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Research Frontiers Incorporated (REFR)
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Research Frontiers Incorporated Income Statement 2025-2008 | REFR
Brief overview of financial results at Research Frontiers Incorporated
The conclusions below are based on five years of reported results. Revenue reported by Research Frontiers Incorporated was 828 thousand dollars at the beginning of the period and 1.1 million dollars at the end. Overall revenue changed by +35.3%, equal to an annualized rate of about 6.2%. The direction is positive, but the growth rate is not particularly high.
The operating result measured by EBITDA moved from −$2.5 million to −$2.1 million, or +15.5%. EBITDA lagged revenue, showing weaker operating momentum. The EBITDA share of revenue changed from −303% to −189.1%. The business generated more EBITDA from each unit of revenue.
The net financial result changed from −$2.3 million to −$2 million. The negative result improved without reaching break-even.
The five-year change in capitalization reached −73.9%: from $128 million to $33.3 million. The market is not yet fully reflecting the fundamental progress.
Summary assessment
The financial profile remains mixed, with strengths and risks moving in different directions. Key strengths include a stronger final result, positive operating leverage and sales growth. The weaker side of the profile includes a narrow EBITDA buffer and declining capitalization. The next reporting periods will show whether revenue, margins, and final profitability can strengthen.
Annual Income Statement Research Frontiers Incorporated
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
33.3 M | 44.2 M | 38.1 M | 58.4 M | 54.4 M | 128 M | 103 M | 64.9 M | 23.3 M | 45.7 M | 103 M | 119 M | 156 M | 66.2 M | 71.2 M | 55 M | - | - |
Shares |
33.6 M | 33.5 M | 33.5 M | 32.1 M | 31.6 M | 31.5 M | 30 M | 26 M | 24 M | 24 M | 24 M | 23.7 M | 22.9 M | 20.1 M | 18.5 M | 18.3 M | - | - |
Historical Prices |
0.99 | 1.32 | 1.14 | 1.82 | 1.72 | 2.81 | 3.01 | 1.56 | 1.04 | 1.82 | 5.21 | 5.12 | 5.78 | 3.74 | 3.39 | 3.01 | 3.02 | 5.68 |
Net Income |
-2.05 M | -1.31 M | -1.91 M | -2.67 M | -1.85 M | -2.34 M | -3.81 M | -2.69 M | -2.41 M | -4.24 M | -4.28 M | -4.41 M | -5.85 M | -3.06 M | -4.13 M | -3.87 M | -4 M | - |
Revenue |
1.12 M | 1.34 M | 910 K | 540 K | 1.26 M | 828 K | 1.56 M | 1.49 M | 1.51 M | 1.24 M | 2.01 M | 1.6 M | 2.16 M | 1.96 M | 846 K | - | - | - |
Gross Profit |
- | - | - | - | - | - | - | - | -1.62 M | -2.85 M | -2.73 M | -2.83 M | -3.68 M | -2.04 M | -2.77 M | - | - | - |
Operating Income |
-2.13 M | -1.44 M | -2.03 M | -2.63 M | -1.84 M | -2.58 M | -3.15 M | -2.42 M | -2.42 M | -4.27 M | -4.32 M | -4.45 M | -6.08 M | -3.82 M | -4.16 M | -3.89 M | -4.02 M | - |
EBITDA |
-2.12 M | -1.43 M | -2.02 M | -2.6 M | -1.81 M | -2.51 M | -2.95 M | -2.24 M | -2.24 M | -4.08 M | -4.18 M | -4.42 M | -5.84 M | -3.68 M | -4.12 M | -3.85 M | -3.98 M | - |
Operating Expenses |
3.25 M | 2.78 M | 2.94 M | 3.16 M | 3.1 M | 3.41 M | 4.71 M | 3.91 M | 3.93 M | 5.5 M | 6.33 M | 6.05 M | 8.04 M | 5.67 M | 1.39 M | 4.66 M | 4.73 M | - |
General and Administrative Expenses |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.25 M | 3.18 M | - |
Annual performance
Select metrics to display
All numbers in USD currency
Quarterly Income Statement Research Frontiers Incorporated
| 2026-Q3 | 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
34.9 M | 34.9 M | 34.2 M | - | 33.6 M | 33.6 M | 33.6 M | 33.6 M | 33.5 M | 33.5 M | 33.5 M | 18.6 M | 33.5 M | 33.5 M | 33.3 M | 360 K | 31.8 M | 31.7 M | 31.7 M | 1.29 K | 31.7 M | 31.7 M | 31.6 M | 29.5 M | 31.6 M | 31.5 M | 31.3 M | 376 K | 31.1 M | 29.6 M | 28.2 M | 576 K | 26 M | 25.4 M | 24.7 M | 24 M | 24 M | 24 M | 24 M | 24 M | 24 M | 24 M | 24 M | 24 M | 24 M | 24 M | 23.9 M | 23.9 M | 23.9 M | 23.6 M | 23.1 M | 23.1 M | 22.9 M | 22.9 M | 22.9 M | 22.6 M | 20 M | 18.9 M | 22.6 M | 18.5 M | 18.5 M | 18.5 M | 18.5 M |
Net Income |
-510 K | -660 K | -525 K | -766 K | -299 K | -804 K | -178 K | - | -167 K | -94 K | -443 K | -480 K | -472 K | -494 K | -463 K | -815 K | -484 K | -742 K | -628 K | -783 K | 21.6 K | -528 K | -557 K | -883 K | -434 K | -399 K | -625 K | -1.26 M | -398 K | -1.35 M | -804 K | -634 K | -688 K | -570 K | -794 K | -668 K | -303 K | -490 K | -953 K | -1.39 M | -560 K | -1.12 M | -1.18 M | -1.83 M | -757 K | -481 K | -1.22 M | -1.46 M | -640 K | -1.14 M | -1.17 M | -2.71 M | -911 K | -816 K | -1.61 M | -604 K | -866 K | -790 K | -803 K | -826 K | -802 K | -919 K | -1.59 M |
Revenue |
77 K | 86.3 K | 136 K | 72.1 K | 359 K | 130 K | 560 K | - | 354 K | 490 K | 313 K | 312 K | 164 K | 185 K | 248 K | 130 K | 150 K | 85.5 K | 174 K | 213 K | 723 K | 114 K | 213 K | 131 K | 166 K | 176 K | 356 K | 381 K | 463 K | 301 K | 419 K | 371 K | 360 K | 325 K | 433 K | 279 K | 488 K | 348 K | 393 K | 278 K | 305 K | 244 K | 409 K | - | 446 K | 803 K | 379 K | - | 453 K | 396 K | 308 K | - | 507 K | - | - | - | - | - | - | - | - | - | - |
Operating Income |
-518 K | -670 K | -530 K | -774 K | -304 K | -815 K | -240 K | - | -232 K | -116 K | -470 K | -505 K | -514 K | -525 K | -489 K | -820 K | -486 K | -743 K | -576 K | -769 K | 17.2 K | -529 K | -558 K | -884 K | -443 K | -603 K | -648 K | -1.27 M | -411 K | -952 K | -562 K | -647 K | -404 K | -572 K | -795 K | -669 K | -304 K | -491 K | -954 K | -1.39 M | -566 K | -1.12 M | -1.19 M | -1.84 M | -767 K | -493 K | -1.23 M | -1.47 M | -649 K | -1.15 M | -1.18 M | -2.72 M | -921 K | -827 K | -1.62 M | -613 K | -870 K | -793 K | -1.43 M | -834 K | -812 K | -923 K | -1.59 M |
EBITDA |
-518 K | -669 K | -530 K | -770 K | -301 K | -812 K | -236 K | - | -228 K | -112 K | -466 K | -499 K | -507 K | -518 K | -482 K | -813 K | -479 K | -736 K | -569 K | -762 K | 24.7 K | -518 K | -553 K | -881 K | -467 K | -560 K | -603 K | -1.23 M | -360 K | -906 K | -514 K | -602 K | -359 K | -526 K | -750 K | -669 K | -173 K | -403 K | -911 K | -1.39 M | -425 K | -1.03 M | -1.14 M | -1.84 M | -675 K | -449 K | -1.22 M | -1.47 M | -627 K | -1.14 M | -1.17 M | -2.72 M | -887 K | -805 K | -1.61 M | -613 K | -844 K | -776 K | -1.43 M | -834 K | -783 K | -904 K | -1.58 M |
Operating Expenses |
595 K | 756 K | 667 K | 846 K | 663 K | 945 K | 799 K | - | 586 K | 606 K | 783 K | 818 K | 678 K | 710 K | 737 K | 950 K | 637 K | 829 K | 750 K | 982 K | 706 K | 643 K | 771 K | 1.01 M | 609 K | 779 K | 1 M | 1.61 M | 874 K | 1.25 M | 981 K | 1.02 M | 764 K | 897 K | 1.23 M | 669 K | 793 K | 839 K | 1.35 M | 1.39 M | 871 K | 1.37 M | 1.6 M | 1.84 M | 1.22 M | 1.3 M | 1.61 M | 1.47 M | 1.1 M | 1.55 M | 1.49 M | 2.72 M | 1.43 M | 1.31 M | 2.3 M | 613 K | 1.34 M | 1.24 M | 1.92 M | - | 1.02 M | 1.06 M | 1.74 M |
General and Administrative Expenses |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 573 K | 646 K | 1.01 M | - | 607 K | 637 K | 1.14 M | - | 624 K | 866 K | 1.19 M | - | 895 K | 962 K | 1.17 M | - | 778 K | 1.2 M | 1.04 M | - | 1 M | 918 K | 1.67 M | - | 972 K | 852 K | 1.44 M | - | 679 K | 737 K | 1.33 M |
Quarterly performance
Select metrics to display
All numbers in USD currency
The income statement is one of the three key financial reports of a company Research Frontiers Incorporated (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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