Summary by Moomoo AI
Neonode Inc. reported Q2 2024 financial results, with total revenue increasing 18.7% year-over-year to $1.4 million. License fees declined 43.9% to $0.6 million, while product revenue surged 641.7% to $0.6 million. The company's net loss widened to $1.7 million from $1.5 million in Q2 2023.Gross margin decreased to 65.9% from 96.9% last year, primarily due to inventory write-downs related to phasing out TSM manufacturing. Operating expenses declined slightly to $2.7 million. The company ended the quarter with $13.1 million in cash and cash equivalents, down from $16.2 million at the end of 2023.Neonode is transitioning to focus solely on its licensing business, having ceased TSM production in May 2024. Management believes current cash reserves are sufficient to fund operations for the next 12 months. The company recently established a new $10 million at-the-market offering program with Ladenburg Thalmann to potentially raise additional capital if needed.