Stock Ratings / Industrials / REFR / options

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Research Frontiers Incorporated (REFR) Options Positioning, Max Pain & Unusual Sweeps

Q: What is REFR's options positioning and volatility profile?

Roarable tracks verified CBOE unusual options sweeps, put/call ratios, and OHLCV realized volatility bands for REFR.

$0.35 -7.89% NASDAQ • Live Quote vs Prior Daily Close (Synced Snapshot) EXT / AFTER-HRS: $0.34

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.

📊 Historical Track Record Warning: Scores below 50 (31/100 · E) historically underperformed SPY in 71% of rolling 90-day windows →

ROARABLE E • RED ALERT Cap $12.2M

📤 Share Live RQD Speedometer Card: 𝕏 Post Reddit StockTwits ⬇ Live SVG Card

⚡ INSTANT AI QUANT PREVIEW • $0 FREE TIER Click Any Pre-Computed AI Quant Specialist Briefing on REFR Below — or Connect Your Own ChatGPT / Claude

🤖 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 $0.35 (-7.89% 1D, market cap $12.2M). Pillar breakdown: Fundamental Cash Engine 8/20, Institutional 13F & Options Flow 8/20, Executive Insider Alignment 8/20, FRED Macro Regime Fit 4/20, and SEC Balance-Sheet Forensics 3/20. Across 485 tracked Industrials issuers, REFR ranks #401 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: $0.34 (-1.61%)🧬 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

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

Each axis scored 0–20

12M PRICE TARGET CONE-11.4% Base Target

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)

Grade E$0.59-15.3% Next Q

Q2 (-2Q)

Grade E$0.50-16% Next Q

Q3 (-1Q)

Grade E$0.42-16.7% Next Q

Current

Grade E$0.35-9.4% 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 ($0.37) 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 →

CALL VS. PUT WHALE SHARE

— (No Active Options Snapshot)

Put/Call Ratio: — (No Active Options Snapshot)

MAX-PAIN EXPIRATION MAGNET

— (No Active Options Snapshot)

No active options chain max-pain snapshot on file

HISTORICAL 20D VOLATILITY SWING

±12.5%

Derived from 20D OHLCV bars (No Active Options Snapshot)

Active Strike Call vs. Put Concentration Ladder (REFR)

— (No Active Options Snapshot) — No unusual CBOE strike concentration anomalies recorded in the current database snapshot for REFR.

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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: -59.77%🛡️ HOLDING TREND SUPPORT

2026-11-03O $0.38H $0.38L $0.35C $0.35VOL 200.3K

RES: $0.99SUP: $0.34SMA50: $0.53SMA200: $0.74

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 (#25)

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

Reverse-DCF Expectations Hurdle (#30)

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 (#33)

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 #401 of 485 ⚔️ 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 485 tracked Industrials securities in the Roarable RQD universe, Research Frontiers Incorporated (REFR) ranks #401 by composite RQD confidence (31/100, grade E) and #447 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%	-7.89%	$12.2M	Benchmark Subject
RMCO Royalty Management Holding Corporation (Class A)	E	29/100	—	16.3%	-1.7%	-2.13%	$34.9M	/rmco-vs-refr →
NTIP Network-1 Technologies Inc.	D-	43/100	—	72.0%	-10.0%	-3.14%	$35.2M	/ntip-vs-refr →
VHC VirnetX Holding Corp	E	28/100	—	—	-35.0%	-9.37%	$39.8M	/vhc-vs-refr →
XELB Xcel Brands Inc.	E	34/100	—	—	-35.0%	-1.07%	$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?

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

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

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

REFR last traded at $0.35 (-7.89% on volume of 200,288 shares), positioning the stock -33.96% below its 50-day simple moving average ($0.53) and -52.70% below its 200-day simple moving average ($0.74). Across its 52-week range of $0.34 to $2.10, REFR sits at the 0.6% percentile with a 14-day RSI of 32.0 (OVERSOLD (<32)) and an implied next-earnings move of ±12.5% ($1.00 to $0.39).

REFR Investor FAQ & Complete 8-Part Research Index

100% OPEN ACCESS • SEC EDGAR × CBOE × FRED

What is REFR's options positioning and volatility profile?

Roarable tracks verified CBOE unusual options sweeps, put/call ratios, and OHLCV realized volatility bands for REFR.

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) ✓ STAGE-C NUMBER FIREWALL VERIFIED

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

Engine: anthropic/claude-haiku-5.5

As of: 2026-11-02T15:50:59Z

Roarable Rating Brief: What This Means to a Prospective Investor

Per the Roarable RQD rating, REFR scores 32 out of 100, grade E, labeled "Roarable Strong Sell — Forensic Risk / Avoid." The five pillars are: fundamental cash engine at 8/20 (ROIC -35%; FCF yield -10.03%); whale 13F flow at 8/20 (institutional accumulation and options positioning); insider conviction at 3/20 (SEC Form 4 and Congressional PTR cluster flow); macro regime fit at 5/20 (Beta 1.0; sector sensitivity); and forensic balance sheet at 8/20 (Altman Z 2.5; Piotroski F 2/9; Debt/Equity 0.5).

For a prospective investor, the weakest pillar is insider conviction, which the rating scores at 3 out of 20, while the fundamental cash engine is also weak given negative ROIC and negative FCF yield. The forensic balance sheet score is held back by a Piotroski F-Score of 2 out of 9. Upside drivers would have to come from a reversal in cash generation, which the rating's inputs do not show. The valuation tradeoff is that the stock trades at $0.38 with a $13.3M market cap while reported net losses persist, so price alone does not offset the negative cash metrics. The rating's conclusion is that the risk profile is elevated relative to the scored inputs.

Business

Research Frontiers Incorporated (REFR) is a NASDAQ-listed issuer classified under the Industrials sector and Multi-Sector Companies industry, per the profile. Source data does not describe its products, customers, or revenue model beyond reported revenue figures. Per the SEC financials, 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%.

Financial Trend

Period	Revenue	Operating Income	Net Income	EPS	FCF	Cash	Debt
FY 2025	$1.1M	$-2.1M	$-2.0M	N/A	$-1.3M	$0.7M	N/A
FY 2024	$1.3M	$-1.4M	$-1.3M	N/A	$-0.8M	$2.0M	N/A
FY 2023	$0.9M	$-2.0M	$-1.9M	N/A	$-2.3M	N/A	N/A

Per the market data, operating margin and net margin are each -60%, and ROIC is -35%. Per the Roarable RQD rating, the Altman Z-Score is 2.5, the Piotroski F-Score is 2 out of 9, and Debt/Equity is 0.5. Per the SEC financials, cash declined from $2.0M in FY 2024 to $0.7M in FY 2025 while FCF remained negative in each reported year.

Recent Catalysts & News Wire Analysis

Per the recent news and catalysts section, the most prominent item is a Yahoo Finance headline referencing a $7 Million financing by Gauzy that the headline associates with restarting SPD-SmartGlass production, fulfilling a customer backlog, introducing new products, and expanding global market opportunities for Research Frontiers. Other items are TradingView, kalkine.ca, and Yahoo! Finance Canada pages covering REFR market action, all marked YELLOW. The one RED item is a headline reporting "REFR Q1 2026 Earnings: $0.02 Loss Per Share as Shares Edge Lower," flagged RISK WATCH, with a summary source that does not identify a publisher. The Butterfly Supply-Chain Graph shows supply_chain as NONE with no butterfly links and no proprietary signals.

Open Questions

What are REFR's products and end markets, given the source data provides only sector classification and financial figures?
Does the Gauzy financing referenced in the news wire translate into revenue or backlog figures reflected in the reported financials?
What drove the Q1 2026 loss per share cited in the RISK WATCH headline, and how does it relate to the FY 2025 net loss of $-2.0M?
What is the debt position, since the debt field is N/A in every reported period while Debt/Equity is 0.5?
What is the source and nature of the Roarable RQD sub-scores for whale flow and insider conviction, given no holder or analyst records are provided?

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) ↓

🟡 MARKET WIRE TradingView • 18h ago

Research Frontiers Incorporated Estimates – NASDAQ:REFR

TradingView report covering Research Frontiers Incorporated (REFR) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Yahoo Finance • 21h ago

Gauzy’s $7 Million Financing Enables Restart of SPD-SmartGlass Production, Fulfillment of Customer Backlog, Introduction of New Products and Expansion of Global Market Opportunities for Research Frontiers

Yahoo Finance report covering Research Frontiers Incorporated (REFR) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE kalkine.ca • 1d ago

Research Frontiers Incorporated (NASDAQ: REFR) Share Price, REFR Stock News, REFR Share Price & Updates

kalkine.ca report covering Research Frontiers Incorporated (REFR) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE TradingView • 1d ago

FLXS Stock Price and Chart — NASDAQ:FLXS

TradingView report covering Research Frontiers Incorporated (REFR) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Yahoo! Finance Canada • 1d ago

Ostin Technology Group Co., Ltd. (OST) Seasonal Returns Chart - Yahoo Finance

Yahoo! Finance Canada report covering Research Frontiers Incorporated (REFR) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🔴 RISK WATCH https://www.dars.gov.et/ • 1d ago

REFR Q1 2026 Earnings: $0.02 Loss Per Share as Shares Edge Lower - One-Time Loss Impact

https://www.dars.gov.et/ report covering Research Frontiers Incorporated (REFR) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Yahoo! Finance Canada • 1d ago

Wallbox N.V. (WBX) Seasonal Returns Chart - Yahoo Finance

Yahoo! Finance Canada report covering Research Frontiers Incorporated (REFR) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Yahoo Finance UK • 1d ago

Wallbox N.V. (WBX) Seasonal returns chart

Yahoo Finance UK report covering Research Frontiers Incorporated (REFR) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🔥 THE ROAR PIT • LIVE COMMUNITY DEBATE 3 Active Posts & Replies

REFR Bull vs. Bear Conversation Board — What's Your Call at $0.35?

🐂 33% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON REFR 🐻 67% BEARISH CONVICTION

RO RoarDesk_Moderator Roarable Research Desk 🐻 BEARISH 🎯 Target: $0.33 (-13.2%)

📌 Pinned Debate

🔥 Official Bull vs. Bear Debate: Is REFR (E • RQD 32/100) a Buy at $0.38?

Welcome to the REFR (Research Frontiers Incorporated) Roar Pit. Current RQD Composite is 32/100 (Roarable Strong Sell — Forensic Risk / Avoid) in Multi-Sector Companies. Bulls point to operating leverage and sector positioning, while bears focus on macro rate sensitivity and margin execution. Pick your side (🐂 Bull or 🐻 Bear) and drop your price target below.

SK SkepticalCFA Forensic Accounting Watch 🐻 BEARISH 🎯 Target: $0.32 (-15.8%)

Spot @ $0.38

Pump the brakes on REFR — check the valuation vs. margin headwinds

Everyone in here is repeating the bull case on REFR, but look at what you are paying: current EV/EBITDA multiples with tightening sector spreads. Unless Research Frontiers Incorporated expands free cash flow yield next quarter, I would rather wait for a pullback closer to the 200-day moving average before touching this.

DE DeltaGamma_99 Verified K Arena Trader 🐂 BULLISH 🎯 Target: $0.46 (+21.1%)

Spot @ $0.38

REFR cash flow & RQD setup is being underpriced by the Street here

Looking at the 5-pillar RQD breakdown on REFR, the market is fixating on short-term headline noise in Multi-Sector Companies and ignoring the balance sheet and cash flow trajectory. At $0.38 (52-wk range $0.34 - $2.10), any beat on forward guidance forces shorts and underweight funds to chase.