REFR on Nasdaq

RESEARCH FRONTIERS INC

RESEARCH FRONTIERS INC is an American patent owners and lessors company, incorporated in Delaware.1 It is headquartered in Woodbury, New York.1 Its shares trade on Nasdaq under the symbol REFR.1

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Last updated Oct 20, 2026.

Overview

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  • TickerREFR on Nasdaq1
  • IndustryPatent Owners & Lessors1
  • HeadquartersWoodbury, New York1
  • Incorporated inDE2
  • Business address240 Crossways Park Dr, Woodbury, Ny 11797-20332
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-190.2%Operating margin4
-182.4%Net margin4
-16.0%Revenue growth, 20254
-219.1%Return on equity4
-$1.3MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development54¢$608.7K
  • Other costs46¢$512.5K

Out of $1.1M in revenue.4 The company lost money this year.

Financial statements

Revenue567894$1.1M in 2025−28% since 2019
0$500.0K$1.0M$1.5M$2.0M2019: $1.6M$1.6M20192020: $828.5K$828.5K2020−47%2021: $1.3M$1.3M2021+52%2022: $539.7K$539.7K2022−57%2023: $909.6K$909.6K2023+69%2024: $1.3M$1.3M2024+47%2025: $1.1M$1.1M2025−16%
Operating income567894-$2.1M in 2025−32% since 2019
-$4.0M-$3.0M-$2.0M-$1.0M02019: -$3.1M-$3.1M20192020: -$2.6M-$2.6M2020−18%2021: -$1.8M-$1.8M2021−29%2022: -$2.6M-$2.6M2022+43%2023: -$2.0M-$2.0M2023−23%2024: -$1.4M-$1.4M2024−29%2025: -$2.1M-$2.1M2025+48%
Net income567894-$2.0M in 2025−46% since 2019
-$4.0M-$3.0M-$2.0M-$1.0M02019: -$3.8M-$3.8M20192020: -$2.3M-$2.3M2020−39%2021: -$1.8M-$1.8M2021−21%2022: -$2.7M-$2.7M2022+45%2023: -$1.9M-$1.9M2023−29%2024: -$1.3M-$1.3M2024−31%2025: -$2.0M-$2.0M2025+56%
Fiscal year2019202020212022202320242025
Revenue$1.6M5$828.5K6$1.3M7$539.7K8$909.6K9$1.3M4$1.1M4
Research and development$1.0M5$628.3K6$580.0K7$609.1K8$583.3K9$570.0K4$608.7K4
Operating expenses$3.1M7$3.2M8$2.9M9$2.8M4$3.3M4
Operating income-$3.1M5-$2.6M6-$1.8M7-$2.6M8-$2.0M9-$1.4M4-$2.1M4
Net income-$3.8M5-$2.3M6-$1.8M7-$2.7M8-$1.9M9-$1.3M4-$2.0M4
Earnings per share-$0.067-$0.088-$0.069-$0.044-$0.064
Earnings per share (diluted)-$0.088-$0.069-$0.044-$0.064
Shares (weighted, basic)31.6M shares732.1M shares833.5M shares933.5M shares433.6M shares4
Shares (weighted, diluted)32.1M shares833.5M shares933.5M shares433.6M shares4

Compare RESEARCH FRONTIERS INC with another company

Corporate structure

RESEARCH FRONTIERS INC sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of RESEARCH FRONTIERS INC

  • Stephen L. Morgan Filed SCHEDULE 13G on RESEARCH FRONTIERS INC, latest Oct 17, 2025 (3 filings since Oct 19, 2023)
  • RESEARCH FRONTIERS INC Woodbury, New York
    • SPD Enterprises, Inc. Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What RESEARCH FRONTIERS INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$2.8M4 Dec 31, 2025$2.8M4 Dec 31, 20240%
Accumulated depreciation$2.8M4 Dec 31, 2025$2.8M4 Dec 31, 2024+0.4%
Property and equipment, net$3.4K4 Dec 31, 2025$15.1K4 Dec 31, 2024−77.5%
Operating-lease assets (leased space)$1.0M4 Dec 31, 2025$1.2M4 Dec 31, 2024−14.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$664.3K4 Dec 31, 2025$2.0M4 Dec 31, 2024−66.7%

Properties, in its own words

The Company currently occupies approximately 9,500 square feet of space at an annual rent which, in 2025 was approximately $268,000, for its executive office, research facility and SPD-Smart Glass Design Center at 240 Crossways Park Drive, Woodbury, New York 11797 under a lease expiring December 31, 2027, with renewal options through December 31, 2031. The Company believes that its space, including its laboratory facilities, is adequate for its present needs.

Item 2 of the 10-K filed Mar 5, 2026.12

Leadership

Who has led RESEARCH FRONTIERS INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Robert L. Saxe2007–2015
  2. Joseph M. Harary2009–now

Chair

  1. Robert L. Saxe2006–2016

President

  1. Joseph M. Harary2007–now

Chief financial officer

  1. Voorhees Seth Van2011–2020

Chief operating officer

  1. Joseph M. Harary2007–2008
2010201520202025
Board members and other officers (14)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • SPD Enterprises, Inc. Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Jun 12, 20268-K Shareholder vote31
  2. Jun 5, 20268-K Listing notice or transfer32
  3. Feb 18, 20268-K Entered a material agreement33
  4. Sep 15, 20258-K Executive or director change34
  5. Jun 13, 20258-K Shareholder vote35
  6. Jun 14, 20248-K Shareholder vote36
  7. Jun 12, 20238-K Shareholder vote37
  8. Jun 5, 20238-K Listing notice or transfer; Executive or director change38
  9. Sep 20, 20228-K Entered a material agreement; Regulation FD disclosure39
  10. Jun 13, 20228-K Executive or director change; Shareholder vote40
  11. Jan 5, 2009New chief executive Joseph M. Harary becomes CEO13
  12. Jan 12, 2007New chief executive Robert L. Saxe becomes CEO14

Calendar

Coming up

  1. Nov 5, 2026Reports results for the quarter ending Sep/202641

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

75 filings to the SEC since October 2021: 7 annual reports, 17 quarterly reports, 10 major events, 33 insider forms, 3 large holders, 5 other. The latest 20:

  1. Aug 6, 202610-Q EDGAR
  2. Jun 12, 20268-K EDGAR
  3. Jun 5, 20268-K EDGAR
  4. May 8, 202610-Q EDGAR
  5. Apr 30, 2026DEF 14A EDGAR
  6. Mar 19, 202610-K/A EDGAR
  7. Mar 5, 202610-K EDGAR
  8. Feb 18, 20268-K EDGAR
  9. Jan 5, 20264 EDGAR
  10. Jan 5, 20264 EDGAR
  11. Jan 5, 20264 EDGAR
  12. Nov 6, 202510-Q EDGAR
  13. Oct 17, 2025SCHEDULE 13G EDGAR
  14. Sep 15, 20258-K EDGAR
  15. Aug 7, 202510-Q EDGAR
  16. Jun 13, 20258-K EDGAR
  17. May 8, 202510-Q EDGAR
  18. Apr 30, 2025DEF 14A EDGAR
  19. Apr 16, 202510-K/A EDGAR
  20. Mar 6, 202510-K EDGAR

The 75 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

10 open-market trades by officers, directors and large owners since October 2021: 10 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 14, 2024Kaganowicz AlexanderDirectorBuy2,000$1.94$3.9KForm 4
Jun 7, 2024Daigle DarrylDirectorBuy4,300$1.74$7.5KForm 4
Feb 7, 2024Daigle DarrylDirectorBuy1,000$1.00$1.0KForm 4
Dec 11, 2023Daigle DarrylDirectorBuy7,750$0.97$7.5KForm 4
Oct 2, 2023Daigle DarrylDirectorBuy500$1.05$525Form 4
Sep 13, 2023Daigle DarrylDirectorBuy6,950$1.39$9.7KForm 4
Jun 16, 2023Daigle DarrylDirectorBuy4,700$1.49$7.0KForm 4
Jun 15, 2023Daigle DarrylDirectorBuy4,400$1.59$7.0KForm 4
Feb 9, 2023Daigle DarrylDirectorBuy3,500$2.00$7.0KForm 4
Jan 25, 2023Daigle DarrylDirectorBuy3,500$2.00$7.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • Stephen L. MorganSCHEDULE 13G, 3 filings Oct 19, 2023 to Oct 17, 202542

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Joseph M.$625.0K$754.8K43
2025Michael R. LaPointe,$27.8K$61.8K43
2024HararyPresident$625.0K$767.0K43
2024Vice President-Aerospace$40.0K$46.1K43
2023and Chief Executive Officer$500.0K$699.7K43
2023Vice President-Aerospace$40.0K$50.9K43

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 34. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Mgo One Seven LLC886,602$461.0K0.0%−31,580
Vanguard Capital Management LLC580,654$301.9K0.0%+12,500
BlackRock, Inc.532,542$276.9K0.0%−75,856
Focus Partners Wealth496,422$258.1K0.0%No change
Geode Capital Management, LLC305,847$159.1K0.0%+3,086
Vanguard Fiduciary Trust Co177,030$92.1K0.0%No change
Susquehanna International Group, Llp155,066$80.6K0.0%−1,720
State Street Corp105,623$54.9K0.0%No change
Shufro Rose & Co LLC97,500$50.7K0.0%No change
Northern Trust Corp52,630$27.4K0.0%No change
Renaissance Technologies LLC40,789$21.2K0.0%−27,511
Hm Payson & Co20,000$10.4K0.0%No change
TCTC Holdings, LLC20,000$10.4K0.0%New
FreeGulliver LLC20,000$10.4K0.0%No change
Raymond James Financial Inc17,880$9.3K0.0%No change
XTX Topco Ltd17,504$9.1K0.0%−15,466
Kingsview Wealth Management, LLC17,150$8.9K0.0%−27,800
CGN Advisors LLC14,350$7.5K0.0%New
Focus Partners Advisor Solutions, LLC14,091$7.3K0.0%No change
Mercer Global Advisors Inc /adv14,000$7.3K0.0%No change
Schonfeld Strategic Advisors LLC13,857$7.2K0.0%No change
Jane Street Group, LLC12,649$6.6K0.0%+1,074
Goldman Sachs Group Inc11,561$6.0K0.0%−6,945
Vanguard Global Advisers, LLC11,108$5.8K0.0%No change
Farrell Financial LLC10,307$5.4K0.0%−150

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How RESEARCH FRONTIERS INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARRESEARCH FRONTIERS INC1
  • CIK0000793524
  • Employer ID (EIN)11-210346612
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; a shell company12
  • Incorporated indelaware12
  • Fiscal year endsDecember 311
  • Industry code (SIC)6794 Patent Owners & Lessors1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address240 Crossways Park Dr, Woodbury, NY 11797-20331
  • Phone51636419021
  • Shares outstanding34,867,786 as of Aug 6, 202611
  • Public float$47.0M as of Jun 30, 202512
  • AuditorCohnReznick LLP, Melville, New York PCAOB ID 596; no auditor attestation of internal control over financial reporting12
  • On EDGAR sinceAug 14, 19951
  • Filings903 in all: 4 (383), 8-K (222), 10-Q (94), DEF 14A (31), 10-K (24), CORRESP (14), 424B2 (13), 3 (11)1
    All 31 form types

    UPLOAD (11), S-3/A (10), 10-Q/A (9), S-8 (9), 4/A (8), CT ORDER (8), S-3 (8), 10-K405 (7), SC 13G/A (7), 10-K/A (5), EFFECT (5), SC 13G (5), DEFA14A (4), 424B3 (3), 424B5 (3), PRE 14A (2), 3/A (1), 8-A12G (1), 8-A12G/A (1), 8-K/A (1), D (1), SC 13D (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 5, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Jun 12, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.0001 Par ValueREFRNASDAQ

From the cover page of the 10-K filed Mar 5, 2026 (Section 12(b) of the Exchange Act).12

Risk factors and legal proceedings

The risks RESEARCH FRONTIERS INC names in Item 1A of its 10-K filed Mar 5, 2026: 9 risks under these headings, as written.12

  • Source and Need for Capital
  • History of Operating Losses
  • We may not generate sufficient cash flows to cover our operating expenses
  • We have never declared a cash dividend and do not intend to declare a cash dividend in the foreseeable future
  • We do not directly manufacture products using SPD technology. We currently depend upon the activities of our licensees and their customers in order to be profitable
  • SPD-Smart products have only recently been introduced
  • We have several large licensees that account for 10% or more of our annual fee income
  • SPD-Smart products face intense competition, which could affect our ability to increase our revenues
  • Declining production of automobiles, airplanes, trains, boats and real estate could harm our business
  • Limited source of SPD film
  • We are dependent on key personnel
  • Dependence on SPD-Smart technology
The other 2 risks
  • Our patents and other protective measures may not adequately protect our proprietary intellectual property, and we may be infringing on the rights of others
  • If we fail to maintain an effective system of internal control over financial reporting, the accuracy and timing of our financial reporting may be adversely affected

Legal proceedings

There are no legal proceedings pending by or against the Company required to be reported under this Item 3.

The opening of Item 3, Legal Proceedings.12

Sources

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