Research Frontiers Inc. (NASDAQ: REFR) reported third‑quarter 2025 results on November 6, 2025, with fee income of $359,444 and a net loss of $298,508. The loss widened from the $1,280,021 net loss recorded for the first nine months of the year, reflecting ongoing challenges from the bankruptcy of two European licensees and an affiliate that accounted for roughly 44% of year‑to‑date revenue.
Revenue growth was muted by the loss of those licensees, but the company’s core SPD‑SmartGlass technology continued to gain traction. The retrofit glass system unveiled in Orlando and the expanding adoption by automotive, aircraft, and architectural programs helped offset some of the revenue drag. Automotive and aircraft segments saw continued royalty income growth, while the architectural segment added new retrofit opportunities.
The net loss was driven largely by the revenue shortfall from the bankrupt licensees and associated one‑time restructuring charges. Management noted that the company remains debt‑free, with $1.13 million in cash and working capital of about $1.4 million, positioning it to weather the short‑term impact while pursuing new market opportunities.
Management emphasized the strategic importance of the SPD‑SmartGlass retrofit system, stating that the company “continues to make significant strides in the smart glass industry with initiatives like our SPD‑SmartGlass retrofit system.” The company’s guidance for the remainder of the year is available on its investor relations website, with no changes to the debt‑free status or working‑capital outlook.
Investors can review the full earnings presentation and related documents on the company’s investor relations site for detailed guidance, segment performance, and forward‑looking commentary.
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