Business
Neonode Reports Quarter Ended March 31, 2022 Financial Results
STOCKHOLM, May 11, 2022 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON), today reported financial results for the three months ended March 31, 2022. FINANCIAL
About this update from Neonode Inc.
[{"type":"text","content":"STOCKHOLM, May 11, 2022 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON), today reported financial results for the three months ended March 31, 2022.\nFINANCIAL SUMMARY FOR THE QUARTER ENDED MARCH 31, 2022:\nRevenue of $1.3 million, a decrease of 20.8% compared to the same period in the prior year.Operating expenses of $2.6 million, a decrease of 12.2% compared to the same period in the prior year.Net loss of $1.4 million, or $0.10 per share, compared to $1.6 million, or $0.14 per share, for the same period in the prior year.Cash used by operations of $2.3 million compared to $2.0 million for the same period in the prior year.Cash and accounts receivable of $16.3 million as of March 31, 2022, compared to $18.7 million as of December 31, 2021.THE CEO'S COMMENTS\n\"Despite challenging market conditions that continued to affect our overall business in the first quarter of 2022, I am pleased to see that our revised strategy, with a focus on our Touch Sensor Modules (\"TSM\") business for leading elevator and interactive kiosk customers as well as new applications for automotive customers, is beginning to show results. We are encouraged by the growing interest in our contactless touch solutions and our TSMs from elevator and interactive kiosk customers in Asia, Europe and North America, which we are working to capitalize on,\" said Dr. Urban Forssell, Neonode's CEO.\n\"We are also continuing to see a growing interest in our solutions for object detection, gesture sensing and driver and in-cabin monitoring from automotive customers and continue to see opportunities to license our well-proven, high-performance touch technology to customers in the military and avionics, medical and industrial automation segments. We are working to win new development projects with customers in these segments that will pave the way for increased license revenues in the future when their products enter mass production. We continue to execute on our strategy and continue to see big potential to grow in the coming years,\" continued Dr. Forssell.\n\"Despite these promising developments, our overall results for the first quarter of 2022 were impacted by the fact that customers in several of our key markets, particularly Asia, are still being affected by lock-downs associated with the COVID-19 pandemic and many of them are also experiencing supply chain constraint...