Research Frontiers Inc
REFRTechnology·Electronic Components·USA·Nano·NASD·Nov 11 • 3:56 PM ET
Price
REFR against its 20, 50 and 200-day averages83.2% under the 52-week high of 2.10 on 24 Nov 2025. 52-week low 0.33 on 3 Nov 2026. Last 15 sessions, 75.4% high to low
Volume 0.05× normal · the line is the 50-bar volume average
Profile
REFRResearch Frontiers, Inc. engages in development, licensing and commercialization of suspended particle device (SPD) light-control technology for automobiles, homes, buildings, aircraft, boats, exhibition and display applications markets. It develops and licenses technologies to other companies that manufactures and markets SPD-smart chemical emulsion or light-control film made from chemical emulsion, lamination services and electronics to power end-products incorporating the film, skylights and sunroofs. The company was founded by Robert L. Saxe in October 1965 and is headquartered in Woodbury, NY.
| Employees | 5 |
|---|---|
| IPO | Jul 08, 1986 |
| Beta | 0.72 |
| ATR, 14d | 0.07 |
| Rel volume | 0.05 |
| Short float | 1.39% |
| Insider own | 22.02% |
| Inst own | 10.83% |
Snapshot
6 groupsValuation
| Index | - |
|---|---|
| Market Cap | 12.29M |
| Enterprise Value | 12.71M |
| Income | -2.46M |
| Sales | 0.37M |
| Book/sh | 0.02 |
| Cash/sh | 0.02 |
| Dividend Est. | - |
| Dividend TTM | - |
| Dividend Ex-Date | - |
| Dividend Gr. 3/5Y | - - |
| Payout | - |
| Employees | 5 |
| IPO | Jul 08, 1986 |
Ratios
| P/E | - |
|---|---|
| Forward P/E | - |
| PEG | - |
| P/S | 33.22 |
| P/B | 20.07 |
| P/C | 19.21 |
| P/FCF | - |
| EV/EBITDA | - |
| EV/Sales | 34.36 |
| Quick Ratio | 2.21 |
| Current Ratio | 2.21 |
| Debt/Eq | 1.74 |
| LT Debt/Eq | 1.48 |
| Option/Short | Yes / Yes |
Earnings
| EPS (ttm) | -0.07 |
|---|---|
| EPS next Y | - |
| EPS next Q | - |
| EPS this Y | - |
| EPS next Y | - |
| EPS next 5Y | - |
| EPS past 3/5Y | 9.93% 3.93% |
| Sales past 3/5Y | 27.60% 6.24% |
| EPS Y/Y TTM | -27.58% |
| Sales Y/Y TTM | -69.70% |
| EPS Q/Q | -64.04% |
| Sales Q/Q | -78.57% |
| Earnings | Nov 05 AMC |
| EPS/Sales Surpr. | - - |
Ownership
| Insider Own | 22.02% |
|---|---|
| Insider Trans | 0.00% |
| Inst Own | 10.83% |
| Inst Trans | 0.05% |
| ROA | -104.12% |
| ROE | -233.05% |
| ROIC | -162.58% |
| Gross Margin | 51.92% |
| Oper. Margin | -670.16% |
| Profit Margin | -661.97% |
| SMA20 | -17.97% |
| SMA50 | -32.44% |
| SMA200 | -50.30% |
| Trades | - |
Technical
| Shs Outstand | 34.87M |
|---|---|
| Shs Float | 27.19M |
| Short Float | 1.39% |
| Short Ratio | 0.23 |
| Short Interest | 0.38M |
| 52W High | 2.10 -83.21% |
| 52W Low | 0.33 8.43% |
| Volatility | 15.29% 14.83% |
| ATR (14) | 0.07 |
| RSI (14) | 35.71 |
| Beta | 0.72 |
| Rel Volume | 0.05 |
| Avg Volume | 1.64M |
| Volume | 75,910 |
Performance
| Perf Week | -8.39% |
|---|---|
| Perf Month | -40.43% |
| Perf Quarter | -18.91% |
| Perf Half Y | -55.37% |
| Perf YTD | -73.08% |
| Perf Year | -79.74% |
| Perf 3Y | -66.42% |
| Perf 5Y | -85.00% |
| Perf 10Y | -82.72% |
| Recom | 1.00 |
| Target Price | 3.00 |
| Prev Close | 0.37 |
| Price | 0.35 |
| Change % | -4.34% |
Analyst ratings
latest 1 of 1| Date | Action | Analyst | Rating change | Target | Implied |
|---|---|---|---|---|---|
| Aug 05, 2016 | Downgrade | CCraig Hallum | Buy → Hold |
Peers
Mkt capHeld by
AUMNews
latest 14 of 200- Research Frontiers' Supply Restart Advances, But A 78.6% Revenue Collapse And Thin Cash Push The Recovery Past Year-End (Earnings Whispers) -8.15%
- Research Frontiers Reports Third Quarter 2026 Financial Results, SPD Production Restart and Expanding Commercial Opportunities and Will Host a Conference Call at 4:30 p.m. Today (GlobeNewswire)
- RESEARCH FRONTIERS TO HOST THIRD QUARTER 2026 CONFERENCE CALL (GlobeNewswire)
- Gauzy's $7 Million Financing Enables Restart of SPD-SmartGlass Production, Fulfillment of Customer Backlog, Introduction of New Products and Expansion of Global Market Opportunities for Research Frontiers (GlobeNewswire) -7.07%
- Research Frontiers Welcomes Gauzy's Court-Approved Restructuring and the Restart of SPD-Smart Light Control Film Production (GlobeNewswire) +68.49%
- Research Frontiers Reports Second Quarter 2026 Financial Results and Will Host a Conference Call at 4:30 p.m. Today (GlobeNewswire)
- RESEARCH FRONTIERS TO HOST SECOND QUARTER 2026 CONFERENCE CALL (GlobeNewswire) +12.89%
- KLIM AND RESEARCH FRONTIERS ENTER INTO LICENSING AGREEMENT (GlobeNewswire) -5.57%
- Research Frontiers: Q1 Earnings Snapshot (Associated Press) -9.48%
- Research Frontiers Reports First Quarter 2026 Financial Results and Will Host a Conference Call at 4:30 p.m. Today (GlobeNewswire)
- RESEARCH FRONTIERS TO HOST FIRST QUARTER 2026 CONFERENCE CALL (GlobeNewswire)
- Research Frontiers Inc (REFR) Q4 2025 Earnings Call Highlights: Navigating Challenges and ... (GuruFocus.com)
- Research Frontiers Reports Fourth Quarter and Year-End 2025 Financial Results and Will Host a Conference Call at 4:30p.m. Today (GlobeNewswire)
- RESEARCH FRONTIERS TO HOST FOURTH QUARTER AND YEAR-END2025 CONFERENCE CALL (GlobeNewswire)
Quarterly earnings
actual against estimate| Period | Reported | EPS act | EPS est | EPS rep | Sales act | Sales est | Analysts |
|---|---|---|---|---|---|---|---|
| 2019Q3 | 2019-11-07 | -0.010 | - | -0.013 | 0.46 | - | - |
| 2019Q2 | 2019-08-09 | -0.050 | - | -0.046 | 0.30 | - | - |
| 2019Q1 | 2019-05-15 | -0.030 | - | -0.029 | 0.42 | - | - |
| 2018Q4 | 2019-03-15 | -0.020 | - | -0.023 | 0.38 | - | - |
| 2018Q3 | 2018-11-08 | -0.030 | -0.010 | -0.027 | 0.36 | 0.50 | - |
| 2018Q2 | 2018-08-13 | -0.020 | -0.030 | -0.020 | 0.32 | 0.48 | - |
| 2018Q1 | 2018-05-15 | -0.030 | - | -0.030 | 0.43 | - | - |
| 2017Q4 | 2018-03-08 | -0.030 | -0.020 | -0.030 | 0.28 | 0.50 | - |
| 2017Q1 | 2017-05-04 | -0.040 | -0.045 | -0.040 | 0.39 | 0.41 | - |
| 2016Q4 | 2017-03-13 | -0.060 | -0.035 | -0.060 | 0.28 | 0.58 | - |
| 2016Q3 | 2016-11-03 | -0.020 | -0.035 | -0.020 | 0.31 | 0.54 | - |
| 2016Q2 | 2016-08-04 | -0.050 | -0.030 | -0.050 | 0.24 | 0.60 | - |
| 2016Q1 | 2016-05-05 | -0.050 | -0.050 | -0.050 | 0.41 | 0.50 | - |
| 2015Q4 | 2016-03-10 | -0.080 | -0.020 | -0.080 | 0.38 | 0.60 | - |
Annual earnings
| Period | EPS act | EPS est | EPS rep | Sales act | Sales est |
|---|---|---|---|---|---|
| 2010FY | -0.220 | -0.208 | -0.220 | - | 0.57 |
| 2011FY | -0.220 | -0.160 | -0.220 | 0.85 | 1.16 |
| 2012FY | -0.150 | -0.140 | -0.150 | 1.96 | 2.35 |
| 2013FY | -0.250 | -0.160 | -0.250 | 2.16 | - |
| 2014FY | -0.190 | -0.140 | -0.190 | 1.60 | 1.76 |
| 2015FY | -0.180 | -0.140 | -0.180 | 2.01 | 2.20 |
| 2016FY | -0.180 | -0.150 | -0.180 | 1.24 | 1.36 |
| 2017FY | -0.100 | -0.080 | -0.100 | 1.51 | 1.73 |
| 2018FY | -0.100 | - | -0.104 | 1.49 | - |
Estimate revisions
last 14 periods| Period | Type | Date | Estimates | Up | Down | Mean | Low | High |
|---|---|---|---|---|---|---|---|---|
| No estimate revisions. | ||||||||
Estimate history
| EPS, annual | -0.1 | -0.104 | -0.127 | -0.074 | -0.058 | -0.083 | -0.057 | -0.039 | -0.061 | -0.0717 |
|---|---|---|---|---|---|---|---|---|---|---|
| Period | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
| EPS, quarterly | -0.005 | -0.018 | -0.005 | -0.024 | -0.009 | -0.023 | -0.015 | -0.019 | -0.015 | |
| Period | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | |
| Sales, annual | 1.509 | 1.489 | 1.564 | 0.828 | 1.263 | 0.54 | 0.91 | 1.336 | 1.121 | 0.37 |
| Period | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
| Sales, quarterly | 0.354 | 0.178 | 0.56 | 0.13 | 0.359 | 0.072 | 0.136 | 0.086 | 0.077 | |
| Period | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | |
| Shares, annual | 24.044 | 27.665 | 31.254 | 31.576 | 31.65 | 33.15 | 33.509 | 33.648 | 33.648 | 34.868 |
| Period | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | MRQ |
| Shares, quarterly | 33.518 | 33.648 | 33.648 | 33.648 | 33.648 | 33.648 | 34.868 | 34.868 | 34.868 | |
| Period | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
Income statement, annual
| Metric | TTM | 2025FY | 2024FY | 2023FY | 2022FY | 2021FY | 2020FY | 2019FY | 2018FY |
|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | 0.37 | 1.12 | 1.34 | 0.91 | 0.54 | 1.26 | 0.83 | 1.56 | 1.49 |
| Cost of Goods Sold Incl. D&A | 0.18 | 0.19 | 0.26 | 0.17 | 0.18 | 2.52 | 2.78 | 3.68 | 3.00 |
| Gross Profit | 0.19 | 0.93 | 1.07 | 0.74 | 0.36 | -1.26 | -1.95 | -2.11 | -1.51 |
| Selling, General and Administrative Excl. Other | 2.68 | 3.07 | 2.51 | 2.77 | 2.99 | 0.58 | 0.63 | 1.04 | 0.86 |
| Research and Development | 0.53 | 0.61 | 0.57 | 0.58 | 0.61 | 0.58 | 0.63 | 1.04 | 0.86 |
| Other Operating Expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Operating Income | -2.49 | -2.13 | -1.44 | -2.03 | -2.63 | -1.84 | -2.58 | -3.15 | -2.37 |
| Interest Expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Unusual Expense | - | -0.05 | -0.04 | 0.00 | 0.00 | 0.00 | -0.20 | 0.70 | 0.28 |
| Net Income Before Taxes | -2.46 | -2.05 | -1.31 | -1.91 | -2.67 | -1.85 | -2.34 | -3.81 | -2.69 |
| Income Taxes | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Consolidated Net Income | -2.46 | -2.05 | -1.31 | -1.91 | -2.67 | -1.85 | -2.34 | -3.81 | -2.69 |
| Net Income From Continuing Operations | -2.46 | -2.05 | -1.31 | -1.91 | -2.67 | -1.85 | -2.34 | -3.81 | -2.69 |
| Net Income | -2.46 | -2.05 | -1.31 | -1.91 | -2.67 | -1.85 | -2.34 | -3.81 | -2.69 |
| EPS (Recurring) | -0.07 | -0.06 | -0.04 | -0.06 | -0.08 | -0.06 | -0.08 | -0.11 | -0.10 |
| EPS (Basic, Before Extraordinaries) | -0.07 | -0.06 | -0.04 | -0.06 | -0.08 | -0.06 | -0.07 | -0.13 | -0.10 |
| EPS (Diluted) | -0.07 | -0.06 | -0.04 | -0.06 | -0.08 | -0.06 | -0.07 | -0.13 | -0.10 |
| EBITDA | -2.31 | -1.95 | -1.18 | -1.86 | -2.45 | -1.83 | -2.51 | -2.95 | -2.19 |
| Non-Operating Income (Expense) | 0.03 | 0.04 | 0.10 | 0.12 | -0.04 | -0.01 | 0.03 | 0.04 | 0.01 |
| Other After Tax Adjustments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Stock Option Compensation Expense | - | 0.37 | 0.09 | 0.14 | 0.23 | 0.22 | 0.33 | 0.84 | 0.07 |
| Price To Sales Ratio | 68.90 | 39.31 | 42.92 | 37.15 | 113.50 | 43.10 | 106.80 | 57.76 | 27.20 |
| Gross Margin | 51.92 | 83.35 | 80.27 | 81.07 | 67.55 | -99.67 | -235.27 | -135.15 | -101.53 |
| Operating Margin | -670.16 | -190.16 | -107.96 | -223.54 | -486.42 | -145.59 | -311.11 | -201.36 | -162.44 |
| Net Margin | -661.97 | -182.44 | -98.19 | -209.80 | -494.61 | -146.18 | -282.56 | -243.54 | -180.44 |
| Shares Outstanding | 34.87 | 33.65 | 33.65 | 33.51 | 33.15 | 31.65 | 31.58 | 31.25 | 27.67 |
| Market Capitalization | 12.29 | 12.29 | 57.32 | 33.84 | 63.32 | 54.44 | 88.73 | 93.58 | 43.15 |
Income statement, quarterly
| Metric | 2026Q3 | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 | 2025Q1 | 2024Q4 |
|---|---|---|---|---|---|---|---|---|
| Total Revenue | 0.08 | 0.09 | 0.14 | 0.07 | 0.36 | 0.13 | 0.56 | 0.18 |
| Cost of Goods Sold Incl. D&A | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.14 |
| Gross Profit | 0.03 | 0.04 | 0.09 | 0.03 | 0.31 | 0.08 | 0.51 | 0.04 |
| Selling, General and Administrative Excl. Other | 0.55 | 0.71 | 0.62 | 0.80 | 0.62 | 0.90 | 0.75 | 0.67 |
| Research and Development | 0.12 | 0.13 | 0.15 | 0.13 | 0.14 | 0.17 | 0.16 | 0.16 |
| Other Operating Expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Operating Income | -0.52 | -0.67 | -0.53 | -0.77 | -0.30 | -0.82 | -0.24 | -0.62 |
| Interest Expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Unusual Expense | 0.00 | 0.00 | 0.00 | - | 0.00 | 0.00 | -0.05 | 0.00 |
| Net Income Before Taxes | -0.51 | -0.66 | -0.53 | -0.77 | -0.30 | -0.80 | -0.18 | -0.61 |
| Income Taxes | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Consolidated Net Income | -0.51 | -0.66 | -0.53 | -0.77 | -0.30 | -0.80 | -0.18 | -0.61 |
| Net Income From Continuing Operations | -0.51 | -0.66 | -0.53 | -0.77 | -0.30 | -0.80 | -0.18 | -0.61 |
| Net Income | -0.51 | -0.66 | -0.53 | -0.77 | -0.30 | -0.80 | -0.18 | -0.61 |
| EPS (Recurring) | -0.01 | -0.02 | -0.02 | -0.02 | -0.01 | -0.02 | -0.01 | -0.02 |
| EPS (Basic, Before Extraordinaries) | -0.01 | -0.02 | -0.02 | -0.02 | -0.01 | -0.02 | -0.01 | -0.02 |
| EPS (Diluted) | -0.01 | -0.02 | -0.02 | -0.02 | -0.01 | -0.02 | -0.01 | -0.02 |
| EBITDA | -0.47 | -0.63 | -0.49 | -0.73 | -0.26 | -0.77 | -0.19 | -0.49 |
| Non-Operating Income (Expense) | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 |
| Other After Tax Adjustments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Stock Option Compensation Expense | 0.00 | 0.00 | - | 0.20 | - | 0.18 | - | - |
| Price To Sales Ratio | 68.90 | 27.71 | 45.04 | 39.31 | 43.59 | 45.15 | 24.04 | 42.93 |
| Gross Margin | 42.89 | 49.04 | 67.73 | 35.13 | 86.98 | 64.00 | 91.72 | 23.24 |
| Operating Margin | -672.53 | -775.66 | -389.10 | -1,072.53 | -84.56 | -627.47 | -42.80 | -350.42 |
| Net Margin | -662.38 | -764.56 | -385.39 | -1,061.47 | -83.05 | -618.78 | -31.74 | -341.25 |
| Shares Outstanding | 34.87 | 34.87 | 34.87 | 33.65 | 33.65 | 33.65 | 33.65 | 33.65 |
| Market Capitalization | 12.29 | 18.13 | 31.97 | 44.08 | 53.50 | 54.96 | 38.02 | 57.32 |
Balance sheet, annual
| Metric | 2025FY | 2024FY | 2023FY | 2022FY | 2021FY | 2020FY | 2019FY | 2018FY | 2017FY |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Short Term Investments | 0.66 | 1.99 | 2.48 | 4.23 | 3.03 | 4.77 | 6.59 | 2.97 | 1.74 |
| Short Term Receivables | 0.41 | 0.66 | 1.00 | 0.59 | 0.83 | 0.60 | 0.66 | 0.69 | 0.60 |
| Inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Current Assets | 0.07 | 0.09 | 0.10 | 0.10 | 0.09 | 0.06 | 0.06 | 0.05 | 0.03 |
| Total Current Assets | 1.14 | 2.75 | 3.58 | 4.92 | 3.95 | 5.43 | 7.31 | 3.71 | 2.36 |
| Net Property, Plant & Equipment | 1.05 | 1.24 | 0.22 | 0.39 | 0.56 | 0.74 | 0.92 | 0.31 | 0.48 |
| Total Investments and Advances | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Assets | 0.06 | 0.06 | 0.06 | 0.06 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
| Total Assets | 2.25 | 4.04 | 3.85 | 5.37 | 4.55 | 6.20 | 8.26 | 4.06 | 2.88 |
| Short Term Debt Incl. Current Port. of LT Debt | 0.15 | 0.13 | 0.21 | 0.20 | 0.18 | 0.17 | 0.16 | 0.00 | 0.00 |
| Accounts Payable | 0.13 | 0.09 | 0.05 | 0.07 | 0.07 | 0.03 | 0.17 | 0.13 | 0.06 |
| Other Current Liabilities | 0.02 | 0.05 | 0.01 | 0.03 | 0.05 | 0.03 | 0.05 | 0.32 | 0.26 |
| Total Current Liabilities | 0.30 | 0.27 | 0.28 | 0.30 | 0.30 | 0.23 | 0.39 | 0.46 | 0.31 |
| Long Term Debt | 1.02 | 1.17 | 0.06 | 0.27 | 0.46 | 0.65 | 0.81 | 0.00 | 0.00 |
| Provision for Risks Charges | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Liabilities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.50 | 0.00 |
| Total Liabilities | 1.32 | 1.44 | 0.33 | 0.57 | 0.76 | 0.87 | 1.20 | 0.96 | 0.31 |
| Non-Equity Reserves | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Preferred Stock - Carrying Value | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Common Equity | 0.93 | 2.60 | 3.52 | 4.80 | 3.78 | 5.33 | 7.06 | 3.10 | 2.57 |
| Total Shareholders Equity | 0.93 | 2.60 | 3.52 | 4.80 | 3.78 | 5.33 | 7.06 | 3.10 | 2.57 |
| Accumulated Minority Interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Equity | 0.93 | 2.60 | 3.52 | 4.80 | 3.78 | 5.33 | 7.06 | 3.10 | 2.57 |
| Total Liabilities & Stockholders Equity | 2.25 | 4.04 | 3.85 | 5.37 | 4.55 | 6.20 | 8.26 | 4.06 | 2.88 |
| Book Value Per Share | 0.03 | 0.08 | 0.10 | 0.14 | 0.12 | 0.17 | 0.23 | 0.11 | 0.11 |
| Tangible Book Value Per Share | 0.03 | 0.08 | 0.10 | 0.14 | 0.12 | 0.17 | 0.23 | 0.11 | 0.11 |
| Full-Time Employees | 5 | 6 | 6 | 6 | 6 | 6 | 8 | 9 | 7 |
| Price to Book Ratio | 20.07 | 20.30 | 8.78 | 11.77 | 14.39 | 16.66 | 13.33 | 13.92 | 7.91 |
| Return on Assets | -65.03 | -33.24 | -41.41 | -53.86 | -34.37 | -32.39 | -61.86 | -77.41 | -59.20 |
| Return on Equity | -115.64 | -42.84 | -45.90 | -62.22 | -40.53 | -37.81 | -75.01 | -94.80 | -64.61 |
| Return on Invested Capital | -104.69 | -34.78 | -53.41 | -52.71 | -43.46 | -39.19 | -48.41 | -86.66 | -94.02 |
| Quick Ratio | 3.84 | 10.21 | 12.89 | 16.30 | 13.26 | 24.01 | 18.86 | 8.11 | 7.54 |
| Current Ratio | 3.84 | 10.21 | 12.89 | 16.30 | 13.26 | 24.01 | 18.86 | 8.11 | 7.54 |
Cash flow, annual
| Metric | TTM | 2025FY | 2024FY | 2023FY | 2022FY | 2021FY | 2020FY | 2019FY | 2018FY |
|---|---|---|---|---|---|---|---|---|---|
| Net Income | -2.46 | -2.05 | -1.31 | -1.91 | -2.67 | -1.85 | -2.34 | -3.81 | -2.69 |
| Depreciation | 0.18 | 0.19 | 0.26 | 0.17 | 0.18 | 0.01 | 0.07 | 0.20 | 0.18 |
| Other Funds (Non Cash) | 0.40 | 0.53 | 0.11 | 0.18 | 0.43 | 0.29 | 0.21 | 1.70 | 0.39 |
| Funds from Operations | -1.88 | -1.33 | -0.93 | -1.55 | -2.06 | -1.55 | -2.07 | -1.91 | -2.11 |
| Extraordinary Item | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in Working Capital | 0.02 | 0.00 | 0.14 | -0.74 | -0.12 | -0.26 | -0.19 | -0.17 | 0.04 |
| Cash from Operating Activities | -1.86 | -1.33 | -0.79 | -2.30 | -2.18 | -1.80 | -2.25 | -2.08 | -2.07 |
| Capital Expenditures | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.06 | -0.07 | -0.01 |
| Net Assets From Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sale of Fixed Assets and Businesses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchase or Sale of Investments | 0.00 | 0.00 | 0.00 | 0.06 | 2.69 | -2.78 | 0.00 | 0.00 | 0.00 |
| Purchase of Investments | 0.00 | 0.00 | 0.00 | -5.43 | 0.00 | -3.43 | 0.00 | 0.00 | 0.00 |
| Sale Or Maturity of Investments | 0.00 | 0.00 | 0.00 | 5.49 | 2.69 | 0.65 | 0.00 | 0.00 | 0.00 |
| Other Uses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Sources | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from Investing Activities | -0.00 | -0.00 | -0.00 | 0.06 | 2.69 | -2.78 | -0.05 | -0.07 | -0.01 |
| Cash Dividends Paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Change in Capital Stock | 1.38 | 0.00 | 0.31 | 0.48 | 3.45 | 0.09 | 0.28 | 5.77 | 3.31 |
| Repurchase of Common Pref Stock | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sale of Common Pref Stock | 1.38 | 0.00 | 0.31 | 0.48 | 3.45 | 0.09 | 0.28 | 5.77 | 3.31 |
| Proceedsfrom Stock Options | 0.00 | 0.00 | 0.30 | 0.00 | 3.45 | 0.00 | 0.00 | 0.00 | 0.00 |
| Issuance or Reduction of Debt, Net | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.20 | 0.00 | 0.00 |
| Change in Long Term Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Issuance of Long Term Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Reduction of Long Term Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Financing Active Other Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Financing Activities Uses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from Financing Activities | 1.38 | 0.00 | 0.31 | 0.48 | 3.45 | 0.09 | 0.49 | 5.77 | 3.31 |
| Net Change in Cash | -0.49 | -1.33 | -0.48 | -1.75 | 3.96 | -4.50 | -1.82 | 3.62 | 1.23 |
| Free Cash Flow | -1.86 | -1.33 | -0.79 | -2.30 | -2.18 | -1.81 | -2.31 | -2.15 | -2.08 |
| Preferred Dividends (Cash Flow) | - | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Deferred Taxes & Investment Tax Credit | - | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Balance sheet, quarterly
| Metric | 2026Q3 | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 |
|---|---|---|---|---|---|---|
| Cash & Short Term Investments | 0.64 | 1.09 | 1.28 | 0.66 | 1.13 | 1.27 |
| Short Term Receivables | 0.22 | 0.21 | 0.54 | 0.41 | 0.37 | 0.54 |
| Inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Current Assets | 0.11 | 0.16 | 0.19 | 0.07 | 0.11 | 0.16 |
| Total Current Assets | 0.98 | 1.46 | 2.02 | 1.14 | 1.61 | 1.97 |
| Net Property, Plant & Equipment | 0.92 | 0.96 | 1.01 | 1.05 | 1.10 | 1.14 |
| Total Investments and Advances | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Assets | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 |
| Total Assets | 1.96 | 2.48 | 3.08 | 2.25 | 2.77 | 3.17 |
| Short Term Debt Incl. Current Port. of LT Debt | 0.16 | 0.15 | 0.15 | 0.15 | 0.14 | 0.14 |
| Accounts Payable | 0.16 | 0.14 | 0.10 | 0.13 | 0.03 | 0.02 |
| Other Current Liabilities | 0.13 | 0.12 | 0.07 | 0.02 | 0.04 | 0.12 |
| Total Current Liabilities | 0.44 | 0.41 | 0.32 | 0.30 | 0.21 | 0.28 |
| Long Term Debt | 0.90 | 0.94 | 0.98 | 1.02 | 1.06 | 1.09 |
| Provision for Risks Charges | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Liabilities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 1.35 | 1.35 | 1.30 | 1.32 | 1.27 | 1.37 |
| Non-Equity Reserves | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Preferred Stock - Carrying Value | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Common Equity | 0.61 | 1.12 | 1.78 | 0.93 | 1.50 | 1.80 |
| Total Shareholders Equity | 0.61 | 1.12 | 1.78 | 0.93 | 1.50 | 1.80 |
| Accumulated Minority Interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Equity | 0.61 | 1.12 | 1.78 | 0.93 | 1.50 | 1.80 |
| Total Liabilities & Stockholders Equity | 1.96 | 2.48 | 3.08 | 2.25 | 2.77 | 3.17 |
| Book Value Per Share | 0.02 | 0.03 | 0.05 | 0.03 | 0.04 | 0.05 |
| Tangible Book Value Per Share | 0.02 | 0.03 | 0.05 | 0.03 | 0.04 | 0.05 |
| Full-Time Employees | - | - | - | 5 | - | - |
| Price to Book Ratio | 20.07 | 10.17 | 33.15 | 29.40 | 29.75 | 22.74 |
| Return on Assets | -104.12 | -79.65 | -69.89 | -65.03 | -65.46 | -53.61 |
| Return on Equity | -233.05 | -154.02 | -113.70 | -115.64 | -87.36 | -73.36 |
| Return on Invested Capital | -33.71 | -31.97 | -19.00 | -39.18 | -11.67 | -27.79 |
| Quick Ratio | 2.21 | 3.54 | 6.38 | 3.84 | 7.61 | 7.04 |
| Current Ratio | 2.21 | 3.54 | 6.38 | 3.84 | 7.61 | 7.04 |
Cash flow, quarterly
| Metric | 2026Q3 | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 |
|---|---|---|---|---|---|---|
| Net Income | -0.51 | -0.66 | -0.53 | -0.77 | -0.30 | -0.80 |
| Depreciation | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 |
| Other Funds (Non Cash) | 0.02 | 0.15 | 0.00 | 0.23 | 0.00 | 0.30 |
| Funds from Operations | -0.45 | -0.47 | -0.48 | -0.49 | -0.25 | -0.46 |
| Extraordinary Item | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in Working Capital | 0.00 | 0.27 | -0.28 | 0.02 | 0.11 | 0.38 |
| Cash from Operating Activities | -0.44 | -0.19 | -0.76 | -0.47 | -0.14 | -0.08 |
| Capital Expenditures | -8E-06 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 |
| Net Assets From Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sale of Fixed Assets and Businesses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchase or Sale of Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchase of Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sale Or Maturity of Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Uses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Sources | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from Investing Activities | -8E-06 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 |
| Cash Dividends Paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Preferred Dividends (Cash Flow) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Change in Capital Stock | 0.00 | 0.00 | 1.38 | 0.00 | 0.00 | 0.00 |
| Repurchase of Common Pref Stock | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sale of Common Pref Stock | 0.00 | 0.00 | 1.38 | 0.00 | 0.00 | 0.00 |
| Proceedsfrom Stock Options | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Issuance or Reduction of Debt, Net | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Change in Long Term Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Issuance of Long Term Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Reduction of Long Term Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Financing Active Other Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Financing Activities Uses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from Financing Activities | 0.00 | 0.00 | 1.38 | 0.00 | 0.00 | 0.00 |
| Net Change in Cash | -0.44 | -0.19 | 0.62 | -0.47 | -0.14 | -0.08 |
| Free Cash Flow | -0.44 | -0.19 | -0.76 | -0.47 | -0.14 | -0.08 |
Revenue breakdown
| Patent Owners & Lessors | 2024: 1.34M 2025: 1.12M |
|---|---|
| United States | 2024: 1.34M 2025: 1.12M |
Short interest
shares short against float, oldest to newest| Settlement | Of float | Shares short | Float | Avg volume |
|---|---|---|---|---|
| 2026-10-30 | 1.39% | 0.4M | 27.2M | 1.65M |
| 2026-10-15 | 2.17% | 0.6M | 27.2M | 1.65M |
| 2026-09-30 | 3.76% | 1.0M | 27.2M | 1.65M |
| 2026-09-15 | 1.43% | 0.4M | 27.2M | 97.82K |
| 2026-08-31 | 1.59% | 0.4M | 27.2M | 79.90K |
| 2026-08-14 | 1.33% | 0.4M | 27.2M | 56.97K |
| 2026-07-31 | 1.02% | 0.3M | 27.2M | 50.39K |
| 2026-07-15 | 1.27% | 0.3M | 27.2M | 42.51K |
| 2026-06-30 | 1.18% | 0.3M | 27.2M | 37.94K |
| 2026-06-15 | 1.31% | 0.4M | 27.2M | 32.44K |
| 2026-05-29 | 1.26% | 0.3M | 27.2M | 32.41K |
| 2026-05-15 | 1.27% | 0.3M | 27.2M | 34.04K |
| 2026-04-30 | 1.21% | 0.3M | 27.1M | 32.44K |
| 2026-04-15 | 1.26% | 0.3M | 27.1M | 38.73K |
| 2026-03-31 | 1.28% | 0.3M | 26.9M | 40.16K |
| 2026-03-13 | 1.11% | 0.3M | 26.9M | 47.08K |
| 2026-02-27 | 1.03% | 0.3M | 26.8M | 48.95K |
| 2026-02-13 | 1.03% | 0.3M | 26.0M | 53.46K |
| 2026-01-30 | 0.98% | 0.3M | 26.0M | 56.18K |
| 2026-01-15 | 1.00% | 0.3M | 26.0M | 77.89K |
Option chain
expiry 2026-11-20| Type | Strike | Bid | Ask | Last | IV | Open int | Volume | Delta | Theta | Vega |
|---|---|---|---|---|---|---|---|---|---|---|
| call | 0.50 | 0.00 | 0.05 | 0.10 | 3.836 | 40.00 | 0.00 | 0.421 | -0.005 | 0.000 |
| call | 1.00 | 0.00 | 0.85 | 0.00 | 6.876 | 0.00 | 0.00 | 0.328 | -0.008 | 0.000 |
| call | 1.50 | 0.00 | 0.85 | 0.00 | 8.136 | 0.00 | 0.00 | 0.303 | -0.009 | 0.000 |
| call | 2.00 | 0.00 | 0.85 | 0.00 | 8.956 | 0.00 | 0.00 | 0.290 | -0.009 | 0.000 |
| call | 2.50 | 0.00 | 0.05 | 0.05 | 9.560 | 531 | 0.00 | 0.282 | -0.010 | 0.000 |
| call | 5.00 | 0.00 | 0.85 | 0.00 | 11.288 | 0.00 | 0.00 | 0.263 | -0.011 | 0.000 |
| call | 7.50 | 0.00 | 0.25 | 0.00 | 12.218 | 0.00 | 0.00 | 0.254 | -0.012 | 0.000 |
| put | 0.50 | 0.00 | 0.75 | 0.00 | 0.000 | 0.00 | 0.00 | -0.582 | -0.005 | 0.000 |
| put | 1.00 | 0.15 | 1.15 | 0.70 | 0.000 | 9.00 | 0.00 | -0.672 | -0.008 | 0.000 |
| put | 1.50 | 0.90 | 1.45 | 1.20 | 23.209 | 3.00 | 0.00 | -0.697 | -0.009 | 0.000 |
| put | 2.00 | 1.45 | 2.25 | 1.70 | 0.000 | 2.00 | 2.00 | -0.710 | -0.009 | 0.000 |
| put | 2.50 | 1.75 | 2.40 | 2.20 | 20.036 | 1.00 | 2.00 | -0.718 | -0.010 | 0.000 |
| put | 5.00 | 4.50 | 4.90 | 4.70 | 21.875 | 1.00 | 7.00 | -0.737 | -0.011 | 0.000 |
| put | 7.50 | 7.00 | 7.40 | 7.20 | 22.953 | 1.00 | 1.00 | -0.746 | -0.011 | 0.000 |
Latest SEC filings
30| Filed | Form | Description | Period | Link |
|---|---|---|---|---|
| 2026-11-05 | 10-Q | Quarterly report pursuant to Section 13 or 15(d) | 2026-09-30 | SEC |
| 2026-08-06 | 10-Q | Quarterly report pursuant to Section 13 or 15(d) | 2026-06-30 | SEC |
| 2026-06-12 | 8-K | Current report | 2026-06-11 | SEC |
| 2026-06-05 | 8-K | Current report | 2026-06-02 | SEC |
| 2026-05-08 | 10-Q | Quarterly report pursuant to Section 13 or 15(d) | 2026-03-31 | SEC |
| 2026-04-30 | DEF 14A | Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 | 2026-04-30 | SEC |
| 2026-03-19 | 10-K/A | 2025-12-31 | SEC | |
| 2026-03-05 | 10-K | Annual report pursuant to Section 13 or 15(d) | 2025-12-31 | SEC |
| 2026-02-18 | 8-K | Current report | 2026-02-18 | SEC |
| 2026-01-05 | 4 | Statement of changes in beneficial ownership of securities | 2025-12-31 | SEC |
| 2026-01-05 | 4 | Statement of changes in beneficial ownership of securities | 2025-12-31 | SEC |
| 2026-01-05 | 4 | Statement of changes in beneficial ownership of securities | 2025-12-31 | SEC |
| 2025-11-06 | 10-Q | Quarterly report pursuant to Section 13 or 15(d) | 2025-09-30 | SEC |
| 2025-10-17 | SCHEDULE 13G | SEC | ||
| 2025-09-15 | 8-K | Current report | 2025-09-15 | SEC |
| 2025-08-07 | 10-Q | Quarterly report pursuant to Section 13 or 15(d) | 2025-06-30 | SEC |
| 2025-06-13 | 8-K | Current report | 2025-06-12 | SEC |
| 2025-05-08 | 10-Q | Quarterly report pursuant to Section 13 or 15(d) | 2025-03-31 | SEC |
| 2025-04-30 | DEF 14A | Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 | 2025-04-30 | SEC |
| 2025-04-16 | 10-K/A | 2023-12-31 | SEC | |
| 2025-03-06 | 10-K | Annual report pursuant to Section 13 or 15(d) | 2024-12-31 | SEC |
| 2025-01-02 | 4 | Statement of changes in beneficial ownership of securities | 2024-12-31 | SEC |
| 2025-01-02 | 4 | Statement of changes in beneficial ownership of securities | 2024-12-31 | SEC |
| 2025-01-02 | 4 | Statement of changes in beneficial ownership of securities | 2024-12-31 | SEC |
| 2025-01-02 | 4 | Statement of changes in beneficial ownership of securities | 2024-12-31 | SEC |
| 2025-01-02 | 4 | Statement of changes in beneficial ownership of securities | 2024-12-31 | SEC |
| 2024-11-07 | 10-Q | Quarterly report pursuant to Section 13 or 15(d) | 2024-09-30 | SEC |
| 2024-08-01 | 10-Q | Quarterly report pursuant to Section 13 or 15(d) | 2024-06-30 | SEC |
| 2024-06-17 | 4 | Statement of changes in beneficial ownership of securities | 2024-06-14 | SEC |
| 2024-06-14 | 8-K | Current report | 2024-06-13 | SEC |
Insider activity by month
| Month | Bought | Buys | Sold | Sells |
|---|---|---|---|---|
| 2026-11 | 0 | 0 | 0 | 0 |
| 2026-10 | 0 | 0 | 0 | 0 |
| 2026-09 | 0 | 0 | 0 | 0 |
| 2026-08 | 0 | 0 | 0 | 0 |
| 2026-07 | 0 | 0 | 0 | 0 |
| 2026-06 | 0 | 0 | 0 | 0 |
| 2026-05 | 0 | 0 | 0 | 0 |
| 2026-04 | 0 | 0 | 0 | 0 |
| 2026-03 | 0 | 0 | 0 | 0 |
| 2026-02 | 0 | 0 | 0 | 0 |
| 2026-01 | 0 | 0 | 0 | 0 |
| 2025-12 | 0 | 0 | 0 | 0 |
| 2025-11 | 0 | 0 | 0 | 0 |
Institutional holders
| Manager | % owned |
|---|---|
| MGO ONE SEVEN LLC | 2.48% |
| VANGUARD CAPITAL MANAGEMENT LLC | 1.67% |
| BlackRock, Inc. | 1.53% |
| Focus Partners Wealth | 1.42% |
| GEODE CAPITAL MANAGEMENT, LLC | 0.88% |
| StoneX Group Inc. | 0.56% |
| VANGUARD FIDUCIARY TRUST CO | 0.51% |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | 0.44% |
| STATE STREET CORP | 0.30% |
| SHUFRO ROSE & CO LLC | 0.28% |
Funds
| Fund | % owned |
|---|---|
| VANGUARD TOTAL STOCK MARKET INDEX FUND | 0.83% |
| VANGUARD EXTENDED MARKET INDEX FUND | 0.81% |
| Fidelity Extended Market Index Fund | 0.41% |
| Fidelity Total Market Index Fund | 0.16% |
| Fidelity Series Total Market Index Fund | 0.11% |
| Fidelity Nasdaq Composite Index Fund | 0.03% |
| VANGUARD BALANCED INDEX FUND | 0.03% |
OakChart. REFR. Cached 15 minutes.
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