Filing Flows › Research Frontiers (REFR) › Q1 2025
Research Frontiers (REFR) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Research Frontiers (REFR) reported revenue of $560K for the first quarter 2025 (Q1 2025), +79% from a year earlier and +214% from the quarter before. Operating margin was -42.8%, net loss $178K (31.7% of revenue).
Research Frontiers, Q1 2025: revenue $560K (+79% year over year), operating margin -42.8%, net loss $178K, operating cash flow −$641K. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $560K | +214% | +79% |
| Operating profit | −$240K | — | — |
| Net earnings | −$178K | — | — |
| Operating cash flow | −$641K | — | — |
What changed
Revenue was $560K in Q1 2025, up 79% year over year and up 214% from the previous quarter.
Operating costs exceeded revenue by $240K, an operating margin of -42.8%. Total costs grew 2% against revenue growth of 79%. The quarter ended with a net loss of $178K, narrower than the previous quarter's $608K loss. Non-operating items added $62K, -35% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$641K. Non-cash charges added back $3K of depreciation and amortization. Working capital and other items used $467K. Capital expenditures of $0K exceeded it, leaving free cash flow of −$641K.
Questions
What was Research Frontiers' revenue in the first quarter 2025?
Research Frontiers (REFR) reported revenue of $560K for the first quarter 2025 (Q1 2025), +79% from a year earlier and +214% from the quarter before.
Was Research Frontiers profitable in the first quarter 2025?
Operating loss was $240K (-42.8% of revenue) and net loss $178K.
Source: Research Frontiers 10-Q on SEC EDGAR.