Neonode Reports Second Quarter Ended June 30, 2019 Financial Results
STOCKHOLM, Aug. 14, 2019 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON), the optical interactive sensing technology company, today reported financial results for the three and six months ended June 30, 2019.
"We are growing our global sales presence and partner network and have successfully promoted our selected use cases to customers and at numerous trade shows. In addition, we have released updated versions of our product offerings improving our competitive position. These activities have resulted in an increased number of on-going customer discussions and evaluations. I am confident that we have created a foundation that will allow us to achieve future revenue growth and profitability," said Håkan Persson, CEO of Neonode Inc.
FINANCIAL SUMMARY FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2019
- Net sales totaled $1.7 million and $3.7 million for the three and six months ended June 30, 2019 compared to $1.9 million and $4.3 million, respectively, for the same periods last year.
- Net loss totaled $1.3 million and $1.8 million for the three and six months ended June 30, 2019 compared to a net loss of $1.0 million and $1.7 million, respectively, for the same periods last year.
- Loss per share totaled $0.14 and $0.21 for the three and six months ended June 30, 2019 compared to a loss per share of $0.16 and $0.28, respectively, for the same periods last year.
- Net cash used in operating activities totaled $1.5 million for the six months ended June 30, 2019 compared to $1.4 million for the same period last year.
BUSINESS HIGHLIGHTS DURING THE QUARTER
- Signed collaboration agreement with Finetek Co., Ltd who will serve as a system integrator and future electronic manufacturing partner for Neonode zForce technology. For more information, see our press release https://www.neonode.com/neonode-and-finetek-sign-collaboration-agreement/
- Assigned a portfolio of patents not used in our current business to Aequitas Technologies LLC as part of an agreement to share potential proceeds generated from a licensing and monetization program.
- Received purchase order for sensor modules of approximately $0.6 million from industry leading medical device OEM who will use our sensor module in a touch display system for an X-Ray machine. Initial delivery began in June 2019.
BUSINESS HIGHLIGHTS SINCE THE END OF THE QUARTER