FINANCIAL SUMMARY FOR THE FISCAL YEAR ENDED
- Revenue of
$4.4 million , a decrease of 21.5% compared to the prior year. - Operating expenses of
$10.7 million , an increase of 4.9% compared to the prior year. - Net loss of
$10.1 million , or$0.66 per share, compared to$4.9 million , or$0.36 per share, for the prior year. - Cash used by operations of
$6.3 million , compared to$6.8 million for the prior year. - Cash and accounts receivable of
$17.1 million as ofDecember 31, 2023 compared to$16.3 million for the prior year-end.
THE CEO'S COMMENTS
"The decrease in our sales revenues 2023 was a disappointment. In particular, the negative development of our Touch Sensor Module ("TSM") product business was unsatisfactory and led us to the decision to sharpen our strategy and focus on licensing going forward, as announced on
"Our licensing revenues were also lower in 2023 than in the previous year. This is mainly due to our legacy customers' product sales slowing down in Q3 and Q4, combined with high inventory levels at some customers. The breakthrough driver monitoring software win with a leading commercial vehicle manufacturer, which we announced on
"We are pleased to see that our recent driver monitoring software win has boosted the interest in our driver and in-cabin monitoring solution among other vehicle manufacturers and tier 1 system suppliers. We are currently working hard to capitalize on this momentum. We also see interesting opportunities with our head-up display obstruction solution and with our touch and touchless human-machine interaction offerings. In summary, we are optimistic about the future growth potential for our business. We are also confident that our new, sharpened strategy with a full focus on licensing will help us increase our efficiency and reach a positive cash flow in shorter time than with our previous strategy that combined licensing with product sales," concluded
FINANCIAL OVERVIEW FOR THE FISCAL YEAR ENDED
Net revenues for fiscal 2023 were
Revenues from product sales for fiscal 2023 were
Revenues from non-recurring engineering for fiscal 2023 were
Gross margin related to products was negative 630.6% for fiscal 2023 compared to 22.0% in 2022. The gross margin for products in 2023 is impacted by one-time costs related to a customer claim, impairment loss on inventory and a loss on an earlier purchase commitment.
Our operating expenses increased by 4.9% for fiscal 2023 compared to 2022, primarily due to higher marketing costs, professional fees, and payroll and related costs.
Net loss attributable to
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
E-mail: urban.forssell@neonode.com
Phone: +46 734 10 03 59
The following files are available for download:
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https://news.cision.com/neonode/i/neonode-reports-2023-financial-results,c3271881 |
Neonode Reports 2023 Financial Results |
View original content:https://www.prnewswire.co.uk/news-releases/neonode-reports-2023-financial-results-302074271.html