RESEARCH FRONTIERS Business Summary

Research Frontiers Inc. (REFR) operates as a specialized technology licensor focused on the development and commercialization of patented Suspended Particle Device (SPD-Smart) light-control technology. The company generates revenue through a high-margin licensing model, collecting royalties and fees from over 40 global partners who integrate its proprietary chemical emulsions and thin-film products into end-use applications. Its primary business segments span the automotive, aerospace, architectural, marine, and display industries, with high-profile deployments in Ferrari and Cadillac vehicles, as well as commercial aircraft. Positioned as an upstream intellectual property powerhouse, Research Frontiers maintains a lean, asset-light structure that provides the core technology for the smart glass supply chain rather than engaging in direct manufacturing. It competes primarily with Gentex Corporation, View Inc., and Gauzy Ltd, distinguishing itself through its SPD technology's superior switching speeds and variable tinting range compared to electrochromic or PDLC alternatives. Leadership is spearheaded by Joseph M. Harary, who serves as President, CEO, and CFO; he joined the firm in 1992 and has overseen the expansion of its global IP portfolio since becoming CEO in 2009. Harary’s background includes a legal and economic pedigree from Columbia Law School and the Federal Reserve Bank of New York. The company was founded in 1965 by the late Robert L. Saxe, a pioneer in nanotechnology. The current board of directors includes strategic investor Eyal Peso, the co-founder and CEO of Gauzy Ltd, alongside independent directors Darryl Daigle and Dr. Alexander Kaganowicz, a specialist in medical chemistry and automotive testing. As of February 2026, the company remains focused on scaling its architectural retrofit systems and expanding its automotive footprint, recently bolstered by a $1.1 million private placement from strategic accredited investors.