Software

Neonode posts revenue gain, earnings drop for Q1 2021

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May 12, 2021

Neonode, a provider of contactless touch, touch, gesture control and in-cabin monitoring technology, reported net revenues for the quarter ended March 31, 2021 boasting a 28.7% increase over Q1 2020 to $1.7 million.

HMI (human machine interaction) solutions revenues were $1.3 million, an increase of 9.9% compared to the same quarter in 2020, primarily due to higher license fees from automotive customers, while the HMI products revenues increased 226.8% to $400,00, driven by a growing market demand for contactless touch solutions for elevators and self-service kiosks.

The company's net loss increased from $1 million in Q1 2020 to $1.6 million, driving the 11-cent EPS loss in Q1 2020 to 14 cents for Q1 2021, according to a release on the earnings.

The company's operating expenses increased 29.0% in the quarter ended March 31, 2021 compared to the same period in 2020.

The $1.7 million in quarterly revenue missed analyst expectations by $130,000 while the GAAP EPS 14-cent loss missed expectations by 2 cents, according to Seeking Alpha.

Shares traded at $7.21 today against a 52-week range of $3.90-$13.00.

"Our main focus was and continues to be contactless touch solutions for elevators and kiosks, where our touch sensor modules provide an intuitive and safe user experience," Dr. Urban Forssell, CEO, said in the release. "The demand for our solutions is very high in Japan and Korea, where customers now have numerous development and onsite pilot projects underway for elevators and an array of different kiosks.

"We also have customers in other countries in Asia who are rolling out and installing retrofit contactless touch systems in airport ticketing and retail self-service checkout kiosks. In addition, we are seeing increasing interest in our contactless touch technology from European and North American customers."