NEONODE INC. FINANCIAL SUMMARY FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 :
- Revenue of
$1.0 million , a decrease of 17.5% compared to the same period in the prior year. -
Operating expenses of
$2.2 million , an increase of 6.3% compared to the same period in the prior year. -
Net loss of
$1.3 million , or$0.08 per share, compared to$0.8 million , or$0.06 per share, for the same period in the prior year. -
Cash used by operations of
$1.8 million compared to$0.5 million for the same period in the prior year. -
Cash and accounts receivable of
$19.4 million as ofSeptember 30, 2023 compared to$16.3 million as ofDecember 31, 2022 .
FINANCIAL SUMMARY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 :
- Revenue of
$3.5 million , a decrease of 9.1% compared to the same period in the prior year. -
Operating expenses of
$7.8 million , an increase of 2.8% compared to the same period in the prior year. -
Net loss of
$4.2 million , or$0.27 per share, compared to$3.7 million , or$0.27 per share, for the same period in the prior year. -
Cash used by operations of
$4.1 million compared to$5.7 million for the same period in the prior year.
THE CEO'S COMMENTS
"Our licensing revenues in Q3 were slightly lower than in Q2 and the same period last year, but our licensing business shows good long-term stability and licensing revenues year-to-date are on a similar level as last year. Our product sales revenues in Q3 were higher than in Q2 but, because of the slow sales in the first half of the year, products sales revenues during the first nine months are significantly lower than in the same period last year," said Dr.
"We are addressing the lack of growth in our business in different ways. Strategically we continue to evaluate the different market segments in which we are active and prioritize the ones where our products have the greatest potential. Tactically we also constantly monitor our sales performance and adjust resource allocation to maximize our chances of winning new businesses and creating beachheads from which we can expand further. We feel that we are on the right track in the challenge to grow our business and return to profitability and are encouraged by the interest for our different products and offerings that we receive from customers, especially in the Automotive,
FINANCIAL OVERVIEW FOR THE QUARTER ENDED SEPTEMBER 30, 2023
Net revenues for the quarter ended
Revenues from product sales for the quarter ended
Gross margin related to products was negative 39.3% for the third quarter of 2023 compared to 48.4% in the same period in 2022. The gross margin for products varies with the product mix. The gross margin for products for the three months ended
Our operating expenses increased by 6.3% for the third quarter of 2023 compared to the same period in 2022, primarily due to higher professional fees.
Net loss attributable to
Cash and accounts receivable totaled
For more information, please contact:
Chief Financial Officer
Fredrik Nihlén
E-mail: fredrik.nihlen@neonode.com
Phone: +46 703 97 21 09
Chief Executive Officer
E-mail: urban.forssell@neonode.com
Phone: +46 734 10 03 59
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Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include, but are not limited to, statements relating to expectations, future performance or future events. These statements are based on current assumptions, expectations and information available to
These risks, uncertainties, and factors are discussed under "Risk Factors" and elsewhere in
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