Research Frontiers Incorporated (REFR) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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REFR Revenue Growth
REFR Revenue Analysis (2014–2025)
As of May 8, 2026, Research Frontiers Incorporated (REFR) generated trailing twelve-month (TTM) revenue of $1.1 million, reflecting significant decline in growth of -59.5% year-over-year. The most recent quarter (Q4 2025) recorded $72,123 in revenue, down 79.9% sequentially.
Looking at the longer-term picture, REFR's 5-year compound annual growth rate (CAGR) stands at +6.2%, indicating steady revenue expansion. The company achieved its highest annual revenue of $2.0 million in 2015.
When compared to Technology sector peers including VUZI (+109069.0% YoY), MVIS (-74.3% YoY), and KOSS (+4.1% YoY), REFR has underperformed the peer group in terms of 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 | $1M | -59.5% | +6.2% | -190.2% | |
 VUZI | $6.3B | +109069.0% | +252.2% | -517.6% | |
 MVIS | $1M | -74.3% | -17.1% | -5743.8% | |
 KOSS | $13M | +4.1% | -7.2% | -13.8% | |
 HAYW | $1.1B | +7.6% | +5.1% | 21.1% | |
 OESX | $80M | -4.5% | -12.0% | -13.3% |
REFR Historical Revenue Data (2014–2025)
| 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% |
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Start ComparisonREFR — Frequently Asked Questions
Quick answers to the most common questions about buying REFR stock.
Is REFR's revenue growth accelerating or slowing?
REFR revenue declined -59.5% year-over-year, contrasting with the 5-year CAGR of +6.2%. TTM revenue fell to $1M. This reverses the prior growth trend.
What is REFR's long-term revenue growth rate?
Research Frontiers Incorporated's 5-year revenue CAGR of +6.2% reflects the variable expansion pattern. Current YoY growth of -59.5% is below this long-term average.
How is REFR's revenue distributed by segment?
REFR reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.