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 (NASDAQ: NEON) has announced a value-added reseller agreement with Finetek to promote and sell its sensor products in South Korea. This collaboration aims to enhance contactless touch technology in sectors like elevators and interactive kiosks, building on their prior relationship. Urban Forssell, CEO of Neonode, expressed enthusiasm for the expanded partnership, while Finetek's CEO highlighted the growing customer interest in contactless display solutions.
On November 2, 2020, Neonode Inc. (NASDAQ: NEON) appointed Atsushi Ishii as Vice President of Engineering. Ishii brings extensive experience from his previous role as VP & Head of Engineering at Excillum AB, where he led the development of advanced X-ray sources. His background also includes R&D leadership positions at FLIR Systems AB and Öhlins Racing AB. CEO Urban Forssell emphasized that Ishii's appointment will enhance Neonode's focus on cutting-edge technology and strengthen its technical leadership.
Neonode Inc. (NASDAQ: NEON) will release its financial results for the three and nine months ended September 30, 2020, on November 10, 2020. A conference call will follow at 10 AM EST, featuring CEO Urban Forssell, CFO Maria Ek, and Head of Investor Relations David Brunton. Participants can dial in using the number (877) 539-0733 for the U.S. or +1 (678) 607-2005 for international calls, using Conference ID #6708249. A recording will be available for 30 days post-call. For more details, visit Neonode's website.
On October 28, 2020, Neonode Inc. (NASDAQ: NEON) announced a value-added reseller agreement with TNBTECH Co., Ltd. to enhance the distribution of its sensor products in South Korea. This partnership aims to leverage TNBTECH's extensive sales network and engineering expertise to expedite the deployment of Neonode's contactless touch technology for various customer projects. Both companies expressed optimism about the collaboration, highlighting TNBTECH's ten-year reputation in IoT innovation and its commitment to delivering innovative solutions to the market.
Neonode (NASDAQ: NEON) has signed a value-added reseller agreement with Global Electronics Corporation (GEC) to promote its sensor products in Japan and Southeast Asia. This partnership is expected to enhance Neonode's market presence in these regions, leveraging GEC's extensive sales, distribution, and engineering capabilities. The collaboration aims to increase the technical offerings of Neonode's products, particularly contactless touch interfaces. Neonode specializes in advanced optical sensing solutions and holds over 120 patents globally.
Neonode Inc. (NASDAQ: NEON) has partnered with Japan Aerospace Corp. through a value-added reseller agreement. This collaboration will focus on developing contactless self-service kiosks equipped with Neonode's touch sensor modules for customers in Japan. Japan Aerospace has already produced contactless terminals for Japan Airlines that are currently being trialed at Tokyo's Haneda airport. Both companies express optimism about the partnership, citing a shared commitment to innovation and safety in the aerospace sector.
Neonode Inc. (NASDAQ: NEON) has signed a groundbreaking agreement with a leading U.S. defense contractor for the development of novel touchscreen technology tailored for aerospace and defense applications. This marks Neonode's inaugural collaboration in the defense sector, highlighting its strategic pivot towards HMI Solutions. CEO Urban Forssell expressed pride in securing this business, anticipating significant future expansions. Furthermore, the project is expected to benefit broader commercial applications stemming from the demanding nature of aerospace and defense standards.
Neonode reported a net sales decline to $0.8 million in Q2 2020 from $1.7 million in Q2 2019. The net loss widened to $1.6 million or $0.18 per share, compared to $1.3 million or $0.14 in the previous year. Despite a 55.7% drop in total revenues, the company anticipates a rebound in demand for its contactless touch solutions. A new $13.9 million financing enhanced liquidity, enabling growth prospects in emerging markets like self-service kiosks.
Neonode Inc. (NASDAQ: NEON) has partnered with Arctan Analytics to implement contactless self-check-in kiosks at Singapore Changi Airport, enhancing passenger convenience and hygiene during the COVID-19 pandemic. The happyhover™ solution, utilizing Neonode's zForce® technology, allows users to interact with kiosks without physical contact. With Changi Airport being one of Asia's largest hubs and ranked as the World's Best Airport, this development aims to improve safety and streamline operations for travelers.
On August 10, 2020, Neonode announced the closing of a private placement totaling $13.9 million. The company issued 1,611,845 shares of common stock priced at $6.50 each and 3,415 shares of convertible preferred stock with a similar conversion price. Notably, several directors invested $3.05 million in preferred shares, and part of the issuance settled outstanding director loans. Additionally, the conversion of the preferred shares into common stock is contingent on stockholder approval, which the company plans to seek soon.