Research Frontiers Incorporated (REFR) Income Statement
REFR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsREFR revenue and net income
Where REFR's revenue goes
2025Each bar shows an amount and its share of revenue. REFR kept −182.4% of revenue as net income.
REFR profit margins
REFR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −16.0% | +27.6% | +6.2% | −5.7% |
| Gross profit | −12.8% | +20.1% | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
REFR quarterly EPS vs estimates
Research Frontiers beat the analyst EPS estimate in 0 of the last 2 quarters. Next report: November 5, 2026.
REFR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1M | $1.3M | $909,598 | $539,686 | $1.3M | $828,450 | $1.6M | $1.5M | $1.5M | $1.2M |
| Cost of revenue | $186,674 | $263,563 | $2.4M | $175,152 | $2.5M | $2.8M | $3.7M | $2.4M | $3.1M | $4.1M |
| Gross profit | $934,574 | $1.1M | −$1.5M | $539,686 | $1.3M | −$1.9M | −$2.1M | −$929,577 | −$1.6M | −$2.9M |
| Research & development | $30,358 | $570,007 | $583,266 | $609,127 | $580,000 | $628,304 | $1.0M | $863,401 | $799,702 | $1.4M |
| Sales, general & admin | $504,984 | $400,078 | — | $2.6M | — | $2.8M | $3.7M | $3.0M | $3.1M | $4.1M |
| Total operating expenses | $3.1M | $2.5M | $583,266 | $3.2M | $3.1M | $628,304 | $1.0M | $3.9M | $3.9M | $5.5M |
| Operating income | −$2.1M | −$1.4M | −$2.0M | −$2.6M | −$1.8M | −$2.6M | −$3.1M | −$2.4M | −$2.4M | −$4.3M |
| Interest income | — | — | — | — | — | — | $608,970 | $267,910 | $4,750 | $29,540 |
| Interest expense | — | — | — | $44,219 | $7,537 | $0 | $0 | $0 | $0 | $0 |
| Income before taxes | −$2.0M | −$1.3M | −$1.9M | −$2.7M | −$1.8M | −$2.3M | −$3.8M | −$2.7M | −$2.4M | −$4.2M |
| Income taxes | — | — | −$2 | $44,219 | $7,537 | −$236,525 | $659,639 | −$267,909 | −$4,752 | −$29,535 |
| Net income | −$2.0M | −$1.3M | −$1.9M | −$2.7M | −$1.8M | −$2.3M | −$3.8M | −$2.7M | −$2.4M | −$4.2M |
| EBITDA | −$1.9M | −$1.0M | −$1.7M | −$2.5M | −$1.7M | −$2.5M | −$3.6M | −$2.2M | −$2.2M | −$4.1M |
| EPS (diluted) | −$0.06 | −$0.04 | −$0.05 | −$0.08 | −$0.06 | −$0.07 | −$0.16 | −$0.10 | −$0.10 | −$0.18 |
| Gross margin | 83.4% | 80.3% | −159.4% | 100.0% | 100.0% | −235.3% | −135.1% | −62.4% | −107.3% | −230.6% |
| Operating margin | −190.2% | −108.0% | −223.5% | −486.4% | −145.6% | −311.1% | −201.4% | −162.4% | −160.3% | −345.3% |
| Net margin | −182.4% | −98.2% | −209.8% | −494.6% | −146.2% | −282.6% | −243.5% | −180.4% | −160.0% | −342.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $86,346 | $136,319 | $72,123 | $359,444 | $129,904 | $559,776 | $178,151 | $354,408 | $489,594 | $313,378 | $312,236 | $164,146 |
| Cost of revenue | $44,000 | $43,994 | $46,788 | $521,642 | $46,767 | $46,324 | $136,752 | $42,374 | $42,245 | $42,192 | $42,602 | $542,635 |
| Gross profit | $42,346 | $92,325 | $72,123 | $359,444 | $129,904 | $559,776 | $178,151 | $354,408 | $489,594 | $313,378 | $312,236 | −$378,489 |
| Research & development | $128,884 | $145,350 | $135,023 | $141,746 | $169,086 | $162,877 | $160,190 | $131,246 | $128,830 | $149,741 | $153,116 | $135,319 |
| Sales, general & admin | — | — | — | — | — | — | $400,078 | — | — | — | — | — |
| Total operating expenses | $712,100 | $622,738 | $845,666 | $663,388 | $945,008 | $799,353 | $802,435 | $586,112 | $605,728 | $783,128 | $817,621 | $135,319 |
| Operating income | −$669,754 | −$530,413 | −$773,543 | −$303,944 | −$815,104 | −$239,577 | −$624,284 | −$231,704 | −$116,134 | −$469,750 | −$505,385 | −$513,808 |
| Interest income | $9,586 | $5,048 | — | $5,436 | $11,278 | $14,533 | — | $29,736 | $22,112 | — | — | — |
| Income before taxes | −$660,168 | −$525,365 | −$765,563 | −$298,508 | −$803,826 | −$177,687 | −$607,940 | −$166,816 | −$94,022 | −$442,604 | −$479,910 | −$472,166 |
| Income taxes | — | — | — | — | — | — | $7 | — | −$5 | −$2 | −$2 | −$41,642 |
| Net income | −$660,168 | −$525,365 | −$765,563 | −$298,508 | −$803,826 | −$177,687 | −$607,940 | −$166,816 | −$94,022 | −$442,604 | −$479,910 | −$472,166 |
| EBITDA | −$626,391 | −$481,371 | −$718,775 | −$251,713 | −$757,059 | −$131,363 | −$471,188 | −$124,442 | −$51,777 | −$400,412 | −$437,308 | −$429,595 |
| EPS (diluted) | −$0.02 | −$0.02 | −$0.02 | −$0.01 | −$0.02 | −$0.01 | −$0.02 | −$0.01 | −$0.00 | −$0.01 | −$0.01 | −$0.01 |
| Gross margin | 49.0% | 67.7% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | −230.6% |
| Operating margin | −775.7% | −389.1% | −1,072.5% | −84.6% | −627.5% | −42.8% | −350.4% | −65.4% | −23.7% | −149.9% | −161.9% | −313.0% |
| Net margin | −764.6% | −385.4% | −1,061.5% | −83.0% | −618.8% | −31.7% | −341.2% | −47.1% | −19.2% | −141.2% | −153.7% | −287.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in REFR's financial statements (latest annual report filed March 5, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
REFR financial results
In fiscal year 2025 (ended December 31, 2025), Research Frontiers reported revenue of $1.1 million, down 16.0% from the year before. It had a net loss of $2.0 million, a net profit margin of −182.4%. Diluted earnings per share came to −$0.06. Over five years revenue grew at an average rate of 6.2% a year.
See the REFR stock overview for the latest quote and news, or the REFR chart for price history and technical indicators.
REFR income statement FAQ
What is Research Frontiers's annual revenue?
Research Frontiers reported total revenue of $1.1 million for fiscal year 2025, which ended on December 31, 2025. That was down 16.0% from $1.3 million the previous year.
Is Research Frontiers profitable?
No. Research Frontiers reported a net loss of $2.0 million in fiscal 2025, a net profit margin of −182.4%; its operating margin was −190.2%.
What is Research Frontiers's gross margin?
Research Frontiers's gross margin was 83.4% in fiscal 2025: for every $100 of revenue, Research Frontiers kept $83 after the direct cost of its products and services.
How much does Research Frontiers spend on research and development?
Research Frontiers spent $0.0 million on research and development in fiscal 2025, 2.7% of revenue.
How fast is Research Frontiers growing?
Revenue grew 6.2% a year on average over the last five fiscal years, from $0.8 million to $1.1 million.
What are Research Frontiers's earnings per share?
Research Frontiers earned $-0.06 per diluted share in fiscal 2025, compared with $-0.04 a year earlier.
When will Research Frontiers report its next earnings?
Research Frontiers is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Research Frontiers's fiscal year end?
Research Frontiers's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 5, 2026.