Research Frontiers Inc
smartglass.comWhat Do They Do?
Develops and licenses light-control technology to manufacturers of dimmable windows and glazing for vehicles, aircraft and buildings.
10-K for FY2025, filed Mar 5, 2026
How Do They Make Money?
Licensees pay fees for rights to use the technology and for support, sometimes in advance; Research Frontiers also earns royalties tied to licensed-product sales when a licensee’s sales exceed annual minimums.
10-K for FY2025, filed Mar 5, 2026The Company generates revenue primarily through license fees and royalties paid by licensees. The Company does not manufacture finished…View ↗
The Company has entered into license agreements covering products using the Company’s SPD technology. When royalties from the sales of…View ↗
The Company’s license agreements have a variable royalty fee structure (meaning that royalties are a fixed percentage of sales that vary…View ↗
Certain of the contract fees are accrued by, or paid to, the Company in advance of the period in which they are earned, resulting in…View ↗
$1.1M
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10-K for FY2025, filed Mar 5, 2026
$1.1M ↗
Who Are Their Customers?
Companies license its technology and make or market dimmable glazing for automakers, aircraft and building customers, and marine or other vehicle markets. Research Frontiers supports licensees and works with OEMs, suppliers, architects and engineers on evaluation and integration.
10-K for FY2025, filed Mar 5, 2026Research Frontiers Incorporated develops and licenses its patented Suspended Particle Device (“SPD”) light-control technology. The…View ↗
Because the Company operates under a licensing model and does not manufacture finished products directly, its marketing and…View ↗
Support of evaluation programs and integration initiativesView ↗
Do Revenues Turn Into Profits?
No. It lost $2M in FY2025.
10-K for FY2025, filed Mar 5, 2026
−$2.1MView ↗
10-K for FY2025, filed Mar 5, 2026
−$2MView ↗
10-K for FY2025, filed Mar 5, 2026
−$1.3MView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Aug 6, 2026
−$660.2KView ↗
- ▼ −18% (Loss)
- vs −$803.8K in Q2 FY2025
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Jun 5, 2026
Nasdaq issued two listing-rule deficiency notices
Trading continues on Nasdaq, with until November 30, 2026 to regain compliance.
Sources
8-K, filed Jun 5, 2026
In accordance with Nasdaq Listing Rules 5810(c)(3)(A) and 5810(c)(3)(C), the Company has been provided 180 calendar days, or until November…View ↗
Shrinking. Revenue fell 11% in 4 years, from $1.3M in FY2021 to $1.1M in FY2025, about 3% a year.
Who Do They Compete With?
Competes with Pleotint, Suntek, Ravenbrick, 3M, Gentex, Pilkington, PPG Industries, Saint-Gobain, View, Sage Electrochromics, Ambilight, Halio, AGC, Kinestral, Asahi Glass, Nippon Sheet Glass, Polytronix, DMDisplays, Chiefway, and Merck
10-K for FY2025, filed Mar 5, 2026Similarly, thermochromic smart windows are passive systems which change their light transmission properties as sunlight heats or cools the…View ↗
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