Neonode Reports Third Quarter Ended September 30, 2018 Financial Results
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.
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Company Codes: ISIN:US64051M7092, NASDAQ-SMALL:NEON