Research Frontiers Incorporated (REFR) Bundle
An Overview of Research Frontiers Incorporated (REFR)
General Summary of Research Frontiers Incorporated
Research Frontiers Incorporated (REFR) is a publicly traded company focused on the development and commercialization of suspended particle device (SPD) technology, which allows for the control of light and heat. Founded in 1965, the company has pioneered the use of its SPD technology in various applications, including automotive windows, architectural glass, and aerospace. The SPD-SmartGlass technology enables users to adjust the transparency of glass, enhancing energy efficiency and comfort in both residential and commercial settings.
As of 2024, the company's sales are primarily driven by licensing agreements with manufacturers in the automotive and architectural sectors, with growing interest from aerospace and marine markets. The total fee income from licensing activities for the nine months ended September 30, 2024, was approximately $1,157,380, compared to $597,362 for the same period in 2023, reflecting a significant growth trajectory.
Company's Financial Performance in the Latest Financial Reports
Research Frontiers has shown impressive financial performance in its latest reports. For the three months ending September 30, 2024, the company reported a fee income from licensing activities of $354,408, a remarkable increase from $164,146 in the same quarter of the previous year, marking a growth of 116%.
The net loss for the three months ended September 30, 2024, was $166,816 ($0.00 per common share), compared to a net loss of $472,166 ($0.01 per common share) for the same period in 2023. For the nine months ended September 30, 2024, the net loss was $703,442 ($0.02 per common share), significantly improved from $1,428,454 ($0.04 per common share) in 2023.
Below is a summary of the financial performance data for Research Frontiers Incorporated:
| Financial Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Fee Income | $354,408 | $164,146 | $1,157,380 | $597,362 |
| Net Loss | $166,816 | $472,166 | $703,442 | $1,428,454 |
| Basic Loss per Share | $0.00 | $0.01 | $0.02 | $0.04 |
The company has maintained a strong focus on reducing operating expenses, which decreased from $1,695,129 in the first nine months of 2023 to $1,565,152 in 2024. Research and development expenditures also saw a slight decline from $430,150 to $409,817 during the same period, reflecting a strategic focus on efficiency.
Introduction to Company as One of the Leading Companies in the Industry
Research Frontiers Incorporated stands out as a leader in the SPD technology industry, with its innovative solutions being adopted across various sectors. The company's proprietary technology is utilized in a wide range of products including SPD-Smart windows, sunshades, and automotive applications, positioning it as a critical player in the growing smart glass market.
With a strong market presence and a growing portfolio of licensing agreements, Research Frontiers is well-positioned to capitalize on the increasing demand for energy-efficient and versatile glass solutions. The automotive market is expected to be a significant driver of revenue, with new car models integrating SPD technology to enhance user experience and energy efficiency.
As of September 30, 2024, the company had approximately $1.6 million in cash and cash equivalents, $2.7 million in working capital, and total shareholders' equity of $2.8 million, reflecting a stable financial position to support future growth initiatives.
Mission Statement of Research Frontiers Incorporated (REFR)
Mission Statement of Research Frontiers Incorporated (REFR)
The mission statement of Research Frontiers Incorporated (REFR) serves as a guiding principle for the company, outlining its commitment to innovation, quality, and service in the technology sector. The mission emphasizes the development and marketing of technology that controls the flow of light, specifically through suspended particle devices (SPDs). This focus is crucial as it aligns with the company's long-term objectives and strategic goals.
Core Component 1: Innovation
Innovation is a central pillar of REFR's mission. The company is dedicated to advancing its SPD technology, which allows users to control light dynamically. In the nine months ended September 30, 2024, REFR reported a fee income from licensing activities of $1,157,380, a significant increase from $597,362 in the same period of 2023. This growth is attributed to higher royalties from automotive, aircraft, and architectural markets, showcasing the impact of innovative product development on revenue generation.
Core Component 2: Quality
Quality is emphasized in REFR's mission statement, reflecting its commitment to delivering high-quality products and services to its customers. The company's SPD technology is utilized in various applications, including automotive windows and architectural products. The company’s operating expenses decreased to $1,565,152 for the nine months ended September 30, 2024, compared to $1,695,129 in 2023, indicating improved operational efficiency while maintaining product quality.
Core Component 3: Customer Focus
Customer focus is another critical element of REFR's mission. The company aims to build strong relationships with its licensees and customers, ensuring that their needs are met through its innovative products. As of September 30, 2024, REFR had a working capital of approximately $2.7 million and cash and cash equivalents of about $1.6 million, which provides the necessary resources to support customer engagement and satisfaction efforts.
| Financial Metric | 2024 (Nine Months) | 2023 (Nine Months) | Change (%) |
|---|---|---|---|
| Fee Income from Licensing Activities | $1,157,380 | $597,362 | 94% |
| Operating Expenses | $1,565,152 | $1,695,129 | -8% |
| Net Loss | $(703,442) | $(1,428,454) | 51% |
| Cash and Cash Equivalents | $1,647,987 | $524,985 | 213% |
| Working Capital | $2,700,000 (approx.) | Not disclosed | NA |
Vision Statement of Research Frontiers Incorporated (REFR)
Vision of Research Frontiers Incorporated
The vision statement of Research Frontiers Incorporated (REFR) as of 2024 highlights its commitment to becoming a leader in the light control technology sector, specifically through the advancement and commercialization of SPD-SmartGlass technology. The company aims to enhance user experiences across various industries, including automotive, architectural, and aerospace markets, by integrating innovative technologies that improve energy efficiency and comfort.
Commitment to Innovation
Research Frontiers is dedicated to continuous innovation in the field of light control. In the nine months ended September 30, 2024, the company reported fee income from licensing activities of $1,157,380, a significant increase of 94% compared to $597,362 in the same period of 2023. This growth is largely attributed to higher royalties from automotive and architectural markets, demonstrating the effectiveness of their innovative approach.
Market Expansion Goals
The vision statement emphasizes the company's goal to expand its market reach. As of September 30, 2024, Research Frontiers had approximately $1.6 million in cash and cash equivalents, alongside working capital of $2.7 million. This financial positioning supports their strategic initiatives to penetrate new markets and strengthen existing relationships with licensees, particularly in the automotive sector, which is expected to be the largest source of royalty income going forward.
Sustainability and Energy Efficiency
Research Frontiers is also focused on sustainability through its technology. SPD-SmartGlass is designed to enhance energy efficiency by controlling light and heat, thus reducing reliance on artificial climate control systems. The company’s vision includes contributing to greener building designs and smarter vehicles that prioritize energy conservation, aligning with global sustainability trends.
Financial Performance Overview
| Financial Metric | 2024 (Nine Months) | 2023 (Nine Months) | Change (%) |
|---|---|---|---|
| Fee Income | $1,157,380 | $597,362 | 94% |
| Operating Expenses | $1,565,152 | $1,695,129 | -8% |
| Net Loss | $(703,442) | $(1,428,454) | 51% |
| Research & Development Expenditures | $409,817 | $430,150 | -5% |
The financial data reflects Research Frontiers' focus on maintaining a sustainable operating model while fostering innovation. The reduction in operating expenses and improvement in net loss position the company favorably as it pursues its vision of market leadership in light control technologies.
Long-Term Strategic Partnerships
As part of its vision, Research Frontiers aims to build and sustain long-term partnerships with key players in various industries. The company recognizes that collaborative efforts can enhance product development and accelerate market entry. As of September 30, 2024, four licensees accounted for approximately 32%, 31%, 10%, and 10% of the company's fee income, indicating a diversified and strategic partnership landscape.
Conclusion
The vision statement of Research Frontiers Incorporated for 2024 encapsulates its ambition to lead in light control technology by focusing on innovation, market expansion, sustainability, and strategic partnerships. The company's financial metrics and market initiatives reflect a robust framework aimed at achieving these strategic objectives.
Core Values of Research Frontiers Incorporated (REFR)
Integrity
Research Frontiers Incorporated (REFR) places a strong emphasis on integrity as a core value. This commitment is evident in its transparent financial practices and adherence to ethical standards in all operations.
For instance, the company's financial statements for the nine months ended September 30, 2024, showed a net loss of $703,442, compared to a net loss of $1,428,454 for the same period in 2023. This improvement demonstrates a commitment to transparency and accountability in financial reporting.
Innovation
Innovation is at the heart of Research Frontiers' mission, driving the development of its SPD-SmartGlass technology. The company invests significantly in research and development, with expenditures of $409,817 for the nine months ending September 30, 2024.
Additionally, the company has seen a 94% increase in fee income from licensing activities, reaching $1,157,380 for the nine months ended September 30, 2024. This surge reflects the successful introduction of new automotive and architectural products utilizing its innovative technology.
Customer Focus
Customer focus is another core value that Research Frontiers embodies through its commitment to meeting the needs of its licensees. The company has structured its licensing agreements to ensure that licensees benefit from the latest developments in SPD technology.
As of September 30, 2024, two licensees accounted for approximately 68% of the company's fee income. This highlights the importance of fostering strong relationships with key partners and adapting to their evolving needs.
Collaboration
Collaboration is crucial in Research Frontiers' approach to business, particularly in its partnerships with licensees and stakeholders. The company actively collaborates with leading manufacturers in various sectors, including automotive and architecture, to integrate its SPD technology into their products.
Research Frontiers has established a license agreement with Gauzy, which has been in effect since September 2017, contributing significantly to the company's revenue. This partnership showcases the company's ability to leverage collaborative efforts for mutual growth.
Excellence
Excellence is a guiding principle for Research Frontiers, reflected in its pursuit of high-quality standards in technology and service delivery. The company has consistently focused on enhancing its SPD technology, which is used in various high-end applications, such as automotive windows and architectural installations.
The company's total assets as of September 30, 2024, were approximately $2.99 million, demonstrating a solid financial foundation that supports its commitment to excellence in product development and customer satisfaction.
| Core Value | Description | Financial Example |
|---|---|---|
| Integrity | Commitment to transparency and ethical standards. | Net loss of $703,442 for nine months ended September 30, 2024. |
| Innovation | Driving development of SPD-SmartGlass technology. | R&D expenditures of $409,817 for nine months ended September 30, 2024. |
| Customer Focus | Meeting the needs of licensees and partners. | 68% of fee income from two licensees as of September 30, 2024. |
| Collaboration | Building strong partnerships for mutual growth. | Significant revenue contribution from Gauzy license agreement. |
| Excellence | Pursuing high-quality standards in technology. | Total assets of approximately $2.99 million as of September 30, 2024. |
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Resources:
- Research Frontiers Incorporated (REFR) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Research Frontiers Incorporated (REFR)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Research Frontiers Incorporated (REFR)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.