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Research Frontiers (REFR) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Research Frontiers (REFR) Q3 2026 earnings results →
Q3 2026 Revenue down 79% year over year to $77K · 662¢ of every $1 of revenue lost · operating margin -672.5%
Research Frontiers made $77K in Q3 2026 (-79% Y/Y). Operating margin -672.5%, net loss $510K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $77K in Q3 2026, down 79% year over year and down 11% from the previous quarter.
Operating costs exceeded revenue by $518K, an operating margin of -672.5%. Total costs fell 10% while revenue fell 79%. The quarter ended with a net loss of $510K, narrower than the previous quarter's $660K loss.
Operating cash flow was −$443K. Non-cash charges added back $0K of depreciation and amortization. Working capital and other items added $67K. Capital expenditures of $0K exceeded it, leaving free cash flow of −$443K.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $77K | -79% | -672.5% | −$510K | −$443K |
| Q2 2026 | 10-Q | Aug 6, 2026 | $86K | -34% | -775.7% | −$660K | −$191K |
| Q1 2026 | 10-Q | May 8, 2026 | $136K | -76% | -389.1% | −$525K | −$760K |
| Q4 2025 | 10-K | Mar 5, 2026 | $72K | -60% | n/m | −$766K | −$466K |
| Q3 2025 | 10-Q | Nov 6, 2025 | $359K | +1% | -84.6% | −$299K | −$144K |
| Q2 2025 | 10-Q | Aug 7, 2025 | $130K | -74% | -627.5% | −$804K | −$78K |
| Q1 2025 | 10-Q | May 8, 2025 | $560K | +79% | -42.8% | −$178K | −$641K |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- GAUZ — 15% of its revenue · Stated in 10-K (sentence) · source
Research Frontiers against its Patent Owners & Lessors peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -79% against the peers' median -3%. Operating margin: -672.5% against the peers' median -4.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| REFR Research Frontiers | Q3 2026 | $77K | -79% | -672.5% |
| DLB Dolby Laboratories | Q3 FY26 | $305M | -3% | 11.3% |
| IDCC InterDigital | Q3 2026 | $193M | +18% | 51.4% |
| APPS Digital Turbine | Q1 FY27 | $166M | +27% | 13.9% |
| ACTG Acacia Research | Q3 2026 | $54.4M | -8% | -6.6% |
| JYNT Joint | Q3 2026 | $13.6M | +1% | 9.8% |
| RMCO Royalty Management Holding | Q2 2026 | $1.8M | +38% | -4.9% |
| AERA AI Era | Q3 FY26 | $1.5M | -19% | -85.2% |
| XELB XCel Brands | Q2 2026 | $1.1M | -15% | -141.4% |
Source: Research Frontiers 10-Q on SEC EDGAR · CIK 793524 · Patent Owners & Lessors
Guidance and outlook
13F: who owns REFR and who is buying
More on REFR
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results