Research Frontiers revenue plunges 76% as one-time license lapses; liquidity outlook cut to 12 months

Filed May 8, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~2 min read

Key Changes

• high

  Revenue fell 76% YoY to $136K in Q1 2026 from $560K in Q1 2025, driven by non-recurring upfront license fee in prior year. Net loss nearly tripled to $525K as company burns cash at accelerated rate.

  MD&A: Revenue & Net Loss verify on EDGAR →
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  Management slashed liquidity outlook from 'more than five years' to 'at least 12 months,' signaling tightened cash runway. Company raised $1.1M in February 2026 equity offering mid-quarter at $1.00/share.

  MD&A: Liquidity & Capital Raise verify on EDGAR →
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  Related-party revenue concentration jumped from 11% to 47% of total fee income, with Gauzy and Vision Systems (director-affiliated entities) now representing 71% of accounts receivable versus 10% prior year.

  MD&A: Related-Party Concentration verify on EDGAR →