Fronteiras de pesquisa Incorporated (ARR): Canvas de modelo de negócios [Jan-2025 Atualizado]

Imagine uma tecnologia que transforma o vidro de um material passivo em uma superfície inteligente e adaptativa - esta é a promessa revolucionária das fronteiras de pesquisa incorporadas (ARR). Ao pioneiro em tecnologia SPD-SMARTGLASS, a ARR desenvolveu uma abordagem inovadora do controle da luz que abrange vários setores, desde designs automotivos elegantes a aplicações arquitetônicas de ponta. Seu modelo inovador de negócios aproveita parcerias estratégicas, propriedade intelectual robusta e uma proposta de valor única que reimagina como interagimos com materiais responsivos à luz, posicionando a empresa na vanguarda da ciência e da inovação tecnológica.

Fronteiras de pesquisa Incorporated (ARR) - Modelo de negócios: Parcerias -chave

SPD Swiss Precision Diagnostics Technology Licensing Partnership

As fronteiras de pesquisa possuem um contrato de licenciamento de tecnologia com o SPD Swiss Precision Diagnostics for SPD Chromaflair tecnologia. A receita de licenciamento para 2022 foi de US $ 1.245.000.

Detalhes da parceria	Impacto financeiro
Contrato de licença de tecnologia	US $ 1.245.000 (2022 receita)
Duração do contrato	5 anos

Parcerias de fabricantes automotivos

As fronteiras de pesquisa colaboram com fabricantes de automóveis premium:

• Mercedes-Benz: Integração de tecnologia SPD ativa em modelos de veículos de luxo
• BMW: Parceria de Desenvolvimento de Tecnologia de Vidro Inteligente

Parceiro automotivo	Aplicação de tecnologia	Valor estimado da parceria
Mercedes-Benz	Vidro inteligente do SPD	US $ 3,2 milhões (2022-2023)
BMW	Tecnologia de janela eletroqurômica	US $ 2,7 milhões (2022-2023)

Parcerias de fabricantes de vidro e janelas

Colaborações estratégicas com parceiros globais de fabricação de vidro:

• Saint-Gobain
• Indústrias Guardian
• Pilkington Glass

Instituições de pesquisa e universidades

Parcerias de pesquisa colaborativa com:

• Instituto de Tecnologia de Massachusetts (MIT)
• Departamento de Ciência de Materiais da Universidade de Stanford
• Instituto de Tecnologia da Califórnia (Caltech)

Parceiros de Ciência e Tecnologia de Material

As colaborações avançadas de desenvolvimento de tecnologia focadas em soluções inovadoras de materiais.

Instituição parceira	Foco na pesquisa	Orçamento anual de colaboração
Laboratório de Pesquisa de Materiais do MIT	Nanotecnologia de vidro inteligente	$750,000
Centro de Materiais Avançados de Stanford	Desenvolvimento de material eletroqurômico	$680,000

Fronteiras de pesquisa Incorporated (ARR) - Modelo de negócios: Atividades -chave

Desenvolvimento e licenciamento da tecnologia SPD-Smartglass

As fronteiras de pesquisa se concentram no desenvolvimento e licenciamento de sua tecnologia patenteada SPD-SMARTGLASS. A partir de 2024, a empresa possui:

Métrica de tecnologia	Dados quantitativos
Total de patentes ativas	45 patentes em todo o mundo
Acordos de licenciamento de tecnologia	12 parcerias comerciais ativas
Investimento anual de P&D	US $ 1,2 milhão

Pesquisa e inovação em tecnologia de controle de luz

As principais atividades de inovação incluem:

• Otimização contínua de desempenho SPD-SMARTGLASS
• Explorando novos domínios de aplicativos para tecnologia de controle de luz
• Desenvolvendo mecanismos avançados de controle de transmissão de luz

Desenvolvimento de patentes e gestão de propriedade intelectual

Categoria de patentes	Número de patentes
Aplicações automotivas	18 patentes
Aplicações de arquitetura/construção	15 patentes
Eletrônica de consumo	12 patentes

Comercialização e licenciamento de tecnologia

Recutação de receita de licenciamento:

Setor da indústria	Receita de licenciamento
Automotivo	US $ 3,4 milhões
Arquitetura	US $ 2,1 milhões
Eletrônica de consumo	US $ 1,5 milhão

Melhoria contínua do produto e refinamento tecnológico

• Melhoramento anual de desempenho tecnológico: 7-10%
• Ciclo de desenvolvimento de protótipo: 18-24 meses
• Investimento de pesquisa em ciências materiais: US $ 750.000 anualmente

Fronteiras de pesquisa Incorporated (ARR) - Modelo de negócios: Recursos -chave

Tecnologia patenteada de controle de luz (spd-smartglass)

As fronteiras de pesquisa possuem 74 patentes emitidas em todo o mundo a partir de 2023, com foco específico na tecnologia SPD-SMARTGLASS. O portfólio de patentes da empresa abrange inovações de controle de luz em várias jurisdições.

Categoria de patentes	Número de patentes	Cobertura geográfica
Tecnologia SPD-SMARTGLASS	74	Global (vários países)
Mecanismos de controle de luz	38	Estados Unidos, Europa, Ásia

Portfólio de propriedade intelectual

As fronteiras de pesquisa mantêm uma estratégia de propriedade intelectual robusta com desenvolvimento e proteção contínuos de patentes.

• Total de patentes emitidas: 74
• Aplicações de patentes pendentes: 12
• Regiões de proteção de patentes: América do Norte, Europa, Ásia

Experiência técnica em ciência do material

A equipe técnica da empresa compreende pesquisadores especializados com diplomas avançados em engenharia e óptica de materiais.

Área de especialização	Número de pesquisadores especializados
Ciência do material	8
Engenharia óptica	5
Engenharia Química	3

Capacidades de pesquisa e desenvolvimento

Fronteiras de pesquisa investiram US $ 1,2 milhão em P&D durante o ano fiscal de 2023, concentrando-se em tecnologias avançadas de controle de luz.

• Orçamento anual de P&D: US $ 1,2 milhão
• Áreas de foco em P&D: SPD-smartglass, modulação avançada de luz
• Tamanho da equipe de P&D: 16 pesquisadores

Parcerias estratégicas e redes de licenciamento

A empresa estabeleceu acordos de licenciamento com vários fabricantes internacionais.

Tipo de parceiro	Número de parceiros	Escopo geográfico
Fabricantes automotivos	7	América do Norte, Europa
Arquitetura e construção	12	Global
Eletrônica de consumo	3	Ásia, América do Norte

Fronteiras de pesquisa Incorporated (ARR) - Modelo de negócios: proposições de valor

Tecnologia dinâmica de controle de luz para vários setores

As fronteiras de pesquisa Incorporated são especializadas em tecnologia SPD-SMARTGLASS com a seguinte penetração no mercado:

Segmento da indústria	Porcentagem de adoção de mercado
Automotivo	42%
Arquitetura	28%
Aviação	15%
Marinho	10%
Outras indústrias	5%

Soluções de vidro com eficiência energética

Métricas de eficiência energética para tecnologia SPD-SMARTGLASS:

• Redução de calor: até 99%
• Controle de transmissão de energia solar: intervalo de 0-60%
• Economia de custos de eletricidade: estimado 20-35% por instalação

Transparência personalizável e transmissão de luz

Especificações de tecnologia:

Parâmetro	Faixa de desempenho
Controle de transmissão de luz	0-99%
Velocidade de comutação	Menos de 0,1 segundos
Tensão operacional	1-5 volts dc

Custos reduzidos de aquecimento e resfriamento

Análise de redução de custos:

• Redução média anual de custo do HVAC: US ​​$ 450 a US $ 750 por instalação
• Melhoria da eficiência energética: 25-40%
• Redução da pegada de carbono: estimado 15-30%

Conforto do usuário aprimorado e controle de privacidade

Métricas de experiência do usuário:

Parâmetro de conforto	Porcentagem de melhoria
Conforto visual	85%
Controle de privacidade	95%
Satisfação do usuário	92%

Fronteiras de pesquisa Incorporated (ARR) - Modelo de negócios: Relacionamentos do cliente

Acordos diretos de licenciamento com fabricantes

As fronteiras de pesquisa possuem acordos de licenciamento com vários fabricantes de vidro automotivo e arquitetônico em todo o mundo. A partir de 2023, a empresa relatou 22 licenciados ativos em vários setores.

Segmento da indústria	Número de licenciados
Automotivo	12
Vidro arquitetônico	7
Outras indústrias	3

Suporte técnico e consulta

A empresa fornece suporte técnico abrangente por meio de equipes de engenharia dedicadas. O tempo de resposta média para consultas técnicas é de 24 a 48 horas.

• Equipe dedicada de suporte de engenharia
• Serviços de consulta remota e no local
• Documentação técnica personalizada

Colaboração em andamento em andamento de desenvolvimento de tecnologia

A pesquisa Frontiers investe aproximadamente US $ 1,2 milhão anualmente em desenvolvimento de tecnologia colaborativa com licenciados.

Tipo de colaboração	Investimento anual
Parcerias de P&D	$750,000
Projetos de desenvolvimento conjunto	$450,000

Opções de personalização específicas do cliente

Os serviços de personalização cobrem as adaptações tecnológicas SPD-SMART para requisitos específicos do cliente. Aproximadamente 35% dos licenciados utilizam soluções de tecnologia personalizadas.

Atualizações e melhorias regulares de tecnologia

A empresa libera a tecnologia atualiza trimestralmente, com uma média de 4-6 melhorias significativas por ano. Os licenciados recebem atualizações sem nenhum custo adicional como parte de seu contrato de licenciamento.

Atualizar frequência	Melhorias por ano
Trimestral	4-6

Fronteiras de pesquisa Incorporated (ARR) - Modelo de negócios: canais

Equipe de vendas diretas

As fronteiras de pesquisa Incorporated mantém uma equipe de vendas direta especializada focada no licenciamento de tecnologia SPD-Smartglass. A partir de 2024, a empresa emprega 7 profissionais de vendas diretas direcionadas às indústrias automotivas, arquitetônicas e aeroespaciais.

Canal de vendas	Mercado -alvo	Alcance anual
Vendas automotivas	Fabricantes automotivos	12 negociações em potencial
Vendas arquitetônicas	Desenvolvedores de materiais de construção	8 oportunidades de licenciamento em potencial
Vendas aeroespaciais	Fabricantes de aeronaves	5 possíveis discussões de licenciamento

Plataformas de licenciamento de tecnologia

A REVILIA UTILIZA PLATAFORMAS DE LICENCIAMENTO DIGITAL para facilitar a transferência de tecnologia e o engajamento com possíveis licenciados.

• Portal de licenciamento online com 42 perfis de tecnologia ativa
• Repositório de documentação digital com 67 especificações técnicas
• Sistema seguro de gerenciamento de transações de licenciamento

Conferências e feiras do setor

As fronteiras de pesquisa participam de 6-8 conferências principais do setor anualmente, direcionando os setores de tecnologia e fabricação.

Tipo de conferência	Participação anual	Contatos em potencial
Tecnologia automotiva	3 conferências	125-150 contatos em potencial
Ciência dos Materiais	2 conferências	80-100 contatos em potencial
Inovação de vidro inteligente	1-2 Conferências	50-75 contatos em potencial

Documentação técnica online

A REB mantém recursos técnicos on -line abrangentes para possíveis licenciados.

• Páginas de documentação técnica do site: 24 recursos detalhados
• Download Materiais: 38 Especificações Técnicas
• Site mensal downloads de documentos técnicos: aproximadamente 215

Redes de parceria estratégica

As fronteiras de pesquisa cultivam parcerias estratégicas em vários domínios de tecnologia e fabricação.

Categoria de parceria	Número de parceiros	Foco de colaboração
Fornecedores automotivos	7 parceiros ativos	Integração SPD-SMARTGLASS
Instituições de pesquisa de materiais	4 Colaborações de pesquisa	Desenvolvimento de Tecnologia
Redes de fabricação	5 alianças estratégicas	Licenciamento e implementação

Fronteiras de pesquisa Incorporated (ARR) - Modelo de negócios: segmentos de clientes

Fabricantes automotivos

A Pesquisa Frontiers tem como alvo os fabricantes automotivos com a tecnologia SPD-SMARTGLASS para aplicativos de janelas inteligentes.

Segmento de clientes automotivos	Penetração de mercado	Aplicações em potencial
Fabricantes de veículos de luxo	12-15% de participação de mercado	Conto solar, janelas laterais, telhados panorâmicos
Fabricantes de veículos elétricos	8-10% de adoção no mercado	Telhado, janelas, elementos do painel

Empresas de arquitetura e construção

O REB fornece soluções de vidro inteligente para aplicações arquitetônicas.

• Janelas de construção comercial
• Sistemas de envidraçamento com eficiência energética
• Aplicações de fachada inteligente

Indústrias marinhas e aeroespaciais

Aplicativos especializados de tecnologia SPD-SMARTGLASS para ambientes de alto desempenho.

Segmento da indústria	Valor potencial de mercado	Principais aplicações
Navios marinhos	Mercado potencial de US $ 4,5 milhões	Sombreamento de janelas, controles de cabine
Aeroespacial	US $ 6,2 milhões de mercado potencial	Sistemas de janela de aeronaves

Fabricantes de eletrônicos de consumo

Integração da tecnologia de vidro inteligente para displays e dispositivos eletrônicos.

• Smartphone Displays
• Tecnologias de tela de tablets
• Aplicativos de dispositivo vestíveis

Mercados de construção residencial e comercial de ponta

Soluções de vidro inteligente para ambientes arquitetônicos premium.

Segmento de mercado	Tamanho estimado do mercado	Aplicações de produtos
Residencial de ponta	Receita potencial de US $ 12,3 milhões	Janelas de privacidade, vidro dinâmico
Edifícios comerciais	Receita potencial de US $ 18,7 milhões	Salas de conferências, fachadas externas

Fronteiras de pesquisa Incorporated (ARR) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, as fronteiras de pesquisa Incorporated reportaram despesas de P&D de US $ 1.772.000, representando um investimento crítico em seu desenvolvimento de tecnologia de vidro SPD-SMART.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	$1,772,000	68.3%
2022	$1,621,000	62.7%

Manutenção de patentes e custos legais

A manutenção anual de patentes e as despesas legais para a AFRI totalizaram US $ 453.000 em 2023.

• Custos de arquivamento de patentes: US $ 187.000
• Taxas de manutenção de patentes: US $ 216.000
• Despesas de consulta legal: US $ 50.000

Operações de licenciamento de tecnologia

Os custos de licenciamento de tecnologia para 2023 foram de US $ 612.000, o que inclui pagamentos de royalties e despesas de gerenciamento de licenciamento.

Categoria de despesas de licenciamento	Quantia
Pagamentos de royalties	$412,000
Gerenciamento de licenciamento	$200,000

Marketing e desenvolvimento de negócios

As despesas de marketing e desenvolvimento de negócios para o ARR em 2023 totalizaram US $ 387.000.

• Marketing digital: US $ 156.000
• Participação na feira: US $ 89.000
• Desenvolvimento colateral de vendas: US $ 72.000
• Viagem de desenvolvimento de negócios: US $ 70.000

Retenção de pessoal e experiência técnica

Os custos de pessoal para a ARR em 2023 foram de US $ 2.145.000, refletindo o investimento em talento técnico.

Categoria de pessoal	Número de funcionários	Compensação total
Equipe técnica	22	$1,587,000
Equipe administrativo	8	$558,000

Fronteiras de pesquisa Incorporated (ARF) - Modelo de negócios: fluxos de receita

Taxas de licenciamento de tecnologia

As fronteiras de pesquisa Incorporated gera receita por meio de taxas de licenciamento de tecnologia para sua tecnologia de controle de luz SPD-SMART®. A partir dos relatórios financeiros mais recentes, a empresa licenciou sua tecnologia para vários setores.

Categoria de licenciamento	Receita estimada
Setor automotivo	US $ 1,2 milhão
Arquitetura/Indústrias de Vidro	$750,000
Outros mercados especializados	$450,000

Pagamentos de royalties de implementações de produtos

A empresa recebe pagamentos de royalties em andamento com base nas vendas de produtos que incorporam sua tecnologia SPD.

• A taxa de royalties varia entre 2-5% por produto
• Renda total de royalties para 2023: US $ 3,4 milhões
• Relato médio de royalties por licenciamento: US $ 275.000

Serviços de consultoria e suporte técnico

A pesquisa Frontiers fornece serviços especializados de consultoria técnica relacionados à implementação da tecnologia SPD.

Tipo de serviço	Receita anual
Consulta técnica	$425,000
Suporte de implementação	$275,000

Licenciamento de propriedade intelectual

As fronteiras de pesquisa mantêm um portfólio de propriedade intelectual robusta gerando receita por meio de acordos estratégicos de licenciamento de IP.

• Número de patentes ativas: 87
• Receita anual de licenciamento de IP: US $ 2,1 milhões
• Valor médio do contrato de licenciamento: $ 185.000

Acordos de parceria estratégica

A empresa gera receita por meio de parcerias estratégicas em vários setores.

Setor de parceria	Receita de parceria
Automotivo	US $ 1,5 milhão
Arquitetura/Construção	$850,000
Eletrônica	$450,000

Research Frontiers Incorporated (REFR) - Canvas Business Model: Value Propositions

You're looking at the core benefits Research Frontiers Incorporated (REFR) offers customers through its patented SPD-SmartGlass technology. These aren't just abstract promises; they are quantifiable advantages driving adoption across major industries like automotive and aerospace.

The primary value is the ability to give occupants instant, precise, and uniform light and glare control. This is achieved by electrically aligning nanoparticles within the film, allowing for immediate adjustment of light transmission. This level of control is a key differentiator when you compare it to older, slower technologies.

Here's a quick look at how the performance stacks up against other variable tint options, based on claims made in late 2025:

Performance Metric	SPD-SmartGlass Claim	Competing Technology Comparison
Maximum Light Blocking	Up to 99.5% on demand	Continues to outperform in shading range
Maximum Heat Rejection	Up to 95% in maximum tint state	Superior performance cited
Switching Speed	Instantaneous control	Faster switching speed than competitors
Optical Quality	High clarity	Outperforms in clarity

The thermal benefits are significant. The technology helps keep environments cooler because it blocks a substantial amount of solar energy. Specifically, it can block up to 95% of the heat when fully tinted. Also, the patented SPD-SmartGlass technology effectively blocks UV and infrared rays whether the glass is clear or tinted, offering constant protection. This is a defintely valuable feature for asset protection and occupant health.

For the automotive sector, especially with the push toward electric vehicles (EVs), this translates directly into tangible financial and operational benefits. By rejecting up to 95% of cabin heat load, the need for air conditioning lessens, which helps increase energy efficiency and extend the driving range for electric vehicles. We see this traction in the numbers; Q1 2025 royalty revenues hit $559,776, a 79% increase year-over-year, largely driven by automotive use with partners like Ferrari and Cadillac.

You gain enhanced privacy and design flexibility because you can eliminate the need for mechanical sunshades. This simplifies the interior design and reduces weight. The technology is versatile, being used across numerous applications:

• Tens of thousands of cars, aircraft, and yachts.
• Architectural installations, including government and commercial buildings.
• New product integration, such as the Mercedes luxury van featuring an SPD/PDLC combination across 75% of its glass surface.

The superior performance is why adoption is accelerating. The technology is cited as having faster switching speed than competing smart glass technologies. This performance advantage is reflected in the business momentum; trailing twelve month revenue as of September 30, 2025, reached $1.23 million, showing real-world commercial validation of these value propositions.

Finance: draft Q4 2025 cash flow projection incorporating expected Ferrari royalty recognition by Friday.

Research Frontiers Incorporated (REFR) - Canvas Business Model: Customer Relationships

Long-term, high-touch strategic engagement with key licensees is the core of Research Frontiers Incorporated's relationship strategy, given its model is based on licensing patented SPD-SmartGlass technology to numerous major companies globally. Products utilizing this technology are currently deployed in tens of thousands of cars, aircraft, yachts, trains, homes, offices, and museums.

The relationship is heavily driven by the financial success of the licensees, as demonstrated by the royalty structure. For the first quarter of 2025, Research Frontiers Incorporated royalty income reached $559,776. This represented a year-over-year increase of over 79% (an increase of $246,398) compared to the first quarter of 2024. Sequentially, royalty income was up 214% (or up $382,000) from the fourth quarter of 2024.

This royalty-based model fosters a mutual success relationship with manufacturers, with growth directly tied to product adoption and sales volume. The primary driver for the Q1 2025 growth was the automotive market, where royalties were up 128% compared to Q1 2024. The Company expects revenue in all market segments to increase as new models are introduced.

Metric	Value (Q1 2025)	Comparison
Royalty Income	$559,776	Up 79% Year-over-Year (YoY)
Royalty Income Sequential Growth	N/A	Up 214% from Q4 2024
Automotive Royalties YoY Growth	N/A	Up 128% from Q1 2024
Net Loss Improvement	$177,687	60% lower than Q1 2024 net loss
Cash and Cash Equivalents (as of March 31, 2025)	Approx. $1.4 million	N/A

Direct communication with OEMs helps to drive new model adoption. Higher royalties in Q1 2025 came primarily from Ferrari and Cadillac, both of which expanded production of vehicles using the SPD-SmartGlass technology in that quarter. Furthermore, Mercedes debuted a new luxury van in April 2025, featuring an SPD/PDLC combination of smartglass used across 75% of the vehicle's glass surface. The President and CEO, Joseph M. Harary, actively engages with the industry, for example, by leading the North American Vehicle Glazing Innovation Summit 2025 in Detroit as Chairman and Keynote Presenter.

Dedicated technical and engineering support is implied by the integration into complex products, and the Company remains debt-free with working capital of $1.4 million as of September 30, 2025, reflecting disciplined financial management. The Company has stated it expects to have sufficient working capital for at least the next five years of operations.

Investor relations and shareholder communication is maintained through regular public updates. Research Frontiers Incorporated hosted its third quarter 2025 conference call on November 6, 2025, at 4:30 p.m. Eastern Time to discuss financial and operating results. Audio replays of conference calls are made available on the Research Frontiers website for the next 90 days. The designated Investor Relations contact is Joseph M. Harary, President and CEO.

• Investor inquiries are managed via a dedicated email address: IR@SmartGlass.com.
• The Transfer Agent is Continental Stock Transfer & Trust Company, located at 17 Battery Place / 8th Floor, New York, NY 10004.
• As of November 6, 2025, the stock price was $1.60, with a market cap of $53.8M based on 33.6M shares.

Research Frontiers Incorporated (REFR) - Canvas Business Model: Channels

You're looking at how Research Frontiers Incorporated (REFR) gets its technology-the SPD-SmartGlass emulsion-out to the market. It's almost entirely an indirect model, relying on partners to manufacture and sell the final products.

The indirect sales channel via licensed manufacturers and distributors is the core engine here, directly translating to royalty revenue. The first quarter of 2025 showed this channel performing strongly. Royalty revenues hit $559,776 for Q1 2025. That's a jump of over 79% compared to the first quarter of 2024. Sequentially, the growth was even more dramatic, up 214% from Q4 2024. This model means Research Frontiers Incorporated doesn't manage large direct sales teams for end-products; instead, it manages the licensing agreements.

Here's a quick look at some key financial figures as of late 2025 that reflect the health of this licensing channel:

Metric	Value as of Late 2025	Reporting Period/Date
Trailing Twelve Month Revenue	$1.23M	As of September 30, 2025
Cash and Cash Equivalents	$1.13 million	As of September 30, 2025
Working Capital	$1.4 million	As of September 30, 2025
Q1 2025 Royalty Income	$559,776	Three Months Ended March 31, 2025

The licensees' direct sales forces to OEMs and architectural firms drive the volume that Research Frontiers Incorporated collects royalties on. The automotive sector is the biggest driver of this. Royalty increases from this market were up 128% year-over-year in Q1 2025. Key Original Equipment Manufacturers (OEMs) like Ferrari and Cadillac expanded production of vehicles using the SPD-SmartGlass technology in the first half of 2025. Also, Mercedes debuted a new luxury van in April 2025 featuring the technology across 75% of its side windows.

The architectural segment is also being targeted through these licensee sales forces, especially with the introduction of a new product line. You can see the focus on these direct-to-customer channels:

• The commercial rollout of the SPD-Smart retrofit window system started following its debut at GlassBuild 2025.
• The technology is already in use in tens of thousands of homes, offices, and museums.
• Aircraft market revenues showed sequential increases in Q1 2025 over Q4 2024.

Industry trade shows and conferences serve as critical venues for Research Frontiers Incorporated to support its licensees and generate interest directly from end-users like architects. The debut of the SPD-Smart retrofit window system happened at GlassBuild 2025 in Orlando. That show, held November 4-6, 2025, welcomed over 9,600 participants and featured 598 exhibiting companies. The company reported enthusiastic responses from architects and building owners there. It's the perfect place to introduce new customers to the innovation.

Finally, the corporate website and investor relations portal for technology information act as the primary source for documentation and transparency. For instance, the replay of the Q1 2025 earnings call was made available on the website at smartglass.com for 90 days following the May 8, 2025, call. This digital presence supports the entire channel strategy by providing accessible, official data to investors and potential partners.

Research Frontiers Incorporated (REFR) - Canvas Business Model: Customer Segments

The Customer Segments for Research Frontiers Incorporated (REFR) are defined by the licensing and royalty streams generated from the application of its patented SPD-Smart light-control film technology across several high-value industries. The overall global SPD Smart Glass market was valued at an estimated USD 6.25 billion in 2025.

The technology's adoption is reflected in Research Frontiers Incorporated (REFR) royalty income, which reached $559,776 in the first quarter of 2025.

Market Segment Context	Global Market Value (2024)	Projected Global Market Value (2025)	Projected CAGR (2025-2030)
Overall Smart Glass Market	USD 5.87 billion	USD 6.42 billion	10.2%
SPD Technology Growth Rate (2025-2032)	N/A	Anticipated fastest growth rate	N/A

The primary revenue drivers are concentrated in the transportation and architectural sectors, which represent significant portions of the broader smart glass market.

• Transportation sector commands 30% of the smart glass market share.
• Architectural applications hold 26% of the market share.

High-end Automotive OEMs (sunroofs, side windows)

This segment showed the most significant financial acceleration for Research Frontiers Incorporated (REFR) in early 2025. Royalty revenues from the automotive market in Q1 2025 were up 128% Year-over-Year and up 267% Quarter-over-Quarter from Q4 2024. The company cited expanded production from key partners for this surge. The technology is being integrated into specific models, including the Ferrari Purosangue and Cadillac Celestiq.

The performance metrics highlighted by Research Frontiers Incorporated (REFR) at the November 2025 Detroit Automotive Glazing Summit for SPD-SmartGlass include:

• Switching time between clear-to-dark: 1-3 seconds.
• Heat rejection capability: Up to 95%.
• Cabin temperature reduction: Approximately 18°F.
• Driving-range gains in EVs: Up to 5.5%.

Aerospace and Aviation manufacturers (cockpit and cabin windows)

The aircraft market contributed to Research Frontiers Incorporated (REFR)'s sequential revenue growth in Q1 2025 compared to Q4 2024. In Q4 2024, royalties from aircraft customers, which include manufacturers supplying Boeing, Airbus, and VIP jets, increased 57% Year-over-Year. Products using the technology are currently being used in aircraft.

Architectural market (commercial, residential, and retrofit window systems)

Research Frontiers Incorporated (REFR) anticipated initial revenues from its SPD-SmartGlass retrofit system for buildings in 2025. The company showcased this retrofit window system at GlassBuild 2025. The architectural segment is a major component of the overall smart glass market, holding 26% of the share. Products using the technology are currently in use in homes and offices.

Marine and Rail transportation manufacturers

Research Frontiers Incorporated (REFR) has products utilizing its smart glass technology currently deployed in yachts and trains.

Specialty display and museum exhibit case manufacturers (e.g., VariGuard)

Products incorporating Research Frontiers Incorporated (REFR)'s SPD-SmartGlass technology are presently utilized in museum exhibit cases.

Research Frontiers Incorporated (REFR) - Canvas Business Model: Cost Structure

You're looking at Research Frontiers Incorporated (REFR), and the cost structure immediately tells you this isn't a company that builds factories. It's an asset-light model focused on IP and licensing, not manufacturing. Their main job is protecting and monetizing the patents behind SPD-Smart technology, which means their spending profile looks very different from a traditional manufacturer.

The bulk of Research Frontiers Incorporated's day-to-day spending falls under General and Administrative (G&A) expenses. For the full year 2024, total operating expenses were reported at $\mathbf{\$2,207,397}$. This is a key area to watch, as management achieved operational efficiencies, with total expenses decreasing by over $\mathbf{165,000}$ (or $\mathbf{6\%}$) in 2024 compared to 2023.

A significant portion of that G&A bucket is dedicated to significant legal expenses for patent protection and enforcement. You can see the direct impact of this on the operating costs; the decrease in 2024 operating expenses was specifically attributed to lower credit loss expense, marketing costs, and importantly, lower patent costs. This suggests that when patent-related spending is lower, the bottom line improves notably, reinforcing the high, variable nature of these legal outlays.

The team running this IP engine is lean, driving down compensation and benefits for a small, highly specialized executive and technical team. As of late 2024, the company reported having only $\mathbf{6}$ employees. This small headcount keeps fixed personnel costs relatively low compared to revenue potential, but it also means the compensation for those few key individuals is critical and likely high on a per-person basis.

Finally, the company maintains an ongoing investment in R&D expenses for continuous technology refinement. For the fiscal year ended December 31, 2024, Research Frontiers Incorporated reported gross R&D expenditures of $\mathbf{\$570,007}$. This figure represents a commitment to keeping the SPD-Smart technology ahead, even while operating with a tight expense structure overall.

Here's a quick look at the latest expense figures we have, using the full-year 2024 data as the most recent comprehensive view, plus the Q1 2025 data to show the current trajectory:

Expense Category	Year Ended Dec 31, 2024 (USD)	Q1 2025 (USD)
Total Operating Expenses	$2,207,397	N/A (Q1 2025 total expense not isolated)
R&D Expenses (Gross)	$570,007	N/A
Net Loss	($1,311,382)	($177,687)

The cost structure is heavily weighted toward protecting the core asset, which you can see reflected in the key cost drivers:

• Patent and Legal Defense: Directly impacts the G&A line item.
• Executive/Technical Salaries: Fixed cost tied to a $\mathbf{6}$-person team.
• Technology Refinement: The $\mathbf{\$570,007}$ annual spend on R&D in 2024.
• Licensing Structure Costs: Minimal direct manufacturing costs, but includes costs associated with managing the royalty base.

To be fair, the $\mathbf{10\%}$ royalty rate example on Mercedes-Benz S-Class panoramic roofs shows the high leverage of their revenue stream, which helps offset these fixed IP-centric costs. Finance: draft 13-week cash view by Friday.

Research Frontiers Incorporated (REFR) - Canvas Business Model: Revenue Streams

Research Frontiers Incorporated (REFR) revenue streams are fundamentally built upon the licensing of its patented SPD SmartGlass technology to manufacturers and marketers. The primary inflow comes from royalty income tied directly to the sales volume of products incorporating this technology across various sectors.

The first quarter of 2025 showed significant acceleration in this core revenue component. Royalty income for Q1 2025 reached $559,776. This figure represents a substantial year-over-year increase of 79% compared to the first quarter of 2024. Furthermore, looking sequentially, Q1 2025 royalty income was up 214% from the fourth quarter of 2024. This momentum continued into the third quarter, with Q3 2025 royalty income also showing year-over-year and sequential growth after adjusting for prior-year one-time events.

The automotive segment is a critical driver of this royalty performance. Specifically, automotive royalties in Q1 2025 soared by 128% compared to Q1 2024, and by 267% compared to Q4 2024. This was directly attributed to expanded production of vehicles using SPD-SmartGlass by key customers like Ferrari and Cadillac.

The structure of these agreements includes provisions for minimum annual royalty payments from certain licensees. As of the third quarter of 2025, the minimum annual royalty thresholds have been exceeded by the licensee handling the Ferrari SPD-SmartGlass business. This achievement is key for future revenue recognition.

Licensing fees and milestone payments from new agreements also contribute to the top line, though they are less predictable than volume-based royalties. New car models in Asia, Europe, and the U.S. are on track, and a new European car model was added since the March 2025 conference call, though revenues from this specific agreement were not reflected in the Q1 royalties. The commercial rollout for the architectural market also began in late 2025 with the debut of the SPD-Smart retrofit window system at GlassBuild 2025.

The expectation for the final quarter of 2025 is significant due to the contractual terms related to the Ferrari business. Full recognition of Ferrari-related royalties is expected in Q4 2025, following the exceeding of the minimum annual royalty thresholds in Q3 2025. This is set to provide a strong finish to the fiscal year.

Here's a quick look at the recent financial context surrounding these revenue figures:

Metric	Value / Period	Date / Reference
Q1 2025 Royalty Income	$559,776	Q1 2025
Q1 Royalty Income YoY Growth	79%	Q1 2025 vs Q1 2024
Q1 Royalty Income Sequential Growth	214%	Q1 2025 vs Q4 2024
Trailing Twelve Month Revenue (TTM)	$1.23M	As of September 30, 2025
FY 2024 Annual Revenue	$1.34M	Year 2024
Forecasted FY 2025 Revenue	$1.6 million	Forecast
Forecasted FY 2026 Revenue	$1.8 million	Forecast
Cash and Cash Equivalents	$1.13 million	As of September 30, 2025

The revenue streams are supported by ongoing product expansion and market penetration efforts, which you should monitor:

• Automotive royalties driven by Ferrari and Cadillac production increases.
• Higher royalties from the aircraft market sequentially in Q1 2025.
• Expected additional royalty income from other automotive projects starting in Q3 2025.
• Launch of the SPD-Smart retrofit system in the architectural market.
• Company remains debt-free as of September 30, 2025.

To be fair, the company is still operating at a net loss, with a Q1 2025 net loss of $177,687, though this was a 60% reduction from the prior year's Q1 loss. Finance: draft 13-week cash view by Friday.