RESEARCH FRONTIERS INC
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
REFR$0.37-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001493152-26-036332
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001493152-26-050220
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 33 previous paragraphs and 33 current paragraphs.
20 unchanged; 12 reworded; 1 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1)
Current report
Operating expenses decreased by $46,054 for the three months ended September 30, 2026 to $475,588 from $521,642 for the three months ended September 30, 2025. This decrease is primarily the result of lower marketing and investor relations costs ($88,000), lower compensation costs ($36,000) and lower professional fees ($15,000), partially offset by higher legal costs ($67,000), higher patent costs ($27,000) and higher credit loss expense ($20,000).
Removed paragraphs (1)
Previous report
Operating expenses decreased by $263,800 for the six months ended June 30, 2026 to $1,148,598 from $1,412,398 for the six months ended June 30, 2025. This decrease is the result of lower directors’ fees and expenses ($227,000) and lower employee compensation ($138,000), partially offset by higher legal fees ($95,000) and higher credit losses $26,000).
Reworded paragraphs (12)
Previous wording
The Company’s fee income from licensing activities for the three months ended June 30, 2026 was $86,346 as compared to $129,904 for the three months ended June 30, 2025. This decrease in fee income was primarily the result of non-recurring royalties from a licensee that ceased operations after the second quarter of 2025, and what we believe to be a temporary slow-down due to non-technical issues by our licensee, Gauzy Ltd. in the production of SPD emulsion and film and other business activities, offset by higher royalties relating to the motorcycle helmet and ski/snow goggle market. The Company expects revenue in all market segments to increase as new car models and other products using the Company’s SPD-SmartGlass technology are introduced into the market.
Current wording
The Company’s fee income from licensing activities for the three months ended September 30, 2026 was $77,041 as compared to $359,444 for the three months ended September 30, 2025. This decrease in fee income was primarily the result of royalties from a government contract in the third quarter of 2025 that did not recur in the third quarter of 2026 and what we believe to be a temporary slow-down due to non-technical issues by our licensee, Gauzy Ltd. in the production of SPD emulsion and film and other business activities, offset by higher royalties relating to the motorcycle helmet and ski/snow goggle market. The Company expects revenue in all markets to increase as new car models and other products using the Company’s SPD-SmartGlass technology are introduced into the market.
Previous wording
Research and development expenditures decreased by $40,202 to $128,884 for the three months ended June 30, 2026 from $169,086 for the three months ended June 30, 2025. This decrease is primarily a result of lower allocated insurance costs ($14,000), lower employee compensation costs ($9,000), as well as lower allocated occupancy costs ($3,000) and lower other research and development costs ($14,000).
Current wording
Research and development expenditures decreased by $22,172 to $119,574 for the three months ended September 30, 2026 from $141,746 for the three months ended September 30, 2025. This decrease is primarily a result of lower allocated insurance costs ($9,000) as well as lower allocated occupancy costs ($9,000) and lower compensation costs ($3,000).
Previous wording
The Company’s net investment income, consisting of interest income, for the three months ended June 30, 2026 was $9,586 as compared to income of $11,278 for the three months ended June 30, 2025 with the change due to lower cash balances available for investment.
Current wording
The Company’s interest income for the three months ended September 30, 2026 was $7,817 as compared to income of $5,436 for the three months ended September 30, 2025 with the change due to higher interest rates partially offset by lower cash balances available for investment.
Previous wording
As a consequence of the factors discussed above, the Company’s net loss was $660,168 ($0.02 per common share) for the three months ended June 30, 2026 as compared to net loss of $803,826 ($0.02 per common share) for the three months ended June 30, 2025.
Current wording
As a consequence of the factors discussed above, the Company’s net loss was $510,304 ($0.01 per common share) for the three months ended September 30, 2026 as compared to a net loss of $298,508 ($0.01 per common share) for the three months ended September 30, 2025.
Previous wording
Six months ended June 30, 2026 compared to the six months ended June 30, 2025
Current wording
Nine months ended September 30, 2026 compared to the nine months ended September 30, 2025
Previous wording
The Company’s fee income from licensing activities for the six months ended June 30, 2026 was $222,665 as compared to $689,680 for the six months ended June 30, 2025. This decrease in fee income was primarily the result of royalties and upfront fees recognized by the Company under ASC 606 revenue treatment from a new license agreement entered into in the first six months of 2025, non-recurring royalties from two licensees that ceased operations in the first and second quarter of 2025, and what we believe to be a temporary slow-down due to non-technical issues by our licensee, Gauzy Ltd. in the production of SPD emulsion and film and other business activities, offset by higher royalties relating to the motorcycle helmet and ski/snow goggle market. The Company expects revenue in all market segments to increase as new car models and other products using the Company’s SPD-SmartGlass technology are introduced into the market.
Current wording
The Company’s fee income from licensing activities for the nine months ended September 30, 2026 was $299,706 as compared to $1,049,125 for the nine months ended September 30, 2025. This decrease in fee income was primarily the result of royalties and upfront fees recognized by the Company under ASC 606 revenue treatment from a new license agreement entered into in the first nine months of 2025, non-recurring royalties from two licensees that ceased operations in 2025, and what we believe to be a temporary slow-down due to non-technical issues by our licensee, Gauzy Ltd. in the production of SPD emulsion and film and other business activities, offset by higher royalties relating to the motorcycle helmet and ski/snow goggle market. The Company expects revenue in all markets to increase as new car models and other products using the Company’s SPD-SmartGlass technology are introduced into the market.
Previous wording
Operating expenses decreased by $148,706 for the three months ended June 30, 2026 to $627,216 from $775,922 for the three months ended June 30, 2025. This decrease is the result of lower employee compensation ($111,000) and directors fees and expenses ($107,000), as well as lower marketing and investor relations ($14,000) and lower insurance costs ($14,000), partially offset by higher credit losses ($26,000) as well as higher legal fees ($76,000).
Current wording
Operating expenses decreased by $309,855 for the nine months ended September 30, 2026 to $1,624,186 from $1,934,041 for the nine months ended September 30, 2025. This decrease is primarily the result of lower directors fees and expenses ($227,000), lower compensation costs ($174,000) as well as lower marketing and investor relations costs ($107,000) partially offset by higher legal fees ($162,000), higher patent costs ($55,000) as well as higher credit loss expense ($45,000).
Previous wording
Research and development expenditures decreased by $57,729 to $274,234 for the six months ended June 30, 2026 from $331,963 for the six months ended June 30, 2025. This decrease is primarily a result of lower allocated insurance costs ($24,000), lower employee compensation ($9,000), lower allocated occupancy costs ($9,000), as well as lower other research and development costs ($16,000).
Current wording
Research and development expenditures decreased by $79,901 to $393,808 for the nine months ended September 30, 2026 from $473,709 for the nine months ended September 30, 2025. This decrease is primarily a result of lower allocated insurance costs ($33,000), lower allocated occupancy costs ($18,000), as well as lower compensation and benefits costs ($12,000).
Previous wording
The Company’s net investment income, consisting of interest income, for the six months ended June 30, 2026 was $14,634 as compared to income of $25,811 for the six months ended June 30, 2025 with the change due to lower cash balances available for investment.
Current wording
The Company’s interest income for the nine months ended September 30, 2026 was $22,451 as compared to income of $31,247 for the nine months ended September 30, 2025 with the change due to lower cash balances available for investment partially offset by higher interest rates.
Previous wording
The Company recorded $47,357 of other income for the six months ended June 30, 2025 relating to an Employee Retention Credit, a refundable tax credit available under the CARES Act that was designed to keep employees on the payroll during the COVID-19 pandemic.
Current wording
The Company recorded $47,357 of other income for the nine months ended September 30, 2025 relating to an Employee Retention Credit, a refundable tax credit available under the CARES Act that was designed to keep employees on the payroll during the COVID-19 pandemic.
Previous wording
As a consequence of the factors discussed above, the Company’s net loss was $1,185,533 ($0.03 per common share) for the six months ended June 30, 2026 as compared to net loss of $981,513 ($0.03 per common share) for the six months ended June 30, 2025.
Current wording
As a consequence of the factors discussed above, the Company’s net loss was $1,695,837 ($0.05 per common share) for the nine months ended September 30, 2026 as compared to net loss of $1,280,021 ($0.04 per common share) for the nine months ended September 30, 2025.
Previous wording
During the six months ended June 30, 2026, the Company’s cash and cash equivalents balance increased by $423,657 as a result of cash received from the sale of common stock and warrants of $1,375,000 partially offset by cash used to fund operations of $951,238 and cash used to purchase fixed assets of $105. As of June 30, 2026, the Company had cash and cash equivalents of approximately $1.1 million, working capital of $1.0 million and total shareholders’ equity of $1.1 million. Based upon the Company’s current working capital, recurring losses and negative cash flow from operations, if the Company is unable to generate sufficient cash from operating activities, collect amounts owed to it by third parties, or raise additional funds for a period of 12 months from the issuance of these condensed consolidated financial statements, this raises substantial doubt about the Company’s ability to continue as a going concern. To alleviate this substantial doubt, the Company expects to generate sufficient cash flow from operations through increased use of its SPD Technology by existing licensees, through the Company entering into new license agreements, as well as through the collection of amounts owed to it, and, as a result, the Company does not expect that it will need to raise additional capital over the next 12 months. There is no assurance that the Company’s plans will be successful. The accompanying condensed consolidated financial statements have been prepared on the basis that the Company will continue as a going concern and do not include any adjustments that might result from these uncertainties.
Current wording
During the nine months ended September 30, 2026, the Company’s cash and cash equivalents balance decreased by $19,671 as a result of cash used to fund operations of $1,394,558, as well as cash used for the purchase of fixed assets of $113 partially offset by cash received from the sale of common stock and warrants of $1,375,000. As of September 30, 2026, the Company had cash and cash equivalents of approximately $0.6 million, working capital of $0.5 million and total shareholders’ equity of $0.6 million. Based upon the Company’s current working capital, recurring losses and negative cash flow from operations, if the Company is unable to generate sufficient cash from operating activities, collect amounts owed to it by third parties, or raise additional funds for a period of 12 months from the issuance of these condensed consolidated financial statements, this raises substantial doubt about the Company’s ability to continue as a going concern. To alleviate this substantial doubt, the Company expects to generate sufficient cash flow from operations through increased use of its SPD Technology by existing licensees, through the Company entering into new license agreements, as well as through the collection of amounts owed to it, and, depending upon the level and timing of collections of money owed or owing to it, the Company may need to raise additional capital over the next 12 months to fund working capital requirements. There is no assurance that the Company’s plans will be successful. The accompanying condensed consolidated financial statements have been prepared on the basis that the Company will continue as a going concern and do not include any adjustments that might result from these uncertainties.