Research Frontiers Incorporated (NASDAQ:REFR) Q1 2021 Earnings Conference Call May 6, 2021 4:30 PM ET Company Participants Joe Harary - President and CEO Conference Call Participants Operator Good afternoon, ladies and gentlemen. Welcome to the Research Frontiers' Investor Conference Call to discuss the First Quarter 2021 Results of operations and recent developments. During today's presentation, all parties will be in a listen-only mode. [Operator Instructions] This conference is being recorded today. A re ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) of THE SECURITIES AND EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 Commission File Number 000-14893 RESEARCH FRONTIERS INCORPORATED (Exact name of registrant as specified in its charter) DELAWARE 11-2103466 (State or other jurisdiction of incorporation or organization) 240 CROSSWAYS PARK DRIVE WOODBURY, NEW YORK 11797-2033 (Address of principal executive offices ...

Research Frontiers Incorporated (NASDAQ:REFR) Q4 2020 Earnings Conference Call March 11, 2021 8:00 AM ET Company Participants Joe Harary - President and CEO Operator Operator Good afternoon, ladies and gentlemen. Welcome to Research Frontier's Investor Conference Call to discuss the Fourth Quarter and Full Year 2020 Results and Recent Developments. [Operator Instructions] This conference is being recorded today. A replay of this conference will be available starting later today in the Investors section of R ...

Research Frontiers Incorporated (NASDAQ:REFR) Q3 2020 Earnings Conference Call November 5, 2020 4:30 PM ET Company Participants Joe Harary - President and CEO Seth Van Voorhees - CFO Conference Call Participants Operator Good afternoon, ladies and gentlemen. Welcome to the Research Frontiers' Investor Conference Call to discuss the Third Quarter of 2020 Results and recent developments. During today's presentation all parties will be in a listen-only mode. And following the presentation the conference will b ...

Financial Data and Key Metrics Changes - The net loss for the first half of 2020 was less than half of the same period last year, with a net loss per share of $0.03, down from $0.07 per share for the same period last year [16] - The company approached breakeven in the second quarter with a loss of just $0.01 per share, which was down from five times that amount per share in the second quarter of last year [16] - Expenses during the first half of 2020 were down over $450,000 or over 20% from last year [17] Business Line Data and Key Metrics Changes - The company has seen a noticeable increase in activity and projects for SPD technology in Asia and North America, expanding beyond its traditional European market [19] - There is a diversification in automotive, with a migration of interest from the premium segment to less expensive cars [20] Market Data and Key Metrics Changes - The automotive industry experienced significant declines, with premium segment sales down 22% for Mercedes and 39% for BMW in the second quarter [12] - Car sales in Germany were reportedly down 61% in April due to the pandemic [13] - Despite the downturn, there is optimism for a rebound, with light vehicle production expected to decline by about 7% in the second half of the year and a total of 20% for the full 2020 calendar year [14] Company Strategy and Development Direction - The company is focused on expanding its business and diversifying geographically and by industry, with key initiatives in automotive and architectural projects [18] - The architectural market is highlighted as a significant opportunity, particularly in hospitals and homes, with the potential to become the largest market for the company [25] Management's Comments on Operating Environment and Future Outlook - The management acknowledges the challenges posed by the COVID-19 pandemic but emphasizes the importance of innovation and efficiency in conducting business [9] - The company remains strong fiscally, with over $5.8 million in cash reserves, estimated to last for at least 34 months [17] - The management is optimistic about the automotive market's recovery and the increasing demand for private vehicle ownership [21] Other Important Information - The company was selected for inclusion in the Russell 2000 Index in May, reflecting an increase in market value [7] - The largest sun visor supplier in the automotive industry, Daimay, announced a license with the company, which is expected to enhance market presence [8] Q&A Session All Questions and Answers Question: Concerns about Kevin Douglas's share sale - Management clarified that Kevin Douglas's sale of 20% of his position was for personal reasons and not due to a lack of confidence in the company [31][32] Question: Implementation timeline for Daimay's SPD visor - Management indicated that Daimay's implementation timeline is not publicly disclosed but is being actively developed [90] Question: Cash flow positivity timeline - Management expressed confidence that the company may not need to go to the market for funding for at least the next 34 months, with a focus on reaching breakeven [54][60] Question: Impact of Hitachi Chemical acquisition - Management stated that the acquisition should not affect production, and the new owners can continue to produce SPD film [75] Question: Revenue guidance for the next few years - Management refrained from providing specific revenue guidance due to the uncertainty surrounding the COVID-19 situation [83]

Financial Data and Key Metrics Changes - In Q1 2020, total expenses decreased by $225,000 compared to Q1 2019, and the net loss was reduced by $179,303 to $624,594, or $0.02 per share, compared to a net loss of $803,897, or $0.03 per share, in Q1 2019 [9] - Compared to Q4 2019, expenses were lower by about $600,000, and the net loss was almost $664,000 lower [10] Business Line Data and Key Metrics Changes - Royalties from the automotive market increased by over 28% in Q1 2020 compared to the previous quarter [15] - Royalties from aerospace also saw an increase in Q1 2020 compared to Q4 2019 [17] - The architectural market did not show the same strength in Q1 2020 as in Q4 2019, attributed to the timing of key activities and projects [19] Market Data and Key Metrics Changes - The automotive market is expected to rebound as regions begin to reopen, with a noted rush in car dealerships in Wuhan, China [13] - General aviation may benefit from the pandemic, with a reported 27% increase in business for a private jet fleet operator [16] - The architectural market is potentially the largest market for SPD technology, with significant interest in its use in hospitals for infection control [19] Company Strategy and Development Direction - The company aims to diversify its business across various industries and geographies, with a focus on automotive, aerospace, and architectural markets [13][18] - The strategic investment by Hyundai in the SPD-SmartGlass industry is seen as a significant endorsement of the technology and its future potential [28][29] - The company is focused on reducing costs and increasing production capacity to make SPD technology more affordable [84] Management's Comments on Operating Environment and Future Outlook - The management believes the company is well-positioned for future growth despite the challenges posed by COVID-19, with sufficient cash reserves for at least 34 months [7][83] - The company expects to continue reducing expenses and aims to achieve cash flow positivity and profitability [83] - There is optimism regarding the recovery of the automotive market and the potential for increased demand in various sectors post-COVID-19 [15][16] Other Important Information - The company has been debt-free since going public in 1986 and has maintained a conservative fiscal approach [7] - The company has expanded its public relations efforts and participated in various industry conferences to raise awareness of SPD technology [81] Q&A Session Summary Question: What is happening in Brazil? - The company highlighted the aggressive operations of SER in Brazil, focusing on aftermarket upgrades for armored vehicles using SPD technology [36] Question: Can you comment on Isoclima's participation? - Isoclima is active in automotive and aircraft industries, working with major players [38] Question: What is the production capacity of Hitachi and Gauzy? - Hitachi can produce 400,000 square meters per year per shift, while Gauzy's capacity is 1 million square meters per year [42][49] Question: Are there ready customers for the produced film? - The company stated that film is usually produced for customer orders, with minimal inventory [52] Question: Has anyone approached the company for acquisition? - The management confirmed that there have been no inquiries regarding acquisition [78]

Research Frontiers Incorporated (NASDAQ:REFR) Q4 2019 Earnings Conference Call March 12, 2020 4:30 PM ET Company Participants Joe Harary - President and Chief Executive Officer Seth Van Voorhees - CFO Operator Good afternoon, ladies and gentlemen. Welcome to the Research FrontiersÂ' Investor Conference Call to Discuss the Fourth Quarter and Full Year 2019 Results and Recent Developments. During today's presentation, all parties will be in a listen-only mode [Operator Instructions]. This conference is being ...

Financial Data and Key Metrics Changes - Fee income increased by 29% year-over-year in Q3 2019, with automotive fee income up 49% and aircraft fee income up 28% compared to the same quarter last year [5][6] - Sequentially, overall fee income rose by 54% from Q2 2019, with automotive fee income up 73% and aircraft fee income up 27% [6][11] - The net loss for Q3 2019 narrowed to just one penny per share, indicating progress towards break-even [11][88] Business Line Data and Key Metrics Changes - The automotive sector showed significant growth, driven by increased use of SPD-Smart Glass by manufacturers like Mercedes and McLaren [20][22] - SPD film sales through Q3 2019 exceeded total sales for the entire previous year, indicating strong demand across various markets, including automotive and architectural [19][35] Market Data and Key Metrics Changes - The architectural market is beginning to see increased interest, with projects primarily located in Europe and the Middle East, and a focus on the U.S. market [28][33] - The automotive market is projected to grow due to the shift towards electric vehicles and new regulations in Europe regarding CO2 emissions [25][26] Company Strategy and Development Direction - The company aims to reduce the cost of SPD-Smart Glass technology to enhance market penetration and explore new applications [17][88] - The strategy includes maintaining financial stability, operational efficiency, and business growth, with a focus on expanding into the architectural market [7][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the positive trends in revenue growth and the increasing awareness of SPD technology across industries [88][90] - The company is well-positioned with over three years of cash and no debt, allowing for flexibility in operations and strategic investments [8][87] Other Important Information - The new Gauzy factory in Germany is expected to enhance production capabilities for SPD film, which is crucial for meeting growing demand [47][50] - The company has expanded its public relations and investor relations efforts, leading to increased awareness and interest in its technology [53][54] Q&A Session Summary Question: What is the status of Vision Systems marketing their sun visors? - Vision Systems is still working on the sun visor project targeting trucks, aircraft, and trains, with increased interest due to lower costs of SPD film [57][58] Question: Are there revenues from Panasonic? - Revenues are received indirectly through the licensee supplying SPD glass to Panasonic, with positive feedback on the technology [62] Question: Update on signed contracts by airlines? - There are no direct contracts with airlines; however, licensees have contracts with suppliers to airlines [66][68] Question: What were the revenues for the quarter? - Overall revenue was up 29% in Q3 2019, with significant increases in automotive and aircraft sectors [74] Question: Update on three automakers mentioned previously? - The projections remain unchanged, with potential for significant growth in SPD glass usage among three major automakers [79]

Research Frontiers Incorporated (NASDAQ:REFR) Q2 2019 Results Earnings Conference Call August 8, 2019 4:30 PM ET Company Participants Joe Harary - President, Chief Executive Officer, Counsel and Corporate Secretary Seth Van Voorhees - CFO Conference Call Participants Operator Good afternoon, ladies and gentlemen. Welcome to Research FrontiersÂ' Investor Conference Call to discuss the Second Quarter of 2019 results and recent developments. During todayÂ's presentation, all parties will be in a listen-only mo ...

Financial Data and Key Metrics Changes - Fee income increased by 13% in Q1 2019 compared to the previous quarter, although there was a slight decrease year-over-year when accounting for non-recurring items [6][8] - Expenses declined by over 20% or $247,312 in Q1 2019 compared to the same period in 2018 due to cost reduction initiatives [8][11] - The company's net loss remained approximately the same at $0.03 per common share for Q1 2019, with a potential adjusted loss of $0.02 per share when excluding non-cash accounting expenses [8][9] Business Line Data and Key Metrics Changes - Higher fee income was reported in the automotive, aircraft, and display market sectors, while there was a slight decrease in the architectural market [7] - Automotive royalties increased, with McLaren Automotive incorporating SPD-SmartGlass in three car models, including the 720S Spyder [16][19] Market Data and Key Metrics Changes - The automotive market is seeing a pronounced movement towards electric vehicles, with SPD-SmartGlass technology capable of increasing the driving range of electric vehicles by 5.5% [83] - The architectural smart glass market is opening up due to the introduction of wider and less expensive film, which is expected to benefit from new competition among SPD filmmakers [86][88] Company Strategy and Development Direction - The company aims to reduce the cost of SPD-SmartGlass technology, open new markets, and improve operational efficiencies [5] - Significant achievements in operational areas were noted, including the expansion of SPD-SmartGlass usage in high-profile automotive models [13][14] - The company is positioned to become a royalty-collecting and dividend-paying entity as it approaches profitability [41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the automotive industry's growth, particularly in premium vehicles and electric vehicles, with expectations for substantial revenue increases in 2019 and 2020 [83][85] - The company is in good financial shape with a debt-free balance sheet and sufficient resources to move forward [12] Other Important Information - Gauzy, a licensee, is expanding its production capabilities with a new factory in Stuttgart, Germany, which will significantly increase the supply of SPD film [25][27] - The company has received positive attention in the automotive industry, with multiple presentations highlighting the benefits of SPD-SmartGlass technology [22][23] Q&A Session All Questions and Answers Question: Can you make some statements about Gauzy's SPD sales thus far and also about the near-term expectation for Gauzy sales? - Gauzy's second factory line is expected to come online this summer, indicating positive sales expectations [29] Question: Does the Sun Partner bankruptcy affect inertia and other self-powered applications? - No, the vision systems are not reliant on Sun Partners, so there is minimal impact [30] Question: Is the expectation that the W223 will be the first model to use SPD sunroofs? - The company expects to achieve cost reductions that will allow for higher volume cars to benefit from lower pricing [32] Question: Can you comment on the future for SPD as a glare control technology for outdoor advertising? - SPD is expected to play an important role in outdoor advertising and retail advertising markets [37] Question: Do you have architectural orders for the television production line at 1.2 meters wide? - Costs have been reduced significantly, with some cases being less than half of what they were initially [39] Question: Is Research Frontiers SPD film being used in any of the phases of the Hudson Yards projects? - The company was involved early on with SmartGlass International, and there is potential for future projects [43] Question: What is the PR firm doing to get Research Frontiers in front of true investors? - The stock price has increased significantly since the PR firm's involvement, indicating successful outreach [45] Question: When may we actually see some increase in revenues? - The company anticipates meaningful revenue increases starting in 2020 due to more cars coming online [77]