Neonode Reports Fourth Quarter and Year Ended December 31, 2017 Financial Results

▤ Summary

STOCKHOLM, Sweden, March 08, 2018 (GLOBE NEWSWIRE) -- Neonode Inc. (NASDAQ: NEON ), the Optical Interactive Sensing Technology Company, today reported financial results for the fourth quarter and year ended December 31, 2017.Neonode will host a conference call Thursday March 8, 2018 at 10AM Eastern Standard Time (EST)/4PM Central European Time (CET) featuring remarks by, and Q&A with, Andreas Bunge, Interim CEO, Lars Lindqvist, CFO and David Brunton, Head of Investor Relations.Neonode Inc. (NASDAQ: NEON ) develops user interface, optical interactive touch and gesture solutions.Although Neonode management believes that the forward-looking statements contained in this press release are reasonable, it can give no assurance that its expectations will be fulfilled.(In the event of dissolution, each share of Series B Preferred stock has a liquidation preference equal to par value of $0.001 over the shares of common stock)--Common stock, 100,000,000 shares authorized, with par value of $0.001; 58,594,503 and 48,844,503 shares issued and outstanding at December 31, 2017 and 2016, respectively5949Additional paid-in capital192,808183,667Accumulated other comprehensive loss(99)(171)Accumulated deficit(183,745)(179,040)Total Neonode Inc. stockholders equity9,0234,505Noncontrolling interests(1,160)(370)Total stockholders equity7,8634,135Total liabilities and stockholders equity$13,127$9,703 NEONODE INC.CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts)Years Ended December 31,201720162015Revenue:License fees$8,684$8,350$7,045Sensor modules814149-Non-recurring engineering7431,7144,070Total revenues10,24110,21311,115Cost of revenues:Sensor modules1,75854-Non-recurring engineering5851,2843,780Total cost of revenues2,3431,3383,780Total gross margin7,8988,8757,335Operating expenses:Research and development6,0787,0696,279Sales and marketing2,7722,8573,753General and administrative4,5244,0934,999Total operating expenses13,37414,01915,031Operating loss(5,476)(5,144)(7,696)Other expense, net:Interest expense(75)(47)(18)Other expense, net-(91)(28)Total other expense, net(75)(138)(46)Loss before provision for income taxes(5,551)(5,282)(7,742)(Benefit from) provision for income taxes(56)36793Net loss including noncontrolling interests(5,495)(5,649)(7,835)Less: Net loss attributable to noncontrolling interests79035815Net loss attributable to Neonode Inc.$(4,705)$(5,291)$(7,820) Loss per common share: Basic and diluted loss per share$(0.09)$(0.12)$(0.19)Basic and diluted – weighted average number of common shares outstanding52,88945,69041,202 NEONODE INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In thousands)Years Ended December 31,201720162015Net loss including noncontrolling interests$(5,495)$(5,649)$(7,835)Other comprehensive income (loss):Foreign currency translation adjustments72(217)(103)Comprehensive loss(5,423)(5,866)(7,938)Less: Comprehensive loss attributable to noncontrolling interests79035815Comprehensive loss attributable to Neonode Inc.$(4,633)$(5,508)$(7,923) NEONODE INC.CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands)Series B Preferred Stock Shares IssuedSeries B Preferred Stock AmountCommon Stock Shares IssuedCommon Stock AmountAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitNoncontrolling InterestsTotalNeonode Inc. Stockholders’ EquityTotalStockholders’ Equity Balances, January 1, 2015 83$-40,455$40$169,010$149$(165,929)$3,270$-$3,270Stock option and warrant compensation expense to employees, directors and vendors----1,075--1,075-1,075Proceeds from sale of common stock, net of offering costs--3,20035,419--5,422-5,422Common stock issued upon exercise of common stock warrants--1511---1-1Foreign currency translation adjustment-----(103)-(103)-(103)Noncontrolling interests Pronode initial contribution--------33Net loss------(7,820)(7,820)(15)(7,835) Balances, December 31, 2015 83$-43,806$44$175,504$46$(173,749)$1,845$(12)$1,833Stock option and warrant compensation expense to employees, directors and vendors----255--255-255Proceeds from sale of common stock and pre-funded warrants, net of offering costs--5,02757,908--7,913- 7,913Common stock issued upon exercise of common stock warrants--12-------Foreign currency translation adjustment-----(217)-(217)-(217)Net loss------(5,291)(5,291)(358)(5,649) Balances, December 31, 2016 83$-48,845$49$183,667$(171)$(179,040)$4,505$(370)$4,135Stock option compensation expense to employees, directors and vendors----72--72-72Proceeds from sale of common stock, net of offering costs--9,750109,069--9,079-9,079Foreign currency translation adjustment-----72-72-72Net loss------(4,705)(4,705)(790)(5,495) Balances, December 31, 2017 83$-58,595$59$192,808$(99)$(183,745)$9,023$(1,160)$7,863 NEONODE INC.CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)Years Ended December 31,201720162015Cash flows from operating activities:Net loss (including noncontrolling interests)$(5,495)$(5,649)$(7,835)Adjustments to reconcile net loss to net cash used in operating activities:Stock-based compensation expense722551,075Depreciation and amortization953360187Loss on disposal of property and equipment-9128Changes in operating assets and liabilities:Accounts receivable542(204)(239)Projects in process(1)15838Inventory(372)(737)-Prepaid expenses and other current assets293(1,316)(263)Accounts payable and accrued expenses(896)343871Deferred revenues(677)447(1,925)Net cash used in operating activities(5,581)(6,252)(8,063)Cash flows from investing activities:Purchase of property and equipment(656)(987)(198)Investment in joint venture-(3)-Proceeds from sale of property and equipment-5-Net cash used in investing activities(656)(985)(198)Cash flow from financing activities:Proceeds from issuance of common stock and warrants, net of offering costs9,0797,9135,422Contributions from noncontrolling interests--3Proceeds from note payable1,713--Payments on note payable(1,713)--Principal payments on capital lease obligations(438)(116)(57)Net cash provided by financing activities8,6417,7975,368Effect of exchange rate changes on cash(84)(166)(154)Net change in cash2,320394(3,047)Cash at beginning of year3,4763,0826,129Cash at end of year$5,796$3,476$3,082 Supplemental disclosure of cash flow information: Cash paid for interest$73$48$18Cash paid for income taxes$219$367$93 Supplemental disclosure of non-cash investing and financing activities: Purchase of equipment with capital lease obligation$1,287$983$-

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