Business
Neonode Reports First Quarter Ended March 31, 2020 Financial Results
STOCKHOLM, May 13, 2020 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON), today reported financial results for the three months ended March 31, 2020. "The past few
About this update from Neonode Inc.
[{"type":"text","content":"STOCKHOLM, May 13, 2020 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON), today reported financial results for the three months ended March 31, 2020.\n\"The past few months have been challenging in light of the global coronavirus pandemic. The company's operations have been disrupted when we paused all travel and required our employees to work remotely. The pandemic is also affecting our customers and we expect to see sales volumes dropping for several printer and automotive customers. Despite these headwinds, we continue to make progress on our path towards growth with new customer development projects and by actively engaging in new exciting sales opportunities, but, having that said, it is important to note that the lead time to acquiring new and profitable customers is fairly long,\" said Urban Forssell, CEO of Neonode Inc.\nFINANCIAL SUMMARY FIRST QUARTER 2020\nNet sales totaled $1.3 million compared to $2.0 million for the same period last year. Net loss totaled $1.0 million compared to a net loss of $0.6 million for the same period last year. Loss per share totaled $0.11 compared to a loss per share of $0.07 for the same period last year. Net cash used in operating activities totaled $1.0 million compared to $0.5 million for the same period last year.BUSINESS HIGHLIGHTS DURING THE QUARTER\nLaunch of new business area organization. Release of MultiSensing platform for driver and cabin monitoring in automotive applications. Strong customer interest; engaged with European premium OEM and shortlisted for sourcing process for 2024+ platform design win. Discussions regarding several new development projects around zForce touch and gesture sensing solutions with existing and new customers, for example in the printer, white goods and industrial segments. Expansion of partner network and increased focus on marketing activities to drive sales of sensor modules.BUSINESS HIGHLIGHTS SINCE THE END OF THE QUARTER\nGrowing interest in the company's contactless touch solutions and increased sales of sensor module evaluation kits. Increased OEM pipeline for additional driver and cabin monitoring system proof of concepts in second half 2020.THE BOARD OF DIRECTOR'S CHAIRMAN SUMMARY\nAs we have earlier communicated, the company's Board of Directors has started preparations for a dual public company listing during the second half year on both Nasda...