Neonode(NEON)

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Neonode(NEON) - 2023 Q4 - Annual Results
2024-02-28 14:18
[Neonode 2023 Financial Results Press Release](index=1&type=section&id=Neonode%202023%20Financial%20Results%20Press%20Release) [CEO's Comments and Strategic Update](index=1&type=section&id=THE%20CEO%27S%20COMMENTS) The CEO expressed disappointment with the 2023 revenue decline, leading to a strategic pivot to focus exclusively on licensing - The company is sharpening its strategy to focus on licensing going forward and is phasing out its Touch Sensor Module (TSM) product business[3](index=3&type=chunk) - A key achievement in 2023 was securing a driver monitoring software contract with a leading commercial vehicle manufacturer[4](index=4&type=chunk) - The new, licensing-focused strategy is anticipated to increase efficiency and help the company reach a positive cash flow more quickly[5](index=5&type=chunk) [Financial Overview](index=1&type=section&id=FINANCIAL%20OVERVIEW%20FOR%20THE%20FISCAL%20YEAR%20ENDED%20DECEMBER%2031%2C%202023) Neonode's FY2023 net revenues decreased **21.5%** to **$4.4 million**, driven by declines in both licensing and product sales FY 2023 Key Financial Metrics vs. FY 2022 | Metric | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $4.4 million | $5.7 million | -21.5% | | **Operating Expenses** | $10.7 million | $10.2 million | +4.9% | | **Net Loss** | $10.1 million | $4.9 million | +106.1% | | **Loss Per Share** | $0.66 | $0.36 | +83.3% | | **Cash Used by Operations** | $6.3 million | $6.8 million | -7.4% | FY 2023 Revenue Breakdown vs. FY 2022 | Revenue Source | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | **License Revenues** | $3.8 million | $4.5 million | -14.9% | | **Product Sales** | $0.6 million | $1.0 million | -37.7% | | **Non-recurring Engineering** | $26,000 | $205,000 | -87.3% | - The gross margin for products was **negative 630.6% in 2023**, a steep drop from 22.0% in 2022, primarily due to one-time costs[9](index=9&type=chunk) [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements detail Neonode's financial position and performance for the year ended December 31, 2023 [Consolidated Balance Sheets](index=4&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) As of December 31, 2023, Neonode's total assets decreased to **$19.0 million** from **$21.2 million**, primarily due to reduced inventory Key Balance Sheet Items (in thousands) | Account | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $16,155 | $14,816 | | **Inventory** | $610 | $3,827 | | **Total current assets** | $18,620 | $20,798 | | **Total assets** | $19,014 | $21,198 | | **Total current liabilities** | $1,832 | $1,699 | | **Total liabilities** | $1,851 | $1,780 | | **Total stockholders' equity** | $17,163 | $19,418 | [Consolidated Statements of Operations](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Neonode's FY2023 total revenues fell to **$4.4 million**, resulting in a gross loss and a widened net loss of **$10.1 million** Key Income Statement Items (in thousands, except per share data) | Account | 2023 | 2022 | | :--- | :--- | :--- | | **Total revenues** | $4,449 | $5,670 | | **Total gross (loss) margin** | $(93) | $4,866 | | **Total operating expenses** | $10,651 | $10,152 | | **Operating loss** | $(10,744) | $(5,286) | | **Net loss attributable to Neonode Inc.** | $(10,123) | $(4,883) | | **Basic and diluted loss per share** | $(0.66) | $(0.36) | [Consolidated Statements of Comprehensive Loss](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20LOSS) Neonode's FY2023 comprehensive loss was **$10.18 million**, slightly exceeding net loss due to foreign currency translation adjustments Comprehensive Loss Breakdown (in thousands) | Item | 2023 | 2022 | | :--- | :--- | :--- | | **Net loss including noncontrolling interests** | $(10,123) | $(5,283) | | **Foreign currency translation adjustments** | $(56) | $68 | | **Comprehensive loss attributable to Neonode Inc.** | $(10,179) | $(4,815) | [Consolidated Statements of Stockholders' Equity](index=7&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20STOCKHOLDERS%27%20EQUITY) Stockholders' equity decreased from **$19.4 million** to **$17.2 million** in 2023, driven by net loss partially offset by stock issuance 2023 Change in Stockholders' Equity (in thousands) | Item | Amount | | :--- | :--- | | **Balance at Dec 31, 2022** | $19,418 | | Issuance of shares for cash, net | $7,866 | | Stock-based compensation | $58 | | Net loss | $(10,123) | | Foreign currency translation adjustment | $(56) | | **Balance at Dec 31, 2023** | $17,163 | [Consolidated Statements of Cash Flows](index=8&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) In 2023, Neonode used **$6.3 million** in operating cash, generated **$7.8 million** from financing, increasing cash to **$16.2 million** Cash Flow Summary (in thousands) | Cash Flow Category | 2023 | 2022 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(6,308) | $(6,808) | | **Net cash used in investing activities** | $(123) | $(52) | | **Net cash provided by financing activities** | $7,777 | $4,509 | | **Net increase (decrease) in cash** | $1,339 | $(2,567) | | **Cash and cash equivalents at end of year** | $16,155 | $14,816 | [Company Information and Safe Harbor](index=2&type=section&id=About%20Neonode%20and%20Safe%20Harbor) This section outlines Neonode Inc., a publicly traded company specializing in advanced optical sensing solutions, and includes a standard Safe Harbor statement - Neonode Inc. (NASDAQ:NEON), headquartered in Stockholm, Sweden, provides advanced optical sensing solutions to Fortune 500 companies[12](index=12&type=chunk) - The company's technology is deployed in over **90 million products**, and it holds more than **100 patents** worldwide[12](index=12&type=chunk) - The press release contains forward-looking statements subject to various risks and uncertainties detailed in the company's SEC filings[14](index=14&type=chunk)[15](index=15&type=chunk)
Neonode(NEON) - 2023 Q3 - Quarterly Report
2023-11-09 14:20
PART I FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company's financial statements for September 30, 2023, show increased assets and widened net loss [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$24.8 million** by September 30, 2023, driven by cash from stock issuance Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2023 (Unaudited) | Dec 31, 2022 (Audited) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $18,471 | $14,816 | | Total current assets | $24,463 | $20,798 | | **Total assets** | **$24,817** | **$21,198** | | **Liabilities & Equity** | | | | Total current liabilities | $1,813 | $1,699 | | **Total liabilities** | **$1,837** | **$1,780** | | **Total stockholders' equity** | **$22,980** | **$19,418** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q3 2023 revenues decreased to **$1.0 million**, with net loss widening; YTD revenues fell to **$3.5 million** Statement of Operations Summary (in thousands, except per share data) | Metric | Q3 2023 | Q3 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $1,003 | $1,216 | $3,456 | $3,801 | | Gross margin | $776 | $1,138 | $3,145 | $3,553 | | Operating loss | $(1,457) | $(962) | $(4,656) | $(4,039) | | Net loss attributable to Neonode Inc. | $(1,266) | $(800) | $(4,198) | $(3,728) | | Basic and diluted loss per share | $(0.08) | $(0.06) | $(0.27) | $(0.27) | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations improved, with financing providing **$7.8 million** from stock, increasing cash Cash Flow Summary for the nine months ended September 30 (in thousands) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | $(4,100) | $(5,694) | | Net cash used in investing activities | $(58) | $(54) | | Net cash provided by (used in) financing activities | $7,789 | $(147) | | **Net increase (decrease) in cash** | **$3,655** | **$(6,081)** | | **Cash and cash equivalents at end of period** | **$18,471** | **$11,302** | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail optical sensing operations, going concern, revenue recognition, customer concentration, and commitments - The company develops and markets optical sensing solutions for contactless touch, gesture sensing, and object detection, serving markets like office equipment, automotive, and medical[23](index=23&type=chunk) - Despite a history of significant operating losses and negative cash flows, management believes the company's operating plan and ATM facility are sufficient to continue as a going concern[25](index=25&type=chunk)[27](index=27&type=chunk) - As of September 30, 2023, **four customers** accounted for approximately **75%** of consolidated accounts receivable and unbilled revenues[51](index=51&type=chunk) - The company has an agreement to pay Texas Instruments **$500,000** in non-recurring engineering costs at a rate of **$0.25** per ASIC for the first **2 million units** sold; no payments have been made as of September 30, 2023[121](index=121&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses business model, reporting decreased revenues, widened losses, and improved liquidity - The company's business is based on licensing its zForce and MultiSensing technology platforms, selling Touch Sensor Modules (TSMs), and providing non-recurring engineering (NRE) services[137](index=137&type=chunk)[138](index=138&type=chunk)[141](index=141&type=chunk) Financial Results Summary (in thousands) | Metric | Q3 2023 | Q3 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $1,003 | $1,216 | $3,456 | $3,801 | | Operating Loss | $(1,457) | $(962) | $(4,656) | $(4,039) | | Net Loss (to Neonode) | $(1,266) | $(800) | $(4,198) | $(3,728) | - The company raised **$7.9 million** in net proceeds during the first nine months of 2023 through its At-the-Market (ATM) offering program, selling **903,716 shares** of common stock[192](index=192&type=chunk) - Management believes the company has sufficient capital to fund operations for the next **twelve months**, based on its cash position of **$18.5 million** as of September 30, 2023[177](index=177&type=chunk) [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Q3 2023 net revenues decreased to **$1.0 million**; gross margin dropped, operating loss widened - Q3 2023 license fee revenues decreased by **20%** to **$0.8 million** compared to Q3 2022, primarily due to lower sales volumes from customers[148](index=148&type=chunk)[152](index=152&type=chunk) - Gross margin for products in Q3 2023 was **negative 39%**, compared to **48%** in Q3 2022, mainly due to a one-time cost of **$143,000** from a customer claim[158](index=158&type=chunk) - Sales and marketing expenses for Q3 2023 increased by **48.3%** to **$0.5 million**, primarily due to higher marketing costs[148](index=148&type=chunk)[161](index=161&type=chunk) - R&D expenses for the nine months ended September 30, 2023, decreased by **9.1%** to **$2.7 million**, mainly due to lower personnel and related costs[149](index=149&type=chunk)[160](index=160&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) Cash and equivalents increased to **$18.5 million** from ATM proceeds, ensuring liquidity for twelve months Liquidity Position (in millions) | Metric | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $18.5 | $14.8 | | Working capital | $22.7 | $19.1 | - Net cash used in operating activities for the nine months ended September 30, 2023, was **$4.1 million**, primarily resulting from a net loss of **$4.2 million**[179](index=179&type=chunk) - Net cash provided by financing activities was **$7.8 million** for the nine months ended September 30, 2023, almost entirely from the issuance of common stock under the ATM Facility[182](index=182&type=chunk) - Management evaluated the company's operating losses and determined its cash position and ATM facility are sufficient to alleviate going concern issues[184](index=184&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=35&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section is not applicable for the reporting period - Not applicable[198](index=198&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%204%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of September 30, 2023, with no material changes - The CEO and CFO concluded that as of September 30, 2023, the company's disclosure controls and procedures were effective at providing reasonable assurance[199](index=199&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[201](index=201&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=36&type=section&id=Item%201%20Legal%20Proceedings) The company is not currently a party to any pending legal proceedings - The company is not a party to any pending legal proceedings but may become subject to them in the ordinary course of business[204](index=204&type=chunk) [Risk Factors](index=36&type=section&id=Item%201A%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2022 - No material changes from the risk factors disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2022[205](index=205&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=36&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the reporting period - None[206](index=206&type=chunk) [Other Information](index=36&type=section&id=Item%205%20Other%20Information) There is no other information to report for this period - None[207](index=207&type=chunk) [Exhibits](index=36&type=section&id=Item%206%20Exhibits) This section lists filed exhibits, including officer certifications and Inline XBRL documents - The report includes a list of filed exhibits, such as officer certifications and XBRL data files[208](index=208&type=chunk)
Neonode(NEON) - 2023 Q2 - Quarterly Report
2023-08-10 13:20
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023 ☐ Transition report pursuant to section 13 or 15(d) of the Securities and Exchange Act of 1934 For the transition period from ________ to ________ Commission file number 1-35526 NEONODE INC. (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of ...
Neonode(NEON) - 2023 Q1 - Quarterly Report
2023-05-11 13:20
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023 ☐ Transition report pursuant to section 13 or 15(d) of the Securities and Exchange Act of 1934 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: | | | Name of each exchange on which | | --- | --- | --- | | Title of each class | Tra ...
Neonode(NEON) - 2022 Q4 - Earnings Call Transcript
2023-03-09 18:54
Neonode Inc. (NASDAQ:NEON) Q4 2022 Earnings Conference Call March 9, 2023 10:00 AM ET Company Participants Jesper von Koch - Redeye AB Urban Forssell - Chief Executive Officer Fredrik Nihl??n - Chief Financial Officer Conference Call Participants Jesper von Koch - Redeye Jesper von Koch Hi, and welcome to Neonode???s Q4 2022 Earnings Call hosted by Redeye. We will today start with a company presentation and also a presentation of the Q4 results followed by a Q&A session by me and the companies of their anal ...
Neonode(NEON) - 2022 Q4 - Annual Report
2023-03-09 14:20
PART I [Business](index=5&type=section&id=Item%201.%20BUSINESS) Neonode Inc. provides optical sensing solutions through zForce technology licensing and Touch Sensor Module sales, targeting automotive, printer, and contactless touch markets - The company operates through **zForce optical sensing technology licensing** to OEMs and **Touch Sensor Module (TSM) manufacturing and sales**[19](index=19&type=chunk)[20](index=20&type=chunk) - As of December 31, 2022, Neonode held **35 technology license agreements** and **10 TSM reseller agreements**[21](index=21&type=chunk)[26](index=26&type=chunk) - Strategic goals include leading **contactless touch interfaces** for elevators and kiosks, maintaining **optical touch licensing leadership** in printers and automotive, and entering the **automotive driver monitoring market**[36](index=36&type=chunk)[37](index=37&type=chunk) Revenue by Market Segment (as % of Total Revenue) | Market Segment | 2022 | 2021 | | :--- | :--- | :--- | | Automotive (license fees) | 27% | 27% | | Consumer electronics (license fees) | 51% | 55% | | TSMs (products) | 18% | 16% | | Non-recurring engineering | 4% | 2% | Revenue by Geographic Region (as % of Total Revenue) | Geographic Region | 2022 | 2021 | | :--- | :--- | :--- | | U.S. | 33% | 39% | | Japan | 31% | 33% | | South Korea | 15% | 15% | | Switzerland | 7% | 1% | | Germany | 5% | 5% | | Other | 9% | 7% | - The company faces competition from **resistive and capacitive touch solutions**, **camera-based gesture detection**, and **driver monitoring software providers** like SmartEye and Seeing Machines[52](index=52&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk) Intellectual Property Portfolio as of Dec 31, 2022 | Jurisdiction | Issued Patents | Pending Patents | | :--- | :--- | :--- | | United States | 48 | 9 | | Europe | 11 | 5 | | Japan | 7 | 1 | | China | 6 | 1 | | South Korea | 6 | 1 | | **Total** | **78** | **18** | - Research and development expenses were **$4.0 million in 2022** and **$3.5 million in 2021**[61](index=61&type=chunk) - As of December 31, 2022, the company employed **55 individuals** and **7 consultants**[65](index=65&type=chunk) [Risk Factors](index=14&type=section&id=Item%201A.%20RISK%20FACTORS) The company faces significant risks including historical net losses, customer and supplier dependency, intellectual property challenges, and potential stock dilution - The company has a history of **substantial net losses** and may require additional capital, potentially leading to **significant stockholder dilution**[70](index=70&type=chunk)[71](index=71&type=chunk) - In 2022, **four customers generated approximately 68% of consolidated net revenues**, indicating significant concentration risk[72](index=72&type=chunk) - Reliance on component suppliers like **Texas Instruments and ST Microelectronics** for ASICs poses supply chain disruption risks from quality or availability issues[76](index=76&type=chunk)[77](index=77&type=chunk) - Limited hardware manufacturing experience subjects the sensor module business to risks in **component sourcing, production capacity, and sales channel establishment**[80](index=80&type=chunk)[81](index=81&type=chunk) - The company is highly dependent on its **senior management team**, including CEO Dr. Urban Forssell and CFO Fredrik Nihlén[89](index=89&type=chunk) - Significant business in foreign currencies, primarily the **Swedish Krona**, exposes the company to unhedged **currency exchange rate risks**[94](index=94&type=chunk) - The two largest stockholders, also board members, hold approximately **one-fourth of outstanding voting stock**, creating ownership concentration impacting stockholder votes[103](index=103&type=chunk) [Unresolved Staff Comments](index=23&type=section&id=Item%201B.%20UNRESOLVED%20STAFF%20COMMENTS) The company reports no unresolved staff comments from the SEC - No unresolved staff comments were reported[108](index=108&type=chunk) [Properties](index=23&type=section&id=Item%202.%20PROPERTIES) As of December 31, 2022, the company leases corporate headquarters in Stockholm and a workshop in Kungsbacka, Sweden - The company leases **corporate headquarters in Stockholm** and a **workshop in Kungsbacka, Sweden**[109](index=109&type=chunk) [Legal Proceedings](index=23&type=section&id=Item%203.%20LEGAL%20PROCEEDINGS) The company is not currently a party to any pending legal proceedings - The company is **not a party to any pending legal proceedings**[110](index=110&type=chunk) [Mine Safety Disclosures](index=23&type=section&id=Item%204.%20MINE%20SAFETY%20DISCLOSURES) This item is not applicable to the company - This disclosure item is **not applicable**[111](index=111&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=24&type=section&id=Item%205.%20MARKET%20FOR%20REGISTRANT%27S%20COMMON%20EQUITY%2C%20RELATED%20STOCKHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) The company's common stock trades on Nasdaq under 'NEON', with **37 stockholders of record** as of February 8, 2023 - The company's common stock is listed on the **Nasdaq Stock Market** under the symbol **NEON**[114](index=114&type=chunk) - As of February 8, 2023, there were **37 stockholders of record**[114](index=114&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%207.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) In FY2022, total revenue decreased slightly to **$5.67 million**, while operating loss improved to **$5.3 million**, supported by **$14.8 million** cash Financial Results Summary (in thousands) | Metric | 2022 | 2021 | Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenue** | **$5,670** | **$5,836** | **(2.8)%** | | License fees | $4,470 | $4,787 | (6.6)% | | Products | $995 | $955 | 4.2% | | Non-recurring engineering | $205 | $94 | 118.1% | | **Total Gross Margin** | **$4,866** | **$4,881** | **(0.3)%** | | **Total Operating Expenses** | **$10,152** | **$11,988** | **(15.3)%** | | **Operating Loss** | **$(5,286)** | **$(7,107)** | **(25.6)%** | | **Net loss attributable to Neonode Inc.** | **$(4,883)** | **$(6,450)** | **(24.3)%** | | **Net loss per share** | **$(0.36)** | **$(0.54)** | **(33.3)%** | - The **decrease in 2022 license fees** was primarily due to **component shortages** in printer and automotive markets, with recovery noted in the second half[161](index=161&type=chunk) - **Sales and marketing expenses decreased by 28.4%** and **General and administrative expenses decreased by 25.8%** in 2022, reducing operating loss[168](index=168&type=chunk)[170](index=170&type=chunk) - The company ended 2022 with **$14.8 million in cash**, down from **$17.4 million in 2021**, with working capital stable at **$19.1 million**[188](index=188&type=chunk) - Net cash used in operating activities was **$6.8 million for 2022**, an improvement from **$7.7 million in 2021**[189](index=189&type=chunk)[191](index=191&type=chunk) - The company raised approximately **$4.7 million in 2022** and an additional **$7.9 million in January 2023** through its At-the-Market (ATM) offering program[198](index=198&type=chunk)[199](index=199&type=chunk)[373](index=373&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%207A.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This item is not applicable to the company - This disclosure item is **not applicable**[204](index=204&type=chunk) [Financial Statements and Supplementary Data](index=38&type=section&id=Item%208.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) This section presents the company's audited consolidated financial statements for FY2022 and FY2021, with the auditor's report identifying unbilled licensing revenues as a critical audit matter - The section includes **audited consolidated financial statements** and the report from **KMJ Corbin & Company LLP**, the independent registered public accounting firm[206](index=206&type=chunk)[207](index=207&type=chunk) - The auditor's report identifies **"Accounting for Licensing Revenues" as a Critical Audit Matter** due to subjective judgments in estimating unbilled royalties[212](index=212&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk) Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$21,198** | **$22,992** | | Cash | $14,816 | $17,383 | | Total current assets | $20,798 | $22,032 | | **Total Liabilities** | **$1,780** | **$3,155** | | Total current liabilities | $1,699 | $2,973 | | **Total Stockholders' Equity** | **$19,418** | **$19,837** | - The company incurred net losses of **$4.9 million in 2022** and **$6.5 million in 2021**, resulting in an **accumulated deficit of $207.5 million** as of December 31, 2022[233](index=233&type=chunk) - On October 1, 2022, the company acquired the remaining **49% of Pronode Technologies AB**, making it a wholly-owned subsidiary[244](index=244&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=76&type=section&id=Item%209.%20CHANGES%20IN%20AND%20DISAGREEMENTS%20WITH%20ACCOUNTANTS%20ON%20ACCOUNTING%20AND%20FINANCIAL%20DISCLOSURE) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - No changes or disagreements with accountants were reported[375](index=375&type=chunk) [Controls and Procedures](index=76&type=section&id=Item%209A.%20CONTROLS%20AND%20PROCEDURES) As of December 31, 2022, management concluded that disclosure controls and internal control over financial reporting were effective, with no material changes reported - Management, including the CEO and CFO, concluded that **disclosure controls and procedures were effective** as of December 31, 2022[375](index=375&type=chunk) - Management concluded that **internal control over financial reporting was effective** as of December 31, 2022, based on COSO framework criteria[380](index=380&type=chunk) - No material changes to **internal control over financial reporting** occurred during the fourth quarter of 2022[377](index=377&type=chunk) [Other Information](index=76&type=section&id=Item%209B.%20OTHER%20INFORMATION) The company reports no other information for this item - No other information was reported for this item[382](index=382&type=chunk) [Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](index=76&type=section&id=Item%209C.%20DISCLOSURE%20REGARDING%20FOREIGN%20JURISDICTIONS%20THAT%20PREVENT%20INSPECTIONS) This item is not applicable to the company - This disclosure item is **not applicable**[382](index=382&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=77&type=section&id=Item%2010.%20DIRECTORS%2C%20EXECUTIVE%20OFFICERS%20AND%20CORPORATE%20GOVERNANCE) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the 2023 proxy statement - Information is incorporated by reference from the **definitive proxy statement for the 2023 Annual Meeting of Stockholders**[384](index=384&type=chunk) [Executive Compensation](index=77&type=section&id=Item%2011.%20EXECUTIVE%20COMPENSATION) Information concerning executive compensation is incorporated by reference from the 2023 proxy statement - Information is incorporated by reference from the **definitive proxy statement for the 2023 Annual Meeting of Stockholders**[385](index=385&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=77&type=section&id=Item%2012.%20SECURITY%20OWNERSHIP%20OF%20CERTAIN%20BENEFICIAL%20OWNERS%20AND%20MANAGEMENT%20AND%20RELATED%20STOCKHOLDER%20MATTERS) Information concerning security ownership is incorporated by reference from the 2023 proxy statement - Information is incorporated by reference from the **definitive proxy statement for the 2023 Annual Meeting of Stockholders**[386](index=386&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=77&type=section&id=Item%2013.%20CERTAIN%20RELATIONSHIPS%20AND%20RELATED%20TRANSACTIONS%2C%20AND%20DIRECTOR%20INDEPENDENCE) Information concerning related party transactions and director independence is incorporated by reference from the 2023 proxy statement - Information is incorporated by reference from the **definitive proxy statement for the 2023 Annual Meeting of Stockholders**[387](index=387&type=chunk) [Principal Accounting Fees and Services](index=77&type=section&id=Item%2014.%20PRINCIPAL%20ACCOUNTING%20FEES%20AND%20SERVICES) Information concerning principal accounting fees and services is incorporated by reference from the 2023 proxy statement - Information is incorporated by reference from the **definitive proxy statement for the 2023 Annual Meeting of Stockholders**[388](index=388&type=chunk) PART IV [Exhibits, Financial Statement Schedules](index=78&type=section&id=Item%2015.%20EXHIBITS%2C%20FINANCIAL%20STATEMENT%20SCHEDULES) This section lists financial statements filed under Item 8 and provides a detailed list of all exhibits filed with the Annual Report - The **consolidated financial statements are filed under Item 8** of the report[391](index=391&type=chunk) - A detailed list of exhibits is provided, including **corporate governance documents, material contracts, and Sarbanes-Oxley certifications**[394](index=394&type=chunk) [Form 10-K Summary](index=79&type=section&id=Item%2016.%20FORM%2010-K%20SUMMARY) The company has not provided a Form 10-K summary - No Form 10-K summary has been provided[395](index=395&type=chunk)
Neonode(NEON) - 2022 Q3 - Earnings Call Transcript
2022-11-10 18:29
Neonode Inc. (NASDAQ:NEON) Q3 2022 Earnings Conference Call November 10, 2022 10:00 AM ET Company Participants Urban Forssell - Chief Executive Offier Fredrik Nihlen - Chief Financial Officer Conference Call Participants Jesper von Koch - Redeye Jesper von Koch Hi, and welcome the Q3 2022 Neonode Earnings Call. And we???ll start today with a company presentation and a walk through of the financial results, but the company???s CEO and CFO. Then we have a few minutes for Q&A hosted by me and -- both me and th ...
Neonode(NEON) - 2022 Q3 - Quarterly Report
2022-11-10 14:21
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2022 ☐ Transition report pursuant to section 13 or 15(d) of the Securities and Exchange Act of 1934 For the transition period from ________ to ________ Commission file number 1-35526 NEONODE INC. (Exact name of registrant as specified in its charter) | Delaware | 94-1517641 | | --- | --- | | (S ...
Neonode(NEON) - 2022 Q2 - Earnings Call Presentation
2022-08-15 16:59
( neonode® Q2 2022 Earnings Call August 11, 2022 2022-08-11 1 © Neonode 2001-2022 · www.neonode.com · Nasdaq (NEON) Today's Presenters Urban Forssell CEO Fredrik Nihlén CFO 2022-08-11 2 © Neonode 2001-2022 · www.neonode.com · Nasdaq (NEON) Legal Disclaimer This presentation contains, and related oral and written statements of Neonode Inc. (the "Company") and its management may contain, forward‐looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forwardlooking state ...
Neonode(NEON) - 2022 Q2 - Earnings Call Transcript
2022-08-11 18:44
Neonode Inc. (NASDAQ:NEON) Q2 2022 Earnings Conference Call August 11, 2022 10:00 AM ET Company Participants Urban Forssell ??? Chief Executive Officer Fredrik Nihlen ??? Chief Financial Officer Conference Call Participants Jesper von Koch ??? Redeye Unidentified Company Representative Hi, and welcome to Neonode???s Q2 2022 Earnings Call. Today, we???ll start with the with company presentation, which is then followed by questions-and-answer sessions led by me and the other covering analysts. And the analyst ...