Research Frontiers Inc (NAS:REFR)

Q2 2025 Research Frontiers Inc Earnings Call Transcript

Aug 7, 2025 / 08:30 PM GMT

Release Date Price: $1.57 (+2.61%)

Transcript 10-Q

Key Points

Positve

Research Frontiers Inc (REFR) reported substantial sales growth of SPD smart glass sunroofs to Cadillac in Q2 2025, significantly higher than the combined sales of Q4 2024 and Q1 2025.
The company successfully transitioned another existing European licensee to supply Ferrari after the bankruptcy of the previous licensee, ensuring continued production and future royalty income.
Research Frontiers Inc (REFR) anticipates additional royalty income from new automotive projects starting in Q3 2025.
The company reported a strong first quarter of 2025 with 79% revenue growth from Q1 over the prior year and 214% from the prior quarter, driven by increased demand for SPD smart glass.
Research Frontiers Inc (REFR) remains debt-free and continues to manage its resources effectively, with cash and cash equivalents standing at approximately $1.3 million as of June 30, 2025.

Negative

The second quarter results appeared disappointing due to one-time and non-cash charges, including those related to the bankruptcy of a European licensee.
Royalty income was down in Q2 2025 due to the bankruptcy of a licensee supplying Ferrari, resulting in no royalty income being booked from them for the quarter.
The company faced challenges with the architectural retrofit market, as some projects require extensive energy data and testing before full-scale adoption.
Research Frontiers Inc (REFR) experienced a setback with a European licensee's bankruptcy, which affected their financial performance and required accounting adjustments.
The company acknowledged that SPD smart glass is not the low-cost alternative compared to PDLC, which remains cheaper and is sometimes chosen by automakers for cost reasons.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

REFR.OQ - Research Frontiers Inc
Q2 2025 Research Frontiers Inc Earnings Call
Aug 07, 2025 / 08:30PM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon and welcome to Research Frontiers Investor conference call to discuss the 2nd quarter 2025 results of operations and recent developments. The company will be answering many of the questions that were emailed to it prior to this conference call, either in their presentation or as part of the Q&A session at the end. In some cases, the company has responded directly to email questions prior to this call or will do so afterwards in order to answer more questions of general interest to shareholders on the call. Some statements today may contain forward-looking information identified by words such as ex expect, anticipate, and forecast. These reflect current beliefs and actual results may differ materially from those

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