Research Frontiers Reports Fourth Quarter and Year-End 2025 Financial Results and Will Host a Conference Call at 4:30p.m. Today

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• Research Frontiers has begun work with several new automotive OEMs in Europe and expanded programs with existing OEMs into higher-volume vehicle models

  80% confidence

• Revenue recognition was negatively impacted by the restructuring or bankruptcy of two licensees, which affected timing of royalty flows

  80% confidence

• 2025 marked a meaningful inflection point for SPD-SmartGlass with first North American OEM serial production, Ferrari royalty normalization, architectural retrofit solution introduction, and next-generation black SPD film technology advancement

  80% confidence

• SPD remains the only commercially available light-control smart window technology to have received FAA Supplemental Type Certification (STC) for retrofit programs

  80% confidence

• The foundation now in place across automotive, aerospace and architectural markets creates increasing strategic opportunities and operating leverage as programs mature and move toward higher-volume implementation

  80% confidence

• The architectural retrofit development expands the addressable architectural market beyond new construction into retrofit projects and represents the first scalable pathway for installation into the large installed base of existing buildings

  80% confidence

• The breadth of ongoing evaluations, expanding surface-area integration, and entry into new application categories position SPD-SmartGlass for broader production deployment and long-term royalty growth

  80% confidence

• The Cadillac Celestiq program represents a significant validation milestone and establishes a platform for potential expansion into additional, higher-volume vehicle models

  80% confidence