Research Frontiers Incorporated (REFR) — Financial statements
Income statement, balance sheet, and cash flow for Research Frontiers Incorporated — annual and quarterly history with growth and margin analysis.
| Metric (USD Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 1↓16.0% | 1↑46.8% | 0.91↑68.5% | 0.54↓57.3% | 1 | |
| Cost of Revenue | 0.19↓29.2% | 0.26↓88.8% | 2 | 0.00 | 0.00 | |
| Gross Profit | 0.93↓12.8% | 1↑173.9% | -1↓368.7% | 0.54↓57.3% | 1 | |
| Operating Expenses | ||||||
| R&D Expenses | 0.03↓94.7% | 0.57↓2.3% | 0.58↓4.2% | 0.61↑5.0% | 0.58 | |
| General & Administrative Expenses | 0.27↑16.1% | 0.23 | 0.00 | 0.00 | 0.00 | |
| Selling & Marketing Expenses | 0.24↑40.3% | 0.17 | 0.00 | 0.00 | 0.00 | |
| SG&A Expenses | 0.50↑26.2% | 0.40 | 0.00 | 0.00 | 0.00 | |
| Other Expenses | 3↑64.0% | 2 | 0.00↓100.0% | 3↑1.3% | 3 | |
| Operating Expenses | 3↑22.0% | 3↑331.0% | 0.58↓81.6% | 3↑2.0% | 3 | |
| Total Costs & Expenses | 3↑17.1% | 3↓5.6% | 3↓7.0% | 3↑2.0% | 3 | |
| Operating Results | ||||||
| Operating Income | -2↓47.9% | -1↑29.1% | -2↑22.5% | -3↓42.8% | -2 | |
| Depreciation & Amortization | 0.19↓29.2% | 0.26↑53.1% | 0.17↓1.7% | 0.18↓0.8% | 0.18 | |
| EBITDA | -2↓65.1% | -1↑36.7% | -2↑24.0% | -2↓47.4% | -2 | |
| EBIT | -2↓47.9% | -1↑29.1% | -2↑22.5% | -3↓42.8% | -2 | |
| Interest & Other Income | ||||||
| Net Interest Income | 0.04↓58.9% | 0.10↓23.7% | 0.12 | 0.00 | 0.00 | |
| Interest Income | 0.04↓58.9% | 0.10↓23.7% | 0.12 | 0.00 | 0.00 | |
| Interest Expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Non-Operating Income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Other Income / Expenses | 0.09↓33.6% | 0.13↑4.4% | 0.12↑382.5% | -0.04↓486.7% | -0.01 | |
| Income Before Tax | -2↓56.0% | -1↑31.3% | -2↑28.5% | -3↓44.6% | -2 | |
| Income Tax Expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | -2↓56.0% | -1↑31.3% | -2↑28.5% | -3↓44.6% | -2 | |
| Net Income from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net Income | -2↓56.0% | -1↑31.3% | -2↑28.5% | -3↓44.6% | -2 | |
| Bottom-Line Net Income | -2↓56.0% | -1↑31.3% | -2↑28.5% | -3↓44.6% | -2 | |
| EPS (Basic) | -0.06↓55.5% | -0.04↑31.4% | -0.06↑31.5% | -0.08↓42.7% | -0.06 | |
| EPS (Diluted) | -0.06↓55.5% | -0.04↑31.4% | -0.06↑31.5% | -0.08↓42.7% | -0.06 | |
| Weighted Average Shares | 34↑0.4% | 34↑0.2% | 33↑4.3% | 32↑1.3% | 32 | |
| Weighted Average Diluted Shares | 34↑0.4% | 34↑0.2% | 33↑4.3% | 32↑1.3% | 32 | |
* All figures in Millions of USD, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.