Research Frontiers Incorporated (REFR) Revenue History
Annual and quarterly revenue from 1988 to present
REFR Revenue Over Time (1988–2025)
REFR Revenue Growth History
20 of 37 years with positive growth- FY1988 revenue growth
- N/A
- FY1989 revenue growth
- +66.7%
- FY1990 revenue growth
- +0.0%
- FY1991 revenue growth
- -20.0%
- FY1992 revenue growth
- +25.0%
- FY1993 revenue growth
- +0.0%
- FY1994 revenue growth
- +20.0%
- FY1995 revenue growth
- -83.3%
- FY1996 revenue growth
- +0.0%
- FY1997 revenue growth
- +0.0%
- FY1998 revenue growth
- +0.0%
- FY1999 revenue growth
- +100.0%
- FY2000 revenue growth
- +66.8%
- FY2001 revenue growth
- -57.4%
- FY2002 revenue growth
- +53.2%
- FY2003 revenue growth
- +18.7%
- FY2004 revenue growth
- -22.0%
- FY2005 revenue growth
- -31.1%
- FY2006 revenue growth
- +17.2%
- FY2007 revenue growth
- +147.4%
- FY2008 revenue growth
- +317.5%
- FY2009 revenue growth
- -57.7%
- FY2010 revenue growth
- +8.1%
- FY2011 revenue growth
- +10.2%
- FY2012 revenue growth
- +131.4%
- FY2013 revenue growth
- +10.4%
- FY2014 revenue growth
- -26.0%
- FY2015 revenue growth
- +25.6%
- FY2016 revenue growth
- -38.4%
- FY2017 revenue growth
- +22.1%
- FY2018 revenue growth
- -1.4%
- FY2019 revenue growth
- +5.1%
- FY2020 revenue growth
- -47.0%
- FY2021 revenue growth
- +52.5%
- FY2022 revenue growth
- -57.3%
- FY2023 revenue growth
- +68.5%
- FY2024 revenue growth
- +46.8%
- FY2025 revenue growth
- -16.0%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $136K | -75.6% |
| Q4 2025 | $72K | -59.5% |
| Q3 2025 | $359K | +1.4% |
| Q2 2025 | $130K | -73.5% |
| Q1 2025 | $560K | +78.6% |
| Q4 2024 | $178K | -42.9% |
| Q3 2024 | $354K | +115.9% |
| Q2 2024 | $490K | +164.6% |
Multi-year avg. share of annual revenue by fiscal quarter
REFR Revenue Analysis (1988–2025)
Current Revenue & Growth
As of June 22, 2026, Research Frontiers Incorporated (REFR) generated trailing twelve-month (TTM) revenue of $697,790, reflecting significant decline in growth of -75.6% year-over-year. The most recent quarter (Q1 2026) recorded $136,319 in revenue, up 89.0% sequentially.
Historical Growth Trajectory
REFR's 5-year compound annual growth rate (CAGR) stands at +6.2%, indicating steady revenue expansion. The 3-year CAGR of +27.6% exceeds the 5-year average, indicating an acceleration in the most recent period. Research Frontiers Incorporated's highest annual revenue of $2.2 million was recorded in 2013.
Peer Comparison
Compared to Technology sector peers — including VUZI (+14.2% YoY), MVIS (-64.1% YoY), and KOSS (+3.3% YoY) — REFR has underperformed the peer group in revenue growth. Compare REFR vs VUZI →
REFR Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| REFRCurrent | $697,790 | -75.6% | +6.2% | -190.2% | |
 VUZI | $6M | +14.2% | -11.5% | -515.5% | |
 MVIS | $1M | -64.1% | -17.1% | -5743.8% | |
 KOSS | $13M | +3.3% | -7.2% | -13.8% | |
 HAYW | $1.1B | +7.6% | +5.1% | 21.1% | |
 OESX | $86M | +8.3% | -5.9% | -0.6% |
REFR Historical Revenue Data (1988–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $1.1M | -16.0% | $935K | 83.4% | $-2,132,168 | -190.2% |
| 2024 | $1.3M | +46.8% | $1.1M | 80.3% | $-1,441,873 | -108.0% |
| 2023 | $910K | +68.5% | $-1,450,036 | -159.4% | $-2,033,302 | -223.5% |
| 2022 | $540K | -57.3% | $540K | 100.0% | $-2,625,130 | -486.4% |
| 2021 | $1.3M | +52.5% | $1.3M | 100.0% | $-1,838,815 | -145.6% |
| 2020 | $828K | -47.0% | $-1,949,085 | -235.3% | $-2,577,389 | -311.1% |
| 2019 | $1.6M | +5.1% | $-2,113,716 | -135.1% | $-3,149,339 | -201.4% |
| 2018 | $1.5M | -1.4% | $-929,577 | -62.4% | $-2,418,219 | -162.4% |
| 2017 | $1.5M | +22.1% | $-1,618,909 | -107.3% | $-2,418,611 | -160.3% |
| 2016 | $1.2M | -38.4% | $-2,850,311 | -230.6% | $-4,267,945 | -345.3% |
| 2015 | $2.0M | +25.6% | $-2,734,684 | -136.2% | $-4,323,175 | -215.4% |
| 2014 | $1.6M | -26.0% | $-2,826,919 | -176.8% | $-4,448,883 | -278.3% |
| 2013 | $2.2M | +10.4% | $-3,679,909 | -170.3% | $-5,883,235 | -272.2% |
| 2012 | $2.0M | +131.4% | $-2,038,297 | -104.1% | $-3,710,169 | -189.6% |
| 2011 | $846K | +10.2% | $-2,772,653 | -327.7% | $-4,163,342 | -492.1% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
38+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
REFR — Frequently Asked Questions
Quick answers to the most common questions about buying REFR stock.
Is REFR's revenue growth accelerating or slowing?
REFR revenue is declining -75.6% year-over-year. TTM revenue fell to $697790.00, contrasting with the 5-year CAGR of +6.2%. The reversal reflects either macro headwinds or company-specific challenges.
What is REFR's revenue history from 1988 to 2026?
Research Frontiers Incorporated (REFR) revenue history spans 1988 to 2026. TTM revenue as of 2026 is $697790.00, growing at -75.6% YoY. The 5-year CAGR is +6.2%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is REFR's long-term revenue growth rate (CAGR)?
Research Frontiers Incorporated's 5-year revenue CAGR of +6.2% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -75.6% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for REFR.
Why does REFR's quarterly revenue fluctuate?
REFR quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Research Frontiers Incorporated's revenue data from 1988 to 2026 shows full historical quarterly detail on this page.
How is REFR's revenue distributed by segment?
REFR reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does REFR's revenue compare to industry peers?
Research Frontiers Incorporated (REFR) with TTM revenue of $697790.00 and -75.6% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.