523.4K Q3 '23 — Net Income: -472.2K Q4 '23 — Revenue: 312.2K Q4 '23 — Operating Cash Flow: -548.7K Q4 '23 — Free Cash Flow: -549K Q4 '23 — Net Income: -479.9K Q1 '24 — Revenue: 313.4K Q1 '24 — Operating Cash Flow: -391.1K Q1 '24 — Free Cash Flow: -391.2K Q1 '24 — Net Income: -442.6K Q2 '24 — Revenue: 489.6K Q2 '24 — Operating Cash Flow: -186.9K Q2 '24 — Free Cash Flow: -187K Q2 '24 — Net Income: -94K Q3 '24 — Revenue: 354.4K Q3 '24 — Operating Cash Flow: -257.9K Q3 '24 — Free Cash Flow: -258.5K Q3 '24 — Net Income: -166.8K Q4 '24 — Revenue: 178.2K Q4 '24 — Operating Cash Flow: 47.1K Q4 '24 — Free Cash Flow: 46.2K Q4 '24 — Net Income: -607.9K Q1 '25 — Revenue: 559.8K Q1 '25 — Operating Cash Flow: -641.3K Q1 '25 — Free Cash Flow: -641.4K Q1 '25 — Net Income: -177.7K Q2 '25 — Revenue: 129.9K Q2 '25 — Operating Cash Flow: -78.4K Q2 '25 — Free Cash Flow: -78.5K Q2 '25 — Net Income: -803.8K Q3 '25 — Revenue: 359.4K Q3 '25 — Operating Cash Flow: -143.5K Q3 '25 — Free Cash Flow: -143.9K Q3 '25 — Net Income: -298.5K Q4 '25 — Revenue: 72.1K Q4 '25 — Operating Cash Flow: -465.9K Q4 '25 — Free Cash Flow: -466.1K Q4 '25 — Net Income: -765.6K Q1 '26 — Revenue: 136.3K Q1 '26 — Operating Cash Flow: -759.9K Q1 '26 — Free Cash Flow: -760K Q1 '26 — Net Income: -525.4K Q2 '26 — Revenue: 86.3K Q2 '26 — Operating Cash Flow: -191.3K Q2 '26 — Free Cash Flow: -191.3K Q2 '26 — Net Income: -660.2K -700K -350K 0 350K 700K 1.1M
Q4 '21 Q3 '22 Q2 '23 Q1 '24 Q4 '24 Q3 '25 Q2 '26
Revenue Operating Cash Flow Free Cash Flow Net Income

Figures as at 2026-06-30, reported in USD. The newest fact in the filings is dated 2026-06-30, 61 days ago. Nothing on this page is advice.

How it scores

Five questions, each answered by the measures under it. Every figure is the company's own; the bar beside it is where that figure sits among the companies read here — the top fifth, the bottom fifth, or somewhere between. Not among all listed companies, and for a valuation multiple the low end is the good end.

Quality

How much of the revenue is really kept — and what did it take to earn it?

0.6
SBC / sales 57.3%
OE margin -295.9%
Oper. margin -348.1%
Accruals -27.8%
Capex / sales 0.095%
EBITDA margin -347.1%
FCF margin -238.6%
OCF margin -238.6%
Profit margin -343.9%
ROA -90.9%
ROCE -110.3%
ROE -200.3%
Gross margin —
OCF / EBIT —
ROIC —

4 of 17 counted in the score. The rest are measures this model does not include here, or figures these filings do not carry — switch any of them on and the score changes.

Valuation

What does the price ask for what the company earns, owns and pays out?

0.5
Div. yield —
EV/EBIT —
EV/GP —
EV/OE —
EV/Sales —
FCF yield —
Fwd P/E —
P/B —
P/C —
P/E —
PEG —

0 of 12 counted in the score. The rest are measures this model does not include here, or figures these filings do not carry — switch any of them on and the score changes.

Durability

How predictable is the revenue, and how much of it is already committed?

1.9
RPO / sales 0.11×
RPO growth 64.2%
Segment HHI —

3 of 7 counted in the score. The rest are measures this model does not include here, or figures these filings do not carry — switch any of them on and the score changes.

Resilience

Can the balance sheet absorb a bad year?

7.2
ND/EBITDA —
Cash runway 2.3 yr
Debt / Eq 0.0×
Debt payback 0.0 yr
Quick ratio 3.5×
F-score 2.6 pts
Cash / Debt —
Interest cover —
Payout —

3 of 12 counted in the score. The rest are measures this model does not include here, or figures these filings do not carry — switch any of them on and the score changes.

Growth

Is the business getting bigger, and is it getting more profitable?

3.1
Sales/sh Y/Y -46.7%
Shares change +0.38%
Sales Q/Q -33.5%
Div. growth —
EBIT CAGR —
EBIT Y/Y —
EPS CAGR 4Y —
EPS Y/Y —
EPS next Y —

4 of 13 counted in the score. The rest are measures this model does not include here, or figures these filings do not carry — switch any of them on and the score changes.

A measure absent from a block could not be computed from this company's filings. It is left out rather than scored as though it were bad, and the dimension is averaged over what remains. A score is measured against a fixed scale this model states; the bar is measured against the other companies, so the two can disagree — and where they do, that disagreement is the more interesting figure.