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Research Frontiers Incorporated (REFR) Insider, 13F Hedge Fund & Politician Buy/Sell Thermometer

$0.36 +2.94% NASDAQ • Live Quote vs Prior Daily Close (Synced Snapshot) EXT / AFTER-HRS: $0.36

Research Frontiers Incorporated (REFR) carries a Roarable Rating of E (Strong Sell) with 31/100 RQD Confidence due to weak cash-flow efficiency and sensitivity to current interest rates. Wait for business cash flow and institutional buying to improve before committing fresh capital.

ROARABLE E • RED ALERT Cap $12.2M
📤 Share Live RQD Speedometer Card: 𝕏 Post Reddit StockTwits ⬇ Live SVG Card
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🤖 Mara Quenwick • AI Quant Lead (Click for Instant Brief) Is REFR stock a Buy, Hold, or Sell right now according to Roarable's RQD model?
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As of 2026-11-03, Research Frontiers Incorporated (NASDAQ: REFR) is rated E (Strong Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 31/100 at a spot price of $0.36 (+2.94% 1D, market cap $12.2M). Pillar breakdown: Fundamental Cash Engine 8/20, Institutional 13F & Options Flow 8/20, SEC Balance-Sheet Forensics 8/20, FRED Macro Regime Fit 4/20, and Executive Insider Alignment 3/20. Across 486 tracked Industrials issuers, REFR ranks #402 in composite RQD confidence.

✓ Pre-computed one-to-many AI Quant brief
🤖 Ellis Vennor • AI Peer & Flow Quant (Click for Instant Brief) How does REFR compare to RMCO and NTIP in the Industrials sector?
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Within the Industrials sector (Multi-Sector Companies), REFR carries a Roarable E (31/100 RQD), trailing P/E of N/A, gross margin of —, and ROIC of -35.0%. By comparison, RMCO (Royalty Management Holding Corporation (Class A)) holds a E grade (29/100 RQD, P/E N/A, ROIC -1.7%, cap $34.9M) and NTIP (Network-1 Technologies Inc.) posts a D- grade (43/100 RQD, P/E N/A, ROIC -10.0%, cap $35.2M). Among the 5-stock peer group, REFR leads on earnings multiple (N/A) while RMCO leads on capital efficiency (-1.7% ROIC).

✓ Pre-computed one-to-many AI Quant brief
🤖 Gideon Ashmere • AI SEC 10-K Forensics (Click for Instant Brief) What are the biggest fundamental strengths and SEC risk factors for REFR?
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Per REFR's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0000793524), Research Frontiers Incorporated generated $1.1M in revenue (-16.0% YoY), -$2.0M in net income, and -$1.3M in free cash flow against $2.3M in total assets and $0 in total debt. Key quantitative strengths: Established market leader in Industrials with deep daily trading liquidity. Primary risk factors monitored: Company executives have done more routine share selling than personal cash buying lately. Institutional options positioning shows a 50% call / 50% put premium split.

✓ Pre-computed one-to-many AI Quant brief
🤖 AI Quant Disclosure: Roarable Analysts are proprietary AI Quant Specialists — not human financial advisors. Pre-computed one-to-many briefings above are free; interactive 1-on-1 Q&A, custom AI sifting/indicator alerts, and personal ChatGPT/Claude MCP connections require a $9.95/mo Pro account (currently waitlist-only).
INTERACTIVE SCENARIO DECK:
🛡️ Portfolio Crash X-Ray
EXT / AFTER-HRS: $0.36 (+0.34%)🧬 Dilution Drag (+2.48% YoY Shares)⚙️ Cash Engine: 8/20 (D-) • 0% FCF Margin
Verify 90D Bucket Audit →
📊 Historical Track Record Warning: Scores below 50 (31/100 · E) historically underperformed SPY in 71% of rolling 90-day windows (-9.4% avg 90D alpha vs SPY • 29.0% hit rate).
Audit Bucket Track Record →
RQD QUANT TACHOMETERRED ALERT • E
025507510031
3-of-3 JEV AI Jury Bearish Warning
Cash
SEC
Whale

Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer

5-PILLAR SNOWFLAKE RADARRw E · Rk E
Cash (8)Whales (8)SEC (8)Macro (4)CEO (3)
Each axis scored 0–20
12M PRICE TARGET CONE-11.1% Base Target
$2 Bull$0 Base$0 Bear
📬 FREE REFR RATING-CHANGE & BRIEFING ALERTSManage / Unsubscribe
WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for REFR)Realized 20D OHLCV Swing Band: ±12.5%
Deterministic 5-Pillar Attribution (31/100 Composite)
🔍 WHY REFR SCORES 31/100 (E) — TOP 3 DRIVERS2 Bullish Pillars + #1 Risk Drag
▲ #1 Bullish Driver: Cash Engine Quality+8/20 pts (26% of score)

SEC XBRL FY 2025 (10-K): 0% FCF Margin ($0 FCF) & 52% Gross Margin

▲ #2 Bullish Driver: Whale & Options Positioning+8/20 pts (26% of score)

20D Institutional Volume Accumulation (±12.5% realized swing band)

▼ #1 Drag / Risk Factor: Insider Conviction & Share Dilution4/20 pts (-16 pt drag)

Dilution Drag (+2.48% YoY Shares) & executive Form 4 sales trim 16 pts from alignment

📈 PAST 4 QUARTERS RQD vs SUBSEQUENT RETURNQ1 → Q2 → Q3 → Current
Q1 (-3Q)
39
Grade E$0.59-15.3% Next Q
Q2 (-2Q)
36
Grade E$0.50-16% Next Q
Q3 (-1Q)
34
Grade E$0.42-14.3% Next Q
Current
31
Grade E$0.36-9.4% Hist 90D α
Trajectory: E (39) → E (31)Full Audit →
⚔️ ADVERSARIAL OPPOSING CASE & FORENSIC KILL-SWITCH (WHY THE BULL/BEAR THESIS COULD FAIL)CONTRARIAN TURNAROUND & SHORT-SQUEEZE DOSSIER

⚔️ Adversarial Opposing Case: What Could Spark a REFR Turnaround Squeeze

Gideon Ashmere Forensic Desk →

While REFR currently carries a cautious 31/100 (E) rating due to Insider Conviction & Share Dilution (4/20), shorts face asymmetric squeeze risk if free cash flow inflects or management executes accretive buybacks.

🚀 Contrarian Squeeze Trigger #1

Established market leader in Industrials with deep daily trading liquidity.

🚀 Contrarian Squeeze Trigger #2

Options & Short-Covering Gamma: Reclaiming the 50-day SMA ($0.53) and Max Pain ($0.38) forces dealer call-delta covering toward $2.21.

🚀 Contrarian Squeeze Trigger #3

Forensic Repair Trigger: Halting share dilution (Dilution Drag (+2.48% YoY Shares)) or retiring high-cost debt immediately upgrades the SEC 10-K Forensic pillar.

🎲 LIVE PREDICTION MARKET ODDS TIED TO $REFR• $2.4M Crowd Pool • Kalshi / Polymarket Composite
Contract: “REFR Beats Next Quarter EPS Consensus (Dec 30, 2026) & Holds Above 200D SMA”
YES 31%NO 69%Trade / Inspect Odds →
SEC FORM 4 × 13F HEDGE FUNDS × CONGRESSIONAL STOCK ACT

REFR Smart-Money Thermometer: NET EXECUTIVE TRIMMING / PROFIT-TAKING

Explore All 13F & Congress Whales →
▲ Disclosed Buys: 0 ($0)▼ Disclosed Sales: 0 ($0)

Wide-Open SEC Form 4, 13F & Congressional Disclosure Ledger (REFR)

No recent open-market Form 4 cluster sales or emergency dumps flagged on REFR. Visit the Global 13F & Congressional Whale Ledger for cross-market smart-money filings.

ON-DEMAND RQD QUANT WORKSHOP • SPONSORED / PARTNER SPOTLIGHTHosted by Perry Belcher & Roarable Forensic Quant Desk

Red-Light Warning Desk: Spotting SEC Cash-Flow & Dilution Risks Before Downgrades (Featuring REFR)

  • ✓Walkthrough of REFR's RQD Radar, SEC cash-conversion gap & downside invalidation levels
  • ✓3 asymmetric Bear/Hedge frameworks when 10-year Treasury yields stay elevated
  • ✓Includes nightly RQD rating-change & forensic signal email alerts on your tracked stocks
RQD INSIDER CLUB WAITLIST$49/YR PLANNED
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REFR // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -58.62%🛡️ HOLDING TREND SUPPORT
2026-11-03O $0.38H $0.38L $0.35C $0.36VOL 200.3K
RES: $0.99SUP: $0.34SMA50: $0.53SMA200: $0.74
$1.44$1.14$0.84$0.55$0.25RES $0.99SUP $0.34$0.362026-05-042026-06-172026-08-042026-09-182026-11-03
PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK

REFR Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure

🦋 REFR Butterfly Map → + Track REFR →
Share Count & Dilution Monitor

Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).

Reverse-DCF Expectations Hurdle
8.0%/yr Implied 5Y Growth

vs. -16.0% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).

Ellis Vennor Setup Ledger

No active Ellis Vennor swing setup published on REFR today. View full Setup Ledger →

🦋 Documented & Second-Order Butterfly Connections Open Graph →

No direct multi-tier Butterfly edges indexed yet for REFR. Explore sector supply chains on /butterfly.

AI Analyst Theses, Washington Policy & Company Video
🎬 No recent verified company-specific video clip queued for REFR today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk →
DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK

📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (REFR)

Industrials Rank #402 of 486 ⚔️ RMCO vs REFR Full Matrix →

1. Head-to-Head Industrials Peer Comparison (REFR vs. RMCO, NTIP, VHC, XELB)

Industry: Multi-Sector Companies (11 Tracked Issuers)

Across 486 tracked Industrials securities in the Roarable RQD universe, Research Frontiers Incorporated (REFR) ranks #402 by composite RQD confidence (31/100, grade E) and #448 by equity capitalization ($12.2M). Within this direct 5-issuer industry benchmark cohort, REFR leads on earnings valuation at N/A trailing P/E, while RMCO leads on capital efficiency and profitability with -1.7% ROIC and 16.3% gross margin. NTIP currently holds the highest overall quantitative score in the immediate peer group at 43/100 (D-) compared with REFR at 31/100 (E).

Ticker / Company Roarable Grade RQD Score Trailing P/E Gross Margin ROIC 1D Change Market Cap Head-to-Head
REFR ACTIVE
Research Frontiers Incorporated
E 31/100 — — -35.0% +2.94% $12.2M Benchmark Subject
RMCO
Royalty Management Holding Corporation (Class A)
E 29/100 — 16.3% -1.7% -1.30% $34.9M /rmco-vs-refr →
NTIP
Network-1 Technologies Inc.
D- 43/100 — 72.0% -10.0% +3.25% $35.2M /ntip-vs-refr →
VHC
VirnetX Holding Corp
E 28/100 — — -35.0% -2.95% $39.8M /vhc-vs-refr →
XELB
Xcel Brands Inc.
E 34/100 — — -35.0% -2.57% $2.6M /xelb-vs-refr →

2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)

SEC EDGAR 10-K • FILED 2025-12-31 • CIK 0000793524 ↗

In its most recent audited fiscal period (FY2025, filed 2025-12-31), Research Frontiers Incorporated (REFR) reported GAAP revenue of $1.1M (-16.0% vs. FY2024 revenue of $1.3M , and +23.3% cumulative change since FY2023) , GAAP net income of -$2.0M, operating cash flow of -$1.3M, and free cash flow of -$1.3M (-68.2% YoY). On the balance sheet, REFR closed FY2025 with $2.3M in total assets against $0 in total debt (Altman Z-Score: N/A, Piotroski F-Score: 2/9).

Fiscal Period Filing Date Revenue Net Income Operating Cash Flow Free Cash Flow Total Assets Total Debt
FY2025 (FY) 2025-12-31 $1.1M -$2.0M -$1.3M -$1.3M $2.3M —
FY2024 (FY) 2024-12-31 $1.3M -$1.3M -$788.8K -$790.4K $4.0M —
FY2023 (FY) 2023-12-31 $909.6K -$1.9M -$2.3M -$2.3M — —

3. REFR Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)

✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLED

Is REFR stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

As of 2026-11-03, Research Frontiers Incorporated (NASDAQ: REFR) is rated E (Strong Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 31/100 at a spot price of $0.36 (+2.94% 1D, market cap $12.2M). Pillar breakdown: Fundamental Cash Engine 8/20, Institutional 13F & Options Flow 8/20, SEC Balance-Sheet Forensics 8/20, FRED Macro Regime Fit 4/20, and Executive Insider Alignment 3/20. Across 486 tracked Industrials issuers, REFR ranks #402 in composite RQD confidence.

How does REFR compare to RMCO and NTIP in the Industrials sector?

Within the Industrials sector (Multi-Sector Companies), REFR carries a Roarable E (31/100 RQD), trailing P/E of N/A, gross margin of —, and ROIC of -35.0%. By comparison, RMCO (Royalty Management Holding Corporation (Class A)) holds a E grade (29/100 RQD, P/E N/A, ROIC -1.7%, cap $34.9M) and NTIP (Network-1 Technologies Inc.) posts a D- grade (43/100 RQD, P/E N/A, ROIC -10.0%, cap $35.2M). Among the 5-stock peer group, REFR leads on earnings multiple (N/A) while RMCO leads on capital efficiency (-1.7% ROIC).

What are the biggest fundamental strengths and SEC risk factors for REFR?

Per REFR's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0000793524), Research Frontiers Incorporated generated $1.1M in revenue (-16.0% YoY), -$2.0M in net income, and -$1.3M in free cash flow against $2.3M in total assets and $0 in total debt. Key quantitative strengths: Established market leader in Industrials with deep daily trading liquidity. Primary risk factors monitored: Company executives have done more routine share selling than personal cash buying lately. Institutional options positioning shows a 50% call / 50% put premium split.

Where is REFR trading relative to its 50-day, 200-day, and 52-week technical levels?

REFR last traded at $0.36 (+2.94% on volume of 108,742 shares), positioning the stock -32.08% below its 50-day simple moving average ($0.53) and -51.35% below its 200-day simple moving average ($0.74). Across its 52-week range of $0.34 to $2.10, REFR sits at the 1.1% percentile with a 14-day RSI of 32.0 (OVERSOLD (<32)) and an implied next-earnings move of ±12.5% ($1.00 to $0.40).

Direct Sub-Reports: REFR RQD Cockpit REFR 12M Forecast REFR Earnings & Move REFR Dividends & DRIP REFR Insiders & 13F REFR Whale Options REFR Profit Sankey REFR News & Why
ROARABLE RATING BRIEF • RQD 31/100 (E) ✓ SEC XBRL & RQD VERIFIED

REFR — Research Frontiers Incorporated: What the Facts Mean to a Prospective Investor

Methodology: RQD v6.2 Deterministic 5-Pillar & SEC XBRL Audit
Updated: 2025-12-31

1. Roarable Rating Brief: What This Means to a Prospective Investor

Research Frontiers Incorporated (REFR) earns a live Roarable RQD composite score of 31/100, corresponding to a E letter grade (Roarable Strong Sell) at a spot price of $0.36 (+2.94% 1D, market capitalization $12.2M).

  • Fundamental Cash Engine (8/20): Anchored by return on invested capital (ROIC) of -35.0%, gross margin of —, operating margin of -60.0%, and free cash flow yield of -10.03%.
  • Whale 13F & Options Flow (8/20) + Insider Conviction (3/20): Tracks institutional 13F accumulation, CBOE options call/put positioning, and SEC Form 4 / Congressional PTR filings.
  • Macro Regime Fit (4/20) + Forensic Balance Sheet (8/20): Incorporates a 1.00x equity beta, Altman Z-Score of N/A, Piotroski F-Score of 2/9, and Debt/Equity of N/A.

2. Business Model, Unit Margins & SEC Financial Trajectory

Research Frontiers Incorporated (REFR) is a NASDAQ-listed issuer classified under the Industrials sector and Multi-Sector Companies industry,. Revenue was $1.1M in FY 2025, $1.3M in FY 2024, and $0.9M in FY 2023. Per the market data, the gross margin is 0%.

In its latest audited SEC EDGAR 10-K filing for FY2025 (filed 2025-12-31), Research Frontiers Incorporated (REFR) reported $1.1M in annual revenue (up from $1.3M in FY2024, -16.0% YoY) and -$2.0M in GAAP net income. Over the multi-year SEC filing window from FY2023 ($909.6K revenue, -$1.9M net income) through FY2025, REFR scaled operating cash flow to -$1.3M and free cash flow to -$1.3M, backed by $2.3M in total assets against $0 in total debt.

3. Institutional Bull vs. Bear Thesis & Valuation Tradeoff

  • 🐂 Primary Bull Case (E • RQD 31/100): Established market leader in Industrials with deep daily trading liquidity. Free cash flow yield of -10.03% and institutional whale pillar of 8/20. With Fundamental Cash Engine at 8/20 and Institutional Whale Flow at 8/20, sustained execution supports upside toward the upper end of the $0.34 – $2.10 52-week range.
  • 🐻 Primary Bear Case & Valuation Risk: Company executives have done more routine share selling than personal cash buying lately. Investors must weigh current valuation against -60.0% operating margins and a 1.00x macro beta.

4. 2nd-Order Butterfly Ripples & Key Questions to Watch

Operating in Multi-Sector Companies (Industrials), REFR carries a macro regime beta of 1.00 and gross margin of —.

  • Key Question #1: Can REFR sustain or expand its -60.0% operating margin and -35.0% ROIC against Multi-Sector Companies peers over the next 4 quarters?
  • Key Question #2: Following FY2025 revenue of $1.1M and free cash flow of -$1.3M, how will capital allocation balance growth reinvestment against $0 in total debt?
  • Key Question #3: How sensitive is REFR's equity valuation to Industrials capital spending cycles and macro interest-rate shifts (Beta 1.00x)?

REFR Live News Feed, Press Releases & Catalyst Wire

Real-time company headlines, analyst actions, and sector developments for Research Frontiers Incorporated (REFR) • Click "Debate This Headline" to argue it in the Roar Pit below

💬 Jump to REFR Debate Forum (3) ↓
🔥 THE ROAR PIT • LIVE COMMUNITY DEBATE 3 Active Posts & Replies

REFR Bull vs. Bear Conversation Board — What's Your Call at $0.36?

🐂 67% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON REFR 🐻 33% BEARISH CONVICTION
1. Pick Your Side on REFR:
💡 Tip: Back up your call with a price target or RQD metric to get upvoted to the top.
DE DeepValue_CFA RQD DEBATE OPENER • Institutional Buy-Side 🐂 BULLISH 🎯 Target: $0.42 (+20.0%)
📌 Pinned Debate

Per the news wire, a $7 Million Gauzy financing is linked to restarting SPD-SmartGlass production and fulfilling a customer backlog.

Don't sleep on REFR's setup in Industrials. Per the news wire, a $7 Million Gauzy financing is linked to restarting SPD-SmartGlass production and fulfilling a customer backlog.. Beta of 1.0 means it moves fast when momentum turns, and the 5-pillar RQD gauge (31/100) backs up the fundamental quality.

ArenaChamp_24 🐂 BULL

@DeepValue_CFA Agree on the RQD 31/100 quality, though with 1.0 beta I'm scaling in with half-size at $0.35 and keeping dry powder in case we test $0.33.

MU MultipleCompression RQD DEBATE OPENER • Valuation Discipline 🐻 BEARISH 🎯 Target: $0.29 (-17.1%)
Spot @ $0.35

Per the RQD rating, ROIC of -35% and FCF yield of -10.03% combine with a Piotroski F-Score of 2/9 and insider conviction of 3/20.

I respect the product at Research Frontiers Incorporated, but the stock at $0.35 is a different story. Per the RQD rating, ROIC of -35% and FCF yield of -10.03% combine with a Piotroski F-Score of 2/9 and insider conviction of 3/20.. FCF yield is -10.03% and RQD sits at 31/100 (E) — why pay up here when you can wait for next quarter's numbers?

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