Neonode Inc Stock Price, News & Analysis

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.

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.