Research Frontiers reports full year 2019 financial results

Research Frontiers Inc. announced its financial results for its fourth quarter and full year ended December 31, 2019

Research Frontiers‘ management has hosted a conference call to discuss its financial and operating results as well as recent developments.

  • Who: Joseph M. Harary, President & CEO, Seth Van Voorhees, CFO
  • Date/Time: Thursday, March 12, 2020 at 4:30PM ET
  • Dial-in Information: 1-888-334-5785
  • Questions: Email to
  • Replay: Available on Friday, March 13, 2020 for 90 days at

Key Comments:

  • In December 2019, Gauzy celebrated the opening of its second production facility in Stuttgart, Germany to produce SPD-Smart light control film for the entire SPD-SmartGlass industry. New and improved film from this new facility is currently being shipped to customers worldwide.
    • This state-of-the-art facility, with specially designed coating and curing areas, gives Gauzy the capacity to coat over one million square meters of SPD film per year in widths of up to 1.8 meters.
  • In December 2019, Glatic Co. acquired a license from Research Frontiers to produce and sell SPD-SmartGlass smart windows for the South Korean architectural market.
  • The Company’s fee income from licensing activities for the year ended December 31, 2019 was 1,564,024 USD as compared to 1,488,642 USD for the year ended December 31, 2018 representing a 75,382 USD increase between these two periods.
    • This increase in revenues was principally the result of higher royalty income from licensees focused on automotive and architectural markets. Royalty income from the automotive and architectural markets was up over 40% in 2019 compared with 2018.
    • When operations from the Company’s suspended VariGuard business unit are factored out, fee income for 2019 would have been 130,316 USD (9%) higher than for 2018.
  • The amount of SPD light-control film sold in 2019 reached a twelve-year record high.
  • Expenses increased by 857,168 USD for the year ended December 31, 2019 to 4,764,029 USD from 3,906,861 USD for the year ended December 31, 2018.
  • The Company’s net loss increased by 1,122, 852 USD to 3,808,978 USD (0.13 USD per common share) for the year ended December 31, 2019 as compared to 2,686,128 USD (0.10 USD per common share) for the year ended December 31, 2018.
    • Approximately 1,310,236 USD of the increase in net loss between these two periods were non-cash accounting expenses relating to the issuance of options and warrants, and other one-time charges. Without these items, the Company’s net loss for 2019 would have been 2,108,039 USD (0.07 USD per common share) or 187,386 USD higher than in 2018.
2019 2018 Change USD
Net Loss USD (3,808,978) USD (2,686,128) USD (1,122,850)
Options & Warrants Issued 841,612 69,309 772,303
Warrant Market Value Adjustment 652,025 278,044 373,981
Bad Debt/Impairment of Fixed Assets 207,302 43,350 163,952
Adjusted Net Loss USD (2,108,039) USD (2,295,425) USD 187,386
Adjusted Net Loss Per Common Share USD (0.07) USD (0.09) USD 0.02
  • During 2019, the Company’s cash and cash equivalents balance increased by 3,622,544 USD principally as a result of cash proceeds of 5,770,545 USD from the sale of common stock and warrants and the exercise of options and warrants.
    • At December 31, 2019 the Company had cash and cash equivalents of 6,591,960 USD and working capital of 6,919,428 USD
    • The Company currently believes that its current cash and cash equivalents will fund its operations for at least the next 36 months.

To read the full report click here.

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