Filing Flows › Research Frontiers (REFR) › Q2 2025
Research Frontiers (REFR) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Research Frontiers (REFR) reported revenue of $130K for the second quarter 2025 (Q2 2025), -73% from a year earlier and -77% from the quarter before. Operating margin was -627.5%, net loss $804K (618.8% of revenue).
Research Frontiers, Q2 2025: revenue $130K (-74% year over year), operating margin -627.5%, net loss $804K, operating cash flow −$78K. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $130K | -77% | -73% |
| Operating profit | −$815K | — | — |
| Net earnings | −$804K | — | — |
| Operating cash flow | −$78K | — | — |
What changed
Revenue was $130K in Q2 2025, down 73% year over year and down 77% from the previous quarter.
Operating costs exceeded revenue by $815K, an operating margin of -627.5%. Total costs grew 56% against a revenue fall of 73%. The fastest-growing cost line was Other operating costs (+63%). The quarter ended with a net loss of $804K, wider than the previous quarter's $178K loss.
Operating cash flow was −$78K. Non-cash charges added back $3K of depreciation and amortization. Working capital and other items added $722K. Capital expenditures of $0K exceeded it, leaving free cash flow of −$79K.
Questions
What was Research Frontiers' revenue in the second quarter 2025?
Research Frontiers (REFR) reported revenue of $130K for the second quarter 2025 (Q2 2025), -73% from a year earlier and -77% from the quarter before.
Was Research Frontiers profitable in the second quarter 2025?
Operating loss was $815K (-627.5% of revenue) and net loss $804K.
Source: Research Frontiers 10-Q on SEC EDGAR.