Payments

Neonode improves Q3 2022 results

Logo provided.

November 11, 2022

Neonode Inc., a provider of contactless touch, touch, gesture control and in-cabin monitoring technology, improved revenues and reduced losses for Q3 2022, according to an earnings report.

Net revenues rose 26.4% to $1.2 million for the quarter ended Sept. 30, 2022.

License revenues rose 27.4% to $1 million, marking a recovery from legacy customers in the printer and automotive markets compared to the same period in 2021, primarily due to increased sales volumes from these customers.

Net loss improved from $1.7 million to $800,000.

Shares traded at $3.69 Thursday against a 52-week range of $3.30-$12.08.

"Our sales and growth continue to be affected by several factors, including long sales and product launch cycles in the segments where we are active," Dr. Urban Forssell, Neonode's CEO, said in the press release. "Our business is also affected by COVID-19 lockdowns and semi-conductor shortage issues that our customers must navigate."