<span item_type="fundamental" item_id="7e4da72021c3b9eeabdffb43c427397f" counter_id="ST/US/REFR" env="prod"></span><span item_type="announcement" item_id="579896789198052353" env="prod"></span><p>Revenue: As of FY2025 Q3, the actual value is USD 359.44 K.</p><p>EPS: As of FY2025 Q3, the actual value is USD -0.01.</p><p>EBIT: As of FY2025 Q3, the actual value is USD -303.94 K.</p><p></p><h3>Segment Revenue</h3><ul><li><strong>Fee Income</strong>: For the nine months ended September 30, 2025, fee income was $1,049,125, compared to $1,157,380 for the same period in 2024. For the three months ended September 30, 2025, fee income was $359,444, compared to $354,408 for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/793524/000149315225021062/form10-q.htm"></span></li></ul><h3>Operational Metrics</h3><ul><li><strong>Operating Loss</strong>: The operating loss for the nine months ended September 30, 2025, was - $1,358,625, compared to - $817,589 for the same period in 2024. For the three months ended September 30, 2025, the operating loss was - $303,944, compared to - $231,704 for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/793524/000149315225021062/form10-q.htm"></span></li><li><strong>Net Loss</strong>: The net loss for the nine months ended September 30, 2025, was - $1,280,021, compared to - $703,442 for the same period in 2024. For the three months ended September 30, 2025, the net loss was - $298,508, compared to - $166,816 for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/793524/000149315225021062/form10-q.htm"></span></li></ul><h3>Cash Flow</h3><ul><li><strong>Net Cash Used in Operating Activities</strong>: For the nine months ended September 30, 2025, net cash used in operating activities was - $863,214, compared to - $835,899 for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/793524/000149315225021062/form10-q.htm"></span></li></ul><h3>Unique Metrics</h3><ul><li><strong>Research and Development Expenditures</strong>: R&amp;D expenditures for the nine months ended September 30, 2025, were $473,709, compared to $409,817 for the same period in 2024. For the three months ended September 30, 2025, R&amp;D expenditures were $141,746, compared to $131,246 for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/793524/000149315225021062/form10-q.htm"></span></li></ul><h3>Future Outlook and Strategy</h3><ul><li><strong>Core Business Focus</strong>: The company expects revenue in all market segments to increase as new car models and other products using SPD-SmartGlass technology are introduced into the market. The company anticipates additional royalty income from new car and aircraft models, growth in the marine industry, and larger architectural projects.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/793524/000149315225021062/form10-q.htm"></span></li><li><strong>Non-Core Business</strong>: The company is focusing on expanding its market opportunities and adoption rates by lowering the pricing per square foot of its technology, which could enhance revenues in both automotive and non-automotive applications.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/793524/000149315225021062/form10-q.htm"></span></li></ul>

Research Frontiers | 10-Q: FY2025 Q3 Revenue: USD 359.44 K