Business
Neonode Reports Quarter Ended June 30, 2021 Financial Results
STOCKHOLM, Aug. 11, 2021 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON), today reported financial results for the three and six months ending June 30, 2021.
About this update from Neonode Inc.
[{"type":"text","content":"STOCKHOLM, Aug. 11, 2021 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON), today reported financial results for the three and six months ending June 30, 2021.\nFINANCIAL SUMMARY FOR THE QUARTER ENDED JUNE 30, 2021:\nRevenue of $1.7 million, an increase of 127% compared to the same period in the prior year. Operating expenses of $3.3 million, an increase of 37.8% compared to the same period in the prior year. Net loss of $1.7 million, or $0.14 per share, compared to $1.6 million, or $0.18 per share, for the same period in the prior year. Cash used by operations of $1.4 million compared to $1.0 million for the same period in the prior year. Cash and accounts receivable of $7.8 million as of June 30, 2021, compared to $12.2 million as of December 31, 2020.THE CEO'S COMMENTS\n\"During the second quarter we continued to execute on our strategies and build our business pipeline. As I have discussed over the past few quarters, our focus continues to be on contactless touch solutions for elevators and kiosks where our Touch Sensor Modules (\"TSMs\") can offer an intuitive and safer user experience. We expected that the first adopters of our TSM solutions would be in Asia and our first and second quarter sales confirmed our expectations. Over 70% of our TSM sales during the first six months this year is to Asian customers, who are using the TSMs for contactless touch applications for elevators and different types of kiosk applications. We also have numerous development and pilot projects underway for elevators plus an array of different public space kiosks, such as contactless touch systems in airport self check-in and retail self check-out kiosks, in Asia. Asian customers are leading the way but we continue to see increasing interest in our contactless touch technology and our TSM solutions from European and North American customers as well,\" said Dr. Urban Forssell, CEO of Neonode.\n\"We also continued to invest in recruitment of talented and experienced people in sales, marketing, and engineering who will strengthen our team to help us create and capitalize on the growing market opportunities. This includes both contactless touch opportunities with elevator and kiosk customers and other opportunities for us to leverage our extensive IP portfolio and deep knowledge in touch, gesture sensing, and camera-based scene analysis where we also ha...