Research Frontiers (REFR)
Licenses SPD light-control technology for automotive, aerospace, and architectural glass.
Something off on this page? Send us feedback.
Licenses SPD light-control technology for smart glass, earning fees and royalties while licensees manufacture and sell finished systems across transportation, buildings, marine, and displays. Its asset-light model leaves production, qualification, and end-market execution with licensees.
Licenses suspended-particle-device (SPD) light-control technology rather than manufacturing the underlying film or glass. Licensees synthesize SPD chemistry, coat film, laminate smart glass, build electronics and controllers, and sell finished systems; the company coordinates development and earns license fees and royalties on SPD-SmartGlass sales.
Serves automotive glazing, electronically dimmable aircraft windows, architectural retrofit glass, marine, display, and specialty-transportation applications. Current or recently discussed automotive programs include Ferrari and Cadillac Celestiq, while Vision Systems handles aerospace programs. SPD emulsion production continues in Israel and film production in Germany.
Depends on licensees to manufacture, qualify, finance, and sell products, while automotive launches depend on OEM timing, testing, supply-chain coordination, and licensee selection. Minimum annual royalty obligations and upfront license consideration can make reported revenue differ from end-market activity.
Company facts
No analyst consensus on record.
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.1M · Total debt $1.1M · Total assets $2.5M · Shareholders' equity $1.1M
- Revenue
- $86.3K
- Operating income
- −$669.8K
- Net income
- −$660.2K
No dividends on record.
| Institutions | 10.54% | 3.68M shares | |
|---|---|---|---|
| 36 holders · as of Jun 30, 2026 | |||
| Insiders | 23.54% | 8.21M shares | |
| 3 holders · as of Oct 17, 2025 | |||
| Strategic holders | 6.12% | 2.13M shares | |
| 1 holder · as of Jul 8, 2019 | |||
| Other | 59.80% | 20.85M shares | |
| remainder | |||
34.87M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
John BurbankInsider | 11.63% | 4.05M | filed Jan 24, 2024 |
Morgan Stephen L.Insider | 6.68% | 2.33M | filed Oct 17, 2025 |
Gauzy Ltd.Strategic | 6.12% | 2.13M | filed Jul 8, 2019 |
Kevin Douglas1Insider10 percent owner | 5.23% | 1.82M | filed Jan 25, 2021 |
Mgo One Seven LLCInstitution | 2.54% | 886,602 | as of Jun 30, 2026 |
- Kevin Douglas's transaction reports restate only vehicles that traded; the 2021 ownership statement (1.82M) is used instead.
Insider tradesForm 4
No open-market trades in the last 12 months.
