Business
Neonode Reports Year Ended December 31, 2019 Financial Results
STOCKHOLM, March 11, 2020 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON), the optical interactive sensing technology company, today reported financial results
About this update from Neonode Inc.
[{"type":"text","content":"STOCKHOLM, March 11, 2020 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON), the optical interactive sensing technology company, today reported financial results for the fiscal year ended December 31, 2019.\nFINANCIAL SUMMARY FOR THE FISCAL YEAR ENDED DECEMBER 31, 2019: \nRevenue of $6.6 million, a decrease of 22.2% compared to prior year Operating expenses of $11.7 million, an increase of 1.7% over the prior year Net loss attributable to Neonode, Inc. of $5.3 million, or $0.60 per share compared to $3.1 million, or $0.52 per share for prior year Cash used by operations of $3.5 million compared to $2.9 million for prior yearTHE BOARD OF DIRECTOR'S CHAIRMAN SUMMARY\nNew Executive Leadership\nThe 2019 financial results are below our expectations. The addition of Urban Forssell as our CEO gives the company experienced top level leadership to take the company to profitability. \nThroughout his career as a CEO and senior management Dr. Forssell successfully managed sales and engineering operations of technology-based products companies. Dr. Forssell also brings a deep understanding of the automotive and other markets. The company's ability to convert the strong customer interest into revenue generating contracts is key moving forward.Evaluating a Listing on NASDAQ Stockholm \nThe company's Board of Directors is evaluating a dual public company listing on both Nasdaq Stock Market in the U.S. and the Nasdaq Stockholm in Sweden. The company's headquarters, management team and all critical operations are located in Stockholm, Sweden. A significant number of the company's shareholder base is located in Sweden and we believe growing each month. A dual listing provides a more efficient marketplace for the shareholders in Sweden and Europe. In summary, we believe a Nasdaq Stockholm listing will enhance overall shareholder value.THE CEO'S COMMENTS\n\"I began my tenure as CEO at the beginning of the year and accepted the exciting challenge of turning the company into a profitable, customer-focused business. We have a very good base to build upon in the form of a strong technology and IP portfolio along with an impressive customer list and a well-recognized brand. We have also identified some very attractive new markets and specific customer applications for our technology. We are currently engaged with several new customer projects in the automotive...