Business
Neonode Reports Third Quarter Ended September 30, 2020 Financial Results
STOCKHOLM, Nov. 10, 2020 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON), today reported financial results for the three and nine months ended September 30, 2020.
About this update from Neonode Inc.
[{"type":"text","content":"STOCKHOLM, Nov. 10, 2020 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON), today reported financial results for the three and nine months ended September 30, 2020.\nFINANCIAL SUMMARY THIRD QUARTER 2020\nNet sales totaled $1.5 million compared to $1.3 million for the same period last year. Net loss attributable to Neonode Inc. totaled $1.6 million compared to a net loss of $1.1 million for the same period last year. Loss per share totaled $0.16 compared to a loss per share of $0.12 for the same period last year. Net cash used in operating activities totaled $1.8 million and $1.4 million for the three months ended September 30, 2020 and 2019, respectively.BUSINESS HIGHLIGHTS DURING THE QUARTER\nThe company completed a $13.9 million private placement financing transaction receiving cash proceeds of $13.0 million, net of offering costs. The company's CEO and two members of the Board participated in the transaction purchasing a total of $3.1 million in stock. In addition, as part of the private placement financing transaction, the company fully repaid $1.0 million in short-term working capital loans owed to the two members of the Board. Continued marketing of touch sensor modules with a focus on contactless touch applications with customers in the elevator and interactive kiosk segments. Increased sales of touch sensor modules and evaluation kits to end customers and value adding partners. Advanced discussions regarding several new development projects around zForce® touch solutions with existing and new customers, including in the avionics and industrial control systems segments. Continued development and marketing of MultiSensing® platform for driver and in-cabin monitoring in automotive applications. Strengthened technical leadership through recruitment of Mr. Atsushi Ishii as new Vice President Engineering.BUSINESS HIGHLIGHTS SINCE THE END OF THE QUARTER\nExpansion of sales team in North America and Europe and of partner network in Asia. Focused work on execution of marketing and business development plans to drive sales. Continued trend of growing interest in the company's contactless touch solutions and increased sales of touch sensor modules and evaluation kits. Prototype development agreement signed with leading U.S. defense contractor. THE CEO'S COMMENTS\"License fees earned in the third quarter from our printer and automotive cu...