Research Frontiers

What Research Frontiers does

Research Frontiers Inc. (NASDAQ: REFR) is a Woodbury, New York-based technology licensing company founded in 1965 that develops and commercializes SPD-SmartGlass, a patented electronically dimmable film technology built on Suspended Particle Device (SPD) chemistry. The core product is a film in which microscopic particles suspended in a liquid reorient when voltage is applied, enabling variable tint control from fully clear to blocking up to 99.5% of visible light in 1–3 seconds, with 99%+ UV blockage and up to 95% heat rejection. The company does not manufacture finished products; instead, it licenses the SPD film technology and know-how to chemical, material science, and glass companies worldwide — most prominently Gauzy Ltd. — which produce the film, laminate it into glass, and sell end-products into automotive, aviation, architectural, marine, rail, and museum applications.

The business model is pure royalty licensing: Research Frontiers earns fee income from licensees that incorporate its patented SPD technology into their products, with pricing negotiated through individual multi-year licensing agreements rather than publicly disclosed rates. Go-to-market is exclusively indirect through the global licensee network, supplemented by CEO-led industry events, an investor relations website, and direct customer-to-partner referrals. Customer logos span GM (Cadillac CELESTIQ), Ferrari, McLaren, Mercedes-Benz, Boeing, Airbus, HondaJet, Qantas, Stadler, the Smithsonian, and the National Baseball Hall of Fame, with technology deployed in tens of thousands of end-products across every continent except Antarctica.

The company is small and capital-constrained — five full-time employees at year-end 2025, FY2025 fee income of $1.12M (down 16% YoY), a net loss of approximately $2.05M, and roughly $0.7M of cash supplemented by a $1.1M private placement in 2025. Over $100M has been invested historically in the SPD platform, and recent milestones — Cadillac CELESTIQ serial production launch (July 2025) and the AIT Group retrofit system (October 2025) — represent the principal near-term commercial growth vectors.

Name

Research Frontiers

Legal name

Research Frontiers Inc.

Website

https://smartglass.com

Company type

Public

Founded year

1965

Operating status

Operating

Headcount range

1–10 employees

Short description

Research Frontiers Inc. (NASDAQ: REFR) licenses patented SPD-SmartGlass electronically dimmable film technology to manufacturers serving automotive, aviation, architectural, marine, rail, and museum end-markets worldwide. It is a five-employee, royalty-only licensing business with FY2025 fee income of $1.12M.

Ownership category

akta.pro rank

Product category

Smart Glass Technology

NAICS

Glass and Glass Product Manufacturing (32721)

SIC

Optical Instruments & Lenses (3827)

akta.pro primary industry

Optical & Light Sensors (Photodiodes/ALS/Color/UV) (HDAHALAE)

Keywords

• Smart glass technology
• Electronically dimmable glass
• Light control film
• Suspended particle device
• Variable tint glazing

Headquarters

HQ city

Woodbury

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales

Revenue model

1. Technology Licensing Royalties: Research Frontiers generates revenue by licensing its patented SPD-Smart light-control technology to chemical, material science, and glass companies. Licensees pay royalties for the use of the technology in their products. FY2025 fee income was $1,121,248, a 16% decrease from $1,335,531 in 2024, primarily due to lower royalties from automotive and aircraft markets.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

Research Frontiers develops and licenses patented SPD-SmartGlass (Suspended Particle Device) technology — a film-based electronically dimmable glass technology that allows instant variable tint control from fully clear to blocking up to 99.5% of visible light. The company licenses this patented technology to chemical, material science, and glass companies worldwide who produce SPD film, laminate SPD-SmartGlass, and manufacture end-products for automotive, aviation, architectural, marine, rail, and museum applications.

Product overview

Research Frontiers is a technology development and licensing company that offers the SPD-SmartGlass platform—a patented electronically dimmable glass technology. The core technology uses suspended particle device (SPD) film that enables instant variable tint control from clear to 99.5% light blockage. The company licenses this technology to manufacturing partners rather than selling products directly. The product portfolio includes SPD-SmartGlass film as the foundational technology, which is adapted into industry-specific products including SPD-Smart Aircraft Windows (EDWs) for aviation, SPD-Smart Automotive Products (sunroofs, windows, visors) for automotive, SPD-Smart Architectural Products (windows, skylights, doors, partitions) for buildings, SPD-Smart Marine Products for vessels, SPD-Smart Rail Products for trains, and SPD-Smart Museum Products for artifact protection. Recent additions include the Retrofittable SPD-SmartGlass System for upgrading existing buildings. The technology blocks up to 99.5% of light, 95% of heat, and over 99% of UV rays, with switching speeds of 1-3 seconds.

Differentiator

Problem solved

Functional benefit

Products and services

• SPD-SmartGlass Technology Patented electronically dimmable glass technology using suspended particle device (SPD) film that allows instant control of light, glare, and heat through windows, sunroofs, skylights, and other glazing products. The film contains microscopic particles that align when voltage is applied, enabling variable tint control from fully clear to 99.5% light blockage. Licensed to chemical, material science, and glass companies worldwide.
• SPD Technology Licensing Licensing of patented SPD-Smart technology to chemical, material science, and glass companies worldwide. Licensed partners produce SPD film, perform SPD-SmartGlass lamination, and manufacture end-products with facilities on every continent except Antarctica. Research Frontiers generates revenue through royalty payments from these licensees.
• SPD-Smart Aircraft Windows Electronically dimmable windows for aircraft cabin windows, partitions, and cockpit visors. First dimmable aircraft windows certified under FAA Supplemental Type Certificate (STC) in 2001. Features instant switching, over 99.5% light blockage, and unlimited tint tuning. Used by Boeing, Airbus, HondaJet, Qantas Airlines, and Daher.
• SPD-Smart Automotive Products Dimmable sunroofs, windows, side glass, rear glass, and visors for cars, buses, trains, coaches, RVs, and bullet resistant vehicles. Features 95% heat rejection, over 99% UV blockage, instant switching regardless of panel size, and reduces vehicle interior temperature by up to 18°F/10°C. Increases EV driving range by 5.5% and decreases CO2 emissions by 4 grams/kilometer.
• SPD-Smart Architectural Products Windows, skylights, doors, and partitions for residential and commercial buildings. Available in single-panel laminates for interior use and double/triple-glazed units for exterior applications. Features instant switching, up to 99.5% light blockage, and integration with home/building automation systems. Reduces HVAC energy consumption by up to 40%.
• SPD-Smart Marine Products Windows, skylights, portholes, doors, and partitions for cruise ships, yachts, and sailboats. Provides instant light and glare control, up to 99.5% light blockage, multizone tinting, and UV protection for interior furnishings. Benefits include weight savings, reduced fuel expense, increased range, and protection of interior furnishings.
• SPD-Smart Rail Products Windows and partitions for trains that enhance passenger comfort, privacy, and efficiency. Features include instant light control, up to 99.5% light blockage, multizone tinting, and automated control using photosensors. Benefits include reduced fatigue, cooler railcars, decreased AC needs, and increased passenger comfort.
• SPD-Smart Museum Products Display cases, picture frames, and partitions for museums that protect light-sensitive artifacts by limiting light exposure to viewing times only. Features include up to 99.5% light blockage, UV protection up to 400nm, and integration with automated control systems.
• Retrofittable SPD-SmartGlass System A retrofit solution developed with AIT Group that transforms existing windows into energy-efficient SPD smart glass. Enables instant light control and reduced energy costs with minimal installation disruption, targeting the retrofit building market. Ready-to-install SPD-SmartGlass retrofit solutions can be applied to existing windows and other glass structures, or custom-made.

Quantifiable outcome

• Reduces HVAC energy consumption by up to 40% in automotive applications (Cadillac CELESTIQ)
• +7 more outcomes

Named customers17 records

Segments6 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Three partnerships are on record, tiered strategic and core.

• AIT GroupstrategicTechnology or Integration · 27 October 2025Research Frontiers and AIT Group debuted the retrofittable SPD-SmartGlass window system at GlassBuild America 2025 in Orlando, Florida. This system transforms existing windows into energy-efficient smart glass, targeting the retrofit building market. The system enables instant light control, reduces energy costs, and can be installed with minimal disruption.
• Gauzy Ltd.coreOEM/ Whitelabel/ Licensing Partner · 14 July 2025Gauzy is a leading smart glass and material science company, co-founded by Eyal Peso (Research Frontiers Board member). Gauzy supplies electronically dimmable SPD smart glass to automotive manufacturers and is the supplier for GM's Cadillac CELESTIQ, featuring the industry's largest dimmable smart glass roof. Gauzy has existing SPD integrations with Ferrari, McLaren, and Mercedes-Benz and is ramping up shipments under its ongoing production program with GM.
• Chemical, Material Science, and Glass Companies (Multiple Licensees)coreOEM/ Whitelabel/ Licensing PartnerResearch Frontiers licenses its SPD-SmartGlass technology to numerous chemical, material science, and glass companies worldwide. These licensees produce SPD film, perform lamination, and manufacture end-products. The company has licensed its smart glass technology to multiple firms serving the global market across automotive, aviation, architectural, and marine industries.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Saint-Gobain: Saint-Gobain is a global building materials and glass giant and parent of SageGlass. Its flat-glass, coating, and architectural channels directly shape the specification environment in which SPD competes.
• PPG Industries: PPG is a major global coatings and specialty glass manufacturer serving automotive and architectural markets. Adjacent competitor for OEM glazing specifications and architectural glass programs.
• Corning Incorporated: Corning is a specialty glass and materials supplier (Gorilla Glass, automotive/architectural glass) that competes in advanced glass substrates and laminates used by REFR's licensees.
• Gentex Corporation: Gentex is the dominant supplier of auto-dimming rearview mirrors and a major Tier 1 automotive electronics company with smart-glass/dimming products. Competes for automotive dimming-glass sockets alongside REFR's OEM channel.

Direct peers

• Gauzy Ltd. Gauzy is a leading smart-glass and material science company and REFR's primary automotive licensee and strategic investor. It also markets competing PDLC and SPD technologies globally across automotive and architecture.
• ChromoGenics: ChromoGenics is a Swedish developer of electrochromic smart glass for architectural and automotive applications. Competes with SPD in the European dynamic-glass specification market.
• View Inc. View Inc. is the leading architectural smart-glass company, selling electrochromic dynamic glass to commercial buildings. Direct competitor in the architectural smart-glass vertical where REFR licenses SPD.
• Smartglass International: Smartglass International supplies switchable privacy and projection glass for architectural and commercial applications. Operates in the same smart-glass procurement channels as SPD-licensed partners.
• SageGlass (Saint-Gobain): SageGlass is Saint-Gobain's electrochromic smart-glass brand for architectural applications. Competes head-to-head with SPD-SmartGlass in commercial building projects where dynamic tinting is specified.

Emerging players

• Polytronix: Polytronix manufactures PDLC smart-film for switchable glass partitions and projection displays. Overlaps with SPD in privacy-glazing and architectural partitions but uses a competing suspended-film technology.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/SPDSmartGlass
• Facebookfacebook.com/148869631219
• LinkedInlinkedin.com/company/research-frontiers-inc-

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Research Frontiers