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Research Frontiers Inc. (REFR)
NASDAQ:REFR
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Research Frontiers
(NASDAQ:REFR)
39Underperform
Research Frontiers (REFR) vs. S&P 500 (SPY)
Market Cap
$32.67M
Dividend YieldN/A
Average Volume (3M)34.66K
Price to Earnings (P/E)―
Beta (1Y)0.11
Revenue Growth46.83%
EPS Growth31.40%
CountryUS
Employees6
SectorTechnology
Sector Strength55
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-0.04
Shares Outstanding33,648,220
10 Day Avg. Volume44,553
30 Day Avg. Volume34,660
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)30.49
Price to Cash Flow (P/CF)216.20
P/FCF Ratio220.30
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
Research Frontiers Business Overview & Revenue Model
Company DescriptionResearch Frontiers Incorporated (REFR) is a technology company that specializes in the development and commercialization of smart glass technology. The company's core product, SPD-SmartGlass, is used to control light and heat passing through glass or plastic. This technology is applied across various sectors, including automotive, architectural, and aerospace, providing dynamic light-control solutions that enhance energy efficiency and user comfort.
How the Company Makes MoneyResearch Frontiers generates revenue primarily through licensing its patented SPD-SmartGlass technology to various manufacturers and suppliers. The company earns royalties from these licensees, who integrate the smart glass technology into their own products. Significant partnerships with companies in the automotive, architectural, and aerospace sectors contribute to its earnings, as these industries require innovative solutions for managing light and heat. Additionally, Research Frontiers may receive income from research and development contracts, as well as consulting fees related to the implementation of its technology.
Research Frontiers Financial Statement Overview
Summary
Research Frontiers shows positive trends like improved EBIT and revenue growth. However, challenges such as persistent net losses, negative free cash flow, and declining equity need addressing. Balancing revenue growth with cost management is key for future financial stability.Income Statement
Research Frontiers has shown a decrease in losses over the last year, with a notable improvement in EBIT and EBITDA. However, the company still faces challenges with negative net income and low revenue levels compared to historical performance. The recent revenue growth is a positive sign but needs to be sustained to improve the financial health of the company.35
Negative
Balance Sheet
The balance sheet shows a moderate debt-to-equity ratio, indicating manageable leverage. However, the decrease in stockholders’ equity over the years is a concern. The equity ratio remains stable, suggesting that the company retains a reasonable level of equity relative to its assets, which provides a cushion against liabilities.40
Negative
Cash Flow
The company has shown some improvement in free cash flow, but it remains negative, indicating ongoing operational challenges. The operating cash flow to net income ratio is not favorable, and free cash flow growth is still needed. Cash management remains a critical area for improvement.30
Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 1.34M | 909.60K | 539.69K | 1.26M | 828.45K | Gross Profit |
| 1.34M | -1.45M | 364.53K | -1.26M | -1.95M | EBIT |
| -1.44M | -2.03M | -2.63M | -1.84M | -2.58M | EBITDA |
| -1.18M | -1.86M | -2.49M | -1.82M | -2.51M | Net Income Common Stockholders |
| -1.31M | -1.91M | -2.71M | -1.85M | -2.10M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 1.99M | 2.48M | 4.23M | 3.03M | 4.77M | Total Assets |
| 4.04M | 3.85M | 5.37M | 4.55M | 6.20M | Total Debt |
| 1.30M | 267.72K | 464.13K | 646.22K | 812.60K | Net Debt |
| -698.03K | -2.21M | -3.77M | 376.25K | -3.96M | Total Liabilities |
| 1.44M | 332.79K | 569.59K | 762.06K | 872.28K | Stockholders Equity |
| 2.60M | 3.52M | 4.80M | 3.78M | 5.33M |
| Cash Flow | Free Cash Flow | |||
| -790.44K | -2.30M | -2.18M | -1.81M | -2.31M | Operating Cash Flow |
| -788.82K | -2.30M | -2.18M | -1.80M | -2.25M | Investing Cash Flow |
| -1.62K | 55.59K | 2.69M | -2.78M | -52.82K | Financing Cash Flow |
| 308.67K | 484.50K | 3.45M | 86.26K | 486.26K |
Research Frontiers Technical Analysis
Negative
1.01
Price Trends
1.25
Negative
1.49
Negative
1.78
Negative
Market Momentum
-0.08
Positive
30.72
Neutral
28.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For REFR, the sentiment is Negative. The current price of 1.01 is below the 20-day moving average (MA) of 1.09, below the 50-day MA of 1.25, and below the 200-day MA of 1.78, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 30.72 is Neutral, neither overbought nor oversold. The STOCH value of 28.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for REFR.
Research Frontiers Risk Analysis
Research Frontiers disclosed 14 risk factors in its most recent earnings report. Research Frontiers reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Research Frontiers Peers Comparison
Overall Rating
UnderperformOutperform
Sector (58)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $221.78M | 15.41 | 5.13% | ― | 23.75% | -5.64% | |
75 Outperform | $13.50B | 10.48 | 17.62% | ― | 26.75% | 55.24% | |
75 Outperform | $5.53B | 25.07 | 14.46% | 1.42% | 12.36% | 9.70% | |
63 Neutral | $35.80B | 71.75 | 4.55% | 2.68% | 4.21% | -13.56% | |
58 Neutral | $11.04B | 9.83 | -6.56% | 3.16% | 7.59% | -10.43% | |
58 Neutral | $132.09M | ― | -169.61% | ― | 0.60% | -115.20% | |
39 Underperform | $32.67M | ― | -42.84% | ― | 46.83% | 31.40% |
* Technology Sector Average
Performance Comparison
REFR
Research Frontiers
1.01
-0.63
-38.41%
GLW
Corning
41.28
11.10
36.78%
FSLR
First Solar
124.38
-53.63
-30.13%
KOPN
Kopin
0.84
-0.44
-34.38%
OLED
Universal Display
113.67
-36.88
-24.50%
SWKH
SWK Holdings
18.11
0.78
4.50%
Research Frontiers Earnings Call Summary
Earnings Call Date: Mar 6, 2025 | % Change Since: -24.06% | Next Earnings Date: May 1, 2025
Earnings Call Sentiment Neutral
The call highlighted positive momentum in multiple markets and a strong patent strategy, but also acknowledged challenges such as automotive production cuts, delayed product releases, and concerns over revenue growth. While there is potential for significant future sales, current challenges weigh heavily on investor sentiment.Highlights
Momentum Across Multiple Markets
Joe Harary highlighted the company's momentum in various markets, indicating a 47% increase in performance for the year and potential profitability in the upcoming quarters.
Low Loss Per Share
The company reported a loss per share of $0.04 for the year, the lowest since going public.
Exciting Future Prospects
Joe Harary expressed confidence in significant sales expected in 2025 and 2026, indicating potential record-breaking achievements.
Strong Patent and IP Strategy
The company maintains a robust patent portfolio with 250 patents and an equal number of patent applications, highlighting a strong focus on intellectual property protection.
Lowlights
Automotive Production Cuts
The fourth-quarter revenue was about half of the third quarter due to carmakers cutting production.
Lack of Analyst Coverage and Public Awareness
The company faces challenges with public awareness and analyst coverage, impacting investor perception.
Delayed Product Releases
Some expected car models were delayed past 2024, impacting anticipated revenue streams.
Concerns Over Revenue and Stock Price
Investors expressed concerns about the lack of significant contracts and revenue growth, affecting stock price performance.
Company Guidance
In the call, Joe Harary provided guidance indicating that Research Frontiers is seeing momentum across multiple markets, with a significant focus on the automotive sector. The company achieved a 47% revenue increase for the year and is aiming for a profitable quarter in the near future, thanks to expected introductions of new vehicles featuring their technology in 2025. Harary highlighted a potential transformative event in 2026, which could significantly boost revenues, particularly in the automotive market. He noted that the company's loss per share was $0.04 for the year, marking the lowest since going public. Additionally, Harary expressed confidence in their intellectual property strategy, with over 250 patents and an equal number of patent applications in place, and he emphasized the importance of protecting their technology as they explore opportunities to expand into architectural markets and other industries.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.