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Digital Turbine vs Research Frontiers: revenue, profit, margins and growth compared

Digital Turbine brought in $565.3M of revenue in fiscal 2026, Research Frontiers $1.1M in fiscal 2025. Revenue changed by +15.2% at Digital Turbine and -16.0% at Research Frontiers on the year before, so Digital Turbine grew faster. Digital Turbine kept -6.7% of its revenue as net profit, Research Frontiers -182.4%. Free cash flow was $11.2M at Digital Turbine and -$1.3M at Research Frontiers.

Side by side, latest fiscal year

APPSREFR
Fiscal year endedFY2026 (March 31, 2026)FY2025 (December 31, 2025)
Revenue$565.3M$1.1M
Revenue growth+15.2%-16.0%
Net income-$37.7M-$2M
Net margin-6.7%-182.4%
Free cash flow$11.2M-$1.3M
Free cash flow margin2.0%-118.6%
Earnings per share (diluted)-$0.33-$0.06
Cash$37.7M$664.3K
Debt$361Mn/a
Price to earningsn/an/a
Market value$1.3B$27.6M
Dividend yieldn/an/a
Rank by revenue in sector#14 of 49 · Other#45 of 49 · Other

Over the years

Revenue
APPS FY2018: $103.6MAPPS FY2019: $138.7MAPPS FY2021: $313.6MAPPS FY2022: $747.6MAPPS FY2023: $665.9MAPPS FY2024: $544.5MAPPS FY2025: $490.5MAPPS FY2026: $565.3MREFR FY2018: $1.5MREFR FY2019: $1.6MREFR FY2020: $828.5KREFR FY2021: $1.3MREFR FY2022: $539.7KREFR FY2023: $909.6KREFR FY2024: $1.3MREFR FY2025: $1.1MFY18FY19FY20FY21FY22FY23FY24FY25FY26
APPS $565.3MREFR $1.1M
Net income
APPS FY2018: -$6MAPPS FY2019: $13.9MAPPS FY2021: $54.9MAPPS FY2022: $35.5MAPPS FY2023: $16.7MAPPS FY2024: -$420.2MAPPS FY2025: -$92.1MAPPS FY2026: -$37.7MREFR FY2018: -$2.7MREFR FY2019: -$3.8MREFR FY2020: -$2.3MREFR FY2021: -$1.8MREFR FY2022: -$2.7MREFR FY2023: -$1.9MREFR FY2024: -$1.3MREFR FY2025: -$2MFY18FY19FY20FY21FY22FY23FY24FY25FY26
APPS -$37.7MREFR -$2M
Net margin
APPS FY2018: -5.8%APPS FY2019: 10.0%APPS FY2021: 17.5%APPS FY2022: 4.8%APPS FY2023: 2.5%APPS FY2024: -77.2%APPS FY2025: -18.8%APPS FY2026: -6.7%REFR FY2018: -180.4%REFR FY2019: -243.5%REFR FY2020: -282.6%REFR FY2021: -146.2%REFR FY2022: -494.6%REFR FY2023: -209.8%REFR FY2024: -98.2%REFR FY2025: -182.4%FY18FY19FY20FY21FY22FY23FY24FY25FY26
APPS -6.7%REFR -182.4%
Revenue growth
APPS FY2019: +33.9%APPS FY2021: +126.1%APPS FY2022: +138.4%APPS FY2023: -10.9%APPS FY2024: -18.2%APPS FY2025: -9.9%APPS FY2026: +15.2%REFR FY2019: +5.1%REFR FY2020: -47.0%REFR FY2021: +52.5%REFR FY2022: -57.3%REFR FY2023: +68.5%REFR FY2024: +46.8%REFR FY2025: -16.0%FY19FY20FY21FY22FY23FY24FY25FY26
APPS +15.2%REFR -16.0%
Free cash flow
APPS FY2024: $4.4MAPPS FY2025: -$15.6MAPPS FY2026: $11.2MREFR FY2018: -$2.1MREFR FY2019: -$2.1MREFR FY2020: -$2.3MREFR FY2021: -$1.8MREFR FY2022: -$2.2MREFR FY2023: -$2.3MREFR FY2024: -$790.4KREFR FY2025: -$1.3MFY18FY19FY20FY21FY22FY23FY24FY25FY26
APPS $11.2MREFR -$1.3M

Fiscal years as each company reports them; the two may end in different months.

Questions about Digital Turbine and Research Frontiers

Which is bigger by revenue, Digital Turbine or Research Frontiers?

Digital Turbine is bigger by revenue: $565.3M in fiscal 2026, against $1.1M for Research Frontiers in fiscal 2025.

Which keeps more of its revenue as profit, Digital Turbine or Research Frontiers?

Digital Turbine had a net margin of -6.7% in fiscal 2026; Research Frontiers had -182.4% in fiscal 2025.

Which grew revenue faster, Digital Turbine or Research Frontiers?

In their latest fiscal years revenue changed by +15.2% at Digital Turbine and -16.0% at Research Frontiers.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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