Neonode Reports 2024 Financial Results

STOCKHOLM, SWEDEN, March 21, 2025 — Neonode Inc. (NASDAQ: NEON) today reported financial results for the fiscal year ended December 31, 2024.

FINANCIAL SUMMARY FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024:

• Revenues from continuing operations of $3.1 million, a decrease of 18.8% compared to the prior year.
• Operating expenses from continuing operations of $9.5 million, a decrease of 0.2% compared to the prior year.
• Loss from continuing operations of $5.9 million, or $0.37 per share, compared to $5.1 million, or $0.33 per share, for the prior year.
• Cash used by operations of $5.6 million, compared to $6.3 million for the prior year.
• Cash and accounts receivable of $17.2 million as of December 31, 2024 compared to $16.8 million for the prior year-end.

THE CEO’S COMMENTS

“Last year marked an important year of transition for Neonode as we discontinued Touch Sensor Module (“TSM”) manufacturing and positioned ourselves for a future fully focused on technology licensing. Our licensable technology platforms, MultiSensing® and zForce®, continued to generate customer interest in 2024 – resulting in non-recurring engineering (“NRE”) fees from customer projects, which we expect to generate license revenues once these projects enter the production phase,” said Fredrik Nihlén, Neonode’s interim President and CEO and CFO.

“While we are seeing a decline in revenues from our legacy business within printer and car touch applications, we are confident that we are now well-positioned to capitalize on opportunities in new applications within automotive safety and touch displays. As a testament to this, last year, we announced an award by a leading commercial vehicle original equipment manufacturer (“OEM”) to supply MultiSensing driver monitoring system (“DMS”) software.  Neonode’s zForce-based TSM technology was also selected by NEXTY Electronics for their next-generation amusement machines. We continue to develop our technology platforms and are working closely with customers and prospects to deliver innovative licensable solutions that enhance our market position and expand the applications addressable with our technology,” concluded Mr. Nihlén.

FINANCIAL OVERVIEW FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024

Revenues from continuing operations for fiscal 2024 were $3.1 million, an 18.8% decrease compared to 2023. License revenues were $2.7 million, a decrease of 29.3% compared to 2023. The decrease was mainly due to lower demand for our legacy customers’ products within printer and passenger car touch applications, offset by revenues from new licensing customers.

Revenues from non-recurring engineering for fiscal 2024 were $0.4 million, a 1,519.2% increase compared to 2023, mainly attributable to the DMS project with the commercial vehicle OEM customer that was announced at the end of 2023 and the new agreement with NEXTY Electronics for an evolution of our licensable TSM technology.

Operating expenses from continuing operations for fiscal 2024 were $9.5 million, a 0.2% decrease compared to 2023.

Loss from continuing operations for fiscal 2024 was $5.9 million, or $0.37 per share, compared to a loss from continuing operations of $5.1 million, or $0.33 per share for 2023.

Cash used by operations was $5.6 million in fiscal 2024 compared to $6.3 million for 2023. The decrease was primarily due to fewer component purchases following the phaseout of TSM manufacturing.

Cash and accounts receivable totaled $17.2 million and working capital for continuing operations was $16.1 million as of December 31, 2024, compared to $16.8 million and $16.1 million as of December 31, 2023, respectively. Our financial position and liquidity provide stability and enable us to execute our strategy to secure more licensing opportunities for our innovative technologies.

For more information, please contact:

Interim President and Chief Executive Officer and Chief Financial Officer
Fredrik Nihlén
E-mail: fredrik.nihlen@neonode.com
Phone: +46 703 97 21 09

About Neonode
Neonode Inc. (NASDAQ:NEON) is a publicly traded company, headquartered in Stockholm, Sweden and established in 2001. The Company provides advanced optical sensing solutions for contactless touch, touch, gesture control, and in-cabin monitoring. Building on experience acquired during years of advanced research and development and technology licensing, Neonode’s technology is currently deployed in more than 90 million products, and the Company holds more than 100 patents worldwide. Neonode’s customer base includes some of the world’s best-known Fortune 500 companies in the consumer electronics, office equipment, automotive, elevator, and self-service kiosk markets.
 
NEONODE and the NEONODE logo are trademarks of Neonode Inc. registered in the United States and other countries.
 
For further information please visit www.neonode.com

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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 our expectations for growth and the growing demand for our products, future performance or future events. These statements are based on current assumptions, expectations and information available to Neonode management and involve a number of known and unknown risks, uncertainties and other factors that may cause Neonode’s actual results, levels of activity, performance or achievements to be materially different from any expressed or implied by these forward-looking statements.

These risks, uncertainties, and factors include risks related to our reliance on the ability of our customers to design, manufacture and sell their products with our touch technology, the length of a customer’s product development cycle, our dependence and our customers’ dependence on suppliers, the global economy generally and other risks discussed under “Risk Factors” and elsewhere in Neonode’s public filings with the SEC from time to time, including Neonode’s annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. You are advised to carefully consider these various risks, uncertainties and other factors. Although Neonode management believes that the forward-looking statements contained in this press release are reasonable, it can give no assurance that its expectations will be fulfilled. Forward-looking statements are made as of today’s date, and Neonode undertakes no duty to update or revise them

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