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Research Frontiers Reports First Quarter 2023 Financial Results and Will Host a Conference Call at 4:30p.m. Today
WOODBURY, N.Y., May 04, 2023 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its first quarter 2023. Management
About this update from Research Frontiers Incorporated
[{"type":"text","content":"WOODBURY, N.Y., May 04, 2023 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its first quarter 2023. Management will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial and operating results as well as recent developments. •Who: Joseph M. Harary, President & CEO •Date/Time: May 4, 2023, 4:30 PM ET •Dial-in Information:1-888-334-5785 •Replay: Available on Friday, May 5, 2023 for 90 days at https://smartglass-ir.com/ Key Comments: 1.Car models from Cadillac, Ferrari, McLaren and at least one other Asian car manufacturer are expected to be introduced into serial production in 2023 using Research Frontiers patented SPD-SmartGlass technology in their panoramic glass roofs.2.The Company’s fee income from licensing activities for the three months ended March 31, 2023 increased by 43% to $248,175 as compared to $173,828 for the three months ended March 31, 2022. Compared to the fourth quarter ending December 31, 2022, fee income in the first quarter of 2023 increased by 91% from $129,904. This increase in fee income was primarily the result of higher royalties from the automotive and aircraft markets, both as compared to the first quarter of 2022 as well as the most recently completed fourth quarter of 2022.3.The Company expects revenue in all market segments to increase as new car models, aircraft, trains and other products using the Company’s SPD-SmartGlass technology are introduced into the market.4.At March 31, 2023, the Company had cash and cash equivalents and marketable securities of approximately $4.1 million, and working capital of $4.6 million. The Company has no debt and expects to have sufficient working capital for at least the next five years of operations. For more details, please see the Company’s Annual Report on Form 10-Q which was filed today with the SEC, the contents of which are incorporated by reference herein. About Research Frontiers Research Frontiers (Nasdaq: REFR) is a publicly traded technology company and the developer of patented SPD-Smart light-control film technology which allows users to instantly, precisely and uniformly control the shading of glass or plastic products, either manually or automatically. Research Frontiers has licensed its smart glass technology to over 40 companies that include well known chemical, material scie...