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REFR 
Research Frontiers Incorporated (REFR)
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Upturn Advisory Summary
12/05/2025: REFR (1-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Analysis of Past Performance
Type Stock | Historic Profit 16.41% | Avg. Invested days 38 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  4.0 | Stock Returns Performance  2.0 |
| Profits based on simulation | Last Close 12/05/2025 |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 55.52M USD | Price to earnings Ratio - | 1Y Target Price 3 |
Price to earnings Ratio - | 1Y Target Price 3 | ||
Volume (30-day avg) - | Beta 0.07 | 52 Weeks Range 0.93 - 2.39 | Updated Date 06/29/2025 |
52 Weeks Range 0.93 - 2.39 | Updated Date 06/29/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) -0.04 |
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin -66.15% | Operating Margin (TTM) -42.8% |
Management Effectiveness
Return on Assets (TTM) -20.77% | Return on Equity (TTM) -37.98% |
Valuation
Trailing PE - | Forward PE - | Enterprise Value 55767782 | Price to Sales(TTM) 35.1 |
Enterprise Value 55767782 | Price to Sales(TTM) 35.1 | ||
Enterprise Value to Revenue 35.25 | Enterprise Value to EBITDA -24.11 | Shares Outstanding 33648200 | Shares Floating 28665929 |
Shares Outstanding 33648200 | Shares Floating 28665929 | ||
Percent Insiders 14.81 | Percent Institutions 16.53 |
Upturn AI SWOT
Research Frontiers Incorporated
Company Overview
History and Background
Research Frontiers Incorporated (REFR) was founded in 1965. The company is primarily known for developing and licensing patented "suspended particle device" (SPD) technology, which enables variable light transmission in windows, sunroofs, and other transparent surfaces. A significant milestone was the development and commercialization of SPD-Smartu00ae technology, which adapts to ambient light conditions and user control. The company has evolved from a research-focused entity to one that licenses its core technology to manufacturers across various industries.
Core Business Areas
- SPD Technology Licensing: Research Frontiers licenses its patented SPD technology to manufacturers who then produce and sell end products incorporating this variable light transmission capability. This includes automotive applications (sunroofs, windows), aerospace (aircraft windows), architectural (skylights, windows), and marine applications.
Leadership and Structure
Research Frontiers Incorporated operates with a lean management structure. The leadership typically includes a CEO, President, Chief Technology Officer, and other key executives responsible for R&D, licensing, and corporate strategy. The company largely relies on its extensive patent portfolio and its network of licensees for product development and market penetration.
Top Products and Market Share
Key Offerings
- SPD-Smartu00ae Technology: This is the core technology offered by Research Frontiers. It allows for tunable light transmission, blocking UV and IR light, and can be electronically controlled. Market share data for the technology itself is difficult to quantify as REFR licenses it to third parties who then sell the finished products. Competitors in the variable tinting space include electrochromic technology providers and traditional tinted glass manufacturers. Direct revenue for REFR comes from licensing fees and royalties. Specific revenue figures per technology application are not publicly detailed.
Market Dynamics
Industry Overview
The industries Research Frontiers serves, including automotive, architectural, and aerospace, are constantly seeking innovations in comfort, energy efficiency, and aesthetics. Demand for smart windows that can dynamically adjust tint is growing, driven by factors like energy savings (reduced HVAC load), glare reduction, and enhanced occupant comfort. The broader smart glass market is experiencing significant growth, with various technologies competing.
Positioning
Research Frontiers is positioned as a leading innovator and licensor of SPD technology. Its competitive advantages lie in its proprietary patent portfolio, long-standing expertise in SPD technology, and established relationships with manufacturers. The company's focus on licensing rather than manufacturing allows it to concentrate on R&D and IP protection, leveraging its partners for production and distribution.
Total Addressable Market (TAM)
The TAM for smart glass and window technologies is substantial and growing across automotive, architectural, and aerospace sectors. While specific TAM figures vary by source and segment, it is in the tens of billions of dollars globally. Research Frontiers, as a technology licensor, aims to capture a portion of this market through its licensee network. Its position is that of a key technology provider enabling a segment of this larger market.
Upturn SWOT Analysis
Strengths
- Proprietary and extensive patent portfolio for SPD technology.
- Long history and deep expertise in variable light transmission technology.
- Established relationships with key manufacturers in automotive, architectural, and aerospace sectors.
- Focus on R&D and IP protection.
- Technology offers energy efficiency and comfort benefits.
Weaknesses
- Reliance on third-party manufacturers for product development and sales.
- Limited direct market reach and brand recognition compared to large manufacturing firms.
- Potential for slower adoption rates compared to more established technologies.
- Susceptible to technological advancements from competitors.
- Historically, revenue has been inconsistent due to the nature of licensing agreements.
Opportunities
- Growing demand for smart windows in energy-efficient buildings and vehicles.
- Expansion into new geographical markets and emerging applications.
- Partnerships with new manufacturers to broaden product availability.
- Increased focus on sustainability and energy conservation driving adoption of energy-saving technologies.
- Potential for advancements in SPD technology leading to new functionalities and markets.
Threats
- Competition from other smart glass technologies (e.g., electrochromic, thermochromic).
- Changes in consumer preferences or industry standards.
- Intellectual property disputes or infringement.
- Economic downturns impacting manufacturing and construction sectors.
- Dependence on the success and market penetration of its licensees.
Competitors and Market Share
Key Competitors
- View, Inc. (VIEW)
- Corning Incorporated (GLW)
- Saint-Gobain S.A. (SGFRY - ADR for non-US)
- Asahi Glass Co., Ltd. (5201.T - ADR for non-US)
Competitive Landscape
Research Frontiers competes in the broader smart glass and dynamic tinting market. Its SPD technology offers unique benefits, but it faces competition from electrochromic (EC) and other emerging technologies. Larger, diversified companies like Corning and Saint-Gobain have significant resources, established manufacturing capabilities, and broad market access, presenting a formidable competitive challenge. Research Frontiers' advantage lies in its specialized SPD technology and its licensing model, allowing it to focus on IP and innovation.
Growth Trajectory and Initiatives
Historical Growth: Historical growth for Research Frontiers has been characterized by technological advancement and the expansion of its patent portfolio. Revenue growth has been uneven, tied to the adoption rates of its SPD technology by various industries and licensees. The company has demonstrated consistent investment in R&D, aiming to expand the applicability and performance of its core technology.
Future Projections: Future projections for Research Frontiers depend on the successful commercialization and widespread adoption of SPD technology across its target markets. Analyst estimates, if available, would likely focus on the increasing demand for smart glass solutions and the company's ability to secure new licensing agreements and expand existing ones. Growth is anticipated to be driven by innovation and market penetration within automotive, architectural, and aerospace sectors.
Recent Initiatives: Recent initiatives likely involve continued R&D to enhance SPD technology, seeking new licensees, and exploring partnerships to bring new applications to market. The company may also be focused on strengthening its intellectual property defenses and expanding its global licensing network.
Summary
Research Frontiers Incorporated (REFR) possesses strong intellectual property in its patented SPD technology, a key differentiator in the growing smart glass market. Its licensing model allows for strategic focus but results in inconsistent revenue and reliance on licensees' success, presenting a weakness. Opportunities for growth exist in expanding adoption across automotive, architectural, and aerospace sectors. However, REFR must vigilantly address competition from larger, well-resourced players and potential technological obsolescence to secure its long-term viability.
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Sources and Disclaimers
Data Sources:
- Company filings (e.g., SEC filings)
- Financial news and data providers
- Industry reports on smart glass and window technologies
Disclaimers:
This analysis is based on publicly available information and does not constitute financial advice. Market share data and financial metrics are estimates and may vary. Investors should conduct their own due diligence before making any investment decisions.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Research Frontiers Incorporated
Exchange NASDAQ | Headquaters Woodbury, NY, United States | ||
IPO Launch date 1993-12-20 | CEO, President, General Counsel, Corporate Secretary & Director Mr. Joseph M. Harary J.D. | ||
Sector Technology | Industry Electronic Components | Full time employees 6 | Website https://www.smartglass.com |
Full time employees 6 | Website https://www.smartglass.com | ||
Research Frontiers Incorporated, together with other subsidiary, engages in the development and marketing of technology and devices to control the flow of light worldwide. It develops and licenses suspended particle device (SPD-Smart) light-control technology to companies that manufacture and market the SPD-Smart chemical emulsion, light-control film made from the chemical emulsion, the light-control panels made by laminating the film, and electronics to power end-products incorporating the film, as well as lamination services for and the end-products, such as windows, skylights, and sunroofs. The company's SPD-Smart light-control technology is used in various product applications, including windows, sunshades, skylights, and interior partitions for homes and buildings; automotive windows, sunroofs, sun-visors, sunshades, rear-view mirrors, instrument panels, and navigation systems; aircraft windows; museum display panels, and eyewear products; and flat panel displays for electronic products. It serves architectural, automotive, marine, and aerospace and appliance applications. The company was incorporated in 1965 and is headquartered in Woodbury, New York.
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