Neonode Inc
NASDAQ:NEON
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Neonode Inc
Neonode, Inc. engages in the touch technology licensing and sensor module business. The company is headquartered in Stockholm, Stockholm and currently employs 47 full-time employees. The firm operates in three business areas: HMI Solutions, HMI Products and Remote Sensing Solutions. In HMI Solutions, Neonode offers customized optical touch and gesture control solutions for many different markets and segments. In HMI Products, the Company provides plug-and-play sensor modules that enable touch on any surface, in-air touch, and gesture control for a wide range of applications. In Remote Sensing Solutions, Neonode offers robust and cost-effective driver and cabin monitoring solutions for vehicles based on the Company’s software platform. Neonode Inc. is organized in four wholly owned subsidiaries located in Sweden, Japan, Korea and Taiwan.
Neonode, Inc. engages in the touch technology licensing and sensor module business. The company is headquartered in Stockholm, Stockholm and currently employs 47 full-time employees. The firm operates in three business areas: HMI Solutions, HMI Products and Remote Sensing Solutions. In HMI Solutions, Neonode offers customized optical touch and gesture control solutions for many different markets and segments. In HMI Products, the Company provides plug-and-play sensor modules that enable touch on any surface, in-air touch, and gesture control for a wide range of applications. In Remote Sensing Solutions, Neonode offers robust and cost-effective driver and cabin monitoring solutions for vehicles based on the Company’s software platform. Neonode Inc. is organized in four wholly owned subsidiaries located in Sweden, Japan, Korea and Taiwan.
Sales Decline: Neonode's total revenue in 2023 was $4.4 million, down 22% from 2022, with both licensing and product revenues falling short of expectations.
Strategic Shift: The company is exiting its Products business to focus entirely on technology and software licensing, aiming to simplify operations and tap into its historical strengths.
Automotive Breakthrough: Neonode secured a key driver monitoring software deal with a major commercial vehicle manufacturer, marking its first design win as a Tier 1 software supplier.
Impairment Costs: One-time costs from phasing out the Products business, including a $3.6 million inventory impairment, contributed significantly to the year’s $10.1 million net loss.
Cash Position: Despite losses, Neonode finished 2023 with $17.1 million in cash and accounts receivable, up $0.8 million from the prior year.
Growth Outlook: Management is optimistic about future growth and margin improvement, aiming to double turnover in coming years but did not provide specific guidance.
