Neonode Reports Quarter Ended September 30, 2024 Financial Results

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].