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Neonode(NEON) - 2022 Q2 - Quarterly Report
2022-08-11 13:21
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 June 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 | | --- | --- | | (State ...
Neonode(NEON) - 2022 Q1 - Earnings Call Presentation
2022-05-16 17:40
( neonode® Q1 2022 Earnings Call May 11, 2022 2022-05-12 1 © Neonode 2001-2022 · www.neonode.com · Nasdaq (NEON) Today's Presenters Urban Forssell CEO Fredrik Nihlén CFO 2022-05-12 2 © Neonode 2001-2022 · www.neonode.com · Nasdaq (NEON) 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 statements include inform ...
Neonode(NEON) - 2022 Q1 - Earnings Call Transcript
2022-05-12 17:22
Financial Data and Key Metrics Changes - Total revenues for Q1 2022 reached $1.3 million, a decrease of 21% compared to the same period in 2021 [10] - License revenues for Q1 2022 were $1.1 million, down from $1.3 million in Q1 2021, primarily due to component shortages in the printer and automotive markets [10] - Product revenues for Q1 2022 were $147,000, an increase of 20% compared to the previous quarter [11] - Gross margin for products was 65% in Q1 2022, an increase of 41 percentage points compared to the same period last year [13] - Operating expenses decreased by 12% compared to Q1 2021, mainly due to lower professional fees and depreciation [14] - Net loss attributed to Neonode Inc. was $1.4 million, compared to $1.6 million for the same period in 2021 [16] Business Line Data and Key Metrics Changes - The product business primarily targets customers in the elevator and interactive kiosk segments, with potential in industrial automation and medical equipment [20] - The licensing business has historically focused on e-readers, printers, and automotive customers, with growth potential seen in the automotive segment and military avionics [21] Market Data and Key Metrics Changes - The company is experiencing challenges due to COVID-19 lockdowns, particularly in China, which affects customer operations and supply chains [59] - The geopolitical situation and economic uncertainties, including the war in Ukraine, are indirectly impacting customer behavior and production capabilities [60] Company Strategy and Development Direction - The company aims to transform human-machine interaction through innovative touch and contactless solutions, focusing on technology licensing and product sales [18] - The strategy launched in 2020 emphasizes B2B growth, revitalizing the licensing business while expanding product sales [19] - The company is optimistic about future growth in the licensing business, particularly in automotive and avionics sectors, despite long development cycles [29] Management's Comments on Operating Environment and Future Outlook - Management acknowledges indirect pressures from COVID-19 and supply chain issues but remains optimistic about overall trends and customer engagement [67][68] - The company believes it is well-positioned to expand its product business and grow its licensing revenue, with a strong pipeline of opportunities in Asia and North America [61] Other Important Information - The company has secured significant component stock to stabilize production costs and has improved pricing strategies to enhance margins [72] - The gross margin has shown consistent improvement due to cost management and pricing adjustments [75][76] Q&A Session Summary Question: Progress on major projects for 2022 - Management confirmed ongoing positive developments with elevator OEMs and 7-Eleven Japan, with no indications of project delays [64][65][66] Question: Revenue ramp-up outlook for 2022 - Management noted indirect pressures from COVID-19 and supply chain issues but remains confident in a positive revenue trend [67][68] Question: Impact of increased input costs - The company has secured component stock and has not faced major cost increases, although some customers are experiencing challenges [72] Question: Drivers of gross margin improvement - Management highlighted cost management and pricing strategy adjustments as key factors in improving gross margins [75][76]
Neonode(NEON) - 2022 Q1 - Quarterly Report
2022-05-11 13:21
[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section details the company's unaudited financial statements, management's discussion, and related disclosures [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Neonode Inc. for the three months ended March 31, 2022, and 2021 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a decrease in total assets from $23.0 million at the end of 2021 to $21.3 million as of March 31, 2022, primarily due to a reduction in cash Balance Sheet Summary | | March 31, 2022 (Unaudited, in thousands) | December 31, 2021 (Audited, in thousands) | | :--- | :--- | :--- | | **Total Current Assets** | $20,535 thousand | $22,032 thousand | | **Total Assets** | $21,307 thousand | $22,992 thousand | | **Total Current Liabilities** | $2,639 thousand | $2,973 thousand | | **Total Liabilities** | $2,835 thousand | $3,155 thousand | | **Total Stockholders' Equity** | $18,472 thousand | $19,837 thousand | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2022, total revenues decreased to $1.32 million, while net loss improved slightly to $1.38 million Statements of Operations Summary | Metric | Three months ended March 31, 2022 (in thousands) | Three months ended March 31, 2021 (in thousands) | | :--- | :--- | :--- | | **Total Revenues** | $1,318 thousand | $1,665 thousand | | **Total Gross Margin** | $1,258 thousand | $1,388 thousand | | **Operating Loss** | $(1,391) thousand | $(1,629) thousand | | **Net Loss attributable to Neonode Inc.** | $(1,380) thousand | $(1,568) thousand | | **Basic and Diluted Loss per Share** | $(0.10) | $(0.14) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash flows from operating activities resulted in a net use of $2.3 million for Q1 2022, decreasing the cash position to $15.1 million Statements of Cash Flows Summary | Cash Flow Activity | Three months ended March 31, 2022 (in thousands) | Three months ended March 31, 2021 (in thousands) | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(2,279) thousand | $(1,990) thousand | | **Net cash used in investing activities** | $(5) thousand | $(62) thousand | | **Net cash used in financing activities** | $(61) thousand | $(148) thousand | | **Net decrease in cash** | $(2,257) thousand | $(2,328) thousand | | **Cash at end of period** | $15,126 thousand | $8,145 thousand | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed information on accounting policies, business operations, liquidity, revenue recognition, and other financial statement items - The company develops advanced optical sensing solutions for contactless touch, gesture sensing, and scene analysis, marketing its zForce and MultiSensing technology platforms to various markets including office equipment, automotive, and medical[26](index=26&type=chunk) - Neonode has incurred significant operating losses since inception, with a net loss of approximately **$1.4 million** for Q1 2022, cash used in operating activities of **$2.3 million**, and an accumulated deficit of **$204.0 million** as of March 31, 2022[28](index=28&type=chunk) - As of March 31, 2022, five customers represented approximately **85%** of consolidated accounts receivable, with major customers accounting for over **10%** of net revenues including Hewlett-Packard (**32%**), Seiko Epson (**17%**), LG (**15%**), and Alps Alpine (**11%**)[56](index=56&type=chunk)[58](index=58&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2022 financial results, noting a revenue decrease due to component shortages and lockdowns, but an improved operating loss [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Total net revenues for Q1 2022 decreased by 20.8% to $1.32 million, while operating loss improved due to lower expenses Results of Operations Summary | Metric | Q1 2022 (in thousands) | Q1 2021 (in thousands) | YoY Change (in thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | $1,318k | $1,665k | $(347)k | (20.8)% | | License fees | $1,104k | $1,295k | $(191)k | (14.7)% | | Products | $147k | $355k | $(208)k | (58.6)% | | **Total Gross Margin** | $1,258k | $1,388k | $(130)k | (9.4)% | | **Total Operating Expenses** | $2,649k | $3,017k | $(368)k | (12.2)% | | **Operating Loss** | $(1,391)k | $(1,629)k | $238k | (14.6)% | | **Net loss attributable to Neonode Inc.** | $(1,380)k | $(1,568)k | $188k | (12.0)% | - The decrease in total net revenues was mainly caused by component shortages within the printer and automotive industries and COVID-19 related lockdowns in the APAC region[154](index=154&type=chunk) - Gross margin improved to **95%** for Q1 2022 from **83%** in Q1 2021, with product gross margin specifically increasing significantly to **65%** from **24%** in the prior year period[159](index=159&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) The company's cash position decreased to $15.1 million, with management believing current capital is sufficient for the next twelve months - As of March 31, 2022, the company had cash of **$15.1 million**, down from **$17.4 million** at December 31, 2021, with working capital at **$17.9 million**[180](index=180&type=chunk)[181](index=181&type=chunk) - Net cash used in operating activities was **$2.3 million** for Q1 2022, primarily due to a net loss of **$1.4 million** and an increase in inventory of **$1.1 million**[184](index=184&type=chunk)[186](index=186&type=chunk) - The company has an At-the-Market (ATM) offering program allowing it to sell up to **$25 million** of common stock, though no shares were sold under this facility during Q1 2022[194](index=194&type=chunk)[197](index=197&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section is noted as not applicable in the report - The company states that quantitative and qualitative disclosures about market risk are not applicable[202](index=202&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management evaluated the company's disclosure controls and procedures as effective, with no material changes in internal control over financial reporting - Based on an evaluation as of March 31, 2022, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures are effective[203](index=203&type=chunk) - There were no changes in internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[205](index=205&type=chunk) [PART II OTHER INFORMATION](index=41&type=section&id=PART%20II%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, and exhibits filed with the report [Item 1. Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that it is not a party to any pending legal proceedings but may become subject to them in the ordinary course of business - As of the filing date, Neonode Inc. is not a party to any pending legal proceedings[208](index=208&type=chunk) [Item 1A. Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) The company states that there have been no material changes from the risk factors previously disclosed in its Annual Report on Form 10-K - There have been no material changes to the risk factors disclosed in the company's 2021 Annual Report on Form 10-K[209](index=209&type=chunk) [Item 6. Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including officer certifications and Inline XBRL documents - The exhibits filed with this report include corporate governance documents, Sarbanes-Oxley certifications by the Principal Executive Officer and Principal Financial Officer, and interactive data files (Inline XBRL)[210](index=210&type=chunk)
Neonode(NEON) - 2021 Q4 - Earnings Call Transcript
2022-03-10 21:37
Neonode Inc. (NASDAQ:NEON) Q4 2021 Results Conference Call March 10, 2022 10:00 AM ET Company Participants David Brunton - Head, IR Urban Forssell - CEO Fredrik Nihlen - CFO Alana Gordon - Director, Marketing Conference Call Participants Jesper Von Koch - Redeye Christian Schwab - Craig Hallum Operator Hello, everyone. Thank you for standing by and welcome to Neonode's Fourth Quarter and Full-Year 2021 Earnings Conference Call. All lines have been placed on mute to prevent any back ground noise. After the s ...
Neonode(NEON) - 2021 Q4 - Annual Report
2022-03-10 14:30
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to _________ Commission File No. 001-35526 NEONODE INC. (Exact name of Registrant as specified in its charter) Delaware 94-1517641 +46 (0) 8 667 17 17 (Registrant's ...
Neonode(NEON) - 2021 Q3 - Earnings Call Transcript
2021-11-10 21:42
Neonode Inc. (NASDAQ:NEON) Q3 2021 Earnings Conference Call November 10, 2021 10:00 AM ET Company Participants David Brunton - Head, IR Urban Forssell - CEO Fredrik Nihl??n - CFO Conference Call Participants Tyler Burmeister - Craig-Hallum Jesper Henrikson - Redeye Operator Hello everyone. Thank you for standing by and welcome to Neonode's Third Quarter 2021 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and ...
Neonode(NEON) - 2021 Q3 - Earnings Call Presentation
2021-11-10 17:37
Financial Performance - Year-to-date revenue reached $4.3 million, showing a 23% year-over-year increase[10] - Year-to-date product revenue was $0.8 million, representing an 88% year-over-year increase[10] - Q3 operating expenses were $2.7 million, a 12% year-over-year increase[14, 15] - Cash and accounts receivables stand at $6.3 million[17] - Q3 net cash burn from operating activities was $1.6 million, a 12% year-over-year increase[17] Registered Direct Offering - A registered direct offering closed on October 26, 2021, involving 1,808,000 shares at $7.75 per share[19] - The registered direct offering generated net proceeds of approximately $13.1 million[19] - As of November 10, 2021, the company had 13,561,217 outstanding shares[19] Business and Strategy - The company is targeting an elevator market with a total addressable market of approximately 19 million units and a CAGR of 5.2% from 2021-2024[37] - The company estimates a potential revenue of $760 million and a potential gross profit of $266 million in the elevator market[46] - The company estimates a potential revenue of $200 million and a potential gross profit of $70 million in the self-service kiosks market[46] - The company estimates a potential revenue of $600 million and a potential gross profit of $210 million in the vending machines market[46]
Neonode(NEON) - 2021 Q3 - Quarterly Report
2021-11-10 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, 2021 ☐ 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 Identification No.) Karlavägen 100, 115 26 Stockholm, Sweden (Address of principal executive offices and zip cod ...
Neonode(NEON) - 2021 Q2 - Earnings Call Transcript
2021-08-11 21:25
Neonode Inc. (NASDAQ:NEON) Q2 2021 Results Conference Call August 11, 2021 10:00 AM ET Company Participants David Brunton - Head IR Urban Forssell - CEO Fredrik Nihl??n - CFO Conference Call Participants Tyler Burmeister - Craig-Hallum Jesper Henrikson - Redeye Operator Hello, everyone. Thank you for standing by, and welcome to Neonode's Second Quarter 2021 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and ...