Filing Flows › Research Frontiers (REFR) › Q4 2025
Research Frontiers (REFR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 5, 2026
Research Frontiers (REFR) reported revenue of $72K for the fourth quarter 2025 (Q4 2025), -60% from a year earlier and -80% from the quarter before.
Research Frontiers, Q4 2025: revenue $72K (-60% year over year), net loss $766K, operating cash flow −$466K. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $72K | -80% | -60% |
| Operating profit | −$774K | — | — |
| Net earnings | −$766K | — | — |
| Operating cash flow | −$466K | — | — |
What changed
Revenue was $72K in Q4 2025, down 60% year over year and down 80% from the previous quarter.
Operating costs exceeded revenue by $774K, an operating margin of -1072.5%. Total costs grew 5% against a revenue fall of 60%. The fastest-growing cost line was Other operating costs (+11%). The quarter ended with a net loss of $766K, wider than the previous quarter's $299K loss.
Operating cash flow was −$466K. Non-cash charges added back $3K of depreciation and amortization and $200K of share-based compensation. Working capital and other items added $97K. Capital expenditures of $0K exceeded it, leaving free cash flow of −$466K.
Questions
What was Research Frontiers' revenue in the fourth quarter 2025?
Research Frontiers (REFR) reported revenue of $72K for the fourth quarter 2025 (Q4 2025), -60% from a year earlier and -80% from the quarter before.
Source: Research Frontiers 10-K on SEC EDGAR.