Neonode(NEON)

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Neonode(NEON) - 2024 Q3 - Quarterly Results
2024-11-06 14:18
Financial Performance - Revenues from continuing operations for Q3 2024 were $0.8 million, a decrease of 0.2% compared to Q3 2023[2] - Operating expenses from continuing operations for Q3 2024 were $2.0 million, a decrease of 2.7% compared to Q3 2023[2] - Net loss from continuing operations for Q3 2024 was $1.0 million, or $0.07 per share, compared to a net loss of $1.1 million, or $0.07 per share for Q3 2023[2][10] - Total revenues for the three months ended September 30, 2024, were $838,000, a slight decrease from $840,000 in the same period of 2023[17] - License fees contributed $731,000 to total revenues for the three months ended September 30, 2024, compared to $836,000 in the prior year, representing a decline of 12.5%[17] - Operating loss for the three months ended September 30, 2024, was $(1,225,000), slightly improved from $(1,257,000) in the same period of 2023[17] - Net loss for the three months ended September 30, 2024, was $(1,087,000), compared to $(1,266,000) for the same period in 2023, indicating a reduction in losses[19] - Basic and diluted loss per share from continuing operations for the three months ended September 30, 2024, was $(0.07), consistent with the prior year[17] Cash Flow and Liquidity - Cash used by operations in Q3 2024 was $1.3 million, down from $1.8 million in Q3 2023[3][10] - Cash and accounts receivable totaled $18.6 million as of September 30, 2024, compared to $17.1 million as of December 31, 2023[3][11] - Cash provided by investing activities was $153,000, a significant improvement from a cash outflow of $58,000 in the previous year[21] - Net cash provided by financing activities was $5,781,000, compared to $7,789,000 in the same period last year[21] - Cash and cash equivalents at the end of the period were $17,599,000, a decrease from $18,471,000 at the end of the previous year[21] - Cash paid for income taxes was $10,000, significantly lower than $95,000 in the previous year[21] - Cash paid for interest decreased to $1,000 from $8,000 year-over-year[21] Operating Expenses - Operating expenses from continuing operations for the nine months ended September 30, 2024 were $7.2 million, an increase of 2.9% compared to the same period in 2023[4] - Total operating expenses for the three months ended September 30, 2024, were $2,040,000, down from $2,097,000 in the same period of 2023, reflecting a decrease of 2.7%[17] - Research and development expenses for the three months ended September 30, 2024, were $822,000, nearly unchanged from $827,000 in the prior year[17] Equity and Deficit - The company reported total stockholders' equity of $18,000,000 as of September 30, 2024, an increase from $17,163,000 at the end of 2023[20] - The accumulated deficit as of September 30, 2024, was $(222,480,000), compared to $(217,614,000) at the end of 2023[20] Other Financial Metrics - Non-recurring engineering revenues for Q3 2024 were $0.1 million, a 2,575.0% increase compared to Q3 2023, mainly due to the DMS project[9] - Inventory impairment loss was recorded at $287,000, with no such loss reported in the previous year[21] - Changes in accounts receivable and unbilled revenues resulted in a net decrease of $105,000, compared to an increase of $512,000 in the prior year[21] Business Developments - The company has ongoing discussions with potential customers regarding Touch Sensor Module technology and MultiSensing® platform[4][5] - The company signed a TSM technology agreement with NEXTY Electronics for sensor development in Japan's amusement market[5]
Neonode Reports Quarter Ended September 30, 2024 Financial Results
Prnewswire· 2024-11-06 14:17
Core Viewpoint - Neonode Inc. reported its financial results for the three and nine months ended September 30, 2024, focusing solely on its licensing business after reclassifying its products business to discontinued operations [1]. Financial Summary for the Three Months Ended September 30, 2024 - Revenues from continuing operations were $0.8 million, a decrease of 0.2% compared to the same period in the prior year [2]. - Operating expenses from continuing operations were $2.0 million, a decrease of 2.7% compared to the same period in the prior year [2]. - Net loss from continuing operations was $1.0 million, or $0.07 per share, compared to a net loss of $1.1 million, or $0.07 per share, for the same period in the prior year [2]. - Cash used by operations was $1.3 million compared to $1.8 million for the same period in the prior year [2]. Financial Summary for the Nine Months Ended September 30, 2024 - Revenue from continuing operations was $2.5 million, a decrease of 21.0% compared to the same period in the prior year [4]. - Operating expenses from continuing operations were $7.2 million, an increase of 2.9% compared to the same period in the prior year [4]. - Net loss from continuing operations was $4.4 million, or $0.28 per share, compared to a net loss of $3.5 million, or $0.22 per share, for the same period in the prior year [4]. - Cash used by operations was $4.4 million compared to $4.1 million for the same period in the prior year [4]. Business Highlights for the Nine Months Ended September 30, 2024 - Ongoing discussions with potential customers regarding Touch Sensor Module (TSM) technology and the MultiSensing® platform [5]. - TSM technology agreement with NEXTY Electronics for sensor development and manufacturing of next-generation amusement machines for a leading manufacturer in Japan's amusement market [5]. - TSM technology agreement with YesAR to develop and build holographic infotainment solutions for customers in the automotive and elevator segments [5]. Financial Overview for the Quarter Ended September 30, 2024 - Revenues from continuing operations were $0.8 million, a 0.2% decrease compared to the same period in 2023 [8]. - License revenues were $0.7 million, a decrease of 12.6% compared to the same period in 2023, mainly due to lower demand from legacy customers [8]. - Revenues from non-recurring engineering for the third quarter were $0.1 million, a 2,575.0% increase compared to the same period in 2023, mainly due to the DMS project with a commercial vehicle OEM [9]. Cash and Accounts Receivable - Cash and accounts receivable totaled $18.6 million as of September 30, 2024, compared to $17.1 million as of December 31, 2023 [3]. - Working capital for continuing operations was $17.7 million as of September 30, 2024, compared to $16.1 million as of December 31, 2023 [11].
Neonode's Patent Power Play: Big Risks, Bigger Rewards
Seeking Alpha· 2024-10-15 11:30
Core Insights - Neonode Inc. (NASDAQ: NEON) is characterized as a "different" kind of company compared to more traditional, conservative stocks [1] Group 1 - The mission of Grassroots Trading emphasizes providing objective, unbiased, and balanced research, focusing on small- to mid-cap companies [1] - Grassroots Trading aims to identify compelling investment opportunities in often overlooked small- to mid-cap companies while also expanding coverage to large- and mega-cap companies [1]
Neonode Announces the Appointment of Peter Kruk to the Board of Directors
Prnewswire· 2024-10-08 13:37
Core Points - Neonode Inc. has appointed Peter Kruk as a Class II director on its Board of Directors [1] - Peter Kruk is currently the CEO and a board member of NCAB Group AB, with extensive experience in global industrial companies [2] - Kruk expressed excitement about joining Neonode and contributing to its innovative technology [3] - Ulf Rosberg, Chairman of the Board, highlighted Kruk's management experience and knowledge of the automotive industry as valuable assets [3]
Neonode Terminates Agreement with Redeye
Prnewswire· 2024-10-04 13:26
Core Viewpoint - Neonode Inc. has terminated its corporate broking services agreement with Redeye AB, which provided financial advisory and investor relations services to the company [1]. Group 1 - The company is committed to enhancing shareholder value and will explore alternative options for effective communication with stakeholders and the broader investment community [2].
NEXTY Electronics Selects Neonode's Touch Sensor Module Technology for the Japanese Amusement Market
Prnewswire· 2024-09-25 13:32
Core Insights - Neonode Inc. has entered into a new license agreement with NEXTY Electronics Corporation for its Touch Sensor Module (TSM) technology, which is expected to generate an estimated value of US$2–3 million over the next four to five years [1][4]. Group 1: License Agreement Details - NEXTY Electronics has selected Neonode's TSM technology for the development and manufacturing of next-generation amusement machines in Japan, indicating a strategic partnership in the amusement market [1][2]. - The agreement includes an upfront technology access fee along with future royalties, highlighting the financial structure of the partnership [1]. Group 2: Technology and Market Fit - The TSM technology is based on surface-mount technology (SMT), which allows for touch interactivity on larger displays at a lower cost compared to alternative solutions, making it suitable for various applications [2][3]. - NEXTY Electronics will manufacture the TSMs in Japan, targeting both the Japanese amusement market and other markets that require high-quality, cost-effective touch functionality [2]. Group 3: Strategic Importance - The partnership is seen as a vote of confidence in Neonode's licensing-focused business strategy, as NEXTY Electronics has a history of working closely with Neonode and is familiar with its products [3][4]. - The agreement signifies a deepening relationship between the two companies, with expectations of enhanced operational performance in the amusement sector without compromising display quality [3][4].
Neonode Reports Quarter Ended June 30, 2024 Financial Results
Prnewswire· 2024-08-08 13:23
STOCKHOLM, Aug. 8, 2024 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON) ("Neonode" or the "Company") today reported financial results for the three and six months ended June 30, 2024. FINANCIAL SUMMARY FOR THE THREE MONTHS ENDED JUNE 30, 2024: Revenues of $1.4 million, an increase of 18.7% compared to the same period in the prior year. Operating expenses of $2.7 million, a decrease of 1.6% compared to the same period in the prior year. Net loss of $1.7 million, or $0.11 per share, compared to $1.5 million, or $ ...
Neonode Announces Adjournment of Reconvened Annual Meeting of Stockholders
Prnewswire· 2024-06-25 20:25
The following files are available for download: The Annual Meeting will reconvene on July 5, 2024 at 3:00 p.m. local time at Neonode's principal executive office located at Karlavägen 100, 115 26 Stockholm, Sweden to provide its stockholders additional time to vote on the proposals described in the proxy statement filed with the Securities and Exchange Commission on April 26, 2024. No changes have been made in the proposals to be voted on by stockholders at the Annual Meeting. For more information or questi ...
Neonode Announces Adjournment of Reconvened Annual Meeting of Stockholders
Prnewswire· 2024-06-25 20:23
STOCKHOLM, June 25, 2024 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON), announced today that its 2024 Annual Meeting of Stockholders (the "Annual Meeting"), which was reconvened to June 25, 2024, was called to order and again adjourned without any business being conducted due to a lack of the required quorum. The record date for determining stockholder eligibility to vote at the Annual Meeting will remain the close of business on April 22, 2024. Proxies previously submitted will be voted at the Annual Meeting ...
Neonode Announces Adjournment of Annual Meeting of Stockholders
Prnewswire· 2024-06-11 20:59
STOCKHOLM, June 11, 2024 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON) announced today that its 2024 Annual Meeting of Stockholders (the "Annual Meeting"), held on June 11, 2024 at 3:00 p.m. local time at Neonode's principal executive office located at Karlavägen 100, 115 26 Stockholm, Sweden, was convened and adjourned without any business being conducted, due to a lack of the required quorum. For more information or questions, please contact: CONTACT: The Annual Meeting will reconvene on June 25, 2024 at 3: ...