Summary by Moomoo AI
Neonode reported Q3 2024 revenues of $0.8 million, in line with Q3 2023, while net loss from continuing operations slightly improved to $1.0 million from $1.1 million year-over-year. License fees declined 12.6% to $0.7 million, offset by higher non-recurring engineering revenue of $107,000. Gross margin remained strong at 97.1%.The company maintained stable operating expenses at $2.0 million, down 2.7% year-over-year, with research and development at $0.8 million, sales and marketing at $0.5 million, and general and administrative costs at $0.7 million. Cash position strengthened to $17.6 million as of September 30, 2024, up from $16.2 million at year-end 2023.Management completed strategic initiatives including phasing out TSM manufacturing and focusing solely on the licensing business. The company raised $5.8 million through an at-the-market offering during Q3. Despite ongoing challenges, management believes current cash position and operating plan are sufficient to fund operations for the next 12 months.
