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Research Frontiers Reports 2024 Financial Results and Will Host a Conference Call at 4:30p.m. Today
Source: Nasdaq GlobeNewswire / 06 Mar 2025 16:01:00 America/New_York
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
Info@SmartGlass.comRESEARCH FRONTIERS INCORPORATED
Consolidated Balance Sheets
December 31, 2024 and 2023December 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 20232024 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 2023Common Stock Additional
Paid-inAccumulated 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 20232024 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 $ - 
