Research Frontiers Incorporated (REFR) 10-Year Financial Performance & Capital Metrics

REFR • • Industrial / General

TechnologyTech Hardware & EquipmentDisplay & Visualization SystemsHolographic & AR/VR Systems

AboutResearch 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.Show more

Revenue $1M +46.8%
EBITDA -$1M +36.7%
Net Income -$1M +31.3%
EPS (Diluted) -0.04 +31.4%
Gross Margin 80.27% +150.3%
EBITDA Margin -88.23% +56.9%
Operating Margin -107.96% +51.7%
Net Margin -98.19% +53.2%
ROE -42.84% +6.7%
ROIC -67.26% +48.4%
Debt/Equity 0.50 +553.9%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

✗Negative free cash flow
✗Trading more than 30% below 52-week high
✗Expensive at 17.0x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-1.78%

5Y-3.11%

3Y1.88%

TTM-16.49%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-59.54%

EPS CAGR

10Y-

5Y-

3Y-

TTM48.44%

ROCE

10Y Avg-51.59%

5Y Avg-43.19%

3Y Avg-47.58%

Latest-39.27%

Peer Comparison

Holographic & AR/VR Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HOLOMicroCloud Hologram Inc.	40.09M	2.83	-0.07	42.62%	91.92%	10.3%		0.00
REFRResearch Frontiers Incorporated	44.42M	1.32	-33.76	46.83%	-153.83%	-125.9%		0.50

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.01M	1.24M	1.51M	1.49M	1.56M	828.45K	1.26M	539.69K	909.6K	1.34M
Revenue Growth %	0.26%	-0.38%	0.22%	-0.01%	0.05%	-0.47%	0.52%	-0.57%	0.69%	0.47%
Cost of Goods Sold+	4.74M	4.09M	3.13M	2.42M	3.68M	2.78M	0	0	2.36M	263.56K
COGS % of Revenue	2.36%	3.31%	2.07%	1.62%	2.35%	3.35%	-	-	2.59%	0.2%
Gross Profit+	-2.73M	-2.85M	-1.62M	-929.58K	-2.11M	-1.95M	1.26M	539.69K	-1.45M	1.07M
Gross Margin %	-1.36%	-2.31%	-1.07%	-0.62%	-1.35%	-2.35%	1%	1%	-1.59%	0.8%
Gross Profit Growth %	0.03%	-0.04%	0.43%	0.43%	-1.27%	0.08%	1.65%	-0.57%	-3.69%	1.74%
Operating Expenses+	6.33M	5.5M	3.93M	3.91M	1.04M	628.3K	3.1M	3.16M	583.27K	2.51M
OpEx % of Revenue	3.15%	4.45%	2.6%	2.62%	0.66%	0.76%	2.46%	5.86%	0.64%	1.88%
Selling, General & Admin	0	0	0	0	0	0	0	0	0	400.08K
SG&A % of Revenue	-	-	-	-	-	-	-	-	-	0.3%
Research & Development	1.59M	1.42M	799.7K	863.4K	1.04M	628.3K	580K	609.13K	583.27K	570.01K
R&D % of Revenue	0.79%	1.15%	0.53%	0.58%	0.66%	0.76%	0.46%	1.13%	0.64%	0.43%
Other Operating Expenses	4.74M	4.09M	3.13M	3.04M	0	0	2.52M	2.56M	0	1.54M
Operating Income+	-4.32M	-4.27M	-2.42M	-2.42M	-3.15M	-2.58M	-1.84M	-2.63M	-2.03M	-1.44M
Operating Margin %	-2.15%	-3.45%	-1.6%	-1.62%	-2.01%	-3.11%	-1.46%	-4.86%	-2.24%	-1.08%
Operating Income Growth %	0.03%	0.01%	0.43%	0%	-0.3%	0.18%	0.29%	-0.43%	0.23%	0.29%
EBITDA+	-4.18M	-4.08M	-2.24M	-2.24M	-2.95M	-2.51M	-1.66M	-2.45M	-1.86M	-1.18M
EBITDA Margin %	-2.08%	-3.3%	-1.49%	-1.5%	-1.89%	-3.03%	-1.32%	-4.54%	-2.05%	-0.88%
EBITDA Growth %	0.05%	0.02%	0.45%	0%	-0.32%	0.15%	0.34%	-0.47%	0.24%	0.37%
D&A (Non-Cash Add-back)	140.17K	188.5K	175.64K	181.05K	195.38K	67.08K	176.51K	175.15K	172.14K	263.56K
EBIT	-4.32M	-4.27M	-2.42M	-2.42M	-3.81M	-2.58M	-1.84M	-2.63M	-2.03M	-1.44M
Net Interest Income+	0	0	0	0	43.05K	34.47K	0	0	124.94K	95.34K
Interest Income	0	0	0	0	43.05K	34.47K	0	0	124.94K	95.34K
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	43.32K	29.54K	4.75K	-267.91K	-659.64K	236.53K	-7.54K	-44.22K	124.94K	130.49K
Pretax Income+	-4.28M	-4.24M	-2.41M	-2.69M	-3.81M	-2.34M	-1.85M	-2.67M	-1.91M	-1.31M
Pretax Margin %	-2.13%	-3.43%	-1.6%	-1.8%	-2.44%	-2.83%	-1.46%	-4.95%	-2.1%	-0.98%
Income Tax+	0	-29.54K	-4.75K	0	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%
Net Income+	-4.28M	-4.24M	-2.41M	-2.69M	-3.81M	-2.34M	-1.85M	-2.67M	-1.91M	-1.31M
Net Margin %	-2.13%	-3.43%	-1.6%	-1.8%	-2.44%	-2.83%	-1.46%	-4.95%	-2.1%	-0.98%
Net Income Growth %	0.03%	0.01%	0.43%	-0.11%	-0.42%	0.39%	0.21%	-0.45%	0.29%	0.31%
Net Income (Continuing)	-4.28M	-4.24M	-2.41M	-2.69M	-3.81M	-2.34M	-1.85M	-2.67M	-1.91M	-1.31M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.18	-0.18	-0.10	-0.10	-0.15	-0.07	-0.06	-0.08	-0.06	-0.04
EPS Growth %	0.05%	0%	0.44%	0%	-0.5%	0.5%	0.22%	-0.43%	0.31%	0.31%
EPS (Basic)	-0.18	-0.18	-0.10	-0.10	-0.15	-0.07	-0.06	-0.08	-0.06	-0.04
Diluted Shares Outstanding	24.01M	24.04M	24.04M	25.96M	30.01M	31.49M	31.65M	32.07M	33.45M	33.52M
Basic Shares Outstanding	24.01M	24.04M	24.04M	25.96M	30.01M	31.49M	31.65M	32.07M	33.45M	33.52M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	8.67M	4.59M	2.36M	3.71M	7.31M	5.43M	3.95M	4.92M	3.58M	2.75M
Cash & Short-Term Investments	7.23M	3.21M	1.74M	2.97M	6.59M	4.77M	3.03M	4.23M	2.48M	1.99M
Cash Only	5.71M	1.69M	1.74M	2.97M	6.59M	4.77M	269.96K	4.23M	2.48M	1.99M
Short-Term Investments	1.51M	1.52M	0	0	0	0	2.76M	0	0	0
Accounts Receivable	1.31M	1.12M	597.44K	689.68K	656.06K	598.29K	831.64K	589.6K	1M	658.21K
Days Sales Outstanding	239.03	329.88	144.5	169.1	153.11	263.6	240.33	398.76	402.64	179.89
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	52.73K	0	0	0	100.97K	96.78K	93.49K
Total Non-Current Assets+	869.78K	685.22K	516.13K	346.74K	949.28K	771.78K	596.35K	444.96K	274.38K	1.29M
Property, Plant & Equipment	836.22K	651.65K	482.56K	313.18K	915.71K	738.21K	562.78K	388.9K	218.31K	1.24M
Fixed Asset Turnover	2.40x	1.90x	3.13x	4.75x	1.71x	1.12x	2.24x	1.39x	4.17x	1.08x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	33.57K	33.57K	33.57K	33.57K	33.57K	33.57K	33.57K	56.07K	56.07K	56.07K
Total Assets+	9.54M	5.27M	2.88M	4.06M	8.26M	6.2M	4.55M	5.37M	3.85M	4.04M
Asset Turnover	0.21x	0.23x	0.52x	0.37x	0.19x	0.13x	0.28x	0.10x	0.24x	0.33x
Asset Growth %	-0.24%	-0.45%	-0.45%	0.41%	1.03%	-0.25%	-0.27%	0.18%	-0.28%	0.05%
Total Current Liabilities+	468.21K	369.27K	313.75K	457.66K	387.43K	226.07K	297.94K	301.86K	277.43K	269.03K
Accounts Payable	46.73K	29.93K	58.09K	133.49K	169.75K	33.41K	66.46K	71.08K	50.88K	85.83K
Days Payables Outstanding	3.6	2.67	6.78	20.15	16.85	4.39	-	-	7.87	118.86
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	824	50.57K	7.73K	0	0	0	0	0
Other Current Liabilities	173.92K	211.09K	206.9K	199.6K	0	358	360	5.16K	5.16K	0
Current Ratio	18.53x	12.43x	7.54x	8.11x	18.86x	24.01x	13.26x	16.30x	12.89x	10.21x
Quick Ratio	18.53x	12.43x	7.54x	8.11x	18.86x	24.01x	13.26x	16.30x	12.89x	10.21x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	0	0	0	501.41K	812.6K	646.22K	464.13K	267.72K	55.36K	1.17M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	812.6K	646.22K	464.13K	267.72K	55.36K	1.17M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	501.41K	0	0	0	0	0	0
Total Liabilities	468.21K	369.27K	313.75K	959.08K	1.2M	872.28K	762.06K	569.59K	332.79K	1.44M
Total Debt+	0	0	0	0	975.83K	812.6K	646.22K	464.13K	267.72K	1.3M
Net Debt	-5.71M	-1.69M	-1.74M	-2.97M	-5.62M	-3.96M	376.25K	-3.77M	-2.21M	-698.03K
Debt / Equity	-	-	-	-	0.14x	0.15x	0.17x	0.10x	0.08x	0.50x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	9.08M	4.9M	2.57M	3.1M	7.06M	5.33M	3.78M	4.8M	3.52M	2.6M
Equity Growth %	-0.25%	-0.46%	-0.48%	0.21%	1.28%	-0.25%	-0.29%	0.27%	-0.27%	-0.26%
Book Value per Share	0.38	0.20	0.11	0.12	0.24	0.17	0.12	0.15	0.11	0.08
Total Shareholders' Equity	9.08M	4.9M	2.57M	3.1M	7.06M	5.33M	3.78M	4.8M	3.52M	2.6M
Common Stock	2.4K	2.4K	2.4K	2.77K	3.13K	3.16K	3.17K	3.31K	3.35K	3.37K
Retained Earnings	-102.41M	-106.65M	-109.06M	-111.69M	-115.5M	-117.84M	-119.69M	-122.36M	-124.26M	-125.58M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.9M	-2.07M	-2.25M	-2.43M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-3.58M	-4.01M	-1.47M	-2.07M	-2.08M	-2.25M	-1.8M	-2.18M	-2.3M	-788.82K
Operating CF Margin %	-1.78%	-3.24%	-0.97%	-1.39%	-1.33%	-2.72%	-1.43%	-4.04%	-2.52%	-0.59%
Operating CF Growth %	-0.08%	-0.12%	0.63%	-0.41%	-0.01%	-0.08%	0.2%	-0.21%	-0.05%	0.66%
Net Income	-4.28M	-4.24M	-2.41M	-2.69M	-3.81M	-2.34M	-1.85M	-2.67M	-1.91M	-1.31M
Depreciation & Amortization	140.17K	188.5K	175.64K	181.05K	195.38K	67.08K	10.14K	175.15K	172.14K	263.56K
Stock-Based Compensation	725.02K	67.53K	76.3K	69.31K	841.61K	327.55K	217.01K	232.29K	144.73K	89.32K
Deferred Taxes	-400.73K	1.77K	30.02K	0	0	0	0	0	0	0
Other Non-Cash Items	725.02K	480.56K	13.2K	321.39K	859.33K	-120.69K	73K	201.91K	37.85K	25K
Working Capital Changes	-490.43K	-505.4K	648.16K	43.32K	-170.06K	-185.78K	-258.08K	-122.75K	-741.41K	144.68K
Change in Receivables	-463.74K	-283.03K	476.49K	-77.56K	-123.02K	-23.6K	-277.82K	100.27K	-508.81K	320.19K
Change in Inventory	0	0	0	0	0	156.77K	-56.16K	0	0	0
Change in Payables	-14.47K	-98.94K	-56.35K	94.17K	0	-156.77K	56.16K	-10.39K	0	0
Cash from Investing+	1.18M	-15.26K	1.52M	-11.66K	-65.28K	-52.82K	-2.78M	2.69M	55.59K	-1.62K
Capital Expenditures	-316.19K	-11.71K	-6.55K	-11.66K	-65.28K	-56.54K	-1.08K	-1.27K	-1.56K	-1.62K
CapEx % of Revenue	0.16%	0.01%	0%	0.01%	0.04%	0.07%	0%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.49M	6K	1.52M	0	0	0	-2.78M	0	0	0
Cash from Financing+	548.48K	0	0	3.31M	5.77M	486.26K	86.26K	3.45M	484.5K	308.67K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	0	0	0	0	0	484.5K	8.67K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-3.9M	-4.02M	-1.48M	-2.08M	-2.15M	-2.31M	-1.81M	-2.18M	-2.3M	-790.44K
FCF Margin %	-1.94%	-3.25%	-0.98%	-1.4%	-1.37%	-2.79%	-1.43%	-4.05%	-2.52%	-0.59%
FCF Growth %	0.01%	-0.03%	0.63%	-0.41%	-0.03%	-0.08%	0.22%	-0.21%	-0.05%	0.66%
FCF per Share	-0.16	-0.17	-0.06	-0.08	-0.07	-0.07	-0.06	-0.07	-0.07	-0.02
FCF Conversion (FCF/Net Income)	0.84x	0.95x	0.61x	0.77x	0.55x	0.96x	0.98x	0.82x	1.20x	0.60x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-40.46%	-60.63%	-64.61%	-94.8%	-75.01%	-37.81%	-40.53%	-62.22%	-45.9%	-42.84%
Return on Invested Capital (ROIC)	-82.33%	-97.34%	-89.74%	-378.01%	-300.88%	-137.74%	-49.9%	-75.87%	-130.36%	-67.26%
Gross Margin	-136.22%	-230.59%	-107.28%	-62.44%	-135.15%	-235.27%	100%	100%	-159.41%	80.27%
Net Margin	-213.2%	-342.89%	-159.96%	-180.44%	-243.54%	-282.56%	-146.18%	-494.61%	-209.8%	-98.19%
Debt / Equity	-	-	-	-	0.14x	0.15x	0.17x	0.10x	0.08x	0.50x
FCF Conversion	0.84x	0.95x	0.61x	0.77x	0.55x	0.96x	0.98x	0.82x	1.20x	0.60x
Revenue Growth	25.56%	-38.43%	22.08%	-1.35%	5.06%	-47.03%	52.46%	-57.27%	68.54%	46.83%

Frequently Asked Questions

Growth & Financials

Research Frontiers Incorporated (REFR) reported $1.2M in revenue for fiscal year 2024. This represents a 45% increase from $0.8M in 2011.

Research Frontiers Incorporated (REFR) grew revenue by 46.8% over the past year. This is strong growth.

Research Frontiers Incorporated (REFR) reported a net loss of $1.9M for fiscal year 2024.

Dividend & Returns

Research Frontiers Incorporated (REFR) has a return on equity (ROE) of -42.8%. Negative ROE indicates the company is unprofitable.

Research Frontiers Incorporated (REFR) had negative free cash flow of $0.8M in fiscal year 2024, likely due to heavy capital investments.

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Research Frontiers Incorporated (REFR) 10-Year Financial Performance & Capital Metrics

REFR • • Industrial / General

TechnologyTech Hardware & EquipmentDisplay & Visualization SystemsHolographic & AR/VR Systems

Revenue $1M +46.8%
EBITDA -$1M +36.7%
Net Income -$1M +31.3%
EPS (Diluted) -0.04 +31.4%
Gross Margin 80.27% +150.3%
EBITDA Margin -88.23% +56.9%
Operating Margin -107.96% +51.7%
Net Margin -98.19% +53.2%
ROE -42.84% +6.7%
ROIC -67.26% +48.4%
Debt/Equity 0.50 +553.9%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

✗Negative free cash flow
✗Trading more than 30% below 52-week high
✗Expensive at 17.0x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-1.78%

5Y-3.11%

3Y1.88%

TTM-16.49%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-59.54%

EPS CAGR

10Y-

5Y-

3Y-

TTM48.44%

ROCE

10Y Avg-51.59%

5Y Avg-43.19%

3Y Avg-47.58%

Latest-39.27%

Peer Comparison

Holographic & AR/VR Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HOLOMicroCloud Hologram Inc.	40.09M	2.83	-0.07	42.62%	91.92%	10.3%		0.00
REFRResearch Frontiers Incorporated	44.42M	1.32	-33.76	46.83%	-153.83%	-125.9%		0.50

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.01M	1.24M	1.51M	1.49M	1.56M	828.45K	1.26M	539.69K	909.6K	1.34M
Revenue Growth %	0.26%	-0.38%	0.22%	-0.01%	0.05%	-0.47%	0.52%	-0.57%	0.69%	0.47%
Cost of Goods Sold+	4.74M	4.09M	3.13M	2.42M	3.68M	2.78M	0	0	2.36M	263.56K
COGS % of Revenue	2.36%	3.31%	2.07%	1.62%	2.35%	3.35%	-	-	2.59%	0.2%
Gross Profit+	-2.73M	-2.85M	-1.62M	-929.58K	-2.11M	-1.95M	1.26M	539.69K	-1.45M	1.07M
Gross Margin %	-1.36%	-2.31%	-1.07%	-0.62%	-1.35%	-2.35%	1%	1%	-1.59%	0.8%
Gross Profit Growth %	0.03%	-0.04%	0.43%	0.43%	-1.27%	0.08%	1.65%	-0.57%	-3.69%	1.74%
Operating Expenses+	6.33M	5.5M	3.93M	3.91M	1.04M	628.3K	3.1M	3.16M	583.27K	2.51M
OpEx % of Revenue	3.15%	4.45%	2.6%	2.62%	0.66%	0.76%	2.46%	5.86%	0.64%	1.88%
Selling, General & Admin	0	0	0	0	0	0	0	0	0	400.08K
SG&A % of Revenue	-	-	-	-	-	-	-	-	-	0.3%
Research & Development	1.59M	1.42M	799.7K	863.4K	1.04M	628.3K	580K	609.13K	583.27K	570.01K
R&D % of Revenue	0.79%	1.15%	0.53%	0.58%	0.66%	0.76%	0.46%	1.13%	0.64%	0.43%
Other Operating Expenses	4.74M	4.09M	3.13M	3.04M	0	0	2.52M	2.56M	0	1.54M
Operating Income+	-4.32M	-4.27M	-2.42M	-2.42M	-3.15M	-2.58M	-1.84M	-2.63M	-2.03M	-1.44M
Operating Margin %	-2.15%	-3.45%	-1.6%	-1.62%	-2.01%	-3.11%	-1.46%	-4.86%	-2.24%	-1.08%
Operating Income Growth %	0.03%	0.01%	0.43%	0%	-0.3%	0.18%	0.29%	-0.43%	0.23%	0.29%
EBITDA+	-4.18M	-4.08M	-2.24M	-2.24M	-2.95M	-2.51M	-1.66M	-2.45M	-1.86M	-1.18M
EBITDA Margin %	-2.08%	-3.3%	-1.49%	-1.5%	-1.89%	-3.03%	-1.32%	-4.54%	-2.05%	-0.88%
EBITDA Growth %	0.05%	0.02%	0.45%	0%	-0.32%	0.15%	0.34%	-0.47%	0.24%	0.37%
D&A (Non-Cash Add-back)	140.17K	188.5K	175.64K	181.05K	195.38K	67.08K	176.51K	175.15K	172.14K	263.56K
EBIT	-4.32M	-4.27M	-2.42M	-2.42M	-3.81M	-2.58M	-1.84M	-2.63M	-2.03M	-1.44M
Net Interest Income+	0	0	0	0	43.05K	34.47K	0	0	124.94K	95.34K
Interest Income	0	0	0	0	43.05K	34.47K	0	0	124.94K	95.34K
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	43.32K	29.54K	4.75K	-267.91K	-659.64K	236.53K	-7.54K	-44.22K	124.94K	130.49K
Pretax Income+	-4.28M	-4.24M	-2.41M	-2.69M	-3.81M	-2.34M	-1.85M	-2.67M	-1.91M	-1.31M
Pretax Margin %	-2.13%	-3.43%	-1.6%	-1.8%	-2.44%	-2.83%	-1.46%	-4.95%	-2.1%	-0.98%
Income Tax+	0	-29.54K	-4.75K	0	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%
Net Income+	-4.28M	-4.24M	-2.41M	-2.69M	-3.81M	-2.34M	-1.85M	-2.67M	-1.91M	-1.31M
Net Margin %	-2.13%	-3.43%	-1.6%	-1.8%	-2.44%	-2.83%	-1.46%	-4.95%	-2.1%	-0.98%
Net Income Growth %	0.03%	0.01%	0.43%	-0.11%	-0.42%	0.39%	0.21%	-0.45%	0.29%	0.31%
Net Income (Continuing)	-4.28M	-4.24M	-2.41M	-2.69M	-3.81M	-2.34M	-1.85M	-2.67M	-1.91M	-1.31M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.18	-0.18	-0.10	-0.10	-0.15	-0.07	-0.06	-0.08	-0.06	-0.04
EPS Growth %	0.05%	0%	0.44%	0%	-0.5%	0.5%	0.22%	-0.43%	0.31%	0.31%
EPS (Basic)	-0.18	-0.18	-0.10	-0.10	-0.15	-0.07	-0.06	-0.08	-0.06	-0.04
Diluted Shares Outstanding	24.01M	24.04M	24.04M	25.96M	30.01M	31.49M	31.65M	32.07M	33.45M	33.52M
Basic Shares Outstanding	24.01M	24.04M	24.04M	25.96M	30.01M	31.49M	31.65M	32.07M	33.45M	33.52M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	8.67M	4.59M	2.36M	3.71M	7.31M	5.43M	3.95M	4.92M	3.58M	2.75M
Cash & Short-Term Investments	7.23M	3.21M	1.74M	2.97M	6.59M	4.77M	3.03M	4.23M	2.48M	1.99M
Cash Only	5.71M	1.69M	1.74M	2.97M	6.59M	4.77M	269.96K	4.23M	2.48M	1.99M
Short-Term Investments	1.51M	1.52M	0	0	0	0	2.76M	0	0	0
Accounts Receivable	1.31M	1.12M	597.44K	689.68K	656.06K	598.29K	831.64K	589.6K	1M	658.21K
Days Sales Outstanding	239.03	329.88	144.5	169.1	153.11	263.6	240.33	398.76	402.64	179.89
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	52.73K	0	0	0	100.97K	96.78K	93.49K
Total Non-Current Assets+	869.78K	685.22K	516.13K	346.74K	949.28K	771.78K	596.35K	444.96K	274.38K	1.29M
Property, Plant & Equipment	836.22K	651.65K	482.56K	313.18K	915.71K	738.21K	562.78K	388.9K	218.31K	1.24M
Fixed Asset Turnover	2.40x	1.90x	3.13x	4.75x	1.71x	1.12x	2.24x	1.39x	4.17x	1.08x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	33.57K	33.57K	33.57K	33.57K	33.57K	33.57K	33.57K	56.07K	56.07K	56.07K
Total Assets+	9.54M	5.27M	2.88M	4.06M	8.26M	6.2M	4.55M	5.37M	3.85M	4.04M
Asset Turnover	0.21x	0.23x	0.52x	0.37x	0.19x	0.13x	0.28x	0.10x	0.24x	0.33x
Asset Growth %	-0.24%	-0.45%	-0.45%	0.41%	1.03%	-0.25%	-0.27%	0.18%	-0.28%	0.05%
Total Current Liabilities+	468.21K	369.27K	313.75K	457.66K	387.43K	226.07K	297.94K	301.86K	277.43K	269.03K
Accounts Payable	46.73K	29.93K	58.09K	133.49K	169.75K	33.41K	66.46K	71.08K	50.88K	85.83K
Days Payables Outstanding	3.6	2.67	6.78	20.15	16.85	4.39	-	-	7.87	118.86
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	824	50.57K	7.73K	0	0	0	0	0
Other Current Liabilities	173.92K	211.09K	206.9K	199.6K	0	358	360	5.16K	5.16K	0
Current Ratio	18.53x	12.43x	7.54x	8.11x	18.86x	24.01x	13.26x	16.30x	12.89x	10.21x
Quick Ratio	18.53x	12.43x	7.54x	8.11x	18.86x	24.01x	13.26x	16.30x	12.89x	10.21x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	0	0	0	501.41K	812.6K	646.22K	464.13K	267.72K	55.36K	1.17M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	812.6K	646.22K	464.13K	267.72K	55.36K	1.17M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	501.41K	0	0	0	0	0	0
Total Liabilities	468.21K	369.27K	313.75K	959.08K	1.2M	872.28K	762.06K	569.59K	332.79K	1.44M
Total Debt+	0	0	0	0	975.83K	812.6K	646.22K	464.13K	267.72K	1.3M
Net Debt	-5.71M	-1.69M	-1.74M	-2.97M	-5.62M	-3.96M	376.25K	-3.77M	-2.21M	-698.03K
Debt / Equity	-	-	-	-	0.14x	0.15x	0.17x	0.10x	0.08x	0.50x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	9.08M	4.9M	2.57M	3.1M	7.06M	5.33M	3.78M	4.8M	3.52M	2.6M
Equity Growth %	-0.25%	-0.46%	-0.48%	0.21%	1.28%	-0.25%	-0.29%	0.27%	-0.27%	-0.26%
Book Value per Share	0.38	0.20	0.11	0.12	0.24	0.17	0.12	0.15	0.11	0.08
Total Shareholders' Equity	9.08M	4.9M	2.57M	3.1M	7.06M	5.33M	3.78M	4.8M	3.52M	2.6M
Common Stock	2.4K	2.4K	2.4K	2.77K	3.13K	3.16K	3.17K	3.31K	3.35K	3.37K
Retained Earnings	-102.41M	-106.65M	-109.06M	-111.69M	-115.5M	-117.84M	-119.69M	-122.36M	-124.26M	-125.58M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.9M	-2.07M	-2.25M	-2.43M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-3.58M	-4.01M	-1.47M	-2.07M	-2.08M	-2.25M	-1.8M	-2.18M	-2.3M	-788.82K
Operating CF Margin %	-1.78%	-3.24%	-0.97%	-1.39%	-1.33%	-2.72%	-1.43%	-4.04%	-2.52%	-0.59%
Operating CF Growth %	-0.08%	-0.12%	0.63%	-0.41%	-0.01%	-0.08%	0.2%	-0.21%	-0.05%	0.66%
Net Income	-4.28M	-4.24M	-2.41M	-2.69M	-3.81M	-2.34M	-1.85M	-2.67M	-1.91M	-1.31M
Depreciation & Amortization	140.17K	188.5K	175.64K	181.05K	195.38K	67.08K	10.14K	175.15K	172.14K	263.56K
Stock-Based Compensation	725.02K	67.53K	76.3K	69.31K	841.61K	327.55K	217.01K	232.29K	144.73K	89.32K
Deferred Taxes	-400.73K	1.77K	30.02K	0	0	0	0	0	0	0
Other Non-Cash Items	725.02K	480.56K	13.2K	321.39K	859.33K	-120.69K	73K	201.91K	37.85K	25K
Working Capital Changes	-490.43K	-505.4K	648.16K	43.32K	-170.06K	-185.78K	-258.08K	-122.75K	-741.41K	144.68K
Change in Receivables	-463.74K	-283.03K	476.49K	-77.56K	-123.02K	-23.6K	-277.82K	100.27K	-508.81K	320.19K
Change in Inventory	0	0	0	0	0	156.77K	-56.16K	0	0	0
Change in Payables	-14.47K	-98.94K	-56.35K	94.17K	0	-156.77K	56.16K	-10.39K	0	0
Cash from Investing+	1.18M	-15.26K	1.52M	-11.66K	-65.28K	-52.82K	-2.78M	2.69M	55.59K	-1.62K
Capital Expenditures	-316.19K	-11.71K	-6.55K	-11.66K	-65.28K	-56.54K	-1.08K	-1.27K	-1.56K	-1.62K
CapEx % of Revenue	0.16%	0.01%	0%	0.01%	0.04%	0.07%	0%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.49M	6K	1.52M	0	0	0	-2.78M	0	0	0
Cash from Financing+	548.48K	0	0	3.31M	5.77M	486.26K	86.26K	3.45M	484.5K	308.67K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	0	0	0	0	0	484.5K	8.67K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-3.9M	-4.02M	-1.48M	-2.08M	-2.15M	-2.31M	-1.81M	-2.18M	-2.3M	-790.44K
FCF Margin %	-1.94%	-3.25%	-0.98%	-1.4%	-1.37%	-2.79%	-1.43%	-4.05%	-2.52%	-0.59%
FCF Growth %	0.01%	-0.03%	0.63%	-0.41%	-0.03%	-0.08%	0.22%	-0.21%	-0.05%	0.66%
FCF per Share	-0.16	-0.17	-0.06	-0.08	-0.07	-0.07	-0.06	-0.07	-0.07	-0.02
FCF Conversion (FCF/Net Income)	0.84x	0.95x	0.61x	0.77x	0.55x	0.96x	0.98x	0.82x	1.20x	0.60x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-40.46%	-60.63%	-64.61%	-94.8%	-75.01%	-37.81%	-40.53%	-62.22%	-45.9%	-42.84%
Return on Invested Capital (ROIC)	-82.33%	-97.34%	-89.74%	-378.01%	-300.88%	-137.74%	-49.9%	-75.87%	-130.36%	-67.26%
Gross Margin	-136.22%	-230.59%	-107.28%	-62.44%	-135.15%	-235.27%	100%	100%	-159.41%	80.27%
Net Margin	-213.2%	-342.89%	-159.96%	-180.44%	-243.54%	-282.56%	-146.18%	-494.61%	-209.8%	-98.19%
Debt / Equity	-	-	-	-	0.14x	0.15x	0.17x	0.10x	0.08x	0.50x
FCF Conversion	0.84x	0.95x	0.61x	0.77x	0.55x	0.96x	0.98x	0.82x	1.20x	0.60x
Revenue Growth	25.56%	-38.43%	22.08%	-1.35%	5.06%	-47.03%	52.46%	-57.27%	68.54%	46.83%

Frequently Asked Questions

Growth & Financials

Research Frontiers Incorporated (REFR) reported $1.2M in revenue for fiscal year 2024. This represents a 45% increase from $0.8M in 2011.

Research Frontiers Incorporated (REFR) grew revenue by 46.8% over the past year. This is strong growth.

Research Frontiers Incorporated (REFR) reported a net loss of $1.9M for fiscal year 2024.

Dividend & Returns

Research Frontiers Incorporated (REFR) has a return on equity (ROE) of -42.8%. Negative ROE indicates the company is unprofitable.

Research Frontiers Incorporated (REFR) had negative free cash flow of $0.8M in fiscal year 2024, likely due to heavy capital investments.