WOODBURY, N.Y., March 06, 2025 (GLOBE NEWSWIRE) — Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its fourth quarter and full-year 2024. Management will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial and operating results as well as recent developments.
| • | Who: Joseph M. Harary, President & CEO | |
| • | Date/Time: Thursday, March 6, 2025, 4:30 PM ET | |
| • | Dial-in Information:1-888-334-5785 | |
| • | Replay: Available on Friday, March 7, 2025 for 90 days at https://smartglass-ir.com/ | |
Key Comments:
| 1. |
Revenue Growth in the Automotive and Aircraft Markets
Research Frontiers royalty income increased by 47% in 2024 to $1,335,531 compared to $909,598 in 2023. This revenue growth primarily came from double-digit percentage gains in royalties from the automotive and aircraft markets. |
| 2. |
Expansion of Product Pipeline.
2024 marked the growth in use of SPD-SmartGlass in the Ferrari Purosangue and multiple McLaren car models, as well as the introduction towards the end of 2024 of the Cadillac Celestiq. Commercial airlines have begun to put SPD in their cabin windows, most notably in both Boeing and Airbus aircraft, as decision making has moved from the OEMs to their airline customers. The Company expects revenue in all market segments to increase as new car models, aircraft, trains, architectural, information display and other products using the Company’s SPD-SmartGlass technology are introduced into the market. The Company anticipates multiple new car models featuring SPD-SmartGlass technology in 2025 from OEMs in various regions of the world. |
| 3. |
Operational Efficiencies and Financial Stability.
Expenses decreased by over $165,000 (-6%) in 2024 compared to 2023. As a result of these efficiencies, combined with rising revenue, this reduced the Company’s net loss to $1,311,382 ($0.04 per common share) for the year ended December 31, 2024, which was $596,982, (31%) lower than the net loss of $1,908,364 ($0.06 per common share) for the year ended December 31, 2023. The Company had cash and cash equivalents of approximately $2.0 million, and working capital of $2.5 million as of December 31, 2024. The Company has no debt and expects to have sufficient working capital for at least the next five years of operations. |
For more details, please see the Company’s Annual Report on Form 10-K which was filed today with the SEC, the contents of which are incorporated by reference herein.
About Research Frontiers
Research Frontiers (Nasdaq: REFR) is a publicly traded technology company and the developer of patented SPD-Smart light-control film technology which allows users to instantly, precisely and uniformly control the shading of glass or plastic products, either manually or automatically. Research Frontiers has licensed its smart glass technology to numerous companies that include well known chemical, material science and glass companies. Products using Research Frontiers’ smart glass technology are being used in tens of thousands of cars, aircraft, yachts, trains, homes, offices, museums and other buildings. For more information, please visit our website at www.SmartGlass.com, and on Facebook, Twitter, LinkedIn and YouTube.
Note: From time to time Research Frontiers may issue forward-looking statements which involve risks and uncertainties. This press release contains forward-looking statements. Actual results, especially those reliant on activities by third parties, could differ and are not guaranteed. Any forward-looking statements should be considered accordingly. “SPD-Smart” and “SPD-SmartGlass” are trademarks of Research Frontiers Inc.
CONTACT:
Joseph M. Harary
President and CEO
Research Frontiers Inc.
+1-516-364-1902
[email protected]
RESEARCH FRONTIERS INCORPORATED
Consolidated Balance Sheets
December 31, 2024 and 2023
| December 31, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,994,186 | $ | 2,475,958 | ||||
| Royalties receivable, net of reserves of $1,253,450 in 2024 and 2023, respectively | 658,213 | 1,003,404 | ||||||
| Prepaid expenses and other current assets | 93,490 | 96,784 | ||||||
| Total current assets | 2,745,889 | 3,576,146 | ||||||
| Fixed assets, net | 15,052 | 39,598 | ||||||
| Operating lease ROU assets | 1,222,640 | 178,715 | ||||||
| Deposits and other assets | 56,066 | 56,066 | ||||||
| Total assets | $ | 4,039,647 | $ | 3,850,525 | ||||
| Liabilities and Shareholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Current portion of operating lease liability | $ | 129,875 | $ | 212,359 | ||||
| Accounts payable | 85,825 | 50,880 | ||||||
| Accrued expenses | 53,327 | 14,192 | ||||||
| Total current liabilities | 269,027 | 277,431 | ||||||
| Operating lease liability, net of current portion | 1,166,285 | 55,363 | ||||||
| Total liabilities | 1,435,312 | 332,794 | ||||||
| Shareholders’ equity: | ||||||||
| Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 33,648,221 in 2024 and 33,509,287 in 2023 | 3,365 | 3,351 | ||||||
| Additional paid-in capital | 128,177,193 | 127,779,221 | ||||||
| Accumulated deficit | (125,576,223 | ) | (124,264,841 | ) | ||||
| Total shareholders’ equity | 2,604,335 | 3,517,731 | ||||||
| Total liabilities and shareholders’ equity | $ | 4,039,647 | $ | 3,850,525 | ||||
RESEARCH FRONTIERS INCORPORATED
Consolidated Statements of Operations
Years ended December 31, 2024 and 2023
| 2024 | 2023 | |||||||
| Fee income | $ | 1,335,531 | $ | 909,598 | ||||
| Operating expenses | 2,207,397 | 2,359,634 | ||||||
| Research and development | 570,007 | 583,266 | ||||||
| Total expenses | 2,777,404 | 2,942,900 | ||||||
| Operating loss | (1,441,873 | ) | (2,033,302 | ) | ||||
| Net investment income | 95,339 | 124,938 | ||||||
| Other income | 35,152 | – | ||||||
| Net loss | $ | (1,311,382 | ) | $ | (1,908,364 | ) | ||
| Basic and diluted net loss per common share | $ | (0.04 | ) | $ | (0.06 | ) | ||
| Weighted average number of common shares outstanding | 33,520,904 | 33,453,627 | ||||||
RESEARCH FRONTIERS INCORPORATED
Consolidated Statements of Shareholders’ Equity
Years ended December 31, 2024 and 2023
| Common Stock | Additional Paid-in |
Accumulated | ||||||||||||||||||
| Shares | Amount | Capital | Deficit | Total | ||||||||||||||||
| Balance, December 31, 2022 | 33,150,396 | $ | 3,315 | $ | 127,150,027 | $ | (122,356,477 | ) | $ | 4,796,865 | ||||||||||
| Exercise of warrants | 358,891 | 36 | 484,466 | – | 484,502 | |||||||||||||||
| Share-based compensation | – | – | 144,728 | – | 144,728 | |||||||||||||||
| Net loss | – | – | – | (1,908,364 | ) | (1,908,364 | ) | |||||||||||||
| Balance, December 31, 2023 | 33,509,287 | 3,351 | 127,779,221 | (124,264,841 | ) | 3,517,731 | ||||||||||||||
| Exercise of options | 8,500 | 1 | 8,669 | – | 8,670 | |||||||||||||||
| Share-based compensation | – | – | 89,316 | – | 89,316 | |||||||||||||||
| Issuance of common stock and warrants | 130,434 | 13 | 299,987 | – | 300,000 | |||||||||||||||
| Net loss | – | – | – | (1,311,382 | ) | (1,311,382 | ) | |||||||||||||
| Balance, December 31, 2024 | 33,648,221 | $ | 3,365 | $ | 128,177,193 | $ | (125,576,223 | ) | $ | 2,604,335 | ||||||||||
RESEARCH FRONTIERS INCORPORATED
Consolidated Statements of Cash Flows
Years ended December 31, 2024 and 2023
| 2024 | 2023 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (1,311,382 | ) | $ | (1,908,364 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 26,169 | 27,348 | ||||||
| Realized gain on marketable securities | – | (57,149 | ) | |||||
| Share-based compensation | 89,316 | 144,728 | ||||||
| Credit loss expense | 25,001 | 95,000 | ||||||
| ROU asset amortization | 237,394 | 144,794 | ||||||
| Change in assets and liabilities: | ||||||||
| Royalty receivables | 320,190 | (508,805 | ) | |||||
| Prepaid expenses and other assets | 3,294 | 4,189 | ||||||
| Accounts payable and accrued expenses | 74,080 | (40,386 | ) | |||||
| Operating lease liability | (252,881 | ) | (196,406 | ) | ||||
| Net cash used in operating activities | (788,819 | ) | (2,295,051 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of fixed assets | (1,623 | ) | (1,558 | ) | ||||
| Purchases of marketable securities | – | (5,434,386 | ) | |||||
| Sales and maturities of marketable securities | – | 5,491,535 | ||||||
| Net cash (used in) provided by investing activities | (1,623 | ) | 55,591 | |||||
| Cash flows from financing activities: | ||||||||
| Net proceeds from exercise of options and warrants | 8,670 | 484,502 | ||||||
| Proceeds from issuance of common stock and warrants | 300,000 | – | ||||||
| Net cash provided by financing activities | 308,670 | 484,502 | ||||||
| Net decrease in cash and cash equivalents | (481,772 | ) | (1,754,958 | ) | ||||
| Cash and cash equivalents at beginning of year | 2,475,958 | 4,230,916 | ||||||
| Cash and cash equivalents at end of year | $ | 1,994,186 | $ | 2,475,958 | ||||
| Supplemental disclosure of noncash items: | ||||||||
| Operating lease assets obtained for operating lease liabilities | $ | 1,281,319 | $ | – | ||||
