Sweden's Neonode Q2 revenue falls as engineering project deliveries slow - NEON News | RalliesSweden's Neonode Q2 revenue falls as engineering project deliveries slow
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NEON• Result drivers
- Engineering revenue drop - Revenue decline attributed to lower non-recurring engineering revenue due to decreased project deliveries.
- License revenue growth - License revenue rose, mainly due to new license agreements and increased adoption in automotive applications.
- Higher operating expenses - Operating expenses increased mainly due to higher advertising and travel costs.
Outlook and priorities
- Neonode says priorities are executing customer programs and expanding in selected growth markets.
- Company says strong liquidity supports efforts to secure more licensing opportunities.
Q2 revenue falls on lower engineering revenue
- Sweden sensor technology firm's Q2 revenue fell 20% yr/yr, driven by lower engineering revenue.
- License revenue for Q2 rose 9% yr/yr, boosted by new agreements and automotive ramp-up.
- Q2 operating expenses increased 3%, mainly due to higher advertising and travel costs.
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