Neonode Reports Quarter Ended June 30, 2023 Financial Results
- None.
- Revenue decreased by 5.3% and 5.1% for the three and six months, respectively, indicating a decline in sales performance. Operating expenses increased by 1.4% for the six months, impacting profitability. Net loss was $1.5 million for the three months and $2.9 million for the six months, signaling financial challenges. Low product sales revenues are a concern, prompting the need for strategic changes to drive growth.
FINANCIAL SUMMARY FOR THE THREE MONTHS ENDED JUNE 30, 2023:
- Revenue of
, a decrease of$1.2 million 5.3% compared to the same period in the prior year. - Operating expenses of
, a decrease of$2.8 million 1.9% compared to the same period in the prior year. - Net loss of
, or$1.5 million per share, compared to$0.10 , or$1.5 million per share, for the same period in the prior year.$0.11 - Cash used by operations of
compared to$0.6 million for the same period in the prior year.$2.9 million - Cash and accounts receivable of
as of June 30, 2023 compared to$21.6 million as of December 31, 2022.$16.3 million
FINANCIAL SUMMARY FOR THE SIX MONTHS ENDED JUNE 30, 2023:
- Revenue of
, a decrease of$2.5 million 5.1% compared to the same period in the prior year. - Operating expenses of
, an increase of$5.6 million 1.4% compared to the same period in the prior year. - Net loss of
, or$2.9 million per share, compared to$0.19 , or$2.9 million per share, for the same period in the prior year.$0.22 - Cash used by operations of
compared to$2.3 million for the same period in the prior year.$5.2 million
THE CEO'S COMMENTS
"Our licensing revenues in Q2 were at the same level as in Q1 and
"The changes we have started to implement include an increased focus on markets and sectors where we have good traction, supported by intensified marketing – both online and through participation in tradeshows and other types of events – to create beachheads from which we may continue to grow our licensing and products businesses. To help us drive these changes and become more effective in our marketing and sales efforts we have recruited experienced core competence to strengthen our sales and engineering teams in
FINANCIAL OVERVIEW FOR THE QUARTER ENDED JUNE 30, 2023
Net revenues for the quarter ended June 30, 2023 were
shortages that hampered our printer and automotive customers' production and sales for the last two years have improved and the demand for our customers' products remains strong.
Revenues from product sales for the quarter ended June 30, 2023 were
Gross margin related to products was
Our operating expenses decreased by
Net loss attributable to Neonode for the three months ended June 30, 2023 was
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
Urban Forssell
E-mail: urban.forssell@neonode.com
Phone: +46 734 10 03 59
The following files are available for download:
Neonode - 2Q 2023 Earnings Release | |
https://news.cision.com/neonode/i/neonode---2q-2023-earnings-release,c3204815 | Neonode - 2Q 2023 Earnings Release |
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SOURCE Neonode
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