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General: As used herein, we, us, our, the Company or Research Frontiers means Research Frontiers Incorporated unless otherwise indicated. Research Frontiers operates in a single business segment which is engaged in the development and marketing of technology and devices to control the flow of light (see Note 1 to the Consolidated Financial Statements).
The business is unprofitable at the operating level (-190.16% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 16.0% YoY. Margins deteriorated 82.2pp alongside, both lines moving the wrong way.
ROIC dropped from -29.64% to -56.14%, capital efficiency is deteriorating. Negative free cash flow of -$1M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$698K
▼ -16.0% YoY
Net Income (TTM)
-$2M
▼ -56.0% YoY
Op. Margin
-347.24%
▼ -82.2pp YoY
ROIC
-71.27%
▼ -26.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$1M
▼ -68.2% YoY
Op. Cash Flow (TTM)
-$1M
▼ -68.5% YoY
Net Debt
-$149K
Net Cash Position
Cash & Equiv.
$1M
5Y CAGR: +6.2%
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