Research Frontiers IncorporatedREFRNASDAQ

Revenue (LTM)

$1M

-16.0% YoY

Net Income (LTM)

$-2M

-56.0% YoY

Free Cash Flow

$-1M

Revenue CAGR (5Y)

+6.2%

Marginsdeclining

FCF($0.0B)

Unprofitable

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Revenue	1	1↓57.3%	1↑68.5%	1↑46.8%	1↓16.0%
Gross Profit	1	1↓57.3%	-1↓368.7%	1↑173.9%	1↓12.8%
Operating Income	-2	-3↓42.8%	-2↑22.5%	-1↑29.1%	-2↓47.9%
Net Income	-2	-3↓44.6%	-2↑28.5%	-1↑31.3%	-2↓56.0%
EBITDA	-2	-2↓47.4%	-2↑24.0%	-1↑36.7%	-2↓65.1%
EPS Diluted	-0.06	-0.08↓42.7%	-0.06↑31.5%	-0.04↑31.4%	-0.06↓55.5%

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Cash & Equivalents	0	4↑1467.2%	2↓41.5%	2↓19.5%	1↓66.7%
Total Current Assets	4	5↑24.6%	4↓27.3%	3↓23.2%	1↓58.3%
Total Assets	5	5↑18.0%	4↓28.2%	4↑4.9%	2↓44.3%
Total Current Liabilities	0	0↑1.3%	0↓8.1%	0↓3.0%	0↑10.7%
Total Liabilities	1	1↓25.3%	0↓41.6%	1↑331.3%	1↓8.2%
Total Equity	4	5↑26.8%	4↓26.7%	3↓26.0%	1↓64.2%
Total Debt	1	0↓28.2%	0↓42.3%	1↑384.1%	1↓10.0%
Net Debt	0	-4↓1101.1%	-2↑41.4%	-1↑68.4%	1↑171.9%

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Operating Cash Flow	-2	-2↓21.0%	-2↓5.1%	-1↑65.6%	-1↓68.5%
Capital Expenditure	-0	-0↓18.0%	-0↓22.6%	-0↓4.2%	-0↑55.3%
Free Cash Flow	-2	-2↓21.0%	-2↓5.2%	-1↑65.6%	-1↓68.2%
Stock-Based Comp	0	0↑7.0%	0↓37.7%	0↓38.3%	0↑319.7%
Net Change in Cash	-5	4↑188.0%	-2↓144.3%	-0↑72.5%	-1↓176.0%

Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down

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