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Neonode Reports Quarter Ended June 30, 2024 Financial Results
STOCKHOLM, Aug. 8, 2024 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON) ("Neonode" or the "Company") today reported financial results for the three and six months
About this update from Neonode Inc.
[{"type":"text","content":"STOCKHOLM, Aug. 8, 2024 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON) (\"Neonode\" or the \"Company\") today reported financial results for the three and six months ended June 30, 2024.\n\nFINANCIAL SUMMARY FOR THE THREE MONTHS ENDED JUNE 30, 2024:\nRevenues of $1.4 million, an increase of 18.7% compared to the same period in the prior year.Operating expenses of $2.7 million, a decrease of 1.6% compared to the same period in the prior year.Net loss of $1.7 million, or $0.11 per share, compared to $1.5 million, or $0.10 per share, for the same period in the prior year.Cash used by operations of $1.2 million compared to $0.6 million for the same period in the prior year.Cash and accounts receivable of $14.4 million as of June 30, 2024 compared to $17.1 million as of December 31, 2023.FINANCIAL SUMMARY FOR THE SIX MONTHS ENDED JUNE 30, 2024:\nRevenue of $2.4 million, a decrease of 0.6% compared to the same period in the prior year.Operating expenses of $5.6 million, an increase of 0.9% compared to the same period in the prior year.Net loss of $3.8 million, or $0.25 per share, compared to $2.9 million, or $0.19 per share, for the same period in the prior year.Cash used by operations of $3.1 million compared to $2.3 million for the same period in the prior year.COMMENTS OF THE INTERIM PRESIDENT AND CHIEF EXECUTIVE OFFICER (\"CEO\") AND CHIEF FINANCIAL OFFICER (\"CFO\")\n\"Our revenues increased in the second quarter of 2024 compared to the same quarter last year. Non-recurring engineering revenues increased and were mainly attributable to the ongoing Driver Monitoring System (\"DMS\") project with the Original Equipment Manufacturer (\"OEM\") of commercial vehicles customer that was announced at the end of last year. Product sales also increased in the second quarter compared to the same quarter last year, mainly as a result of last time buy orders from customers to secure supplies, following our decision to focus solely on licensing going forward and to phase out our products business. Licensing revenues decreased compared to the same quarter last year, mainly due to the demand for our legacy customers' products being lower. Gross margin in the second quarter of 2024 compared to the same quarter last year declined and was the result of increased cost of revenue due to increased product sales and non-recurring revenues combined with de...