Filing Flows › Research Frontiers (REFR) › Q3 2025
Research Frontiers (REFR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Research Frontiers (REFR) reported revenue of $359K for the third quarter 2025 (Q3 2025), +1% from a year earlier and +177% from the quarter before. Operating margin was -84.6%, net loss $299K (83.0% of revenue).
Research Frontiers, Q3 2025: revenue $359K (+1% year over year), operating margin -84.6%, net loss $299K, operating cash flow −$144K. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $359K | +177% | +1% |
| Operating profit | −$304K | — | — |
| Net earnings | −$299K | — | — |
| Operating cash flow | −$144K | — | — |
What changed
Revenue was $359K in Q3 2025, up 1% year over year and up 177% from the previous quarter.
Operating costs exceeded revenue by $304K, an operating margin of -84.6%. Total costs grew 13% against revenue growth of 1%. The fastest-growing cost line was Other operating costs (+15%). The quarter ended with a net loss of $299K, narrower than the previous quarter's $804K loss.
Operating cash flow was −$144K. Non-cash charges added back $3K of depreciation and amortization. Working capital and other items added $152K. Capital expenditures of $0K exceeded it, leaving free cash flow of −$144K.
Questions
What was Research Frontiers' revenue in the third quarter 2025?
Research Frontiers (REFR) reported revenue of $359K for the third quarter 2025 (Q3 2025), +1% from a year earlier and +177% from the quarter before.
Was Research Frontiers profitable in the third quarter 2025?
Operating loss was $304K (-84.6% of revenue) and net loss $299K.
Source: Research Frontiers 10-Q on SEC EDGAR.