RESEARCH FRONTIERS INC (REFR) - Dilution Analysis

Visualizing historical and potential share dilution over time

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Dilution Analysis

Low Risk

Limited dilution potential

Last updated: November 06, 2025

Risk Assessment Details

Potential Dilution: 0.0% of current shares

Recent Dilution: 0.4% (2 years)

Historical Dilution Factor: minimal recent dilution

Outstanding Shares

34M

Potential Supply

Additional shares possible

Splits

None

Past 2 years

Summary

REFR currently has 33.6M outstanding shares. with minimal authorized share overhang for future dilution. The company has minimally diluted shareholders by 0.4% over the past 2 years.

Share Structure Timeline

Outstanding Shares

Total Supply

Historical Data Points

Date	Event	Outstanding
Nov 06, 2025	10-Q filing \| 33.6M shares outstanding	34M
May 08, 2025	10-Q filing \| 33.6M shares outstanding	34M
Mar 06, 2025	10-K filing \| 33.5M shares outstanding	34M
Nov 07, 2024	10-Q filing \| 33.5M shares outstanding	34M
Aug 01, 2024	10-Q filing \| 33.5M shares outstanding	34M
May 09, 2024	10-Q filing \| 33.5M shares outstanding	34M
Mar 07, 2024	10-K filing \| 33.5M shares outstanding	33M
Nov 02, 2023	10-Q filing \| 33.4M shares outstanding	33M
Aug 03, 2023	10-Q filing \| 33.4M shares outstanding	33M
May 04, 2023	10-Q filing \| 33.3M shares outstanding	33M
Mar 09, 2023	10-K filing \| 32.1M shares outstanding	32M
Nov 03, 2022	10-Q filing \| 31.7M shares outstanding	32M
Sep 20, 2022	8-K filing: Research Frontiers entered into subscription agreements to sell 2.0 million shares of common stock at $2.30 per share, receiving $4.6 million in proceeds. Investors also received warrants to purchase shares at $2.76/share. ($4.6M proceeds)	32M
Aug 04, 2022	10-Q filing \| 31.7M shares outstanding	32M
May 05, 2022	10-Q filing \| 31.7M shares outstanding	32M
Mar 09, 2022	10-K filing \| 31.7M shares outstanding	32M
Nov 04, 2021	10-Q filing \| 31.7M shares outstanding	32M
Aug 05, 2021	10-Q filing \| 31.7M shares outstanding	32M
May 10, 2021	10-Q filing \| 31.7M shares outstanding	32M
Mar 11, 2021	10-K filing \| 31.3M shares outstanding	31M
Nov 05, 2020	10-Q filing \| 31.3M shares outstanding	31M
Aug 06, 2020	10-Q filing \| 31.3M shares outstanding	31M
May 07, 2020	10-Q filing \| 31.3M shares outstanding	31M
Mar 12, 2020	10-K filing \| 27.7M shares outstanding	28M

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