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WOODBURY, N.Y., May 07, 2026 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its first quarter of 2026. Management will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial and operating results as well as recent developments.
| • | Who: Joseph M. Harary, President & CEO | |
| • | Date/Time: Thursday, May 7, 2026, 4:30 PM ET | |
| • | Dial-in Information:1-888-334-5785 | |
| • | Conference Link: https://join.broaddata.com/?id=research-frontiers | |
| • | Replay: Available on Friday, May 8, 2026 for 90 days at https://smartglass-ir.com/ |
Joseph M. Harary, President and CEO of Research Frontiers noted:
“First quarter reported revenues compared to the same period last year were affected by the timing of revenue recognition under our license agreements and the non-recurrence of upfront revenue recognized from a new license agreement entered into during the first quarter of 2025.”
“During the quarter, we made progress across multiple strategic initiatives. Automotive projects initiated in North America, Europe and Asia advanced forward in 2026. In addition, SPD-Smart electronically dimmable windows were produced for OEMs and other customers in the aircraft industry during the first and second quarter of 2026. We also advanced our SPD-Smart architectural retrofit initiatives, next-generation black SPD film technology, and additional SPD product and R&D initiatives.”
For more details, please see the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ending March 31, 2026.
About Research Frontiers
Research Frontiers (Nasdaq: REFR) is a publicly traded technology company and the developer of patented SPD-Smart light-control film technology that allows users to instantly, precisely and uniformly control the shading of glass or plastic products, either manually or automatically. Research Frontiers has licensed its smart glass technology to numerous companies that include well known chemical, material science and glass companies. Products using Research Frontiers’ smart glass technology are being used in tens of thousands of cars, aircraft, yachts, trains, homes, offices, museums and other buildings. For more information, please visit our website at www.SmartGlass.com, and on Facebook, Twitter, LinkedIn and YouTube.
Note: From time to time Research Frontiers may issue forward-looking statements which involve risks and uncertainties. This press release contains forward-looking statements. Actual results, especially those reliant on activities by third parties, could differ and are not guaranteed. Any forward-looking statements should be considered accordingly. “SPD-Smart” and “SPD-SmartGlass” are trademarks of Research Frontiers Inc.
CONTACT:
Joseph M. Harary
President and CEO
Research Frontiers Inc.
+1-516-364-1902
Info@SmartGlass.com
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Balance Sheets
| March 31, 2026 | December 31, 2025 | |||||||
| (Unaudited) | (See Note 1) | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,279,301 | $ | 664,299 | ||||
| Royalties receivable, net of reserves of $1,354,850 in 2026 and 2025, respectively | 544,985 | 408,666 | ||||||
| Prepaid expenses and other current assets | 192,457 | 70,969 | ||||||
| Total current assets | 2,016,743 | 1,143,934 | ||||||
| Fixed assets, net | 3,147 | 3,393 | ||||||
| Operating lease ROU assets | 1,004,671 | 1,048,352 | ||||||
| Deposits and other assets | 56,066 | 56,066 | ||||||
| Total assets | $ | 3,080,627 | $ | 2,251,745 | ||||
| Liabilities and Shareholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Current portion of operating lease liability | $ | 149,471 | $ | 146,043 | ||||
| Accounts payable | 101,112 | 132,666 | ||||||
| Accrued expenses | 65,524 | 19,168 | ||||||
| Total current liabilities | 316,107 | 297,877 | ||||||
| Operating lease liability, net of current portion | 981,259 | 1,020,242 | ||||||
| Total liabilities | 1,297,366 | 1,318,119 | ||||||
| Shareholders’ equity: | ||||||||
| Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 34,867,786 in 2026 and 33,648,221 in 2025 | 3,487 | 3,365 | ||||||
| Additional paid-in capital | 129,926,946 | 128,552,068 | ||||||
| Accumulated deficit | (128,147,172 | ) | (127,621,807 | ) | ||||
| Total shareholders’ equity | 1,783,261 | 933,626 | ||||||
| Total liabilities and shareholders’ equity | $ | 3,080,627 | $ | 2,251,745 | ||||
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Operations
(Unaudited)
| Three months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Fee income | $ | 136,319 | $ | 559,776 | ||||
| Operating expenses | 521,382 | 636,476 | ||||||
| Research and development | 145,350 | 162,877 | ||||||
| Total expenses | 666,732 | 799,353 | ||||||
| Operating loss | (530,413 | ) | (239,577 | ) | ||||
| Net interest income | 5,048 | 14,533 | ||||||
| Other income | - | 47,357 | ||||||
| Net loss | $ | (525,365 | ) | $ | (177,687 | ) | ||
| Basic and diluted net loss per common share | $ | (0.02 | ) | $ | (0.01 | ) | ||
| Weighted average number of common shares outstanding | 34,159,694 | 33,648,221 | ||||||
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Shareholders’ Equity
(Unaudited)
For the three months ended March 31, 2026 and 2025
| Common Stock | Additional | Accumulated | ||||||||||||||||||
| Shares | Amount | Paid-in Capital | Deficit | Total | ||||||||||||||||
| Balance, January 1, 2025 | 33,648,221 | $ | 3,365 | $ | 128,177,193 | $ | (125,576,223 | ) | $ | 2,604,335 | ||||||||||
| Net loss | - | - | - | (177,687 | ) | (177,687 | ) | |||||||||||||
| Balance, March 31, 2025 | 33,648,221 | $ | 3,365 | $ | 128,177,193 | $ | (125,753,910 | ) | $ | 2,426,648 | ||||||||||
| Balance, January 1, 2026 | 33,648,221 | $ | 3,365 | $ | 128,552,068 | $ | (127,621,807 | ) | $ | 933,626 | ||||||||||
| Issuance of common stock and warrants | 1,219,565 | 122 | 1,374,878 | - | 1,375,000 | |||||||||||||||
| Net loss | - | - | - | (525,365 | ) | (525,365 | ) | |||||||||||||
| Balance, March 31, 2026 | 34,867,786 | $ | 3,487 | $ | 129,926,946 | $ | (128,147,172 | ) | $ | 1,783,261 | ||||||||||
RESEARCH FRONTIERS INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| Three months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (525,365 | ) | $ | (177,687 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 313 | 3,080 | ||||||
| ROU asset amortization | 43,681 | 43,244 | ||||||
| Change in assets and liabilities: | ||||||||
| Royalty receivables | (136,319 | ) | (310,846 | ) | ||||
| Prepaid expenses and other assets | (121,488 | ) | (105,188 | ) | ||||
| Accounts payable and accrued expenses | 14,802 | (62,255 | ) | |||||
| Operating lease liability | (35,555 | ) | (31,619 | ) | ||||
| Net cash used in operating activities | (759,931 | ) | (641,271 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of fixed assets | (67 | ) | (110 | ) | ||||
| Net cash used in investing activities | (67 | ) | (110 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Net proceeds from sale of common stock and warrants | 1,375,000 | - | ||||||
| Net cash provided by financing activities | 1,375,000 | - | ||||||
| Net increase (decrease) in cash and cash equivalents | 615,002 | (641,381 | ) | |||||
| Cash and cash equivalents at beginning of period | 664,299 | 1,994,186 | ||||||
| Cash and cash equivalents at end of period | $ | 1,279,301 | $ | 1,352,805 | ||||
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