Research Frontiers Reports First Quarter 2023 Financial Results and Will Host a Conference Call at 4:30p.m. Today

Woodbury, New York, UNITED STATES

WOODBURY, N.Y., May 04, 2023 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its first quarter 2023. Management will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial and operating results as well as recent developments.

 Who: Joseph M. Harary, President & CEO
 Date/Time: May 4, 2023, 4:30 PM ET
 Dial-in Information:1-888-334-5785
 Replay: Available on Friday, May 5, 2023 for 90 days at

Key Comments:

1.Car models from Cadillac, Ferrari, McLaren and at least one other Asian car manufacturer are expected to be introduced into serial production in 2023 using Research Frontiers patented SPD-SmartGlass technology in their panoramic glass roofs.
2.The Company’s fee income from licensing activities for the three months ended March 31, 2023 increased by 43% to $248,175 as compared to $173,828 for the three months ended March 31, 2022. Compared to the fourth quarter ending December 31, 2022, fee income in the first quarter of 2023 increased by 91% from $129,904. This increase in fee income was primarily the result of higher royalties from the automotive and aircraft markets, both as compared to the first quarter of 2022 as well as the most recently completed fourth quarter of 2022.
3.The Company expects revenue in all market segments to increase as new car models, aircraft, trains and other products using the Company’s SPD-SmartGlass technology are introduced into the market.
4.At March 31, 2023, the Company had cash and cash equivalents and marketable securities of approximately $4.1 million, and working capital of $4.6 million. The Company has no debt and expects to have sufficient working capital for at least the next five years of operations.

For more details, please see the Company’s Annual Report on Form 10-Q which was filed today with the SEC, the contents of which are incorporated by reference herein.

About Research Frontiers

Research Frontiers (Nasdaq: REFR) is a publicly traded technology company and the developer of patented SPD-Smart light-control film technology which allows users to instantly, precisely and uniformly control the shading of glass or plastic products, either manually or automatically. Research Frontiers has licensed its smart glass technology to over 40 companies that include well known chemical, material science and glass companies. Products using Research Frontiers’ smart glass technology are being used in tens of thousands of cars, aircraft, yachts, trains, homes, offices, museums and other buildings. For more information, please visit our website at, and on Facebook, Twitter, LinkedIn and YouTube.

Note: From time to time Research Frontiers may issue forward-looking statements which involve risks and uncertainties. This press release contains forward-looking statements. Actual results, especially those reliant on activities by third parties, could differ and are not guaranteed. Any forward-looking statements should be considered accordingly. “SPD-Smart” and “SPD-SmartGlass” are trademarks of Research Frontiers Inc. Celestiq is a trademark of General Motors.

Joseph M. Harary
President and CEO
Research Frontiers Inc.

Condensed Consolidated Balance Sheets

  March 31, 2023
  December 31, 2022

Current assets:        
Cash and cash equivalents $1,152,433  $4,230,916 
Marketable securities  2,988,060   - 
Royalties receivable, net of reserves of $1,153,450 in 2023 and $1,158,450 in 2022, respectively  683,863   589,599 
Prepaid expenses and other current assets  93,188   100,973 
Total current assets  4,917,544   4,921,488 
Fixed assets, net  59,274   65,388 
Operating lease ROU assets  286,551   323,509 
Deposits and other assets  56,066   56,066 
Total assets $5,319,435  $5,366,451 
Liabilities and Shareholders’ Equity        
Current liabilities:        
Current portion of operating lease liability $199,672  $196,405 
Accounts payable  25,440   71,079 
Accrued expenses and other  46,730   34,379 
Deferred revenue  11,921   - 
Total current liabilities  283,763   301,863 
Operating lease liability, net of current portion  216,943   267,723 
Total liabilities  500,706   569,586 
Shareholders’ equity:        
Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 33,509,287 as of March 31, 2023 and 33,150,396 as of December 31, 2022  3,351   3,315 
Additional paid-in capital  127,634,493   127,150,027 
Accumulated deficit  (122,819,115)  (122,356,477)
Total shareholders’ equity  4,818,729   4,796,865 
Total liabilities and shareholders’ equity $5,319,435  $5,366,451 

Condensed Consolidated Statements of Operations

  Three months ended March 31, 
  2023  2022 
Fee income $248,175  $173,828 
Operating expenses  587,799   600,698 
Research and development  149,222   148,825 
Total expenses  737,021   749,523 
Operating loss  (488,846)  (575,695)
Net investment income (loss)  26,208   (52,653)
Net loss $(462,638) $(628,348)
Basic and diluted net loss per common share $(0.01) $(0.02)
Weighted average number of common shares outstanding  33,286,648   31,650,396 

Condensed Consolidated Statements of Shareholders’ Equity

For the three months ended March 31, 2022 and 2023

  Common Stock  Additional Paid-in  Accumulated    
  Shares  Amount  Capital  Deficit  Total 
Balance, January 1, 2022  31,650,396  $3,165  $123,467,886  $(119,687,128) $3,783,923 
Net loss  -   -   -   (628,348)  (628,348)
Balance, March 31, 2022  31,650,396   3,165   123,467,886   (120,315,476)  3,155,575 
Balance, January 1, 2023  33,150,396  $3,315  $127,150,027  $(122,356,477) $4,796,865 
Exercise of warrants  358,891   36   484,466   -   484,502 
Net loss  -   -   -   (462,638)  (462,638)
Balance, March 31, 2023  33,509,287  $3,351  $127,634,493  $(122,819,115) $4,818,729 

Condensed Consolidated Statements of Cash Flows

  For the three months ended March 31, 
  2023  2022 
Cash flows from operating activities:        
Net loss $(462,638) $(628,348)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization  6,816   7,180 
Realized loss on marketable securities  -   60,143 
Unrealized gain on marketable securities  (22,900)  - 
ROU asset amortization  36,958   36,351 
Bad debt recovery  (5,000)  - 
Change in assets and liabilities:        
Royalty receivables  (89,264)  78,086 
Prepaid expenses and other assets  7,785   6,358 
Accounts payable and accrued expenses  (33,288)  (25,045)
Deferred revenue  11,921   10,756 
Operating lease liability  (47,513)  (43,435)
Net cash used in operating activities  (597,123)  (497,954)
Cash flows from investing activities:        
Purchases of fixed assets  (702)  (605)
Purchases of marketable securities  (2,965,160)  - 
Sales of marketable securities  -   2,694,968 
Net cash (used in) provided by investing activities  (2,965,862)  2,694,363 
Cash flows from financing activities:        
Net proceeds from exercise of warrants  484,502   - 
Net cash provided by financing activities   484,502   - 
Net (decrease) increase in cash and cash equivalents  (3,078,483)  2,196,409 
Cash and cash equivalents at beginning of period  4,230,916   269,964 
Cash and cash equivalents at end of period $1,152,433  $2,466,373