REFR Research Frontiers Inc.

Research Frontiers Reports Third Quarter 2024 Financial Results and Will Host a Conference Call at 4:30p.m. Today

Research Frontiers Reports Third Quarter 2024 Financial Results and Will Host a Conference Call at 4:30p.m. Today

WOODBURY, N.Y., Nov. 07, 2024 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: ) announced its financial results for its third quarter of 2024. 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, November 7, 2024, 4:30 PM ET
 Dial-in Information:1-888-334-5785
 Replay: Available on Friday, November 8, 2024 for 90 days at
   

Key Comments:

1.Revenue Growth, Especially in the Automotive and Aircraft Markets



Research Frontiers royalty income increased by over 115% in the third quarter compared to last year, marking the seventh consecutive quarter of revenue growth from the same period in the prior year. The automotive and aircraft markets demonstrated particularly robust growth, each posting triple-digit percentage gains, fueling this upward trend. Research Frontiers’ revenue for the first nine months of 2024 surpassed total revenue for all of calendar year 2023, supported by strong growth across automotive, aircraft, and architectural markets. Total royalty income for the first nine months of 2024 rose by over 93% compared to the same period last year.



2.Expansion of Product Pipeline.



The Company expects revenue in all market segments to increase as new car models, aircraft, trains, architectural, information display and other products using the Company’s SPD-SmartGlass technology are introduced into the market. The Company anticipates multiple new car models featuring SPD-SmartGlass technology in 2025 from OEMs in Asia and Europe.



3.Operational Efficiencies and Financial Stability.



Expenses decreased by approximately $92,000 for the third quarter and by over $150,000 for the nine month period ending September 30, 2024. These efficiencies, combined with rising revenue, reduced the Company’s quarterly net loss to $0.00 per share in the third quarter and $0.02 per share for the nine months ending September 30, 2024. At September 30, 2024, the Company had cash and cash equivalents of approximately $1.65 million, and working capital of $2.7 million. The Company has no debt and expects to have sufficient working capital for at least the next five years of operations.
  

For more details, please see the Company’s Quarterly Report on Form 10-Q which was filed today with the SEC, the contents of which are incorporated by reference herein.

About Research Frontiers

Research Frontiers (Nasdaq: REFR) is a publicly traded technology company and the developer of patented SPD-Smart light-control film technology which 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 , and on , , and .

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.





RESEARCH FRONTIERS INCORPORATED

Condensed Consolidated Balance Sheets

  September 30, 2024

(Unaudited)
  December 31, 2023

(See Note 1)
 
       
Assets      
Current assets:        
Cash and cash equivalents $1,647,987  $2,475,958 
Royalties receivable, net of reserves of $1,253,450 in 2024 and 2023, respectively  1,048,008   1,003,404 
Prepaid expenses and other current assets  154,727   96,784 
Total current assets  2,850,722   3,576,146 
         
Fixed assets, net  20,758   39,598 
Operating lease ROU assets  71,486   178,715 
Deposits and other assets  56,066   56,066 
Total assets $2,999,032  $3,850,525 
         
Liabilities and Shareholders’ Equity        
         
Current liabilities:        
Current portion of operating lease liability $109,968  $212,359 
Accounts payable  34,306   50,880 
Accrued expenses  31,799   14,192 
Total current liabilities  176,073   277,431 
         
Operating lease liability, net of current portion  -   55,363 
Total liabilities  176,073   332,794 
         
Shareholders’ equity:        
Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 33,517,787 in 2024 and 33,509,287 in 2023  3,352   3,351 
Additional paid-in capital  127,787,890   127,779,221 
Accumulated deficit  (124,968,283)  (124,264,841)
Total shareholders’ equity  2,822,959   3,517,731 
         
Total liabilities and shareholders’ equity $2,999,032  $3,850,525 



RESEARCH FRONTIERS INCORPORATED

Condensed Consolidated Statements of Operations

(Unaudited)

  Nine months ended September 30,  Three months ended September 30, 
  2024  2023  2024  2023 
             
Fee income $1,157,380  $597,362  $354,408  $164,146 
                 
Operating expenses  1,565,152   1,695,129   454,866   542,635 
Research and development  409,817   430,150   131,246   135,319 
Total expenses  1,974,969   2,125,279   586,112   677,954 
                 
Operating loss  (817,589)  (1,527,917)  (231,704)  (513,808)
                 
Net investment income  78,995   99,463   29,736   41,642 
Other income  35,152   -   35,152   - 
                 
Net loss $(703,442) $(1,428,454) $(166,816) $(472,166)
                 
Basic and diluted net loss per common share $(0.02) $(0.04) $(0.00) $(0.01)
                 
Weighted average number of common shares outstanding  33,515,327   33,435,074   33,517,787   33,509,287 



RESEARCH FRONTIERS INCORPORATED

Condensed Consolidated Statements of Shareholders’ Equity

(Unaudited)

For the nine months ended September 30, 2023 and 2024

  Common Stock  Additional

Paid-in
  Accumulated    
  Shares  Amount  Capital  Deficit  Total 
                
Balance, January 1, 2023  33,150,396  $3,315  $127,150,027  $(122,356,477) $4,796,865 
                     
Exercise of warrants  358,891   36   484,466   -   484,502 
Net loss  -   -   -   (1,428,454)  (1,428,454)
Balance, September 30, 2023  33,509,287  $3,351  $127,634,493  $(123,784,931) $3,852,913 



  Common Stock  Additional

Paid-in
  Accumulated    
  Shares  Amount  Capital  Deficit  Total 
                
Balance, January 1, 2024  33,509,287  $3,351  $127,779,221  $(124,264,841) $3,517,731 
                     
Exercise of options  8,500   1   8,669   -   8,670 
Net loss  -   -   -   (703,442)  (703,442)
Balance, September 30, 2024  33,517,787  $3,352  $127,787,890  $(124,968,283) $2,822,959 



For the three months ended September 30, 2023 and 2024

  Common Stock  Additional

Paid-in
  Accumulated    
  Shares  Amount  Capital  Deficit  Total 
                
Balance, June 30, 2023  33,509,287  $3,351  $127,634,493  $(123,312,765) $4,325,079 
                     
Net loss  -   -   -   (472,166)  (472,166)
Balance, September 30, 2023  33,509,287  $3,351  $127,634,493  $(123,784,931) $3,852,913 



  Common Stock  Additional

Paid-in
  Accumulated    
  Shares  Amount  Capital  Deficit  Total 
                
Balance, June 30, 2024  33,517,787  $3,352  $127,787,890  $(124,801,467) $2,989,775 
                     
                     
Net loss  -   -   -   (166,816)  (166,816)
Balance, September 30, 2024  33,517,787  $3,352  $127,787,890  $(124,968,283) $2,822,959 



RESEARCH FRONTIERS INCORPORATED

Condensed Consolidated Statements of Cash Flows

(Unaudited)

  For the nine months ended September 30, 
  2024  2023 
Cash flows from operating activities:        
Net loss $(703,442) $(1,428,454)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization  19,582   20,489 
Realized gain on marketable securities  -   (26,375)
Unrealized gain on marketable securities  -   (30,399)
ROU asset amortization  107,229   109,051 
Credit loss expense  25,001   95,000 
Change in assets and liabilities:        
Royalty receivables  (69,605)  (226,645)
Prepaid expenses and other assets  (57,943)  (63,612)
Accounts payable and accrued expenses  1,033   (52,784)
Deferred revenue  -   3,735 
Operating lease liability  (157,754)  (146,323)
Net cash used in operating activities  (835,899)  (1,746,317)
         
Cash flows from investing activities:        
Purchases of fixed assets  (742)  (1,265)
Purchases of marketable securities  -   (5,434,386)
Sales of marketable securities  -   2,991,535 
Net cash used in investing activities  (742)  (2,444,116)
         
Cash flows from financing activities:        
Net proceeds from exercise of options and warrants  8,670   484,502 
Net cash provided by financing activities  8,670   484,502 
         
Net decrease in cash and cash equivalents  (827,971)  (3,705,931)
         
Cash and cash equivalents at beginning of period  2,475,958   4,230,916 
Cash and cash equivalents at end of period $1,647,987  $524,985 


EN
07/11/2024

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