Research Frontiers Reports Second Quarter 2021 Financial Results
Management to Host Conference Call at 4:30 p.m.
WOODBURY, N.Y., Aug. 05, 2021 (GLOBE NEWSWIRE) — Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its second quarter of 2021. 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 and projects for its SPD-SmartGlass light-control technology.
- Who: Joseph M. Harary, President & CEO
- Date/Time: August 5, 2021, 4:30 PM ET
- Dial-in Information: 1-888-334-5785
- Replay: Available on Friday, August 6, 2021 for 90 days at SmartGlass-IR.com
- Fee income from licensing activities for the six months ended June 30, 2021 was $327,060. 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.
- Total expenses decreased by $368,791, or approximately 21%, for the first half of 2021 as compared to the same period in 2020. The Company’s net loss was $1,085,242 ($0.03 per common share) for the first half of 2021.
- As of June 30, 2021, the Company had cash and cash equivalents of approximately $3.5 million and working capital of approximately $4.2 million. The Company expects to have sufficient working capital for at least the next 24 months of operations.
- Research Frontiers’ licensee Gauzy announced that its customer Rehau has delivered SPD-SmartGlass for Germany’s Deutsche Bahn (DB) Idea Train with laser-etched individually-controllable segments. Research Frontiers licensees Gauzy and Vision System also announced that they will be exhibiting various uses of SPD-SmartGlass for the automotive industry at the IAA 2021 Auto Show in Munich, Germany early next month. Additional automotive OEMs and suppliers are also expected to separately exhibit SPD-SmartGlass in their own booths at the IAA in Munich. General Motors’ Cadillac division also announced that its new ultra-luxury all-electric flagship vehicle, the Celestiq, will offer a four quadrant SPD-SmartGlass roof. Also during 2021, licensees of Research Frontiers took steps to further increase their production capacity for SPD emulsion, film and end-products.
For more details, please see the Company’s Quarterly 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 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.