Research Frontiers Inc. announced its financial results for its first quarter 2023. Management has hosted a conference call to discuss its financial and operating results as well as recent developments.
Who: Joseph M. Harary, President & CEO
Date/Time: May 4, 2023, 4:30 PM ET
Dial-in Information: 1-888-334-5785
Replay: Available on Friday, May 5, 2023 for 90 days at SmartGlass-IR.com
Key Comments
Car models from Cadillac, Ferrari, McLaren and at least one other Asian car manufacturer are expected to be introduced into serial production in 2023 using Research Frontiers patented SPD-SmartGlass technology in their panoramic glass roofs.
The Company’s fee income from licensing activities for the three months ended March 31, 2023 increased by 43 percent to USD 248,175 as compared to USD 173,828 for the three months ended March 31, 2022. Compared to the fourth quarter ending December 31, 2022, fee income in the first quarter of 2023 increased by 91 percent from USD 129,904. This increase in fee income was primarily the result of higher royalties from the automotive and aircraft markets, both as compared to the first quarter of 2022 as well as the most recently completed fourth quarter of 2022.
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.
At March 31, 2023, the Company had cash and cash equivalents and marketable securities of approximately USD 4.1 million, and working capital of USD 4.6 million. The Company has no debt and expects to have sufficient working capital for at least the next five years of operations.
