FINANCIAL SUMMARY FOR THE QUARTER ENDED
- Revenue of
$1.0 million , a decrease of 19.1% compared to the same period in the prior year. -
Operating expenses of
$2.9 million , an increase of 3.3% compared to the same period in the prior year. -
Net loss of
$2.1 million , or$0.14 per share, compared to$1.4 million , or$0.09 per share, for the same period in the prior year. -
Cash used by operations of
$1.9 million compared to$1.7 million for the same period in the prior year. -
Cash and accounts receivable of
$15.3 million as ofMarch 31, 2024 compared to$17.1 million as ofDecember 31, 2023 .
THE PRESIDENT & CEO'S COMMENTS
"Our revenues decreased in the first quarter of 2024 compared to the same quarter last year. Following the announcement of our change in strategy, with full focus on our licensing business and a phase-out of our products business, product sales have increased as a result of last time buy orders. Non-recurring engineering revenues also increased in the first quarter compared to the same quarter last year, mainly due to a new potential Touch Sensor Module license project. At the same time, licensing revenues decreased compared to the same quarter last year. This is mainly due to the demand for our legacy customers' products being lower, resulting in high inventory levels at some customers and thus lower revenues for
"The award by a leading commercial vehicle Original Equipment Manufacturer to supply Driver Monitoring System software to their global range of commercial vehicles continues to generate increased interest in our driver and in-cabin monitoring solutions. This is encouraging, and we are confident that we have a competitive, scalable and flexible solution that is attractive to both commercial vehicle and passenger car manufacturers. We also see interesting licensing opportunities for our touch and touchless human-machine interaction offerings," concluded Mr. Nihlén.
FINANCIAL OVERVIEW FOR THE QUARTER ENDED
Net revenues for the quarter ended
Revenues from product sales for the quarter ended
Revenues from non-recurring engineering for the first quarter of 2024 were
Gross margin related to products was negative 90.0% for the first quarter of 2024 compared to 53.9% in the same period in 2023. The gross margin for products for the first quarter in 2024 is impacted by a one-time cost related to an impairment loss on inventory due to the phasing out of the manufacturing of touch sensor modules.
Our operating expenses increased by 3.3% for the first quarter of 2024 compared to the same period in 2023, primarily due to higher marketing costs.
Net loss for the first 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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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
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
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