Research Frontiers Incorporated
Research Frontiers Incorporated (Nasdaq: REFR) develops and licenses patented suspended particle device (SPD) technology, which enables electronic control of light transmission through glass or plastic. Its SPD-Smart film contains light-absorbing particles that align under voltage to let more light through and… From the company’s description.
Over the twelve months to Sep 30, 2026, Research Frontiers Incorporated reported revenue of $0.37M, down 69.7% from a year earlier, and a net loss of $2.46M. Its operating margin was −669.6%, and operations used $1.86M in cash. In fiscal 2025, it reported revenue of $1.12M, down 16.0% from fiscal 2024, and a net loss of $2.05M.
Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.
What Research Frontiers Incorporated does
In the company’s own words
Research Frontiers Incorporated (Nasdaq: REFR) develops and licenses patented suspended particle device (SPD) technology, which enables electronic control of light transmission through glass or plastic. Its SPD-Smart film contains light-absorbing particles that align under voltage to let more light through and disperse when power is removed to darken the glazing. The company licenses technology to manufacturers of emulsions, films, laminated panels, control electronics and finished products; it does not manufacture finished glazing itself. Licensees serve automotive, aerospace, architectural, marine, rail, recreational-vehicle and specialty-vehicle markets, with applications including windows, skylights, sunroofs and partitions. Research Frontiers operates as one business segment and earns revenue primarily from license fees and royalties on licensed products. Its technology is used in products and programs involving brands including Mercedes-Benz, McLaren, Cadillac and Ferrari. Incorporated in 1965 to continue earlier light-control research, the company has focused on developing and licensing SPD technology. It had five full-time employees as of March 4, 2026. Its website is SmartGlass.com.
Company details
- Sector
- Financials
- Industry (SIC)
- Holding & Investment
- Headquarters
- WOODBURY, NY
- Fiscal year end
- December
- CIK
- 793524
- SIC
- 6794
Financial performance, year by year
Fiscal 2011–2025 · USDThe full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.
Who owns Research Frontiers Incorporated — and what changed
Funds as of 2026Q2 · superinvestors as of 2026-06-30
Largest fund holders · Research Frontiers Incorporated’s weight in each
Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.
Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.
Could not be determined for this company: bond issues.
Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.
Recent filings
All filings →Each filing opens into its own statements and disclosures here.
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