Research Frontiers Reports 2024 Financial Results and Will Host a Conference Call at 4:30p.m. Today

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Mar 06, 2025

WOODBURY, N.Y., March 06, 2025 (GLOBE NEWSWIRE) -- Research Frontiers Inc. ( 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 ( 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, 2024December 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, respectively658,2131,003,404
Prepaid expenses and other current assets93,49096,784
Total current assets2,745,8893,576,146
Fixed assets, net15,05239,598
Operating lease ROU assets1,222,640178,715
Deposits and other assets56,06656,066
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 payable85,82550,880
Accrued expenses53,32714,192
Total current liabilities269,027277,431
Operating lease liability, net of current portion1,166,28555,363
Total liabilities1,435,312332,794
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 20233,3653,351
Additional paid-in capital128,177,193127,779,221
Accumulated deficit(125,576,223)(124,264,841)
Total shareholders’ equity2,604,3353,517,731
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

20242023
Fee income$1,335,531$909,598
Operating expenses2,207,3972,359,634
Research and development570,007583,266
Total expenses2,777,4042,942,900
Operating loss(1,441,873)(2,033,302)
Net investment income95,339124,938
Other income35,152-
Net loss$(1,311,382)$(1,908,364)
Basic and diluted net loss per common share$(0.04)$(0.06)
Weighted average number of common shares outstanding33,520,90433,453,627

RESEARCH FRONTIERS INCORPORATED
Consolidated Statements of Shareholders’ Equity
Years ended December 31, 2024 and 2023

Common StockAdditional
Paid-in
Accumulated
SharesAmountCapitalDeficitTotal
Balance, December 31, 202233,150,396$3,315$127,150,027$(122,356,477)$4,796,865
Exercise of warrants358,89136484,466-484,502
Share-based compensation--144,728-144,728
Net loss---(1,908,364)(1,908,364)
Balance, December 31, 202333,509,2873,351127,779,221(124,264,841)3,517,731
Exercise of options8,50018,669-8,670
Share-based compensation--89,316-89,316
Issuance of common stock and warrants130,43413299,987-300,000
Net loss---(1,311,382)(1,311,382)
Balance, December 31, 202433,648,221$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

20242023
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 amortization26,16927,348
Realized gain on marketable securities-(57,149)
Share-based compensation89,316144,728
Credit loss expense25,00195,000
ROU asset amortization237,394144,794
Change in assets and liabilities:
Royalty receivables320,190(508,805)
Prepaid expenses and other assets3,2944,189
Accounts payable and accrued expenses74,080(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 warrants8,670484,502
Proceeds from issuance of common stock and warrants300,000-
Net cash provided by financing activities308,670484,502
Net decrease in cash and cash equivalents(481,772)(1,754,958)
Cash and cash equivalents at beginning of year2,475,9584,230,916
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$1,281,319$-
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