Neonode Inc Financials

NEON

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Neonode Inc (NEON) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI NEON FY2025 2026-05-13

Neonode is being financed by its balance sheet: cash reserves, not customer revenue, are carrying an R&D-heavy operating model.

FY2025 showed a sharp split between reported earnings and cash conversion: year-end cash reached $25.4M while operating cash flow was -$10.3M. The gap was offset by $19.3M of investing inflow, so the stronger cash position came from a balance-sheet source rather than from the core business turning sales into cash.

Across FY2023-FY2025, revenue contracted from $3.8M to $2.1M while research spending stayed around the same level. That makes the cost base look strategic rather than volume-driven, and by FY2025 development spending was still larger than sales.

The balance sheet is still very liquid, with $25.4M of cash against only $2.2M of total liabilities. That means the immediate constraint is not debt pressure; it is that the business still appears not self-funding, because operations continue to consume cash despite the cash-rich posture.

Financial Health Signals

Financial Profile 50/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Neonode Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

100

Neonode Inc has an operating margin of 357.5%, meaning the company retains $357 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from -210.7% the prior year.

Growth

Neonode Inc's revenue declined 33.7% year-over-year, from $3.1M to $2.1M. This contraction results in a growth score of 0/100.

Leverage

100

Neonode Inc carries a low D/E ratio of 0.09, meaning only $0.09 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 12.05, Neonode Inc holds $12.05 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Neonode Inc generated -$10.3M in operating cash flow, capex of $91K consumed most of it, leaving -$10.3M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Altman Z-Score Distress

-3.67

Neonode Inc scores -3.67, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($20.1M) relative to total liabilities ($2.2M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Weak

3/9

Neonode Inc passes 3 of 9 financial strength tests. No profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Key Financial Metrics

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Earnings & Revenue

Revenue

$2.1M

YoY-33.7%

5Y CAGR-19.2%

10Y CAGR-15.5%

Neonode Inc generated $2.1M in revenue in fiscal year 2025. This represents a decrease of 33.7% from the prior year.

EBITDA

$7.4M

YoY+214.4%

Neonode Inc's EBITDA was $7.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 214.4% from the prior year.

Net Income

N/A

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$10.3M

YoY-83.8%

Neonode Inc generated -$10.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 83.8% from the prior year.

Cash & Debt

$25.4M

YoY+54.4%

5Y CAGR+19.3%

10Y CAGR+23.5%

Neonode Inc held $25.4M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

17M

YoY+0.0%

5Y CAGR+7.8%

Neonode Inc had 17M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

98.7%

YoY+2.5pp

5Y CAGR+16.8pp

10Y CAGR+32.8pp

Neonode Inc's gross margin was 98.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.5 percentage points from the prior year.

Operating Margin

357.5%

YoY+568.1pp

5Y CAGR+460.9pp

10Y CAGR+426.7pp

Neonode Inc's operating margin was 357.5% in fiscal year 2025, reflecting core business profitability. This is up 568.1 percentage points from the prior year.

Net Margin

N/A

Return on Equity

N/A

Capital Allocation

R&D Spending

$3.8M

YoY+9.7%

5Y CAGR-1.8%

10Y CAGR-5.0%

Neonode Inc invested $3.8M in research and development in fiscal year 2025. This represents an increase of 9.7% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$91K

YoY+145.9%

5Y CAGR+8.7%

10Y CAGR-7.5%

Neonode Inc invested $91K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 145.9% from the prior year.

NEON Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$2.1M-33.7%	$3.1M-18.8%	$3.8M-32.5%	$5.7M-2.8%	$5.8M-2.5%	$6.0M
Cost of Revenue	$26K-77.6%	$116K+866.7%	$12K-98.5%	$804K-15.8%	$955K-11.4%	$1.1M
Gross Profit	$2.0M-32.0%	$3.0M-21.6%	$3.8M-21.6%	$4.9M-0.3%	$4.9M-0.5%	$4.9M
R&D Expenses	$3.8M+9.7%	$3.4M-10.1%	$3.8M-3.3%	$4.0M+11.8%	$3.5M-14.3%	$4.1M
SG&A Expenses	$4.1M+217.9%	$1.3M-12.4%	$1.5M+4128.6%	$35K-99.4%	$5.6M+26.7%	$4.4M
Operating Income	$7.4M+212.6%	-$6.5M-14.1%	-$5.7M-8.5%	-$5.3M+25.6%	-$7.1M-14.8%	-$6.2M
Interest Expense	N/A	N/A	N/A	N/A	$15K-44.4%	$27K
Income Tax	-$9K-160.0%	$15K-87.0%	$115K-2.5%	$118K-19.2%	$146K+147.5%	$59K
Net Income	N/A	N/A	-$10.1M-107.3%	-$4.9M+24.3%	-$6.5M-2.7%	-$6.3M
EPS (Diluted)	N/A	$-0.41+37.9%	$-0.66-83.3%	$-0.36+33.3%	$-0.54	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$614K+18.1%	$520K+20.9%	$430K-28.2%	$599K+16.8%	$513K-21.7%	$655K-21.8%	$838K+4.6%	$801K
Cost of Revenue	$4K+100.0%	$2K-77.8%	$9K+50.0%	$6K-33.3%	$9K-82.7%	$52K+126.1%	$23K-4.2%	$24K
Gross Profit	$610K+17.8%	$518K+23.0%	$421K-29.0%	$593K+17.7%	$504K-16.4%	$603K-26.0%	$815K+4.9%	$777K
R&D Expenses	$905K-3.3%	$936K+17.9%	$794K-26.1%	$1.1M+10.2%	$975K+29.7%	$752K-8.5%	$822K-15.7%	$975K
SG&A Expenses	$1.2M-42.5%	$2.0M+135.7%	$862K-16.6%	$1.0M+427.0%	$196K+123.1%	-$848K-215.5%	$734K-29.9%	$1.0M
Operating Income	-$2.1M+12.4%	-$2.4M-117.1%	$13.8M+754.5%	-$2.1M-7.4%	-$2.0M-19.3%	-$1.6M-34.4%	-$1.2M+31.5%	-$1.8M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$1K	N/A	$0	N/A	-$10K-300.0%	$5K+145.5%	-$11K-200.0%	$11K
Net Income	-$1.9M	N/A	$14.2M+859.3%	-$1.9M-7.8%	-$1.7M	N/A	-$1.1M+35.9%	-$1.7M
EPS (Diluted)	N/A	N/A	N/A	$-0.11-10.0%	$-0.10	N/A	$-0.07+36.4%	$-0.11

NEON Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$26.9M+46.3%	$18.4M-3.3%	$19.0M-10.3%	$21.2M-7.8%	$23.0M+38.7%	$16.6M
Current Assets	$26.3M+48.6%	$17.7M-5.0%	$18.6M-10.5%	$20.8M-5.6%	$22.0M+50.4%	$14.7M
Cash & Equivalents	$25.4M+54.4%	$16.4M+1.7%	$16.2M+9.0%	$14.8M-14.8%	$17.4M+66.0%	$10.5M
Inventory	N/A	N/A	$610K0.0%	$610K-75.8%	$2.5M+98.0%	$1.3M
Accounts Receivable	$400K-42.9%	$700K-23.7%	$917K-36.7%	$1.4M+12.0%	$1.3M-25.8%	$1.7M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.2M+13.3%	$1.9M+4.8%	$1.9M+4.0%	$1.8M-43.6%	$3.2M-32.6%	$4.7M
Current Liabilities	$2.2M+34.6%	$1.6M-11.6%	$1.8M+7.8%	$1.7M-42.9%	$3.0M-29.4%	$4.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$24.7M+50.2%	$16.4M-4.2%	$17.2M-11.6%	$19.4M-2.1%	$19.8M+31.3%	$15.1M
Retained Earnings	-$215.6M+3.8%	-$224.1M-3.0%	-$217.6M-4.9%	-$207.5M-2.4%	-$202.6M-3.3%	-$196.2M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$24.9M-7.3%	$26.9M-18.1%	$32.8M+118.0%	$15.1M-11.3%	$17.0M-7.7%	$18.4M-6.4%	$19.6M+29.3%	$15.2M
Current Assets	$24.4M-7.1%	$26.3M-18.4%	$32.2M+123.5%	$14.4M-11.4%	$16.3M-8.1%	$17.7M-9.6%	$19.6M+29.6%	$15.1M
Cash & Equivalents	$23.2M-8.4%	$25.4M+118.9%	$11.6M-12.5%	$13.2M-11.7%	$15.0M-8.7%	$16.4M-6.7%	$17.6M+34.3%	$13.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$205K
Accounts Receivable	N/A	$400K	N/A	N/A	N/A	$700K	N/A	$1.2M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.1M-6.0%	$2.2M-63.5%	$6.0M+150.0%	$2.4M+0.4%	$2.4M+23.6%	$1.9M+18.2%	$1.6M-12.4%	$1.9M
Current Liabilities	$2.1M-5.9%	$2.2M-63.2%	$5.9M+167.7%	$2.2M+4.4%	$2.1M+30.9%	$1.6M-1.2%	$1.6M-12.4%	$1.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$22.8M-7.5%	$24.7M-7.9%	$26.8M+111.8%	$12.7M-13.2%	$14.6M-11.4%	$16.4M-8.7%	$18.0M+35.1%	$13.3M
Retained Earnings	-$217.4M-0.9%	-$215.6M-1.0%	-$213.5M+6.2%	-$227.7M-0.8%	-$225.8M-0.8%	-$224.1M-0.7%	-$222.5M-0.5%	-$221.4M

NEON Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$10.3M-83.4%	-$5.6M+11.4%	-$6.3M+7.3%	-$6.8M+11.3%	-$7.7M-33.5%	-$5.8M
Capital Expenditures	$91K+145.9%	$37K-69.9%	$123K+136.5%	$52K	N/A	$60K
Free Cash Flow	-$10.3M-83.8%	-$5.6M+12.5%	-$6.4M+6.3%	-$6.9M	N/A	-$5.8M
Investing Cash Flow	$19.3M+12596.1%	$152K+223.6%	-$123K-136.5%	-$52K+22.4%	-$67K-15.5%	-$58K
Financing Cash Flow	-$11K-100.2%	$5.8M-25.7%	$7.8M+72.5%	$4.5M-69.1%	$14.6M+7.1%	$13.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	$12K	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$2.1M+62.5%	-$5.6M-267.8%	-$1.5M+12.7%	-$1.8M-28.7%	-$1.4M-16.9%	-$1.2M+10.1%	-$1.3M-6.1%	-$1.2M
Capital Expenditures	$13K+1200.0%	$1K-98.7%	$75K+400.0%	-$25K-162.5%	$40K	$0	$0	N/A
Free Cash Flow	-$2.1M+62.3%	-$5.6M-250.7%	-$1.6M+9.7%	-$1.8M-26.8%	-$1.4M-20.4%	-$1.2M+10.1%	-$1.3M	N/A
Investing Cash Flow	-$13K-100.1%	$19.4M+25950.7%	-$75K-400.0%	$25K+162.5%	-$40K-3900.0%	-$1K	$0	N/A
Financing Cash Flow	-$3K0.0%	-$3K0.0%	-$3K0.0%	-$3K-50.0%	-$2K0.0%	-$2K-100.0%	$5.8M+144950.0%	-$4K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NEON Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	98.7%+2.5pp	96.3%-3.4pp	99.7%+13.9pp	85.8%+2.2pp	83.6%+1.7pp	82.0%
Operating Margin	357.5%+568.1pp	-210.7%-60.8pp	-149.8%-56.6pp	-93.2%+28.5pp	-121.8%-18.3pp	-103.5%
Net Margin	N/A	N/A	-264.4%-178.3pp	-86.1%+24.4pp	-110.5%-5.5pp	-105.0%
Return on Equity	N/A	N/A	-59.0%-33.8pp	-25.1%+7.4pp	-32.5%+9.1pp	-41.6%
Return on Assets	N/A	N/A	-53.2%-30.2pp	-23.0%+5.0pp	-28.1%+9.9pp	-37.9%
Current Ratio	12.05+1.1	10.92+0.8	10.16-2.1	12.24+4.8	7.41+3.9	3.48
Debt-to-Equity	0.09-0.0	0.12+0.0	0.11+0.0	0.09-0.1	0.16-0.2	0.31
FCF Margin	-501.7%-320.6pp	-181.1%-13.1pp	-168.0%-47.0pp	-121.0%	N/A	-97.1%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	99.4%-0.3pp	99.6%+1.7pp	97.9%-1.1pp	99.0%+0.7pp	98.3%+6.2pp	92.1%-5.2pp	97.3%+0.3pp	97.0%
Operating Margin	-337.3%+117.3pp	-454.6%-3666.3pp	3211.6%+3563.9pp	-352.3%+30.8pp	-383.0%-131.6pp	-251.4%-105.3pp	-146.2%+77.2pp	-223.3%
Net Margin	-303.4%	N/A	3298.6%+3610.4pp	-311.9%+26.0pp	-337.8%	N/A	-129.7%+81.9pp	-211.6%
Return on Equity	-8.2%	N/A	52.9%+67.7pp	-14.8%-2.9pp	-11.9%	N/A	-6.0%+6.7pp	-12.7%
Return on Assets	-7.5%	N/A	43.2%+55.6pp	-12.4%-2.2pp	-10.2%	N/A	-5.5%+5.6pp	-11.2%
Current Ratio	11.91-0.1	12.05+6.6	5.43-1.1	6.50-1.2	7.67-3.3	10.92-1.0	11.93+3.9	8.06
Debt-to-Equity	0.090.0	0.09-0.1	0.22+0.0	0.19+0.0	0.16+0.0	0.12+0.0	0.09-0.0	0.14
FCF Margin	-345.1%+735.3pp	-1080.4%-707.8pp	-372.6%-76.2pp	-296.3%-23.4pp	-272.9%-95.3pp	-177.6%-23.1pp	-154.4%	N/A

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Frequently Asked Questions

What is Neonode Inc's annual revenue?

Neonode Inc (NEON) reported $2.1M in total revenue for fiscal year 2025. This represents a -33.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Neonode Inc's revenue growing?

Neonode Inc (NEON) revenue declined by 33.7% year-over-year, from $3.1M to $2.1M in fiscal year 2025.

What is Neonode Inc's EBITDA?

Neonode Inc (NEON) had EBITDA of $7.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Neonode Inc's gross margin?

Neonode Inc (NEON) had a gross margin of 98.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Neonode Inc's operating margin?

Neonode Inc (NEON) had an operating margin of 357.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Neonode Inc's free cash flow?

Neonode Inc (NEON) generated -$10.3M in free cash flow during fiscal year 2025. This represents a -83.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Neonode Inc's operating cash flow?

Neonode Inc (NEON) generated -$10.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Neonode Inc's total assets?

Neonode Inc (NEON) had $26.9M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Neonode Inc's capital expenditures?

Neonode Inc (NEON) invested $91K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Neonode Inc spend on research and development?

Neonode Inc (NEON) invested $3.8M in research and development during fiscal year 2025.

How many shares does Neonode Inc have outstanding?

Neonode Inc (NEON) had 17M shares outstanding as of fiscal year 2025.

What is Neonode Inc's current ratio?

Neonode Inc (NEON) had a current ratio of 12.05 as of fiscal year 2025, which is generally considered healthy.

What is Neonode Inc's debt-to-equity ratio?

Neonode Inc (NEON) had a debt-to-equity ratio of 0.09 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Neonode Inc's cash runway?

Based on fiscal year 2025 data, Neonode Inc (NEON) had $25.4M in cash against an annual operating cash burn of $10.3M. This gives an estimated cash runway of approximately 30 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Neonode Inc's Altman Z-Score?

Neonode Inc (NEON) has an Altman Z-Score of -3.67, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Neonode Inc's Piotroski F-Score?

Neonode Inc (NEON) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

How financially healthy is Neonode Inc?

Neonode Inc (NEON) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.