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Side-by-side financial comparison of RESEARCH FRONTIERS INC (REFR) and VirnetX Holding Corp (VHC). Click either name above to swap in a different company.
RESEARCH FRONTIERS INC is the larger business by last-quarter revenue ($72.1K vs $56.0K, roughly 1.3× VirnetX Holding Corp). RESEARCH FRONTIERS INC runs the higher net margin — -1061.5% vs -11744.6%, a 10683.2% gap on every dollar of revenue. Over the past eight quarters, VirnetX Holding Corp's revenue compounded faster (429.2% CAGR vs -52.0%).
Research Frontiers is an American nanotechnology company based in Woodbury, New York that was founded by Robert Saxe in 1965 to develop light control technology from Polaroid known as smart glass. The company develops and licenses its patented SPD-SmartGlass technology. The company currently has six full-time employees.
VirnetX is a publicly traded Internet security software and technology company based in Zephyr Cove, Nevada. Founded in 2005, its patent portfolio includes U.S. and international patents in areas such as DNS and network communication.
REFR vs VHC — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $72.1K | $56.0K |
| Net Profit | $-765.6K | $-6.6M |
| Gross Margin | — | — |
| Operating Margin | -1072.5% | -12151.8% |
| Net Margin | -1061.5% | -11744.6% |
| Revenue YoY | -59.5% | — |
| Net Profit YoY | -25.9% | -5.8% |
| EPS (diluted) | $-0.02 | $-1.82 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $72.1K | $56.0K | ||
| Q3 25 | $359.4K | $58.0K | ||
| Q2 25 | $129.9K | $48.0K | ||
| Q1 25 | $559.8K | $0 | ||
| Q4 24 | $178.2K | $0 | ||
| Q3 24 | $354.4K | $2.0K | ||
| Q2 24 | $489.6K | $1.0K | ||
| Q1 24 | $313.4K | $2.0K |
| Q4 25 | $-765.6K | $-6.6M | ||
| Q3 25 | $-298.5K | $-4.3M | ||
| Q2 25 | $-803.8K | $-3.6M | ||
| Q1 25 | $-177.7K | $-3.7M | ||
| Q4 24 | $-607.9K | $-6.2M | ||
| Q3 24 | $-166.8K | $-3.8M | ||
| Q2 24 | $-94.0K | $-3.8M | ||
| Q1 24 | $-442.6K | $-4.3M |
| Q4 25 | -1072.5% | -12151.8% | ||
| Q3 25 | -84.6% | -8006.9% | ||
| Q2 25 | -627.5% | -8216.7% | ||
| Q1 25 | -42.8% | — | ||
| Q4 24 | -350.4% | — | ||
| Q3 24 | -65.4% | -219350.0% | ||
| Q2 24 | -23.7% | -441500.0% | ||
| Q1 24 | -149.9% | -246300.0% |
| Q4 25 | -1061.5% | -11744.6% | ||
| Q3 25 | -83.0% | -7496.6% | ||
| Q2 25 | -618.8% | -7543.8% | ||
| Q1 25 | -31.7% | — | ||
| Q4 24 | -341.2% | — | ||
| Q3 24 | -47.1% | -191950.0% | ||
| Q2 24 | -19.2% | -383000.0% | ||
| Q1 24 | -141.2% | -214550.0% |
| Q4 25 | $-0.02 | $-1.82 | ||
| Q3 25 | $-0.01 | $-1.18 | ||
| Q2 25 | $-0.02 | $-0.99 | ||
| Q1 25 | $-0.01 | $-1.01 | ||
| Q4 24 | $-0.03 | $-1.72 | ||
| Q3 24 | $0.00 | $-1.07 | ||
| Q2 24 | $0.00 | $-1.07 | ||
| Q1 24 | $-0.01 | $-1.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $664.3K | $15.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $933.6K | $22.5M |
| Total Assets | $2.3M | $31.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $664.3K | $15.5M | ||
| Q3 25 | $1.1M | $17.1M | ||
| Q2 25 | $1.3M | $17.3M | ||
| Q1 25 | $1.4M | $23.2M | ||
| Q4 24 | $2.0M | $23.3M | ||
| Q3 24 | $1.6M | $25.1M | ||
| Q2 24 | $1.9M | $26.3M | ||
| Q1 24 | $2.1M | $27.6M |
| Q4 25 | $933.6K | $22.5M | ||
| Q3 25 | $1.5M | $29.3M | ||
| Q2 25 | $1.8M | $33.2M | ||
| Q1 25 | $2.4M | $36.4M | ||
| Q4 24 | $2.6M | $39.6M | ||
| Q3 24 | $2.8M | $45.5M | ||
| Q2 24 | $3.0M | $48.8M | ||
| Q1 24 | $3.1M | $52.2M |
| Q4 25 | $2.3M | $31.1M | ||
| Q3 25 | $2.8M | $38.0M | ||
| Q2 25 | $3.2M | $41.8M | ||
| Q1 25 | $3.8M | $45.1M | ||
| Q4 24 | $4.0M | $49.6M | ||
| Q3 24 | $3.0M | $55.6M | ||
| Q2 24 | $3.4M | $58.9M | ||
| Q1 24 | $3.5M | $62.3M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-465.9K | $-5.8M |
| Free Cash FlowOCF − Capex | $-466.1K | — |
| FCF MarginFCF / Revenue | -646.2% | — |
| Capex IntensityCapex / Revenue | 0.2% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-465.9K | $-5.8M | ||
| Q3 25 | $-143.5K | $-3.0M | ||
| Q2 25 | $-78.4K | $-2.9M | ||
| Q1 25 | $-641.3K | $-3.9M | ||
| Q4 24 | $47.1K | $-5.5M | ||
| Q3 24 | $-257.9K | $-3.2M | ||
| Q2 24 | $-186.9K | $-3.1M | ||
| Q1 24 | $-391.1K | $-3.5M |
| Q4 25 | $-466.1K | — | ||
| Q3 25 | $-143.9K | $-3.0M | ||
| Q2 25 | $-78.5K | — | ||
| Q1 25 | $-641.4K | — | ||
| Q4 24 | $46.2K | — | ||
| Q3 24 | $-258.5K | — | ||
| Q2 24 | $-187.0K | — | ||
| Q1 24 | $-391.2K | — |
| Q4 25 | -646.2% | — | ||
| Q3 25 | -40.0% | -5208.6% | ||
| Q2 25 | -60.5% | — | ||
| Q1 25 | -114.6% | — | ||
| Q4 24 | 25.9% | — | ||
| Q3 24 | -72.9% | — | ||
| Q2 24 | -38.2% | — | ||
| Q1 24 | -124.8% | — |
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.1% | 29.3% | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 0.2% | 0.0% | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | 0.0% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
