Company Fact Sheet

Research Frontiers (NASDAQ: REFR) is the developer of SPD-Smart light-control technology which allows users to instantly, precisely and uniformly control the shading of glass or plastic, either manually or automatically. Research Frontiers has built an infrastructure of over 45 licensed companies that collectively are capable of serving the growing global demand for smart glass products in automobiles, homes, buildings, museums, aircraft and boats.

Investor Highlights as of December 31, 2019

  • Cumulative investment over $100 million in SPD-SmartGlass technology development ($71 million of NOLs)
  • 235 worldwide patents issued
  • Over 45 companies have already licensed SPD-SmartGlass technology, including a majority of the world’s automotive glass producers
  • Licensing royalties business model based on sales of SPD-SmartGlass end-products (10 – 15% royalty fee range)
  • Daimler adopted SPD technology in the Mercedes-Benz SLK in 2011, SL in 2012, S-Class Coupe in 2014, S-Class Maybach and S550 sedan in 2015
  • SPD-Smart electronically dimmable windows are flying on over 45 models of various aircraft including those used in commercial aviation, general aviation and military aviation
  • Business model is highly scalable minimizing capital expenditures and operating expenses as SPD-SmartGlass business expands
  • Working Capital of $6.9 M with no debt outstanding

Core Vertical Market Overview

  • IHS Automotive Forecasting 70.3 million units in the Global Light Vehicle Market in 2020
  • Approximately 2 million units were luxury vehicles with a US$ MSRP = $50K*
  • Approximately 1.6 million of these luxury vehicles have sunroofs that generate glare and heat control issues*

The luxury vehicle sunroof market represents a $200 million annual revenue opportunity at current royalty rates

*Based on 2013 numbers


  • 35,000 new transportation and business jets are forecast to be produced over the next 20 years
  • These jets will create annualized demand for 157K aircraft windows, each requiring a shading product

The aircraft market is a $24MM annual revenue opportunity at an estimated royalty of $75-150 per window

Other Products
Architectural, Marine and Specialty
Display Glass
  • Manual or automatic controls allow users to instantly and precisely control the amount of light, glare and heat passing through windows, skylights, partitions and doors in yachts, residential and commercial buildings
  • Museums and private collectors worldwide have thousands of manuscripts, textiles, paintings and collectibles that are kept in storage and vaults to protect them from light damage that can now be displayed


Automotive Products

Mercedes Vehicle Introduced
SLK-Class (R172) 2011
SL-Class (R231) 2012
S-CLASS COUPE (C217) November 2014
Maybach S600 (X222 XLWB) April 2015
S-Class Sedan (V222 LWB) Q3-2015


Research Frontiers receives a $100-150 royalty per sunroof on Daimler’s Mercedes-Benz SLKs and SLs

“Open-air feeling of a roadster even when the weather does not permit one to open the roof.”

Growth Strategy: Lowering the cost of SPD-SmartGlass products will increase adoption of technology in the premium automotive sector and open up large opportunities for non-premium vehicles. Increased volume from the S-Class and other models will reduce the production costs of SPD-SmartGlass products.

Aircraft Products

Aircraft Entry into Service 2019 Production
HondaJet Q1 2016       35 – 40
Textron-Beechcraft King Air 250 Q3 2015       30 – 35
Textron-Beechcraft King Air 350i Q4 2015       45 – 50
Textron-Beechcraft King Air C90GTx Q1 2016       10 – 15
Epic Aircraft E1000 Q3 2020 (est.)
ONE Aviation Eclipse 700 Not reported


  • SPD EDWs can be retrofitted because there is no change needed to the structural outer window
  • Aftermarket can be many times larger than OEM market
  • Upgrades can occur during maintenance and when aircraft ownership changes

Other Products

Marine Products

  • Relationships with various production and custom yacht makers.

Display Panels

  • Cumulative light exposure was reduced by 86% during a high traffic period at the exhibition opening. and by more than 95% during subsequent lower traffic periods

Architectural Products

  • By helping save energy on heating, cooling and lighting, smart windows can have a beneficial impact on 55.8% of the total energy footprint used by commercial and residential buildings
Existing Business with Cheoy Lee and Hatteras
Existing Business with Cheoy Lee and Hatteras
Existing Business with Cheoy Lee and Hatteras

Management Team

Joseph Harary, President & CEO – Joe Harary joined Research Frontiers Incorporated as its Vice President and General Counsel in 1992 and has been a director of the Company since 1993. After various promotions, he became President and Chief Operating Officer in 2002, and CEO starting in January 2009. Mr. Harary has actively managed and directed all aspects of the Company’s business including licensing, raising private and public equity capital, marketing, and government relations. Prior to joining Research Frontiers, Mr. Harary’s corporate law practice emphasized technology, licensing, mergers and acquisitions, securities law, and intellectual property law at three prestigious New York City law firms. Mr. Harary graduated Summa Cum Laude from Columbia College with an A.B. degree in economics and received a Juris Doctor degree from Columbia Law School where he was a Harlan Fiske Stone Scholar as well as an editor of the Columbia Law Review. Prior to attending law school, Mr. Harary worked as an economist with the Federal Reserve Bank of New York. Joe Harary is frequently asked to share his business experience with other companies directly and as a speaker and published author in the fields of intellectual property, corporate law, and smart glass. Mr. Harary has also served as a guest lecturer at Fordham University’s Accelerated MBA Program and serves on the boards of various charities including the Imagine Academy which helps children with autism and their families.

Michael R. LaPointe, Vice President – Aerospace Products – Michael LaPointe became Research Frontiers Director of Marketing for Architectural Windows and Displays in March 2000, was promoted to the position of Vice President – Marketing in March 2002 and became Vice President – Aerospace Products in 2013. Michael LaPointe became Research Frontiers’ Director of Marketing for Architectural Windows and Displays in March 2000 and was promoted to the position of Vice President – Marketing in March 2002. Michael LaPointe, a graduate of Brown university with a BA in Organizational Behavior & Management and a B.A. in from Psychology, worked in a marketing capacity for IBM Corporation in the early 1980s. He subsequently founded and developed several companies involved in the application and licensing of new technologies for various consumer products. During that period Mr. LaPointe also worked as a management consultant, wherein 1994 he began his relationship with Research Frontiers, assisting it with its marketing strategy. He has extensive experience in licensing new technologies, both as a licensor and a licensee, and in bringing products using new technologies to market.

DISCLAIMER. This information is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy any security or related financial instrument. The summary may include “forward-looking statements” with the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934 and are intended to be covered by the safe harbor provisions for forward looking statements. This information is supplied from sources we believe to be reliable but we cannot guarantee accuracy. This document has been furnished to you solely for your information. The information contained herein may not be reproduced, disclosed or redistributed, in whole or in part, by mail, facsimile, electronic or computer transmission or by any other means to any other person, except with prior written consent of the Company. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy.


Company Contacts

Joseph M. Harary

President and CEO

Michael R. LaPointe

VP – Aerospace Products

Research Frontiers Inc.

240 Crossways Park Drive

Woodbury, NY 11797