Summary by Moomoo AI
Neonode Inc. reported Q3 2024 financial results, with revenues from continuing operations at $0.8 million, a slight 0.2% decrease year-over-year. Net loss from continuing operations narrowed to $1.0 million, or $0.07 per share, compared to $1.1 million in Q3 2023. Operating expenses decreased by 2.7% to $2.0 million.License revenues declined 12.6% to $0.7 million due to lower demand from legacy customers, while non-recurring engineering revenues surged to $0.1 million. Cash used by operations improved to $1.3 million from $1.8 million last year. The company ended the quarter with $18.6 million in cash and accounts receivable.Neonode remains optimistic about generating new projects in driver and in-cabin monitoring solutions for the automotive industry. The company's financial position enables execution of its strategy to secure more licensing opportunities for its technologies.
