Neonode Reports Quarter Ended September 30, 2024 Financial Results

Neonode Reports Quarter Ended September 30, 2024 Financial Results

Benzinga
November 6, 2024

STOCKHOLM, Nov. 6, 2024 /PRNewswire/ -- Neonode Inc. (NASDAQ:NEON) ("Neonode" or the "Company") today reported financial results for the three and nine months ended September 30, 2024. The financial results relate to continuing operations, which means Neonode's licensing business as the products business has been reclassified to discontinued operations, following the decision in Q4 2023 to focus solely on the Company's licensing business.

FINANCIAL SUMMARY FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024

Revenues from continuing operations of $0.8 million, a decrease of 0.2% compared to the same period in the prior year.

Operating expenses from continuing operations of $2.0 million, a decrease of 2.7% compared to the same period in the prior year.

Net loss from continuing operations of $1.0 million, or $0.07 per share, compared to $1.1 million, or $0.07 per share, for the same period in the prior year.

Cash used by operations of $1.3 million compared to $1.8 million for the same period in the prior year.

Cash and accounts receivable of $18.6 million as of September 30, 2024 compared to $17.1 million as of December 31, 2023.

FINANCIAL SUMMARY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

Revenue from continuing operations of $2.5 million, a decrease of 21.0% compared to the same period in the prior year.

Operating expenses from continuing operations of $7.2 million, an increase of 2.9% compared to the same period in the prior year.

Net loss from continuing operations of $4.4 million, or $0.28 per share, compared to $3.5 million, or $0.22 per share, for the same period in the prior year.

Cash used ...

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