Research Frontiers (REFR) Message Board

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Technology Stocks : Research Frontiers (REFR)

REFR 1.380

-5.5%

Dec 23 3:55 PM EST

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To: longonrefr who wrote (49973)	11/1/2025 5:41:05 PM
From: poccidenarri	Read Replies (3) of 50398

From a recent evaluation of REFR’s potential problems. Interesting. Extreme revenue concentration is just one of REFR’s many problems. 84% of 2024 fee income came from just four licensees, exposing the business to massive swings if any falter—as seen with a European licensee's recent bankruptcy, which hammered royalties and financial performance. With no in-house manufacturing and over 40 licensees (many inactive or terminated), REFR is essentially a passive royalty collector betting on others' execution in a nascent market; lose a key partner, and revenues crater.

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