Research Frontiers Reports Fourth Quarter and Full Year 2020 Financial Results
Management to Host Conference Call at 4:30 p.m.
WOODBURY, N.Y., March 11, 2021 – Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its fourth quarter and year December 31, 2020. 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:March 11, 2021, 4:30 PM ET
- Dial-in Information:1-888-334-5785
- Replay:Available on Friday, March 12, 2021 for 90 days at SmartGlass-IR.com
- Fee and other income for 2020 was $1,064,975. The Company’s fee income from licensing activities for the year ended December 31, 2020 was $828,450 as compared to $1,564,024 for the year ended December 31, 2019. Lower fees in the automotive and aircraft markets as production of certain Daimler vehicles was curtailed due to the COVID-19 pandemic and as these vehicles approached the end of their model lifetimes, were partially offset by higher fee income from the display market.
- Total expenses decreased by $1,307,524, or approximately 28%, for the year ended December 31, 2020 as compared to the same period in 2019.
- The Company’s net loss decreased by $1,468,114 to $2,340,864 ($0.07 per common share) for the year ended December 31, 2020. This compares to a net loss of $3,808,978 ($0.13 per common share) in 2019. The net loss for 2020 was Research Frontiers’ lowest net loss in 26 years.
- As of December 31, 2020, the Company had cash and cash equivalents of approximately $4.8 million and working capital of approximately $5.2 million. The Company expects to have sufficient working capital for at least the next 33 months of operations.
- Since Research Frontiers last conference call, General Motor’s Cadillac division announced that its new ultra-luxury all-electric flagship vehicle, the Celestiq, will offer a four quadrant SPD-SmartGlass roof.
For more details, please see the Company’s Annual Report on Form 10-K 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 www.SmartGlass.com, 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. “Cadillac” and “Celestiq” are trademarks of General Motors Corp.
Joseph M. Harary
President and CEO
Research Frontiers Inc.