Neonode Inc. reported its financial results for the fiscal year ended December 31, 2024, marking a significant year of transition for the company. Revenues from continuing operations were $3.1 million, an 18.8% decrease compared to 2023. License revenues declined by 29.3% to $2.7 million, primarily due to reduced demand for legacy products in printer and passenger car touch applications, though this was partially offset by revenues from new licensing customers.
Non-recurring engineering (NRE) revenues experienced a substantial increase of 1,519.2% to $0.4 million for fiscal 2024. This growth was mainly attributable to the driver monitoring system (DMS) project with a commercial vehicle OEM and the new agreement with NEXTY Electronics for TSM technology. Operating expenses from continuing operations saw a marginal decrease of 0.2% to $9.5 million.
The loss from continuing operations for fiscal 2024 was $5.9 million, or $0.37 per share, compared to a loss of $5.1 million, or $0.33 per share, in 2023. Cash used by operations improved to $5.6 million from $6.3 million in 2023, primarily due to fewer component purchases after phasing out TSM manufacturing. Interim President and CEO Fredrik Nihlén stated confidence in the company's positioning to capitalize on opportunities in automotive safety and touch displays, driven by its MultiSensing and zForce platforms.
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