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(NEON) - 2024 Q3 - Quarterly Results