Business
Neonode Reports Quarter Ended September 30, 2021 Financial Results
STOCKHOLM, Nov. 10, 2021 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON), today reported financial results for the three and nine months ending September 30,
About this update from Neonode Inc.
[{"type":"text","content":"STOCKHOLM, Nov. 10, 2021 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON), today reported financial results for the three and nine months ending September 30, 2021.\nFINANCIAL SUMMARY FOR THE THREE MONTHS ENDED September 30, 2021: \nRevenue of $1.0 million, a decrease of 36% compared to the same period in the prior year. Operating expenses of $2.7 million, a decrease of 12% compared to the same period in the prior year. Net loss of $1.7 million, or $0.15 per share, compared to $1.6 million, or $0.16 per share, for the same period in the prior year. Cash used by operations of $1.6 million compared to $1.8 million for the same period in the prior year. Cash and accounts receivable of $6.3 million as of September 30, 2021, compared to $12.2 million as of December 31, 2020.FINANCIAL SUMMARY FOR THE NINE MONTHS ENDED September 30, 2021: \nRevenue of $4.3 million, an increase of 23% compared to the same period in the prior year. Operating expenses of $9.0 million, an increase of 16% compared to the same period in the prior year. Net loss of $4.9 million, or $0.43 per share, compared to $4.3 million, or $0.45 per share, for the same period in the prior year. Cash used by operations of $5.0 million compared to $3.7 million for the same period in the prior year.THE CEO'S COMMENTS\n\"During the third quarter our revenue was negatively impacted by COVID-19 driven lock-downs in our key Asian markets. The impact of these lock-downs was exacerbated by global supply chain constraints due to semiconductor component shortages, which resulted in a reduction in license fees earned from our printer and automotive customers. These developments resulted in a temporary slowdown in the progress we experienced in the first half of the year where we saw increasing traction with elevator and kiosk customers using our Touch Sensor Modules (\"TSMs\") and stable license revenues. During this renewed lock-down phase, sales of our TSMs have been negatively impacted because our partners who are providing retrofit solutions have been unable to freely access their customer locations to install their contactless touch kits. Some elevator and kiosk projects have also been delayed due to of supply-chain issues related to semiconductor component shortages,\" commented Dr. Urban Forssell, CEO of Neonode. \n\"We continue to build our sales pipeline with an increasing number...