Business
Research Frontiers Reports Third Quarter 2022 Financial Results and Will Host a Conference Call at 4:30p.m. Today
WOODBURY, N.Y., Nov. 03, 2022 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its September 30, 2022 third
About this update from Research Frontiers Incorporated
[{"type":"text","content":"WOODBURY, N.Y., Nov. 03, 2022 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its September 30, 2022 third quarter. 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: November 3, 2022, 4:30 PM ET ●Dial-in Information:1-888-334-5785 ●Replay: Available on Friday, November 4, 2022 for 90 days at https://smartglass-ir.com/ Key Comments: 1.After adjusting for one-time events relating to the timing of payments and new and amended license agreements entered into in 2021, fee income was higher in the third quarter of 2022 as compared to the third quarter of 2021, primarily as a result of higher fee income from the automotive and aircraft segments. Fee income was also higher in the third quarter of 2022 as compared to the second quarter of 2022, primarily as a result of higher fee income from the automotive and aircraft segments. 2.This year Cadillac had multiple high-profile public exhibitions of its Cadillac Celestiq which enters series production next year and will be produced at the General Motors Tech Center in Warren Michigan. The Celestiq is Cadillac’s all-electric luxury flagship, and features a four-quadrant SPD-SmartGlass roof using Research Frontiers variable tint technology. An additional car was introduced by another European automobile manufacturer in the third quarter of 2022 using Research Frontiers SPD-SmartGlass technology in its panoramic glass roof. 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.Operating expenses decreased by $83,548, and research and development expenses increased by $13,941 in the third quarter of 2022 as compared to the same period in 2021. 5.The Company’s net loss was $483,729 ($0.02 per common share) for the three months ended September 30, 2022 as compared to net income of $21,614 ($0.00 per common share) for the three months ended September 30, 2021. The Company’s net loss was $258,109 lower in the third quarter of 2022 compared to the previous quarter. 6.As of September 30, 2022, the Company had cash and cash equivalents of approximately $4.8 milli...