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Research Frontiers Reports Fourth Quarter and Year-End 2023 Financial Results and Will Host a Conference Call at 4:30p.m. Today
WOODBURY, N.Y., March 07, 2024 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its fourth quarter and full-year
About this update from Research Frontiers Incorporated
[{"type":"text","content":"WOODBURY, N.Y., March 07, 2024 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its fourth quarter and full-year 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: Thursday, March 7, 2024, 4:30 PM ET •Dial-in Information: 1-888-334-5785 •Replay: Available on Friday, March 8, 2024 for 90 days at https://smartglass-ir.com/ Key Comments: 1.The following new car models were introduced in 2023 using Research Frontiers SPD-SmartGlass technology: Cadillac Celestiq, Ferrari Purosangue, McLaren S450 and McLaren Artura. During the fourth quarter of 2023 additional automakers have begun projects using Research Frontiers patented SPD-SmartGlass technology in their panoramic glass roofs, and an Asian car manufacturer is expected to introduce an SPD-SmartGlass panoramic roof into serial production this year.2.Fee income during 2023 increased by 69% from the same period last year. Fee income in the fourth quarter of 2023 was also up over 90% from the third quarter, and up over 140% from the same quarter last year. These increases in fee income were primarily the result of higher royalties from the automotive market.3.The Company expects revenue in all market segments to increase as new car models, aircraft, trains, architectural, information display and other products using the Company’s SPD-SmartGlass technology are introduced into the market.4.Revenues and investment income overall increased by $539,069 (109%) and expenses decreased by $221,916 (7%) in 2023 compared to 2022. Overall, this resulted in a reduction in the Company’s net loss by $760,985 to $1,908,364 ($0.06 per share) for 2023.5.At December 31, 2023, the Company had cash and cash equivalents of approximately $2.5 million, and working capital of $3.3 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-K 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...