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) has appointed Anthony Uhrick as Vice President Sales AMER, effective immediately. Uhrick, with over 20 years in the touch screen sector, aims to enhance the company's focus on contactless technology in North America, Asia, and Europe. This appointment is part of a strategy update, replacing the previous business area organization with a regional sales structure. Johan Swartz and Jonas Wærn will lead sales in APAC and EMEA, respectively. CEO Urban Forssell expressed confidence in Uhrick's industry experience to drive growth and address market demands.
Neonode Inc. (NASDAQ: NEON) has entered an Original Equipment Manufacturer agreement with Merim Groupe to create contactless kiosk products using Neonode's Touch Sensor Modules. Merim has already implemented its AIR-CLICK solution in Burger King restaurants in France, converting traditional screens into contactless systems. After a successful trial in Paris on February 9, 2021, the AIR-CLICK product is designed for quick installation and offers a seamless ordering experience when combined with contactless payment systems. This partnership aims to enhance the QSR market.
Neonode Inc. (NASDAQ: NEON) has received an order to supply touch sensor modules to Finetek, a value-added reseller, for a major elevator OEM in South Korea. Following successful testing, contactless control panel modules are being installed for trials in existing elevators. This project signifies a critical advancement for Neonode's contactless technology in the elevator sector. Finetek anticipates positive outcomes moving into a touchless economy, supported by their collaboration with Neonode.
Neonode (NASDAQ: NEON) announced the appointment of Fredrik Nihlén as Chief Financial Officer, effective August 2, 2021. Nihlén joins from IFS, where he was Finance Director for the Nordics, and has prior experience as CFO at Cinnober Financial Technology. His recruitment reflects Neonode's belief in strong growth opportunities in contactless touch solutions. CEO Urban Forssell stated that Nihlén's financial expertise will enhance company profitability.
Neonode Inc. (NASDAQ: NEON) announced an order to supply touch sensor modules to Japan Aerospace Corporation. This order, received from a major Asian airline, aims to retrofit existing self-service kiosks with contactless touch solutions at multiple airports in Asia. CEO Urban Forssell highlighted this development as a significant breakthrough in the transportation sector, indicating potential growth in Neonode's contactless touch business.
Neonode (NASDAQ: NEON) reported a 10% decline in revenue, totaling $6.0 million for the fiscal year ended December 31, 2020. Operating expenses decreased by 5.1% to $11.1 million. The company registered a net loss of $5.6 million ($0.56 per share), a slight increase from $5.3 million in 2019. Despite these challenges, cash reserves improved to $12.2 million, up from $3.7 million last year. The CEO highlighted opportunities in contactless touch solutions and ongoing engagements with new customers in various global markets.
Neonode Inc. (NASDAQ: NEON) has signed a distributor agreement with NEXTY Electronics Corporation to sell its contactless sensor products in Japan. NEXTY, part of the Toyota Tsusho group, leverages its established distribution network to enhance market reach in automotive electronics. CEO Dr. Urban Forssell emphasized that this partnership will accelerate Neonode's growth in the Japanese market, following previous agreements with other resellers. The collaboration aims to significantly strengthen Neonode's footprint and drive sales in this critical region.
Neonode (NASDAQ: NEON) announced its scheduled release of financial results for the fiscal year and Q4 2020 on March 10, 2021. The company will conduct a conference call on the same day at 10 AM EST, featuring remarks and a Q&A session with key executives including Urban Forssell (CEO) and Maria Ek (CFO). Dial-in details are provided for interested participants, and a digital recording will be available for 14 days post-call. This marks an important opportunity to assess the company's financial performance for the year.
On November 24, 2020, Neonode Inc. (NASDAQ: NEON) announced a value-added reseller agreement with Metatechno Inc. Under this agreement, Metatechno will sell Neonode's touch sensor modules and associated software for various contactless touch applications. CEO Urban Forssell emphasized the partnership's potential to enhance Neonode's presence in Japan, while Metatechno's CEO Kazuhiko Fukushige highlighted the importance of innovation through new combinations of existing technologies. This collaboration aims to expand market opportunities in the region.
Neonode Inc. (NASDAQ: NEON) reported financial results for Q3 2020, with net sales of $1.5 million, up from $1.3 million YOY. However, the company experienced a net loss of $1.6 million, increasing from $1.1 million in Q3 2019, leading to a loss per share of $0.16 vs. $0.12 the previous year. Operating cash usage also rose to $1.8 million from $1.4 million in the prior year. The company completed a $13.9 million private placement, aiding cash flow. Despite challenges, demand for their touch sensor technology is expected to grow amid COVID-19.