Research Frontiers(US:REFR)2025-03-06 21:01Financial Performance - The Company's licensing fee income for the year ended December 31, 2024 was $1,335,531, an increase of $425,933 (47%) compared to $909,598 in 2023, driven by higher royalties from the automotive and aircraft markets, which increased by 48%[223]. - The Company's net loss for the year ended December 31, 2024 was $1,311,382 ($0.04 per share), which is $596,982 (31%) lower than the net loss of $1,908,364 ($0.06 per share) in 2023[228]. - The Company’s net investment income for 2024 was $95,339, down from $124,938 in 2023, primarily due to changes in interest rates and lower cash balances[226]. Operating Expenses - Operating expenses decreased by $152,237 to $2,207,397 in 2024 from $2,359,634 in 2023, attributed to lower credit loss expenses, marketing costs, patent costs, and legal fees[224]. - Research and development expenditures decreased by $13,259 to $570,007 in 2024 from $583,266 in 2023, due to lower materials and insurance costs[225]. Cash Flow and Capital - Cash and cash equivalents decreased by $481,772 in 2024, resulting in a balance of $2.0 million at year-end, with working capital of $2.5 million and total shareholders' equity of $2.6 million[230]. - The Company has an operating lease obligation totaling $1,659,000 as of December 31, 2024, with a remaining lease term of 7 years[234]. - The Company anticipates sufficient working capital for more than the next five years based on current operations[231]. Future Outlook - The Company expects to generate additional royalty income from new car and aircraft models, as well as growth in marine industry applications[221]. - The Company recorded $35,152 of other income in 2024 related to an Employee Retention Credit under the Cares Act[227].