Research Frontiers Inc. announced its financial results for its fourth quarter and full year ended December 31, 2020.
Key Comments
- Fee and other income for 2020 was 1,064,975 USD. The Company’s fee income from licensing activities for the year ended December 31, 2020 was 828,450 USD as compared to 1,564,024 USD for the year ended December 31, 2019. Lower fees in the automotive and aircraft markets as production of certain Daimler vehicles was curtailed due to the COVID-19 pandemic and as these vehicles approached the end of their model lifetimes, were partially offset by higher fee income from the display market.
- Total expenses decreased by 1,307,524 USD, or approximately 28 percent, for the year ended December 31, 2020 as compared to the same period in 2019.
- The Company’s net loss decreased by 1,468,114 USD to 2,340,864 USD (0.07 USD per common share) for the year ended December 31, 2020. This compares to a net loss of 3,808,978 USD (0.13 USD per common share) in 2019. The net loss for 2020 was Research Frontiers’ lowest net loss in 26 years.
- As of December 31, 2020, the Company had cash and cash equivalents of approximately 4.8 million USD and working capital of approximately 5.2 million USD. The Company expects to have sufficient working capital for at least the next 33 months of operations.
- Since Research Frontiers last conference call, General Motor’s Cadillac division announced that its new ultra-luxury all-electric flagship vehicle, the Celestiq, will offer a four quadrant SPD-SmartGlass roof.
The full report is available here.