Research Frontiers Incorporated (REFR) Stock

Research Frontiers Incorporated (REFR) is a Financials stock trading at $0.74 (as of 2026-06-08), with a market capitalization of $25.89M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Research Frontiers Incorporated develops and markets technology and devices to control the flow of light worldwide. The company develops and licenses suspended particle device (SPD-Smart) light-control technology to companies that manufacture and market the SPD-Smart chemical emulsion, light-control film made from the chemical emulsion, the light-control panels made by laminating the film, and electronics to power end-products incorporating the film, as well as lamination services for and the end-products, such as windows, skylights, and sunroofs. Its SPD-Smart light-control technology is used in various product applications, including windows, sunshades, skylights, and interior partitions for homes and buildings; automotive windows, sunroofs, sun-visors, sunshades, rear-view mirrors, instrument panels, and navigation systems; aircraft windows; museum display panels, and eyewear products; and flat panel displays for electronic products. The company serves architectural, automotive, marine, and aerospace and appliance applications. Research Frontiers Incorporated was incorporated in 1965 and is headquartered in Woodbury, New York.

Understand Research Frontiers Incorporated: how it makes money

Research Frontiers develops and licenses suspended particle device (SPD-Smart) light-control technology and related products and services, and earns money when technology is used in end-products such as windows, skylights, and sunroofs.

The profit engine is licensing SPD-Smart light-control technology (and related know-how) to manufacturers of the emulsion, film, panels, and electronics, with additional value from lamination services tied to final end-products.

Revenue by segment (latest quarter)
Royalty$0.0B

Business quality (Weak): The latest-quarter snapshot provided shows 0.0B revenue and an operating margin of -389.1%, so the key takeaway is loss-making performance while the business model depends on ongoing royalty and end-product adoption.

Bull case

  • Licensing-led business model: SPD-Smart technology is developed and licensed to companies that manufacture and market the SPD-Smart chemical emulsion, light-control film, light-control panels, and electronics for end-products.
  • End-product ecosystem reach: The light-control technology is used in end-products such as windows, skylights, and sunroofs, which can broaden the adoption path beyond a single product type.

Bear case

  • Latest-quarter results show no reported revenue: For the period ended 2026-03-31, reported revenue is 0.0B, limiting visibility into near-term commercial traction from the provided data.
  • Large operating loss in the latest period: The provided operating margin is -389.1%, indicating significant operating losses, which increases risk around cost structure and business scaling.
  • Dependence on partner manufacturing and adoption: Because licensing is tied to how other companies manufacture the emulsion, film, panels, and electronics and how end-markets adopt the resulting products, performance can be impacted by partner execution and customer demand.
Valuation — source: SEC EDGAR (first-party)
Price$0.74
Market Cap$25.89M
Price / Book14.52
Price / Sales37.10
FCF Yield-5.6%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$1.12M
Net Margin-182.4%
Revenue Growth (YoY)-75.6%
EPS Growth (YoY)100.0%
FCF Growth (YoY)18.5%
Financial Health — source: SEC EDGAR
Altman Z-Score-69.78 (distress)
Valuation vs Sector & Industry
Sector P/E (Financials)15.4
Industry P/E (Trading)34.8
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($1.01M)
Institutional Holders Tracked10
Company
SectorFinancials
IndustryTrading
CEOJoseph Harary
Employees6
CountryUS
IPO Date1986-07-08

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REFR earnings history · REFR institutional & insider holders · REFR KPIs & operating metrics · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-06-08.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.