Research Frontiers Incorporated (REFR)

Research Frontiers Income Statement

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue	0.7	1.12	1.34	0.91	0.54	1.26
Revenue Growth (YoY)	-55.89%	-16.05%	46.83%	68.54%	-57.27%	52.46%
Gross Profit	0.7	1.12	1.34	0.91	0.54	1.26
Selling, General & Admin	2.53	5.29	4.41	2.36	2.56	2.52
Depreciation & Amortization Expenses	-	0.01	0.03	-	-	-
Research & Development	0.59	1.22	1.13	0.58	0.61	0.58
Total Operating Expenses	3.12	6.52	5.57	2.94	3.16	3.1
Operating Income	-2.42	-2.13	-1.44	-2.03	-2.63	-1.84
Interest Income	0.03	0.04	0.1	0.12	-0.04	-0.01
Other Non-Operating Income (Expense)	-	0.05	0.04	-	-	-
Total Non-Operating Income (Expense)	0.03	0.09	0.13	0.12	-0.04	-0.01
Pretax Income	-2.39	-2.05	-1.31	-1.91	-2.67	-1.85
Net Income	-2.39	-2.05	-1.31	-1.91	-2.67	-1.85
Net Income to Common	-2.39	-2.05	-1.31	-1.91	-2.67	-1.85
Shares Outstanding (Basic)	34	34	34	33	32	32
Shares Outstanding (Diluted)	34	34	34	33	32	32
Shares Change (YoY)	0.66%	0.38%	0.20%	4.31%	1.34%	0.50%
EPS (Basic)	-0.07	-0.06	-0.04	-0.06	-0.08	-0.06
EPS (Diluted)	-0.07	-0.06	-0.04	-0.06	-0.08	-0.06
Shares Outstanding	34.87	33.65	33.65	33.51	33.15	31.65
Free Cash Flow	-1.45	-1.33	-0.79	-2.3	-2.18	-1.81
Free Cash Flow Per Share	-0.04	-0.04	-0.02	-0.07	-0.07	-0.06
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Operating Margin	-347.24%	-190.16%	-107.96%	-223.54%	-486.42%	-145.59%
Profit Margin	-342.98%	-182.44%	-98.19%	-209.80%	-494.61%	-146.18%
FCF Margin	-207.59%	-118.61%	-59.19%	-252.49%	-404.68%	-142.94%
EBITDA	-2.41	-2.12	-1.42	-2.01	-2.6	-1.81
EBITDA Margin	-345.86%	-189.06%	-106.00%	-220.53%	-481.07%	-143.22%
EBIT	-2.42	-2.13	-1.44	-2.03	-2.63	-1.84
EBIT Margin	-347.24%	-190.16%	-107.96%	-223.54%	-486.42%	-145.59%

Updated May 7, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q