Research Frontiers AI Stock Analysis
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Research Frontiers (REFR) AI Stock Analysis
Research Frontiers
(NASDAQ:REFR)
REFR scores low primarily due to weak financial performance (sharp TTM revenue decline, large losses, and ongoing cash burn with rising leverage). Technicals reinforce the risk with a clear downtrend (price below key moving averages and negative MACD). The latest earnings call adds some medium-term upside potential via supply restart and market program momentum, but near-term liquidity, delayed royalty recovery, and NASDAQ compliance challenges keep the overall score constrained.
Research Frontiers (REFR) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- $12.29M
- Dividend Yield
- ―
- Average Volume (3M)
- 1.67M
- Price to Earnings (P/E)
- -5.3
- Beta (1Y)
- 0.64
- Revenue Growth
- -69.70%
- EPS Growth
- -27.58%
- Country
- US
- Employees
- 5
- Sector
- Technology
- Sector Strength
- 61
- Industry
- Hardware, Equipment & Parts
Research Frontiers Business Overview & Revenue Model
Company Description
Research Frontiers Incorporated (REFR) stands as a global innovator, focusing on the development and commercialization of advanced light-regulating technologies and associated devices. The company's core business revolves around its proprietary Suspe...
How the Company Makes Money
Research Frontiers primarily makes money by licensing its patented SPD technology and collecting royalties tied to the sale of SPD-enabled products made by its licensees and their supply-chain partners. Its revenue model is predominantly IP-based rat...
Research Frontiers Earnings Call Summary
The call was cautiously optimistic to positive. Research Frontiers reported severe near-term financial and supply-chain damage, including lower fee income, a wider loss, limited liquidity, delayed royalty recovery, Gauzy-related uncertainty, and NASDAQ compliance issues. However, management emphasized concrete settlement and financing milestones, the planned restart of SPD production, intact automotive programs, expanding aerospace activity, strong architectural retrofit potential, new application interest, and opportunities to restore royalties once dependable film supply returns.
Q3-2026 Updates
Positive Updates
Negative Updates
Company Guidance
Management said it does not expect a material royalty recovery until after the fourth quarter of 2026, believes receivables should all be collected this month or next month, and expects substantial amounts owed to be paid in November and December, which would alleviate or almost completely eliminate the need to raise additional funds, although any financing may be small; it also said architectural retrofit project decisions can occur in a matter of weeks rather than months or years, that architectural retrofit could surpass our other markets combined, and highlighted four automotive OEMs, two production business jets, a new light jet, and a new program with a North American aircraft manufacturer.
Research Frontiers Financial Statement Overview
Summary
Financials screen weak: TTM revenue declined sharply (~55%), losses remain deeply negative (very weak net margin), and operating/free cash flow are negative (TTM operating cash flow ~-$1.86M). Balance-sheet risk has increased with higher leverage (debt-to-equity rising to ~1.73 in TTM) and declining equity, despite high TTM gross margin (~70%) and modest recent free-cash-flow improvement.
Income Statement
18Very NegativeBalance Sheet
34NegativeCash Flow
22Negative| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 371.83K | 1.12M | 1.34M | 909.60K | 539.69K | 1.26M |
| Gross Profit | 283.83K | 934.57K | 1.07M | -1.45M | 539.69K | 1.26M |
| EBITDA | -2.30M | -1.86M | -1.05M | -1.74M | -2.49M | -1.67M |
| Net Income | -2.46M | -2.05M | -1.31M | -1.91M | -2.67M | -1.85M |
Balance Sheet | ||||||
| Total Assets | 1.96M | 2.25M | 4.04M | 3.85M | 5.37M | 4.55M |
| Cash, Cash Equivalents and Short-Term Investments | 644.63K | 664.30K | 1.99M | 2.48M | 4.23M | 3.03M |
| Total Debt | 1.06M | 1.17M | 1.30M | 267.72K | 464.13K | 646.22K |
| Total Liabilities | 1.35M | 1.32M | 1.44M | 332.79K | 569.59K | 762.06K |
| Stockholders Equity | 612.79K | 933.63K | 2.60M | 3.52M | 4.80M | 3.78M |
Cash Flow | ||||||
| Free Cash Flow | -1.86M | -1.33M | -790.44K | -2.30M | -2.18M | -1.81M |
| Operating Cash Flow | -1.86M | -1.33M | -788.82K | -2.30M | -2.18M | -1.80M |
| Investing Cash Flow | -257 | -726 | -1,623 | 55.59K | 2.69M | -2.78M |
| Financing Cash Flow | 1.38M | 0 | 308.67K | 484.50K | 3.45M | 86.26K |
Research Frontiers Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For REFR, the sentiment is Negative. The current price of 0.35 is below the 20-day moving average (MA) of 0.43, below the 50-day MA of 0.52, and below the 200-day MA of 0.71, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 35.55 is Neutral, neither overbought nor oversold. The STOCH value of 39.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for REFR.
Research Frontiers Risk Analysis
Research Frontiers disclosed 14 risk factors in its most recent earnings report. Research Frontiers reported the most risks in the "Finance & Corporate" category.
Latest Risks Added
0 New RisksResearch Frontiers Peers Comparison
Overall Rating
CPSH49Neutral
ODYS44Neutral- REFR43Neutral
MIND42Neutral
NEON30Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| Sector * | 61Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
| CPSH | 49Neutral | $84.53M | 520.73 | 0.60% | ― | 7.01% | ― |
| ODYS | 44Neutral | $34.42M | -1.54 | -78.20% | ― | -78.30% | -4.48% |
| REFR | 43Neutral | $12.85M | -5.25 | -221.11% | ― | -69.70% | -27.58% |
| MIND | 42Neutral | $27.63M | -12.01 | -5.77% | ― | -28.46% | -147.43% |
| NEON | 30Underperform | $11.63M | 1.43 | 34.15% | ― | -21.65% | ― |
* Technology Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| REFR | Research Frontiers | 0.35 | -1.52 | -81.18% | |
| MIND | Mind Technology Inc | 3.15 | -9.06 | -74.20% | |
| NEON | Neonode | 0.70 | -1.57 | -69.12% | |
| CPSH | CPS Technologies Corp. | 4.27 | 0.87 | 25.59% | |
| ODYS | Odysight.Ai Inc. | 1.71 | -1.59 | -48.18% | |
| HOLO | Microcloud Hologram Inc. | 1.21 | -2.22 | -64.72% |
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Nov 06, 2026