Neonode ( (NEON) ) has released its Q3 earnings. Here is a breakdown of the information Neonode presented to its investors.
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Neonode Inc. is a publicly traded company based in Stockholm, Sweden, specializing in advanced optical sensing solutions for contactless touch, gesture control, and in-cabin monitoring, with technology deployed in over 90 million products worldwide.
In the latest earnings report for the quarter ended September 30, 2024, Neonode recorded revenues of $0.8 million, reflecting a slight decrease from the previous year, with a net loss of $1.0 million. The company’s focus has been shifted entirely towards its licensing business, having reclassified its product business to discontinued operations.
Key financial metrics include a 2.7% decrease in operating expenses and a reduction in cash used by operations to $1.3 million from $1.8 million in the previous year. Despite a 21% decline in revenue over the nine months ended September 30, 2024, significant progress was made through agreements with NEXTY Electronics and YesAR, enhancing Neonode’s positioning in the automotive and amusement sectors.
Neonode’s management remains optimistic about the future, particularly in expanding projects related to driver and in-cabin monitoring solutions, which are gaining traction in the automotive industry. The company’s robust financial position, with $18.6 million in cash and accounts receivable, supports its strategic focus on capitalizing on new licensing opportunities for its innovative technologies.
