Research Frontiers Reports Third Quarter 2023 Financial Results and Will Host a Conference Call at 4:30p.m. Today
WOODBURY, N.Y., November 2, 2023 (GLOBE NEWSWIRE) — Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its third quarter and firstnine months of 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: November 2, 2023, 4:30 PM ET
- Dial-in Information: 1-888-334-5785
- Replay: Available on Friday, November 3, 2023 for 90 days at https://smartglass-ir.com/
Key Comments:
- Car models from Cadillac, Ferrari, McLaren, and at least one other Asian car manufacturer are expected to be introduced into serial production in 2023 and the first half of 2024, and during the fourth quarter of 2023 additional automakers have begun projects using Research Frontiers patented SPD-SmartGlass technology in their panoramic glass roofs.
- Fee income during the first nine months of the year was up 46% from the same period last year. Fee income in the third quarter of 2023 was also up 9% from the same quarter last year. This increase in fee income was primarily the result of higher royalties from the automotive market.
- 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.
- At September 30, 2023, the Company had cash and cash equivalents and marketable securities of approximately $3.0 million, and working capital of $3.6million. 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 AnnualReport 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.
CONTACT:
Joseph M. Harary
President and CEO
Research Frontiers Inc.
+1-516-364-1902
Info@SmartGlass.com
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