Research Frontiers Incorporated (REFR)

In the past six months, Research Frontiers' stock price has decreased significantly. The company reported weak financial results for fiscal year 2025, including a 16% decline in revenue and a net loss. Licensee bankruptcies and restructuring negatively impacted royalty recognition in 2025. Research Frontiers completed a private placement in February 2026. The Q4 2025 and Q1 2026 earnings calls also contributed to the stock's activity. The stock price has decreased by 42.4% since the beginning of 2026, trading at $0.7542 as of May 8, 2026.

Research Frontiers does not anticipate future sales to be seasonal due to its licensing business model and lack of order backlog. Seasonality analysis of REFR's historical stock price data suggests that September has the highest probability of positive returns at 60.00%, while May has a 36.36% probability, and February has the lowest at 18.18%.

Research Frontiers, Inc. (REFR) specializes in vision and light control technologies, particularly its patented Suspended Particle Device (SPD-Smart) light-control technology. The company operates under a licensing model, developing and licensing its technology to manufacturers of SPD-Smart chemical emulsion, light-control film, light-control panels, and the electronics to power end-products. Its technology is used in SPD-SmartGlass applications across transportation, architectural development, and specialty applications.

Research Frontiers' technology has a worldwide geographic footprint, with over 40 licensees operating globally. In 2025, international sales constituted 80% of the company's revenue. The company has strategic partnerships across North America, Europe, and Asia.

In the past year, Research Frontiers has received accolades for its smart glass technology, with strong industry interest in its SPD-SmartGlass. The company's technology is widely adopted across various sectors. Despite this positive industry recognition, the company has received a "Sell" consensus rating from one analyst based on a research report in the past 90 days.

Research Frontiers Incorporated has 37 institutional owners and shareholders, holding a total of 3,989,591 shares. Institutional investors own 11.49% of the stock, individual insiders own 33.83%, and retail investors hold 54.68%. Major institutional owners include We Are One Seven, LLC, Vanguard Group Inc, and BlackRock, Inc. Major individual insiders include Kevin Douglas (17.77% ownership), Eyal Peso (5.31% ownership), and Darryl Daigle (2.00% ownership).