Neonode Inc. develops software and optical sensing solutions for machine perception, contactless touch and gesture sensing. Its updates center on the MultiSensing platform, including computer vision and AI applications for in-cabin sensing and driver monitoring, and on the zForce platform used by existing touch-technology customers.
Company developments also cover financial results, license revenue trends, customer projects in automotive and other regulated or technology-demanding markets, and the continuing shift away from legacy printer and automotive infotainment revenue. Recurring corporate items include commercial leadership changes, annual-meeting and proxy matters, and proceeds tied to patents previously assigned to Aequitas Technologies.
Neonode Inc. (NASDAQ: NEON) expects second-quarter 2020 revenues to be between $650,000 and $850,000, a 50% to 62% decrease year-over-year. The anticipated net loss per share is between $(0.17) and $(0.21), representing a rise of 21% to 50% compared to the same quarter in 2019. Key initiatives include a distributor agreement with HY-LINE for sensor modules in Europe and retrofitting kiosks in Asia with contactless technology. CEO Urban Forssell noted a positive shift in demand for contactless solutions due to COVID-19.
Neonode Inc. (NASDAQ: NEON) has announced a $13.9 million private placement with institutional and accredited investors, including company insiders. The agreement involves the sale of 1,611,845 shares of common stock at $6.50 per share and 3,415 shares of convertible preferred stock with a similar conversion price. Company directors and CEO Urban Forssell have committed to purchase a total of $3.05 million in preferred shares. The private placement is expected to close on or around August 7, 2020, subject to customary conditions.
Neonode Inc. (NASDAQ: NEON) has announced a distributor agreement with HY-LINE Computer Components GmbH to promote its sensor products in Germany, Switzerland, Austria, the Netherlands, and Belgium. The partnership formalized discussions that began in 2019 and aims to enhance Neonode's presence in central Europe. HY-LINE, noted for its expertise in display technology and embedded computing, will provide technical and logistical support. Both companies express optimism about the collaboration's potential for growth and improved customer solutions.
Neonode Inc. (NASDAQ: NEON) announced its touch sensor modules have been chosen by Yesar Electronics Technology for use in holographic products, specifically elevator control panels, with production ramping for thousands of units in the latter half of 2020. Yesar is also exploring additional contactless applications. Neonode's CEO Urban Forssell emphasized the growing demand for contactless technology as transformative and essential for modern products. This partnership is positioned as a significant step in enhancing user interfaces in various industries.
Neonode Inc. (NASDAQ: NEON) announced that Anhui Easpeed Technology Co. will implement its touch sensor modules in thousands of elevators across China, upgrading these systems with holographic button panels. Neonode's technology offers a contactless interaction option, reducing the spread of pathogens associated with traditional buttons. Easpeed’s CEO praised Neonode's modules as superior, allowing for seamless integration with their innovative interface. Neonode's CEO expressed pride in providing a safe, practical solution for public interactions with various devices.