Neonode Reports Quarter Ended June 30, 2024 Financial Results
Neonode Inc. (NASDAQ: NEON) reported financial results for Q2 2024. Revenues increased 18.7% to $1.4 million, driven by higher non-recurring engineering and product sales. However, licensing revenues decreased 43.9%. The company reported a net loss of $1.7 million ($0.11 per share), compared to $1.5 million ($0.10 per share) in Q2 2023. Operating expenses decreased 1.6% to $2.7 million. Cash and accounts receivable totaled $14.4 million as of June 30, 2024.
Neonode's interim CEO and CFO, Fredrik Nihlén, noted increased interest in their driver and in-cabin monitoring solutions. The company is phasing out its products business to focus on licensing, which led to last-time buy orders from customers. Despite challenges, Neonode sees promising opportunities in touch and touchless human-machine interaction technologies.
Neonode Inc. (NASDAQ: NEON) ha riportato i risultati finanziari per il secondo trimestre del 2024. I ricavi sono aumentati del 18,7%, raggiungendo 1,4 milioni di dollari, grazie a maggiori vendite di ingegneria non ricorrente e di prodotti. Tuttavia, i ricavi da licenza sono diminuiti del 43,9%. L'azienda ha registrato una perdita netta di 1,7 milioni di dollari (0,11 dollari per azione), rispetto a 1,5 milioni di dollari (0,10 dollari per azione) nel secondo trimestre del 2023. Le spese operative sono diminuite dell'1,6%, raggiungendo 2,7 milioni di dollari. La liquidità e i conti da ricevere ammontavano a 14,4 milioni di dollari al 30 giugno 2024.
Il CEO e CFO ad interim di Neonode, Fredrik Nihlén, ha notato un aumento dell'interesse per le loro soluzioni di monitoraggio del conducente e dell'abitacolo. L'azienda sta eliminando la propria attività di vendita di prodotti per concentrarsi sulle licenze, il che ha portato a ordini di acquisto last-time da parte dei clienti. Nonostante le sfide, Neonode vede opportunità promettenti nelle tecnologie di interazione uomo-macchina touch e touchless.
Neonode Inc. (NASDAQ: NEON) reportó resultados financieros para el segundo trimestre de 2024. Los ingresos aumentaron un 18,7% a 1,4 millones de dólares, impulsados por un mayor volumen de ventas de ingeniería no recurrente y productos. Sin embargo, los ingresos por licencias disminuyeron un 43,9%. La compañía reportó una pérdida neta de 1,7 millones de dólares (0,11 dólares por acción), en comparación con 1,5 millones de dólares (0,10 dólares por acción) en el segundo trimestre de 2023. Los gastos operativos disminuyeron un 1,6% a 2,7 millones de dólares. El efectivo y las cuentas por cobrar totalizaron 14,4 millones de dólares al 30 de junio de 2024.
El CEO y CFO interino de Neonode, Fredrik Nihlén, comentó sobre el aumento del interés en sus soluciones de monitoreo de conductores y de cabina. La empresa está retirándose de su negocio de productos para centrarse en las licencias, lo que ha llevado a órdenes de compra de última vez por parte de los clientes. A pesar de los desafíos, Neonode ve oportunidades prometedoras en tecnologías de interacción hombre-máquina táctiles y sin contacto.
Neonode Inc. (NASDAQ: NEON)는 2024년 2분기 재무 결과를 발표했습니다. 수익은 187% 증가하여 140만 달러에 이르렀으며, 이는 비정기적인 엔지니어링 및 제품 판매 증가에 기인합니다. 그러나 라이선스 수익은 43.9% 감소했습니다. 회사는 170만 달러(주당 0.11 달러)의 순손실을 보고했으며, 작년 2023년 2분기의 150만 달러(주당 0.10 달러)와 비교됩니다. 운영 비용은 1.6% 감소하여 270만 달러에 이르렀습니다. 현금 및 외상 매출금은 2024년 6월 30일 기준으로 1440만 달러에 달했습니다.
Neonode의 임시 CEO이자 CFO인 Fredrik Nihlén은 운전 및 객실 모니터링 솔루션에 대한 관심이 증가하고 있음을 언급했습니다. 회사는 라이선스에 집중하기 위해 제품 비즈니스를 단계적으로 종료하고 있으며, 이는 고객으로부터의 마지막 구매 주문으로 이어졌습니다. 도전 과제가 있음에도 불구하고 Neonode는 터치와 비접촉 인체-기계 상호작용 기술에서 유망한 기회를 보고 있습니다.
Neonode Inc. (NASDAQ: NEON) a annoncé ses résultats financiers pour le deuxième trimestre 2024. Les revenus ont augmenté de 18,7 % pour atteindre 1,4 million de dollars, grâce à une hausse des ventes d'ingénierie non récurrente et de produits. Cependant, les revenus de licence ont chuté de 43,9 %. L'entreprise a signalé une perte nette de 1,7 million de dollars (0,11 $ par action), contre 1,5 million de dollars (0,10 $ par action) au cours du deuxième trimestre 2023. Les dépenses opérationnelles ont diminué de 1,6 % pour s'établir à 2,7 millions de dollars. La trésorerie et les comptes clients totalisaient 14,4 millions de dollars au 30 juin 2024.
Le PDG et CFO par intérim de Neonode, Fredrik Nihlén, a noté un intérêt croissant pour leurs solutions de suivi du conducteur et de la cabine. L'entreprise abandonne son activité de produits pour se concentrer sur les licences, ce qui a conduit à des commandes d'achat de dernière minute de la part des clients. Malgré les défis, Neonode voit des opportunités prometteuses dans les technologies d'interaction homme-machine tactiles et sans contact.
Neonode Inc. (NASDAQ: NEON) hat die finanziellen Ergebnisse für das zweite Quartal 2024 bekannt gegeben. Die Einnahmen stiegen um 18,7 % auf 1,4 Millionen US-Dollar, was auf höhere Umsätze aus nicht wiederkehrender Ingenieurdienstleistungen und Produktverkäufen zurückzuführen ist. Allerdings sanken die Lizenzeinnahmen um 43,9 %. Das Unternehmen meldete einen Nettoverlust von 1,7 Millionen US-Dollar (0,11 US-Dollar pro Aktie), verglichen mit 1,5 Millionen US-Dollar (0,10 US-Dollar pro Aktie) im zweiten Quartal 2023. Die Betriebskosten sanken um 1,6 % auf 2,7 Millionen US-Dollar. Bargeld und Forderungen beliefen sich zum 30. Juni 2024 auf insgesamt 14,4 Millionen US-Dollar.
Der interimistische CEO und CFO von Neonode, Fredrik Nihlén, bemerkte ein erhöhtes Interesse an ihren Fahrer- und Innenraumüberwachungslösungen. Das Unternehmen stellt seine Produktgeschäfte ein, um sich auf Lizenzen zu konzentrieren, was zu letzten Kaufbestellungen von Kunden geführt hat. Trotz der Herausforderungen sieht Neonode vielversprechende Chancen in den Touch- und berührungslosen Mensch-Maschine-Interaktionstechnologien.
- Revenues increased 18.7% year-over-year to $1.4 million in Q2 2024
- Product sales increased 641.7% compared to Q2 2023
- Non-recurring engineering revenues increased 750.0% year-over-year
- Operating expenses decreased by 1.6% compared to Q2 2023
- Net loss increased to $1.7 million in Q2 2024 from $1.5 million in Q2 2023
- Licensing revenues decreased 43.9% year-over-year
- Gross margin for products declined to 26.0% from 66.7% in Q2 2023
- Cash used by operations increased to $1.2 million from $0.6 million in Q2 2023
- Cash and accounts receivable decreased to $14.4 million from $17.1 million at the end of 2023
Insights
Neonode's Q2 2024 results present a mixed picture. While revenues increased by
The gross margin deterioration from
Investors should closely monitor the progress of Neonode's licensing strategy, particularly in driver monitoring systems, as this will be important for future growth and profitability.
Neonode's Q2 results highlight its strategic pivot towards licensing and focus on driver monitoring systems (DMS). The significant increase in non-recurring engineering revenues, up
The company's decision to phase out its products business in favor of licensing is a bold move. While it's causing short-term revenue fluctuations and margin pressure, it could lead to a more scalable and higher-margin business model in the long run. The mention of "interesting licensing opportunities" for touch and touchless human-machine interaction suggests potential diversification beyond automotive applications.
However, the decline in licensing revenues from legacy customers is a concern. Neonode needs to accelerate new licensing deals to offset this trend and prove the viability of its new strategy.
FINANCIAL SUMMARY FOR THE THREE MONTHS ENDED JUNE 30, 2024:
- Revenues of
$1.4 million 18.7% compared to the same period in the prior year. - Operating expenses of
$2.7 million 1.6% compared to the same period in the prior year. - Net loss of
$1.7 million $0.11 $1.5 million $0.10 - Cash used by operations of
$1.2 million $0.6 million - Cash and accounts receivable of
$14.4 million $17.1 million
FINANCIAL SUMMARY FOR THE SIX MONTHS ENDED JUNE 30, 2024:
- Revenue of
$2.4 million 0.6% compared to the same period in the prior year. - Operating expenses of
$5.6 million 0.9% compared to the same period in the prior year. - Net loss of
$3.8 million $0.25 $2.9 million $0.19 - Cash used by operations of
$3.1 million $2.3 million
COMMENTS OF THE INTERIM PRESIDENT AND CHIEF EXECUTIVE OFFICER ("CEO") AND CHIEF FINANCIAL OFFICER ("CFO")
"Our revenues increased in the second quarter of 2024 compared to the same quarter last year. Non-recurring engineering revenues increased and were mainly attributable to the ongoing Driver Monitoring System ("DMS") project with the Original Equipment Manufacturer ("OEM") of commercial vehicles customer that was announced at the end of last year. Product sales also increased in the second quarter compared to the same quarter last year, mainly as a result of last time buy orders from customers to secure supplies, following our decision to focus solely on licensing going forward and to phase out our products business. Licensing revenues decreased compared to the same quarter last year, mainly due to the demand for our legacy customers' products being lower. Gross margin in the second quarter of 2024 compared to the same quarter last year declined and was the result of increased cost of revenue due to increased product sales and non-recurring revenues combined with decreased licensing revenues. Although our operating expenses decreased in the second quarter of 2024 compared to the same quarter last year, the decline in gross margin led to a higher net loss," said Fredrik Nihlén, Neonode's interim President and CEO and CFO.
"Our driver and in-cabin monitoring solutions keep attracting attention, which is positive. We find this promising and believe that our solution is not only competitive but also scalable and flexible, making the solution attractive to both commercial vehicle and passenger car manufacturers. We also keep seeing interesting licensing opportunities for our touch and touchless human-machine interaction offerings in addition to the first touch sensor module technology license agreement announced earlier this year," concluded Mr. Nihlén.
FINANCIAL OVERVIEW FOR THE QUARTER ENDED JUNE 30, 2024
Revenues for the quarter ended June 30, 2024 were
Revenues from product sales for the quarter ended June 30, 2024 were
Revenues from non-recurring engineering for the second quarter of 2024 were
Gross margin related to products was
Our operating expenses decreased by
Net loss for the second quarter of 2024 was
Cash and accounts receivable totaled
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
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The following files are available for download:
Neonode - 2Q 2024 Earnings Release | |
https://news.cision.com/neonode/i/neonode-2q-2024-earnings-2000,c3323257 | neonode-2q-2024-earnings-2000 |
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SOURCE Neonode
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