Neonode (NASDAQ: NEON) posts Q1 2026 growth but remains unprofitable

Rhea-AI Filing Summary

Neonode Inc. reported higher revenue but continued losses for the quarter ended March 31, 2026. Revenue from continuing operations rose to $0.6 million, up 19.7% year over year, driven mainly by new license agreements and growth across geographies and both MultiSensing® and zForce® platforms.

Operating expenses increased 8.6% to $2.7 million, reflecting higher professional fees, leading to a loss from continuing operations of $1.9 million, or $0.11 per share, similar to the prior year. Operating cash outflow widened to $2.1 million, and cash and accounts receivable declined to $23.8 million with working capital of $22.3 million as of March 31, 2026.

Management highlighted nearly 20% topline growth, the transition of a MultiSensing automotive OEM customer from development to production, and expectations for ongoing decline in the legacy zForce printer and automotive infotainment business, while focusing on automotive and retail opportunities for future licensing growth.

Insights

Equity research analyst

Neonode returned to revenue growth but remains loss-making with rising cash burn.

Neonode delivered Q1 2026 revenue of $0.614M, up 19.7% year over year, almost entirely from license fees tied to new agreements. This confirms traction in its MultiSensing® platform as an automotive OEM moved from development into production, adding new licensing revenue streams.

However, operating expenses rose to $2.681M, and loss from continuing operations widened slightly to $1.863M. Operating cash outflow increased to $2.106M, and cash plus receivables fell to $23.8M as of March 31, 2026. The company emphasizes ample liquidity to pursue additional licensing deals, but the path to profitability still depends on scaling MultiSensing® while managing expected decline in legacy zForce revenue.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total revenue: $0.614M License fee revenue: $0.592M Loss from continuing operations: $1.863M +5 more

8 metrics

Total revenue $0.614M Three months ended March 31, 2026; up 19.7% YoY

License fee revenue $0.592M Three months ended March 31, 2026; up 19.1% YoY

Loss from continuing operations $1.863M Three months ended March 31, 2026; $0.11 per share

Operating expenses $2.681M Three months ended March 31, 2026; up 8.6% YoY

Operating cash outflow $2.106M Net cash used in operating activities, Q1 2026

Cash and cash equivalents $23.233M Balance at March 31, 2026

Working capital $22.3M Continuing operations as of March 31, 2026

Total revenues prior year $0.513M Three months ended March 31, 2025

Key Terms

non-recurring engineering, operating loss, working capital, foreign currency translation adjustments, +1 more

5 terms

non-recurring engineering financial

"Revenues from non-recurring engineering for the three months ended March 31, 2026 were $22,000"

operating loss financial

"Operating loss for the three months ended March 31, 2026 was (2,071)"

Operating loss occurs when a company’s regular business activities—sales of goods or services—bring in less money than it costs to run the business, like a shop whose daily sales don’t cover rent and wages. For investors, it signals that the core business isn’t currently profitable, which can increase cash burn, affect future dividends or financing needs, and change how the company’s value and risk are judged.

working capital financial

"working capital for continuing operations was $22.3 million as of March 31, 2026"

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

foreign currency translation adjustments financial

"Foreign currency translation adjustments 21 for the three months ended March 31, 2026"

Adjustments made when a company converts the financial results of its foreign operations into its reporting currency to reflect changes in exchange rates; these gains or losses are recorded separately from operating profit and usually affect the company’s reported equity. Investors care because large swings can change a firm’s reported financial strength and hide or amplify real business performance — like checking how much a foreign bank account is worth at today’s exchange rate rather than when the money was first deposited.

contract liabilities financial

"Contract liabilities 103 as part of current liabilities at March 31, 2026"

Contract liabilities are amounts a company has been paid in advance for goods or services it still owes to customers — think of them like gift cards or prepaid subscriptions the company must fulfill later. For investors, they show promised future work or deliveries that will turn into revenue over time, reveal cash already collected, and help assess whether a firm has a backlog of obligations that could affect future earnings and cash flow.

Earnings Snapshot

Total revenue: $0.614M

Quarter ended March 31, 2026

Total revenue $0.614M +19.7% YoY

License fee revenue $0.592M +19.1% YoY

Loss from continuing operations $1.863M vs. $1.800M prior-year quarter

Operating cash flow -$2.106M vs. -$1.360M prior-year quarter

Understanding 8-K Material Events →

false 0000087050 0000087050 2026-05-13 2026-05-13

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 13, 2026

NEONODE INC.

(Exact name of issuer of securities held pursuant to the plan)

Commission File Number 001-35526

Delaware		94-1517641
(State or other jurisdiction of incorporation)		(I.R.S. Employer Identification No.)

Karlavägen 100, 115 26 Stockholm, Sweden

(Address of Principal Executive Office, including Zip Code)

+46 (0) 702958519

Registrant’s telephone number, including area code:

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001 per share		NEON		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On May 13, 2026, Neonode Inc. (the “Company”) reported its earnings for the three months ended March 31, 2026 (the “Earnings Release”). A copy of the Earnings Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
99.1		Earnings Release of the Company dated May 13, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: May 13, 2026	NEONODE INC.
	By:	/s/ Fredrik Nihlén
	Name:	Fredrik Nihlén
	Title:	Chief Financial Officer

2

Exhibit 99.1

Press Release

For Release, 9:10AM ET May 13, 2026 

Neonode Reports Quarter Ended March 31, 2026 Financial Results

STOCKHOLM, SWEDEN, May 13, 2026 — Neonode Inc. (NASDAQ: NEON) (“Neonode” or the “Company”) today reported financial results for the three months ended March 31, 2026.

FINANCIAL SUMMARY FOR THE THREE MONTHS ENDED March 31, 2026:

● Revenues from continuing operations of $0.6 million, an increase of 19.7% compared to the same period in the prior year.

● Operating expenses from continuing operations of $2.7 million, an increase of 8.6% compared to the same period in the prior year.

● Loss from continuing operations of $1.9 million, or $0.11 per share, compared to a loss of $1.8 million, or $0.11 per share, for the same period in the prior year.

● Cash used by operations of $2.1 million, compared to $1.4 million for the same period in the prior year.

● Cash and accounts receivable of $23.8 million as of March 31, 2026 compared to $25.8 million as of December 31, 2025.

THE CEO’S COMMENTS

“The first quarter of the year shows encouraging signs of improvement, with topline growth of nearly 20% compared to the same period last year. This growth was driven by performance across all geographies and both of our licensing platforms - MultiSensing® and zForce®. Importantly, we have transitioned from development to production with our MultiSensing automotive OEM customer, enabling us to begin generating new licensing revenue,” said Daniel Alexus, President & CEO of Neonode.

“Revenue decline stabilized during the quarter and was partially offset by new growth from MultiSensing. While we expect continued decline in our zForce legacy business - particularly within the printer and automotive infotainment segments due to subdued demand - we see continued potential for license growth in MultiSensing as our automotive customer scales production.”

“In summary, our priorities remain to execute on existing projects, expand strategic partnerships within the automotive sector, and explore new verticals where our technology can deliver significant customer value. A key area of focus is the retail segment, where we see opportunities in loss prevention, as well as customer analytics solutions,” concluded Mr. Alexus.

FINANCIAL OVERVIEW FOR THE QUARTER ENDED March 31, 2026

Revenues from continuing operations for the three months ended March 31, 2026 were $0.6 million, an increase of 19.7% compared to the same period in 2025. License revenues were $0.6 million, an increase of 19.1% compared to the same period in 2025. The increase was mainly due to new license agreements. Revenues from non-recurring engineering for the three months ended March 31, 2026 were $22,000, an increase of 37.5% compared to the same period in 2025. The increase was the result of increased project deliveries.

Operating expenses from continuing operations for the three months ended March 31, 2026 were $2.7 million, an increase of 8.6% compared to the same period in 2025. The increase was mainly related to increased professional fees due to recertifications of ISO 9001 and ISO 27001 and tax analysis of the net income for 2025.

Loss from continuing operations for the three months ended March 31, 2026 was $1.9 million, or $0.11 per share, compared to a loss from continuing operations of $1.8 million, or $0.11 per share for the same period in 2025.

Cash used by operations was $2.1 million in the first quarter of 2026 compared to $1.4 million for the same quarter in 2025. The increase was primarily due to a higher net loss, higher unbilled revenues and higher prepaid expenses.

Cash and accounts receivable totaled $23.8 million and working capital for continuing operations was $22.3 million as of March 31, 2026, compared to $25.8 million and $24.1 million as of December 31, 2025, respectively. Our financial position and liquidity provide stability and enable us to execute our strategy to secure more licensing opportunities for our innovative technologies.

2

For more information, please contact:

President and Chief Executive Officer

Pierre Daniel Alexus

E-mail: daniel.alexus@neonode.com

Phone: +46 767 60 29 90

Chief Financial Officer

Fredrik Nihlén

E-mail: fredrik.nihlen@neonode.com

Phone: +46 703 97 21 09

About Neonode

Neonode Inc. (NASDAQ: NEON) is a publicly traded technology company headquartered in Stockholm, Sweden. Founded in 2001, Neonode’s mission is to transform the way humans and machines interact through advanced artificial intelligence and computer vision technologies.

With more than 100 patents and deployments in nearly 100 million products and vehicles worldwide, Neonode’s technology is trusted by leading Fortune 500 companies across the automotive and technology sectors. The company’s innovations enable intuitive, safe, and intelligent user experiences across a broad range of applications.

NEONODE and the NEONODE logo are registered trademarks of Neonode Inc. in the United States and other countries.

For more information, please visit www.neonode.com.

To stay up to date with our market communications, follow us on Cision, LinkedIn, and X.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include, but are not limited to, statements relating to our expectations for growth and the growing demand for our products, future performance or future events. These statements are based on current assumptions, expectations and information available to Neonode management and involve a number of known and unknown risks, uncertainties and other factors that may cause Neonode’s actual results, levels of activity, performance or achievements to be materially different from any expressed or implied by these forward-looking statements.

These risks, uncertainties, and factors include risks related to our reliance on the ability of our customers to design, manufacture and sell their products with our touch technology, the length of a customer’s product development cycle, our dependence and our customers’ dependence on suppliers, the global economy generally and other risks discussed under “Risk Factors” and elsewhere in Neonode’s public filings with the SEC from time to time, including Neonode’s annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. You are advised to carefully consider these various risks, uncertainties and other factors. Although Neonode management believes that the forward-looking statements contained in this press release are reasonable, it can give no assurance that its expectations will be fulfilled. Forward-looking statements are made as of today’s date, and Neonode undertakes no duty to update or revise them.

3

NEONODE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In thousands, except share and per share amounts)

		March 31, 2026				December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents		$	23,233			$	25,358
Accounts receivable and unbilled revenues, net			531				391
Prepaid expenses and other current assets			625				495
Current assets of discontinued operations			41				41
Total current assets			24,430				26,285
Non-current assets:
Property and equipment, net			140				145
Operating lease right-of-use assets, net			341				455
Total non-current assets			481				600
Total assets		$	24,911			$	26,885
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	367			$	464
Accrued payroll and employee benefits			942				865
Accrued expenses			394				459
Contract liabilities			103				37
Current portion of finance lease obligations			12				12
Current portion of operating lease obligations			234				344
Total current liabilities			2,052				2,181
Non-current liabilities:
Finance lease obligations, net of current portion			12				15
Operating lease obligations, net of current portion			-				-
Total non-current liabilities			12				15
Total liabilities			2,064				2,196
Commitments and contingencies (Note 4)
Stockholders’ equity:
Preferred stock, 1,000,000 shares authorized, with par value of $0.001; no shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively.			-				-
Common stock, 25,000,000 shares authorized, with par value of $0.001; 16,782,922 and 16,782,922 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively.			17				17
Additional paid-in capital			240,955				240,955
Accumulated other comprehensive loss			(675	)			(696	)
Accumulated deficit			(217,450	)			(215,587	)
Total stockholders’ equity			22,847				24,689
Total liabilities and stockholders’ equity		$	24,911			$	26,885

4

NEONODE INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share amounts)

		Three months ended March 31,
		2026				2025
Revenues:
License fees		$	592			$	497
Non-recurring engineering			22				16
Total revenues			614				513
Cost of revenues:
Non-recurring engineering			4				9
Total cost of revenues			4				9
Gross margin			610				504
Operating expenses:
Research and development			905				975
Sales and marketing			608				642
General and administrative			1,168				852
Total operating expenses			2,681				2,469
Operating loss			(2,071	)			(1,965	)
Other income, net			209				155
Loss before provision for income taxes			(1,862	)			(1,810	)
Provision for (benefit from) income taxes			1				(10	)
Loss from continuing operations			(1,863	)			(1,800	)
Income from discontinued operations			-				67
Net loss		$	(1,863	)		$	(1,733	)
Income (loss) per common share:
Basic and diluted loss per share from continuing operations		$	(0.11	)		$	(0.11	)
Basic and diluted income per share from discontinued operations			-				-
Basic and diluted net loss per share⁽ᵃ⁾		$	(0.11	)		$	(0.10	)
Basic and diluted – weighted average number of common shares outstanding			16,783				16,783

(a) Does not sum due to rounding.

5

NEONODE INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

(In thousands)

		Three months ended March 31,
		2026				2025
Net loss		$	(1,863	)		$	(1,733	)
Other comprehensive income (loss):
Foreign currency translation adjustments			21				(134	)
Total other comprehensive income (loss)			21				(134	)
Comprehensive loss		$	(1,842	)		$	(1,867	)

6

NEONODE INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)

(In thousands)

For the three months ended March 31, 2026 and 2025

		Common Stock Shares Issued				Common Stock Amount				Additional Paid-in Capital				Accumulated Other Comprehensive Loss				Accumulated Deficit				Total Stockholders' Equity
Balances, December 31, 2025			16,783			$	17			$	240,955			$	(696	)		$	(215,587	)		$	24,689
Foreign currency translation adjustment			-				-				-				21				-				21
Net loss			-				-				-				-				(1,863	)			(1,863	)
Balances, March 31, 2026			16,783			$	17			$	240,955			$	(675	)		$	(217,450	)		$	22,847

		Common Stock Shares Issued				Common Stock Amount				Additional Paid-in Capital				Accumulated Other Comprehensive Loss				Accumulated Deficit				Total Stockholders' Equity
Balances, December 31, 2024			16,783			$	17			$	240,955			$	(450	)		$	(224,080	)		$	16,442
Foreign currency translation adjustment			-				-				-				(134	)			-				(134	)
Net loss			-				-				-				-				(1,733	)			(1,733	)
Balances, March 31, 2025			16,783			$	17			$	240,955			$	(584	)		$	(225,813	)		$	14,575

7

NEONODE INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

		Three months ended March 31,
		2026				2025
Cash flows from operating activities:
Net loss		$	(1,863	)		$	(1,733	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			16				9
Amortization of operating lease right-of-use assets			103				82
Changes in operating assets and liabilities:
Accounts receivable and unbilled revenues, net			(140	)			(5	)
Prepaid expenses and other current assets			(185	)			28
Accounts payable, accrued payroll and employee benefits, and accrued expenses			(37	)			262
Contract liabilities			66				75
Operating lease obligations			(66	)			(78	)
Net cash used in operating activities			(2,106	)			(1,360	)
Cash flows from investing activities:
Purchase of property and equipment			(13	)			(40	)
Net cash used in investing activities			(13	)			(40	)
Cash flows from financing activities:
Principal payments on finance lease obligations			(3	)			(2	)
Net cash used in financing activities			(3	)			(2	)
Effect of exchange rate changes on cash and cash equivalents			(3	)			(34	)
Net change in cash and cash equivalents			(2,125	)			(1,436	)
Cash and cash equivalents at beginning of period			25,358				16,427
Cash and cash equivalents at end of period		$	23,233			$	14,991
Supplemental disclosure of cash flow information:
Cash paid for income taxes		$	1			$	10
Supplemental disclosure of non-cash investing and financial activities:
Property and equipment obtained in exchange for finance lease obligations		$	-			$	28

8

FAQ

How did Neonode (NEON) perform financially in Q1 2026?

Neonode reported Q1 2026 revenue of $0.614 million, up 19.7% year over year, but remained unprofitable with a $1.863 million net loss. Loss per share was $0.11, matching the prior year’s continuing-operations figure.

What drove Neonode’s revenue growth in the quarter ended March 31, 2026?

Revenue growth was mainly driven by higher license fees of $0.592 million, up 19.1% year over year, and increased non-recurring engineering revenue. Management cited new license agreements and the shift of a MultiSensing® automotive OEM customer from development to production.

Is Neonode still generating losses despite Q1 2026 revenue growth?

Yes. Neonode recorded a $1.863 million loss from continuing operations in Q1 2026, compared with $1.800 million a year earlier. Higher operating expenses, particularly professional fees, outweighed the revenue increase, keeping the company in a loss-making position.

What was Neonode’s cash position and working capital at March 31, 2026?

As of March 31, 2026, Neonode held $23.233 million in cash and cash equivalents and total cash plus accounts receivable of $23.8 million. Working capital from continuing operations was $22.3 million, down from $24.1 million at December 31, 2025.

How are Neonode’s legacy zForce and newer MultiSensing businesses trending?

Management expects continued decline in the legacy zForce business, notably in printer and automotive infotainment segments. In contrast, they see ongoing license growth potential in MultiSensing®, especially as an automotive OEM customer scales production and new verticals like retail are explored.

What were Neonode’s operating expenses in Q1 2026 and why did they increase?

Operating expenses from continuing operations were $2.681 million, up 8.6% from Q1 2025. The increase primarily reflected higher professional fees related to ISO 9001 and ISO 27001 recertifications and tax analysis of 2025 net income, partially offset by modest cost control elsewhere.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 241.6 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.5 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 11.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 14.9 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.3 KB