Neonode transitions to automotive production amid rising operating costs
Neonode (NASDAQ:NEON) reported first-quarter revenue from continuing operations of $0.6 million, a 19.7% increase compared to the same period in 2025.
The growth was primarily driven by new license agreements across both its MultiSensing and zForce platforms.
Notably, the company transitioned its MultiSensing technology into active production for an automotive OEM customer, a milestone expected to drive recurring licensing revenue as the customer scales.
Despite the top-line growth, the company’s operating loss remained flat as expenses rose.
Operating expenses for the quarter were $2.7 million, up 8.6% year-over-year, largely due to increased professional fees related to ISO recertifications and tax analysis.
This resulted in a loss from continuing operations of $1.9 million, or $0.11 per share.
The company's cash position tightened during the quarter, with cash and accounts receivable totaling $23.8 million as of March 31, compared to $25.8 million at the end of 2025.
Cash used in operations widened to $2.1 million, up from $1.4 million a year ago, which management attributed to a higher net loss and a buildup in unbilled revenues and prepaid expenses.
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