Neonode Reports Third Quarter Ended September 30, 2018 Financial Results
STOCKHOLM, SWEDEN – November 8, 2018 – Neonode Inc. (NASDAQ: NEON), the optical interactive sensing technology company, today reported financial results for the three and nine months ended September 30, 2018.
Third Quarter 2018 Business Metrics
• Revenue was $1.9 million, a decrease of 17% compared to prior year
• Operating expenses reduced to $2.5 million compared to $3.6 million for prior year
• Net loss of $0.8 million, or $0.14 per share compared to $1.1 million, or $0.20 per share for prior year
• Cash used by operations of $0.8 million compared to $1.7 million in prior year
• Engaged in OEM development projects and delivering pre-production sensor modules for:
o Automotive tailgate and door collision systems
o Automotive display for next gen taxi meter system
o Aeronautical instrumentation displays
o Medical device display for imaging system
o Retail store smart surfaces touch and gesture control systems
“Our primary focus is to grow our customer base and total revenue from a combination of license agreements and sale of sensor modules. During the third quarter we have actively engaged with numerous companies supporting them to identify specific use cases that require touch interaction, mid-air interaction or object sensing solutions. Our mission is to help OEMs to unlock growth by fueling innovation and driving differentiation from their peers. We see an acceleration of technology evaluation activities from companies who are seeking solutions to satisfy design requirements for new systems and products. We are now providing technical support, design samples and prototypes to companies in numerous segments including automotive, medical, consumer electronics, white goods, aeronautics and smart surfaces for retail stores,” said Hakan Persson, CEO of Neonode.
“I am pleased to report that we are making progress with both existing and new customers and that the pace of activities is accelerating. In sensor modules, we see new customers starting to move to the production stage, while license customers are designing new modules with release dates over the next 12 to 24 months. I am confident that we will grow both our licensing business and execute on our strategic plan to add B2B sensor module sales,” concluded Mr. Persson.
Conference Call Information
The Company will host a conference call Thursday November 8, 2018 at 10AM Eastern Standard Time (EST)/4PM Central European Time (CET) featuring remarks by, and Q&A with, Hakan Persson, CEO, Lars Lindqvist, CFO and David Brunton, Head of Investor Relations.
The dial-in number for the conference call is toll-free: (877) 539-0733 (U.S. domestic) or +1 (678) 607-2005 (international). To access the call all participants must use the following Conference ID: #3168756. Please make sure to call at least five minutes before the scheduled start time.
To register for the call, and listen online, please click:
For interested individuals unable to join the live event, a digital recording for replay will be available for 30 days after the call's completion – 11/8/2018 (13:00PM EST) to 12/8/2018 (23:59PM EST). To access the recording, please use one of these Dial-In Numbers (800) 585-8367 or (404) 537-3406, and the Conference ID #3168756.
For more information, please contact:
Neonode Inc. (NASDAQ:NEON) develops, manufactures and sells advanced sensor modules based on the company's proprietary zForce AIR technology. Neonode zForce AIR Sensor Modules enable touch interaction, mid-air interaction and object sensing and are ideal for integration in a wide range of applications within the automotive, consumer electronics, medical, robotics and other markets. The company also develops and licenses user interfaces and optical interactive touch solutions based on its patented zForce CORE technology. To date, Neonode’s technology has been deployed in approximately 62 million products, including 3 million cars and 59 million consumer devices.
NEONODE, the NEONODE logo, ZFORCE and ZFORCE AIR are trademarks of Neonode Inc. registered in the United States and other countries. ZFORCE CORE is a trademark of Neonode Inc.
For further information please visit www.neonode.com
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, and product cost, performance, and functionality matters. 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 are discussed under "Risk Factors" and elsewhere in Neonode's public filings with the U.S. Securities and Exchange Commission from time to time, including Neonode's annual report 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.