REFR PRESS-RELEASE SEC Filing Analysis

Final — all horizons settled through T+60d

REFR ▼ -21.43% at T+60d

SHORT call ✓ call won +21.43% · α vs SPY +34.21% · entry $0.9800 → $0.7700

Currently $0.7100 · +27.55% from $0.9800 entry (call sign-flipped)

Entry anchored
Mar 5, 03:57 PM ET
via Databento tick

T+1d

-4.08%

call +4.08% · α +4.93%

$0.9400

settled 3mo ago

T+5d

+3.06%

call -3.06% · α -4.59%

$1.01

settled 3mo ago

T+20d

-4.08%

call +4.08% · α +2.04%

$0.9400

settled 2mo ago

T+60d

-21.43%

call +21.43% · α +34.21%

$0.7700

settled 12d ago

Price Chart

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Executive Summary

Research Frontiers (REFR) reported financial results for 2025, showing declining revenue and widening net loss. Revenue fell to $1.12 million from $1.34 million in 2024, while net loss increased to $2.05 million from $1.31 million. Despite operational setbacks, the company highlighted key commercial milestones including serial production with Cadillac Celestiq, a scalable architectural retrofit product launch, and advancements in SPD film technology. The balance sheet was strengthened post-year-end with a $1.1 million private placement.

Key Financial Metrics

Revenue

$1.1M

-16.0% YoY

EPS

$-0.06

Actionable Insight

While the company achieved important commercial milestones, the deteriorating financials suggest continued reliance on external funding. Traders should monitor progress toward higher-volume OEM programs and future revenue recognition from new applications, but near-term fundamentals remain weak.

Key Facts

2025 revenue was $1.12 million, down from $1.34 million in 2024
Net loss widened to $2.05 million in 2025 from $1.31 million in 2024
EPS loss was $(0.06) in 2025 vs $(0.04) in 2024
Ended 2025 with $664k in cash; raised $1.1 million in a private placement after year-end
First North American OEM serial production achieved with Cadillac Celestiq
Ferrari Purosangue program transitioned between licensees with royalty thresholds exceeded in Q3 and Q4

Financial Impact

Revenue declined 16% YoY to $1.12 million; net loss increased 56% to $2.05 million

revenuenet lossepscash flow from operations

Risk Factors

Revenue is highly dependent on third-party licensees and subject to disruption (e.g., licensee bankruptcies)
Persistent operating losses and reliance on equity financing create dilution risk
Commercialization timelines remain uncertain and dependent on OEM adoption cycles

Market Snapshot

Exchange

Nasdaq

Documents Analyzed

This report is based on 1 press release from GlobeNewswire.

Document	Accession Number
PRESS-RELEASE Data (Synthetic)	press-3250644

3 reports for REFR

T+1T+5T+20T+60

Filters

Reports for REFR — sortable, filterable
	Type				Now
May 4, 2026 5w ago	Press Release NEUTRAL ★ 2/10	$0.8700 $0.7700	▼ −11.49%	▼ −17.14%	$0.7100 (−18.39%)
Mar 5, 2026 14w ago	Press Release BEARISH ★ 6/10	$0.9800 $0.9400	▲ +4.08%	▲ +2.04%	$0.7100 (+27.55%)
Mar 2, 2026 14w ago	Press Release NEUTRAL ★ 3/10	$1.03 $0.9100	▼ −11.65%	▼ −3.71%	$0.7100 (−31.07%)

US Market Status

Market Closed — Opens Mon (49h 43m)

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