Research Frontiers Incorporated

11/07/2024 | Press release | Distributed by Public on 11/07/2024 15:01

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

WOODBURY, N.Y., November 7, 2024 (GLOBE NEWSWIRE) - Research Frontiers Inc. (Nasdaq: REFR) 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 https://smartglass-ir.com/

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.

  3. 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.

  5. 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 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
[email protected]

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