RESEARCH FRONTIERS INC
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
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.
Jun 30, 2025 · Filed Aug 7, 2025
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 2025-03-31; filed 2025-05-08.
0001641172-25-009244
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001641172-25-022577
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 25 previous paragraphs and 31 current paragraphs.
18 unchanged; 5 reworded; 6 added; 2 removed; 0 previous and 2 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 (6)
Current report
The Company’s fee income from licensing activities for the three months ended June 30, 2025 was $129,904 as compared to $489,594 for the three months ended June 30, 2024. This decrease in fee income of $359,690 (73%) was primarily the result of lower royalties from the automotive market as compared to the second quarter of 2024. 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. The Company has not booked any royalty income in the second quarter of 2025 from one of its European licensees that has in the past supplied Ferrari with SPD-SmartGlass sunroofs because of workforce reductions and a bankruptcy filing by this licensee in Europe. This has caused the reported royalty income in the second quarter of 2025 to be lower. In anticipation of this, Ferrari has fully transitioned its business for SPD-SmartGlass to another one of the Company’s existing licensees in Europe, and production by this additional licensee for Ferrari has already commenced.
Current report
Operating expenses increased by $299,024 for the three months ended June 30, 2025 to $775,922 from $476,898 for the three months ended June 30, 2024. This increase is primarily the result of higher non-cash compensation cost ($165,000) recorded during the period related to a grant of stock options to the Company’s employees and directors as well as higher credit loss expense ($124,000).
Current report
Research and development expenditures increased by $40,256 to $169,086 for the three months ended June 30, 2025 from $128,830 for the three months ended June 30, 2024. This increase is primarily a result of higher allocated occupancy costs ($19,000), higher materials and other costs ($14,000) as well as higher non-cash compensation cost of $10,000 recorded during the period related to a grant of stock options to the Company’s employees.
Current report
Six months ended June 30, 2025 compared to the six months ended June 30, 2024
Current report
Operating expenses increased by $302,113 for the six months ended June 30, 2025 to $1,412,398 from $1,110,285 for the six months ended June 30, 2024. This increase is the result of higher non-cash compensation cost of $165,000 recorded during the period related to a grant of stock options to the Company’s employees and directors, higher professional fees ($19,000) as well as higher occupancy costs ($10,000) and higher credit loss expense ($124,000), partially offset by lower marketing and investor relations costs ($20,000).
Current report
Research and development expenditures increased by $53,392 to $331,963 for the six months ended June 30, 2025 from $278,571 for the six months ended June 30, 2024. This increase is primarily a result of higher allocated occupancy costs ($37,000) as well as higher non-cash compensation cost of $10,000 recorded during the period related to a grant of stock options to the Company’s employees.
Removed paragraphs (2)
Previous report
Operating expenses increased by $3,089 for the three months ended March 31, 2025 to $636,476 from $633,387 for the three months ended March 31, 2024. This increase is the result of higher payroll costs ($40,000) as well as higher allocated occupancy costs ($8,000) partially offset by lower marketing and investor relations costs ($20,000), lower patent costs ($8,000) and lower allocated insurance costs ($8,000).
Previous report
Research and development expenditures increased by $13,136 to $162,877 for the three months ended March 31, 2025 from $149,741 for the three months ended March 31, 2024. This increase is primarily a result of higher allocated occupancy costs ($18,000) partially offset by lower allocated insurance costs ($6,000).
Reworded paragraphs (5)
Previous wording
The Company’s net investment income, consisting of interest income, for the three months ended March 31, 2025 was $14,533 as compared to income of $27,146 for the three months ended March 31, 2024 with the change due to lower cash balances available for investment.
Current wording
The Company’s net interest income, consisting of interest income, for the three months ended June 30, 2025 was $11,278 as compared to income of $22,112 for the three months ended June 30, 2024 with the change due to lower cash balances available for investment.
Previous wording
As a consequence of the factors discussed above, the Company’s net loss was $177,687 ($0.01 per common share) for the three months ended March 31, 2025 as compared to net loss of $442,604 ($0.01 per common share) for the three months ended March 31, 2024.
Current wording
As a consequence of the factors discussed above, the Company’s net loss was $803,826 ($0.02 per common share) for the three months ended June 30, 2025 as compared to a net loss of $94,022 ($0.00 per common share) for the three months ended June 30, 2024.
Previous wording
The Company’s fee income from licensing activities for the three months ended March 31, 2025 was $559,776 as compared to $313,378 for the three months ended March 31, 2024. This increase in fee income of $246,398 (79%) was primarily the result of higher royalties from the automotive market as compared to the first quarter of 2024. The Company expects revenue in all market segments to increase further 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 six months ended June 30, 2025 was $689,680 as compared to $802,972 for the six months ended June 30, 2024. This decrease in fee income of $113,292 (14%) was primarily the result of lower royalties from the automotive market as compared to the first six months of 2024. 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. The Company has not booked any royalty income in the second quarter of 2025 from one of its European licensees that has in the past supplied Ferrari with SPD-SmartGlass sunroofs because of workforce reductions and a bankruptcy filing by this licensee in Europe. This has caused the reported royalty income in the second quarter of 2025 to be lower. In anticipation of this, Ferrari has fully transitioned its business for SPD-SmartGlass to another one of the Company’s existing licensees in Europe, and production by this additional licensee for Ferrari has already commenced.
Previous wording
The Company recorded $47,357 of other income for the three months ended March 31, 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 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.
Previous wording
During the three months ended March 31, 2025, the Company’s cash and cash equivalents balance decreased by $641,381 as a result of cash used to fund operations of $641,271 and cash used to purchase fixed assets of $110. As of March 31, 2025, the Company had cash and cash equivalents of approximately $1.4 million, working capital of $2.3 million and total shareholders’ equity of $2.4 million.
Current wording
During the six months ended June 30, 2025, the Company’s cash and cash equivalents balance decreased by $719,910 as a result of cash used to fund operations of $719,701 and cash used to purchase fixed assets of $209. As of June 30, 2025, the Company had cash and cash equivalents of approximately $1.3 million, working capital of $1.7 million and total shareholders’ equity of $1.8 million.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
The Company’s net interest income, consisting of interest income, for the six months ended June 30, 2025 was $25,811 as compared to income of $49,258 for the six months ended June 30, 2024 with the change due to lower cash balances available for investment.
Current report — wording carried from elsewhere
As a consequence of the factors discussed above, the Company’s net loss was $981,513 ($0.03 per common share) for the six months ended June 30, 2025 as compared to net loss of $536,626 ($0.02 per common share) for the six months ended June 30, 2024.