Connect with us

Technology

Neonode Reports Quarter Ended September 30, 2024 Financial Results

Published

on

STOCKHOLM, Nov. 6, 2024 /PRNewswire/ — Neonode Inc. (NASDAQ: NEON) (“Neonode” or the “Company”) today reported financial results for the three and nine months ended September 30, 2024. The financial results relate to continuing operations, which means Neonode’s licensing business as the products business has been reclassified to discontinued operations, following the decision in Q4 2023 to focus solely on the Company’s licensing business.

FINANCIAL SUMMARY FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024

Revenues from continuing operations of $0.8 million, a decrease of 0.2% compared to the same period in the prior year.        Operating expenses from continuing operations of $2.0 million, a decrease of 2.7% compared to the same period in the prior year.     Net loss from continuing operations of $1.0 million, or $0.07 per share, compared to $1.1 million, or $0.07 per share, for the same period in the prior year.    Cash used by operations of $1.3 million compared to $1.8 million for the same period in the prior year.       Cash and accounts receivable of $18.6 million as of September 30, 2024 compared to $17.1 million as of December 31, 2023.

FINANCIAL SUMMARY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

Revenue from continuing operations of $2.5 million, a decrease of 21.0% compared to the same period in the prior year.        Operating expenses from continuing operations of $7.2 million, an increase of 2.9% compared to the same period in the prior year.           Net loss from continuing operations of $4.4 million, or $0.28 per share, compared to $3.5 million, or $0.22 per share, for the same period in the prior year.          Cash used by operations of $4.4 million compared to $4.1 million for the same period in the prior year.

BUSINESS HIGHLIGHTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

Several ongoing discussions with potential customers regarding Touch Sensor Module (“TSM”) technology and the MultiSensing® platform.TSM technology agreement with NEXTY Electronics, an electronics-trading company within the Toyota Tsusho Group, for sensor development and manufacturing of the next-generation amusement machines for a leading manufacturer in Japan’s amusement market.TSM technology agreement with YesAR to develop and build holographic infotainment solutions for its customers in the automotive and elevator segments, as well as other market segments.

“Our revenues from the continuing licensing business decreased in the third quarter of 2024 compared to the same quarter last year. However, non-recurring engineering revenues related to our new lines of business increased and were mainly attributable to the driver monitoring system (“DMS”) project with the original equipment manufacturer (“OEM”) of commercial vehicles customer that we announced at the end of last year. Licensing revenues from legacy customers within printer and passenger car touch applications decreased compared to the same quarter last year, mainly due to lower demand for their products. Cash used by operations decreased in the third quarter 2024 compared to the same quarter last year, as we discontinued component purchases after phasing out TSM manufacturing,” said Fredrik Nihlén, Neonode’s interim President and CEO and CFO.

“We remain positive toward the prospects of generating new projects and business with our driver and in-cabin monitoring solutions, which continue to generate positive attention from OEMs and suppliers to the automotive industry. Our flexible and scalable approach to driver and in-cabin monitoring presents manufacturers and their suppliers with a cost-effective and efficient platform for securing compliance and automotive innovation for years to come. We also see a growing market interest in licensing our cost-effective and proven touch interaction solutions,” concluded Mr. Nihlén.

FINANCIAL OVERVIEW FOR THE QUARTER ENDED SEPTEMBER 30, 2024

Revenues from continuing operations for the quarter ended September 30, 2024 were $0.8 million, a 0.2% decrease compared to the same period in 2023. License revenues were $0.7 million, a decrease of 12.6% compared to the same period in 2023. The decrease was mainly due to lower demand for our legacy customers products within printer and passenger car touch applications offset by revenues from our new licensing customers.

Revenues from non-recurring engineering for the third quarter of 2024 were $0.1 million, a 2,575.0% increase compared to the same period in 2023, mainly attributable to the DMS project with the commercial vehicle OEM customer that was announced at the end of 2023.

Our operating expenses from continuing operations decreased by 2.7% for the third quarter of 2024 compared to the same period in 2023, primarily due to lower payroll and related costs offset by higher professional fees and advertising costs.

Net loss from continuing operations for the third quarter of 2024 was $1.0 million, or $0.07 per share, compared to a net loss of $1.1 million, or $0.07 per share for the same period in 2023.

Cash used by operations was $1.3 million in the third quarter of 2024 compared to $1.8 million for the same period in 2023. The decrease was primarily due to the absence of component purchases following the phaseout of TSM manufacturing.

Cash and accounts receivable totaled $18.6 million and working capital for continuing operations was $17.7 million as of September 30, 2024, compared to $16.1 million and $16.8 million as of December 31, 2023, respectively. Our financial position and liquidity provide stability and enable us to execute our strategy to secure more licensing opportunities for our innovative technologies.

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

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/neonode/r/neonode-reports-quarter-ended-september-30–2024-financial-results,c4062016

The following files are available for download:

 

View original content:https://www.prnewswire.co.uk/news-releases/neonode-reports-quarter-ended-september-30-2024-financial-results-302297558.html

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Arjo and Bruin Biometrics conclude distribution agreement, Bruin Biometrics resumes direct sales and marketing of Provizio® SEM Scanner

Published

on

By

LOS ANGELES and LONDON, Nov. 6, 2024 /PRNewswire/ — Today Bruin Biometrics and Arjo announce the immediate transition of direct sales and marketing of the Provizio® SEM Scanner to Bruin Biometrics, following four years of cooperation between the companies.

As communicated earlier this year, the companies decided not to extend the distribution agreement for the Provizio SEM Scanner. Accordingly, and effective today, all sales and marketing of the Provizio SEM Scanner products transition from Arjo to Bruin Biometrics. Both companies remain fully committed to supporting customers throughout the process to ensure a continued high level of customer service.

“Supporting Provizio SEM Scanner users’ work to achieve a zero incidence of preventable pressure injuries in all care settings is our top priority and we look forward to supporting Provizio SEM Scanner users directly to help overcome this challenge,” commented Bruin Biometrics’ CEO, Martin Burns.

“Pressure injuries represent a significant economic challenge for healthcare systems worldwide, and Arjo has extensive experience in both prevention and treatment within this area. We see a growing interest for our other solutions and are fully committed to continue supporting our customers in their efforts to prevent pressure injuries,” says Joacim Lindoff, President & CEO of Arjo.

For more information about Bruin Biometrics, please contact:
Kate Hancock, EVP External Communications, Bruin Biometrics Tel: +447827315347
Email: khancock@bruinbiometrics.com

Media contact details:
Joanna Dodd, Alicia Barkle Rochester PR Group: joanna.dodd@rochesterprgroup.com, alicia.barkle@rochesterprgroup.com 

ABOUT Bruin Biometrics

Bruin Biometrics LLC is a pioneer in modernizing healthcare with biometric sensor technology for early detection and monitoring of chronic, preventable conditions in collaboration with clinicians. Bruin Biometrics work on SEM Assessment Technology has been recognized with multiple global healthcare innovation awards and is implemented in healthcare facilities across a variety of care settings. Bruin Biometrics HQ is based in Los Angeles, USA.

Photo – https://mma.prnewswire.com/media/2549409/Provizio_SEM_Scanner.jpg
Logo – https://mma.prnewswire.com/media/3604/BRUIN_BIOMETRICS1__LLC_LOGO.jpg

View original content:https://www.prnewswire.co.uk/news-releases/arjo-and-bruin-biometrics-conclude-distribution-agreement-bruin-biometrics-resumes-direct-sales-and-marketing-of-provizio-sem-scanner-302297639.html

Continue Reading

Technology

Opus IVS and Protech Automotive Solutions Announce Collaboration on Industry-Leading ADAS Identification Solution

Published

on

By

DEXTER, Mich., Nov. 6, 2024 /PRNewswire/ — Opus IVS, a global leader in intelligent vehicle support solutions, is pleased to announce a new partnership with Protech Automotive Solutions, the largest national provider of Advanced Driver-Assistance System (ADAS) diagnostic scanning and calibration services, which will enhance Opus IVS’s ADAS MAP (Advanced Driver Assistance Systems Mapping) solution. This collaboration will deliver extensive ADAS identification capabilities, combining the advanced ADAS technologies of both companies – with Opus IVS licensing Protech’s ADAS ID3 technology to bring new innovations to the industry-leading ADAS MAP platform.

The Opus IVS and Protech partnership will create a seamless ADAS identification solution that enables technicians to quickly and accurately identify ADAS systems, empowering repair shops to make well- informed repair and calibration decisions. With Protech Automotive Solutions, the nation’s largest car- side provider, this partnership will offer an enhanced solution to power leading U.S. multi-shop operators (MSOs). Additionally, Opus IVS recently announced that major insurers now recognize ADAS MAP’s accuracy, which leads to increased reimbursement for repair shops and adds significant value for the industry.

“This collaboration between Opus IVS and Protech represents a breakthrough in delivering accessible ADAS insights,” said Brian Herron, CEO of Opus IVS. “By joining forces, we’re building a more powerful ADAS solution for collision shops, allowing them to serve their customers with the highest levels of accuracy and safety.”

Grant LaBarbera, GM and Senior Vice President of Protech, added, “We’re excited to partner with Opus IVS to enhance the industry’s capabilities in ADAS identification. This collaboration brings together the best of both companies’ innovations and will improve the way repair shops approach ADAS, driving greater accuracy, quality and consistency across the industry.”

About Opus IVS
Opus IVS provides diagnostic and programming support to over 50,000 workshops globally. With a suite of solutions for complex repairs and ADAS management, Opus IVS empowers shops to deliver accurate repairs using advanced technology, OE support, and live technician guidance.

About Protech Automotive Solutions
With the largest national footprint of Advanced Driver-Assistance System (ADAS) diagnostic scanning and calibration services, Protech Automotive Solutions is the leading provider of advanced diagnostics, calibrations and ADAS solutions for collision repair shops. Protech is committed to vehicle safety through innovative, reliable ADAS technology and offers expertise that helps automotive service providers keep their customers safe. More than 1,200 Protech technicians, across 41 states and growing, are expertly trained to scan, calibrate and diagnose vehicles during collision, auto glass and mechanical repairs, ensuring that complex systems like ADAS are restored to their proper function.

For more information, please visit www.protechautomotivesolutions.com.

For more information:
Justin Baronoff
Merit Mile
561-362-8888 – office
407-340-2247 – mobile
jbaronoff@meritmile.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/opus-ivs-and-protech-automotive-solutions-announce-collaboration-on-industry-leading-adas-identification-solution-302297790.html

SOURCE Opus IVS

Continue Reading

Technology

Retail Fluent Media Network Announces Strategic Partnership with Save A Lot’s Independent Retail Partners

Published

on

By

Nearly 900 Stores to Utilize RFMN’s Dynamic, Ultra-Bright Digital Window Signs™ for Advertising; Number of Screens Projected to Double by End of Q4, 2024

LITTLE FALLS, N.J., Nov. 6, 2024 /PRNewswire-PRWeb/ — Retail Fluent Media Network (RFMN), a top retail media and ad tech company that caters to independent grocers, mid- to large-scale chain supermarkets, and convenience stores, has revealed a new strategic partnership with Save a Lot’s independent Retail Partners. This partnership includes Save a Lot’s 750 independently owned and operated stores located across 32 states in the United States.

Through this partnership, Save a Lot’s independent Retail Partners will have the opportunity to utilize Digital Window Signs™ to promote weekly sales programs, special events, promotional items, and more. RFMN has already installed 400 digital screens in almost 100 Save a Lot stores, with plans to double the number of active Digital Window Signs™ by Q1, 2025.

“We’re thrilled to partner with Save a Lot’s independent Retail Partners to bring the power of our dynamic Digital Window Signs™ and an industry-leading ad tech platform to their extensive network of stores across the United States,” stated Joni Elmore, Chief Commercial Officer at Retail Fluent Media Network “This collaboration empowers local grocers to enhance their in-store advertising with real-time promotions and elevate engagement with customers and CPG partners. We look forward to giving more stores the opportunity to differentiate themselves in their market with stunning visuals.”

In addition to next-level digital signage, Retail Fluent Media Network provides end-to-end services for Save a Lot’s independent Retail Partners. RFMN manages the content shared by the Save a Lot, working with its vast network of artists and graphic designers, and launching dynamic advertisements through its proprietary ad tech platform to align with each location’s sales and promotions schedule. This allows Save a Lot’s independent Retail Partners to focus on business operations and meeting customer needs.

Retail Fluent Media Network has recently announced its spinoff from Retail Fluent, a prominent retail innovation, design, and décor firm. This decision was made in response to the high demand and growth of the company. RFMN currently owns and operates almost 5,000 Digital Window Signs™ in 28 states, with plans to more than double this number by the end of 2025.

About Retail Fluent Media Network:

Retail Fluent Media Network is a leading retail media and ad tech company for independent grocers, mid- to large-scale chain supermarkets and convenience stores. The company’s digital out-of-home (DOOH) model utilizes ultra-bright LCD and LED screens proven to attract attention to static or video advertisements. Beneficial for both grocers and CPG brands, RFMN’s expanding network already delivers over 50 million impressions weekly and over 200 million monthly to its advertising partners. To partner, advertise, or learn more, visit https://www.retailfluentmedia.com.

Media Contact

Javian Pereira, Fastlane Communications, 1 9736683003, javian@fastlane.co

View original content:https://www.prweb.com/releases/retail-fluent-media-network-announces-strategic-partnership-with-save-a-lots-independent-retail-partners-302296168.html

SOURCE Retail Fluent Media Network

Continue Reading

Trending