Business
Neonode Reports Quarter Ended June 30, 2023 Financial Results
STOCKHOLM, Aug. 10, 2023 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON) today reported financial results for the three and six months ended June 30, 2023.
About this update from Neonode Inc.
[{"type":"text","content":"STOCKHOLM, Aug. 10, 2023 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON) today reported financial results for the three and six months ended June 30, 2023.\nFINANCIAL SUMMARY FOR THE THREE MONTHS ENDED JUNE 30, 2023:\nRevenue of $1.2 million, a decrease of 5.3% compared to the same period in the prior year.Operating expenses of $2.8 million, a decrease of 1.9% compared to the same period in the prior year.Net loss of $1.5 million, or $0.10 per share, compared to $1.5 million, or $0.11 per share, for the same period in the prior year.Cash used by operations of $0.6 million compared to $2.9 million for the same period in the prior year.Cash and accounts receivable of $21.6 million as of June 30, 2023 compared to $16.3 million as of December 31, 2022.FINANCIAL SUMMARY FOR THE SIX MONTHS ENDED JUNE 30, 2023:\nRevenue of $2.5 million, a decrease of 5.1% compared to the same period in the prior year.Operating expenses of $5.6 million, an increase of 1.4% compared to the same period in the prior year.Net loss of $2.9 million, or $0.19 per share, compared to $2.9 million, or $0.22 per share, for the same period in the prior year.Cash used by operations of $2.3 million compared to $5.2 million for the same period in the prior year.THE CEO'S COMMENTS\n\"Our licensing revenues in Q2 were at the same level as in Q1 and 15% higher than in the same period last year, showing good stability. Our product sales revenues in Q2 were low and much below expectations, which we are addressing with different kinds of activities and changes in our strategies and tactics to ensure that we come back to a growth path for this business in the coming quarters\", said Dr. Urban Forssell, Neonode's CEO.\n\"The changes we have started to implement include an increased focus on markets and sectors where we have good traction, supported by intensified marketing – both online and through participation in tradeshows and other types of events – to create beachheads from which we may continue to grow our licensing and products businesses. To help us drive these changes and become more effective in our marketing and sales efforts we have recruited experienced core competence to strengthen our sales and engineering teams in Stockholm. We remain optimistic about our ability to grow our business and return to profitability,\" concluded Dr. Forssell.\nFINANCIAL OVERVIEW FOR TH...