Research Frontiers has announced its financial results for its fourth quarter and full year 2023.
Highlights
- 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 auto makers 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.
- Fee income during 2023 increased by 69 percent from the same period last year. Fee income in the fourth quarter of 2023 was also up over 90 percent from the third quarter, and up over 140 percent from the same quarter last year. These increases in fee income were primarily the result of higher royalties from the automotive market.
- 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.
- Revenues and investment income overall increased by USD 539,069 (109 percent) and expenses decreased by USD 221,916 (7 percent) in 2023 compared to 2022. Overall, this resulted in a reduction in the Company’s net loss by USD 760,985 to USD 1,908,364 (USD 0.06 per share) for 2023.
- At December 31, 2023, the Company had cash and cash equivalents of approximately USD 2.5 million, and working capital of USD 3.3 million. The Company has no debt and expects to have sufficient working capital for at least the next five years of operations.