Neonode Inc. Reports Third Quarter Financial Results

Neonode Inc. (NASDAQ: NEON) disclosed its earnings for the three and nine months ending September 30, 2024, in a recent 8-K filing with the Securities and Exchange Commission. The company’s financial results pertain to continuing operations as its product business has now been reclassified to discontinued operations, following a strategic decision made in Q4 2023 to concentrate solely on the licensing business.

For the third quarter of 2024, Neonode reported revenues from continuing operations of $0.8 million, marking a slight 0.2% decrease compared to the same period the previous year. Operating expenses from continuing operations amounted to $2.0 million, reflecting a 2.7% decrease over the prior year. The net loss from continuing operations in Q3 2024 stood at $1.0 million, or $0.07 per share, compared to $1.1 million, or $0.07 per share, in the corresponding period last year.

Regarding the nine-month period ending September 30, 2024, Neonode declared revenue from continuing operations at $2.5 million, showing a 21.0% decline from the same period in the prior year. Operating expenses from continuing operations saw an increase of 2.9% year-over-year, totaling $7.2 million. The net loss from continuing operations for the nine months was reported as $4.4 million, or $0.28 per share, compared to $3.5 million, or $0.22 per share, for the same period in 2023.

During the nine months ended September 30, 2024, Neonode highlighted its engagements in Touch Sensor Module technology discussions with potential customers, along with technology agreements with NEXTY Electronics for sensor development and manufacturing and with YesAR for holographic infotainment solutions.

Fredrik Nihlén, Neonode’s interim President and CEO and CFO, emphasized the company’s positive outlook on generating new projects and business opportunities with its driver and in-cabin monitoring solutions. The company aims to leverage its scalable approach in these areas to drive automotive innovation and secure licensing opportunities for its touch interaction solutions.

In summarizing the financials for Q3 2024, Neonode reported that revenues from continuing operations experienced a slight decrease, primarily influenced by lower demand from legacy customers, partially offset by revenues from new licensing customers. The company’s cash used by operations decreased during the quarter due to the discontinuation of component purchases following the phaseout of TSM manufacturing.

Neonode remains focused on its strategy to secure more licensing opportunities for its advanced optical sensing solutions. For more detailed information, interested parties can reach out to Fredrik Nihlén, Neonode’s interim President and CEO and CFO, via email at [email protected] or by phone at +46 703 97 21 09. Additional information about Neonode can be found at www.neonode.com.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Neonode’s 8K filing here.

Neonode Company Profile

Neonode Inc, together with its subsidiaries, develops optical sensing solutions for contactless touch, touch, and gesture sensing in the United States, Japan, South Korea, Germany, Switzerland, France, Sweden, China, and internationally. It also offers software solutions for machine perception to detect and track persons and objects in video streams from cameras and other types of imagers.