Research Frontiers (REFR) risk factors, FY2025 10-K

Research Frontiers's FY2025 10-K, filed Mar 05, 2026, lists 11 risk factors. Against the prior year's 14: 3 dropped, 7 substantially reworded.

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Risk factors listed
110 groups
New this year
0vs 14 last year
Dropped
3since the prior 10-K
Substantially reworded
7of those kept
Section length
2k wordsItem 1A

What the changes say

  • Accumulated deficit increased to $127.6 million with cash dropping to $0.7 million by the end of 2025.

What changed since the prior 10-K

Dropped

  • Dropped

    We do not directly manufacture products using SPD technology. We currently depend upon the activities of our licensees and their customers in order to be profitable

  • Dropped

    Our patents and other protective measures may not adequately protect our proprietary intellectual property, and we may be infringing on the rights of others

  • Dropped

    If we fail to maintain an effective system of internal control over financial reporting, the accuracy and timing of our financial reporting may be adversely affected

Reworded

  • 85% rewritten

    We have never declared a cash dividend and do not intend to declare a cash dividend in the foreseeable future

    Added text regarding dependence on licensees and lack of direct manufacturing for SPD technology.

  • 79% rewritten

    Dependence on SPD-Smart technology

  • 55% rewritten

    History of Operating Losses

    Updated accumulated deficit to $127.6 million, net loss to $2.0 million for 2025, and stock option expenses to $0.4 million.

  • 36% rewritten

    As of December 31, 2025, we had approximately $0.7 million in cash and cash equivalents

    Was: As of December 31, 2024, we had approximately $2.0 million in cash and cash equivalents

  • 31% rewritten

    We have several large licensees that account for 10% or more of our annual fee income

    Updated licensee concentration figures for 2025, showing five licensees accounting for 21%, 20%, 20%, 19%, and 13% of fee income.

  • 30% rewritten

    We may not generate sufficient cash flows to cover our operating expenses

    Updated 2025 year-end financial figures to $0.8 million working capital, $0.7 million cash, $0.9 million shareholders' equity, and $127.6 million deficit.

  • 25% rewritten

    Limited source of SPD film

    Removed Showa Denko Chemical as a commercial source of SPD-film, leaving Gauzy Ltd. as the sole supplier.

All 11 risk factors

Headings as the filing states them, in filing order.

Other

  1. 01As of December 31, 2025, we had approximately $0.7 million in cash and cash equivalents36% rewritten
  2. 02History of Operating Losses55% rewritten
  3. 03We may not generate sufficient cash flows to cover our operating expenses30% rewritten
  4. 04We have never declared a cash dividend and do not intend to declare a cash dividend in the foreseeable future85% rewritten
  5. 05SPD-Smart products have only recently been introduced
  6. 06We have several large licensees that account for 10% or more of our annual fee income31% rewritten
  7. 07SPD-Smart products face intense competition, which could affect our ability to increase our revenues
  8. 08Declining production of automobiles, airplanes, trains, boats and real estate could harm our business
  9. 09Limited source of SPD film25% rewritten
  10. 10We are dependent on key personnel
  11. 11Dependence on SPD-Smart technology79% rewritten

Other Research Frontiers 10-Ks

  • FY2024 10-K risk factors
    14 risks

    The company relies heavily on the commercial success and manufacturing execution of third-party licensees for its SPD technology.

    Filed Mar 06, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.