Research Frontiers Incorporated (REFR)

Research Frontiers Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	1.23	1.34	0.91	0.54	1.26	0.83
Revenue Growth (YoY)	-16.49%	46.83%	68.54%	-57.27%	52.46%	-47.03%
Cost of Revenue	2.49	2.14	2.3	2.56	2.52	2.78
Gross Profit	-1.26	-0.8	-1.39	-2.02	-1.26	-1.95
Selling, General & Admin	0.35	0.27	0.25	-	-	-
Research & Development	0.37	0.37	0.4	0.61	0.58	0.63
Operating Expenses	0.72	0.64	0.65	0.61	0.58	0.63
Operating Income	-1.98	-1.44	-2.03	-2.63	-1.84	-2.58
Interest & Investment Income	0.05	0.1	0.12	-	-	0.03
EBT Excluding Unusual Items	-1.94	-1.35	-1.91	-2.63	-1.84	-2.54
Gain (Loss) on Sale of Investments	-	-	-	-0.04	-0.01	-
Other Unusual Items	0.05	0.04	-	-	-	0.2
Pretax Income	-1.89	-1.31	-1.91	-2.67	-1.85	-2.34
Net Income	-1.89	-1.31	-1.91	-2.67	-1.85	-2.34
Net Income to Common	-1.89	-1.31	-1.91	-2.67	-1.85	-2.34
Shares Outstanding (Basic)	34	34	33	32	32	31
Shares Outstanding (Diluted)	34	34	33	32	32	31
Shares Change (YoY)	0.32%	0.20%	4.31%	1.34%	0.50%	4.92%
EPS (Basic)	-0.06	-0.04	-0.06	-0.08	-0.06	-0.07
EPS (Diluted)	-0.06	-0.04	-0.06	-0.08	-0.06	-0.07
Free Cash Flow	-0.82	-0.79	-2.3	-2.18	-1.81	-2.31
Free Cash Flow Per Share	-0.02	-0.02	-0.07	-0.07	-0.06	-0.07
Gross Margin	-102.82%	-60.24%	-152.63%	-	-99.67%	-235.27%
Operating Margin	-161.57%	-107.96%	-223.54%	-486.42%	-145.59%	-311.11%
Profit Margin	-153.83%	-98.19%	-209.80%	-494.61%	-146.18%	-282.56%
Free Cash Flow Margin	-66.62%	-59.19%	-252.49%	-404.68%	-142.94%	-278.74%
EBITDA	-1.97	-1.42	-2.01	-2.6	-1.81	-2.51
EBITDA Margin	-160.28%	-106.00%	-220.53%	-	-143.22%	-
D&A For EBITDA	0.02	0.03	0.03	0.03	0.03	0.07
EBIT	-1.98	-1.44	-2.03	-2.63	-1.84	-2.58
EBIT Margin	-161.57%	-107.96%	-223.54%	-	-145.59%	-

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q