Research Frontiers Incorporated
08/01/2024 | Press release | Distributed by Public on 08/01/2024 14:03
Research Frontiers Reports Second Quarter 2024 Financial Results and Will Host a Conference Call at 4:30p.m. Today
WOODBURY, N.Y., August 1, 2024(GLOBE NEWSWIRE) - Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its second 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, August 1, 2024, 4:30 PM ET
- Dial-in Information: 1-888-334-5785
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Replay: Available on Friday, August 2, 2024 for 90 days at https://smartglass-ir.com/
Key Comments:
- Fee income during the second quarter of 2024 increased by over 165% from the same period last year, and increased by 56% from the first quarter of this year as a result of higher royalties from the automotive and aircraft markets. Revenues were up 69% in calendar year 2023 compared to 2022, and the second quarter of 2024 marked Research Frontiers' sixth consecutive quarter of quarterly revenue growth from the same period in the prior year.
- 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.
- Total expenses during the second quarter of 2024 were approximately $105,000 lower than the same period last year, bringing the Company's net loss for the second quarter to $94,000 ($0.00 per share).
- At June 30, 2024, the Company had cash and cash equivalents of approximately $1.9 million, and working capital of $2.8 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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