Neonode Inc. reported its financial results for the second quarter of 2025, revealing a total revenue of $599,000, a decrease of 25.2% compared to $801,000 in the same quarter of 2024. For the first half of 2025, revenues totaled $1.1 million, down 31.1% from $1.6 million in the prior year. The decline in revenue was primarily attributed to a significant drop in license fees, which fell by 34.2% to $404,000 for the quarter and by 35.0% to $901,000 for the six-month period. Non-recurring engineering revenues showed a slight increase of 4.3% for the quarter but decreased by 7.5% for the half-year.
The company's operating loss for the second quarter was $2.1 million, compared to a loss of $1.8 million in the same period last year. For the first half of 2025, the operating loss was $4.1 million, up from $3.7 million in 2024. The net loss for the quarter was $1.9 million, slightly higher than the $1.7 million loss reported in the previous year. The accumulated deficit as of June 30, 2025, stood at approximately $227.7 million, an increase from $224.1 million at the end of 2024.
In terms of operational developments, Neonode continues to focus on its licensing business, with 37 valid technology license agreements in place as of June 30, 2025. The company reported that ten of its licensing customers are currently shipping products that incorporate its technology. However, the company has also faced challenges, including a significant reliance on a limited number of customers, which accounted for approximately 95% of its accounts receivable as of the end of the quarter. The customer base includes major players such as Seiko Epson and Hewlett-Packard.
Neonode's cash and cash equivalents decreased to $13.2 million from $16.4 million at the end of 2024, reflecting ongoing cash usage in operations. The company reported net cash used in operating activities of approximately $3.1 million for both the first half of 2025 and 2024. Despite the financial challenges, management believes that the current cash position is sufficient to meet obligations for the next twelve months. Looking ahead, Neonode anticipates continued demand for its technology as it seeks to expand its customer base and product offerings, although it remains cautious about the potential impacts of global economic conditions and geopolitical conflicts on its operations.
About Neonode Inc.
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