Neonode(NEON) - 2024 Q4 - Annual Results

Revenue Performance - Revenues from continuing operations for fiscal 2024 were $3.1 million, an 18.8$2.7 million, a decrease of 29.3% compared to 2023, primarily due to lower demand from legacy customers[5] - Revenues from non-recurring engineering for fiscal 2024 were $0.4 million, a 1,519.2$9.5 million, a slight decrease of 0.2% compared to 2023[7] - Loss from continuing operations for fiscal 2024 was $5.9 million, or$0.37 per share, compared to a loss of $5.1 million, or$0.33 per share in 2023[9] - Cash used by operations was $5.6 million in fiscal 2024, down from$6.3 million in 2023[9] Cash and Liquidity - Cash and accounts receivable totaled $17.2 million as of December 31, 2024, compared to$16.8 million at the end of 2023[10] - Cash flows from operating activities showed a net cash used of $5,592 million, a slight improvement from$6,308 million in the previous year[23] - Cash and cash equivalents at the end of the year increased to $16,427 million from$16,155 million, reflecting a net increase of $272 million[23] Inventory and Asset Management - Inventory impairment loss significantly decreased to$357 million from $3,572 million, indicating improved inventory management[23] - Right-of-use asset obtained in exchange for operating lease obligations was valued at$668 million, indicating ongoing investment in operational capacity[23] Financing Activities - Proceeds from the issuance of common stock, net of offering costs, amounted to $5,796 million, down from$7,866 million in the previous year[23] - The company experienced a net cash provided by financing activities of $5,779 million, compared to$7,777 million in the previous year, showing a decrease in financing inflows[23] Strategic Focus and Developments - The company is focusing on technology licensing, with ongoing development of MultiSensing® and zForce® platforms to enhance market position[3] - Neonode announced a contract with a leading commercial vehicle OEM for a MultiSensing driver monitoring system, indicating a shift towards automotive safety applications[4] - The company aims to secure more licensing opportunities for its innovative technologies, reflecting a strategic pivot from manufacturing to licensing[10] Tax and Interest Expenses - Cash paid for interest decreased to $1 million from$9 million, indicating reduced financing costs[23] - Cash paid for income taxes decreased to $15 million from$115 million, reflecting improved tax efficiency[23] Net Loss Improvement - Net loss for the year ended December 31, 2024, improved to $6,466 million from$10,123 million in 2023, representing a reduction of approximately 36.5%[23]