FY2025 · ended Dec 31, 2025 · Revenue $1.12M, -16.0% YoY · Filed Mar 5, 2026
Research Frontiers Incorporated (REFR) files with the SEC under industry code 6794, Patent Owners & Lessors. In fiscal 2025, which ended Dec 31, 2025, it reported revenue of $1.1 million and a net loss of $2.0 million. Free cash flow was -$1.3 million. As of Sep 30, 2026 it held $644,628 in cash and investments and $1.1 million in total debt.
Revenue (TTM)
$371,829
-69.7% vs year-ago TTM
Net income (TTM)
$-2.46M
-30.4% vs year-ago TTM
Operating cash flow (TTM)
$-1.86M
-128.0% vs year-ago TTM
Free cash flow (TTM)
$-1.86M
-127.6% vs year-ago TTM
EPS (TTM)
$-0.07
-27.5% vs year-ago TTM
Dividend per share
None
Shares outstanding
34.75M
+0.3% vs prior year
Net cash
$-413,092
as of Sep 30, 2026
Operating margin
-670.2%
FY 2026
Company profile
- Industry
- Patent Owners & Lessors (SIC 6794)
- Listed as
- REFR (Nasdaq)
- Fiscal year ends
- December 31
- Incorporated in
- DE
- Headquarters
- Woodbury, NY
- SEC filer status
- Non-accelerated filer, Smaller reporting company
- SEC CIK
- 793524
Other Patent Owners & Lessors companies
- InterDigital, Inc. IDCC
- Dolby Laboratories, Inc. DLB
- Digital Turbine, Inc. APPS
- Acacia Research Corp ACTG
- JOINT Corp JYNT
- Alpha Modus Holdings, Inc. AMOD
- VirnetX Holding Corp VHC
- NETWORK-1 Technologies, Inc. NTIP
Key figures
Fiscal-year totals from the annual reports. Balance sheet lines are as of each year end.
| Line | FY 2025 Dec 31, 2025 |
FY 2024 Dec 31, 2024 |
FY 2023 Dec 31, 2023 |
FY 2022 Dec 31, 2022 |
FY 2021 Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $1.1M | $1.3M | $909,598 | $539,686 | $1.3M |
| Operating income | -$2.1M | -$1.4M | -$2.0M | -$2.6M | -$1.8M |
| Net income | -$2.0M | -$1.3M | -$1.9M | -$2.7M | -$1.8M |
| Diluted EPS | -$0.06 | -$0.04 | -$0.06 | — | — |
| Operating cash flow | -$1.3M | -$788,819 | -$2.3M | -$2.2M | -$1.8M |
| Free cash flow | -$1.3M | -$790,442 | -$2.3M | -$2.2M | -$1.8M |
| Total assets | $2.3M | $4.0M | $3.9M | $5.4M | $4.5M |
| Total liabilities | $1.3M | $1.4M | $332,794 | $569,586 | $762,064 |
| Stockholders' equity | $933,626 | $2.6M | $3.5M | $4.8M | $3.8M |
| Cash and investments | $664,299 | $2.0M | $2.5M | $4.2M | $3.0M |
| Total debt | $1.2M | $1.3M | $267,722 | $464,128 | $646,219 |
Recent SEC filings
| Form | Description | Filed | Period |
|---|---|---|---|
| 10-Q | Quarterly report | Aug 6, 2026 | Jun 30, 2026 |
| 8-K |
Current report
Shareholder vote results
|
Jun 12, 2026 | Jun 11, 2026 |
| 8-K |
Current report
Listing notice
|
Jun 5, 2026 | Jun 2, 2026 |
| 10-Q | Quarterly report | May 8, 2026 | Mar 31, 2026 |
| 10-K/A | Amended annual report | Mar 19, 2026 | Dec 31, 2025 |
| 10-K | Annual report | Mar 5, 2026 | Dec 31, 2025 |
All 903 Research Frontiers Incorporated SEC filings
Source: SEC EDGAR filings. This is company-reported data, not investment advice.