Research Frontiers
Licenses SPD light-control technology for automotive, aerospace, and architectural glass.
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Profile
Licenses SPD light-control technology for smart glass, earning fees and royalties while licensees manufacture and sell finished systems across transportation, buildings, marine, and displays. Its asset-light model leaves production, qualification, and end-market execution with licensees.
Licenses suspended-particle-device (SPD) light-control technology rather than manufacturing the underlying film or glass. Licensees synthesize SPD chemistry, coat film, laminate smart glass, build electronics and controllers, and sell finished systems; the company coordinates development and earns license fees and royalties on SPD-SmartGlass sales.
Serves automotive glazing, electronically dimmable aircraft windows, architectural retrofit glass, marine, display, and specialty-transportation applications. Current or recently discussed automotive programs include Ferrari and Cadillac Celestiq, while Vision Systems handles aerospace programs. SPD emulsion production continues in Israel and film production in Germany.
Depends on licensees to manufacture, qualify, finance, and sell products, while automotive launches depend on OEM timing, testing, supply-chain coordination, and licensee selection. Minimum annual royalty obligations and upfront license consideration can make reported revenue differ from end-market activity.
Company facts
Key statistics
Year to date −63.9% · Average volume (30d) 104.6K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | — | −$0.02 | — | — | $86.3K | — | +4.06% |
| May 7, 2026Q1 FY26 | — | −$0.02 | — | — | $136.3K | — | −9.48% |
| Mar 5, 2026Q4 FY25 | — | −$0.02 | — | — | $72.1K | — | −1.01% |
| Nov 6, 2025Q3 FY25 | — | −$0.01 | — | — | $359.4K | — | −1.25% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $559.8K | $129.9K | $359.4K | $72.1K | $136.3K | $86.3K | |
| Gross profit | $559.8K | $129.9K | $359.4K | $72.1K | $92.3K | $42.3K | |
| Operating income | −$239.6K | −$815.1K | −$303.9K | −$773.5K | −$530.4K | −$669.8K | |
| Net income | −$177.7K | −$803.8K | −$298.5K | −$765.6K | −$525.4K | −$660.2K | |
| Diluted EPS | −$0.01 | −$0.02 | −$0.01 | −$0.02 | −$0.02 | −$0.02 | |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | 67.7% | 49.0% | |
| Operating margin | -42.8% | -627.5% | -84.6% | -1,072.5% | -389.1% | -775.7% |
Fiscal years (4-quarter sums)FY21 $1.3M · FY22 $539.7K · FY23 $909.6K · FY24 $1.3M · FY25 $1.1M
Balance sheet, Jun 30, 2026Cash & short-term investments $1.1M · Total debt $1.1M · Total assets $2.5M · Shareholders' equity $1.1M
Dividends
No dividends on record.
Ownership
Shares outstanding 34.87M · Float 27.19M · 78.0% free float
Insiders — no current Form 4 position.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Morgan Stephen L. | 2.33M | 6.90% | 13G | Oct 17, 2025 |
| Mgo One Seven LLC | 886.6K | 2.54% | 13F | Jul 31, 2026 |
| Vanguard Capital Management LLC | 580.7K | 1.67% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 532.5K | 1.53% | 13F | Aug 7, 2026 |
| Colony Group, LLC | 496.4K | 1.42% | 13F | Aug 12, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- Gentex
Automotive electrochromic dimming and smart-vision systems.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Research Frontiers | $0.4680 | +1.25% | $16.1M | — | — | 24.6 | −33.5% |
| Gentex | $22.67 | −0.02% | $4.83B | 12.0 | 10.7 | 1.8 | −1.0% |
| Median | 12.0 | 10.7 | 1.8 | −1.0% |