Core Viewpoint - Neonode Inc. is transitioning from manufacturing Touch Sensor Modules to focusing on technology licensing, with expectations of future license revenues from ongoing customer projects [3][4]. Financial Summary - Revenues from continuing operations for fiscal 2024 were $3.1 million, an 18.8% decrease compared to 2023 [5]. - License revenues were $2.7 million, a decrease of 29.3% compared to 2023, primarily due to lower demand from legacy customers in printer and passenger car touch applications [5]. - Revenues from non-recurring engineering for fiscal 2024 were $0.4 million, a significant increase of 1,519.2% compared to 2023, driven by a DMS project with a commercial vehicle OEM and a new agreement with NEXTY Electronics [6]. Operating Performance - Operating expenses from continuing operations for fiscal 2024 were $9.5 million, a slight decrease of 0.2% compared to 2023 [6]. - 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 for 2023 [7]. Cash Flow and Financial Position - Cash used by operations was $5.6 million in fiscal 2024, down from $6.3 million in 2023, mainly due to reduced component purchases following the phaseout of TSM manufacturing [7]. - As of December 31, 2024, cash and accounts receivable totaled $17.2 million, compared to $16.8 million at the end of 2023, with working capital remaining stable at $16.1 million [8].
Neonode Reports 2024 Financial Results